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Exhibit 10.62  

 
 

FORM OF    
  

 
  CREDIT AGREEMENT    
    
    
    among    
    
    
    WYNN LAS VEGAS, LLC,
  as the Borrower,    
    
    
    The Several Lenders
  from Time to Time Parties
Hereto,    
    
    
    DEUTSCHE BANK SECURITIES INC.,
  as Lead Arranger and Joint Book Running Manager,    
    
    
    DEUTSCHE BANK TRUST COMPANY AMERICAS,
  as Administrative Agent and Swing Line Lender,    

  
    
    BANC OF AMERICA SECURITIES LLC,
  as Lead Arranger, Joint Book Running Manager and Syndication Agent,    
    
    
    BEAR, STEARNS & CO. INC.,
  as Arranger and Joint Book Running Manager,    

    
    BEAR STEARNS CORPORATE LENDING INC.,
  as Joint Documentation Agent,    
    
    
    DRESDNER BANK AG, NEW YORK BRANCH,
  as Arranger and Joint Documentation Agent,    
    
    
    and    
    

  
    J.P. MORGAN SECURITIES INC.,
  as Joint Documentation Agent    
    
    
    Dated as of October    , 2002    

  

 
 

TABLE OF CONTENTS    
  

	 
	 	 
	 	Page

	SECTION 1. DEFINITIONS	 	1
	 	1.1	 	Defined Terms.	 	1
	 	1.2	 	Other Definitional Provisions.	 	43
	SECTION 2. AMOUNT AND TERMS OF COMMITMENTS	 	44
	 	2.1	 	Term Loan Commitments.	 	44
	 	2.2	 	Scheduled Amortization of Term Loans.	 	44
	 	2.3	 	Revolving Credit Commitments.	 	44
	 	2.4	 	Loan Conversion.	 	45
	 	2.5	 	Procedure for Borrowing.	 	45
	 	2.6	 	Swing Line Commitment.	 	47
	 	2.7	 	Procedure for Swing Line Borrowing; Refunding of Swing Line Loans.	 	47
	 	2.8	 	Repayment of Loans; Evidence of Indebtedness.	 	49
	 	2.9	 	Commitment Fees, etc.	 	49
	 	2.10	 	Termination or Reduction of Revolving Credit Commitments.	 	50
	 	2.11	 	Optional Prepayments.	 	50
	 	2.12	 	Mandatory Prepayments and Commitment Reductions.	 	51
	 	2.13	 	Conversion and Continuation Options.	 	53
	 	2.14	 	Minimum Amounts and Maximum Number of Eurodollar Tranches.	 	54
	 	2.15	 	Interest Rates and Payment Dates.	 	54
	 	2.16	 	Computation of Interest and Fees.	 	54
	 	2.17	 	Inability to Determine Interest Rate.	 	55
	 	2.18	 	Pro Rata Treatment and Payments.	 	55
	 	2.19	 	Requirements of Law.	 	56
	 	2.20	 	Taxes.	 	57
	 	2.21	 	Indemnity.	 	60
	 	2.22	 	Illegality.	 	60
	 	2.23	 	Change of Lending Office.	 	60
	 	2.24	 	Insurance Proceeds and Eminent Domain Proceeds.	 	60
	SECTION 3. LETTERS OF CREDIT	 	63
	 	3.1	 	L/C Commitment.	 	63
	 	3.2	 	Procedure for Issuance of Letter of Credit.	 	64
	 	3.3	 	Fees and Other Charges.	 	64
	 	3.4	 	L/C Participations.	 	65
	 	3.5	 	Reimbursement Obligation of the Borrower.	 	66
	 	3.6	 	Obligations Absolute.	 	66
	 	3.7	 	Letter of Credit Payments.	 	66

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	SECTION 4. REPRESENTATIONS AND WARRANTIES	 	67
	 	4.1	 	Financial Condition.	 	67
	 	4.2	 	No Change.	 	67
	 	4.3	 	Corporate/LLC Existence; Compliance with Law.	 	67
	 	4.4	 	Corporate Power; Authorization; Enforceable Obligations.	 	68
	 	4.5	 	No Legal Bar.	 	68
	 	4.6	 	No Material Litigation.	 	68
	 	4.7	 	No Default.	 	68
	 	4.8	 	Ownership of Property; Liens.	 	68
	 	4.9	 	Intellectual Property.	 	69
	 	4.10	 	Taxes.	 	70
	 	4.11	 	Federal Regulations.	 	70
	 	4.12	 	Labor Matters.	 	70
	 	4.13	 	ERISA.	 	70
	 	4.14	 	Investment Company Act; Other Regulations.	 	71
	 	4.15	 	Subsidiaries.	 	71
	 	4.16	 	Use of Proceeds; Letters of Credit.	 	71
	 	4.17	 	Environmental Matters.	 	72
	 	4.18	 	Accuracy of Information, etc.	 	72
	 	4.19	 	Security Documents.	 	73
	 	4.20	 	Solvency.	 	74
	 	4.21	 	Senior Indebtedness.	 	74
	 	4.22	 	Regulation H.	 	74
	 	4.23	 	Insurance.	 	74
	 	4.24	 	Performance of Agreements; Material Contracts.	 	74
	 	4.25	 	Real Estate.	 	74
	 	4.26	 	Permits.	 	75
	 	4.27	 	Sufficiency of Project Documents.	 	76
	 	4.28	 	Utilities.	 	76
	 	4.29	 	Fiscal Year.	 	76
	SECTION 5. CONDITIONS PRECEDENT	 	76
	 	5.1	 	Conditions to Closing Date.	 	76
	 	5.2	 	Conditions to Extensions of Credit on or prior to the Completion Date or Otherwise Pursuant to Section 2.5(a).	 	76
	 	5.3	 	Conditions to Extensions of Credit after the Completion Date Other Than Pursuant to Section 2.5(a).	 	77

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	SECTION 6. AFFIRMATIVE COVENANTS	 	77
	 	6.1	 	Financial Statements.	 	77
	 	6.2	 	Certificates; Other Information.	 	78
	 	6.3	 	Payment of Obligations.	 	80
	 	6.4	 	Conduct of Business and Maintenance of Existence, etc.	 	80
	 	6.5	 	Maintenance of Property; Leases; Insurance.	 	81
	 	6.6	 	Inspection of Property; Books and Records; Discussions.	 	81
	 	6.7	 	Notices.	 	82
	 	6.8	 	Environmental Laws; Permits.	 	82
	 	6.9	 	Interest Rate Protection.	 	84
	 	6.10	 	Additional Collateral, Discharge of Liens, etc.	 	84
	 	6.11	 	Use of Proceeds and Revenues.	 	85
	 	6.12	 	Compliance with Laws, Project Documents, etc.; Permits.	 	86
	 	6.13	 	Further Assurances.	 	86
	 	6.14	 	Dissolution of the Completion Guarantor.	 	87
	 	6.15	 	Water Company Transfers.	 	87
	SECTION 7. NEGATIVE COVENANTS	 	87
	 	7.1	 	Financial Condition Covenants.	 	87
	 	7.2	 	Limitation on Indebtedness.	 	89
	 	7.3	 	Limitation on Liens.	 	91
	 	7.4	 	Limitation on Fundamental Changes.	 	93
	 	7.5	 	Limitation on Disposition of Property.	 	93
	 	7.6	 	Limitation on Restricted Payments.	 	99
	 	7.7	 	Limitation on Capital Expenditures.	 	100
	 	7.8	 	Limitation on Investments.	 	101
	 	7.9	 	Limitation on Optional Payments and Modifications of Governing Documents.	 	101
	 	7.10	 	Limitation on Transactions with Affiliates.	 	102
	 	7.11	 	Limitation on Sales and Leasebacks.	 	103
	 	7.12	 	Limitation on Changes in Fiscal Periods.	 	103
	 	7.13	 	Limitation on Negative Pledge Clauses.	 	103
	 	7.14	 	Limitation on Restrictions on Subsidiary Distributions, etc.	 	103
	 	7.15	 	Limitation on Lines of Business.	 	103
	 	7.16	 	Restrictions on Changes.	 	104
	 	7.17	 	Limitation on Formation and Acquisition of Subsidiaries and Purchase of Capital Stock.	 	104
	 	7.18	 	Limitation on Hedge Agreements.	 	104
	 	7.19	 	Limitation on Sale or Discount of Receivables.	 	104
	 	7.20	 	Limitation on Zoning and Contract Changes and Compliance.	 	105
	 	7.21	 	No Joint Assessment; Separate Lots.	 	105
	 	7.22	 	Restrictions on Payments of Management Fees.	 	105
	 	7.23	 	Additional Material Contracts.	 	106
	 	7.24	 	Limitation on Phase II Land and Phase II Building Development and Operations.	 	106
	 	7.25	 	Limitation on Golf Course Land and Golf Course Development.	 	107
	 	7.26	 	Acquisition of Real Property.	 	107
	 	7.27	 	Project Liquidity Reserve Account.	 	108
	 	7.28	 	Lease Terminations.	 	108
	SECTION 8. EVENTS OF DEFAULT	 	108

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	SECTION 9. THE AGENTS; THE ARRANGERS; THE MANAGERS	 	113
	 	9.1	 	Appointment.	 	113
	 	9.2	 	Delegation of Duties.	 	113
	 	9.3	 	Exculpatory Provisions.	 	114
	 	9.4	 	Reliance by Agents.	 	114
	 	9.5	 	Notice of Default.	 	114
	 	9.6	 	Non-Reliance on Agents, Managers, Arrangers and Other Lenders.	 	115
	 	9.7	 	Indemnification.	 	115
	 	9.8	 	Arrangers, Agents and Managers in Their Individual Capacities.	 	115
	 	9.9	 	Successor Agents.	 	116
	 	9.10	 	Authorization to Release Liens.	 	116
	 	9.11	 	The Arrangers and Managers.	 	116
	 	9.12	 	Withholdings.	 	116
	SECTION 10. MISCELLANEOUS	 	117
	 	10.1	 	Amendments and Waivers.	 	117
	 	10.2	 	Notices.	 	118
	 	10.3	 	No Waiver; Cumulative Remedies.	 	121
	 	10.4	 	Survival of Representations and Warranties.	 	121
	 	10.5	 	Payment of Expenses; Indemnification.	 	122
	 	10.6	 	Successors and Assigns; Participations and Assignments.	 	123
	 	10.7	 	Adjustments; Set-off.	 	125
	 	10.8	 	Counterparts.	 	125
	 	10.9	 	Severability.	 	125
	 	10.10	 	Integration.	 	125
	 	10.11	 	GOVERNING LAW.	 	126
	 	10.12	 	Submission To Jurisdiction; Waivers.	 	126
	 	10.13	 	Certain Matters Affecting Lenders.	 	126
	 	10.14	 	Acknowledgments.	 	127
	 	10.15	 	Confidentiality.	 	127
	 	10.16	 	Release of Collateral and Guarantee Obligations.	 	127
	 	10.17	 	Accounting Changes.	 	128
	 	10.18	 	Delivery of Lender Addenda.	 	128
	 	10.19	 	Construction.	 	128
	 	10.20	 	WAIVERS OF JURY TRIAL.	 	128
	 	10.21	 	Gaming Authorities.	 	128

iv

 

	

ANNEXES:	
 	

 
	A	 	Pricing Grid
	

SCHEDULES:	
 	

 
	1.1	 	Mortgaged Property
	4.4	 	Consents, Authorizations, Filings and Notices
	4.9(b)	 	Trademarks, Service Marks and Trade Names
	4.9(c)	 	Patents
	4.9(d)	 	Copyrights
	4.9(e)	 	Trade Secrets
	4.9(f)	 	Intellectual Property Licenses
	4.15	 	Subsidiaries
	4.19(a)-1	 	UCC Filing Jurisdictions—Collateral
	4.19(a)-2	 	UCC Financing Statements to Remain on File
	4.19(b)	 	Mortgage Filings Jurisdictions
	4.19(c)	 	UCC Filing Jurisdictions—Intellectual Property Collateral
	4.24	 	Material Contracts
	4.25(a)	 	Real Estate
	4.25(d)	 	Assessments
	6.5(d)	 	Insurance Requirements
	7.2(d)	 	Existing Indebtedness
	7.3(f)	 	Existing Liens
	

EXHIBITS:	
 	

 
	A	 	Form of Guarantee and Collateral Agreement
	B	 	Form of Compliance Certificate
	C	 	Form of Disbursement Agreement
	D	 	Form of Mortgage
	E	 	Form of Assignment and Acceptance
	F	 	Form of Indemnity Agreement
	G-1	 	Form of Term Note
	G-2	 	Form of Revolving Credit Note
	G-3	 	Form of Swing Line Note
	H	 	Form of Insurance Consultant Certificate
	I	 	Form of Exemption Certificate
	J	 	Form of Lender Addendum
	K-1	 	Form of Project Lender Intercreditor Agreement
	K-2	 	Form of FF&E Intercreditor Agreement
	L	 	Form of Subordinated Intercompany Note
	M	 	Form of Notice of Borrowing
	N	 	Form of Subordination, Non-Disturbance and Attornment Agreement
	O	 	Form of Letter of Credit Request

v

        This CREDIT AGREEMENT is dated as of October    , 2002 and entered into among WYNN LAS VEGAS, LLC, a Nevada limited liability company (the
"Borrower"), the several banks and other financial institutions or entities from time to time parties to this Agreement (the
"Lenders"), DEUTSCHE BANK SECURITIES INC., as lead arranger and joint book running manager, DEUTSCHE BANK TRUST COMPANY AMERICAS, as
administrative agent (in such capacity, the "Administrative Agent") and swing line lender, BANC OF AMERICA SECURITIES LLC, as lead arranger, joint book
running manager and syndication agent, BEAR, STEARNS & CO. INC., as arranger and joint book running manager, BEAR STEARNS CORPORATE LENDING INC., as joint documentation agent,
DRESDNER BANK AG, NEW YORK BRANCH, as arranger and joint documentation agent, and J.P. MORGAN SECURITIES INC., as joint documentation agent. 

 
 

RECITALS    
  

        WHEREAS, the Borrower proposes to develop and own the Project (such defined term and other defined terms used in these Recitals shall have the meanings given in
Section 1.1 of this Agreement); 

        WHEREAS,
the Borrower desires to finance the development and construction of the Project with (i) existing cash balances of the Borrower and common equity contributions to the
Borrower from certain affiliates of the Borrower (consisting of property and cash) in an aggregate amount of approximately $937,000,000, (ii) proceeds of the issuance of senior secured Mortgage
Notes in an aggregate principal amount of $340,000,000, (iii) the proceeds of an equipment finance loan from the FF&E Lenders of $188,500,000 to finance furniture, fixtures and equipment
(including, without limitation, the Aircraft and gaming equipment), (iv) projected interest income of approximately $25,000,000 and (v) the senior secured credit facilities contemplated
hereby; 

        WHEREAS,
the Borrower desires that the Lenders extend the senior secured credit facilities contemplated hereby to the Borrower to provide a portion of the funds necessary to develop and
construct the Project and, in the case of the Revolving Credit Loans, to provide working capital for the operation of the Project following the Completion Date; 

        WHEREAS,
subject to the terms and conditions hereof, the Lenders are willing to extend such senior secured credit facilities to the Borrower; 

        WHEREAS,
the Borrower desires to secure all of its Obligations by granting to the Administrative Agent on behalf of the Lenders Liens on substantially all of its assets (including the
Project and related
Collateral), in each case as more fully described in this Agreement and the other Loan Documents; and 

        WHEREAS,
each of the Loan Parties (other than the Borrower and Desert Inn Improvement) shall guaranty the Obligations of the Borrower and shall secure all of its Obligations by granting
to the Administrative Agent on behalf of the Lenders Liens on substantially all of its assets (including the Project and related Collateral), in each case as more fully described in this Agreement and
the other Loan Documents. 

        NOW,
THEREFORE, in consideration of the premises and the agreements hereinafter set forth, the parties hereto hereby agree as follows: 

 
 

SECTION 1. DEFINITIONS    
  

        1.1    Defined Terms.    As used in this Agreement, the terms listed in this Section 1.1 shall have the
respective meanings set forth in this Section 1.1. 

        "Account": any "Commodity Account," "Deposit Account" or "Securities Account" (as such terms are defined in the UCC) with respect to which
the Secured Parties have a perfected first priority Lien (subject only to Permitted Liens) securing the Obligations of the Loan Parties pursuant to a Control Agreement. 

        "Additional Completion Period": the period, if any, commencing on the Debt Service Availability Date and ending on the Completion Date. 

 

        "Additional Land": collectively, the real property and fixtures represented as of the Closing Date by the following Assessor's Parcel
Numbers: 162-16-510-019, 162-16-510-020, 162-16-510-023,
162-16-510-026,
162-16-510-027, 162-16-610-020, 162-16-610-023,
162-16-610-024, 162-16-610-025, 162-16-610-026,
162-16-610-027 and 162-16-610-031. 

        "Additional Material Contracts": any Material Contract entered into after the Closing Date relating to the development, construction,
maintenance or operation of the Project. 

        "Adjustment Date": as defined in the Pricing Grid. 

        "Administrative Agent": as defined in the preamble hereto. 

        "Administrative Agent Fee Letter": the Amended and Restated Administrative Agent Fee Letter, dated June 14, 2002, among Valvino,
Wynn Resorts Holdings, the Borrower, the Administrative Agent and Deutsche Bank Securities Inc., as the same may be amended, supplemented, replaced or otherwise modified from time to time in
accordance with this Agreement. 

        "Advance Confirmation Notice": as defined in the Disbursement Agreement. 

        "Advance Requests": as defined in the Disbursement Agreement. 

        "Affiliate": as applied to any Person, any other Person which, directly or indirectly, is in control of, is controlled by, or is under
common control with, such Person. For purposes of this definition, "control" (including, with correlative meanings, the terms "controlling," "controlled by" and "under common control with") as applied
to any Person means the power, directly or indirectly, either to (a) vote 10% or more of the securities having ordinary voting power for the election of directors (or persons performing similar
functions) of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. 

        "Affiliated Fund": means, with respect to any Lender that is a fund that invests (in whole or in part) in commercial loans, any other fund
that invests (in whole or in part) in commercial loans and is managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor. 

        "Affiliated Overhead Expenses": for any period, the reasonable costs and expenses of, and actually incurred by, Wynn Resorts and the Loan
Parties (other than the Borrower and its Subsidiaries), for salary and benefits, office operations, development, advertising, insurance and other corporate or other organizational overhead, for such
period calculated on a consolidated basis, after the elimination of intercompany transactions, and in accordance with GAAP; provided, that Affiliated
Overhead Expenses
shall not include any fee, profit or similar component payable to Wynn Resorts or any other Affiliate of Wynn Resorts (other than with respect to the salary of Mr. Wynn) and shall represent
only the payment or reimbursement of actual costs and expenses incurred by Wynn Resorts and the Loan Parties (other than the Borrower and its Subsidiaries). 

        "Agents": the collective reference to the Syndication Agent, the Documentation Agents and the Administrative Agent. 

        "Aggregate Exposure": with respect to any Lender at any time, an amount equal to the sum of (i) the amount of such Lender's Term
Loan Commitment then in effect or, if the Term Loan Commitments have been terminated, the amount of such Lender's Term Loan Extensions of Credit then outstanding and (ii) the amount of such
Lender's Revolving Credit Commitment then in effect or, if the Revolving Credit Commitments have been terminated, the amount of such Lender's Revolving Extensions of Credit then outstanding. 

2

 

        "Aggregate Exposure Percentage": with respect to any Lender at any time, the ratio (expressed as a percentage) of such Lender's Aggregate
Exposure at such time to the Aggregate Exposure of all Lenders at such time. 

        "Agreement": this Credit Agreement, as amended, supplemented, replaced or otherwise modified from time to time in accordance with this
Credit Agreement. 

        "Aircraft": the Existing Aircraft and, after the Disposition of the Existing Aircraft in accordance with Section 7.5(o), the
Replacement Aircraft. 

        "Aircraft Operating Agreement": that certain Amended and Restated Aircraft Operating Agreement
dated                                  between the Aircraft
Trustee and World Travel. 

        "Aircraft Note": (i) that certain promissory note dated October    , 2002 in an aggregate principal amount of
$[                        ] issued by World Travel in favor of the Borrower or
(ii) after the Disposition of the Existing Aircraft
in accordance with Section 7.5(o), a replacement note in substantially the form of the note described in clause (i) of this definition issued by World Travel in favor of the Borrower in
an amount not greater than the sum of (x) the principal amount of Indebtedness outstanding under the note described in clause (i) of this definition at the time of the Disposition of the
Existing Aircraft and (y) the amount of Indebtedness incurred pursuant to the proviso of Section 7.2(f)(ii). 

        "Aircraft Trustee": Well Fargo Bank Northwest, National Association, as trustee under a trust agreement in favor of World Travel with
respect to the Aircraft, and any successor or replacement trustee. 

        "Allocable Overhead": for any period, an amount equal to (x) the amount of Affiliated Overhead Expenses for such period divided by
(y) the number of gaming and/or hotel projects of Wynn Resorts and its Subsidiaries which were operating during such period or for which debt and/or equity financing has been obtained to
finance, in whole or in part, the development, construction and/or opening thereof[; provided, that amounts allocated to any such project
shall be prorated based on the period within such period that such project was in operation or financing therefor was obtained]. 

        "Amortization Date": (i) with respect to the first Amortization Date, [December 31, 2005] and
(ii) with respect to each subsequent Amortization Date, the last day of each succeeding fiscal quarter of the Borrower. 

        "Applicable Facility Lenders": with respect to any Facility, Non-Defaulting Lenders holding more than 331/3% of
the Total Term Loan Extensions of Credit of Non-Defaulting Lenders or the Total Revolving Extensions of Credit of Non-Defaulting Lenders, as the case may be, outstanding under
such Facility (or, prior to any termination of the Term Loan Commitments or the Revolving Credit Commitments, as the case may be, Non-Defaulting Lenders holding more than
331/3% of the Total Term Loan Credit Commitments (less the aggregate Term Loan Commitments of Defaulting Lenders) or Total Revolving Credit Commitments (less the aggregate Revolving
Credit Commitments of Defaulting Lenders), as the case may be). 

        "Applicable Margin": for each Type of Loan, the rate per annum set forth under the relevant column heading below: 

	 
	 	Base Rate Loans
	 	Eurodollar Loans
	 
	Revolving Credit Loans and Swing Line Loans	 	[      ]	%	[      ]	%
	Term Loans	 	[      ]	%	[      ]	%

3

 

provided, that on and after the first Adjustment Date occurring after the Opening Date, the Applicable Margin with respect to Revolving Credit Loans and
the Swing Line Loans will be determined pursuant to the Pricing Grid. 

        "Arrangers": collectively, Deutsche Bank Securities Inc., in its capacity as a lead arranger, Banc of America Securities LLC, in
its capacity as a lead arranger, Bear, Stearns & Co. Inc., in its capacity as an arranger, and Dresdner Bank AG, New York Branch, in its capacity as an arranger. 

        "Art Rental and Licensing Agreement": that certain Second Amended and Restated Art Rental and Licensing Agreement, dated as of
September 18, 2002, between Mr. Wynn and Wynn Resorts Holdings. 

        "Aruze Corp.": Aruze Corp., a Japanese public corporation. 

        "Aruze USA": Aruze USA, Inc., a Nevada corporation. 

        "Asset Sale": any Disposition of Property or series of related Dispositions of Property other than (i) the granting of any Lien
permitted by Section 7.3, (ii) any Disposition permitted by Section 7.4 and (iii) any Disposition permitted by subsections (a), (b), (c), (d), (f), (h), (i), (j), (k), (l),
(m), (n) or (o) of Section 7.5 (provided, that in the case of Section 7.5(a), Dispositions of Property thereunder shall be
considered "Asset Sales" to the extent of any proceeds thereof not applied to the replacement of Property pursuant to Section 7.5(a)(ii)). 

        "Assignee": as defined in Section 10.6(c). 

        "Assignment and Acceptance": as defined in Section 10.6(c). 

        "Assignor": as defined in Section 10.6(c). 

        "Available Funds": as defined in the Disbursement Agreement. 

        "Available Revolving Credit Commitment": as to any Revolving Credit Lender at any time, an amount equal to the excess, if any, of
(a) such Revolving Credit Lender's Revolving Credit Commitment then in effect over (b) such Revolving Credit Lender's Revolving Extensions
of Credit then outstanding; provided, that in calculating any Lender's Revolving Extensions of Credit for the purpose of determining such Lender's
(other than the Swing Line Lender) Available Revolving Credit Commitment pursuant to Section 2.9(a), the aggregate principal amount of Swing Line Loans then outstanding shall be deemed to be
zero. 

        "Available Term Loan Commitments": as to any Term Loan Lender at any time, an amount equal to the excess, if any, of (a) such Term
Loan Lender's Term Loan Commitment then in effect over (b) such Term Loan Lender's Term Loan Extensions of Credit then outstanding. 

        "Bankruptcy Code": Title 11 of the United States Code entitled "Bankruptcy", as now or hereafter in effect, or any successor statute. 

        "Bank Company Collateral Account Agreement": as defined in the Disbursement Agreement. 

        "Bank Completion Guaranty Collateral Account Agreement": as defined in the Disbursement Agreement. 

        "Bank Debt Service": for any period, (a) all fees payable during such period to the Administrative Agent, the Issuing Lender, the
Swing Line Lender and the Lenders, (b) interest on Term Loans, Swing Line Loans, Revolving Credit Loans and, without duplication, interest on any outstanding Reimbursement Obligations, in each
case payable during such period, (c) scheduled Term Loan principal payments (as reduced to reflect actual prepayments through the date of such calculation) and payments with respect to the
principal amount of any outstanding Reimbursement 

4

 

Obligations, in each case payable during such period, and (d) net payments, if any, payable during such period pursuant to Specified Hedge Transactions. 

        "Bank Local Company Collateral Account Agreement(s)": as defined in the Disbursement Agreement. 

        "Base Rate": for any day, a rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the greatest of
(a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. 

        "Base Rate Loans": Loans for which the applicable rate of interest is based upon the Base Rate. 

        "Beneficial Owner": as defined in Rule 13d—3 and Rule 13d—5 under the Exchange Act, except that in
calculating the beneficial ownership of any particular "person" (as that term is used in Section 13(d)(3) of the Exchange Act), such "person" will be deemed to have beneficial ownership of all
securities that such "person" has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a
subsequent condition. The term "Beneficially Owned" has a corresponding meaning. 

        "Benefited Lender": as defined in Section 10.7. 

        "Board": the Board of Governors of the Federal Reserve System of the United States (or any successor). 

        "Board of Directors": (i) with respect to a corporation, the board of directors of the corporation; (ii) with respect to a
partnership, the board of directors of the general partner of the partnership; and (iii) with respect to any other Person, the board or committee of such Person serving a similar function. 

        "Borrower": as defined in the preamble hereto. 

        "Borrowing Date": any Business Day specified by the Borrower as a date on which the Borrower requests the relevant Lender(s) to make Loans
hereunder. 

        "Building Lease": that certain Lease Agreement, dated as of October    , by and between Valvino, as lessor, and the Borrower,
as lessee, with respect to the lease of space in the Phase II Land Building. 

5

  

        "Business Day": (i) for all purposes other than as covered by clauses (ii) and (iii) below, a day other than a
Saturday, Sunday or other day on which commercial banks in New York City, New York or Las Vegas, Nevada are authorized or required by law to close, (ii) with respect to all notices and
determinations in connection with, and payments of principal and interest on, Eurodollar Loans, any day which is a Business Day described in clause (i) above and which is also a day for trading
by and between banks in Dollar deposits in the New York interbank eurodollar market and (iii) with respect to all notices and determinations in connection with Letters of Credit and payments of
principal and interest on Reimbursement Obligations, a day other than a Saturday, Sunday or other day on which commercial banks in New York City, New York are authorized or required by law to close. 

        "Capital Corp.": Wynn Las Vegas Capital Corp., a Nevada corporation. 

        "Capital Expenditures": for any period, with respect to any Person, the aggregate of all expenditures by such Person and its Subsidiaries
for the acquisition or leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such period)
which should be capitalized under GAAP on a consolidated balance sheet of such Person and its Subsidiaries; provided, that the amount of Capital
Expenditures in respect of fixed or capital assets or additions to equipment in any Fiscal Year shall be net of (a) to the extent applied during
such Fiscal Year to the replacement of Property pursuant to Section 7.5(a)(ii), the Net Disposition Proceeds received by any such Person from the Disposition of Property pursuant to
Section 7.5(a) by reason of such Property's obsolescence or worn out condition and (b) the Insurance Proceeds and/or Eminent Domain Proceeds received by any such Person for any
casualties to, or Taking of, fixed or capital assets and applied during such Fiscal Year to the repair or replacement of fixed or capital assets in accordance with Section 2.24. Notwithstanding
the foregoing, any Project Costs, any expenditures in furtherance of the construction of the Entertainment Facility and any expenditures with respect to the purchase of the Replacement Aircraft in
accordance with Section 7.5(o), in each case that otherwise would have constituted Capital Expenditures by virtue of the foregoing, shall be excluded from this definition. 

        "Capital Lease Obligations": as to any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of
such Person under GAAP, and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 

        "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. 

        "Cash Equivalents": (a) United States dollars; (b) securities issued or directly and fully guaranteed or insured by the
United States government or any agency or instrumentality of the United States government (as long as the full faith and credit of the United States is pledged in support of those securities) having
maturities of not more than six months from the date of acquisition; (c) interest-bearing demand or time deposits (which may be represented by certificates of deposit) issued by banks having
general obligations rated (on the date of acquisition thereof) at least "A" or the equivalent by S&P or Moody's or, if not so rated, secured at all times, in the manner and to the extent provided by
law, by collateral security in clause (a) or (b) of this definition, of a market value of no less than the amount of monies so invested; (d) repurchase 

6

 

obligations with a term of not more than seven days for underlying securities of the types described in clauses (b) and (c) above entered into with any financial institution meeting the
qualifications specified in clause (c) above; (e) commercial paper having the highest rating obtainable from Moody's or S&P and in each case maturing within six months after the date of
acquisition; (f) money market funds or mutual funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (d) of this
definition; and (g) to the extent not permitted in clauses (a) through (f) of this definition, Permitted Securities. 

        "Casino Land": the land owned by the Borrower as described in Exhibit T-4 to the Disbursement Agreement. 

        "Change of Control": the occurrence of any of the following: (i) the direct or indirect sale, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Loan Parties, taken as a whole,
or of the Borrower and its Subsidiaries, taken as a whole, to any "person" (as that term is used in Section 13(d)(3) of the Exchange Act), other than to Mr. Wynn or a Related Party of
Mr. Wynn, (ii) the adoption of a plan relating to the liquidation or dissolution of the Borrower or any successor thereto, (iii) the consummation of any transaction (including,
without limitation, any merger or consolidation) the result of which is that (a) any "person" (as defined in clause (i) above), other than Mr. Wynn and any of his Related Parties
becomes the Beneficial Owner, directly or indirectly, of more than 50% of the outstanding Voting Stock of Wynn Resorts, measured by voting power rather than number of equity interests, (b) any
"person" (as defined in clause (i) above)(other than Kazuo Okada, Aruze USA and Aruze Corp., so long as (1) the Stockholders Agreement, as in effect on the Closing Date, remains in full
force and effect, (2) a majority of the Board of Directors of Wynn Resorts is constituted of Persons named on any slate of directors chosen by Mr. Wynn and Aruze USA pursuant to the
Stockholders Agreement, as in effect on the Closing Date, and (3) Kazuo Okada and his Related Parties either (A) "control" (as that term is used in Rule 405 under the Securities
Act) Aruze Corp. and Aruze USA or (B) otherwise remain the direct or indirect Beneficial Owners of the Voting Stock of Wynn Resorts held by Aruze Corp.) becomes the Beneficial Owner, directly
or indirectly, of a greater percentage of the outstanding Voting Stock of Wynn Resorts, measured by voting power rather than number of equity interests, than is at that time Beneficially Owned by
Mr. Wynn and his Related Parties
as a group, (c) Mr. Wynn and his Related Parties as a group own less than 20% of the outstanding Voting Stock of Wynn Resorts, measured by voting power rather than number of equity
interests (excluding, for purposes of calculating the outstanding voting stock of Wynn Resorts pursuant to this clause (iii)(c), shares of voting stock issued in a primary issuance by Wynn
Resorts in one or more bona fide public offerings of additional Voting Stock of Wynn Resorts (other than the IPO)), or (d) Mr. Wynn and his Related Parties as a group own less than 10%
of the outstanding Voting Stock of Wynn Resorts, measured by voting power rather than number of equity interests, (iv) the first day on which Mr. Wynn does not act as either the Chairman
of the Board of Directors of Wynn Resorts or the Chief Executive Officer of Wynn Resorts, other than (1) as a result of death or disability or (2) if the Board of Directors of Wynn
Resorts, exercising their fiduciary duties in good faith, removes or fails to re-appoint the Principal as Chairman of the Board of Directors of Wynn Resorts or Chief Executive Officer of
Wynn Resorts, (v) the first day on which a majority of the members of the board of directors of Wynn Resorts or the Borrower are not Continuing Directors, (vi) the first day on which
Wynn Resorts ceases to own, directly or indirectly, 100% of the outstanding Capital Stock of the Borrower or (vii) Wynn Resorts consolidates with, or merges with or into, any Person or sells,
assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of its assets to any Person, or any Person consolidates with, or merges with or into, Wynn Resorts, in any such
event pursuant to a transaction in which any of the outstanding voting stock of Wynn Resorts is converted into or exchanged for cash, securities or other property, other than any such transaction
where the voting 

7

 

stock of Wynn Resorts outstanding immediately prior to such transaction is converted into or exchanged for voting stock (other than Disqualified Stock) of the surviving or transferee Person
constituting a majority of the outstanding shares of such voting stock of such surviving or transferee Person (immediately after giving effect to such issuance). 

        "Closing Date": the date on which this Agreement and the other Loan Documents are executed and delivered and the conditions precedent set
forth in Section 3.1 of the Disbursement Agreement and Section 5.1 of this Agreement have been satisfied or waived. 

        "Code": the Internal Revenue Code of 1986, as amended from time to time. 

        "Collateral": all Property of the Loan Parties, Wynn Resorts or any other Person, now owned or hereafter acquired, upon which a Lien is
purported to be created by any Security Document. 

        "Collection Account": as defined in the Disbursement Agreement. 

        "Commitment": as to any Lender, the sum of the Term Loan Commitment and the Revolving Credit Commitment of such Lender. 

        "Commonly Controlled Entity": an entity, whether or not incorporated, which is under common control with the Borrower or any other Loan
Party within the meaning of Section 4001 of ERISA or is part of a group that includes such Person and that is treated as a single employer under Section 414 of the Code. 

        "Completion Date": as defined in the Disbursement Agreement. 

        "Completion Guarantor": Wynn Completion Guarantor, LLC, a Nevada limited liability company. 

        "Completion Guaranty": that certain Completion Guaranty, dated as of October     , 2002, by the Completion Guarantor in
favor of the Administrative Agent on behalf of the Secured Parties, the Disbursement Agent and the Mortgage Notes Indenture Trustee. 

        "Completion Guaranty Release Date": as defined in the Disbursement Agreement. 

        "Compliance Certificate": a certificate duly executed by a Responsible Officer substantially in the form of Exhibit B hereto. 

        "Confidential Information Memorandum": the Confidential Information Memorandum, dated July 2002 and furnished to the initial
Lenders. 

        "Consents": as defined in the Disbursement Agreement. 

        "Consolidated Current Assets": at any date, all amounts (other than cash and Cash Equivalents) which would, in conformity with GAAP, be
set forth opposite the caption "total current assets" (or any like caption) on a consolidated balance sheet of the Borrower and its Subsidiaries at such date. 

        "Consolidated Current Liabilities": at any date, all amounts that would, in conformity with GAAP, be set forth opposite the caption "total
current liabilities" (or any like caption) on a consolidated balance sheet of the Borrower and its Subsidiaries at such date, but excluding (a) the current portion of any Funded Debt of the
Borrower and its Subsidiaries and (b) without duplication of clause (a) above, all Indebtedness consisting of Revolving Credit Loans or Swing Line Loans to the extent otherwise included
therein. 

        "Consolidated EBITDA": of any Person for any period, Consolidated Net Income of such Person and its Subsidiaries for such period  plus, without duplication and to the
extent reflected as a charge in the statement of such Consolidated Net Income for such period, the sum of
(a) income tax expense or the Tax Amount (whether or not paid during such period), (b) Consolidated 

8

 

Interest Expense of such Person and its Subsidiaries, amortization or write-off of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated
with Indebtedness (including, in the case of the Borrower, the Loans and Letters of Credit), (c) depreciation and amortization expense, (d) amortization of intangibles (including, but
not limited to, goodwill) and (e) any extraordinary expenses or losses (and, whether or not otherwise includable as separate items in the statement of such Consolidated Net Income for such
period, non-cash losses on sales of assets outside of the ordinary course of business and pre-opening expenses related to the initial opening of the Project (such
pre-opening expenses to be no greater than that set forth in the Project Budget) and the opening of the Entertainment Facility (such pre-opening expenses in the aggregate to be
no greater than $5,000,000)) and minus, to the extent included in the statement of such Consolidated Net Income for such period, the sum of (a) interest income (except to the extent deducted in
determining Consolidated Interest Expense) and (b) any extraordinary income or gains (and, whether or not otherwise includable as a separate item in the statement of such Consolidated Net
Income for such period, non-cash gains on the sales of assets outside of the ordinary course of business), all as determined on a consolidated basis in accordance with GAAP. 

        "Consolidated Interest Coverage Ratio": for any period, the ratio of (a) Consolidated EBITDA of the Borrower and its Subsidiaries
for such period to (b) Consolidated Interest Expense of the Borrower and its Subsidiaries for such period. 

        "Consolidated Fixed Charge Coverage Ratio": for any period, the ratio of (a) Consolidated EBITDA of the Borrower and its
Subsidiaries to (b) Consolidated Fixed Charges of the Borrower and its Subsidiaries for such period. 

        "Consolidated Fixed Charges": of any Person for any period, the sum (without duplication) of (a) Consolidated Interest Expense of
such Person and its Subsidiaries for such period, (b) provision for cash income taxes made by such Person or any of its Subsidiaries on a consolidated basis in respect of such period and the
payment of any Tax Amount during such period, (c) scheduled payments made during such period on account of principal of Indebtedness of such Person or any of its Subsidiaries (including,
without limitation, with respect to the Borrower, scheduled principal payments in respect of the Term Loans or any other Indebtedness under the Financing Agreements), (d) the aggregate amount
actually paid by the Borrower and its Subsidiaries in cash during such period on account of Capital Expenditures, and (e) Consolidated Lease Expense of such Person and its Subsidiaries for such
period. 

        "Consolidated Interest Expense": of any Person for any period, total cash interest expense (including that attributable to Capital Lease
Obligations) of such Person and its Subsidiaries for such period with respect to all outstanding Indebtedness of such Person and its Subsidiaries (including, without limitation, all commissions,
discounts and other fees and charges owed by such Person with respect to letters of credit and bankers' acceptance financing and net costs of such Person under Hedge
Agreements in respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP). 

        "Consolidated Lease Expense": for any period, the aggregate amount of fixed and contingent rentals payable by the Borrower and its
Subsidiaries, determined on a consolidated basis in accordance with GAAP, for such period with respect to leases of real and personal property. 

        "Consolidated Leverage Ratio": for any period, the ratio of (a) Consolidated Total Debt on the last day of such period to
(b) Consolidated EBITDA of the Borrower and its Subsidiaries for such period. 

9

 

        "Consolidated Member": a corporation, other than the common parent, that is a member of an affiliated group (as defined in
Section 1504 of the Code) of which Wynn Resorts or any of the Loan Parties is the common parent. 

        "Consolidated Net Income": of any Person for any period, the consolidated net income (or loss) of such Person and its Subsidiaries for
such period, determined on a consolidated basis in accordance with GAAP and before any reduction in respect of preferred equity dividends, but giving effect to, without duplication, any amounts paid
or distributed by such Person or its Subsidiaries as a Tax Amount or Allocable Overhead if and to the same extent that such amounts would have been included in the calculation of net income if
incurred by such Person or its Subsidiaries directly; provided, that in calculating Consolidated Net Income of a Person (for purposes of this definition
only, the "Parent") and its consolidated Subsidiaries for any period, there shall be excluded (a) the income (or deficit) of any Person accrued
prior to the date it becomes a Subsidiary of the Parent or is merged into or consolidated with the Parent or any of its Subsidiaries, (b) the income (or deficit) of any Person (other than a
Subsidiary of the Parent) in which the Parent or any of its Subsidiaries has an ownership interest, except to the extent that any such income is actually received by the Parent or such Subsidiary in
the form of dividends or similar distributions, (c) the undistributed earnings of any Subsidiary of the Parent to the extent that the declaration or payment of dividends or similar
distributions by such Subsidiary is not at the time permitted by the terms of any Contractual Obligation (other than under any Financing Agreement) or Requirement of Law applicable to such Subsidiary,
(d) to the extent not reflected as a charge in the statement of such Consolidated Net Income, any Management Fees paid during such Period and (e) the cumulative effect of a change in
accounting principles. 

        "Consolidated Net Worth": at any date, all amounts that would, in conformity with GAAP, be included on a consolidated balance sheet of the
Borrower and its Subsidiaries under stockholders' equity at such date. 

        "Consolidated Total Debt": at any date, the aggregate principal amount of all Indebtedness of the Borrower and its Subsidiaries at such
date, determined on a consolidated basis in accordance with GAAP. 

        "Consolidated Working Capital": at any date, the excess of Consolidated Current Assets on such date over Consolidated Current Liabilities
on such date. 

        "Construction Consultant": Inspection & Valuation International, Inc. or such other construction consultant of recognized
national standing appointed by the Administrative Agent. 

        "Construction Contract": a "Contract" as defined in the Disbursement Agreement. 

        "Continuing Directors": as of any date of determination, with respect to any Person, any member of the Board of Directors of such Person
who (i) was a member of such board of directors on the Closing Date, (ii) was nominated for election or elected to such Board of Directors with the approval of a majority of the
Continuing Directors who were members of such board at the time of such nomination or election or (iii) in the case of a limited liability company, was nominated by the direct or indirect Board
of Directors of its managing member or sole member. 

10

  

        "Contractual Obligation": as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other
undertaking to which such Person is a party or by which it or any of its Property is bound. 

        "Control Agreements": collectively, (i) the Bank Completion Guaranty Collateral Account Agreement, (ii) the Bank Company
Collateral Account Agreement, (iii) the Bank Local Company Collateral Account Agreement(s), (iv) each Control Agreement to be executed and delivered by each Loan Party pursuant to the
Guarantee and Collateral Agreement, substantially in the form of Exhibit B, Exhibit C or Exhibit D, as the case may be, thereto, as the same may be amended, supplemented, replaced
or otherwise modified from time to time in accordance with this Agreement. 

        "Converted Revolving Loan Amount": as defined in Section 2.4(a). 

        "Dealership Lease Agreement": that certain Lease Agreement, to be entered into between the Borrower, as lessor, and an Affiliate of the
Borrower, as lessee, with respect to the lease of space at the Casino Land for the development and operation of a Ferrari and Maserati automobile dealership. 

        "Debt Service": collectively, the Bank Debt Service, the Note Debt Service and the FF&E Debt Service. 

        "Debt Service Availability Date": April 30, 2005. 

        "Default": any of the events specified in Section 8, whether or not any requirement for the giving of notice, the lapse of time, or
both, has been satisfied. 

        "Defaulting Lender": at any time, (i) any Lender with respect to which a Lender Default is in effect, (ii) any Lender that
is the subject (as a debtor) of any action or proceeding (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or
relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment,
winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a
receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, (iii) any Lender that shall make a general assignment for the
benefit of its creditors or (iv) any Lender that shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due. 

        "Delivery Requirement": with respect to each Additional Material Contract: 

        (a)  with
respect to each Person party to such Additional Material Contract (other than any Loan Party), copies of the Governing Documents of each such Person (with respect
to Persons other than Affiliates of the Borrower, to the extent the same are certified by and publicly available from the secretary of state of the state of formation of such Person), certified, if
applicable, by the secretary of state of the state of formation of such Person; 

        (b)  with
respect to each Person party to such Additional Material Contract (other than any Loan Party), certificates issued by the secretary of state of the state where the
Project is located and, if other than such state, the state of formation of such Person certifying that such Person is in good standing and is qualified to do business in, and has paid all franchise
taxes or similar taxes due to, such states; and 

        (c)  to
the extent reasonably obtainable, the most recent annual financial statements (audited if available) or Form 10-K and most recent quarterly
financial statements or Form 10-Q from each Person party to such Additional Material Contract (other than any Loan Party), together (in the case of any Affiliates of Loan Parties)
with certificates from the 

11

 

appropriate Responsible Officer thereof, stating that no material adverse change in the consolidated assets, liabilities, operations or financial condition of such Person has occurred from those set
forth in the most recent financial statements or the balance sheet, as the case may be, provided to the Administrative Agent pursuant to this clause (c). 

        "Derivatives Counterparty": as defined in Section 7.6. 

        "Desert Inn Improvement": Desert Inn Improvement Co., a Nevada corporation. 

        "Desert Inn Water": Desert Inn Water Company, LLC, a Nevada limited liability company. 

        "DIIC Casino Water Permit": the Permit identified as of the Closing Date as Permit No. 13393 (Cert. 4731) as shown in the records
of the State of Nevada, Division of Water Resources, in Carson City Nevada (and any successor or replacement Permit thereto). 

        "DIIC Water Permits": collectively, the DIIC Casino Permit and the permits identified as of the Closing Date as Permit No. 16938
(Cert. 4765), Permit No. 16939 (Cert. 4766), Permit No. 24558 (Cert. 7828), Permit No. 24560 (Cert. 7827), Permit No. 24561 (Cert. 7829), and Permit No. 25223 (Cert.
7830), in each case as shown in the records of the State of Nevada, Division of Water Resources, in Carson City Nevada (and any successor or replacement Permits thereto). 

        "DIIC Water Transfer": a transfer by Desert Inn Improvement at no cost and in accordance with all Requirements of Law and pursuant to all
necessary consents of Governmental Authorities (including, if applicable, the Nevada Public Utilities Commission and the State of Nevada, Division of Water Resources) of (a) the fee ownership
of the Water Utility Land to Wynn Resorts Holdings and (b) the DIIC Water Permits to (x) in the case of the DIIC Casino Water Permit, the Borrower and (y) in the case of all other
DIIC Water Permits, Wynn Resorts Holdings. 

        "Disbursement Agent": Deutsche Bank Trust Company Americas, in its capacity as Disbursement Agent under the Disbursement Agreement, and
any successor Disbursement Agent appointed pursuant to the terms of the Disbursement Agreement. 

        "Disbursement Agreement": that certain Master Disbursement Agreement in the form of Exhibit C hereto and dated as of the date
hereof among the Borrower, the Administrative Agent, the Mortgage Notes Indenture Trustee, the FF&E Agent and the Disbursement Agent. 

        "Disbursement Agreement Event of Default": an "Event of Default" as defined in the Disbursement Agreement. 

        "Disposition": with respect to any Property, any sale, lease, sale and leaseback, assignment, conveyance, grant of restriction, transfer
or other disposition thereof; and the terms "Dispose" and "Disposed of" shall have correlative meanings. 

        "Disqualified Stock": any Capital Stock or other ownership or profit interest of any Loan Party that any Loan Party is or, upon the
passage of time or the occurrence of any event, may become obligated to redeem, purchase, retire, defease or otherwise make any payment in respect of in consideration other than Capital Stock (other
than Disqualified Stock). 

        "Documentation Agents": collectively, Bear Stearns Corporate Lending Inc., in its capacity as a joint documentation agent, Dresdner
Bank AG, New York Branch, in its capacity as a joint documentation agent, and J.P. Morgan Securities Inc., in its capacity as a joint documentation agent. 

        "Dollars" and "$": dollars in lawful currency of the United States of America. 

        "Domestic Subsidiary": any Subsidiary of the Borrower organized under the laws of any jurisdiction within the United States of America. 

12

 

        "Driving Range": the driving range for the Golf Course to be located on the Phase II Land and leased to the Borrower pursuant to the
Driving Range Lease. 

        "Driving Range Lease": that certain Lease Agreement, dated as of October    , by and between Valvino, as lessor, and the
Borrower, as lessee, with respect to the lease of land on which the driving range for the Golf Course is to be located. 

        "ECF Percentage": with respect to any Fiscal Year, 75%; provided, that, if the
Consolidated Leverage Ratio as of the last day of any such Fiscal Year is not greater than 3.5 to 1.0, 50% with respect to such Fiscal Year. 

        "Eligible Assignee": (A) (i) a commercial bank organized under the laws of the United States or any state thereof; (ii) a
savings and loan association or savings bank organized under the laws of the United States or any state thereof; (iii) a commercial bank organized under the laws of any other country or a
political subdivision thereof; provided, that (x) such bank is acting through a branch or agency located in the United States or (y) such
bank is organized under the laws of a country that is a member of the Organization for Economic Cooperation and Development or a political subdivision of such country; and (iv) any other entity
which is an "accredited investor" (as defined in Regulation D under the Securities Act) which extends credit or buys loans as one of its businesses including insurance companies, mutual funds
and lease financing companies; and (B) for purposes of Section 10.1, any Affiliate or Affiliated Fund of any Lender (provided, that if any
funding obligations are assigned to an Affiliate of a Lender or Affiliated Fund, such Affiliate or Affiliated Fund, as applicable, shall have demonstrable resources to comply with such obligations);  provided, that neither an Affiliate of the Borrower nor any Person which has been denied an approval or a license, or otherwise found unsuitable, under
the Nevada Gaming Laws applicable to the Lenders shall be an Eligible Assignee; and provided, further that so long as no Event of Default shall have
occurred and be continuing, no (i) Person that owns or operates a casino located in the State of Nevada (or is an Affiliate of such a Person)
(provided, that a passive investment constituting less than 20% of the common stock of any such casino shall not constitute ownership thereof for the
purposes of this definition) or (ii) Person that
owns or operates a convention, trade show or exhibition facility in Las Vegas, Nevada or Clark County, Nevada (or an Affiliate of such a Person)
(provided, that a passive investment constituting less than 20% of the common stock of any such convention or trade show facility shall not constitute
ownership for the purpose of this definition), shall be an Eligible Assignee. 

        "Eminent Domain Proceeds": all amounts and proceeds (including instruments) received in respect of any Event of Eminent Domain relating to
the Project. 

        "Employee Parking Lot": the parking lot structure located on the Phase II Land that will be used for parking for the employees of the
Borrower pursuant to the Employee Parking Lot Lease. 

        "Employee Parking Lot Lease": that certain Lease Agreement, dated as of October    , by and between Valvino, as lessor, and the
Borrower, as lessee, with respect to the lease of land on which the parking lot structure for use by the Borrower's employees is located. 

        "Entertainment Facility": a showroom or entertainment facility located on the Casino Land and the Phase II Land, adjoining and connected
directly to the Le Rêve hotel and casino. 

        "Entertainment Facility Equity Proceeds": to the extent used solely and exclusively for the development and construction of an
Entertainment Facility, the aggregate net cash proceeds received by the Borrower from any Person other than another Loan Party (except to the extent another Loan Party is acting as an intermediary for
purposes of contributing equity capital contributions from such other Persons), directly or indirectly, as a contribution to its common equity capital. 

13

 

        "Environmental Claim": any investigation, notice, notice of violation, claim, action, suit, proceeding, demand, abatement order or other
order or directive (conditional or otherwise), by any governmental authority or any other Person, arising (a) pursuant to or in connection with any actual or alleged violation of any
Environmental Law, (b) in connection with any Hazardous Materials or any actual or alleged Hazardous Materials Activity, or (c) in connection with any actual or alleged damage, injury,
threat or harm to health, safety, natural resources or the environment. 

        "Environmental Laws": any and all laws, rules, orders, regulations, statutes, ordinances, guidelines, codes, decrees, or other legally
enforceable requirements (including, without limitation, common law) of any international authority, foreign government, the United States, or any state, local, municipal or other Governmental
Authority, regulating, relating to or imposing liability or standards of conduct
concerning protection of the environment or of human health, or employee health and safety, as has been, is now, or may at any time hereafter be, in effect, including, without limitation, 

        (a)  the
Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended (42 U.S.C. Section 9601 et
seq.) ("CERCLA"); 

        (b)  the
Federal Water Pollution Control Act (33 U.S.C. Section 1251 et seq.) ("Clean Water
Act" or "CWA"); 

        (c)  the
Resource Conservation and Recovery Act (42 U.S.C. Section 6901 et seq.)
("RCRA"); 

        (d)  the
Atomic Energy Act of 1954 (42 U.S.C. Section 2011 et seq.)
("AEA"); 

        (e)  the
Clean Air Act (42 U.S.C. Section 7401 et seq.) ("CAA"); 

        (f)    the
Emergency Planning and Community Right to Know Act (42 U.S.C. Section 11001 et seq.)
("EPCRA"); 

        (g)  the
Federal Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. Section 136 et seq.)
("FIFRA"); 

        (h)  the
Oil Pollution Act of 1990 (P.L. 101-380, 104 Stat. 486); 

        (i)    the
Safe Drinking Water Act (42 U.S.C. Sections 300f et seq.) ("SDWA"); 

        (j)    the
Surface Mining Control and Reclamation Act of 1974 (30 U.S.C. Sections 1201 et seq.)
("SMCRA"); 

        (k)  the
Toxic Substances Control Act (15 U.S.C. Section 2601 et seq.)
("TSCA"); 

        (l)    the
Hazardous Materials Transportation Act (49 U.S.C. Section 1801 et seq.)
("HMTA"); 

        (m)  the
Uranium Mill Tailings Radiation Control Act of 1978 (42 U.S.C. Section 7901 et seq.)
("UMTRCA"); 

        (n)  the
Occupational Safety and Health Act (29 U.S.C. Section 651 et seq.)
("OSHA"); 

        (o)  the
Nevada Hazardous Materials law (NRS Chapter 459); 

        (p)  the
Nevada Collection and Disposal of Solid Waste/Sewage law (NRS Chapter 444); 

        (q)  the
Nevada Water Controls/Pollution law (NRS Chapter 445A); 

        (r)  the
Nevada Air Pollution law (NRS Chapter 445B); 

14

 

        (s)  the
Nevada Cleanup of discharged Petroleum law (NRS 590.700 to 590.920, inclusive); 

        (t)    the
Nevada Control of Asbestos law (NRS 618.750 to 618.850); 

        (u)  the
Nevada Appropriation of Public Waters law (NRS 533.324 to 533.435, inclusive); 

        (v)  the
Nevada Artificial Water Body Development Permit law (NRS 502.390); 

        (w)  the
Nevada Environmental Requirements Law (NRS 445C.010 to NRS 445C.120, inclusive); 

        (x)  the
Nevada Occupational Safety and Health Act (NRS 618.005 to 618.900, inclusive); 

        (y)  the
Laws Regarding the Authority of Nevada State Fire Marshall Division (NRS 477.010 to 477.250, inclusive); 

        (z)  the
Uniform Fire Code, as now or hereafter adopted in the State of Nevada; 

        (aa) the
Nevada Protection of Endangered Species, Endangered Wildlife Permit (NRS 503.585) and Endangered Flora Permit law (NRS 527.270); and 

        (bb) and
all other Federal, state and local Legal Requirements which govern Hazardous Substances, and the regulations adopted and publications promulgated pursuant to all
such foregoing laws. 

        "Environmental Matter": any: 

        (a)  release,
emission, entry or introduction into the air including, without limitation, the air within buildings and other natural or man-made structures above
ground; 

        (b)  discharge,
release or entry into water including, without limitation, into any river, watercourse, lake, or pond (whether natural or artificial or above ground or which
joins or flows into any such water outlet above ground) or reservoir, or the surface of the riverbed or of other land supporting such waters, ground waters, sewer or the sea; 

        (c)  deposit,
disposal, keeping, treatment, importation, exportation, production, transportation, handling, processing, carrying, manufacture, collection, sorting or presence
of any Hazardous Substance (including, without limitation, in the case of waste, any substance which constitutes a scrap material or an effluent or other unwanted surplus substance arising from the
application of any process or activity (including making it re-usable or reclaiming substances from it) and any substance or article which is required to be disposed of as being broken,
worn out, contaminated or otherwise spoiled); 

        (d)  nuisance,
noise, defective premises, health and safety at work, industrial illness, industrial injury due to environmental factors, environmental health problems
(including, without limitation, asbestosis or any other illness or injury caused by exposure to asbestos) or genetically modified organisms; 

        (e)  conservation,
preservation or protection of the natural or man made environment or any living organisms supported by the natural or man made environment; or 

        (f)    other
matter howsoever directly affecting the environment or any aspect of it. 

        "Environmental Permits": any and all permits, licenses, approvals, registrations, notifications, exemptions and any other authorization
required under any Environmental Law. 

        "ERISA": the Employee Retirement Income Security Act of 1974, as amended from time to time. 

15

  

        "Eurocurrency Reserve Requirements": for any day as applied to a Eurodollar Loan, the then stated maximum rate of all reserve requirements
(including, without limitation, any marginal, emergency, supplemental, special or other reserves under any regulations of the Board or other Governmental Authority having jurisdiction with respect
thereto or otherwise required by applicable law) applicable to any member bank of the Federal Reserve System in respect of eurocurrency funding or liabilities as defined in Regulation D (or any
successor category of liabilities under Regulation D). 

        "Eurodollar Loans": Loans the rate of interest applicable to which is based upon the Eurodollar Rate. 

        "Eurodollar Rate": with respect to each day during each Interest Period pertaining to a Eurodollar Loan, a rate per annum equal to
(a) the offered quotation to first-class banks in the New York interbank Eurodollar market by the Administrative Agent for Dollar deposits of amounts in immediately available funds comparable
to the outstanding principal amount of such Eurodollar Loan of the Administrative Agent (in its capacity as a Lender) with maturities comparable to the Interest Period applicable to such Eurodollar
Loan commencing two Business Days thereafter as of 10:00 A.M. (New York time) on the first day of such Interest Period, divided (and rounded upward to the nearest 1/16 of 1%) by
(b) a percentage equal to 100% minus the Eurocurrency Reserve Requirements. 

        "Eurodollar Tranche": the collective reference to Eurodollar Loans the then current Interest Periods with respect to all of which begin on
the same date and end on the same later date (whether or not such Loans shall originally have been made on the same day). 

        "Event of Default": any of the events specified in Section 8, provided that any
requirement for the giving of notice, the lapse of time, or both, has been satisfied. 

        "Event of Eminent Domain": with respect to any Property, (i) any compulsory transfer or taking by condemnation, seizure, eminent
domain or exercise of a similar power, or transfer under threat of such compulsory transfer or taking or confiscation of such Property or the requisition of the use of such Property, by any agency,
department, authority, commission, board, instrumentality or political subdivision of any state, the United States or another Governmental Authority having jurisdiction or (ii) any settlement
in lieu of clause (i) above. 

        "Excess Cash Flow": for any Fiscal Year, the excess, if any, of (a) the sum, without duplication, of (i) Consolidated Net
Income of the Loan Parties for such Fiscal Year, (ii) an amount equal to the amount of all non-cash charges (including depreciation and amortization) deducted in arriving at such
Consolidated Net Income, (iii) decreases in Consolidated Working Capital of the Loan Parties for such Fiscal Year, (iv) an amount equal to the aggregate net non-cash loss on
the Disposition of Property by the Loan Parties during such Fiscal Year (other than sales of inventory in the ordinary course of business), to the extent deducted in arriving at such Consolidated Net
Income and (v) the net increase during such Fiscal Year (if any) in deferred tax accounts of the Loan Parties over (b) the sum, without duplication, of (i) an amount equal to the
amount of all non-cash credits included in arriving at such Consolidated Net Income, (ii) the aggregate amount actually paid by the Loan Parties in cash during such Fiscal Year on
account of Capital Expenditures (excluding the principal amount of Indebtedness incurred in connection with such expenditures and any such expenditures financed with the proceeds of any Reinvestment
Deferred Amount), (iii) the aggregate amount of all prepayments of Revolving Credit Loans and Swing Line Loans during such Fiscal Year to the extent accompanying permanent optional reductions
of the Revolving Credit Commitments and all optional prepayments of the Term Loans during such Fiscal Year, (iv) the aggregate amount of all regularly scheduled principal payments of Funded
Debt (including, without limitation, the Term Loans) of the Loan Parties made during such Fiscal Year (other than in respect of any revolving credit facility to the 

16

 

extent there is not an equivalent permanent reduction in commitments thereunder such that after giving effect to such commitment reduction the applicable Loan Party, as the case may be, would not be
able to reborrow all or any of the amount so prepaid), (v) increases in Consolidated Working Capital of the Loan Parties for such Fiscal Year, (vi) an amount equal to the aggregate net
non-cash gain on the Disposition of Property by the Loan Parties during such Fiscal Year (other than sales of inventory in the ordinary course of business), to the extent included in
arriving at such Consolidated Net Income, and (vii) the net decrease during such Fiscal Year (if any) in deferred tax accounts of the Loan Parties. 

        "Excess Cash Flow Application Date": as defined in Section 2.12(d). 

        "Existing Aircraft": that certain Bombardier Global Express aircraft, Serial No. 9065, owned by a trust of which World Travel is
the beneficial interest holder. 

        "Existing Stockholders": collectively, Mr. Wynn, Aruze USA, Inc., a Nevada corporation, Baron Asset Fund, a Massachusetts
business trust, and the Kenneth R. Wynn Family Trust. 

        "Extraordinary Deposit Receipts": any amounts received by any Loan Party from the refund or return of any amounts deposited with any
Person as security or cash collateral with respect to any acceptance, letter of credit, completion guaranty, performance bond or similar facility. 

        "Facility": each of (a) the Term Loan Commitments and the Term Loans made thereunder (the "Term Loan
Facility") and (b) the Revolving Credit Commitments and the extensions of credit made thereunder (the "Revolving Credit
Facility"). 

        "Facility Fee Letter": the Amended and Restated Credit Facilities Fee Letter, dated June 14, 2002, among Valvino, Wynn Resorts
Holdings, the Borrower, the Initial Agents, the Initial Arrangers, the Managers and Bank of America N.A., as the same may be amended, supplemented, replaced or otherwise modified from time to time in
accordance with this Agreement. 

        "Federal Funds Effective Rate": for any day, the weighted average of the rates on overnight federal funds transactions with members of the
Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day
which is a Business Day, the average of the quotations for the day of such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it. 

        "FF&E Agent": Wells Fargo Bank Nevada, National Association, as collateral agent for the FF&E Lenders under the FF&E Facility Agreement. 

        "FF&E Debt Service": for any period, (a) all fees payable during such period to the FF&E Agent and the FF&E Lenders under the FF&E
Facility Agreement and related agreements, documents and instruments (including, without limitation, the Other Security Documents related to the FF&E Facility Agreement and the FF&E Guarantee) and
(b) interest on the FF&E Notes payable during such period. 

        "FF&E Facility": the credit facilities, equipment leases or similar agreements to finance the purchase and installment of the Specified
FF&E pursuant to the FF&E Facility Agreement. 

        "FF&E Facility Agreement": the credit agreement among the Borrower, the FF&E Agent and the other FF&E Lenders party thereto dated as of
October    , 2002. 

        "FF&E Guarantee": the Guaranty Agreement dated as of October    , 2002 among each Loan Party (other than Desert Inn
Improvement), the FF&E Agent and the FF&E Lenders. 

17

 

        "FF&E Intercreditor Agreement": that certain Intercreditor Agreement, dated as of the Closing Date among the Administrative Agent, the
Mortgage Notes Indenture Trustee and the FF&E Agent, in the form of Exhibit K-2 hereto. 

        "FF&E Lenders": the lenders that are parties to the FF&E Facility Agreement from time to time. 

        "FF&E Notes": those certain promissory notes issued by the Borrower to the FF&E Lenders pursuant to the FF&E Facility Agreement. 

        "Final Completion Date": as defined in the Disbursement Agreement. 

        "Financing Agreements": collectively, this Agreement and the other Loan Documents, the Mortgage Notes, the Mortgage Notes Indenture, the
Mortgage Note Guarantee, the FF&E Facility Agreement, the FF&E Guarantee, the Other Security Documents, and any other loan, security, support or similar agreements entered into on, prior to or after
the Closing Date to finance the development, construction and/or operation of the Project, whether with respect to Other Indebtedness or otherwise and including, without limitation, any agreements
with respect to Permitted Refinancing Indebtedness. 

        "Fiscal Year": the fiscal year of the Borrower and the other Loan Parties ending on December 31 of each calendar year. 

        "Former Lender": as defined in Section 10.13(a). 

        "Funded Debt": as to any Person, all Indebtedness of such Person of the types described in clauses (a) through (e) of the
definition of "Indebtedness" in this Section. 

        "Funding Account": any Account with respect to which the Secured Parties have a perfected first priority Lien (subject only to Permitted
Liens) securing the Obligations of the Loan Parties pursuant to a Control Agreement described in clause (iv) of the definition thereof. 

        "Funding Office": the office specified from time to time by the Administrative Agent as its funding office by notice to the Borrower and
the Lenders. 

        "GAAP": generally accepted accounting principles in the United States of America as in effect from time to time, except that for purposes
of Sections 2.12(d), 2.12(f), 7.1. 7.5(k), 7.5(l), 7.5(m), 7.10 and 7.22, the Pricing Grid and the definition of "ECF Percentage," GAAP shall be determined on the basis of such principles in effect on
the date hereof and consistent with those used in the preparation of the most recent audited financial statements delivered pursuant to Section 4.1, unless otherwise modified pursuant to
Section 10.17. 

        "Gaming Facility": any building or other structure used or expected to be used to enclose space in which a gaming operation is conducted
and (a) is wholly or partially owned, directly or indirectly, by the Borrower or an Affiliate of the Borrower or (b) any portion or aspect of which is managed or used, or expected to be
managed or used, by the Borrower or an Affiliate of the Borrower. 

        "Golf Course": Le Rêve 's Tom Fazio/Stephen A. Wynn designed 18-hole golf course to be situated on the Golf
Course Land, as more particularly described in Exhibit T-4 to the Disbursement Agreement. 

        "Golf Course Land": the land owned by Wynn Resorts Holdings, Palo and Desert Inn Improvement on which the Golf Course is to be located, as
described in Exhibit T-4 to the Disbursement Agreement. The Golf Course Land shall include (a) the Wynn Home Site Land until such time (if ever) as the Wynn Home Site Land
has been Disposed of in accordance with Section 7.5(j), (b) the Home Site Land until such time (if ever) as the Home Site Land has been 

18

 

Disposed of in accordance with Section 7.5(l), (c) the Palo Home Site Land, (d) the Water Utility Land and (e) if at any time acquired by a Loan Party, the Additional Land
(or any part thereof). 

        "Golf Course Land Owners": collectively, Wynn Resorts Holdings, Desert Inn Improvement, Palo and, to the extent the Additional Land (or
any part thereof) is acquired by one or more Loan Parties, such Loan Parties. 

        "Golf Course Lease": that certain Lease Agreement, dated as of October    , by and between Wynn Resorts Holdings, as lessor,
and the Borrower, as lessee, with respect to the lease of land on which the Golf Course is to be located. 

        "Governing Documents": collectively, as to any Person, the articles or certificate of incorporation and bylaws, any shareholders
agreement, certificate of formation, limited liability company agreement, partnership agreement or other formation or constituent documents of such Person. 

        "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 Nevada 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. 

        "Guarantee and Collateral Agreement": the Guarantee and Collateral Agreement to be executed and delivered by the Borrower and each other
Loan Party (other than Desert Inn Improvement), substantially in the form of Exhibit A hereto, as the same may be amended, supplemented, replaced or otherwise modified from time to time in
accordance with this Agreement. 

        "Guarantee Obligation": as to any Person (the "guaranteeing person"), any obligation of
(a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any letter of credit) to induce the creation of which the guaranteeing person has issued
a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the
"primary obligations") of any other third Person (the "primary obligor") in any manner, whether directly
or indirectly, including, without limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any Property constituting
direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity
capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase Property, securities or services primarily for the purpose of
assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation, (iv) otherwise to assure or hold harmless the owner of any
such primary obligation against loss in respect thereof or (v) under Hedge Agreements; provided, however, that the term Guarantee Obligation
shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the
lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which
such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing
person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person's maximum reasonably anticipated liability in respect
thereof as determined by the Borrower in good faith. 

19

 

        "Guarantors": the collective reference to each of the Loan Parties other than Desert Inn Improvement and the Borrower and, if the Wynn
Resorts Guaranty or the Wynn Resorts Security Agreement has been executed and delivered pursuant to the Wynn Resorts Agreement, Wynn Resorts. 

        "Hazardous Materials Activity": any past, current, proposed or threatened activity, event or occurrence involving any Hazardous
Substances, including the use, manufacture, possession, storage, holding, presence, existence, location, Release, threatened Release, discharge, placement, generation, transportation, processing,
construction, treatment, abatement, removal, remediation, disposal, disposition or handling of any Hazardous Substances, and any corrective action or response action with respect to any of the
foregoing. 

        "Hazardous Substances": (statutory acronyms and abbreviations having the meaning given them in the definition of "Environmental Laws")
substances defined as "hazardous substances," " pollutants" or "contaminants" in Section 101 of the CERCLA; those substances defined as
"hazardous waste," " hazardous materials" or "regulated substances" by the RCRA; those substances designated as a "hazardous substance" pursuant to  Section 311 of the CWA; those substances defined
as "hazardous materials" in Section 103
of the HMTA; those substances regulated as a hazardous chemical substance or mixture or as an imminently hazardous chemical substance or mixture pursuant to Sections
6 or 7 of the TSCA; those substances defined as "contaminants" by  Section 1401 of the SDWA, if present in excess of
permissible levels; those substances regulated by the Oil Pollution Act; those substances
defined as a pesticide pursuant to Section 2(u) of the FIFRA; those substances defined as a source, special nuclear or by-product
material by Section 11 of the AEA; those substances defined as "residual radioactive material" by  Section 101 of the UMTRCA; those substances
defined as "toxic materials" or "harmful physical agents" pursuant to  Section 6 of the OSHA); those substances defined as hazardous wastes in 40 C.F.R. Part 261.3; those substances defined as
hazardous waste
constituents in 40 C.F.R. Part 260.10, specifically including Appendix VII and VIII of Subpart D of 40 C.F.R. Part 261; those substances designated as hazardous substances in 40
C.F.R. Parts 116.4 and 302.4; those substances defined as hazardous substances or hazardous materials in 49 C.F.R. Part 171.8; those substances regulated as hazardous materials, hazardous
substances, or toxic substances in 40 C.F.R. Part 1910, in any other Environmental Laws, and in the regulations adopted and publications promulgated pursuant to said laws, whether or not such
regulations or publications are specifically referenced herein. 

        "Hedge Agreements": all interest rate swaps, caps or collar agreements or similar arrangements entered into by the Borrower providing for
protection against fluctuations in interest rates or currency exchange rates or the exchange of nominal interest obligations, either generally or under specific contingencies. 

        "Home Site Land": a tract of land not greater than 20 acres located on the Golf Course Land where residential and non-gaming
related developments may, after Disposition of the Home Site Land in accordance with Section 7.5(l), be built. 

        "Increased Commitments": as defined in Section 10.1. 

        "Indebtedness": of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed money,
(b) all obligations of such Person for the deferred purchase price of Property or services (other than trade payables incurred in the ordinary course of such Person's business), (c) all
obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention
agreement with respect to Property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale
of such Property), (e) all Capital Lease Obligations or Synthetic Lease 

20

 

Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party under acceptance, letter of credit, completion guaranties, performance bonds or
similar facilities, (g) all obligations of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any Capital Stock of such Person, (h) all
Guarantee Obligations of such Person in
respect of obligations of the kind referred to in clauses (a) through (g) above; (i) all obligations of the kind referred to in clauses (a) through (h) above secured
by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on Property (including, without limitation, accounts and contract rights)
owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation, (j) for the purposes of Section 8(e) only, all obligations of such
Person in respect of Hedge Agreements and (k) the liquidation value of any preferred Capital Stock of such Person or its Subsidiaries held by any Person other than such Person and its Wholly
Owned Subsidiaries. All obligations under the Financing Agreements shall constitute Indebtedness. 

        "Indemnified Liabilities": as defined in Section 10.5. 

        "Indemnitee": as defined in Section 10.5. 

        "Indemnity Agreements": collectively, each of the Indemnity Agreements executed by a Loan Party with respect to its Mortgaged Properties
in favor of the Administrative Agent substantially in the form of Exhibit F hereto, as the same may be amended, supplemented, replaced or otherwise modified from time to time in accordance with
this Agreement. 

        "Independent Director": means, in the case of any Person, a member of the Board of Directors of such Person who (a) does not have
(and whom the Board of Directors of such Person has affirmatively determined does not have) any material relationship (including, without limitation, any commercial, industrial, banking, consulting,
legal, accounting, charitable or familial relationship) with such Person, either directly or indirectly or as a partner, equity holder or officer of an organization that has a relationship with such
Person, and (b) is not the Principal or a Related Party. For purposes of this definition, no member of the Board of Directors of any Person who is, or who has a Related Party who (i) is
a former employee of such Person shall be eligible for consideration as an " Independent Director" until the fifth anniversary of the date on which such employment ended, (ii) in the five years
prior to the date of determination, has been affiliated with or employed by a present or former auditor of such Person or of any Affiliate of such Person shall be eligible for consideration as an
"Independent Director" until the fifth anniversary of the date on which such affiliation or the auditing relationship ended, or (iii) in the five years prior to the date of determination, has
been part of an interlocking directorate in which an executive officer of such Person serves on the compensation committee of another Person that employs such board member shall be eligible for
consideration as an "Independent Director." Notwithstanding the preceding, no Person shall be deemed not to be an Independent Director of Wynn Resorts or any Loan Party solely because such Person is a
member of the Board of Directors of any direct or indirect parent of a Loan Party. 

        "Initial Agents": the collective reference to the Syndication Agent, Bear Stearns Corporate Lending Inc. in its capacity as
documentation agent, and the Administrative Agent. 

        "Initial Arrangers": collectively, Deutsche Bank Securities Inc., in its capacity as a lead arranger, Banc of America Securities
LLC, in its capacity as a lead arranger, and Bear, Stearns & Co. Inc., in its capacity as an arranger. 

        "Initial Loan Funding Date": the date the initial Loans are made by the Lenders to the Borrower under this Agreement. 

        "Insolvency": with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245
of ERISA. 

21

 

        "Insolvent": pertaining to a condition of Insolvency. 

        "Insurance Advisor": Marsh USA, Inc., or its successor, appointed by the Administrative Agent. 

        "Insurance Proceeds": all amounts and proceeds (including instruments) paid under any insurance policy maintained by a Loan Party
(including, without limitation, any insurance policy required to be maintained by a Loan Party under any Operative Document) other than any such proceeds received in respect of the Aircraft which
shall be governed by the FF&E Facility Agreement. 

        "Insurance Requirements": all material terms of any insurance policy required pursuant to this Agreement or any Security Document and all
material regulations and then current standards applicable to or affecting any Mortgaged Property or any part thereof or any use or condition thereof, which may, at any time, be recommended by the
Board of Fire Underwriters, if any, having jurisdiction over any Mortgaged Property, or any other body exercising similar functions. 

        "Intellectual Property": the collective reference to all rights, priorities and privileges relating to intellectual property, whether
arising under United States, state, multinational or foreign laws or otherwise, including, without limitation, copyrights, patents, trademarks, service-marks, technology, know-how and
processes, recipes, formulas, trade secrets, or licenses (under which the applicable Person is licensor or licensee) relating to any of the foregoing 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. 

22

  

        "Intellectual Property Collateral": all Intellectual Property of the Loan Parties, now owned or hereafter acquired, upon which a Lien is
purported to be created by the Intellectual Property Security Agreement or the Guarantee and Collateral Agreement. 

        "Intellectual Property Security Agreement": the Intellectual Property Security Agreement to be executed and delivered by each Loan Party,
substantially in the form of Exhibit C to the Guarantee and Collateral Agreement, as the same may be amended, supplemented, replaced or otherwise modified from time to time in accordance with
this Agreement. 

        "Intercreditor Agreements": collectively, the Project Lender Intercreditor Agreement and the FF&E Intercreditor Agreement. 

        "Interest Payment Date": (a) as to any Base Rate Loan, the last day of each March, June, September and December to occur while such
Loan is outstanding and the final maturity date of such Loan, (b) as to any Eurodollar Loan having an Interest Period of three months or less, the last day of such Interest Period,
(c) as to any Eurodollar Loan having an Interest Period longer than three months, each day which is three months, or a whole multiple thereof, after the first day of such Interest Period and
the last day of such Interest Period and (d) as to any Loan (other than any Revolving Credit Loan that is a Base Rate Loan (unless all Revolving Credit Loans are being repaid in full in
immediately available funds and the Revolving Credit Commitments terminated) and any Swing Line Loan), the date of any repayment or prepayment made in respect thereof. 

        "Interest Period": as to any Eurodollar Loan, (a) initially, the period commencing on the borrowing or conversion date, as the case
may be, with respect to such Eurodollar Loan and ending one, two, three or six months thereafter, as selected by the Borrower in its Advance Request, Notice of Funding Request, Notice of Borrowing or
notice of conversion, as the case may be, given with respect thereto; and (b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such
Eurodollar Loan and ending one, two, three or six months thereafter, as selected by the Borrower by irrevocable notice to the Administrative Agent not less than three Business Days prior to the last
day of the then current Interest Period with respect thereto; provided, that all of the foregoing provisions relating to Interest Periods are subject to
the following: 

          (i)  if
any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the
result of such extension would be to
carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day; 

        (ii)  any
Interest Period that would otherwise extend beyond the Scheduled Revolving Credit Termination Date or the Scheduled Term Loan Termination Date, as the case may be,
shall end on the Revolving Credit Termination Date or the Term Loan Termination Date, as applicable; 

        (iii)  any
Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at
the end of such Interest Period) shall end on the last Business Day of a calendar month; and 

        (iv)  the
Borrower shall select Interest Periods so as not to require a payment or prepayment of any Eurodollar Loan during an Interest Period for such Loan. 

        "Investments": as defined in Section 7.8. 

        "IPO": a bona fide underwritten initial public offering of Wynn Resorts' common stock (other than Disqualified Stock) concurrently with
the closing of the transaction represented by this Agreement pursuant to a registration statement that has been declared effective by the Securities and Exchange Commission. 

23

 

        "Issuing Lender": Deutsche Bank Trust Company Americas and any other Revolving Credit Lender which at the request of the Borrower and with
the consent of the Administrative Agent agrees to issue Letters of Credit. As of the Closing Date, the sole Issuing Lender shall be Deutsche Bank Trust Company Americas. 

        "L/C Commitment": $25,000,000. 

        "L/C Fee Payment Date": the last day of each March, June, September and December and the last day of the Revolving Credit Commitment
Period. 

        "L/C Obligations": at any time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount of the then
outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed pursuant to Section 3.5. 

        "L/C Participants": the collective reference to all the Revolving Credit Lenders other than the Issuing Lender. 

        "Las Vegas Jet": Las Vegas Jet, LLC, a Nevada limited liability company. 

        "Lender Addendum": with respect to any initial Lender, a Lender Addendum, substantially in the form of Exhibit J hereto, to be
executed and delivered by such Lender on the Closing Date as provided in Section 10.16. 

        "Lender Default": the failure or refusal (which has not been retracted in writing) of a Lender to make available (i) its portion of
any Loan required to be made by such Lender hereunder (including, without limitation, Section 2.7(b)), (ii) its portion of any unreimbursed payment required to be made by such Lender
under Section 3.4, (iii) its portion of any participating interest required to be purchased by such Lender pursuant to Section 2.7(c) or (iv) any amount required to be paid
and/or reimbursed by such Lender to any Agent or any other Lender hereunder or under any other Loan Document (whether pursuant to Section 2.18(e) or otherwise), in each case at or prior to such
time that the same is required to be so made, reimbursed or purchased by such Lender. 

        "Lenders": as defined in the preamble hereto and includes the Issuing Lender. 

        "Letter of Credit Commitment Period": the period from and including the Closing Date to the date that is 30 days prior to the
Revolving Credit Termination Date. 

        "Letter of Credit Request": a certificate duly executed by a Responsible Officer of the Borrower substantially in the form of
Exhibit O hereto. 

        "Letters of Credit": as defined in Section 3.1(a). 

        "License Revocation": the revocation, failure to renew or suspension of, or the appointment of a receiver or similar official with respect
to, any casino, gambling or gaming license, including, without limitation, any Nevada Gaming Approvals, covering any portion of the Project. 

        "Lien": with respect to any Property, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such
Property, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or
other agreement to sell or give a security interest in such Property and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statues) of any
jurisdiction). 

        "Liquidated Damages": any proceeds or liquidated damages paid pursuant to any obligation, default or breach under the Project Documents
(net of arm's length costs incurred by a Loan Party pursuant to arm's length transactions in connection with adjustment or settlement thereof and 

24

 

taxes paid with respect thereto). For purposes of this definition, so-called "liquidated damages" insurance policies shall be deemed to be Project Documents. 

        "Liquidity Reserve Payment Date": the date no later than five days after the earlier of (i) the date on which the financial
statements of the Loan Parties referred to in Section 6.1(a) or (b), as the case may be, for the Quarterly Date upon which the requirements of Section 2.12(f) are satisfied, are required
to be delivered to the Lenders and (ii) the date such financial statements are actually delivered. 

        "Loan": any loan made by any Lender pursuant to this Agreement. 

        "Loan Conversion": as defined in Section 2.4(a). 

        "Loan Conversion Date": as defined in Section 2.4(a). 

        "Loan Documents": this Agreement, the Security Documents, the Disbursement Agreement, the Intercreditor Agreements, the Management Fee
Subordination Agreement, the Completion Guaranty, the Wynn Resorts Agreement (and the Wynn Resorts Guaranty and the Wynn Resorts Security Agreement, in each case if executed and delivered pursuant
thereto), the Indemnity Agreements and the Notes. 

        "Loan Parties": the Borrower, Valvino, Capital Corp., Palo, Wynn Resorts Holdings, Desert Inn Water, Desert Inn Improvement, Wynn Design,
World Travel, Las Vegas Jet and each other Subsidiary of Valvino other than the Completion Guarantor (including any such Subsidiaries that become party to a Loan Document pursuant to
Section 6.10). 

        "Loss Proceeds": as defined in the Disbursement Agreement. 

        "Majority Initial Arrangers": at any time, the Initial Arrangers holding more than 50% of the sum of (i) the Total Initial Arranger
Term Loan Commitments then in effect or, if the Term Loan Commitments have been terminated, the Total Initial Arranger Term Loan Extensions of Credit then outstanding and (ii) the Total Initial
Arranger Revolving Credit Commitments then in effect or, if the Revolving Credit Commitments have been terminated, the Total Initial Arranger Revolving Extensions of Credit then outstanding; provided,
that, for purposes of determining the Revolving Credit Commitments, Term Loan Commitments, Revolving Extensions of Credit or Term Loan Extensions of Credit, as applicable, held by an Initial Arranger
at any time pursuant to this definition only, each Initial Arranger shall be deemed to hold such Revolving Credit Commitments, Term Loan Commitments, Revolving Extensions of Credit or Term Loan
Extensions of Credit, as applicable, held by its Affiliates in addition to that held by it directly. 

        "Management Agreement": the Management Agreement, dated as of October    , 2002, between the Loan Parties, on the one hand, and
Wynn Resorts, on the other hand. 

        "Management Fee Subordination Agreement": the Management Fee Subordination Agreement, dated as of the date hereof, among the Loan Parties,
Wynn Resorts, the Mortgage Notes Indenture Trustee and the Administrative Agent. 

        "Management Fees": as defined in the Management Agreement. 

        "Managers": collectively, Deutsche Bank Securities Inc., in its capacity as a joint book running manager, Banc of America
Securities LLC, in its capacity as a joint book running manager, and Bear, Stearns & Co. Inc., in its capacity as a joint book running manager. 

        "Material Adverse Effect": (i) 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 Borrower and the other Loan Parties taken as a whole, (b) the
Project, (c) the validity or enforceability of this Agreement or any of the other Loan 

25

 

Documents, (d) the validity, enforceability or priority of the Liens purported to be created by the Security Documents, or (e) the rights or remedies of any Secured Party hereunder or
under any of the other Loan Documents or (ii) any event or circumstance that calls into question in any material respect the Projections or any of the material assumptions on which the
Projections were prepared. 

        "Material Affiliated Contracts": any Material Contract to which a Loan Party, on the one hand, and an Affiliate of such Loan Party
(including any other Loan Party), on the other hand, are parties. 

        "Material Contract": (i) the Golf Course Lease, the Driving Range Lease, the Employee Parking Lot Lease, the Management Agreement,
the Tax Indemnification Agreement, the WDD Agreement, the Building Lease, the Water Supply Agreement and the Water Show Entertainment and Production Agreement and (ii) any other contract or
arrangement to which (a) a Loan Party, on the one hand, and an Affiliate of such Loan Party (including any other Loan Party), on the other hand, are parties pursuant to which the Loan Parties
are, or any one of them is, reasonably expected to incur obligations or liabilities with a Dollar value in excess of $1,000,000 during the term of such contract or arrangement or (b) any Loan
Party is a party (other than the Financing Documents) 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). 

        "Moody's": Moody's Investors Service, Inc., a Delaware corporation, or any successor thereof. 

        "Mortgage Note Guarantee": the Guarantee and Collateral Agreement dated as of October    , 2002 among each Loan Party (other
than Desert Inn Improvement) and the Mortgage Notes Indenture Trustee. 

        "Mortgage Note Holders": the holders of the Mortgage Notes from time to time. 

        "Mortgage Notes": the [            ]% Mortgage Notes due 2010
issued by the Borrower and Capital Corp. pursuant to the Mortgage Notes Indenture. 

        "Mortgage Notes Indenture": that certain Indenture, dated as of October    , 2002, between the Borrower, Capital Corp., certain
guarantors named therein and the Mortgage Notes Indenture Trustee. 

        "Mortgage Notes Indenture Trustee": Wells Fargo Bank, National Association in its capacity as the trustee under the Mortgage Notes
Indenture and its successors in such capacity. 

        "Mortgaged Properties": the real properties and leasehold estates listed on  Schedule 1.1 or otherwise as to which the Administrative Agent for the benefit of the
Secured Parties shall be granted a Lien pursuant to the
Mortgages (including at such time, if any, as Desert Inn Improvement executes the Water Property Mortgage, the Water Utility Land). 

        "Mortgages": each of the mortgages, deeds of trust and deeds to secure Obligations made by any Loan Party in favor of, or for the benefit
of, the Administrative Agent for the benefit of the Secured Parties (including at such time, if any, as Desert Inn Improvement executes the Water Property Mortgage, the Water Property Mortgage),
substantially in the form of Exhibit D hereto (with such changes thereto as shall be advisable under the law of the jurisdiction in which such mortgage or deed of trust is to be recorded), as
the same may be amended, supplemented, replaced or otherwise modified from time to time in accordance with this Agreement. 

        "Mr. Wynn": Stephen A. Wynn, an individual. 

        "Multiemployer Plan": a Plan that is a multiemployer plan as defined in Section 3(37) or 4001(a)(3) of ERISA. 

26

 

        "Net Cash Proceeds": (a) in connection with any Asset Sale, the proceeds thereof in the form of cash and Cash Equivalents
(including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but only as and when
received) of such Asset Sale, net of arm's length attorneys' fees, accountants' fees, investment banking fees, amounts required to be applied to the repayment of Indebtedness secured by a Lien
expressly permitted hereunder on any asset which is the subject of such Asset Sale (other than any Lien pursuant to a Security Document or an Other Security Document (other than a Lien securing
obligations under the FF&E Facility Agreement to the extent that (i) such payment is not prohibited under the Intercreditor Agreements or this Agreement and (ii) such Lien on the
Collateral subject to such Asset Sale is a Senior Permitted Lien with respect to such Collateral)) and other arm's length fees and expenses, in each case, to the extent actually incurred in connection
therewith and net of taxes paid or reasonably estimated to be payable as a result thereof (after taking into account any tax credits or deductions and any tax sharing arrangements, in each case
reducing the amount of taxes so paid or estimated to be payable) and (b) in connection with any issuance or sale of debt securities or instruments or the incurrence of loans, the cash proceeds
received from such issuance or incurrence, net of arm's length attorneys' fees, investment banking fees, accountants' fees, underwriting discounts and commissions and other arm's length fees and
expenses, in each case, to the extent actually incurred by the Borrower or another Loan Party in connection therewith. 

        "Net Disposition Proceeds": in connection with any Disposition, the proceeds thereof in the form of cash or Cash Equivalents (including
any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but only as and when received) of
such Disposition, net of arm's length attorneys' fees, accountants' fees, investment banking fees, amounts required to be applied to the repayment of Indebtedness secured by a Lien expressly permitted
hereunder on any asset which is the subject of such Disposition (other than any Lien pursuant to a Security Document or an Other Security Document (other than a Lien securing obligations under the
FF&E Facility Agreement to the extent that (i) such payment is not prohibited
under the Intercreditor Agreements or this Agreement and (ii) such Lien on the Collateral subject to such Disposition is a Senior Permitted Lien with respect to such Collateral)) and other
arm's length fees and expenses, in each case, to the extent actually incurred in connection therewith and net of taxes paid or reasonably estimated to be payable as a result thereof (after taking into
account any tax credits or deductions and any tax sharing arrangements, in each case reducing the amount of taxes so paid or estimated to be payable). 

27

  

        "Net Revenues": for any period, the net revenues of the Borrower and its consolidated Subsidiaries, as set forth on the Borrower's income
statement for the relevant period under the line item "net revenues," calculated in accordance with GAAP and with Regulation S-X under the Securities Act and in a manner consistent
with that customarily utilized in the gaming industry. 

        "Nevada Gaming Approvals": with respect to any action by a particular Person, any consent, approval or other authorization required for
such action by such Person from a Nevada Gaming Authority or under Nevada Gaming Laws. 

        "Nevada Gaming Authorities": collectively, the Nevada Gaming Commission, the Nevada State Gaming Control Board, the Clark County Liquor
and Gaming Licensing Board and any other federal or state agency having jurisdiction over gaming operations in the State of Nevada. 

        "Nevada Gaming Laws": the Nevada Gaming Control Act, as codified in Chapter 463 of the NRS, as amended from time to time, the regulations
of the Nevada Gaming Commission promulgated thereunder, as amended from time to time, and other laws promulgated by the Nevada Gaming Authorities and applying to gaming operations in the State of
Nevada. 

        "Non-Defaulting Lender": any Lender other than a Defaulting Lender. 

        "Non-Excluded Taxes": as defined in Section 2.20(a). 

        "Non-U.S. Lender": as defined in Section 2.20(f). 

        "Note Debt Service": for any period, (a) all fees payable during such period to the Mortgage Notes Indenture Trustee and the
Mortgage Note Holders under the Mortgage Notes Indenture and related agreements, documents and instruments (including, without limitation, the Mortgage Notes Guarantees and the Other Security
Documents related to the Mortgage Notes Indenture and the Mortgage Notes Guarantees) and (b) interest on the Mortgage Notes payable during such period. 

        "Note Debt Service Shortfall Notice": a written notice by the Mortgage Notes Indenture Trustee to the Administrative Agent pursuant to
Section 3.2.3 (b) of the Project Lender Intercreditor Agreement certifying that the Borrower has notified the Mortgage Notes Indenture Trustee in writing that the Borrower does not have
sufficient funds to pay Note Debt Service as the same will become due and owing. 

        "Notes": the collective reference to the Revolving Credit Notes, the Term Notes and the Swing Line Notes, if any, evidencing Loans. 

        "Notice of Advance Requests": as defined in the Disbursement Agreement. 

        "Notice of Borrowing": a certificate duly executed by a Responsible Officer of the Borrower substantially in the form of Exhibit M
hereto. 

        "Notice of Loan Conversion": as defined in Section 2.4(b). 

        "NRS": the Nevada Revised Statutes, as amended from time to time. 

        "Obligations": the unpaid principal of and interest on (including, without limitation, interest accruing after the maturity of the Loans
and Reimbursement Obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to any Loan
Party, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Loans and all other obligations and liabilities of the Loan Parties
or Wynn Resorts to any Arranger, to any Agent, to any Manager or to any Lender (or, in the case of Specified Hedge Agreements, any affiliate of any Lender), whether direct or indirect, absolute or
contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement, any other 

28

 

Loan Document, the Letters of Credit, any Specified Hedge Agreement or any other document made, delivered or given in connection herewith or therewith, whether on account of principal, interest,
reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all fees, charges and disbursements of counsel to any Arranger, to any Agent, to any Manager or to any
Lender that are required to be paid by any Loan Party pursuant hereto or to any other Loan Document) or otherwise; provided, that (i) Obligations
of the Borrower under any Specified Hedge Agreement shall be secured and guaranteed pursuant to the Security Documents only to the extent that, and for so long as, the other Obligations are so secured
and guaranteed and (ii) any release of Collateral or Guarantors effected in the manner permitted by this Agreement shall not require the consent of holders of obligations under Specified Hedge
Agreements. 

        "On-Site Cash": amounts held in cash at the Site in connection with and necessary for the ordinary course operations of the
Project. 

        "Opening Conditions": as defined in the Disbursement Agreement. 

        "Opening Date": as defined in the Disbursement Agreement. 

        "Operative Documents": the Financing Agreements and the Project Documents. 

        "Other Indebtedness": (i) the Indebtedness of any Loan Party evidenced by the Mortgage Notes or the Mortgage Note Guarantee and
(ii) the Indebtedness of any Loan Party evidenced by the FF&E Facility Agreement or the FF&E Guarantee. 

        "Other Security Documents": any agreement, document, instrument or deed granting, creating or evidencing any security or lien for any
Other Indebtedness, including, without limitation, the "Security Documents" as defined in the Disbursement Agreement, other than the Security Documents. 

        "Palo": Palo, LLC, a Delaware limited liability company. 

        "Palo Home Site Land": the approximately 1.24 acre tract of land adjacent to the Golf Course owned by Palo, as more particularly described
in Exhibit T-4 to the Disbursement Agreement. 

        "Participant": as defined in Section 10.6(b). 

        "Pass Through Entity": any of (1) a grantor trust for federal or state income tax purposes or (2) an entity treated as a
partnership or a disregarded entity for federal or state income tax purposes. 

        "Payment Amount": as defined in Section 3.5. 

        "Payment Office": the office of the Administrative Agent specified in Section 10.2 or as otherwise specified from time to time by
the Administrative Agent as its payment office by notice to the Borrower and the Lenders. 

        "PBGC": the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor). 

        "Permits": the collective reference to (i) Environmental Permits, and (ii) any and all other franchises, licenses, leases,
permits, approvals, notifications, certifications, registrations, authorizations, exemptions, variances, qualifications, easements, rights of way, Liens and other rights, privileges and approvals
required under any Requirement of Law (including Nevada Gaming Laws). 

        "Permitted Businesses": (i) the gaming business, (ii) the development, construction, ownership and operation of a Gaming
Facility, (iii) all businesses, whether or not licensed by the Nevada Gaming Authorities, which are necessary for, incident to, useful to, arising out of, supportive of or 

29

 

connected to the development, construction, ownership or operation of a Gaming Facility, (iv) any development, construction or operation of lodging, retail, restaurant or convention
facilities, sports or entertainment facilities, food and beverage distribution operations, transportation services (including operation of the Aircraft and chartering thereof), parking services, sales
and marketing services or other activities related to the foregoing, (v) any business (including any related internet business) that is a reasonable extension, development or expansion of any
of the foregoing or incidental thereto and/or (vi) the ownership by a Person of Capital Stock in its directly Wholly Owned Subsidiaries; provided,
however, that with respect to the Borrower and its Subsidiaries other than, with respect to the ownership and operation of the Aircraft only, World Travel and Las Vegas Jet,
the foregoing shall only be Permitted Businesses to the extent related to the Project or furtherance of the Project's development, construction, ownership or operation;  provided, further, that,
notwithstanding the foregoing, the Borrower shall be permitted to sublease space within the Phase II Building to Persons not
related to the development, construction, ownership or operation of the Project. 

        "Permitted Encumbrances": as defined in the Disbursement Agreement. 

        "Permitted Liens": the collective reference to (i) in the case of Collateral other than Pledged Stock, Liens permitted by
Section 7.3 (but only of the priority and to the extent of coverage expressly set forth in Section 7.3 and subject to the provisions of the Intercreditor Agreements) and (ii) in
the case of Collateral consisting of Pledged Stock, non-consensual Liens permitted by Section 7.3 to the extent arising by operation of law and Liens permitted by
Section 7.3(k). 

        "Permitted Refinancing Indebtedness": any Indebtedness of the Borrower and, with respect to the Mortgage Notes, Capital Corp. (and, with
respect to Guaranty Obligations in support thereof, the other
Loan Parties) issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund the Mortgage Notes or Indebtedness under the FF&E Facility;  provided, that (i) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the
principal amount (or accreted value, if applicable) of the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued interest on such Indebtedness and the
amount of all expenses and premiums incurred in connection therewith), (ii) such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and has a
Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded,
(iii) the restrictions on the Loan Parties contained in the agreements governing such Permitted Refinancing Indebtedness are no more restrictive, taken as a whole, than those contained in the
agreements governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded, (iv) if such Indebtedness being extended, refinanced, renewed, replaced, defeased or
refunded is subordinated in right of payment to the Loan Documents, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Loan Documents on terms at least as favorable to
the Lenders as those contained in the applicable documents reflecting such subordination (whether the Intercreditor Agreements or otherwise), (v) the relevant holders of such Permitted
Refinancing Indebtedness become party to the Intercreditor Agreements, as applicable, and (vi) all agreements, instruments, documentation and other arrangements associated with such Permitted
Refinancing Indebtedness is in form and substance reasonably satisfactory to the Administrative Agent. In the event Permitted Refinancing Indebtedness is used to extend, refinance, renew, replace,
amend and restate, restate, defease or refund the Mortgage Notes or the Indebtedness under the FF&E Facility, all relevant definitions and provisions of the Loan Documents related to the Indebtedness
being extended, refinanced, renewed, replaced, defeased or refunded shall be amended, as necessary, to reflect such Permitted Refinancing Indebtedness and related documentation and/or arrangements. 

30

 

        "Permitted Securities": (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States government
or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within 18 months from the date of acquisition, or (b) shares of money
market, mutual or similar funds which invest exclusively in assets satisfying the requirements of clause (a) of this definition. 

        "Person": an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated
association, joint venture, Governmental Authority or other entity of whatever nature. 

        "Phase II Land": the approximately 20-acre tract of land adjacent to the Le Rêve hotel and casino resort owned
by Valvino, as more particularly described in Exhibit T-4 to the Disbursement Agreement. 

        "Phase II Land Building": the building existing on the Phase II Land as of the Closing Date that is subject to the Building Lease. 

        "Plan": at a particular time, any employee benefit plan that is subject to the requirements of Section 412 of the Code or that is a
Single Employer Plan and which the Borrower or any other Loan Party or any Commonly Controlled Entity maintains, administers, contributes to or is required to contribute to or under which the Borrower
or any other Loan Party or any Commonly Controlled Entity could incur any liability. 

        "Plans and Specifications": as defined in the Disbursement Agreement. 

        "Pledged Stock": as defined in the Guarantee and Collateral Agreement. 

        "Point of Diversion": with respect to any Water Permit, the location designated under such Water Permit where a well can be located for
the draw of water under such Water Permit. 

        "Presumed Tax Liability": for any Person that is not a Pass Through Entity for any period, an amount equal to the product of
(a) the Taxable Income allocated or attributable to such Person (directly or through one or more tiers of Pass Through Entities) (net of taxable losses allocated to such Person with respect to
any Loan Party that (i) are, or were previously, deductible by such Person and (ii) have not previously reduced Taxable Income), and (b) the Presumed Tax Rate. 

        "Presumed Tax Rate": with respect to any Person for any period means the highest effective combined Federal, state and local income tax
rate applicable during such period to a corporation organized under the laws of the State of Nevada, taxable at the highest marginal Federal income tax rate and the highest marginal Nevada and Las
Vegas income tax rates (after giving effect to the Federal income tax deduction for such state and local income taxes, taking into account the effects of the alternative minimum tax, such effects
being calculated on the assumption that such Person's only taxable income is the income allocated or attributable to such Person for such period (directly or through one or more tiers of Pass Through
Entities) with respect to its equity interest in any of the Loan Parties that is a Pass Through Entity.) In determining the Presumed Tax Rate, the character of the items of income and gain comprising
Taxable Income (e.g. ordinary income or long term capital gain) shall be taken into account. 

        "Pricing Grid": the pricing grid attached hereto as Annex A. 

        "Prime Rate": shall mean the prime lending rate as set forth on the British Banking Association Telerate Page 5 (or such other comparable
page as may, in the opinion of the Administrative Agent, replace such page for purpose of displaying such rate), as in effect from time to time. The Prime Rate is a reference rate and does not
necessarily represent the lowest or best rate actually available. Any change in the Base Rate due to a change in the Prime Rate or the 

31

 

Federal Funds Effective Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate or the Federal Funds Effective Rate, respectively. 

        "Proceedings": as defined in Section 6.7(c). 

        "Project": the Le Rêve Casino Resort, a hotel and casino resort, with related parking structure and golf course facilities
to be developed on the Site, all as more particularly described in Exhibit T-1 to the Disbursement Agreement. 

        "Project Budget" as defined in the Disbursement Agreement.  

        "Project Costs": as defined in the Disbursement Agreement. 

        "Project Documents": any and all "Project Documents" as defined in the Disbursement Agreement and any other document or agreement entered
into on, prior to or after the Closing Date (including Material Contracts and Additional Material Contracts) relating to the design, engineering, development, construction, installation, maintenance
or operation of the Project (including any Guarantee Obligations in furtherance thereof). 

        "Project Lender Intercreditor Agreement": that certain Intercreditor Agreement, as of the Closing Date among the Administrative Agent and
the Mortgage Notes Indenture Trustee, in the form of Exhibit K-1 hereto. 

        "Project Liquidity Reserve Account": as defined in the Disbursement Agreement. 

        "Project Revenues": all income and receipts of the Loan Parties including, without limitation, those derived from the ownership or
operation of the Project or the Permitted Businesses, including payments received by the Loan Parties under any Project Document, Material Contract or Additional Material Contract, net payments, if
any, received under Hedge Agreements, Liquidated Damages, Insurance Proceeds, Eminent Domain Proceeds, together with any receipts derived from the sale of any property pertaining to the Project or the
Permitted Businesses or incidental to the operation of the Project or the Permitted Businesses, all as determined in conformity with cash accounting principles, and the proceeds of any condemnation
awards relating to the Project or the Permitted Businesses. 

        "Projections": as defined in Section 6.2(c). 

        "Property": any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or
intangible, including, without limitation, Capital Stock. 

32

  

        "Qualified Affiliate Transaction": any transaction by or among one or more of the Loan Parties, on the one hand, and one or more of Wynn
Resorts or any of its Subsidiaries, on the other hand, for the provision of goods, rights and/or services to be used in Permitted Businesses related to or in connection with and, in any event, for the
benefit of, the Project. 

        "Quarterly Date": (i) in the case of the calculation of Consolidated EBITDA pursuant to Section 7.1(b), (x) with respect to
the first Quarterly Date, the last day of the fiscal quarter of the Borrower in which the Opening Date occurs unless such date is less than 45 days after the Opening Date, in which case the last day
of the first full fiscal quarter of the Borrower after the Opening Date and (y) with respect to each subsequent Quarterly Date, the last day of the next succeeding fiscal quarter of the Borrower and
(ii) in all other cases, (x) the last day of the fiscal quarter next succeeding the first Quarterly Date for purposes of calculating Conslidated EBITDA pursuant to Section 7.1(b) as determined
pursuant to clause (i) of this definition, and (y) with respect to each subsequent Quarterly Date, the last day of the next succeeding fiscal quarter of the Borrower;  provided, that in no event shall
the first Quarterly Date with respect to subparts (i) and (ii) of this definition be later than December 31,
2005. 

        "Real Estate": All real property held or used by the Loan Parties, which the relevant Loan Party owns in fee or in which it holds a
leasehold interest as a tenant or in which it holds an easement right as an easement holder or otherwise occupies, including, without limitation, the real property more particularly identified in  Schedule 4.25(a)
and includes, without limitation, the Site and the Site Easements. 

        "Refunded Swing Line Loans": as defined in Section 2.7(b). 

        "Refunding Date": as defined in Section 2.7(c). 

        "Register": as defined in Section 10.6(d). 

        "Regulation D": Regulation D of the Board as in effect from time to time (and any successor to all or a portion thereof). 

        "Regulation H": Regulation H of the Board as in effect from time to time (and any successor to all or a portion thereof). 

        "Regulation T": Regulation T of the Board as in effect from time to time (and any successor to all or a portion thereof). 

        "Regulation U": Regulation U of the Board as in effect from time to time (and any successor to all or a portion thereof). 

        "Regulation X": Regulation X of the Board as in effect from time to time (and any successor to all or a portion thereof). 

        "Reimbursement Obligation": the obligation of the Borrower to reimburse the Issuing Lender pursuant to Section 3.5 for amounts
drawn under Letters of Credit. 

        "Reinvested Amounts": as defined in Section 2.12(e). 

        "Reinvestment Deferred Amount": with respect to any Reinvestment Event, the aggregate Net Cash Proceeds received by the Borrower or any
other Loan Party in connection therewith that are not applied to prepay the Term Loans or reduce the Revolving Credit Commitments pursuant to Section 2.12(b) as a result of the delivery of a
Reinvestment Notice. 

        "Reinvestment Event": any Asset Sale in respect of which the Borrower has delivered a Reinvestment Notice. 

33

 

        "Reinvestment Notice": a written notice executed by a Responsible Officer of the Borrower and, if applicable, a Responsible Officer of any
other Loan Party who made or is making the corresponding Asset Sale and delivered to the Administrative Agent within 30 days after such Asset Sale, stating that no Default or Event of Default
has occurred and is continuing and that the Borrower (and, if applicable, such other Loan Party) intends and expects to use all or a specified portion of the Net Cash Proceeds of such Asset Sale to
acquire assets useful in its Permitted Business. 

        "Reinvestment Prepayment Amount": with respect to any Reinvestment Event, the Reinvestment Deferred Amount relating thereto less any
amount expended prior to the relevant Reinvestment Prepayment Date to acquire assets useful in the Borrower's or the other applicable Loan Party's, as the case may be, Permitted Business. 

        "Reinvestment Prepayment Date": with respect to any Reinvestment Event, the earlier of (a) the date occurring six months after such
Reinvestment Event (or, if the contemplated acquisition of assets in connection with the corresponding Reinvestment Notice cannot be completed within such six month period but is reasonably expected
to be completed within nine months after such Reinvestment Event, nine months after such Reinvestment Event) and (b) the date on which the Borrower or the applicable Loan Party shall have
determined not to acquire assets useful in its respective Permitted Business with all or any portion of the relevant Reinvestment Deferred Amount. 

        "Related Party": either (i) any 80% (or more) owned Subsidiary, heir, estate, lineal descendent or immediate family member of
Mr. Wynn; or (ii) any trust, corporation, partnership or other entity, the beneficiaries, equity holders, partners, owners or Persons beneficially holding an 80% or more controlling
interest of which consist of Mr. Wynn and/or such other Persons referred to in the immediately preceding clause (i). 

        "Release": any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping,
leaching or migration of Hazardous Substances into the indoor or outdoor environment (including the abandonment or disposal of any barrels, containers or other closed receptacles containing any
Hazardous Substances), including the movement of any Hazardous Substances through the air, soil, surface water or groundwater. 

        "Remaining Costs": as defined in the Disbursement Agreement. 

        "Reorganization": with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the meaning of
Section 4241 of ERISA. 

        "Repair Plan": as defined in Section 2.24(a)(iv). 

        "Replacement Aircraft": that certain aircraft to be acquired with the proceeds of the Replacement Aircraft Indebtedness. 

        "Replacement Aircraft Indebtedness": Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money
obligations incurred by Wynn Resorts or a direct Wholly Owned
Subsidiary (which may be a trust) of Wynn Resorts (other than any Loan Party) for the purpose of financing all or part of the purchase price of a Replacement Aircraft, so long as: (a) the
principal amount of such Indebtedness does not exceed the cost (including sales and excise taxes, installation and delivery charges and other direct costs of, and other direct expenses paid or charged
in connection with, such purchase) of the Replacement Aircraft purchased with the proceeds thereof, (b) the aggregate principal amount of such Indebtedness does not exceed $55.0 million
at any time outstanding, and (c) no Loan Party (i) provides credit support of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness) as 

34

 

to such Indebtedness, (ii) is directly or indirectly liable as a guarantor or otherwise as to such Indebtedness, or (iii) constitutes the lender of such Indebtedness. 

        "Reportable Event": any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty day
notice period is waived under subsections .27, .28, .29, .30, .31, .32, .34 or .35 of PBGC Reg. Section 4043. 

        "Required Facility Lenders": with respect to any Facility, Non-Defaulting Lenders holding more than 50% of the Total Term Loan
Extensions of Credit of Non-Defaulting Lenders or the Total Revolving Extensions of Credit of Non-Defaulting Lenders, as the case may be, outstanding under such Facility (or,
prior to any termination of the Term Loan Commitments or the Revolving Credit Commitments, as the case may be, Non-Defaulting Lenders holding more than 50% of the Total Term Loan Credit
Commitments (less the aggregate Term Loan Commitments of Defaulting Lenders) or Total Revolving Credit Commitments (less the aggregate Revolving Credit Commitments of Defaulting Lenders), as the case
may be). 

        "Required Lenders": at any time, Non-Defaulting Lenders holding more than 50% of the sum of (i) the Total Term Loan
Commitments (less the aggregate Term Loan Commitments of Defaulting Lenders) then in effect or, if the Term Loan Commitments have been terminated, the Total Term Loan Extensions of Credit of
Non-Defaulting Lenders then outstanding and (ii) the Total Revolving Credit Commitments (less the aggregate Revolving Credit Commitments of Defaulting Lenders) then in effect or, if
the Revolving Credit Commitments have been terminated, the Total Revolving Extensions of Credit of Non-Defaulting Lenders then outstanding. 

        "Required Minimum Contingency": as defined in the Disbursement Agreement. 

        "Requirement of Law": as to any Person, the Governing 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. 

        "Responsible Officer": as to any Person, the chief executive officer, president or chief financial officer of such Person, but in any
event, with respect to financial matters, the chief financial officer of such Person. Unless otherwise qualified, all references to a "Responsible Officer" shall refer to a Responsible Officer of the
Borrower or Wynn Resorts. 

        "Restricted Payments": as defined in Section 7.6. 

        "Revolving Commitment Fee": as defined in Section 2.9(a). 

        "Revolving Commitment Fee Rate": 2.00% per annum; provided, that on and after the first
Adjustment Date occurring after the Opening Date, the Revolving Commitment Fee Rate will be determined pursuant to the Pricing Grid. 

        "Revolving Credit Commitment Period": the period from and including the Closing Date to the Revolving Credit Termination Date. 

        "Revolving Credit Commitment": as to any Lender, the obligation of such Lender, if any, to make Revolving Credit Loans and/or participate
in Swing Line Loans and Letters of Credit, in an aggregate principal and/or face amount not to exceed the amount set forth under the heading "Revolving Credit Commitment" opposite such Lender's name
on Schedule 1 to the Lender Addendum delivered by such Lender, or, as the case may be, in the Assignment and Acceptance pursuant to which such Lender became a party hereto, as the same may be
changed from time to time pursuant to the terms hereof. 

        "Revolving Credit Lender": each Lender that has a Revolving Credit Commitment or that is the holder of Revolving Credit Loans. 

35

 

        "Revolving Credit Loans": as defined in Section 2.3; provided, that any Revolving
Credit Loans converted to Term Loans pursuant to Section 2.4 shall cease to be deemed Revolving Credit Loans as of the applicable Loan Conversion Date. 

        "Revolving Credit Notes": as defined in Section 2.8(e). 

        "Revolving Credit Percentage": as to any Revolving Credit Lender at any time, the percentage which such Lender's Revolving Credit
Commitment then constitutes of the Total Revolving Credit Commitments (or, at any time after the Revolving Credit Commitments shall have expired or terminated, the percentage which the aggregate
principal and/or face amount of such Lender's Revolving Extensions of Credit then outstanding constitutes of the aggregate principal and/or face amount of the Total Revolving Extensions of Credit then
outstanding). 

        "Revolving Credit Termination Date": the earlier of (a) the Scheduled Revolving Credit Termination Date and (b) the date on
which the Loans become due and payable pursuant to Section 8. 

        "Revolving Extensions of Credit": as to any Revolving Credit Lender at any time, an amount equal to the sum of (a) the aggregate
principal amount of all Revolving Credit Loans made by such Lender then outstanding, (b) such Lender's Revolving Credit Percentage of the L/C Obligations then outstanding and (c) such
Lender's Revolving Credit Percentage of the aggregate principal amount of Swing Line Loans then outstanding. 

        "S&P": Standard & Poor's Ratings Group, a New York corporation, or any successor thereof. 

        "Scheduled Completion Date": as defined in the Disbursement Agreement. As of the Closing Date, the Scheduled Completion Date is
April 30, 2005. 

        "Scheduled Revolving Credit Termination Date": the sixth anniversary of the Closing Date. 

        "Scheduled Term Loan Termination Date": the seventh anniversary of the Closing Date. 

        "SEC": the Securities and Exchange Commission (or successors thereto or an analogous Governmental Authority). 

        "Second Mortgage Notes Proceeds Account": as defined in the Disbursement Agreement. 

        "Secured Parties": collectively, the Arrangers, the Agents, the Managers, the Lenders and, with respect to any Specified Hedge Agreement,
any affiliate of any Lender party thereto (or any Person that was a Lender or an affiliate thereof when such Specified Hedge Agreement was entered into) that has agreed to be bound by the provisions
of Section 7.2 of the Guarantee and Collateral Agreement as if it were a party thereto, and by the provisions of Section 9 hereof as if it were a Lender party hereto. 

        "Security Documents": the collective reference to the Guarantee and Collateral Agreement, the Wynn Resorts Guaranty and the Wynn Resorts
Security Agreement (to the extent executed and delivered pursuant to the Wynn Resorts Agreement), the Intellectual Property Security Agreement, the Control Agreements, the Mortgages, the Consents and
all other pledge and security documents hereafter delivered to the Administrative Agent granting a Lien on any Property (or associated with such a grant) of any Person to secure the obligations and
liabilities of any Loan Party, the Completion Guarantor or Wynn Resorts under any Loan Document. 

        "Senior Permitted Liens": Permitted Liens that are expressly permitted by the terms of the Loan Documents to be superior in priority to
the Liens of the Security Documents. 

        "Single Employer Plan": any Plan that is covered by Title IV of ERISA, but which is not a Multiemployer Plan. 

36

 

        "Site": all or any portion of the Real Estate, as described in Exhibit T-4 to the Disbursement Agreement. The Site
includes, without limitation, the Wynn Home Site Land (until such time (if ever) as such Property has been Disposed of in accordance with Section 7.5(j)), the Golf Course Land (until such time
(if ever) as such Property has been Disposed of in accordance with Section 7.5(k)), the Home Site Land (until such time (if ever) as such Property has been Disposed of in accordance with
Section 7.5(l)), the Phase II Land (until such time (if ever) as such Property has been Disposed of in accordance with Section 7.5(m)) and any other Property which is subject to a lien
under any Mortgage. 

        "Site Easements": the easements appurtenant, easements in gross, license agreements and other rights running for the benefit of the
Borrower or any other Loan Party and/or appurtenant to the Site, including, without limitation, those certain easements and licenses described in the Title Policies. 

        "Solvent": when used with respect to any Person, as of any date of determination, (a) the amount of the "present fair saleable
value" of the assets of such Person will, as of such date, exceed the amount of all "liabilities of such Person, contingent or otherwise", as of such date, as such quoted terms are determined in
accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date,
be greater than the amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an
unreasonably small amount of capital with which to conduct its business, (d) such Person will be able to pay its debts as they mature, and (e) such Person is not insolvent within the
meaning of any applicable Requirements of Law. For purposes of this definition, (i) "debt" means liability on a "claim", and (ii) "claim" means any (x) right to payment, whether
or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable,
secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced
to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. 

        "Specified Change of Control": a "change of control" or similar event (howsoever defined) as defined (i) in the Mortgage Notes
Indenture or (ii) the FF&E Facility Agreement. 

        "Specified FF&E": collectively, (a) the Aircraft Note, (b) any "FF&E Collateral" (as defined in the FF&E Intercreditor
Agreement) and (c) any replacement of any "FF&E Component Collateral" (as defined in the FF&E Intercreditor Agreement) permitted under the FF&E Facility Agreement;  provided, that with
respect to any replacement of any "FF&E Component Collateral" (as defined in the FF&E Intercreditor Agreement), such replacement
shall only constitute Specified FF&E hereunder so long as (x) subject to clause (y) below, at least 75% of the cost of such replacement is paid for with the proceeds from the sale of the
"FF&E Component Collateral" being replaced and (y) in the event such replacement is being paid for with any "Loss Proceeds" (as defined in the FF&E Intercreditor Agreement) pursuant to the FF&E
Intercreditor Agreement, 100% of the cost of such replacement is paid for with such "Loss Proceeds". 

37

  

        "Specified Hedge Agreement": any Hedge Agreement (a) entered into by (i) the Borrower and (ii) any Lender or any
affiliate thereof, or any Person that was a Lender or an affiliate thereof when such Hedge Agreement was entered into as counterparty and (b) which has been designated by such Lender and the
Borrower, by notice to the Administrative Agent not later than 90 days after the execution and delivery thereof by the Borrower, as a Specified Hedge Agreement;  provided, that the designation of
any Hedge Agreement as a Specified Hedge Agreement shall not create in favor of any Lender or affiliate thereof that
is a party thereto any rights in connection with the management or release of any Collateral or of the obligations of any Guarantor under the Guarantee and Collateral Agreement. 

        "Stockholders Agreement": that certain Stockholders Agreement, dated as of April 11, 2002, by and among Mr. Wynn, Baron
Asset Fund and Aruze USA, as in effect on the Closing Date. 

        "Stop Funding Notice": as defined in the Disbursement Agreement. 

        "Subordinated Debt": Indebtedness that (i) does not have any scheduled principal payment, mandatory principal prepayment, sinking
fund payment or similar payment due prior to the Scheduled Term Loan Termination Date, (ii) is not secured by any Lien on any Property, (iii) is subordinated on terms and conditions
reasonably satisfactory to the Initial Arrangers and in any event not less favorable to the Lenders than the terms of the Subordinated Intercompany Note and (iv) is subject to such covenants
and events of default as may be reasonably acceptable to the Initial Arrangers; provided, that Permitted Refinancing Indebtedness or Indebtedness
permitted pursuant to Section 7.2(d) shall not be deemed Subordinated Debt. 

        "Subordinated Intercompany Note": the Subordinated Intercompany Note to be executed and delivered by the Borrower and each of the other
Loan Parties, substantially in the form of Exhibit L hereto, as the same may be amended, supplemented, replaced or otherwise modified from time to time in accordance with this Agreement. 

        "Subsidiary": as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other
ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the
directors, managers or trustees of such corporation, partnership, limited liability company or other entity are at the time owned, or the management of which is otherwise controlled, directly or
indirectly through one or more intermediaries, or both, by such Person. Unless otherwise
qualified, all references to a "Subsidiary" or to "Subsidiaries" in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower. 

        "Substitute Lender": as defined in Section 10.13(a). 

        "Supermajority Lenders": at any time, Non-Defaulting Lenders holding more than 662/3% of the sum of
(i) the Total Term Loan Commitments (less the aggregate Term Loan Commitments of Defaulting Lenders) then in effect or, if the Term Loan Commitments have been terminated, the Total Term Loan
Extensions of Credit of Non-Defaulting Lenders then outstanding and (ii) the Total Revolving Credit Commitments (less the aggregate Revolving Credit Commitments of Defaulting
Lenders) then in effect or, if the Revolving Credit Commitments have been terminated, the Total Revolving Extensions of Credit of Non-Defaulting Lenders then outstanding. 

        "Swing Line Commitment": the obligation of the Swing Line Lender to make Swing Line Loans pursuant to Section 2.6 in an aggregate
principal amount at any one time outstanding not to exceed $10,000,000. 

        "Swing Line Credit Commitment Period": the period from and including the Completion Date to the Revolving Credit Termination Date. 

38

 

        "Swing Line Lender": Deutsche Bank Trust Company Americas, in its capacity as the lender of Swing Line Loans. 

        "Swing Line Loans": as defined in Section 2.6. 

        "Swing Line Notes": as defined in Section 2.8(e). 

        "Swing Line Participation Amount": as defined in Section 2.7(c). 

        "Syndication Agent": Banc of America Securities LLC, in its capacity as syndication agent. 

        "Synthetic Lease Obligations": all monetary obligations of a Person under (a) a so-called synthetic,
off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations which do not appear on the balance sheet of such Person but
which, upon the insolvency or bankruptcy of such Person, would be characterized as the Indebtedness of such Person (without regard to accounting treatment). 

        "Taking": a taking or voluntary conveyance during the term of this Agreement of all or part of any Mortgaged Property, or any interest
therein or right accruing thereto or use thereof, as the result of, or in settlement of, any condemnation or other eminent domain proceeding by any Governmental Authority affecting a Mortgaged
Property or any portion thereof, whether or not the same shall have actually been commenced. 

        "Tax Amount": with respect to any period, (i) in the case of any direct or indirect member of a Loan Party that is a Pass Through
Entity, the Presumed Tax Liability of such direct or indirect member, and (ii) with respect to any of the Loan Parties that are Consolidated Members, the aggregate federal income tax liability
such Persons would owe for such period if each was a corporation filing federal income tax returns on a stand alone basis at all times during its existence and, if any of the Consolidated Members
files a consolidated or combined state income tax return such that it is not paying its own state income taxes, then Tax Amount shall also include the aggregate state income tax liability such
Consolidated Members would have paid for such period if each was a corporation filing state income tax returns on a stand alone basis at all times during its existence. 

        "Tax Indemnification Agreement": that certain Tax Indemnification Agreement, dated as of October     , 2002 among the
Existing Stockholders, Valvino and Wynn Resorts, as in effect as of the date hereof. 

        "Taxable Income": with respect to any Person for any period, the taxable income or loss of such Person for such period for federal income
tax purposes as a result of such Person's equity ownership of one or more Loan Parties that are Pass Through Entities for such period; provided,
however, that all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code shall be included in taxable income
or loss. 

        "Term Loan Commitment": as to any Term Loan Lender, the obligation of such Lender, if any, to make a Term Loan to the Borrower hereunder
in a principal amount not to exceed the amount set forth under the heading "Term Loan Commitment" opposite such Lender's name on Schedule 1 to the Lender Addendum delivered by such Lender, or,
as the case may be, in the Assignment and Acceptance pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof;  provided, that the
original aggregate amount of the Term Loan Commitments is $250,000,000. 

        "Term Loan Commitment Fee Rate": 2.50% per annum for the period from the Closing Date through December 31, 2002, 3.00% per annum
for the period from January 1, 2003 through June 30, 2003 and
4.00% per annum for the period from July 1, 2003 through the Term Loan Commitment Termination Date. 

39

 

        "Term Loan Commitment Period": the period from and including the Closing Date to the Term Loan Commitment Termination Date. 

        "Term Loan Commitment Termination Date": the date that is the last day of the 27th full calendar month after the calendar
month in which the Closing Date occurs. 

        "Term Loan Extensions of Credit": as to any Term Loan Lender at any time, an amount equal to the sum of the aggregate principal amount of
all Term Loans made by such Lender then outstanding. 

        "Term Loan Lender": each Lender that has a Term Loan Commitment or is the holder of a Term Loan. 

        "Term Loan Percentage": as to any Term Loan Lender at any time, the percentage which such Lender's Term Loan Commitment then constitutes
of the aggregate Term Loan Commitments (or, at any time after the Term Loan Commitments shall have expired or terminated, the percentage which the aggregate principal amount of such Lender's Term
Loans then outstanding constitutes of the aggregate principal amount of the Term Loans then outstanding). 

        "Term Loan Termination Date": the earlier of (a) the Scheduled Term Loan Termination Date and (b) the date on which the
Loans become due and payable pursuant to Section 8. 

        "Term Loans": as defined in Section 2.1 and shall include any Revolving Credit Loans converted to Term Loans on any Loan Conversion
Date pursuant to Section 2.4. 

        "Term Notes": as defined in Section 2.8(e). 

        "Title Insurance Company": collectively, Nevada Title Company and such other title insurance companies that have issued Title Policies to
the Administrative Agent on behalf of the Lenders in connection with or related to any Mortgage. 

        "Title Policies": collectively, the policies of title insurance issued by the Title Insurance Company with respect to the Mortgages. 

        "Total Extensions of Credit": at any time, the sum of (a) the Total Revolving Extensions of Credit and (b) the Total Term
Loan Extensions of Credit. 

        "Total Initial Arranger Revolving Credit Commitments": at any time, the aggregate amount of the Revolving Credit Commitments then in
effect and held by the Initial Arrangers or their Affiliates. 

        "Total Initial Arranger Revolving Extensions of Credit": at any time, the aggregate amount of the Revolving Extensions of Credit of the
Revolving Credit Lenders outstanding at such time and held by the Initial Arrangers or their Affiliates. 

        "Total Initial Arranger Term Loan Commitments": at any time, the aggregate amount of the Term Loan Commitments then in effect and held by
the Initial Arrangers or their Affiliates. 

        "Total Initial Arranger Term Loan Extensions of Credit": at any time, the aggregate amount of the Term Loan Extensions of Credit of the
Term Loan Lenders outstanding at such time and held by the Initial Arrangers or their Affiliates. 

        "Total Revolving Credit Commitments": at any time, the aggregate amount of the Revolving Credit Commitments then in effect;  provided, that the amount of the Total
Revolving Credit Commitments on the Closing Date shall be $750,000,000. 

        "Total Revolving Credit Exposure": the Total Revolving Credit Commitments then in effect or, if the Revolving Credit Commitments have been
terminated, the Total Revolving Extensions of Credit then outstanding. 

40

 

        "Total Revolving Extensions of Credit": at any time, the aggregate amount of the Revolving Extensions of Credit of the Revolving Credit
Lenders outstanding at such time. 

        "Total Term Loan Commitments": at any time, the aggregate amount of the Term Loan Commitments then in effect;  provided, that the amount of the Total Term Loan
Commitments on the Closing Date shall be $250,000,000. 

        "Total Term Loan Exposure": the Total Term Loan Commitments then in effect or, if the Term Loan Commitments have been terminated, the
Total Term Loan Extensions of Credit then outstanding. 

        "Total Term Loan Extensions of Credit": at any time, the aggregate amount of the Term Loan Extensions of Credit of the Term Loan Lenders
outstanding at such time. 

        "Transferee": as defined in Section 10.15. 

        "Type": as to any Loan, its nature as a Base Rate Loan or a Eurodollar Loan. 

        "UCC": the Uniform Commercial Code, as in effect from time to time in any jurisdiction. 

        "Unallocated Contingency Balance": as defined in the Disbursement Agreement. 

        "Valvino": Valvino Lamore, LLC, a Nevada limited liability company. 

        "Valvino Water Permit Transfer": the transfer of the Valvino Water Permits by Valvino to the Borrower at no cost, in accordance with all
Requirements of Law and pursuant to all necessary consents of Governmental Authorities (including, if applicable, the Nevada Public Utilities Commission and the State of Nevada, Division of Water
Resources); provided, that (a) the designated place of use for water available for draw under the Valvino Water Permits shall include the Real
Estate upon which the water features of the Le Rêve hotel and casino are located, (b) either (i) no Points of Diversion with respect to the Water Permits and the wells
associated therewith are located on the Phase II Land or (ii) Valvino shall have transferred at not cost (x) in the case of Points Diversion with respect to the Valvino Water Permits and
DIIC Casino Water Permit and the wells associated therewith located on the Phase II Land, such easements to the Borrower as are necessary for the Borrower to access such Points of Diversion, own and
operate such wells and transport such water to the water features of the Le Rêve hotel and casino and (y) in the case of Points Diversion with respect to all other DIIC Water
Permits and the wells associated therewith located on the Phase II Land, such easements to the Borrower and Wynn Resorts Holdings as are necessary for such Persons to access such Points of Diversion,
own and operate such wells and transport the water drawn at such Points of Diversion and from such wells to the Golf Course Land and (c) the Borrower and Wynn Resorts Holdings, as the case may
be, shall have
taken all actions required pursuant to Section 6.10 with respect to any Property acquired pursuant to this definition. 

        "Valvino Water Permits": collectively, the Permits identified as of the Closing Date as Permit No. 60164 (Cert. 15447) and Permit
No. 60165 (Cert. 15448), in each case as shown in the records of the State of Nevada, Division of Water Resources, in Carson City Nevada (and any successor or replacement Permits thereto). 

        "Voting Stock": with respect to any Person as of any date, the Capital Stock of such Person that is at the time entitled to vote in the
election of the Board of Directors of such Person. 

        "Water Entities": Desert Inn Water and Desert Inn Improvement. 

        "Water Permits": collectively, the DIIC Water Permits and the Valvino Water Permits. 

        "Water Property Mortgage": that certain mortgage, substantially in the form of the Mortgages (with such modifications, if any, as are
necessary to comply with Requirements of Law or that the 

41

 

Administrative Agent may reasonably request), to be made by Desert Inn Improvement in favor of the Administrative Agent for the benefit of the Secured Parties pursuant to which Desert Inn Improvement
will secure, among other things, the Borrower's Obligations by granting a Lien on the Water Utility Land and the DIIC Water Permits, pursuant to and in accordance with any and all necessary approvals
by or consents from the Nevada Public Utilities Commission and any other applicable Governmental Authorities. 

        "Water Show Entertainment and Production Agreement": the Agreement, dated January 25, 2001, between Wynn Resorts Holdings and
Calitri Services and Licensing Limited Liability Company. 

        "Water Supply Agreement": that certain Water Supply Agreement dated as of October     , 2002 among Desert Inn
Improvement, Wynn Resorts Holdings and the Borrower. 

        "Water Utility Land": the approximately .17 acre tract of land located on the Golf Course owned by Desert Inn Improvement, as more
particularly described in Exhibit T-4 of the Disbursement Agreement; provided, that the Water Utility Land shall not include any
improvements thereon utilized by Desert Inn Improvement as of the Closing Date for the transportation of water to non-Affiliates of the Borrower. 

        "WDD Agreement": the Wynn Design Agreement, dated as of October     , 2002 between the Borrower and Wynn Design. 

        "Weighted Average Life to Maturity": when applied to any Indebtedness at any date, the number of years obtained by dividing: 

        (1)  the
sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of
principal, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one—twelfth) that will elapse between such date and the
making of such payment; by 

        (2)  the
then outstanding principal amount of such Indebtedness. 

        "Wholly Owned Subsidiary": as to any Person, any other Person all of the Capital Stock of which (other than directors' qualifying shares
required by law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries. 

        "Withdrawal Period": as defined in Section 10.13(b). 

        "World Travel": World Travel, LLC, a Nevada limited liability company. 

        "Wynn Design": Wynn Design & Development, LLC, a Nevada limited liability company. 

        "Wynn Group Entities": collectively, Palo and Wynn Design. 

        "Wynn Home Site Land": an approximately two-acre tract of land located on the Golf Course Land where Wynn's personal residence
may, after Disposition of the Wynn Home Site Land in accordance with Section 7.5(j), be built. 

        "Wynn Resorts": Wynn Resorts, Limited, a Nevada corporation. 

        "Wynn Resorts Agreement": that certain Wynn Resorts Agreement, dated as of October     , 2002 among Wynn Resorts and the
Administrative Agent. 

        "Wynn Resorts Guaranty": the "Parent Guaranty" as defined in the Wynn Resorts Agreement. 

        "Wynn Resorts Holdings": Wynn Resorts Holdings, LLC, a Nevada limited liability company. 

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        "Wynn Resorts Security Agreement": any agreement or other instrument executed by Wynn Resorts in favor of the Administrative Agent on
behalf of the Lenders pursuant to the Wynn Resorts Agreement. 

        1.2    Other Definitional Provisions.    (a) Unless otherwise specified therein, all terms defined in this
Agreement shall have the defined meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto. 

        (b)  As
used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto, accounting terms relating to the
Borrower and the other Loan Parties not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings given to
them under GAAP. 

        (c)  The
words "hereof", "herein" 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, Schedule and Exhibit references are to this Agreement unless otherwise specified. 

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

        (e)  The
expressions "payment in full," "paid in full" and any other similar terms or phrases when used herein with respect to the Obligations shall mean the payment in full,
in immediately available funds, of all of the Obligations. 

        (f)    The
words "including" and "includes" and words of similar import when used in this Agreement shall not be limiting and shall mean "including without limitation" or
"includes without limitation", as the case may be. 

        (g)  The
words "will" and "shall" and words of similar import when used in this Agreement shall mean a command. 

        (h)  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 immediately prior to such termination. 

        (i)    Unless
expressly described to the contrary, references to any document, instrument or agreement (a) shall include all exhibits, schedules and other attachments
thereto, (b) shall include all documents, instruments or agreements issued or executed in replacement thereof, and (c) shall mean such document, instrument or agreement, or replacement
or predecessor thereto, as amended, modified and supplemented from time to time and in effect at the time of determination. 

43

  

 
 

SECTION 2. AMOUNT AND TERMS OF COMMITMENTS    
  

        2.1    Term Loan Commitments.    Subject to the terms and conditions hereof, and in reliance upon the representations
and warranties of the Borrower herein set forth and, while in effect, the representations and warranties set forth in the Disbursement Agreement, each Term Loan Lender severally agrees to make term
loans ("Term Loans") to the Borrower from time to time during the Term Loan Commitment Period in an aggregate principal amount not to exceed the amount
of the Term Loan Commitment of such Lender. The Term Loans may from time to time be Eurodollar Loans or Base Rate Loans, as determined by the Borrower and notified to the Administrative Agent in
accordance with Sections 2.5 and 2.13. Term Loans borrowed and subsequently repaid or prepaid may not be reborrowed. 

        2.2    Scheduled Amortization of Term Loans.    The Borrower shall make principal payments on the Term Loans on
Amortization Dates in the amounts set forth below opposite the applicable Amortization Date: 

	Amortization Date
 
	 	Scheduled Repayment of Term Loans

	Amortization Dates between and including [December 31, 2005] and December 31, 2006	 	$	10,000,000
	Amortization Dates between and including March 31, 2007 and December 31, 2007	 	$	12,500,000
	Amortization Dates between and including March 31, 2008 and December 31, 2008	 	$	15,000,000
	Amortization Dates between and including March 31, 2009 and September 30, 2009	 	$	30,000,000

;
provided, that the scheduled installments of principal of the Term Loans set forth above shall be reduced in connection with any voluntary or
mandatory prepayments of the Term Loans in accordance with Sections 2.12 and 2.18; and provided, further that the Term Loans and all other amounts owed
hereunder with respect to the Term Loans shall be paid in full no later than the Term Loan Termination Date, and the final installment payable by the Borrower in respect of the Term Loans on such date
shall be in an amount sufficient to repay all amounts owing by the Borrower under this Agreement with respect to the Term Loans. 

        2.3    Revolving Credit Commitments.    (a) Subject to the terms and conditions hereof, and in reliance upon
the representations and warranties of the Borrower herein set forth and, while in effect, the representations and warranties set forth in the Disbursement Agreement, each Revolving Credit Lender
severally agrees to make revolving credit loans ("Revolving Credit Loans") to the Borrower from time to time during the Revolving Credit Commitment
Period (provided, that until the Total Term Loan Extensions of Credit equals the Total Term Loan Commitments, Revolving Credit Loans shall not be
available to the Borrower hereunder) in an aggregate principal amount at any one time outstanding which, when added to such Lender's Revolving Credit Percentage of the sum of (i) the L/C
Obligations then outstanding and (ii) the aggregate principal amount of the Swing Line Loans then outstanding, does not exceed the amount of such Lender's Revolving Credit Commitment;  provided,
that, prior to the Debt Service Availability Date, the Total Revolving Extensions of Credit shall not exceed an amount equal to the difference
between (x) the Total Revolving Credit Commitments at such time and (y) [$36,800,000]; provided, further, that,
during the Additional Completion Period, if any, the Total Revolving Extensions of Credit shall not exceed an amount equal to the difference between (x) the Total Revolving Credit Commitments
at such time and (y) $3,000,000. During the Revolving Credit Commitment Period the Borrower may use the Revolving Credit Commitments by borrowing, prepaying the Revolving Credit Loans in whole
or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Revolving Credit Loans may from time to time be Eurodollar Loans or Base Rate Loans, as determined by the
Borrower and notified to the Administrative Agent in accordance with Sections 2.5 and 2.13, provided that no Revolving Credit Loan shall be made as a
Eurodollar Loan after the day that is one month prior to the Scheduled Revolving Credit Termination Date. 

44

 

        (b)  The
Borrower shall repay all outstanding Revolving Credit Loans on the Revolving Credit Termination Date. 

        2.4    Loan Conversion.    (a) At such times and from time to time as the aggregate principal amount of all
Revolving Credit Loans then outstanding exceeds $200,000,000, the Majority Initial Arrangers may in their sole and absolute discretion cause the conversion of then outstanding Revolving Credit Loans
into Term Loans in accordance with this Section 2.4 (each such conversion of Revolving Credit Loans to Term Loans, a "Loan Conversion") by
delivering to the Administrative Agent and the Borrower written notice thereof (a "Notice of Loan Conversion"). Each Notice of Loan Conversion shall
specify: 

          (i)  the
principal amount of the Revolving Credit Loans then outstanding that are proposed to be converted to Term Loans (the "Converted Revolving
Loan Amount"); and 

        (ii)  the
proposed date of such Loan Conversion (the "Loan Conversion Date"), which shall be no earlier than seven Business
Days after the date such Notice of Loan Conversion is delivered by the Majority Initial Arrangers to the Administrative Agent and the Borrower. 

        (b)  Upon
receipt of a Notice of Loan Conversion, the Administrative Agent shall promptly deliver such Notice of Loan Conversion to each Revolving Credit Lender. On a Loan
Conversion Date, (i) the outstanding Revolving Credit Loans of the Revolving Credit Lenders in an aggregate amount equal to the Converted Revolving Loan Amount specified in the related Notice
of Loan Conversion shall automatically be converted to Term Loans pro rata according to the respective outstanding principal amounts of the Revolving
Credit Loans then held by the Revolving Credit Lenders, (ii) any Revolving Credit Loans so converted shall, as of such Loan Conversion Date, be deemed to be Term Loans and no longer Revolving
Credit Loans (provided, such Loans shall maintain the Type and, if Eurodollar Loans, the Interest Period applicable to such Loans), (iii) the
Revolving Credit Lenders shall, as of such Loan Conversion Date, be deemed to be Term Loan Lenders with respect to such converted Loans, (iv) the Total Revolving Credit Commitment shall be
permanently reduced by an amount equal to the Converted Revolving Loan Amount (with each Revolving Credit Lender's Revolving Credit Commitment permanently reduced by an amount equal to its Revolving
Credit Loans so converted to Term Loans), (v) the Administrative Agent shall make appropriate notations in the Register pursuant to Section 2.8(d) in order to reflect the Loan Conversion
on such Loan Conversion Date and (vi) upon request of any Lender, any Notes previously delivered to such Lender pursuant to Section 2.8(c) will be amended and/or replaced as appropriate
in order to reflect such Loan Conversion. 

        (c)  Notwithstanding
the foregoing, the aggregate amount of Loan Conversions shall not exceed $400,000,000; provided, that
(i) the initial Loan Conversion shall be in a minimum amount of $100,000,000 or a $25,000,000 whole multiple in excess thereof and (ii) each subsequent Loan Conversion shall be in
minimum amounts of $50,000,000 or a $25,000,000 whole multiple in excess thereof. 

        2.5    Procedure for Borrowing.    (a) Prior to the Completion Date and, to the extent the proceeds of the
requested borrowing are used to pay Project Costs, after the Completion Date but prior to the Final Completion Date, the Borrower may borrow under the Term Loan Commitments or the Revolving Credit
Commitments during the Term Loan Commitment Period or the Revolving Credit Commitment Period, as applicable, on any Business Day; provided, that the
Borrower shall give the Administrative Agent in accordance with and pursuant to the terms of Section 2.4 of the Disbursement Agreement such Notice of Advance Requests in the form, at the times
and as required under the Disbursement Agreement. Notwithstanding any provisions of the Disbursement Agreement to the contrary, such Notice of Advance Requests and the related Advance Confirmation
Notices from the Disbursement Agent in accordance with the provisions of Section 2.4 of the Disbursement Agreement must be received by the Administrative Agent prior to 12:00 Noon, New York
City time, (a) three 

45

 

Business Days prior to the requested Borrowing Date, in the case of Eurodollar Loans, or (b) one Business Day prior to the requested Borrowing Date, in the case of Base Rate Loans and must
specify (i) the amount and Type of Loans to be borrowed, (ii) the requested Borrowing Date and (iii) in the case of Eurodollar Loans, the length of the initial Interest Period
therefor. Upon receipt of any Advance Confirmation Notice from the Disbursement Agent, the Administrative Agent shall promptly notify each Term Loan Lender and/or Revolving Credit Lender, as
appropriate, thereof. Each such Lender will make the amount of its pro rata share of each borrowing available to the Administrative Agent at the Funding
Office prior to 10:00 A.M., New York City time, on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. Such borrowing will then, upon
satisfaction or waiver of the conditions precedent specified in Section 5.2, be made available by the Administrative Agent, in like funds as received by the Administrative Agent from the
Lenders, to the Disbursement Agent in the Collection Account no later than 12:00 Noon, New York City time, on the applicable Borrowing Date who shall then make the proceeds of such Loans available to
the Borrower in accordance with and upon fulfillment of conditions set forth in the Disbursement Agreement. 

        (b)  On
or after the Completion Date (other than with respect to borrowings to pay Project Costs prior to the Final Completion Date, such borrowings to be made pursuant to
Section 2.5(a)), the Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day;  provided, that the Borrower shall give the
Administrative Agent irrevocable notice in a Notice of Borrowing (which Notice of Borrowing must be received
by the Administrative Agent prior to 12:00 Noon, New York City time, (a) three Business Days prior to the requested Borrowing Date, in the case of Eurodollar Loans, or (b) one Business
Day prior to the requested Borrowing Date, in the case of Base Rate Loans), specifying (i) the amount and Type of Revolving Credit Loans to be borrowed, (ii) the requested Borrowing Date
and (iii) in the case of Eurodollar Loans, the length of the initial Interest Period therefor. Upon receipt of any such Notice of Borrowing from the Borrower, the Administrative Agent shall
promptly notify each Revolving Credit Lender thereof. Each Revolving Credit Lender will make the amount of its pro rata share of each borrowing
available to the Administrative Agent for the account of the Borrower at the Funding Office prior to 12:00 Noon, New York City time, on the Borrowing Date requested by the Borrower in funds
immediately available to the Administrative Agent. Such borrowing will then, upon satisfaction or waiver of the conditions precedent specified in Section 5.3, be made available to the Borrower
by the Administrative Agent crediting a Funding Account of the Borrower on the books of the Funding Office with the aggregate of the amounts made available to the Administrative Agent by the Revolving
Credit Lenders and in like funds as received by the Administrative Agent. 

        (c)  Each
borrowing under the Term Loan Commitments or the Revolving Credit Commitments shall be in an amount equal to (x) in the case of Base Rate Loans, $5,000,000
or a whole multiple in excess thereof (or, if the then aggregate Available Term Loan Commitments or Available Revolving Credit Commitments, as applicable, are less than $5,000,000, such lesser amount)
and (y) in the case of Eurodollar Loans, $10,000,000 or a $1,000,000 whole multiple in excess thereof; provided, that the Swing Line Lender may
request, on behalf of the Borrower, borrowings under the Revolving Credit Commitments which are Base Rate Loans in other amounts pursuant to Section 2.7. 

        (d)  In
the event that the proceeds of any Loans deposited into the Collection Account pursuant to subsection (a) above are not disbursed by the Disbursement Agent on
the applicable Borrowing Date, the proceeds of such Loans shall be held by the Disbursement Agent and/or returned to the Administrative Agent in accordance with the provisions set forth in the
Disbursement Agreement;  provided, however, that the proceeds of such Loans shall continue to bear interest and be repayable in accordance with the provisions set forth in this
Agreement. In 

46

 

the event that the Administrative Agent receives a Stop Funding Notice from the Disbursement Agent in accordance with and pursuant to the terms of the Disbursement Agreement, none of the
Administrative Agent and the Lenders shall, or shall have any obligation to, advance the Loans associated with such Stop Funding Notice; provided,
however, that the Borrower shall be obligated to make any payments due pursuant to Section 2.21 as a result thereof. 

        2.6    Swing Line Commitment.    (a) Subject to the terms and conditions hereof, the Swing Line Lender agrees
to make available to the Borrower a portion of the credit otherwise available to the Borrower under the Revolving Credit Commitments from time to time during the Swing Line Credit Commitment Period by
making swing line loans ("Swing Line Loans") to the Borrower; provided, that (i) the aggregate
principal amount of Swing Line Loans outstanding at any time shall not exceed the Swing Line Commitment then in effect (notwithstanding that the Swing Line Loans outstanding at any time, when
aggregated with the Swing Line Lender's other outstanding Revolving Credit Loans hereunder, may exceed the Swing Line Commitment then in effect) and (ii) the Borrower shall not request, and the
Swing Line Lender shall not make, any Swing Line Loan if, after giving effect to the making of such Swing Line Loan, the aggregate amount of the Available Revolving Credit Commitments would be less
than zero. During the Swing Line Credit Commitment Period, the Borrower may use the Swing Line Commitment by borrowing, repaying and reborrowing, all in accordance with the terms and conditions
hereof. Swing Line Loans shall be Base Rate Loans only. 

        (b)  The
Borrower shall repay all outstanding Swing Line Loans on the Revolving Credit Termination Date. 

        2.7    Procedure for Swing Line Borrowing; Refunding of Swing Line Loans.    (a) Whenever the Borrower desires
that the Swing Line Lender make Swing Line Loans it shall give the Swing Line Lender irrevocable telephonic notice confirmed promptly in writing (which telephonic notice must be received by the Swing
Line Lender not later than 1:00 P.M., New York City time, on the proposed Borrowing Date), specifying (i) the amount to be borrowed and (ii) the requested Borrowing Date (which
shall be a Business Day during the Swing Line Credit Commitment Period). Each borrowing under the Swing Line Commitment shall be in an amount equal to $500,000 or a $100,000 multiple in excess
thereof. Not later than 3:00 P.M., New York City time, on the Borrowing Date specified in a notice in respect of Swing Line Loans, the Swing Line Lender shall make available to the
Administrative Agent at the Funding Office an amount in immediately available funds equal to the amount of the Swing Line Loan to be made by the Swing Line Lender;  provided, that the Swing Line Lender
shall not be obligated to make any Swing Line Loans at a time when a Lender Default exists unless the Swing Line
Lender has entered into arrangements satisfactory to it to eliminate the Swing Line Lender's risk with respect to the Defaulting Lender's or Lenders' participation in such Swing Line Loans. The
Administrative Agent shall make the proceeds of such Swing Line Loan available to the Borrower on such Borrowing Date by depositing such proceeds in a Funding Account of the Borrower with the
Administrative Agent on such Borrowing Date in immediately available funds. 

        (b)  The
Swing Line Lender, at any time and from time to time in its sole and absolute discretion may, on behalf of the Borrower (which hereby irrevocably directs the Swing
Line Lender to act on its behalf), on one Business Day's notice given by the Swing Line Lender no later than 12:00 Noon, New York City time, request each Revolving Credit Lender to make, and each
Revolving Credit Lender hereby agrees to make, a Revolving Credit Loan, in an amount equal to such Revolving Credit Lender's Revolving Credit Percentage of the aggregate amount of the Swing Line Loans
(the "Refunded Swing Line Loans") outstanding on the date of such notice, to repay the Swing Line Lender. Each Revolving Credit Lender shall make the
amount of such Revolving Credit Loan available to the Administrative Agent at the Funding Office in immediately available funds, not later than 10:00 A.M., New York City time, one Business Day
after the date of such notice. The proceeds of such Revolving Credit Loans shall be immediately made available by the Administrative Agent to the Swing Line Lender for application by the Swing Line
Lender to the 

47

 

repayment of the Refunded Swing Line Loans. The Borrower irrevocably authorizes the Swing Line Lender to charge the Borrower's accounts with the Administrative Agent (up to the amount available in
each such account) in order to immediately pay the amount of such Refunded Swing Line Loans to the extent amounts received from the Revolving Credit Lenders are not sufficient to repay in full such
Refunded Swing Line Loans. 

        (c)  If
prior to the time a Revolving Credit Loan would have otherwise been made pursuant to Section 2.7(b), one of the events described in Section 8(f) shall
have occurred and be continuing with respect to the Borrower or if for any other reason, as determined by the Swing Line Lender in its sole discretion, Revolving Credit Loans may not be made as
contemplated by Section 2.7(b), each Revolving Credit Lender shall, on the date such Revolving Credit Loan was to have been made pursuant to the notice referred to in Section 2.7(b) (the
"Refunding Date"), purchase for cash an undivided participating interest in the then outstanding Swing Line Loans by paying to the Swing Line Lender an
amount (the "Swing Line Participation Amount") equal to (i) such Revolving Credit Lender's Revolving Credit Percentage  times (ii) the sum of the
aggregate principal amount of Swing Line Loans then outstanding which were to have been repaid with such Revolving
Credit Loans. 

        (d)  Whenever,
at any time after the Swing Line Lender has received from any Revolving Credit Lender such Lender's Swing Line Participation Amount, the Swing Line Lender
receives any payment on account of the Swing Line Loans, the Swing Line Lender will distribute to such Revolving Credit Lender its Swing Line Participation Amount (appropriately adjusted, in the case
of interest payments, to reflect the period of time during which such Revolving Credit Lender's participating interest was outstanding and funded and, in the case of principal and interest payments,
to reflect such Revolving Credit Lender's pro rata portion of such payment if such payment is not sufficient to pay the principal of and interest on all
Swing Line Loans then due); provided, however, that in the event that such payment received by the Swing Line Lender is required to be returned, such
Revolving Credit Lender will return to the Swing Line Lender any portion thereof previously distributed to it by the Swing Line Lender. 

        (e)  Each
Revolving Credit Lender's obligation to make the Loans referred to in Section 2.7(b) and to purchase participating interests pursuant to
Section 2.7(c) shall be absolute and unconditional and shall not be affected by any circumstance, including, without limitation, (i) any setoff, counterclaim, recoupment, defense or
other right which such Revolving Credit Lender or the Borrower may have
against the Swing Line Lender, the Borrower or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any
of the other conditions specified in Section 5; (iii) any adverse change in the condition (financial or otherwise) of the Borrower or any other Person; (iv) any breach of this
Agreement or any other Loan Document by the Borrower or any other Person (including, without limitation, any other Revolving Credit Lender); (v) any reduction or termination of the Commitments;
or (vi) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing, and each such payment shall be made without any offset, abatement, withholding or
reduction whatsoever. 

48

           2.8    Repayment of Loans; Evidence of Indebtedness.    (a) The Borrower hereby
unconditionally promises to pay
to the Administrative Agent for the account of the appropriate Revolving Credit Lender or Term Loan Lender, as the case may be, (i) the then unpaid principal amount of each Revolving Credit
Loan of such Revolving Credit Lender on the Revolving Credit Termination Date, (ii) the then unpaid principal amount of each Swing Line Loan of such Swing Line Lender on the Revolving Credit
Termination Date, and (iii) the principal amount of each Term Loan of such Term Loan Lender in installments according to the amortization schedule set forth in Section 2.2 and the then
unpaid principal amount of each Term Loan of such Term Loan Lender on the Term Loan Termination Date. The Borrower hereby further agrees to pay interest on the unpaid principal amount of the Loans
from time to time outstanding from the date hereof until payment in full thereof at the rates per annum, and on the dates, set forth in Section 2.15. 

        (b)  Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing indebtedness of the Borrower to such Lender resulting from each Loan
of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. 

        (c)  The
Administrative Agent, on behalf of the Borrower, shall maintain the Register pursuant to Section 10.6(d), and a subaccount therein for each Lender, in which
shall be recorded (i) the amount of each Loan made hereunder and any Note evidencing such Loan, the Type thereof and each Interest Period applicable thereto, (ii) the amount of any
principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) both the amount of any sum received by the Administrative Agent hereunder
from the Borrower and each Lender's share thereof. 

        (d)  The
entries made in the Register and the accounts of each Lender maintained pursuant to Section 2.8(b) shall, to the extent permitted by applicable law, be  prima facie evidence of the existence and
amounts of the obligations of the Borrower therein recorded; provided,
however, that the failure of any Lender or the Administrative Agent to maintain the Register or any such account, or any error therein, shall not in any manner affect the
obligation of the Borrower to repay (with applicable interest) the Loans made to such Borrower by such Lender in accordance with the terms of this Agreement. 

        (e)  The
Borrower agrees that, upon the request to the Administrative Agent by any Lender, the Borrower will execute and deliver to such Lender a promissory note of the
Borrower evidencing any Term Loans, Revolving Credit Loans or Swing Line Loans, as the case may be, of such Lender,
substantially in the forms of Exhibit G-1, G-2 or G-3 hereto, respectively, with appropriate insertions as to date and principal amount (such notes,
respectively, "Term Notes", Revolving Credit Notes" and "Swing Line
Notes"). 

        2.9    Commitment Fees, etc.    (a) The Borrower agrees to pay to the Administrative Agent for the account of
each Revolving Credit Lender a commitment fee (the "Revolving Commitment Fee") for the period from and including the Closing Date to the last day of the
Revolving Credit Commitment Period, computed at the Revolving Commitment Fee Rate on the average daily amount of the Available Revolving Credit Commitment of such Lender during the period for which
payment is made, payable quarterly in arrears on the last day of each March, June, September and December and on the Revolving Credit Termination Date, commencing on the first of such dates to occur
after the date hereof; provided, however, that any Revolving Commitment Fee accrued with respect to any of the Commitments of a Defaulting Lender during
the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender, except to the
extent that such Revolving Commitment Fee shall otherwise have been due and payable by the Borrower prior to such time; provided, further, that no 

49

 

such Revolving Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. 

        (b)  The
Borrower agrees to pay to the Administrative Agent for the account of each Term Loan Lender a commitment fee for the period from and including the Closing Date to
the last day of the Term Loan Commitment Period, computed at the Term Loan Commitment Fee Rate on the average daily amount of the Available Term Loan Commitment of such Lender during the period for
which payment is made, payable quarterly in arrears on the last day of each March, June, September and December and on the last day of the Term Loan Commitment Period, commencing on the first of such
dates to occur after the date hereof; provided, however, that any such commitment fee accrued with respect to any of the Commitments of a Defaulting
Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender,
except to the extent that such commitment fee shall otherwise have been due and payable by the Borrower prior to such time; provided, further, that no
such commitment fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. 

        (c)  The
Borrower agrees to pay to the Arrangers, the Managers and the Agents the fees in the amounts and on the dates previously agreed to in writing by the Borrower, the
Arrangers, the Managers and the Agents including, without limitation, pursuant to the Facility Fee Letter. 

        (d)  The
Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates from time to time agreed to in writing by the Borrower and the
Administrative Agent including, without limitation, pursuant to the Administrative Agent Fee Letter. 

        2.10    Termination or Reduction of Revolving Credit Commitments.    The Borrower shall have the right, upon not less
than three Business Days' notice to the Administrative Agent, to terminate the Revolving Credit Commitments or, from time to time, to reduce the amount of the Revolving Credit Commitments;  provided,
that no such termination or reduction of Revolving Credit Commitments shall be permitted if, (x) after giving effect thereto and to any
prepayments of the Revolving Credit Loans and Swing Line Loans made on the effective date thereof, (i) the Total Revolving Extensions of Credit would exceed the Total Revolving Credit
Commitments or (ii) if prior to the Completion Date, the Remaining Costs would exceed the Available Funds or the Required Minimum Contingency would exceed the Unallocated Contingency Balance or
(y) such termination or reduction is not permitted by the Disbursement Agreement (while in effect). Any such reduction shall be in an amount equal to $5,000,000, or a whole multiple thereof
(or, if less, shall reduce the Revolving Credit Commitments to zero), and shall reduce permanently the Revolving Credit Commitments then in effect. 

        2.11    Optional Prepayments.    The Borrower may at any time and from time to time prepay the Loans, in whole or in
part, without premium or penalty, upon irrevocable notice delivered to the Administrative Agent at least three Business Days prior thereto in the case of Eurodollar Loans and at least one Business Day
prior thereto in the case of Base Rate Loans, which notice shall (i) designate whether the Borrower is prepaying Revolving Credit Loans and/or Term Loans and (ii) specify the date and
amount of prepayment and whether the prepayment is of Eurodollar Loans or Base Rate Loans; provided, that if a Eurodollar Loan is prepaid on any day
other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.21. Upon receipt of any such notice the Administrative
Agent shall promptly notify each relevant Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with (except
in the case of Revolving Credit Loans (unless all Revolving Credit Loans are being repaid and the Revolving Credit Commitments terminated) that are Base Rate Loans and Swing Line Loans) accrued
interest to such date on the amount prepaid. Partial prepayments of Term Loans and Revolving Credit Loans shall be in an aggregate principal amount of 

50

 

$5,000,000 or a whole multiple in excess thereof. Partial prepayments of Swing Line Loans shall be in an aggregate principal amount of $100,000 or a whole multiple in excess thereof. 

        2.12    Mandatory Prepayments and Commitment Reductions.    (a) If any Indebtedness shall be incurred by the
Borrower or any of the other Loan Parties (excluding any Indebtedness incurred in accordance with Section 7.2 (other than with respect to subsection (i) thereof)), an amount equal to
100% of the Net Cash Proceeds thereof shall be applied on the date of such incurrence toward the prepayment of the Term Loans and the reduction of the Revolving Credit Commitments as set forth in
Section 2.12(g). 

        (b)  With
respect to the Net Cash Proceeds from any Asset Sale as to which the Borrower or any other Loan Party making such Asset Sale has not delivered a Reinvestment Notice
within the period required therefor such Net Cash Proceeds (or portion thereof not subject to such a Reinvestment Notice) shall be applied, within one Business Day of the expiration of the aforesaid
required period for delivery of a Reinvestment Notice with respect to such Asset Sale, on such date toward the prepayment of the Term Loans and the reduction of the Revolving Credit Commitments as set
forth in Section 2.12(g); provided, that, notwithstanding the foregoing, (i) the aggregate Net Cash Proceeds of Asset Sales that may be
excluded from the foregoing prepayment requirement pursuant to a Reinvestment Notice shall not exceed $5,000,000 in any Fiscal Year and (ii) on each Reinvestment Prepayment Date, an amount
equal
to the Reinvestment Prepayment Amount with respect to the relevant Reinvestment Event shall be applied toward the prepayment of the Term Loans and the reduction of the Revolving Credit Commitments as
set forth in Section 2.12(g). 

        (c)  No
later than (i) the Business Day following the date on which funds, whether representing the proceeds of Loans or otherwise, are returned or distributed to the
Administrative Agent on behalf of Lenders under the Disbursement Agreement (whether pursuant to Section 2.10 thereof or otherwise), (ii) the Business Day following the date on which Loss
Proceeds are required to be applied to the prepayment of Loans under Section 5.21 of the Disbursement Agreement, (iii) the Business Day following the date on which Insurance Proceeds or
Eminent Domain Proceeds are required to be applied to the prepayment of Loans pursuant to Section 2.24(f), (iv) the Business Day following the date on which any Loan Party receives
Liquidated Damages (provided, that to the extent such Liquidated Damages are paid pursuant to any obligation, default or breach, the results of which
can be remedied through the expenditure of money, and the applicable Loan Party determines in its reasonable judgment to undertake such remedy, the Liquidated Damages subject to this subsection
(iv) shall be net of reasonable amounts that such Loan Party anticipates to incur in connection with such remedy (such amounts, the "Reinvested
Amounts"); provided, further, that in the event such Loan Party has not expended, any Reinvested Amounts in furtherance of such
remedy by the date that is six months after a Loan Party initially received the relevant Liquidated Damages or, in the case of any Reinvested Amounts to be expended in furtherance of such remedy
pursuant to a contract entered into during such six-month period, such amounts have not been expended by the date that is twelve months after a Loan Party initially received the relevant
Liquidated Damages, such non-expended amounts shall be applied on the secured Business Day following such sixth-month or twelve-month, as the case may be, anniversary date to the
prepayment of the Term Loans and the reduction of the Revolving Credit Commitments as set forth in Section 2.12(g)(ii)), (v) the Business Day following the date on which amounts related
to the initial working capital for the Project under Sections 2.9(e) and 2.11 of the Disbursement Agreement are required to be applied to the prepayment of Loans or (vi) the Business Day
following the date on which Insurance Proceeds or Eminent Domain Proceeds are required to be applied to the prepayment of Loans pursuant to Section 2.24(a) or 2.24(h), the Borrower shall prepay
and the Administrative Agent shall apply such funds toward the prepayment of the Term Loans and the reduction of the Revolving Credit Commitments (or with respect to 

51

 

subsections (c)(i), (c)(iii) and (c)(v) above, prepayment of the Revolving Credit Loans (without any permanent reduction of Revolving Credit Commitments)), in each case as set forth in
Section 2.12(g). 

        (d)  If,
for any Fiscal Year commencing with the Fiscal Year in which the Completion Date occurs, there shall be Excess Cash Flow, the Borrower shall, and shall cause the
applicable Loan Parties to, on the relevant Excess Cash Flow Application Date, apply the ECF Percentage of such Excess Cash Flow toward the prepayment of the Term Loans and the reduction of the
Revolving Credit Commitments as set forth in Section 2.12(g). Each such prepayment and commitment reduction shall be made on a date (an "Excess Cash Flow Application
Date") no later than five Business Days after the earlier of (i) the date on which the financial statements of the Loan Parties referred to in Section 6.1(a), for
the Fiscal Year with respect to which such prepayment is made, are required to be delivered to the Lenders and (ii) the date such financial statements are actually delivered. Notwithstanding
the foregoing, the requirements of this subsection (d) shall be terminated and no longer be applicable if for any Fiscal Year the Consolidated Leverage Ratio of the Borrower as of the last day
of such Fiscal Year is not greater than 2.5 to 1.0. 

        (e)  If,
on any date after Loans have been made hereunder, the Borrower or any other Loan Party shall receive any Extraordinary Deposit Receipts, the Borrower or such Loan
Party shall apply, on such date, the amount of such Extraordinary Deposit Receipts toward the prepayment of Revolving Credit Loans (without any permanent reduction of the Revolving Credit Commitments)
and the Term Loans as set forth in Section 2.12(g). 

        (f)    If
on the last day of any period of four full consecutive fiscal quarters of the Borrower ending on a Quarterly Date the Consolidated EBITDA of the Borrower for such
four full consecutive fiscal quarter period was equal to or greater than $275,000,000, the Borrower shall apply any amounts on deposit in the Project Liquidity Reserve Account on the Liquidity Reserve
Payment Date toward the prepayment of the Revolving Credit Loans (without any permanent reduction of Revolving Credit Commitments) and the Term Loans as set forth in Section 2.12(g). 

        (g)  Subject
to Section 2.18, amounts to be applied in connection with prepayments and/or Commitment reductions made pursuant to this Section 2.12 or
Section 7.2(i) shall be applied (i) in the case of Sections 2.12(a), 2.12(b) or 7.2(i), first, to the prepayment of Term Loans and
the permanent reduction of Revolving Credit Commitments pro rata based on the Total Revolving Credit Exposure and the Total Term Loan Exposure, and  second, to the Borrower or such other Person as shall
be lawfully entitled thereto, (ii) in the case of Sections 2.12(c)(ii), 2.12(c)(iv),
2.12(c)(vi) and 2.12(d), first, to the prepayment of the Term Loans, second, to reduce
permanently the Revolving Credit Commitments and, third, to the Borrower or such other Person as shall be lawfully entitled thereto and (iii) in
the case of Sections 2.12(c)(i), 2.12(c)(iii), 2.12(c)(v), 2.12(e) and 2.12(f), first, to the prepayment of Revolving Credit Loans (without any permanent reduction of Revolving Credit Commitments),
second, to the prepayment of Term Loans, and third, to the Borrower or such other Person as shall be lawfully entitled thereto (provided, that in the
case of subsections (i) and (ii) above, prior to the Completion Date, no such termination or reduction of Revolving Credit Commitments shall be permitted if, after giving effect thereto
and to any prepayments of the Revolving Credit Loans made on the effective date thereof, the Remaining Costs shall exceed the Available Funds or the Required Minimum Contingency shall exceed the
Unallocated Contingency Balance; provided, further, that, in such event, amounts allocable to the termination or reduction of Revolving Credit
Commitments that are not so applied due to the first proviso hereof shall nonetheless be applied to prepay Revolving Credit Loans (without any permanent reduction of Revolving Credit Commitments)).
Any reduction of the Revolving Credit Commitments in accordance with the foregoing shall be accompanied by prepayment of the Revolving Credit Loans and/or Swing Line Loans to the extent, if any, that
the Total Revolving Extensions of Credit exceed the amount of the Total Revolving Credit Commitments as so 

52

 

reduced, provided that if the aggregate principal amount of Revolving Credit Loans and Swing Line Loans then outstanding is less than the amount of the
Total Revolving Credit Commitments as so reduced (because L/C Obligations constitute a portion thereof), the Borrower shall, to the extent of the balance of such excess, replace outstanding Letters of
Credit and/or deposit an amount in immediately available funds in a cash collateral account established with the Administrative Agent for the benefit of the Secured Parties on terms and conditions
satisfactory to the Administrative Agent (and the Borrower hereby grants to the Administrative Agent, for the ratable benefit of the Secured Parties, a continuing first priority security interest
(subject to no other Liens other than Liens permitted pursuant to Section 7.3(k) in all amounts at any time on deposit in such cash collateral account to secure all L/C Obligations from time to
time outstanding and all other Obligations). If at any time the Administrative
Agent determines that any funds held in such cash collateral account are subject to any right or claim of any Person other than the Administrative Agent, the Secured Parties and as otherwise permitted
pursuant to Section 7.3(k) or that the total amount of such funds is less than the amount of such excess, the Borrower shall, forthwith upon demand by the Administrative Agent, pay to the
Administrative Agent, as additional funds to be deposited and held in such cash collateral account, an amount equal to the excess of (a) the amount of such excess over (b) the total
amount of funds, if any, then held in such cash collateral account that the Administrative Agent determines to be free and clear of any such right and claim. The application of any prepayment pursuant
to Section 2.11 and this Section 2.12 shall be made, first, to Base Rate Loans and,  second, to Eurodollar Loans. Each prepayment of the Loans
under Section 2.11 and this Section 2.12 (except in the case of Revolving Credit
Loans (unless the Revolving Credit Loans are being repaid in full and the Revolving Credit Commitments terminated) that are Base Rate Loans and Swing Line Loans) shall be accompanied by accrued
interest to the date of such prepayment to the applicable Lender on the amount prepaid. 

        2.13    Conversion and Continuation Options.    (a) The Borrower may elect from time to time to convert
Eurodollar Loans to Base Rate Loans by giving the Administrative Agent at least two Business Days' prior irrevocable notice of such election, provided
that any such conversion of Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. Other than with respect to Swing Line Loans which shall at all times be Base
Rate Loans, the Borrower may elect from time to time to convert Base Rate Loans to Eurodollar Loans by giving the Administrative Agent at least three Business Days' prior irrevocable notice of such
election (which notice shall specify the length of the initial Interest Period therefor), provided that no Base Rate Loan under a particular Facility
may be converted into a Eurodollar Loan (i) when any Event of Default has occurred and is continuing and the Administrative Agent or the Required Facility Lenders in respect of such Facility
have determined in its or their sole discretion not to permit such conversions or (ii) after the date that is one month prior to the final scheduled termination or maturity date of such
Facility. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 

        (b)  Any
Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower giving irrevocable notice to
the Administrative Agent, in accordance with the applicable provisions of the term "Interest Period" set forth in Section 1.1, of the length of the next Interest Period to be applicable to such
Loans, provided that no Eurodollar Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is
continuing and the Administrative Agent has or the Required Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations or
(ii) after the date that is one month prior to the final scheduled termination or maturity date of such Facility, and provided, further, that if
the Borrower shall fail to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically
converted to Base Rate Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 

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        2.14    Minimum Amounts and Maximum Number of Eurodollar Tranches.    Notwithstanding anything to the contrary in this
Agreement, all borrowings, conversions, continuations and optional prepayments of
Eurodollar Loans hereunder and all selections of Interest Periods hereunder shall be in such amounts and be made pursuant to such elections so that, (a) after giving effect thereto, the
aggregate principal amount of the Eurodollar Loans comprising each Eurodollar Tranche shall be equal to $5,000,000 or a whole multiple of $1,000,000 in excess thereof and (b) no more than ten
Eurodollar Tranches shall be outstanding at any one time. 

        2.15    Interest Rates and Payment Dates.    (a) Each Eurodollar Loan shall bear interest for each day during
each Interest Period with respect thereto at a rate per annum equal to the Eurodollar Rate determined for such day plus the Applicable Margin. 

        (b)  Each
Base Rate Loan shall bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin. 

        (c)  (i) If
all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by
acceleration or otherwise) or an Event of Default has otherwise occurred and is continuing, all outstanding Loans and Reimbursement Obligations (whether or not overdue) shall bear interest at a rate
per annum that is equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section  plus 2.0% or (y) in the case
of Reimbursement Obligations, the rate applicable to Base Rate Loans under the Revolving Credit Facility  plus 2.0%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement
Obligation or any commitment fee or other amount
payable hereunder (in accordance with Section 2.9 or otherwise) shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear
interest at a rate per annum equal to the rate then applicable to Base Rate Loans under the relevant Facility plus 2.0% (or, in the case of any such
other amounts that do not relate to a particular Facility, the rate then applicable to Base Rate Loans under the Revolving Credit Facility plus 2.0%),
in each case, with respect to subsections (i) and (ii) above, from the date of such non-payment until such amount is paid in full (after as well as before judgment) or so
long as such Event of Default is continuing. 

        (d)  Interest
shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to
paragraph (c) of this Section shall be payable from time to time on demand. 

        2.16    Computation of Interest and Fees.    (a) Interest, fees and commissions payable pursuant hereto shall
be calculated on the basis of a 360-day year for the actual days elapsed, except that, with respect to Base Rate Loans the rate of interest on which is calculated on the basis of the Prime
Rate, the interest thereon shall be calculated on the basis of a 365-day year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the
relevant Lenders of each determination of a Eurodollar Rate. Any change in the interest rate on a Loan resulting from a change in the Base Rate or the Eurocurrency Reserve Requirements shall become
effective as of the opening of business on the day on which such change becomes effective. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of the
effective date and the amount of each such change in interest rate. 

        (b)  Each
determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrower and the
Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver to the Borrower a statement showing the quotations, if any, used by the Administrative
Agent in determining any interest rate pursuant to Section 2.15(a). 

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        2.17    Inability to Determine Interest Rate.    If prior to the first day of any Interest Period: 

        (a)  the
Administrative Agent shall have determined (which determination shall be conclusive and binding upon the Borrower) that, by reason of circumstances affecting the
relevant market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Interest Period, or 

        (b)  the
Administrative Agent shall have received notice from the Applicable Facility Lenders in respect of the relevant Facility that the Eurodollar Rate determined or to be
determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively certified by such Lenders) of making or maintaining their affected Loans during
such Interest Period, 

the
Administrative Agent shall give telecopy or telephonic notice thereof to the Borrower and the relevant Lenders as soon as practicable thereafter. If such notice is given (x) any Eurodollar
Loans under the relevant Facility requested to be made on the first day of such Interest Period shall be made as Base Rate Loans, (y) any Loans under the relevant Facility that were to have
been converted on the first day of such Interest Period to Eurodollar Loans shall be continued as Base Rate Loans and (z) any outstanding Eurodollar Loans under the relevant Facility shall be
converted, on the last day of the then current Interest Period with respect thereto, to Base Rate Loans. Until such notice has been withdrawn by the Administrative Agent, no further Eurodollar Loans
under the relevant Facility shall be made or continued as such, nor shall the Borrower have the right to convert Loans under the relevant Facility to Eurodollar Loans. 

        2.18    Pro Rata Treatment and Payments.    (a) Each borrowing by the Borrower from the Lenders hereunder, each
payment by the Borrower on account of any commitment fee and any reduction of the Commitments of the Lenders shall be made pro rata according to the
respective Term Loan Percentages or Revolving Credit Percentages, as the case may be, of the relevant Lenders. Subject to Section 2.18(c), each payment (other than prepayments) in respect of
principal or interest in respect of the Loans, and each payment in respect of fees or expenses payable hereunder shall be applied to the amounts of such obligations owing to the Lenders  pro rata
according to the respective amounts then due and owing to the Lenders. The application of any mandatory prepayment pursuant to this
Section 2.18 shall be made, first, to Base Rate Loans and, second, to Eurodollar Loans. 

        (b)  Each
payment (including each prepayment) of Term Loans shall be allocated among the Term Loan Lenders holding such Term Loans pro
rata based on the principal amount of such Term Loans held by such Term Loan Lenders, and shall be applied to the installments of such Term Loans (provided that the final
payment of Term Loans on the Term Loan Termination Date shall be treated as an "installment" for purposes of this subsection (b)) (i) pro rata
based on the remaining outstanding principal amount of such installments in the case of mandatory prepayments required pursuant to Section 2.12(e) and (ii) in the inverse order of the
scheduled maturities of such installments in the case of all other mandatory prepayments. Amounts prepaid on account of the Term Loans may not be reborrowed. 

        (c)  Each
payment (including each prepayment) by the Borrower on account of principal of and interest on the Revolving Credit Loans shall be made pro
rata according to the respective outstanding principal amounts of the Revolving Credit Loans then held by the Revolving Credit Lenders. Each payment in respect of Reimbursement
Obligations in connection with any Letter of Credit shall be made to the Issuing Lender. 

55

  

        (d)  All
payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest, fees or otherwise, shall be made without setoff or
counterclaim and shall be made prior to 12:00 Noon, New York City time, on the due date thereof to the Administrative Agent, for the account of the Lenders, at the Payment Office, in Dollars and in
immediately available funds. The Administrative Agent shall distribute such payments to the Lenders promptly upon receipt in like funds as received. If any payment hereunder (other than payments on
the Eurodollar Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a Eurodollar Loan becomes due
and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into
another calendar month, in which event such payment shall be made on the immediately preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding two
sentences, interest thereon shall be payable at the then applicable rate during such extension. 

        (e)  Unless
the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such Lender will not make the amount that would constitute
its share of such borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the
Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent by the required time
on the Borrowing Date therefor, such Lender shall pay to the Administrative Agent, on demand, such amount with interest thereon at a rate equal to the daily average Federal Funds Effective Rate for
the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing
under this paragraph shall be conclusive in the absence of manifest error. If such Lender's share of such borrowing is not made available to the Administrative Agent by such Lender within three
Business Days of such Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to Base Rate Loans under the
relevant Facility, on demand, from the Borrower. 

        (f)    Unless
the Administrative Agent shall have been notified in writing by the Borrower prior to the date of any payment being made hereunder that the Borrower will not make
such payment to the Administrative Agent, the Administrative Agent may assume that the Borrower is making such payment, and the Administrative Agent may, but shall not be required to, in reliance upon
such assumption, make available to the Lenders their respective pro rata shares of a corresponding amount. If such payment is not made to the Administrative Agent by the Borrower within three Business
Days of such required date, the Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding sentence, such
amount with interest thereon at the rate per annum equal to the daily average Federal Funds Effective
Rate. Nothing herein shall be deemed to limit the rights of the Administrative Agent or any Lender against the Borrower. 

        2.19    Requirements of Law.    (a)  If the adoption of or any change in any Requirement of Law or in the
interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made
subsequent to the date hereof: 

          (i)  shall
subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Letter of Credit or any Eurodollar Loan made by it, or change the basis
of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by Section 2.20 and changes in the rate of tax on the overall net income of such
Lender); 

56

 

        (ii)  shall
impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or
for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender that is not otherwise included in the determination of the
Eurodollar Rate hereunder; or 

        (iii)  shall
impose on such Lender any other condition; 

and
the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar
Loans or issuing or participating in Letters of Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender, upon its
demand, any additional amounts necessary to compensate such Lender on an after-tax basis for such increased cost or reduced amount receivable. If any Lender becomes entitled to claim any
additional amounts pursuant to this Section, it shall promptly notify the Borrower in writing (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled, and
setting forth in such notice, in reasonable detail, the basis and calculation of such amounts. 

        (b)  If
any Lender shall have determined that the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application
thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental
Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under
or in respect of any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such
Lender's or such corporation's policies with
respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, after submission by such Lender to the Borrower (with a copy to the Administrative Agent) of a
written request therefor (which request shall set forth, in reasonable detail, the basis and calculation of the additional amounts sought), the Borrower shall pay to such Lender such additional amount
or amounts as set forth in the aforesaid notice; provided, that the Borrower shall not be required to compensate a Lender pursuant to this
subsection (b) for any amounts incurred more than six months prior to the date on which such Lender notified the Borrower of such Lender's intention to claim compensation therefor;  provided, further, that, if the circumstances giving rise to such claim have a retroactive effect, then such six-month period shall be
extended to include the period of such retroactive effect. 

        (c)  A
certificate as to any additional amounts payable pursuant to this Section submitted by any Lender to the Borrower (with a copy to the Administrative Agent) and setting
forth, in reasonable detail, the basis and calculation of such amounts shall be conclusive in the absence of manifest error. The obligations of the Borrower pursuant to this Section shall survive the
termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

        2.20    Taxes.    (a)  All payments made by the Borrower or any Guarantor under this Agreement or any
other Loan Document shall be made free and clear of, and without deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges,
fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, excluding net income taxes and franchise taxes (imposed in lieu of
net income taxes) imposed on any Arranger, any Agent, any Manager or any Lender as a result of a present or former connection between such Arranger, such Agent, such Manager or such Lender and the
jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing 

57

 

authority thereof or therein (other than any such connection arising solely from such Arranger's, such Agent's, such Manager's or such Lender's having executed, delivered or performed its obligations
or received a payment under, or enforced, this Agreement or any other Loan Document). If any such non-excluded taxes, levies, imposts, duties, charges, fees, deductions or withholdings
("Non-Excluded Taxes") are required to be withheld from any amounts payable to any Arranger, any Agent, any Manager or any Lender hereunder,
the amounts so payable to such Arranger, such Agent, such Manager or such Lender shall be increased to the extent necessary to yield to such Arranger, such Agent, such Manager or such Lender (after
payment of all Non-Excluded Taxes) interest or any such other amounts that would have been received hereunder or under any other Loan Document had such withholding not been required;  provided, however,
that the Borrower or a Guarantor shall not be required to increase any such amounts payable to any Arranger, any Agent, any Manager
or any Lender with respect to any Non-Excluded Taxes (i) that are attributable to such Arranger's, such Agent's, such Manager's or such Lender's failure to comply with the
requirements of subsection (f) or (g) of this Section 2.20, or (ii) that are United States withholding taxes imposed on amounts payable to such Arranger, such Agent, such Manager
or such Lender at the time such Arranger, such Agent, such Manager or such Lender becomes a party to this Agreement, except to the extent that such Arranger's, such Agent's, such Manager's or such
Lender's assignor (if any) was entitled, at the time of assignment, to receive additional amounts from the Borrower or a Guarantor with respect to such Non-Excluded Taxes pursuant to this
Section 2.20(a). The Borrower or the applicable Guarantor shall make any such required withholding and pay the full amount withheld to the relevant tax authority or other Governmental Authority
in accordance with applicable Requirements of Law. 

        (b)  If
any Arranger, Agent, Manager or Lender, as applicable, receives a refund of a tax for which a payment has been made by the Borrower or any Guarantor pursuant to this
Section 2.20, which refund in the good faith judgment of such Arranger, Agent, Manager or Lender, as the case may be, is attributable to such payment made by the Borrower or such Guarantor,
then such Arranger, Agent, Manager or Lender, as the case may be, shall reimburse the Borrower or such Guarantor for such amount as such Arranger, Agent, Manager or Lender, as the case may be,
determines in good faith to be the proportion of the refund as will leave it, after such reimbursement, in the same position it would have been in if the payment of such tax and any payment by the
Borrower or such Guarantor under this Section 2.20 had not been made. Subject to this Section 2.20(b), upon the reasonable request of the Borrower or a Guarantor, the Lender or the
Administrative Agent, as applicable, shall at its sole discretion, exercised in good faith, use reasonable efforts to cooperate with the Borrower or a Guarantor with a view to obtaining a refund of
any Non-Excluded Taxes with respect to which the Borrower or a Guarantor has paid any amounts pursuant to Section 2.20 and which the Borrower or a Guarantor, on advice of counsel,
reasonably believes were not correctly or legally asserted by the relevant Governmental Authority. 

        (c)  Subject
to subsection (f) below, the Borrower shall indemnify each Arranger, each Agent, each Manager and any Lender for the full amount of
Non-Excluded Taxes to the extent payable but not paid by the Borrower or any Guarantor pursuant to Section 2.20(a) and paid by such Arranger, Agent, Manager or Lender or any of
their respective Affiliates (including, without limitation, any Non-Excluded Taxes imposed by any Governmental Authority on amounts payable under Section 2.20(a) or this
Section 2.20(c) and any penalties, additions to tax interest and related expenses attributable to such Non-Excluded Taxes). Payment under this indemnification shall be made within
ten (10) Business Days from the date any Arranger, any Agent, any Manager or any Lender or any of their respective Affiliates makes written demand therefor, which demand shall set forth in
reasonable detail the basis and calculation of the amounts demanded. Any Lender (or Transferee) claiming any indemnity payment or additional amounts payable pursuant to Section 2.20(a) shall
use reasonable efforts (consistent with legal and regulatory restrictions) to file any certificate or document reasonably requested in writing by the Borrower or a Guarantor if the 

58

 

making of such a filing would avoid the need for or reduce the amount of any such indemnity payment or additional amounts that may thereafter accrue. 

        (d)  Whenever
any Non-Excluded Taxes are payable by the Borrower or a Guarantor, as promptly as possible thereafter the Borrower or such Guarantor shall send to
the Administrative Agent for the account of the relevant Arranger, Agent, Manager or Lender, as the case may be, a certified copy of an original official receipt received by the Borrower or such
Guarantor showing payment thereof. 

        (e)  The
agreements in this Section 2.20 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

        (f)    Each
Lender (or Transferee) that is not a U.S. Person (as defined in Section 7701(a)(3) of the Code) (a "Non-U.S.
Lender") shall deliver to the Borrower and the Administrative Agent (and, in the case of a Participant, to the Lender from which the related participation shall have been
purchased) two duly completed copies of either U.S. Internal Revenue Service Form W-8BEN or Form W-8ECI, or, in the case of a Non-U.S. Lender claiming
exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of "portfolio interest," a Form W-8BEN and a statement
substantially in the form of Exhibit I hereto to the effect that such Non-U.S. Lender is eligible for a complete exemption from withholding of U.S. taxes under Section 871(h)
or 881(c) of the Code, or any subsequent versions of any of the foregoing or successors thereto, properly completed and duly executed by such Non-U.S. Lender claiming complete exemption
from, or a reduced rate of, U.S. federal withholding tax on all payments by the Borrower or any Guarantor under this Agreement and the other Loan Documents. Such forms shall be delivered by each
Non-U.S. Lender on or before the date it becomes a party to this Agreement (or, in the case of any Participant, on or before the date such Participant purchases the related participation)
and on or before the date of the first payment to it following the date, if any, such Non-U.S. Lender changes its applicable lending office pursuant to Section 2.23 hereof. In
addition, each Non-U.S. Lender shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Non-U.S. Lender. Each
Non-U.S. Lender shall promptly notify the Borrower at any time it determines that it is no longer in a position to provide any previously delivered certificate to the Borrower (or any
other form of certification adopted by the U.S. taxing authorities for such purpose). If a Non-U.S. Lender is unable to deliver any form pursuant to this Section 2.20(f), such
Non-U.S. Lender shall be entitled to neither relief from withholding nor indemnity hereunder with respect to Non-Excluded Taxes for the period that would have been covered by
such form, unless (i) such Non-U.S. Lender's inability to deliver such form resulted from a change in law after the date on which such Lender became a Lender hereunder or as a
result of a change in the circumstances of the Borrower or any Guarantor or the use of proceeds of such Non-U.S. Lender's loans or (ii) such Non-U.S. Lender's assignor
(if any) was entitled, at the time of assignment, to the indemnity afforded hereunder. Notwithstanding any other provision of this paragraph, a Non-U.S. Lender shall not be required to
deliver any form pursuant to this paragraph that such Non-U.S. Lender is not legally able to deliver. 

        (g)  Each
Arranger, Agent, Manager and Lender that is entitled to an exemption from non-U.S. withholding taxes under the law of the jurisdiction in which the
Borrower or a Guarantor is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement or any other Loan Document shall deliver to the Borrower and the
relevant Guarantor(s), as applicable (with a copy to the Administrative Agent), at the time or times prescribed by applicable Requirements of Law or reasonably requested by the Borrower or such
Guarantor(s), such properly completed and executed documentation prescribed by applicable Requirements of Law as will permit such payments to be made without withholding;  provided, that such Arranger,
Agent, Manager or Lender is legally entitled to complete, execute and deliver such 

59

 

documentation and in such Person's judgment such completion, execution or submission would not materially prejudice the legal position of such Person. 

        (h)  The
Borrower and each Guarantor shall pay all Non-Excluded Taxes to the relevant Governmental Authority in accordance with applicable Requirements of Law. 

        2.21    Indemnity.    The Borrower agrees to indemnify each Lender and to hold each Lender harmless from any loss or
expense that such Lender may sustain or incur as a consequence of (a) default by the Borrower in making a borrowing of, conversion into or continuation of Eurodollar Loans after the Borrower
has given a notice requesting the same in accordance with the provisions of this Agreement (whether as a result of a Stop Funding Notice or otherwise), (b) default by the Borrower in making any
prepayment after the Borrower has given a notice thereof in accordance with the provisions of this Agreement or (c) the making of a prepayment or conversion of Eurodollar Loans on a day that is
not the last day of an Interest Period with respect thereto. Such indemnification may include an amount equal to the excess, if any, of (i) the amount of interest that would have accrued on the
amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period
(or, in the case of a failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans
provided for herein (excluding, however, the Applicable Margin included therein, if any) over (ii) the amount of interest (as reasonably
determined by such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the interbank eurodollar market. A
certificate as to any amounts payable pursuant to this Section submitted to the Borrower by any Lender shall be conclusive in the absence of manifest error. This covenant shall survive the termination
of this Agreement and the payment of the Loans and Letters of Credit and all other amounts payable hereunder. 

        2.22    Illegality.    Notwithstanding any other provision herein, if the adoption of or any change in any Requirement
of Law or in the interpretation or application thereof shall make it unlawful for any Lender to make or maintain Eurodollar Loans as contemplated by this Agreement, then (a) the commitment of
such Lender hereunder to make Eurodollar Loans, continue Eurodollar Loans as such and convert Base Rate Loans to Eurodollar Loans shall forthwith be canceled and (b) such Lender's Loans then
outstanding as Eurodollar Loans, if any, shall be converted automatically to Base Rate Loans on the respective last days of the then current Interest Periods with respect to such Loans or within such
earlier period as required by law. If any such conversion of a Eurodollar Loan occurs on a day which is not the last day of the then current Interest Period with respect thereto, the Borrower shall
pay to such Lender such amounts, if any, as may be required pursuant to Section 2.21. 

        2.23    Change of Lending Office.    Each Lender agrees that, upon the occurrence of any event giving rise to the
operation of Section 2.19, 2.20 or 2.22 with respect to such Lender, it will, if requested by the Borrower or a Guarantor, use reasonable efforts (subject to overall policy considerations of
such Lender) to designate another lending office for any Loans affected by such event with the object of avoiding the consequences of such event;  provided, that such designation is made on terms that,
in the sole judgment of such Lender, cause such Lender and its lending office(s) to suffer no
economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations or
rights of any Borrower or Lender pursuant to Section 2.19, 2.20 or 2.22. 

        2.24    Insurance Proceeds and Eminent Domain Proceeds.    (a)  This Section 2.24 shall apply to
all Insurance Proceeds and all Eminent Domain Proceeds received by any Loan Party after the Final Completion Date. Any such Insurance Proceeds or Eminent Domain Proceeds (other than those described in
subsection (b) below and those that the Administrative Agent is required to deliver to the FF&E Agent pursuant to the FF&E Intercreditor Agreement) shall be applied to the prepayment of 

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the Obligations of the Borrower in accordance with Sections 2.12 and 2.18, unless, subject to Section 2.24(h) in the case of Eminent Domain Proceeds with respect to the Phase II
Land, each of the following conditions are satisfied or waived by the Majority Initial Arrangers (and the Required Lenders, as applicable) as required pursuant to Section 2.24(c) or 2.24(d),
within 30 Business Days (or, in the case of Insurance Proceeds or Eminent Domain Proceeds described in Section 2.24(d), 60 Business Days) after any Loan Party's receipt of such Insurance
Proceeds or Eminent Domain Proceeds, in which event such amounts shall be applied to the repair or restoration of the Project in accordance with the terms of such Sections: 

          (i)  such
damage or destruction or Event of Eminent Domain does not constitute the destruction of all or substantially all of the man-made portion of the
Project; 

        (ii)  neither
a Default nor an Event of Default has occurred and is continuing (other than a Default or an Event of Default resulting solely from such damage or destruction
or Event of Eminent Domain) and after giving effect to any proposed repair and restoration, no Default or Event of Default will result from such damage or destruction or proposed repair and
restoration or Event of Eminent Domain; 

        (iii)  the
Borrower and the Construction Consultant certify, and the Majority Initial Arrangers (with, if applicable, the consent of the Required Lenders) determine in their
reasonable judgment, that repair or restoration of the Project to a condition substantially similar to the condition of the Project immediately prior to the event or events to which the relevant
Insurance Proceeds or Eminent Domain Proceeds, as the case may be relate, is technically and economically feasible within a twelve-month period and that a sufficient amount of funds is or will be
available to the relevant Loan Party to make such repairs and restorations; 

        (iv)  the
Borrower delivers to the Administrative Agent a plan describing in reasonable detail the nature of the repairs or restoration to be effected and the anticipated
costs and schedule associated therewith (the "Repair Plan"), in form and substance reasonably satisfactory to the Majority Initial Arrangers (and, if
applicable, the Required Lenders); 

        (v)  the
Borrower certifies, and the Majority Initial Arrangers (with, if applicable, the consent of the Required Lenders) determine in their reasonable judgment, that a
sufficient amount of funds is or will be available to the Borrower to make all payments on Indebtedness which will become due during and following the repair period and, in any event, to maintain
compliance with the covenants set forth in Section 7.1 during such repair period; 

        (vi)  no
Permit is necessary to proceed with the repair and restoration of the Project and no material amendment to the Project Documents, or, except with the consent of the
Required Lenders, this
Agreement or any of the Loan Document, and no other instrument is necessary for the purpose of effecting the repairs or restoration of the Project or subjecting the repairs or restoration to the Liens
of the applicable Security Documents and maintaining the priority of such Liens or, if any of the above is necessary, the Borrower and/or the appropriate Loan Party will be able to obtain the same as
and when required; 

      (vii)  the
Majority Initial Arrangers shall receive such additional title insurance, title insurance endorsements, mechanic's lien waivers, certificates, opinions or other
matters as they may reasonably request (or, if applicable, as the Required Lenders may request) as necessary or appropriate in connection with such repairs or restoration of the Project or to preserve
or protect the Lenders' interests hereunder and in the applicable Collateral; and 

      (viii)  the
proposed repair or restoration is permitted by each of the other Financing Agreements. 

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        (b)  If
there shall occur any damage, destruction or Event of Eminent Domain of or with respect to the Project with respect to which Insurance Proceeds and/or Eminent Domain
Proceeds received by the relevant Loan Party(ies) for any single loss or series of related losses not in excess of $15,000,000 are payable, such Insurance Proceeds and/or Eminent Domain Proceeds shall
be held by the Administrative Agent in a Funding Account and released by the Administrative Agent to the relevant Loan Party(ies) in amounts from time to time necessary to make payments for work
undertaken towards repair, restoration or reconstruction necessitated by such event(s), upon presentation of documentation reasonably satisfactory to the Administrative Agent supporting such requested
payments. 

        (c)  Provided
that the conditions set forth in subsection (a) above have been waived by the Majority Initial Arrangers, or have been acknowledged by such Persons as
having been satisfied, which acknowledgement shall not be unreasonably withheld, delayed or conditioned, if there shall occur any damage, destruction or Event of Eminent Domain of or with respect to
the Project with respect to which Insurance Proceeds and/or Eminent Domain Proceeds received by the relevant Loan Party(ies) for any single loss or series of related losses in excess of $15,000,000,
but not in excess of $30,000,000, are payable, such Insurance Proceeds and/or Eminent Domain Proceeds received by relevant Loan Party(ies) shall be held by the Administrative Agent in a Funding
Account and released by the Administrative Agent to relevant Loan Party(ies) in accordance with subsection (e) below. 

        (d)  Provided
that the conditions set forth in subsection (a) above have been waived by the Majority Initial Arrangers and the Required Lenders, or have been
acknowledged by such Persons as having been satisfied, which acknowledgement shall not be unreasonably withheld, delayed or conditioned, if there shall occur any damage, destruction or Event of
Eminent Domain of or with respect to the Project with respect to which Insurance Proceeds and/or Eminent Domain Proceeds received by the relevant Loan Party(ies) for any single loss or series of
related losses in excess of $30,000,000 are payable, such Insurance Proceeds and/or Eminent Domain Proceeds shall be held by the Administrative Agent in a Funding Account and released by the
Administrative Agent to the relevant Loan Party(ies) in accordance with subsection (e) below. 

        (e)  Except
as provided in Section 2.24(b), amounts which are to be applied to repair or restoration of the Project pursuant to this Section 2.24 shall be
disbursed by the Administrative Agent from the applicable Funding Account in accordance with the procedures set forth in this Section 2.24(e). From time to time the Administrative Agent's
authorization of release of Insurance Proceeds and/or Eminent Domain Proceeds for application toward such repairs or restoration shall be conditioned upon the relevant Loan Party's delivery to the
Administrative Agent of (i) a certificate from the Borrower (I) describing in reasonable detail the nature of the repairs or restoration to be effected with such release and certifying
that such repairs or restoration are materially consistent with, and shall be undertaken in accordance with, the Repair Plan, (II) stating the cost of such repairs or restoration,
which shall be no less than the amount of Insurance Proceeds and/or Eminent Domain Proceeds requested in such release, and that such requested release amount will be applied to the cost thereof,
(III) stating that the aggregate amount requested in respect of such repairs or restoration (when added to any other Insurance Proceeds and/or Eminent Domain Proceeds received by the relevant
Loan Party(ies) or otherwise made available to the Project in respect of such damage or destruction or Event of Eminent Domain) does not exceed the cost of such repairs or restoration and that a
sufficient amount of funds is or will be available to the relevant Loan Party(ies) to complete such repair or restoration, and (IV) stating that neither a Default nor an Event of Default has
occurred and is continuing other than a Default or an Event of Default resulting solely from such damage, destruction or Event of Eminent Domain
(provided, that in any event no Default or Event of Default under Sections 7.1 or 8(a) shall have occurred and be continuing), (ii) such
documents, certificates and 

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information of the type described in Section 2.24(a)(vii) as the Majority Initial Arrangers may reasonably request and (iii) in the event such repairs or restorations relate to
damage, destruction or Event of Eminent Domain of the type described in Section 2.24(d), all other documents, certificates and information with respect to such Insurance Proceeds, Eminent
Domain Proceeds, repair and/or restoration as the Majority Initial Arrangers may reasonably request as necessary or appropriate in connection with such repairs or restoration of the Project or to
preserve or protect the Lenders' interests hereunder and in the applicable Collateral. 

        (f)    If,
after Insurance Proceeds and/or Eminent Domain Proceeds have been applied to the repair or restoration of the Project as provided in this Section 2.24, any
excess Insurance Proceeds and/or Eminent Domain Proceeds shall be applied to the prepayment of the Obligations of the Borrower in accordance with Section 2.12. 

        (g)  If
an Event of Default shall have occurred and be continuing (other than a Default or an Event of Default resulting solely from the damage or destruction or Event of
Eminent Domain giving rise to the receipt of such Insurance Proceeds or Eminent Domain Proceeds (but in any event including any Default or Event of Default under Sections 7.1 or 8(a))), then any
provisions of this Section 2.24 to the contrary notwithstanding, any Insurance Proceeds or Eminent Domain Proceeds may be applied by the Administrative Agent (i) to curing such Event of
Default, and any Insurance Proceeds or Eminent Domain Proceeds remaining thereafter shall be applied as provided in this Section 2.24 or (ii) if such Event of Default cannot be cured,
toward payment of all other Obligations of the Borrower, in connection with exercise of the Lenders' remedies pursuant to Section 8. 

        (h)  Notwithstanding
anything to the contrary contained in this Section 2.24, all Eminent Domain Proceeds received by any Loan Party with respect to the Phase II Land
(including, without limitation, the Phase II Land Building) shall be applied to the prepayment of Obligations of the Borrower in accordance with Sections 2.12 and 2.18. 

 
 

SECTION 3. LETTERS OF CREDIT    
  

        3.1    L/C Commitment.    (a)  Subject to the terms and conditions hereof, the Issuing Lender, in reliance
on the agreements of the other Revolving Credit Lenders set forth in Section 3.4(a), agrees to issue standby and commercial letters of credit ("Letters of
Credit") for the account of the Borrower on any Business Day during the Letter of Credit Commitment Period (provided, that until
the Total Term Loan Extensions of Credit equals the Total Term Loan Commitments, Letters of Credit shall not be available to the Borrower hereunder) in such form as may be approved from time to time
by the Issuing Lender; provided that the Issuing Lender shall have no obligation to issue any Letter of Credit if, after giving effect to such issuance,
(i) the L/C Obligations would exceed the L/C Commitment, (ii) the aggregate amount of the Available Revolving Credit Commitments would be less than zero, (iii) if such issuance is
prior to the Debt Service Availability Date, the Total Revolving Extensions of Credit would exceed an amount equal to the difference between (x) the Total Revolving Credit Commitments at such
time and (y) [36,800,000] or (iv) if such issuance is during the Additional Completion Period, the Total Revolving Extensions of Credit would exceed an amount
equal to the difference between (x) the Total Revolving Credit Commitments at such time and (y) $3,000,000. Each Letter of Credit shall (i) be denominated in Dollars and
(ii) expire no later than the earlier of (x) the date which is one year after the date of issuance and (y) the date which is five Business Days prior to the Scheduled Revolving
Credit Termination Date, provided that any Letter of Credit may provide for the extension of the expiry date thereof for additional one-year
periods (which shall in no event extend beyond the date referred to in subsection (y) above). 

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        (b)  The
Issuing Lender shall not at any time be obligated to issue any Letter of Credit hereunder if such issuance would conflict with, or cause the Issuing Lender or any
L/C Participant to exceed any limits imposed by, any applicable Requirement of Law. 

        3.2    Procedure for Issuance of Letter of Credit.    (a)  Prior to the Completion Date, and, to the
extent the Letter of Credit is being utilized in furtherance of the payment or support for Project Costs, after the Completion Date but prior to the Final Completion Date, the Borrower may request
that the Issuing Lender issue a Letter of Credit by delivering to the Issuing Lender and the Disbursement Agent, in each case in accordance with and pursuant to the terms of Section 2.4 of the
Disbursement Agreement such Notice of Advance Requests in the form, at the times and as required under the Disbursement Agreement. Notwithstanding any provisions of the Disbursement Agreement to the
contrary, such Notice of Advance Requests and the related Advance Confirmation Notices from the Disbursement Agent in accordance with the provisions of Section 2.4 of the Disbursement Agreement
must be received by the Issuing Lender at least 3 Business Days (or such shorter period agreed to by the Issuing Lender) prior to the proposed date of issuance (in addition to such other documents,
certificates, documents and papers as the Issuing Lender may request) and must contain all the information relevant to the proposed Letter of Credit issuance as set forth in a Letter of Credit
Request. 

        (b)  On
or after the Completion Date, the Borrower may request that the Issuing Lender issue a Letter of Credit by delivering to the Issuing Lender and the Administrative
Agent, at least 3 Business Days (or such shorter period agreed to by the Issuing Lender) prior to the proposed date of issuance (such proposed date to be a Business Day), a Letter of Credit Request
accompanied by such other documents, certificates, documents and papers as the Issuing Lender may request. Letter of Credit Requests may be delivered by facsimile transmission. 

Promptly
after the issuance or amendment of a Letter of Credit (in any event upon satisfaction or waiver of the conditions precedent set forth in Section 5.2 or 5.3, as the case may be), the
Issuing Lender shall notify the Borrower and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or amendment. Upon
receipt of such notice, the Administrative Agent shall promptly notify the Revolving Credit Lenders, in writing of such issuance or amendment and if so requested by any such Lender the Administrative
Agent shall furnish such Lender with a copy of such issuance or amendment. Notwithstanding the foregoing, the Issuing Lender shall not be obligated to make any Letters of Credit available to the
Borrower at a time when a Lender Default exists unless the Issuing Lender has entered into arrangements satisfactory to it to eliminate the Issuing Lender's risk with respect to the Defaulting
Lender's or Lenders' participation in such Letters of Credit. 

        3.3    Fees and Other Charges.    (a)  The Borrower shall pay a fee on the aggregate drawable amount of
each outstanding Letter of Credit at a per annum rate equal to the Applicable Margin then in effect with respect to Eurodollar Loans under the Revolving Credit Facility, shared ratably among the
Revolving Credit Lenders and payable quarterly in arrears on each L/C Fee Payment Date after the issuance date of such Letter of Credit; provided,
however, that any such fee accrued with respect to any Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time
shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender except to the extent that such fee shall otherwise have been due and payable by such Borrower prior to such
time; and provided further that no such fee shall accrue for the benefit of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. In addition, the Borrower shall pay to the Issuing
Lender for its own account a fronting fee equal to 1/4 of 1% per annum on the aggregate drawable amount of each outstanding Letter of Credit (but in any event not less than $500.00 per
annum per Letter of Credit), payable quarterly in arrears on each L/C Fee Payment Date after the issuance date of such Letter of Credit. 

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        (b)  In
addition to the foregoing fees, the Borrower shall pay or reimburse the Issuing Lender for such normal and customary costs and expenses as are incurred or charged by
the Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit. 

        3.4    L/C Participations.    (a)  The Issuing Lender irrevocably agrees to grant and hereby grants to
each L/C Participant, and, to induce the Issuing Lender to issue Letters of Credit hereunder, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the
Issuing Lender, on the terms and conditions hereinafter stated, for such L/C Participant's own account
and risk an undivided interest equal to such L/C Participant's Revolving Credit Percentage in the Issuing Lender's obligations and rights under each Letter of Credit issued hereunder and the amount of
each draft paid by the Issuing Lender thereunder. Each L/C Participant unconditionally and irrevocably agrees with the Issuing Lender that, if a draft is paid under any Letter of Credit for which the
Issuing Lender is not reimbursed in full by the Borrower in accordance with the terms of this Agreement, such L/C Participant shall pay to the Issuing Lender, regardless of the occurrence or
continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Section 5, upon demand, at the Issuing Lender's address for notices specified
herein an amount equal to such L/C Participant's Revolving Credit Percentage of the amount of such draft, or any part thereof, that is not so reimbursed. Each L/C Participant acknowledges and agrees
that its obligation to acquire participations and make payments pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance
whatsoever, including any amendment, renewal or extension of any Letter of Credit, the occurrence and continuance of a Default or Event of Default, the reduction or termination of the Commitments, any
adverse change in the condition (financial or otherwise) of the Borrower or any other Person or any breach of this Agreement or any other Loan Document by the Borrower or any other Person (including,
without limitation, any other Revolving Credit Lender), and each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 

        (b)  If
any amount required to be paid by any L/C Participant to the Issuing Lender pursuant to Section 3.4(a) in respect of any unreimbursed portion of any payment
made by the Issuing Lender under any Letter of Credit is paid to the Issuing Lender within three Business Days after the date such payment is due, such L/C Participant shall pay to the Issuing Lender
on demand an amount equal to the product of (i) such amount, times (ii) the daily average Federal Funds Effective Rate during the period from and including the date such payment is
required to the date on which such payment is immediately available to the Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and
the denominator of which is 360. If any such amount required to be paid by any L/C Participant pursuant to Section 3.4(a) is not made available to the Issuing Lender by such L/C Participant
within three Business Days after the date such payment is due, the Issuing Lender shall be entitled to recover from such L/C Participant, on demand, such amount with interest thereon calculated from
such due date at the rate per annum applicable to Base Rate Loans under the Revolving Credit Facility. A certificate of the Issuing Lender submitted to any L/C Participant with respect to any amounts
owing under this Section shall be conclusive in the absence of manifest error. 

        (c)  Whenever,
at any time after the Issuing Lender has made payment under any Letter of Credit and has received from any L/C Participant its pro rata  share of such payment in accordance with Section 3.4(a), the
Issuing Lender receives any payment related to such Letter of Credit (whether directly from the Borrower or
otherwise, including proceeds of collateral applied thereto by the Issuing Lender), or any payment of interest on account thereof, the Issuing Lender will distribute to such L/C Participant its  pro rata share thereof; provided, however, that in the event that any such payment received by the
Issuing Lender shall be required to be returned by the 

65

 

Issuing Lender, such L/C Participant shall return to the Issuing Lender the portion thereof previously distributed by the Issuing Lender to it. 

        3.5    Reimbursement Obligation of the Borrower.    The Borrower agrees to reimburse the Issuing Lender on each date
on which the Issuing Lender notifies the Borrower and the Administrative Agent of the date and amount of a draft presented under any Letter of Credit and paid by the Issuing Lender for the amount of
(a) such draft so paid and (b) any taxes, fees, charges or other costs or expenses incurred by the Issuing Lender in connection with such payment (the amounts described in the foregoing
subsections (a) and (b) in respect of any drawing, collectively, the "Payment Amount"). Each such payment shall be made to the
Administrative Agent at the Payment Office, for the account of the Issuing Lender, in Dollars and in immediately available funds. The Administrative Agent shall distribute such payments to the Issuing
Lender promptly upon receipt at its address for notices specified herein in like funds as received. Interest shall be payable on each Payment Amount from the date of the applicable drawing until
payment in full at the rate set forth in (i) until the second Business Day following the date of the applicable drawing, Section 2.15(b) and (ii) thereafter,
Section 2.15(c). Each drawing under any Letter of Credit shall (unless an event of the type described in subsection (i) or (ii) of Section 8(f) shall have occurred and be
continuing with respect to the Borrower, in which case the procedures specified in Section 3.4 for funding by L/C Participants shall apply) constitute a request by the Borrower to the
Administrative Agent for a borrowing pursuant to Section 2.5 of Base Rate Loans (or, at the option of the Administrative Agent and the Swing Line Lender in their sole discretion, a borrowing
pursuant to Section 2.7 of Swing Line Loans) in the amount of such drawing. The Borrowing Date with respect to such borrowing shall be the first date on which a borrowing of Revolving Credit
Loans (or, if applicable, Swing Line Loans) could be made, pursuant to Section 2.5 (or, if applicable, Section 2.7), if the Administrative Agent had received a notice of such borrowing
at the time of such drawing under such Letter of Credit. 

        3.6    Obligations Absolute.    The Borrower's obligations under this Section 3 shall be absolute and
unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that the Borrower may have or have had against the Issuing Lender, any beneficiary of a
Letter of Credit or any other Person. The Borrower also agrees with the Issuing Lender that the Issuing Lender shall not be responsible for, and the Borrower's Reimbursement Obligations under
Section 3.5 shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid,
fraudulent or forged, or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims
whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee. The Issuing Lender shall not be liable for any error, omission, interruption or delay in
transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit. The Borrower agrees that any action taken or omitted by the Issuing Lender
under or in connection with any Letter of Credit or the related drafts or documents, if done in accordance with the standards or care specified in the UCC of the State of New York, shall be binding on
the Borrower and shall not result in any liability of the Issuing Lender to the Borrower. 

        3.7    Letter of Credit Payments.    If any draft or other form of demand shall be presented for payment under any
Letter of Credit, the Issuing Lender shall promptly notify the Borrower of the date and amount thereof. The responsibility of the Issuing Lender to the Borrower in connection with any draft presented
for payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft)
delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such Letter of Credit. 

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SECTION 4. REPRESENTATIONS AND WARRANTIES    
  

        To induce the Arrangers, the Agents, the Managers and the Lenders to enter into this Agreement and to make the Loans and issue or participate in the Letters of
Credit, the Borrower hereby represents and warrants to each Arranger, each Agent, each Manager and each Lender that, on the Closing Date (except with respect to Sections 4.25(h), 4.26, 4.27 and 4.28),
on each Borrowing Date for Revolving Loans on or after the Completion Date and on the date of issuance or amendment of each Letter of Credit on or after the Completion Date, the following statements
are true, correct and complete, it being understood that such representations and warranties are being made solely as of the Closing Date and as a condition to the making of Revolving Loans on or
after the Completion Date, the making of Swing Line Loans and the issuance or amendment of Letters of Credit on or after the Completion Date and shall not be made or be a condition to the funding of
any Loans or the issuance or amendment of any Letters of Credit prior to the Completion Date: 

        4.1    Financial Condition.    

        The
restated audited consolidated and consolidating balance sheets of Valvino and its consolidated Subsidiaries as at December 31, 2000 and December 31, 2001, and the
related consolidated and consolidating statements of income and of cash flows for the Fiscal Years ended on such dates, reported on by and accompanied by an unqualified report from Deloitte &
Touche LLP, present fairly in all material respects the consolidated and consolidating financial condition of Valvino and its consolidated Subsidiaries as at such date, and the consolidated and
consolidating results of its operations and its consolidated and consolidating cash flows for the respective Fiscal Years then ended. The unaudited consolidated and consolidating balance sheets of
Valvino and its consolidated Subsidiaries as at June 30, 2002, and the related unaudited consolidated and consolidating statements of income and cash flows for the 6-month period
ended on such date, present fairly in all material respects the consolidated and consolidating financial condition of Valvino and its consolidated Subsidiaries as at such date, and the consolidated
and consolidating results of its operations and its consolidated and consolidating cash flows for the 6-month period then ended (subject to normal year-end audit adjustments).
All such financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved (except as approved by
the aforementioned firm of accountants and disclosed therein). Valvino and its Subsidiaries do not have any material Guarantee Obligations, contingent liabilities and liabilities for taxes, or any
long-term leases or unusual forward or long-term commitments, including, without limitation, any interest rate or foreign currency swap or exchange transaction or other
obligation in respect of derivatives, that are not reflected in the most recent financial statements referred to in this paragraph or that have not otherwise been disclosed to the Administrative Agent
in writing. During the period from January 1, 2002 to and including the Closing Date there has been no Disposition by Valvino or any of its Subsidiaries of any material part of its business or
Property. 

        4.2    No Change.    Since December 31, 2001, there has been no development or event that has had or could
reasonably be expected to have a Material Adverse Effect. 

        4.3    Corporate/LLC Existence; Compliance with Law.    Each of the Loan Parties and the Completion Guarantor
(a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has the corporate or limited liability company power and
authority, and the legal right, to own and operate its Property, to lease the Property it operates as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified
as a foreign corporation or limited liability company and in good standing under the laws of each jurisdiction where its ownership, lease or operation of Property or the conduct of its business
requires such qualification, except to the extent the failure to be so qualified or in good standing could not reasonably be expected to have a Material Adverse Effect and (d) is in compliance
with all Requirements of Law except to the extent 

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that the failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

        4.4    Corporate Power; Authorization; Enforceable Obligations.    Each Loan Party and the Completion Guarantor has
the corporate or limited liability company power, as the case may be, and authority, and the legal right, to make, deliver and perform the Loan Documents and the other Operative Documents to which it
is a party and to carry out the transactions contemplated thereby and, in the case of the Borrower, to borrow hereunder. Each Loan Party and the Completion Guarantor has taken all necessary corporate
or limited liability company action, as the case may be, to authorize the execution, delivery and performance of the Loan Documents and the other Operative Documents to which it is a party and, in the
case of the Borrower and Capital Corp., to authorize the borrowings and issuances of Indebtedness on the terms and conditions of this Agreement and the other Operative Documents. No consent or
authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any Person (other than a Loan Party) is required in connection with the borrowings hereunder or
with the execution, delivery, performance, validity or enforceability of this Agreement, any of the Loan Documents or any of the other Operative Documents, except (i) consents, authorizations,
filings and notices described in Schedule 4.4, which consents, authorizations, filings and notices have, unless otherwise indicated on  Schedule 4.4, been obtained or made and are in full force and effect and (ii) the filings referred to in Section 4.19. Each Loan
Document and other Operative Document has been duly executed and delivered on behalf of the Completion Guarantor and each Loan Party party thereto. This Agreement constitutes, and each other Loan
Document, Project Document and Operative Document upon execution will constitute, a legal, valid and binding obligation of the Completion Guarantor and each Loan Party party thereto, enforceable
against the Completion Guarantor and each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

        4.5    No Legal Bar.    The execution, delivery and performance of this Agreement, the other Loan Documents and the
other Operative Documents, the issuance of Letters of Credit, the borrowings hereunder and the use of the proceeds thereof will not violate any Requirement of Law or any Contractual Obligation of the
Completion Guarantor or any Loan Party and will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement of Law
or any such Contractual Obligation (other than the Liens created by the Security Documents and the Other Security Documents). No Requirement of Law or
Contractual Obligation applicable to the Completion Guarantor or any Loan Party could reasonably be expected to have a Material Adverse Effect. 

        4.6    No Material Litigation.    No litigation, investigation or proceeding of or before any arbitrator or
Governmental Authority is pending or, to the knowledge of the Borrower, threatened by or against the Completion Guarantor or any Loan Party or against any of their respective properties or revenues
(a) with respect to any of the Financing Agreements or any of the transactions contemplated hereby or thereby, or (b) that could reasonably be expected to have a Material Adverse Effect. 

        4.7    No Default.    Neither the Completion Guarantor nor any Loan Party is in default under or with respect to any
of its Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 

        4.8    Ownership of Property; Liens.    Each of the Loan Parties is the sole owner of, legally and beneficially, and
has good, marketable and insurable title to, or has a valid leasehold interest in, all its Real Estate, and good title to, or a valid leasehold interest in, all its other Property, and none of such
Property is subject to any claims, liabilities, obligations, charges or restrictions of any kind, nature or description (other than claims, liabilities, obligations, charges or restrictions that
individually or in the 

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aggregate could not reasonably be expected to materially interfere with the business or assets of any Loan Party), or to any Lien except for Permitted Liens. None of the Pledged Stock is subject to
any Lien except for Permitted Liens. 

        4.9    Intellectual Property.    (a) Each Loan Party owns, or is licensed to use, all Intellectual Property
necessary for the conduct of its business as currently conducted. No claim has been asserted or is pending by any Person challenging or questioning the use of any such Intellectual Property or the
validity or effectiveness of any such Intellectual Property, nor does the Borrower know of any valid basis for any such claim, except (i) with respect to the Intellectual Property related to or
otherwise associated with the Loan Parties' use of the "Le Reve" name, such claims that, if determined adversely to a Loan Party, could not reasonably be expected to have a material adverse effect on
such Loan Party's ability to use the "Le Reve" name in its Permitted Business 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. The use by each Loan Party of the Intellectual Property related to or otherwise associated with such Loan Party's use of the "Le Reve" name
does not infringe on the rights of any Person, which infringement could reasonably be expected to have a material adverse effect on such Loan Party's ability to use the "Le Reve" name in its Permitted
Business as currently used or contemplated to be used. The use by each Loan Party of Intellectual Property other than Intellectual Property related to or otherwise associated with such Loan Party's
use of the "Le Reve" name, does not infringe on the rights of any Person, which infringement could reasonably be expected to have a Material Adverse Effect. 

        (b)  As
of the Closing Date, Schedule 4.9(b) (i) identifies each of the trademarks, service marks and trade name
applications and registrations registered by, made by or otherwise held, directly or indirectly, by each of the Loan Parties and identifies which such Person registered, made or otherwise holds such
Intellectual Property, and (ii) specifies as to each, the jurisdiction in which such Intellectual Property has been issued or registered (or, if applicable, in which an application for such
issuance or registration has been filed), including the respective registration or application numbers and applicable dates of registration or application and expiration. 

        (c)  As
of the Closing Date, Schedule 4.9(c) (i) identifies each of the patents and patent applications owned
by, made by or otherwise held, directly or indirectly, by each of the Loan Parties and identifies which such Person owns, made or otherwise holds such Intellectual Property, and (ii) specifies
as to each, the jurisdiction in which such Intellectual Property has been issued or registered (or, if applicable, in which an application for such issuance or registration has been filed), including
the respective patent or application numbers and applicable dates of issuance or application and expiration. 

        (d)  As
of the Closing Date, Schedule 4.9(d) (i) identifies each of the material copyrights and copyright
applications and registrations registered by, made by or otherwise held, directly or indirectly, by each of the Loan Parties and identifies which such Person registered, made or otherwise holds such
Intellectual Property, and (ii) specifies as to each, the jurisdiction in which such Intellectual Property has been issued or registered (or, if applicable, in which an application for such
issuance or registration has been filed), including the respective registration or application numbers and applicable dates of registration or application and expiration. 

        (e)  As
of the Closing Date, Schedule 4.9(e) (i) identifies, each of the material trade secrets owned by,
claimed by, or otherwise held, directly or indirectly, by each of the Loan Parties and identifies which such Person registered, made or otherwise holds such Intellectual Property, and
(ii) specifies as to each, the jurisdiction in which such Intellectual Property exists. 

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        (f)    As
of the Closing Date, Schedule 4.9(f) identifies all licenses, sublicenses and other agreements relating to
Intellectual Property to which any of the Loan Parties is a party that are material to the conduct of such Loan Party's Permitted Business and pursuant to which (i) any of the Loan Parties is
a licensor or sub-licensor or the equivalent or (ii) any other Person is authorized to use any Intellectual Property as a licensee, sub-licensee or the equivalent. 

        4.10    Taxes.    (a)  Each of the Completion Guarantor and the Loan Parties has filed, or caused to be
filed, all tax and informational returns that are required to have been filed by it in any jurisdiction, and all such tax and informational returns are correct and complete in all material respects.
Each of the Completion Guarantor and the Loan Parties has paid all taxes shown to be due and payable on such returns and all other taxes and assessments payable by it, to the extent the same have
become due and payable (other than (x) those taxes that it is contesting in good faith and by appropriate proceedings, and (y) taxes that are not yet due, with respect to each of which
it has established reserves that are adequate for the payment thereof and as are required by GAAP). 

        (b)  Neither
the Completion Guarantor nor any of the Loan Parties has incurred any material tax liability in connection with the Project or the other transactions
contemplated by the Operative Documents which has not been disclosed in writing to the Administrative Agent (including as disclosed in the financial statements delivered to the Lenders hereunder). 

        (c)  There
are no Liens for Taxes on any of the Properties of the Completion Guarantor or any of the Loan Parties other than Liens permitted pursuant to
Section 7.3(a). 

        4.11    Federal Regulations.    No part of the proceeds of the Loans or Letters of Credit will be used for purchasing
or carrying any "margin stock" (within the meaning of Regulation U) or for the purpose of purchasing, carrying or trading in any securities under such circumstances as to involve the Borrower
in a violation of Regulation X or to involve any broker or dealer in a violation of Regulation T. No indebtedness being reduced or retired out of the proceeds of the Loans or Letters of
Credit was or will be incurred for the purpose of purchasing or carrying any "margin stock" (within the meaning of Regulation U). Following application of the proceeds of the Loans and Letters
of Credit, "margin stock" (within the meaning of Regulation U) does not constitute more than 25% of the value of the assets of the Borrower and its Subsidiaries. None of the transactions
contemplated by this Agreement (including, without limitation, the direct and indirect use of proceeds of the Loans and Letters of Credit) will violate or result in a violation of Regulation T,
Regulation U or Regulation X. If requested by any Lender or the Administrative Agent, the Borrower will furnish to the Administrative Agent and
each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1 referred to in Regulation U. 

        4.12    Labor Matters.    There are no strikes, stoppages, slowdowns or other labor disputes against any of the Loan
Parties pending or, to the knowledge of the Borrower, threatened that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect. Hours worked by and payment
made to employees of the Loan Parties have not been in violation of the Fair Labor Standards Act or any other applicable Requirement of Law dealing with such matters that (individually or in the
aggregate) could reasonably be expected to have a Material Adverse Effect. All payments due from any of the Loan Parties on account of employee health and welfare insurance that (individually or in
the aggregate) could reasonably be expected to have a Material Adverse Effect if not paid have been paid or accrued as a liability on the books of the relevant Loan Party. 

        4.13    ERISA.    Neither a Reportable Event nor an "accumulated funding deficiency" (within the meaning of
Section 412 of the Code or Section 302 of ERISA) has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect
to any Plan. No termination of a Single Employer Plan has occurred, and no Lien in favor of the PBGC or a Plan has arisen, during such five-year period. The actuarial present value of all
benefit liabilities under each Single Employer Plan (based on those assumptions that would be used to determine whether each such 

70

 

Single Employer Plan could be terminated in a standard termination under Section 4041(b) of ERISA) did not, as of the last annual valuation date prior to the date on which this representation
is made or deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits by a material amount. Neither the Borrower, any other Loan Party nor any Commonly Controlled
Entity has had a complete or partial withdrawal from any Multiemployer Plan that has resulted or could reasonably be expected to result in a material liability under ERISA, and neither the Borrower,
any other Loan Party nor any Commonly Controlled Entity would become subject to any material liability under ERISA if any such Person were to withdraw completely from all Multiemployer Plans as of the
most recent valuation date for which each such Multiemployer Plan has furnished data regarding potential withdrawal liability to the applicable Loan Party. As of the Closing Date, no such
Multiemployer Plan is in Reorganization or Insolvent. 

        4.14    Investment Company Act; Other Regulations.    Neither the Completion Guarantor nor any Loan Party is an
"investment company", or a company "controlled" by an "investment company", within the meaning of the Investment Company Act of 1940, as amended. Neither the Completion Guarantor nor any Loan Party is
subject to regulation under the Public Utility Holding Company Act of 1935, the Federal Power Act, or the Interstate Commerce Act or registration under the Investment Company Act of 1940 or under any
other federal or state statute or regulation which may limit its ability to incur Indebtedness other than the Nevada Gaming Laws or which may otherwise render all or any portion of the Obligations
unenforceable. Incurrence of the Obligations by the Completion Guarantor and the Loan Parties under the Loan Documents complies with all applicable provisions of the Nevada Gaming Laws. 

        4.15    Subsidiaries.    (a) The Persons listed on  Schedule 4.15 constitute all the Subsidiaries of Valvino as of the Closing Date.  Schedule 4.15 sets forth as of the Closing Date, the name and jurisdiction of formation of each Subsidiary of Valvino and,
as to each such
Subsidiary, the percentage and number of each class of Capital Stock owned by its requisite parent entity. Each such Subsidiary is a Wholly Owned Subsidiary of Valvino and, if such Subsidiary's direct
parent entity is other than Valvino, its direct parent entity. 

        (b)  There
are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options granted to employees or directors
and directors' qualifying shares) of any nature relating to any Capital Stock of any Subsidiary of Valvino. None of the Subsidiaries of Valvino have issued, or authorized the issuance of, any
Disqualified Stock. 

        (c)  Neither
Valvino nor any of its Subsidiaries are engaged in any businesses other than the Permitted Businesses. As of the Closing Date, other than, (i) in the case
of Las Vegas Jet and World Travel, the Aircraft and Collateral related to the operation and maintenance of the Aircraft, (ii) in the case of Palo, the Palo Home Site Land, (iii) in the
case of Wynn Design, Property reasonably related to architectural, engineering, design and project management activities and (iv) in the case of Desert Inn Improvement, the DIIC Water Permits
and the Water Utility Land, none of the Water Companies or the Wynn Group Entities owns any material Property other than the Capital Stock of its Subsidiaries (if any). 

        4.16    Use of Proceeds; Letters of Credit.    (a)  The proceeds of the extensions of credit under this
Agreement made prior to the Completion Date and amounts released from the Project Liquidity Reserve Account prior to the Completion Date shall be applied toward Project Costs in accordance with the
Disbursement Agreement; 

        (b)  The
proceeds of the Revolving Credit Loans made after the Completion Date, the proceeds of the Swing Line Loans and the Letters of Credit shall be used for general
business purposes of the Borrower and, to the extent otherwise permitted under the Loan Documents, the other Loan Parties; provided, that such general
business purposes are in furtherance of, or 

71

 

associated with, the Permitted Business of such Persons; provided, further, that to the extent proceeds of extensions of credit made after the
Completion Date but prior to the Final Completion Date are to be applied to Project Costs, such proceeds shall be applied to Project Costs in accordance with the Disbursement Agreement. 

        4.17    Environmental Matters.    (a)  To the knowledge of the Borrower, the Loan Parties: (i) are,
and within the period of all applicable statutes of limitation have been, in material compliance with all applicable Environmental Laws; and (ii) reasonably believe that material compliance
with all applicable Environmental Laws that is or is expected to become applicable to any of them will be timely attained and maintained. 

        (b)  To
the knowledge of the Borrower, Hazardous Substances are not present at, on, under, in, or about any real property now or formerly owned, leased or operated by any of
the Loan Parties, or at any other location (including, without limitation, any location to which Hazardous Substances have been sent for re-use or recycling or for treatment, storage, or
disposal) which could reasonably be expected to (i) give rise to liability of any of the Loan Parties under any applicable Environmental Law or otherwise result in costs to any of the Loan
Parties that could reasonably be expected to have a Material Adverse Effect, or (ii) materially interfere with any of the Loan Parties' continued operations, or (iii) materially impair
the fair saleable value of any real property owned or leased by any of the Loan Parties. 

        (c)  Except
as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, there is no judicial, administrative, or arbitral
proceeding (including any notice of violation or alleged violation) under or relating to any Environmental Law (including, without limitation, any Environmental Claims) to which any of the Loan
Parties is, or to the knowledge of the Borrower will be, named as a party that is pending or, to the knowledge of the Borrower, threatened. 

        (d)  No
Loan Party has received any written request for information, or been notified that it is a potentially responsible party, under or relating to the federal
Comprehensive Environmental Response, Compensation, and Liability Act or any similar Environmental Law. 

        (e)  Except
as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, no Loan Party has entered into or agreed to any consent
decree, order, or settlement or other agreement, or is subject to any judgment, decree, or order or other agreement, in any judicial, administrative, arbitral, or other forum for dispute resolution,
relating to compliance with or liability under any Environmental Law or Environmental Claim. 

        (f)    Except
as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, no Loan Party has assumed or retained, by contract or
operation of law, any liabilities of any kind, fixed or contingent, known or unknown, under any Environmental Law or with respect to any Hazardous Substances. 

        (g)  Except
as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) Hazardous Materials Activities are not
presently occurring, and have not previously occurred, at, on, under, in, or about any Real Estate now or formerly owned, leased or operated by any of the Loan Parties, and (ii) none of the
Loan Parties have ever engaged in any Hazardous Materials Activities at any location. 

        4.18    Accuracy of Information, etc.    No statement or information contained in this Agreement, any other Loan
Document, the Confidential Information Memorandum or any other document, certificate or statement furnished to the Arrangers, the Agents, the Managers or the Lenders or any of them, by or on behalf of
the Completion Guarantor or any Loan Party for use in connection with the transactions contemplated by this Agreement or the other Loan Documents, contained as of the date such statement, information,
document or certificate was so furnished (or, in the case of the 

72

 

Confidential Information Memorandum, as of the date of this Agreement), any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements contained
herein or therein not misleading. The projections and pro forma financial information contained in the materials referenced above (including, without
limitation, the Projections) are based upon good faith estimates and assumptions believed by management of the Borrower to be reasonable at the time made, it being recognized by the Lenders that such
financial information as it relates to future events is not to be viewed as fact and that actual results during the period or periods covered by such financial information may differ from the
projected results set forth therein by a material amount. There is no fact known to the Completion Guarantor or any Loan Party that could reasonably be expected to have a Material Adverse Effect that
has not been expressly disclosed herein, in the other Loan Documents, in the Confidential Information Memorandum or in any other documents, certificates and written statements furnished to the
Arrangers, the Agents, the Managers and the Lenders for use in connection with the transactions contemplated hereby and by the other Loan Documents. 

        4.19    Security Documents.    (a)  The Guarantee and Collateral Agreement is effective to create in favor
of the Administrative Agent, for the benefit of the Secured Parties, a legal, valid, binding and enforceable security interest in the Collateral described therein and proceeds and products thereof. In
the case of the Pledged Stock, when any stock or membership certificates representing such Pledged Stock are delivered to the Administrative Agent, and in the case of the other Collateral described in
the Guarantee and Collateral Agreement, when financing statements in appropriate form are filed in the offices specified on Schedule 4.19(a)-1  and such other filings as are specified on
Schedule 3 to the Guarantee and Collateral Agreement are made, the Guarantee and Collateral Agreement shall constitute a fully
perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds and products thereof, as security for the Obligations, in each case
subject only to Permitted Liens and prior and superior in right to any other Lien (except Senior Permitted Liens). Schedule 4.19(a)-2  lists as of the Closing Date each UCC Financing Statement that
names any Loan Party as debtor and will remain on file after the Closing Date. 

        (b)  Each
of the Mortgages is effective to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a legal, valid, binding and enforceable Lien
on, and security interest in, the Mortgaged Properties described therein and proceeds and products thereof, and when the Mortgages are filed in the offices specified on  Schedule 4.19(b), each such
Mortgage shall constitute a fully perfected Lien on, and security interest in, all of the Mortgaged Properties and
the proceeds and products thereof, as security for the Obligations, in each case subject only to Permitted Liens and prior and superior in right to any other Lien (except Senior Permitted Liens). 

        (c)  The
Intellectual Property Security Agreement is effective to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a legal, valid and
enforceable security interest in the Intellectual Property Collateral described therein and proceeds and products thereof. Upon the filing of (i) the Intellectual Property Security Agreement in
the appropriate indexes of the United States Patent and Trademark Office relative to patents and trademarks (within three (3) months after the Closing Date), and the United States Copyright
Office relative to copyrights (within thirty (30) days after the Closing Date), together with provision for payment of all requisite fees, and (ii) financing statements in appropriate
form for filing in the offices specified on Schedule 4.19(c) (which financing statements have been duly completed and executed and filed in
accordance with applicable Requirements of Law) the
Intellectual Property Security Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in the Intellectual Property Collateral
and the proceeds and products thereof, as security for the Obligations, in each case subject only to Permitted Liens and prior and superior in right to any other Lien (except Senior Permitted Liens). 

        (d)  The
Control Agreements are effective to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a legal, valid and enforceable security
interest in the Accounts 

73

 

described therein and proceeds and products thereof. Upon the execution of the Control Agreements, the Control Agreements shall constitute fully perfected Liens on, and security interests in, all
right, title and interest of the Loan Parties in the Accounts and the proceeds and products thereof, as security for the Obligations, in each case subject only to Permitted Liens and prior and
superior in right to any other Lien (except Senior Permitted Liens). 

        4.20    Solvency.    Each Loan Party and the Completion Guarantor is, and after giving effect to (i) the
incurrence of all Indebtedness, (ii) the use of the proceeds of such Indebtedness (including, without limitation, the use of proceeds of the extensions of credit made by the Lenders hereunder)
and (iii) and obligations being incurred in connection with the Operative Documents, will be and will continue to be Solvent. 

        4.21    Senior Indebtedness.    The Obligations (including, without limitation, the guarantee obligations of each
Guarantor under the Loan Documents) constitute senior secured debt of each of the Loan Parties and "Permitted Debt" under and as defined in the Mortgage Notes Indenture. The Mortgage Notes, when
issued and paid for, will be the legally valid and binding obligations of the Borrower and Capital Corp., enforceable against the Borrower and Capital Corp. in accordance with their terms, except as
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors' rights generally or by equitable principles relating to enforceability. The
issuance and sale of Mortgage Notes, either (a) have been registered or qualified under applicable federal and state securities laws or (b) are exempt therefrom. 

        4.22    Regulation H.    No Mortgage encumbers improved real property which is located in an area that has been
identified by the Secretary of Housing and Urban Development as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of
1968. 

        4.23    Insurance.    Each of the Loan Parties is insured by insurers of recognized financial responsibility against
such losses and risks and in such amounts as are prudent and customary in the businesses in which it is engaged and in any event in accordance with Section 6.5; and none of the Loan Parties has
any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers at a cost that could not
reasonably be expected to have a Material Adverse Effect (other than as a result of general market conditions). 

        4.24    Performance of Agreements; Material Contracts.    Neither the Completion Guarantor nor any Loan Party is in
default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any of its Contractual Obligations, and no condition exists that, with the giving
of notice or the lapse of time or both, would constitute such a default, in each case, except where the consequences of such default or defaults, if any, could not reasonably be expected to have a
Material Adverse Effect. Schedule 4.24 contains a true, correct and complete list of all the Material Contracts in effect on the Closing Date.
All Material Contracts (other than Material Contracts described in clause (ii) of the definition thereof) are, to the knowledge of the Borrower, in full force and effect and no material
defaults currently exist thereunder. 

        4.25    Real Estate.    

        (a)  As
of the Closing Date, Schedule 4.25(a) sets forth a true, complete and correct list of all Real Estate,
including a brief description thereof, including, in the case of leases, the street address, landlord name, tenant name, guarantor name, current rent amount, lease date and lease expiration date. The
Borrower has delivered to the Administrative Agent true, complete and correct copies of all such leases. 

        (b)  All
Real Estate and the current use thereof complies with all applicable Requirements of Law (including building and zoning ordinances and codes) and with all Insurance
Requirements, 

74

 

and none of the Loan Parties are non-conforming users of such Real Estate, except where noncompliance or non-conforming use could not reasonably be expected to have a Material
Adverse Effect. 

        (c)  No
Taking has been commenced or, to the Borrower's knowledge, is contemplated with respect to all or any portion of any Real Estate or for the relocation of roadways
providing access to such Real Estate except, in each case, as could not reasonably be expected to have a Material Adverse Effect. 

        (d)  Except
as set forth on Schedule 4.25(d), as of the Closing Date there are no current, pending or, to the knowledge
of the Borrower, proposed special or other assessments for public improvements or otherwise affecting any Real Estate, nor are there any contemplated improvements to such Real Estate that may result
in such special or other assessments. There are no current, pending or, to the knowledge of the Borrower, proposed special or other assessments for public improvements or otherwise affecting any Real
Estate, nor are there any contemplated improvements to such Real Estate that may result in such special or other assessments, in any case that could reasonably be expected to result in a material
liability to any Loan Party. 

        (e)  None
of the Loan Parties has suffered, permitted or initiated the joint assessment of any Real Estate with any other real property constituting a separate tax lot. The
Mortgaged Properties have been properly subdivided or entitled to exception therefrom, and for all purposes the Mortgaged Properties may be mortgaged, conveyed and, other than those with respect to
leasehold interests, otherwise dealt with as separate legal lots or parcels. 

        (f)    The
use being made of all Real Estate is in conformity with the certificate of occupancy and/or such other permits, licenses, variances and certificates for such Real
Estate and any other reciprocal easement agreements, restrictions, covenants or conditions affecting such Real Estate except, in each case, to the extent such non-conformity could not
reasonably be expected to materially and adversely affect the ownership, occupancy, use or operation of the Mortgaged Properties in furtherance of the Permitted Business of the applicable Loan Party. 

        (g)  There
are no outstanding options to purchase or rights of first refusal or restrictions on transferability affecting any Real Estate (other than those set forth in the
Financing Agreements). 

        (h)  All
Real Estate (other than the Phase II Land) has adequate rights of access to public ways and is served by installed, operating and adequate water, electric, gas,
telephone, sewer, sanitary sewer and storm drain facilities, in each case as necessary to permit the Real Estate to be used for its intended purposes. All roads necessary for the utilization of the
Real Estate (other than the Phase II Land) for its current purpose have been completed and dedicated to public use and accepted by all Governmental Authorities or are the subject of access easements
for the benefit of such Real Estate. 

        (i)    Except,
in each case, as could not reasonably be expected to have a Material Adverse Effect, no building or structure constituting Real Estate or any appurtenance
thereto or equipment thereon, or the use, operation or maintenance thereof, violates any restrictive covenant or encroaches on any easement or on any property owned by others. 

        (j)    Since
the Closing Date, no portion of the Real Estate has suffered any material damage by fire or other casualty loss that has not heretofore been repaired and restored.
No portion of the Real Estate is located in a special flood hazard area as designated by any federal governmental authorities. 

        4.26    Permits.    Other than exceptions to any of the following that could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect: (i) each of the Loan Parties has obtained and holds all Permits required as of the date this representation is deemed made in respect
of 

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all Real Estate and for any other Property otherwise operated by or on behalf of, or for the benefit of, such Person and for the operation of its Permitted Businesses, (ii) all such Permits
are in full force and effect, and each of the Loan Parties has performed and observed all requirements of such Permits (to the extent required to be performed by the date this representation is deemed
made), (iii) no event has
occurred which allows or results in, or after notice or lapse of time would allow or result in, revocation, modification, suspension or termination by the issuer thereof or in any other impairment of
the rights of the holder of any such Permit, (iv) no such Permits contain any restrictions, either individually or in the aggregate, that are burdensome to any of the Loan Parties, or to the
operation of its Permitted Business or any Property owned, leased or otherwise operated by such Person, (v) the Borrower has no knowledge that any Governmental Authority is considering
limiting, modifying, suspending, revoking or renewing on burdensome terms any such Permit, and (vi) each of the Loan Parties reasonably believes that each such Permit will be timely renewed and
complied with, without undue expense or delay, and that any Permit not required to have been obtained by the date this representation is deemed made that may be required of such Person is of a type
that is routinely granted on application and compliance with the conditions of issuance (such conditions being ministerial or of a type satisfied in the ordinary course of business, without undue
expense or delay) and will be timely obtained and complied with, without undue expense or delay. 

        4.27    Sufficiency of Project Documents.    Other than those that can be reasonably expected to be commercially
available when and as required, the services to be performed, the materials to be supplied and Real Estate and other rights granted or to be granted pursuant to the Project Documents in effect as of
such date (a) comprise all of the property interests necessary to secure any right material to the operation and maintenance of the Project in accordance with all Requirements of Law,
(b) are sufficient to enable the Project to be located and operated on the Site and (c) provide adequate ingress and egress from the Site for any reasonable purpose in connection with
the operation of the Project. 

        4.28    Utilities.    All gas, water and electrical interconnection and utility services necessary for the operation
of the Project for its intended purposes are available at the Site. 

        4.29    Fiscal Year.    The fiscal year of each of the Loan Parties (including the Borrower) ends on
December 31 of each calendar year. 

 
 

SECTION 5. CONDITIONS PRECEDENT    
  

        5.1    Conditions to Closing Date.    The occurrence of the Closing Date is subject to the satisfaction of each of the
conditions precedent described in Section 3.1 of the Disbursement Agreement (unless waived in writing by the Administrative Agent with the consent of all the Lenders). 

        5.2    Conditions to Extensions of Credit on or prior to the Completion Date or otherwise pursuant to
Section 2.5(a).    The agreement of each Lender to make extensions of credit requested to be made by it on Borrowing Dates occurring on or prior to the
Completion Date and, to the extent the provisions of Section 2.5(a) apply to such extensions of credit, after the Completion Date but prior to the Final
Completion Date is subject to the satisfaction, prior to or concurrently with the making of such extensions of credit, of the following conditions precedent: 

        (a)    Notice.    The Borrower and/or the Disbursement Agent, as the case may be, shall have delivered to the
Administrative Agent and, in the case of Letters of Credit, the Issuing Lender the Advance Requests and Notice of Advance Requests and related Advance Confirmation Notices with respect to the Loans
and/or Letters of Credit requested on such Borrowing Date, in each case in the form, at the times and as required under Section 2.4 of the Disbursement Agreement and in accordance with the
procedures specified in Section 2.5(a) hereof in the case of Loans and Section 3.2(a) hereof in the case of Letters of Credit. 

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        (b)    Drawdown Frequency for Loans:    Loans shall be made no more frequently than once every calendar month. 

        (c)    Satisfaction of Disbursement Agreement Conditions Precedent.    All conditions precedent described in
Section 3.3 of the Disbursement Agreement shall have been satisfied or waived in accordance with the terms of the Disbursement Agreement. 

        5.3    Conditions to Extensions of Credit after the Completion Date other than pursuant to
Section 2.5(a).    The agreement of each Lender to make extensions of credit requested to be made by it on Borrowing Dates occurring after the Completion Date
(other than extensions of credit after the Completion Date but prior to the Final Completion Date to the extent the provisions of Section 2.5(a) apply to such extensions of credit) is subject
to the satisfaction, prior to or concurrently with the making of such extensions of credit, of the following conditions precedent: 

        (a)    Notice.    The Borrower shall have delivered (i) in the case of the borrowing of Revolving Loans, a
Notice of Borrowing to the Administrative Agent in accordance with the procedures specified in Section 2.5(b), (ii) in the case of the issuance of Letters of Credit, a Letter of Credit
Request and the certificates, documents and other papers and information delivered to it in connection therewith to the Issuing Lender in accordance with the procedures specified in
Section 3.2(b) and (iii) in the case of the borrowing of Swing Line Loans, the Borrower shall have complied with the provisions of Section 2.7(a). 

        (b)    Representations and Warranties.    Each of the representations and warranties made by the Completion Guarantor,
Wynn Resorts or any Loan Party in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of such date as if made on and as of such date, except for
representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such
earlier date. 

        (c)    No Default.    No Default or Event of Default shall have occurred and be continuing on such date or immediately
after giving effect to the extensions of credit requested to be made on such date. 

        (d)    No Material Adverse Effect.    No event or circumstance having a Material Adverse Effect shall have occurred
since the Closing Date (except as is no longer continuing). 

Each
borrowing of Loans by and issuance of a Letter of Credit on behalf of the Borrower hereunder after the Completion Date shall constitute a representation and warranty by the Borrower as of the
date of such extension of credit that the conditions contained in this Section 5.3 have been satisfied. 

 
 

SECTION 6. AFFIRMATIVE COVENANTS    
  

        The Borrower hereby agrees that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding or any Loan or other amount is owing to any
Lender, any Arranger, any Manager or any Agent hereunder or under any other Loan Document, the Borrower shall and shall cause each of the other Loan Parties to, directly or indirectly (and by
executing the Guarantee and Collateral Agreement, each such other Loan Party agrees that it will): 

        6.1    Financial Statements.    Furnish to each Agent and each Lender: 

        (a)  as
soon as available, but in any event not later than the earlier of (i) 10 days after the filing with the SEC of Wynn Resorts' Annual Report on
Form 10-K (or successor form thereto) with respect to each Fiscal Year and (ii) 90 days after the end of each Fiscal Year, a copy of the audited consolidated and
consolidating balance sheets of Valvino and its consolidated Subsidiaries (including the consolidated balance sheet of the Borrower and its consolidated Subsidiaries) as at the end of such Fiscal Year
and the related audited consolidated statements of income and of cash 

77

 

flows for such Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year, reported on without a "going concern" or like qualification or exception, or
qualification arising out of the scope of the audit, by Deloitte & Touche LLP or other independent certified public accountants of nationally recognized standing; 

        (b)  as
soon as available, but in any event not later than the earlier of (i) 10 days after the filing with the SEC of Wynn Resorts' Quarterly Report on
Form 10-Q (or successor form thereto) with respect to each of the first three quarterly periods of each Fiscal Year and (ii) 45 days after the end of each of the first
three quarterly periods of each Fiscal Year, the unaudited consolidated and consolidating balance
sheets of Valvino and its consolidated Subsidiaries (including the consolidated balance sheet of the Borrower and its consolidated Subsidiaries) as at the end of such quarter and the related unaudited
consolidated and consolidating statements of income and of cash flows for such quarter and the portion of the Fiscal Year through the end of such quarter, setting forth in each case in comparative
form the figures for the previous year, certified by a Responsible Officer as being fairly stated in all material respects (subject to normal year-end audit adjustments); and 

        (c)  on
or after the Opening Date, as soon as available, but in any event not later than 45 days after the end of each month occurring during each Fiscal Year (other
than the third, sixth, ninth and twelfth such month), the unaudited consolidated and consolidating balance sheets of Valvino and its consolidated Subsidiaries (including the consolidated balance sheet
of the Borrower and its consolidated Subsidiaries) as at the end of such month and the related unaudited consolidated and consolidating statements of income and of cash flows for such month and the
portion of the Fiscal Year through the end of such month, setting forth in each case in comparative form the figures for the previous year and the figures from the applicable Projections, certified by
a Responsible Officer as being fairly stated in all material respects (subject to normal year-end audit adjustments). 

All
such financial statements shall be complete and correct in all material respects (in the case of financial statements delivered pursuant to subsections (b) and (c) of this
Section 6.1, subject to normal year-end audit adjustments) and shall be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods
reflected therein and with prior periods (except as approved by such accountants or officer, as the case may be, and disclosed therein). 

        6.2    Certificates; Other Information.    Furnish to each Agent and each Lender, or, in the case of subsections (g),
(h) and (j), to the Administrative Agent, or, in the case of subsection (l), to the relevant Lender: 

        (a)  concurrently
with the delivery of the financial statements referred to in Section 6.1(a), a certificate of the independent certified public accountants reporting
on such financial statements stating that (i) their audit examination has included a review of the terms of this Agreement and the other Loan Documents as they relate to accounting matters,
(ii) in making the examination necessary therefor no knowledge was obtained of any Default or Event of Default, except as specified in such certificate, and (iii) based on their audit
examination nothing has come to their attention that causes them to believe that the information contained in the certificates (including, without limitation, the Compliance Certificate) delivered
therewith pursuant to subsection (b) below is not correct or stated in accordance with the terms of this Agreement; 

        (b)  concurrently
with the delivery of any financial statements pursuant to Section 6.1, (i) a certificate of a Responsible Officer stating that, to the best of
each such Responsible Officer's knowledge, each Loan Party during such period has observed or performed all of its covenants and other agreements, and satisfied every condition, contained in this
Agreement and the other Loan Documents to which it is a party to be observed, performed or satisfied by it, and that such Responsible Officer has obtained no knowledge of any Default or Event of
Default except as 

78

 

specified in such certificate (ii) in the case of quarterly or annual financial statements, a Compliance Certificate containing all information and calculations necessary for determining
compliance by the Loan Parties with the provisions of this Agreement referred to therein as of the last day of the applicable fiscal quarter or Fiscal Year, as the case may be and (iii) in the
case of monthly financial statements delivered after the Completion Date, a certificate of a Responsible Officer setting forth all payments made by the Borrower with respect to Affiliated Overhead
Expenses during the 12-month period ending on the last day of the applicable month (or such shorter period commencing on the Completion Date if the Completion Date occurred during such
12-month period) and stating that all such payments were in reimbursement of Affiliated Overhead Expenses and permitted pursuant to Section 7.10(d); 

        (c)  as
soon as available, and in any event no later than the Completion Date and 30 days prior to the beginning of each Fiscal Year thereafter, a detailed
consolidated and consolidating budget of Valvino and its consolidated Subsidiaries (including a detailed consolidated budget of the Borrower and its consolidated Subsidiaries) for such Fiscal Year (or
portion thereof from the Completion Date through the end of such Fiscal Year) (including a projected consolidated and consolidating balance sheet of Valvino and its consolidated Subsidiaries
(including a consolidated balance sheet for the Borrower and its consolidated Subsidiaries) as of the end of such Fiscal Year, and the related consolidated and consolidating statements of projected
cash flow, projected changes in financial position and projected income), and, as soon as available, significant revisions, if any, of such budget and projections with respect to such Fiscal Year
(collectively, the "Projections"), which Projections shall in each case be accompanied by a certificate of a Responsible Officer stating that such
Projections are based on reasonable estimates, information and assumptions and that such Responsible Officer has no reason to believe that such Projections are incorrect or misleading in any material
respect; 

        (d)  within
45 days after the end of each fiscal quarter after the Completion Date, a narrative discussion and analysis of the financial condition and results of
operations of each of the Loan Parties for such fiscal quarter and for the period from the beginning of the then current Fiscal Year (or if the then current Fiscal Year is the Fiscal Year in which the
Completion Date has occurred, from the Completion Date) to the end of such fiscal quarter, as compared to the portion of the Projections covering such periods and to the comparable periods of the
previous Fiscal Year; 

        (e)  within
five days after the same are sent, copies of all financial statements and reports that any Loan Party sends to the holders of any class of its debt securities to
the extent not previously delivered to the Lenders and, within five days after the same are filed, copies of all financial statements and reports that any Loan Party may make to, or file with, the
SEC; 

        (f)    on
the date of the occurrence thereof, notice that (i) any or all of the obligations under the Mortgage Notes Indenture or the FF&E Facility Agreement have been
accelerated, or (ii) the trustee or the required holders of Mortgages Notes, or the FF&E Agent or required FF&E Lenders, as the case may be, has given notice that any or all such obligations
are to be accelerated; 

79

  

        (g)  promptly,
and in any event within ten Business Days after any Material Contract or any other contract or arrangement pursuant to which the Loan Parties are, or any one
of them is, reasonably expected to incur obligations or liabilities with a Dollar value in excess of $8,000,000 during the term of such contract or arrangement is terminated or amended or any new
Material Contract or any other such contract or arrangement is entered into, or upon becoming aware of any material default by any Person under a Material Contract or any other such contract or
arrangement, a written statement describing such event with copies of such amendments or new Material Contracts or such other contracts or arrangements, and, with respect to any such terminations or
material defaults, an explanation of any actions being taken with respect thereto; 

        (h)  promptly
upon receipt, copies of all notices provided to any Loan Party or their Affiliates pursuant to any documents evidencing Other Indebtedness relating to material
defaults or material delays and promptly upon execution and delivery thereof, copies of all amendments to any of the documents evidencing Other Indebtedness; 

        (i)    to
the extent not included in subsections (a) through (h) above, no later than the date the same are required to be delivered thereunder, copies of all
agreements, documents or other instruments (including, without limitation, (i) audited and unaudited, pro forma and other financial statements, reports, forecasts, and projections, together
with any required certifications thereon by independent public auditors or officers of any Loan Party or otherwise, (ii) press releases, (iii) statements or reports furnished to any
other holder of the securities of any Loan Party, and (iv) regular, periodic and special securities reports) that any Loan Party is required to provide pursuant to the terms of the Other
Indebtedness; 

        (j)    promptly,
and in any event within 30 days of the end of each Fiscal Year after the Completion Date, deliver to the Administrative Agent a certificate
substantially in the form of Exhibit H hereto and otherwise in form and substance satisfactory to the Administrative Agent in consultation with the Insurance Advisor, certifying that the
insurance requirements of Section 6.5 have been implemented and are being complied with in all material respects; 

        (k)  within
twenty days after the end of each fiscal quarter of the Borrower, a schedule of all Proceedings involving an alleged liability of, or claims against or affecting,
any Loan Party equal to or greater than $1,000,000, and promptly after request by the Administrative Agent such other information as may be reasonably requested by the Administrative Agent to enable
the Administrative Agent and its counsel to evaluate any of such Proceedings; and 

        (l)    promptly,
such additional financial and other information as any Lender may from time to time reasonably request. 

        6.3    Payment of Obligations.    To the extent not otherwise subject to valid subordination, standstill,
intercreditor or similar arrangements, pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its material obligations of whatever nature,
except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the
books of the relevant Loan Party. 

        6.4    Conduct of Business and Maintenance of Existence, etc.    (i) Preserve, renew and keep in full force and
effect its corporate or limited liability company existence and in each case remain a Wholly Owned Subsidiary of Wynn Resorts and its direct parent entity, and (ii) take all reasonable action
to maintain all rights, privileges, franchises, Permits and licenses necessary or desirable in the normal conduct of its business, except, in each case, as otherwise permitted by Section 7.4
and except, in the case of subsection (ii) above, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 

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        6.5    Maintenance of Property; Leases; Insurance.    (a) Keep all Property and systems useful and necessary in
its business in good working order and condition, ordinary wear and tear excepted. 

        (b)  Maintain
all rights of way, easements, grants, privileges, licenses, certificates, and Permits necessary for the intended use of any Real Estate, except any such item
the loss of which, individually or in the aggregate, could not reasonably be expected to materially and adversely affect or interfere with the Permitted Business of any Loan Party or have a material
adverse effect on the Casino Land, the Golf Course Land or the Phase II Land. 

        (c)  Comply
with the terms of each lease or other grant of Real Estate, including easement grants, so as to not permit any material uncured default on its part to exist
thereunder, except, in each case, where noncompliance therewith could not reasonably be expected to materially and adversely affect or interfere with the Permitted Business or Property of any Loan
Party. 

        (d)  At
all times maintain in full force and effect the insurance policies and programs listed on Schedule 6.5(d),
which policies and programs may be modified from time to time subject to the prior approval of the Administrative Agent in consultation with the Insurance Consultant, which approval shall not be
unreasonably withheld, if (i) the insurance policies and programs listed on Schedule 6.5(d)
are not then available on commercially reasonable terms and (ii) the resulting coverage is, at the time of the modification, customary for companies engaged in the same or similar business,
which are similarly situated, and which have obtained or are then obtaining insurance coverage under similar conditions (including leverage structure) as those then currently applicable to the
applicable Loan Party. In the event that, in accordance with the preceding sentence, any Loan Party is, at any time or from time to time, permitted to deviate from the insurance policies and programs
described in Schedule 6.5(d) and, thereafter, any such requirement set forth in  Schedule 6.5(d) becomes available on commercially reasonable
terms, the applicable Loan Party, as the case may be, shall promptly procure
coverage satisfying such requirement. 

        (e)  Deliver
to the Administrative Agent on behalf of the Secured Parties, (i) upon request of any Secured Party from time to time, full information as to the
insurance carried, (ii) promptly following receipt thereof, from any insurer, a copy of any notice of cancellation or material change in coverage from that existing on the Closing Date,
(iii) forthwith, notice of any cancellation or nonrenewal of coverage by any Loan Party, unless such insurance is replaced prior to the cancellation or non-renewal thereof in
accordance with Schedule 6.5(d), and (iv) promptly after such information is available to any Loan Party, full information as to any claim
for an amount in excess of $500,000 with respect to any property and casualty insurance policy maintained by any such Loan Party. 

        (f)    Preserve
and protect the Lien status of each respective Mortgage and, if any Lien (other than Liens permitted under Section 7.3) is asserted against a Mortgaged
Property, promptly give the Administrative Agent a detailed written notice of such Lien and pay the underlying claim in full or take such other action so as to cause it to be released or bonded over
in a manner reasonably satisfactory to the Administrative Agent. 

        6.6    Inspection of Property; Books and Records; Discussions.    (a) Keep proper books of records and account
in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities and
(b) subject to any Nevada Gaming Laws restricting such actions, permit representatives of any Lender, coordinated through the Administrative Agent, to visit and inspect any of its properties
and examine and, at the Borrower's expense, make abstracts from any of its books and records at any reasonable time and upon reasonable prior notice and as often as may reasonably be desired and to
discuss the business, operations, properties and financial and other condition of any Loan Party with officers of such Loan Party and with their respective independent certified public accountants. 

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        6.7    Notices.    Promptly give notice to the Administrative Agent and each Lender of: 

        (a)  the
occurrence of any Default or Event of Default; 

        (b)  any
(i) default or event of default (or alleged default) under any Contractual Obligation of any Loan Party or (ii) litigation, investigation or proceeding
which may exist at any time between any Loan Party and any Governmental Authority, that in either case, if not cured or if adversely determined, as the case may be, could reasonably be expected to
have a Material Adverse Effect; 

        (c)  upon
any officer of a Loan Party or Wynn Resorts obtaining knowledge thereof, (i) the non-frivolous institution of, or threat of, any action, suit,
proceeding (whether administrative, judicial or otherwise), governmental investigation or arbitration against or affecting any Loan Party, or any Property of a Loan Party (collectively,
"Proceedings") not previously disclosed in writing by the Borrower to the Lenders or (ii) any material development in any Proceeding that, in any
case (A) if adversely determined, has a reasonable possibility of giving rise to a Material Adverse Effect or (B) seeks to enjoin or otherwise prevent the consummation of, or to recover
any damages or obtain relief as a result of, the transactions contemplated hereby, in each case together with such other information as may be reasonably available to the Loan Parties to enable
Lenders and their counsel to evaluate such matters; 

        (d)  the
following events, as soon as possible and in any event within 30 days after any Loan Party knows or has reason to know thereof: (i) the occurrence of
any Reportable Event with respect to any Plan, a material failure to make any required contribution to a Plan, the creation of any Lien in favor of the PBGC or a Plan or any withdrawal from, or the
termination, Reorganization or Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings or the taking of any other action by the PBGC, the Borrower, any other Loan Party or
any Commonly Controlled Entity or any Multiemployer Plan with respect to the withdrawal from, or the termination, Reorganization or Insolvency of, any Plan; and 

        (e)  any
development or event that has had or could reasonably be expected to have a Material Adverse Effect; 

Each
notice pursuant to this Section shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to therein and stating what action the relevant Loan
Party proposes to take with respect thereto. 

        6.8    Environmental Laws; Permits.    (a)  Comply in all material respects with, and use best efforts to
ensure compliance in all material respects by all tenants and subtenants, if any, with, all applicable Environmental Laws and Environmental Permits, and obtain, maintain and comply in all material
respects with, and use best efforts to ensure that all tenants and subtenants obtain, maintain and comply in all material respects with, any and all licenses, approvals, notifications, registrations
or Permits required by applicable Environmental Laws. 

        (b)  Conduct
and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply
in all material respects with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws related to the Mortgaged Property or the Project. 

        (c)  The
Administrative Agent may, from time to time and in its reasonable discretion, (i) retain, at the Borrower's expense, an independent professional consultant to
review any environmental audits, investigations, analyses and reports relating to Hazardous Substances in respect of the Site or the Project prepared by or for any Loan Party and (ii) conduct
its own investigation of the Site or the Project. For purposes of conducting such a review and/or investigation, the Administrative Agent and its agents, employees, consultants and contractors shall 

82

 

have the right to enter into or onto the Site or the Project and to perform such tests on such property (including taking samples of soil, groundwater and suspected asbestos-containing materials) as
are reasonably necessary in connection therewith. Any such investigation shall be conducted, unless otherwise agreed to by a Loan Party and the Administrative Agent, during normal business hours and
shall be conducted so as not to unreasonably interfere with the ongoing operations at the Site or the Project or to cause any damage or loss to any property at the Site or the Project. Any report of
any investigation conducted at the request of the Administrative Agent pursuant to this Section will be obtained and shall be used by the Administrative Agent and the Lenders for the purposes of the
Lenders' internal credit decisions, to monitor and police the Loans and to protect the Lenders' security interests, if any, created by the Loan Documents. The Administrative Agent agrees that any such
investigation shall be conducted by an environmental consulting firm qualified and licensed by the State of Nevada. 

        (d)  Deliver
to the Administrative Agent (i) as soon as practicable following receipt thereof, copies in any Loan Party's possession or any Loan Party's control of all
environmental audits, investigations, analyses and reports of any kind or character, whether prepared by personnel of the Loan Parties or by independent consultants, governmental authorities or any
other Persons, with respect to Environmental Matters at the Site or the Project or with respect to any Environmental Claims, (ii) promptly upon the occurrence thereof, written notice describing
in reasonable detail (A) any Release required to be reported to any federal, state or local governmental or regulatory agency under any applicable Environmental Laws, (B) any remedial
action taken by any Person in response to (1) any Hazardous Materials Activities the existence of which has a reasonable possibility of resulting in one or more Environmental Claims against a
Loan Party that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, or (2) any Environmental Claims against a Loan Party that could
reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, (iii) as soon as practicable following the sending or receipt thereof by any Loan Party, a copy
of any and all written communications with respect to (A) any Environmental Claims that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect,
(B) any Release required to be reported to any federal, state or local governmental or regulatory agency, and (C) any request for information from any governmental agency indicating that
such agency is investigating whether any Loan Party may be potentially responsible for any Hazardous Materials Activity, (iv) prompt written notice describing in reasonable detail
(A) any proposed acquisition of stock, assets, or property by any Loan Party that could reasonably be expected to (1) expose any Loan Party to, or result in, Environmental Claims that
could reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect or (2) affect the ability of any Loan Party to maintain in full force and effect all
material Permits required under any Environmental Laws for their respective operations and (B) any proposed action to be taken by any Loan Party to modify current operations in a manner that
could reasonably be expected to subject such Loan Party to any material additional obligations or requirements under any Environmental Laws that could reasonably be expected to result, individually or
in the aggregate, in a Material Adverse Effect, (v) any notice that any Governmental Authority may condition approval of, or any application for, any material Permit held by any Loan
Party on terms and conditions that are materially burdensome to such Loan Party, or to the operation of any of its businesses or any property owned, leased or otherwise operated by such Person,
(vi) notice of any actions or proceedings of the types described in Sections 4.17(c) through (e), (vii) as soon as practicable, all documents submitted to, filed with or received from
any Governmental Authority, including without limitation the Nevada Public Utilities Commission, and the State of Nevada, Division of Water Resources, with respect to the Water Permits and
(viii) with reasonable promptness, such other documents and information as from time to time may be reasonably requested by the Administrative Agent in relation to any matters disclosed
pursuant to this Section 6.8(d). 

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        6.9    Interest Rate Protection.    In the case of the Borrower, on or before the Closing Date, enter into Hedge
Agreements to the extent necessary to provide that at least 50% of the Term Loan Commitment and $200,000,000 of the Revolving Loan Commitment will upon drawdown be subject to either a fixed interest
rate or interest rate protection for a period of not less than the Term Loan Commitment Period, which Hedge Agreements shall have terms and conditions reasonably satisfactory to the Administrative
Agent. 

        6.10    Additional Collateral, Discharge of Liens, etc.    (a)  With respect to any Property acquired
after the Closing Date by any Loan Party as to which the Administrative Agent, for the benefit of the Secured Parties, does not have a perfected security interest (other than the Aircraft), subject to
compliance with applicable Nevada Gaming Laws and restrictions on the grant of Liens permitted pursuant to Section 7.13, promptly (i) execute and deliver to the Administrative Agent such
amendments to the Guarantee and Collateral Agreement or such other documents as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the
Secured Parties, a security interest in such Property and (ii) take all actions necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected
first priority security interest in such Property (subject to Permitted Liens), including, without limitation, the filing of UCC financing statements in such jurisdictions as may be required by the
Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent. In addition to the foregoing, in the event any such Property acquired after the Closing Date consists
of Real Estate or other Property with respect to which a recording in the real property records of an appropriate jurisdiction is required or advisable in order to perfect a security interest therein,
promptly (and, in any event, within two Business Days following the date of such acquisition) (1) execute and deliver a mortgage, substantially in the form of the Mortgages (with such
modifications, if any, as are necessary to comply with Requirements of Law or that the Administrative Agent may reasonably request), such mortgage to be recorded in the real property records of the
appropriate jurisdiction, or execute and deliver a supplement to an existing Mortgage, in either case pursuant to which the applicable Loan Party grants to the Administrative Agent on behalf of the
Secured Parties a Lien on such Real Estate subject only to Permitted Liens, (2) provide the Secured Parties with title and extended coverage insurance covering such Real Estate in an amount at
least equal to the fair market value of such Real Estate, and in any event consistent with (except for coverage amount) the title and extended coverage insurance covering the Site obtained pursuant to
the Disbursement Agreement, or obtain an appropriate endorsement or supplement to an existing Title Policy, (3) execute and deliver an environmental indemnity agreement with respect to such
Real Estate, substantially in the form of the Indemnity Agreements (with such modifications, if any, as are necessary to comply with Requirements of Law or that the Administrative Agent may reasonably
request), and (4) execute and/or deliver such other documents or provide such other information in furtherance thereof as the Administrative Agent may reasonably request, including delivering
documents and taking such other actions which would have been required under Section 3.1 of the Disbursement Agreement if such Real Estate were part of the Mortgaged Property on the Closing
Date. 

        (b)  With
respect to any new Subsidiary created or acquired after the Closing Date by any Loan Party, subject to compliance with Nevada Gaming Laws, promptly
(i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the
Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary (subject to Permitted Liens), (ii) deliver
to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of such Loan Party, as
applicable, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement, the Subordinated Intercompany Note and the Intellectual Property Security
Agreement and (B) to take such actions necessary or advisable to grant to the Administrative Agent for the benefit of the Secured Parties a 

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perfected first priority security interest (subject to Permitted Liens) in the Collateral described in the Guarantee and Collateral Agreement and the Intellectual Property Security Agreement with
respect to such new Subsidiary, including, without limitation, the recording of instruments in the United States Patent and Trademark Office and the United States Copyright Office, the execution and
delivery by all necessary Persons of Control Agreements and the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement, the Intellectual
Property Security Agreement or by law or as may be requested by the Administrative Agent, (iv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions
relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent and (v) execute and/or deliver such
other documents or provide such other information as the Administrative Agent may reasonably request, including delivering documents and taking such other actions which would have been required under
Section 3.1 of the Disbursement Agreement if such new Subsidiary were a Loan Party on the Closing Date. In addition to the foregoing, in the event any such new Subsidiary owns or otherwise has
interests in any Real Estate or other Property with respect to which a recording in the real property records of an appropriate jurisdiction is required or advisable in order to perfect a security
interest therein, promptly (and, in any event, within two Business Days following the date of such acquisition) (1) execute and deliver a mortgage, substantially in the form of the Mortgages
(with such modifications, if any, as are necessary to comply with Requirements of Law or that the Administrative Agent may reasonably request), such mortgage to be recorded in the real property
records of the appropriate jurisdiction, or execute and deliver a supplement to an existing Mortgage, in either case pursuant to which the applicable Loan Party grants to the Administrative Agent on
behalf of the Secured Parties a Lien on such Real Estate subject only to Permitted Liens, (2) provide the Secured Parties title and extended coverage insurance covering such Real Estate in an
amount at least equal to the fair market value of such Real Estate, and in any event consistent with (except for coverage amount) the title and extended coverage insurance covering the Site obtained
pursuant to the Disbursement Agreement, or obtain an appropriate endorsement or supplement to an existing Title Policy, (3) execute and deliver an environmental indemnity agreement with respect
to such Real Estate, substantially in the form of the Indemnity Agreements (with such modifications, if any, as are necessary to comply with Requirements of Law or that the Administrative Agent may
reasonably request), and (4) execute and/or deliver such other documents or provide such other information in furtherance thereof as the Administrative Agent may reasonably request, including
delivering documents and taking such other actions which would have been required under Section 3.1 of the Disbursement Agreement if such Real Estate were part of the Mortgaged Property on the
Closing Date. 

        (c)  Notwithstanding
anything to the contrary in this Section 6.10, paragraphs (a) and (b) of this Section 6.10 shall not apply to any Property or
new Subsidiary created or acquired after the Closing Date, as applicable, as to which the Administrative Agent has determined in its sole discretion that the collateral value thereof is insufficient
to justify the difficulty, time and/or expense of obtaining a perfected security interest therein. 

        6.11    Use of Proceeds and Revenues.    (a)  Use the proceeds of the Loans and request the issuance of
Letters of Credit, only for the purposes specified in Section 4.16; provided, that (i) no more than [$963,200,000] of proceeds of extensions of credit hereunder
shall be available for application toward Project Costs and (ii) in addition to and without duplication of proceeds of extensions of credit available under clause (i) above with respect
to Project Costs, no more than an additional [$33,800,000] of proceeds of extensions of credit hereunder shall be available during the Additional Completion Period for
application toward Debt Service due and payable during the Additional Completion Period. 

        (b)  Subject
to subsection (c) below, deposit in a Funding Account all Project Revenues, other than On-Site Cash, (i) received by the Borrower
Capital Corp. or Wynn Design after the 

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Completion Date or (ii) received by any other Loan Party at any time; provided, that, in no event shall (A) funds deposited in a Funding
Account be (x) transferred to any "Company Account" (as defined in the Disbursement Agreement) or (y) subject to Section 2.5.5 of the Disbursement Agreement, used to pay Project
Costs or (B) subject to Section 2.5.5 of the Disbursement Agreement, On-Site Cash (other than to the extent reflecting proceeds of advances made pursuant to the Disbursement
Agreement for the payment of Project Costs) be used to pay Project Costs. 

        (c)  Apply
(whether directly or through an equity contribution to the Borrower) all Net Cash Proceeds, Excess Cash Flow, Extraordinary Deposit Receipts, Loss Proceeds,
Liquidated Damages, Insurance Proceeds and Eminent Domain Proceeds received by it in accordance with Sections 2.12, 2.18 and 2.24. 

        6.12    Compliance with Laws, Project Documents, etc.; Permits.    (a)  Comply with all Requirements of
Law, noncompliance with which could reasonably be expected to cause, individually or in the aggregate, a Material Adverse Effect and comply in all material respects with its Governing Documents. 

        (b)  Comply,
duly and promptly, in all material respects with its respective obligations and enforce all of its respective rights under all Project Documents, except, in the
case of Project Documents other than Material Affiliated Contracts, where the failure to comply could not reasonably be expected to have a Material Adverse Effect. 

        (c)  From
time to time obtain, maintain, retain, observe, keep in full force and effect and comply with the terms, conditions and provisions of all Permits as shall now or
hereafter be necessary under applicable laws, except any thereof the noncompliance with which could not reasonably be expected to have a Material Adverse Effect. From time to time maintain, retain,
observe and keep in full force and effect and comply with the terms conditions and provisions of all Water Permits. 

        6.13    Further Assurances.    From time to time execute and deliver, or cause to be executed and delivered, such
additional instruments, certificates or documents, and take all such actions, as the Administrative Agent may reasonably request, for the purposes of implementing or effectuating the provisions of
this Agreement and the other Loan Documents, or of more fully perfecting or renewing the rights of the Administrative Agent and the Lenders with respect to the Collateral (or with respect to any
additions thereto or replacements or proceeds or products thereof or with respect to any other property or assets hereafter acquired by any Loan Party which may be deemed to be part of the Collateral)
pursuant hereto or thereto. Upon the exercise by the Administrative Agent or any Lender of any power, right, privilege or remedy pursuant to this Agreement or the other Loan Documents which requires
any consent, approval, recording, qualification or authorization of any Governmental Authority, the Borrower shall, or shall cause any other applicable Loan Party to (and by executing the Guarantee
and Collateral Agreement each such other Loan Party agrees that it will), execute and deliver, or will cause the execution and delivery of, all applications, certifications, instruments and other
documents and papers that the Administrative Agent or such Lender may be required to obtain from the Borrower or the applicable Loan Party for such governmental consent, approval, recording,
qualification or authorization. In the event that, notwithstanding the covenants contained in Article 7, a Lien not otherwise permitted under this Agreement shall encumber the Mortgaged
Property or other item of Collateral or any portion thereof, the relevant Loan Party shall promptly discharge or cause to be discharged by payment to the lienor or lien claimant or promptly secure
removal by bonding or deposit with the county clerk or otherwise or, at the Administrative Agent's option, and if obtainable promptly obtain title insurance against, any such Lien or mechanics' or
materialmen's claims of lien filed or otherwise asserted against the Mortgaged Property or any other item of Collateral or any portion thereof within 60 days after the date of notice thereof;  provided, that the provisions of this Section 6.13 (and compliance therewith) shall not be deemed to constitute a waiver of any of the
 

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provisions of Article 7. Each of the Loan Parties shall fully preserve the Lien and the priority of each of the Mortgages and the other Security Documents without cost or expense to the
Administrative Agent or the Lenders. If any Loan Party fails to promptly discharge, remove or bond off any such Lien or mechanics' or materialmen's claim of lien as described above, which is not being
contested by the applicable Loan Party in good faith by appropriate proceedings promptly instituted and diligently conducted, within 30 days after the receipt of notice thereof, then the
Administrative Agent may, but shall not be required to, procure the release and discharge of such Lien, mechanics' or materialmen's claim of lien and any judgment or decree thereon, and in furtherance
thereof may, in its sole discretion, effect any settlement or compromise with the lienor or lien claimant or post any bond or furnish any security or indemnity as the Administrative Agent, in its sole
discretion, may elect. In settling, compromising or arranging for the discharge of any Liens under this subsection, the Administrative Agent shall not be required to establish or confirm the validity
or amount of the Lien. The Borrower agrees that all costs and expenses expended or otherwise incurred pursuant to this Section 6.13 (including reasonable attorneys' fees and disbursements) by
the Administrative Agent shall constitute Obligations and shall be paid by the Borrower in accordance with the terms hereof. 

        6.14    Dissolution of the Completion Guarantor.    Promptly following the Completion Guaranty Release Date,
liquidate, wind up and dissolve the Completion Guarantor. 

        6.15    Water Company Transfers.    With respect to Desert Inn Improvement, use its commercially reasonable efforts
(i) unless the DIIC Water Transfer has been effected prior thereto, to obtain the approval of the Nevada Public Utilities Commission to the execution and delivery to the Administrative Agent of
the Water Property Mortgage and, no later than 10 days after obtaining such approval, execute the Water Property Mortgage and take such other actions required pursuant to Section 6.10
had the Water Property been newly acquired by Desert Inn Improvement on the day of such approval by the Nevada Public Utilities Commission, (ii) to amend the DIIC Casino Water Permit in
accordance with all applicable Requirements of Law and pursuant to all necessary consents of Governmental Authorities (including, if applicable, the Nevada Public Utilities Commission and the State of
Nevada, Division of Water Resources) so that the designated place of use for water available under such Permit includes the Le Rêve hotel and casino's water features, (iii) to
amend the DIIC Water Permits (other than the DIIC Casino Water Permit) in accordance with all applicable Requirements of Law and pursuant to all necessary consents of Governmental Authorities
(including, if applicable, the Nevada Public Utilities Commission and the State of Nevada, Division of Water Resources) so that the designed place of use for water available under such Permits
includes the Golf Course Land, and (iv) to effectuate the DIIC Water Transfer and take such other actions required pursuant to Section 6.10 with respect to the Property transferred
thereby. 

 
 

SECTION 7. NEGATIVE COVENANTS    
  

        The Borrower hereby agrees that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding or any Loan or other amount is owing to any
Lender, any Arranger, any Manager or any Agent hereunder or under any other Loan Document, the Borrower shall not, and shall not permit any of the other Loan Parties to, directly or indirectly (and by
executing the Guarantee and Collateral Agreement each such other Loan Party agrees that it will not): 

        7.1    Financial Condition Covenants.    

        (a)    Consolidated Leverage Ratio.    Permit the Consolidated Leverage Ratio of the Borrower as at the last day of
any period of four full consecutive fiscal quarters (or such shorter period ending on any Quarterly Date set forth below and beginning on the first day of the first fiscal 

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quarter which begins after the Opening Date) ending on any Quarterly Date set forth below to exceed the ratio set forth below opposite such Quarterly Date: 

	Quarterly Date
 
	 	Consolidated Leverage Ratio

	First Quarterly Date	 	6.75:1
	Second Quarterly Date	 	5.75:1
	Third Quarterly Date	 	5.50:1
	Fourth, Fifth and Sixth Quarterly Dates	 	5.25:1
	Seventh and Eighth Quarterly Dates	 	5.00:1
	Nineth and Tenth Quarterly Dates	 	4.75:1
	Eleventh Quarterly Date	 	4.50:1
	Twelfth and Thirteenth Quarterly Dates	 	4.25:1
	Fourteenth and Fifteenth Quarterly Dates	 	4.00:1
	Sixteenth Quarterly Date and each Quarterly Date thereafter	 	3.75:1

;
provided, that for purposes of calculating Consolidated EBITDA pursuant to this Section 7.1(a) for any period which is less than four full
fiscal quarters, Consolidated EBITDA shall be calculated on an annualized basis. 

        (b)    Minimum Consolidated EBITDA.    Permit Consolidated EBITDA of the Borrower for any period of four full
consecutive fiscal quarters (or such shorter period ending on any Quarterly Date set forth below and beginning on the first day of the first fiscal quarter which begins after the Opening Date) ending
on any Quarterly Date set forth below to be less than the amount set forth below opposite such Quarterly Date: 

	Quarterly Date
 
	 	Consolidated

EBITDA

	First Quarterly Date	 	$	170,000,000
	Second Quarterly Date	 	$	215,000,000
	Third and Fourth Quarterly Dates	 	$	250,000,000
	Fifth, Sixth, Seventh, Eighth, Ninth and Tenth Quarterly Dates	 	$	260,000,000
	Eleventh, Twelfth and Thirteenth Quarterly Dates	 	$	270,000,000
	Fourteenth and Fifteenth Quarterly Dates	 	$	275,000,000
	Sixteenth Quarterly Date and each Quarterly Date thereafter	 	$	280,000,000

;
provided, that for purposes of calculating Consolidated EBITDA pursuant to this Section 7.1(b) for any period which is less than four full
fiscal quarters, Consolidated EBITDA shall be calculated on an annualized basis. 

        (c)    Consolidated Fixed Charge Coverage Ratio.    Permit the Consolidated Fixed Charge Coverage Ratio of the
Borrower for any period of four full consecutive fiscal quarters (or such shorter period ending on any Quarterly Date set forth below and beginning on the first day of the first fiscal quarter which
begins after the Opening Date) ending with any Quarterly Date set forth below to be less than the ratio set forth below opposite such Quarterly Date: 

	Quarterly Date
 
	 	Consolidated Fixed Charge Coverage Ratio

	First, Second, Third, Fourth, Fifth, Sixth, Seventh, and Eighth Quarterly Dates	 	1.00:1
	Ninth Quarterly Date and each Quarterly Date thereafter	 	1.05:1

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        (d)    Maintenance of Net Worth.    Permit the Consolidated Net Worth of the Borrower at any Quarterly Date to be less
than $900,000,000 plus an amount equal to the sum of 75% of positive Consolidated Net Income for all periods from the Closing Date through such Quarterly Date;  provided, that in the event Consolidated
Net Income is a deficit for the period from the Closing Date through the first Quarterly Date, the Consolidated
Net Worth of the Borrower on such Quarterly Date shall be no less than $900,000,000 minus an amount equal to such deficit. 

        (e)    Consolidated Interest Coverage Ratio.    Permit the Consolidated Interest Coverage Ratio of the Borrower for
any period of four full consecutive fiscal quarters (or such shorter period ending on any Quarterly Date set forth below and beginning on the first day of the first fiscal quarter which begins after
the Opening Date) ending on any Quarterly Date set forth below to be less than the ratio set forth below opposite such Quarterly Date: 

	Quarterly Date
 
	 	Consolidated Interest

Coverage Ratio

	First Quarterly Date	 	1.55:1
	Second Quarterly Date	 	1.75:1
	Third Quarterly Date	 	1.90:1
	Fourth, Fifth and Sixth Quarterly Dates	 	2.00:1
	Seventh, Eighth and Ninth Quarterly Dates	 	2.10:1
	Tenth, Eleventh, Twelfth and Thirteenth Quarterly Dates	 	2.25:1
	Fourteenth Quarterly Date and each Quarterly Date thereafter	 	2.50:1

        7.2    Limitation on Indebtedness.    Create, incur, assume or suffer to exist any Indebtedness, except: 

        (a)  Indebtedness
of any Loan Party created under any Loan Document; 

        (b)  Unsecured
Indebtedness of (i) any Loan Party (other than the Water Entities) to the Borrower or any Solvent Subsidiary of the Borrower (other than Capital Corp.
and the Completion Guarantor (except with respect to Indebtedness, the proceeds of which are necessary for the corporate maintenance of Capital Corp.)), (ii) Valvino to Wynn Resorts Holdings or
Wynn Resorts Holdings to Valvino (so long as Wynn Resorts Holdings, on the one hand, or Valvino, on the other hand, is Solvent) and (iii) any Wynn Group Entity to any other Loan Party other
than the Water Entities or Capital Corp. (so long as such Loan Party is Solvent); provided, that in each case such Indebtedness is evidenced by, and
subject to the terms and conditions of, the Subordinated Intercompany Note and is otherwise subordinated in right of payment to the Obligations under the Loan Documents and the Mortgage Notes
Indenture on terms and conditions reasonably satisfactory to the Administrative Agent; 

        (c)  Indebtedness
of World Travel to the Borrower represented by the Aircraft Note; 

        (d)  Indebtedness
(other than the Indebtedness referred to in Section 7.2(f)) of the Loan Parties outstanding on the date hereof and listed on  Schedule 7.2(d) and any refinancings, refundings, renewals or
extensions thereof (without any increase in the principal amount thereof or any
shortening of the maturity of any principal amount thereof); 

        (e)  Unsecured
Guarantee Obligations made in the ordinary course of business (i) by any Loan Party (other than the Water Entities) of obligations of the Borrower or
any Solvent Subsidiary of the Borrower (other than Capital Corp. and the Completion Guarantor), (ii) by Valvino of obligations of Wynn Resorts Holdings or by Wynn Resorts Holdings of
obligations of Valvino (so long as Wynn Resorts Holdings, on the one hand, or Valvino, on the other hand, is Solvent) and (iii) any Wynn Group Entity to any other Loan Party other than the
Water Entities or Capital Corp. (so long as such Loan Party is Solvent); 

89

  

        (f)    (i)
Indebtedness of the Borrower and Capital Corp. created under the Mortgage Notes Indenture in respect of the Mortgage Notes in an aggregate principal amount,
including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (i), not to exceed $340,000,000 (reduced by any
principal payments required to be made thereon) and Guarantee Obligations of any Loan Party in respect of such Indebtedness represented by the Mortgage Note Guarantee;  provided, that the principal
amount of the Indebtedness permitted pursuant to this Section (f)(i) may be increased for purposes of, and in an
amount equal to, Indebtedness permitted pursuant to Section 7.2(l), and (ii) Indebtedness of the Borrower created under the FF&E Facility Agreement, including all Permitted Refinancing
Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (ii), in an aggregate principal amount not to exceed $188,500,000 (plus any accrued and
unpaid interest thereon added to principal) and Guarantee Obligations of any Loan Party in respect of such Indebtedness represented by the FF&E Guarantee;  provided, that the principal amount of the
Indebtedness permitted pursuant to this Section (f)(ii) may be increased by an amount not greater than
$10,000,000 so long as the proceeds of such additional Indebtedness are applied to the acquisition of the Replacement Aircraft in accordance with Section 7.5(o). 

        (g)  Indebtedness
of the Loan Parties (including, without limitation, Capital Lease Obligations) secured by Liens permitted by Section 7.3(s) in an aggregate principal
amount not to exceed $10,000,000 at any one time outstanding; 

        (h)  Indebtedness
of the Loan Parties to employees of the Loan Parties (or their estates) incurred in connection with any repurchase of employee stock options or stock upon
death, disability or termination of such employee in accordance with employment agreements or option plans or agreements, provided, that (i) such
Indebtedness, when aggregated with any payments made under Section 7.6(f), will not exceed $2,000,000 in any Fiscal Year and $6,000,000 during the term of this Agreement, (ii) such
Indebtedness shall be unsecured and subordinated on terms and conditions satisfactory to the Initial Arrangers and in any event not less favorable to the Loan Parties and the Lenders than the terms of
the Subordinated Intercompany Note, subject to such covenants and events of default as may be acceptable to the Initial Arrangers and expressly provide that payments thereon shall be required only to
the extent not restricted by any Financing Agreement; 

        (i)    Subordinated
Debt of the Loan Parties not to exceed an aggregate of $25,000,000 at any one time outstanding; provided,
that the Net Cash Proceeds of such Subordinated Debt shall be applied within one Business Day of the incurrence of such Subordinated Debt to the prepayment of the Term Loans and the reduction of the
Revolving Credit Commitments as set forth in Section 2.12(a); 

        (j)    Indebtedness
of the Loan Parties incurred to finance the acquisition of the Additional Land, provided that such Indebtedness shall not exceed the fair market value of
the Additional Land (provided, that in determining such fair market value, consideration will be given to the value of the Additional Land to the Loan
Parties in light of their current Property and Permitted Business); 

        (k)  on
or prior to the date that the Total Term Loan Extensions of Credit equals the Total Term Loan Commitments, Guarantee Obligations represented by performance bonds,
guaranties, commercial letters of credit, bankers' acceptances or similar instruments issued by Person other than Wynn Resorts or any Loan Party for the benefit of a trade creditor of any such Loan
Party, in an aggregate amount not to exceed $10,000,000 at any time outstanding so long as (i) such Indebtedness is incurred in the ordinary course of business and (ii) the obligations
of any Loan Party, as the case may be, supported by such performance bonds, guaranties, trade letters of credit, bankers' acceptances or similar instruments (1) consist solely of payment
obligations with respect 

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to costs incurred in accordance with the Project Budget which would otherwise be permitted to be paid by the applicable Loan Party pursuant to the Disbursement Agreement, (2) are secured, and
(3) are secured solely by Liens permitted by Section 7.3(v); 

        (l)    Indebtedness
of the Borrower, the proceeds of which are used solely to develop and construct an Entertainment Facility, in an aggregate principal amount (or original
accreted value, as applicable) at any time not to exceed the lesser of (a) $50,000,000 and (b) 200% of the Entertainment Facility Equity Proceeds; and 

        (m)  additional
Indebtedness of the Loan Parties in an aggregate principal amount (for all the Loan Parties) not to exceed $5,000,000 at any one time outstanding. 

        7.3    Limitation on Liens.    Create, incur, assume or suffer to exist any Lien upon any of its Property, whether now
owned or hereafter acquired, except for: 

        (a)  Liens
for taxes not yet due or which are being contested in good faith by appropriate proceedings, provided that adequate
reserves with respect thereto are maintained on the books of the applicable Loan Party, as the case may be, in conformity with GAAP; 

        (b)  carriers',
warehousemen's, mechanics', materialmen's, repairmen's or other like Liens arising in the ordinary course of business for amounts which are not overdue for a
period of more than 30 days or that are being contested in good faith by appropriate proceeding (such contest proceedings conclusively operating to stay the sale of any portion of the
Collateral on account of such Lien); provided, that adequate reserves with respect thereto are maintained on the books of the applicable Loan Party, as
the case may be, in conformity with GAAP; 

        (c)  pledges
or deposits in connection with workers' compensation, unemployment insurance and other social security legislation; 

        (d)  deposits
by or on behalf of the Loan Parties to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, appeal
bonds and other obligations of a like nature incurred in the ordinary course of business, including, without limitation, deposits permitted pursuant to Section 6.10(c) of the Disbursement
Agreement. 

        (e)  easements,
rights-of-way, restrictions, encroachments and other similar encumbrances and other minor defects and irregularities in title, in each
case incurred in the ordinary course of business that, in the aggregate, are not substantial in amount and which do not in any case materially detract from the value of the Property subject thereto or
materially interfere with the ordinary conduct of the business of the applicable Loan Party; 

        (f)    Liens
in existence on the date hereof listed on Schedule 7.3(f), securing Indebtedness permitted by
Section 7.2(d), provided that no such Lien is spread to cover any additional Property (other than proceeds thereof) after the Closing Date and
that the amount of Indebtedness secured thereby is not increased; 

        (g)  Liens
created pursuant to the Security Documents (including Liens created thereunder securing Specified Hedge Agreements); 

        (h)  leases
and subleases permitted under Section 7.5(f) and any leasehold mortgage in favor of any party financing the lessee under any lease or sublease permitted
under Section 7.5(f); provided, that (a) no Loan Party is liable for the payment of any principal of, or interest, premiums or fees on,
such financing and (b) the affected lease and leasehold mortgage are expressly made subject and subordinate to the Lien of the applicable Mortgage; 

        (i)    Liens
created by the Golf Course Lease, the Driving Range Lease, the Building Lease or the Employee Parking Lot Lease (in each case encumbering only the Property covered
by such lease agreement); 

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        (j)    licenses
of patents, trademarks and other intellectual property rights granted by a Loan Party in the ordinary course of business and not interfering in any material
respect with the ordinary conduct of the business of such Loan Party; 

        (k)  Liens
securing Indebtedness permitted under Section 7.2(f)(i); provided, that such Liens are junior in priority
(other than in respect of the Second Mortgage Notes Proceeds Account) to the Liens securing the Obligations; 

        (l)    Liens
with respect to Property of the Borrower securing Indebtedness permitted under Section 7.2(f)(ii) and to any proceeds thereof;  provided, that such Liens attach only to the Specified FF&E
(senior in priority to the Liens of the Security Documents on the Specified FF&E);
 

        (m)  prior
to the Final Completion Date any "Permitted Liens" under the Disbursement Agreement; 

        (n)  any
attachment or judgment Lien not constituting an Event of Default under Section 8.1(h); 

        (o)  Permitted
Encumbrances; 

        (p)  Liens
arising from the filing of UCC financing statements relating solely to leases permitted by this Agreement; 

        (q)  Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; 

        (r)  any
zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any Real Estate; 

        (s)  Liens
securing Indebtedness of the Loan Parties incurred pursuant to Section 7.2(g) to finance the acquisition of fixed or capital assets,  provided that (i) such Liens shall be created substantially
simultaneously with the acquisition of such fixed or capital assets (or the
refinancing of such Indebtedness as otherwise permitted hereunder) (ii) such Liens do not at any time encumber any Property other than the Property (and proceeds thereof) financed by such
Indebtedness, (iii) the principal amount of Indebtedness secured thereby is not increased and (iv) the Property financed by such Indebtedness is not of a type that will become affixed to
the Project such that the removal thereof could reasonably be expected to materially interfere with the ongoing ordinary course operations of the Project; 

        (t)    Liens
securing Indebtedness of the Loan Parties incurred pursuant to Section 7.2(j) to finance the acquisition of the Additional Land,  provided that (i) such Liens shall be created substantially
simultaneously with the acquisition of the Additional Land, (ii) such Liens do
not at any time encumber any Property other than the Additional Land (and proceeds thereof) and (iii) the principal amount of Indebtedness secured thereby is not increased; 

        (u)  Liens
with respect to the Aircraft granted by World Travel to the Borrower securing Indebtedness under the Aircraft Note; and 

        (v)  Liens
on cash disbursed pursuant to the Disbursement Agreement and deposited with, or held for the account of, any Loan Party securing reimbursement obligations under
performance bonds, guaranties, commercial letters of credit, bankers' acceptances or similar instruments permitted under Section 7.2(k), granted in favor of the issuers of such performance
bonds, guaranties, commercial letters of credit or bankers' acceptances, so long as (i) any cash disbursed to secure such reimbursement obligations is invested in Permitted Securities only and
(ii) the amount of cash and/or Permitted Securities secured by such Liens is note less than the amount of Indebtedness secured thereby and in any event does not exceed 110% of the amount of the 

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Indebtedness secured thereby (ignoring, for purposes of this clause (ii), any interest earned or paid on such cash and any dividends or distributions declared or paid in respect of such
Permitted Investments). 

        7.4    Limitation on Fundamental Changes.    Enter into any merger, consolidation or amalgamation, or liquidate, wind
up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of all or substantially all of its Property or business, except that: 

        (a)  (i)
any Solvent Loan Party may be merged or consolidated with or into the Borrower or any Solvent Subsidiary of the Borrower (other than Capital Corp. and the Completion
Guarantor), (ii) Valvino may be merged or consolidated with or into Wynn Resorts Holdings and Wynn Resorts Holdings may be merged or consolidated with or into Valvino (in each case so long as
each of Wynn Resorts Holdings and Valvino are Solvent) and (iii) any Solvent Wynn Group Entity may be merged or consolidated with or into any other Loan Party other than the Water Entities or
Capital Corp. (so long as such Loan Party is Solvent) (provided, that in the event any such merger or consolidation involves the Borrower, the Borrower
shall be the continuing or surviving entity and, in the event such merger or consolidation involves a Subsidiary of the Borrower (but not the Borrower), a Subsidiary of the Borrower shall be the
continuing or surviving entity); 

        (b)  (i)
any Solvent Loan Party may Dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the Borrower or any Solvent Subsidiary of the Borrower
(other than Capital Corp. and the Completion Guarantor), (ii) Valvino may Dispose of any or all of its assets (upon voluntary liquidation or otherwise) to Wynn Resorts Holdings and Wynn Resorts
Holdings may Dispose of any or
all of its assets (upon voluntary liquidation or otherwise) to Valvino (in each case so long as each of Wynn Resorts Holdings and Valvino are Solvent) and (iii) any Solvent Wynn Group Entity
may Dispose of any or all of its assets (upon voluntary liquidation or otherwise) to any other Loan Party other than the Water Entities or Capital Corp. (so long as such Loan Party is Solvent);  provided,
 that any permitted Disposition of Capital Stock of a Loan Party pursuant to this Section 7.4(b) must be of no less than all Capital
Stock of such Loan Party; provided, further, that in no event shall (x) Wynn Resorts Holdings be permitted to Dispose of any Capital Stock of the
Borrower (other than to the extent such Disposition occurs in connection with the merger of Wynn Resorts Holdings into Valvino as permitted pursuant to Section 7.4(a)) or (y) the
Borrower or any of its Subsidiaries acquire the Capital Stock of either of the Water Entities (other than to the extent such Disposition occurs in connection with the merger of a Water Entity into the
Borrower or a Subsidiary of the Borrower as permitted pursuant to Section 7.4(a); provided, that in no event, shall Desert Inn Improvement become
a Subsidiary of the Borrower); and 

        (c)  any
Loan Party may Dispose of any of its Property in accordance with Section 7.5. 

        7.5    Limitation on Disposition of Property.    Dispose of any of its Property (including, without limitation,
receivables and leasehold interests), whether now owned or hereafter acquired, or issue or sell any shares of Capital Stock to any Person, except: 

        (a)  the
Disposition in the ordinary course of business of obsolete or worn out Property or Property no longer useful in the business of the applicable Loan Party;  provided, that either (i) such Disposition
could not reasonably be expected to materially adversely affect the Project or any of the Mortgaged
Properties or (ii) with respect to Property Disposed of by reason of its obsolescence or worn out condition, prior to or promptly following such Disposition any such Property shall be replaced
with other Property of substantially equal or greater utility and either (x) a value at least substantially equal to that of the replaced Property when first acquired or
(y) substantially equal or greater quality and, if applicable, prestige and caliber as the replaced Property when first acquired and free from any Lien of any other Person (subject to Permitted
Liens) and the applicable Loan Party shall subject such replacement property to the Lien of the 

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Security Documents in favor of the Lenders of at least the same priority as the Property so replaced; 

        (b)  the
Disposition of Cash or Cash Equivalents (in each case in transactions otherwise permitted hereunder), Investments permitted pursuant to Section 7.8, inventory
(in the ordinary course of business) and receivables (in connection with the collection thereof and otherwise as customary in gaming operations of the type conducted by the Loan Parties); 

        (c)  Dispositions
permitted by Section 7.4 (including the Disposition of Capital Stock of Loan Parties pursuant to Section 7.4(b); 

        (d)  the
sale or issuance of any Loan Party's Capital Stock (other than Disqualified Stock) to its direct parent that is a Loan Party in consideration for Investments
permitted pursuant to Section 7.8(e); 

        (e)  Dispositions
of Property having a fair market value not in excess of $5,000,000 in the aggregate (with respect to all the Loan Parties) in any Fiscal Year following the
Completion Date; provided, that (i) the consideration received for such assets shall be in an amount at least equal to the fair market value
thereof; and (ii) the sole consideration received shall be cash; 

        (f)    subject
to the last paragraph of this Section 7.5, the Borrower may 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; 

        (g)  any
Loan Party may dedicate space within the Project for the purpose of constructing (i) a mass transit system, (ii) a pedestrian bridge over or a
pedestrian tunnel under Las Vegas Boulevard or Sands Avenue or similar structures to facilitate pedestrians or traffic, (iii) a right turn lane or other roadway dedication or (iv) such
other structures or improvements reasonably related to and in furtherance of the development, construction and operation of the Project; provided, that
in each case such dedication does not materially impair or interfere in the use or operations of the Project or any Loan Party or materially detract from the value of the Property subject thereto; 

        (h)  the
Loan Parties may license trademarks and trade names in the ordinary course of business; 

        (i)    the
incurrence of Liens permitted under Section 7.3; provided that any leases other than those permitted pursuant
to Section 7.3(i) (whether or not constituting Permitted Liens) shall be permitted only to the extent provided in subsection (f) above and the last paragraph of this Section 7.5; 

        (j)    The
applicable Golf Course Land Owner(s) shall be permitted to Dispose of the Wynn Home Site Land to Mr. Wynn, and the Lenders hereby consent to such Disposition,
on the conditions that (i) no Default or Event of Default has occurred and is continuing at the time of such Disposition and such Disposition is permitted under the other Financing Agreements,
(ii) the cash purchase price paid by Mr. Wynn to such Golf Course Land Owner(s) for the Wynn Home Site Land is in immediately available funds and equal to or greater than the fair market
value of the Wynn Home Site Land, as determined in good faith by such Golf Course Land Owner(s), (iii) such Golf Course Land Owner(s) contributes the entire amount of the purchase price paid by
Mr. Wynn for the Wynn Home Site Land to the Borrower as a common equity capital contribution, (iv) the Mortgaged Properties affected by the Disposition of the Wynn Home Site Land
constitute separate legal parcels under Nevada Revised Statutes, Chapter 278, (v) the Borrower shall have certified and demonstrated to the Initial Arrangers, to the reasonable
satisfaction of the Initial Arrangers, that construction of Mr. Wynn's personal residence on the Wynn Home Site will not interfere with the use or operations of the Golf Course and could not
otherwise reasonably be expected to impair the overall value of the Project, (vi) the applicable 

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Mortgages with respect to the Golf Course Land shall have been amended to reflect the exclusion of the legal description of the Wynn Home Site Land (or applicable portion thereof) as a result of the
transfer of fee ownership therein and re-recorded at the Clark County, Nevada Recorder's Office, (vii) the Borrower shall have delivered to the Administrative Agent:
(A) (1) a legal opinion from counsel reasonably acceptable to the Administrative Agent to the effect that the Mortgages with respect to the Golf Course Land, to the extent amended and
re-recorded pursuant to subsection (vi) above, are enforceable in accordance with their respective terms and are effective to create the security interests described therein and
(2) such other legal opinions as the Administrative Agent may reasonably request, each in form and substance reasonably satisfactory to the Administrative Agent, and (B) endorsements, or
commitments by the Title Insurer to issue endorsements, to the Title Policy, in each case in form and substance satisfactory to the Administrative Agent, insuring the continuing perfection and
priority of the respective Liens on the Golf Course Land (after giving effect to the release of the Wynn Home Site Land and the amendments and re-recordations contemplated by
subsection (vi) above) and (viii) (A) either (x) no Points of Diversion with respect to the Water Permits, wells associated therewith or
rights-of-way necessary for the transportation of water available under the Water Permits to the Golf Course Land or the water features of the Le Rêve hotel and
casino, as the case may be, are located on the Wynn Home Site Land or (y) the applicable Golf Course Land Owner(s) shall have transferred at no cost (I) in the case of Points of
Diversion and associated wells with respect to the Valvino Water Permits or the DIIC Casino Water Permit, and rights-of-way necessary for the transportation of water available
under such Water Permits to the water features of the Le Rêve hotel and casino, such easements to the Borrower as are necessary for the Borrower to access such Points of Diversion, own
and operate such wells and transport such water to the water features of the Le Rêve hotel and casino and (II) in the case of Points of Diversion and associated wells with
respect to all other DIIC Water Permits, and rights-of-way necessary for the transportation of water available under such Water Permits to the Golf Course Land, such easements
to the Borrower and Wynn Resorts Holdings as are necessary for such Persons to access such Points of Diversion, own and operate such wells and transport such water to the Golf Course Land and
(B) the Borrower and Wynn Resorts Holdings, as the case may be, shall have taken all actions required pursuant to Section 6.10 with respect to any Property acquired pursuant to
clause (viii)(A) above. Upon satisfaction of the foregoing conditions, the Administrative Agent shall execute and deliver to the appropriate Golf Course Land Owners such documents and
instruments, including UCC-3 termination statements and deeds of reconveyance, all as may be reasonably necessary to release the Liens granted to the Lenders in the Wynn Home Site Land,
and to permit such Disposition; provided, that an instrument reasonably acceptable to the Administrative Agent is recorded against the Wynn Home Site
Land to the effect that until the earlier of (x) the Disposition of the Golf Course Land in accordance with Section 7.5(k) or (y) the payment in full of the Obligations, only a
personal residence for Mr. Wynn will be developed on the Wynn Home Site Land, the provisions of such instrument to burden the Wynn Home Site Land for the benefit of the Golf Course Land; 

95

  

        (k)  The
Golf Course Owners shall be permitted to Dispose of the Golf Course Land and in connection therewith, the applicable Loan Parties shall be permitted to Dispose of
their ownership in the Capital Stock of Desert Inn Water and Desert Inn Improvement and the DIIC Water Permits (other than the DIIC Casino Water Permit), and the Lenders hereby consent to such
Dispositions, on the conditions that (i) no Default or Event of Default has occurred and is continuing at the time of such Disposition and such Dispositions are permitted under the other
Financing Agreements, (ii) such Dispositions occur on or after the third anniversary of the Opening Date, (iii) at the time of such Dispositions, the Consolidated Leverage Ratio of the
Borrower for the most recent period of four full consecutive fiscal quarters of the Borrower was 3.0 to 1.0 or less (provided, that there shall be
excluded from the calculation of the Consolidated Leverage Ratio the Consolidated EBITDA, if any, derived from the Golf Course for such four full consecutive fiscal quarters), (iv) after giving
effect to such Dispositions, the senior secured long-term Indebtedness under the Facilities shall be rated at least Ba1 by Moody's and BB+ by S&P and (v) (A) either
(x) no Points of Diversion with respect to the Valvino Water Permits or the DIIC Casino Water Permit, wells associated therewith or rights-of-way necessary for the
transportation of water available under such Water Permits to the water features of the Le Rêve hotel and casino are located on the Golf Course Land or (y) the applicable Golf
Course Land Owner(s) shall have transferred at no cost such easements to the Borrower as are necessary for the Borrower to access such Points of Diversion, own and operate such wells and transport
such water to the water features of the Le Rêve hotel and casino and (B) the Borrower shall have taken all actions required pursuant to Section 6.10 with respect to any
Property acquired pursuant to clause (u)(A) above. Upon satisfaction of the foregoing conditions, the Administrative Agent shall execute and deliver to the applicable Loan Parties such
documents and instruments, including UCC-3 termination statements, deeds of reconveyance and certificates of Capital Stock, all as may be reasonably necessary to release the Liens granted
to the Lenders in the Golf Course Land, Desert Inn Water, Desert Inn Improvement and the DIIC Water Permits (other than the DIIC Casino Water Permit) (including, without limitation all Capital Stock
of Desert Inn Water, and Desert Inn Improvement and Property of Desert Inn Water and Desert Inn Improvement) and to permit such Dispositions; 

        (l)    The
applicable Golf Course Land Owners shall be permitted to Dispose of the Home Site Land, and the Lenders hereby consent to such Disposition, on the conditions that
(i) no Default or Event of Default has occurred and is continuing at the time of such Disposition and such Disposition is permitted under the other Financing Agreements, (ii) at the time
of such Disposition, the Consolidated EBITDA of the Borrower for the most recent period of four full consecutive fiscal quarters of the Borrower was equal to or greater than $325,000,000,
(iii) the Mortgaged Properties affected by the Disposition of the Home Site Land constitute separate legal parcels under Nevada Revised Statutes, Chapter 278, (iv) the Borrower
shall have certified and demonstrated to the Initial Arrangers, to the reasonable satisfaction of the Initial Arrangers, that construction of permitted improvements on the Home Site will not interfere
with the use or operations of the Golf Course and could not otherwise reasonably be expected to impair the overall value of the Project, (v) the applicable Mortgages with respect to the Golf
Course Land shall have been amended to reflect the exclusion of the legal description of the Home Site Land (or portion thereof) as a result of the transfer of fee ownership therein and
re-recorded at the Clark County, Nevada, Recorder's Office, (vi) the Borrower shall have
delivered to the Administrative Agent: (A) (1) a legal opinion from counsel reasonably acceptable to the Administrative Agent to the effect that the Mortgages with respect to the Golf
Course Land, to the extent amended and re-recorded pursuant to subsection (v) above, are enforceable in accordance with their respective terms and are effective to create the
security interests described therein and (2) such other legal opinions as the Administrative Agent may reasonably request, each in form and substance reasonably satisfactory to the
Administrative Agent, and 

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(B) endorsements, or commitments by the Title Insurer to issue endorsements, to the Title Policy, in each case in form and substance satisfactory to the Administrative Agent, insuring the
continuing perfection and priority of the respective Liens on the Golf Course Land (after giving effect to the release of the Home Site Land and the amendments and re-recordations
contemplated by subsection (v) above) and (vii) (A) either (x) no Points of Diversion with respect to the Water Permits, wells associated therewith or
rights-of-way necessary for the transportation of water available under the Water Permits to the Golf Course Land or the water features of the Le Rêve hotel and
casino, as the case may be, are located on the Home Site Land or (y) the applicable Golf Course Land Owner(s) shall have transferred at no cost (I) in the case of Points of Diversion and
associated wells with respect to the Valvino Water Permits or the DIIC Casino Water Permit, and rights-of-way necessary for the transportation of water available under such
Water Permits to the water features of the Le Rêve hotel and casino, such easements to the Borrower as are necessary for the Borrower to access such Points of Diversion, own and operate
such wells and transport such water to the water features of the Le Rêve hotel and casino and (II) in the case of Points of Diversion with respect to all other DIIC Water Permits
and rights-of-way necessary for the transportation of water available under such Water Permits to the Golf Course Land, such easements to the Borrower and Wynn Resorts Holdings
as are necessary for such Persons to access such Points of Diversion, own and operate such wells and transport the water drawn therefrom to the Golf Course Land and (B) the Borrower and Wynn
Resorts Holdings, as the case may be, shall have taken all actions required pursuant to Section 6.10 with respect to any Property acquired pursuant to clause (vii)(A) above. Upon
satisfaction of the foregoing conditions, the Administrative Agent shall execute and deliver to the appropriate Golf Course Land Owners such documents and instruments, including UCC-3
termination statements and deeds of reconveyance, all as may be reasonably necessary to release the Liens granted to the Lenders in the Home Site Land, and to permit such Disposition;  provided, that an
instrument reasonably acceptable to the Administrative Agent is recorded against the Home Site Land to the effect that until the
earlier of (x) the Disposition of the Golf Course Land in accordance with Section 7.5(k) or (y) the payment in full of the Obligations, only residential housing and other
non-gaming related developments will be developed on the Home Site Land, the provisions of such instrument to burden the Home Site Land for the benefit of the Golf Course Land; 

        (m)  Valvino
shall be permitted to Dispose of the Phase II Land, and the Lenders hereby consent to such Disposition, on the conditions that (i) no Default or
Event of Default has occurred and is continuing at the time of such Disposition and such Disposition is permitted under the other Financing Agreements, (ii) at the time of such Disposition,
(A) the Consolidated EBITDA of the Borrower for the most recent period of two full consecutive fiscal quarters of the Borrower was equal to or greater than $170,000,000 and the Required Lenders
consent to such Disposition or (B) the Consolidated EBITDA of the Borrower for the most recent period of four full consecutive fiscal quarters of the Borrower was equal to or greater than
$325,000,000, (iii) the Valvino Water Permit Transfer shall have occurred and (iv) in the event that any portion of the Entertainment Facility or any other improvements related to the Le
Rêve hotel and casino (other than the Phase II Building, the Employee Parking Lot or the Driving Range) are located on the Phase II Land, the Phase II Land upon
which such improvements are located shall have been transferred in fee ownership to the Borrower (whether pursuant to lot line adjustments or otherwise) and the Borrower shall have taken all actions
required pursuant to Section 6.10 with respect to any Real Estate and other Property acquired pursuant to this clause (iv). Upon satisfaction of
the foregoing conditions, the Administrative Agent shall execute and deliver to Valvino such documents and instruments, including UCC-3 termination statements and deeds of reconveyance,
all as may be reasonably necessary to release the Liens granted to the Lenders in the Phase II Land, and to permit such Disposition; 

97

 

        (n)  any
Event of Eminent Domain; provided, that the requirements of Sections 2.12(c) and 2.24 are complied with in
connection therewith; 

        (o)  the
Disposition of the Existing Aircraft so long as (i) within three (3) Business Days after such Disposition, World Travel or a trust of which World
Travel is the beneficial interest holder acquires the Replacement Aircraft, (ii) the aggregate Net Disposition Proceeds from such Disposition are applied to the acquisition of the Replacement
Aircraft and no Loan Party applies any other amounts to such acquisition other than (x) proceeds of equity capital contributions from Wynn Resorts (or another Loan Party to the extent acting as
an intermediary for purposes of contributing equity capital contributions from Wynn Resorts) and (y) proceeds from Indebtedness permitted pursuant to Section 7.2(f)(ii) and
(iii) such Disposition of the Existing Aircraft and the acquisition of the Permitted Aircraft is permitted pursuant to the Other Indebtedness; and 

        (p)  Valvino
shall be permitted to effectuate the Valvino Water Permit Transfer (or any portion thereof) and DIIC shall be permitted to effectuate the DIIC Water Transfer (or
any portion thereof). 

        Notwithstanding
the foregoing provisions of this Section 7.5, subsection (f) above shall be subject to the additional provisos 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 the Borrower), (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 the Borrower or Valvino, 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 the Borrower 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 the Borrower, 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 the Borrower 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 the Borrower and the Dealership Lease
Agreement shall contain such terms such that the transaction, taken as a whole, does not expose the Borrower to undue liabilities or obligations in light 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 the Borrower, (e) with respect to subleases of the Phase II Land Building by the Borrower, no operations other than those conducted in the ordinary course of business in
commercial office buildings and those related to the temporary operation of a full service
Ferrari and Maserati automobile dealership may be conducted on any space that is subject to such transaction unless, subject at all times to the restrictions set forth in clauses (a) through
(d) above, otherwise approved in writing by the Administrative Agent and (f) no lease or sublease may provide that the Borrower or Valvino, 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) the Administrative Agent on behalf of the
Lenders 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 Loan Parties), the Borrower shall enter into, and cause the tenant under any such
lease or sublease to enter into with the Administrative Agent for the benefit of the Lenders, a Subordination, Non-Disturbance and Attornment Agreement, in each case substantially in the
form of Exhibit N hereto with such changes as the Administrative Agent may approve, which approval shall not be unreasonably withheld, conditioned or delayed
(provided, that such changes do not materially and 

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adversely affect the security interests granted in favor of the Lenders under any of the Security Documents). 

        7.6    Limitation on Restricted Payments.    Declare or pay any dividend (other than dividends payable solely in
common stock (excluding Disqualified Stock) of the Person making such dividend) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase,
redemption, defeasance, retirement or other acquisition of, any Capital Stock of any Loan Party, whether now or hereafter outstanding, or make any other distribution in respect thereof, either
directly or indirectly, whether in cash or property or in obligations of any Loan Party, or enter into any derivatives or other transaction with any financial institution, commodities or stock
exchange or clearinghouse (a "Derivatives Counterparty") obligating any Loan Party to make payments to such Derivatives Counterparty as a result of any
change in market value of any such Capital Stock (collectively, "Restricted Payments"), except that: 

        (a)  any
Loan Party may pay a dividend or other distribution to Wynn Resorts, through any intermediate Wholly Owned Subsidiaries of Wynn Resorts, of amounts necessary to
repurchase Capital Stock or Indebtedness of Wynn Resorts (other than Capital Stock held by the Existing Stockholders) to the extent required by the Nevada Gaming Authorities for not more than the fair
market value thereof in order to avoid the suspension, revocation or denial by the Nevada Gaming Authorities of a gaming license necessary for the ownership, construction, maintenance, financing or
operation of the Project, in any event to the extent such suspension, revocation or denial would have a Material Adverse Effect; provided, that so long
as such efforts do not jeopardize any such gaming license necessary for the ownership, construction, maintenance, financing or operation of the Project, Wynn Resorts and its Subsidiaries shall have
diligently and in good faith attempted to find a third-party purchaser(s) for such Capital Stock or Indebtedness and no third-party purchaser(s) acceptable to the Nevada Gaming Authorities was willing
to purchase such Capital Stock or Indebtedness within a time period acceptable to the Nevada Gaming Authorities; 

        (b)  on
the Completion Guaranty Release Date, the Completion Guarantor may pay a dividend or other distribution to Wynn Resorts, through any intermediate Wholly Owned
Subsidiaries of Wynn Resorts, in an amount equal to the amount on deposit in the Completion Guaranty Deposit Account after
application of amounts on deposit therein in accordance with Section 2.10 of the Disbursement Agreement; 

        (c)  to
the extent constituting Restricted Payments, (i) any Loan Party may consummate a transaction permitted pursuant to Section 7.4, (ii) any Loan
Party may make Dispositions permitted pursuant to Section 7.5, (iii) any Loan Party may make Investments permitted pursuant to Section 7.8, (iv) any Loan Party may pay
Management Fees to Wynn Resorts permitted pursuant to Section 7.22 and (v) any Loan Party may take actions expressly permitted pursuant to Section 7.10; 

        (d)  (i)
any Subsidiary of the Borrower may declare and pay cash dividends to the Borrower or any Solvent Subsidiary of the Borrower (other than Capital Corp. or the
Completion Guarantor), (ii) Wynn Resorts Holdings may declare and pay cash dividends to Valvino (so long as Valvino is Solvent) and (iii) any Wynn Group Entity may declare and pay cash
dividends to any other Loan Party (so long as such Loan Party is Solvent); 

        (e)  any
Loan Party may make distributions to the direct or indirect owners of such Loan Party with respect to any period during which such Loan Party is a Pass Through
Entity or a Consolidated Member, such distributions in an aggregate amount not to exceed such owners' Tax Amounts for such period; 

        (f)    so
long as no Default or Event of Default shall have occurred and be continuing and no Material Adverse Effect shall have occurred and be continuing (or, in either case,
would result 

99

 

therefrom), the Loan Parties may pay dividends to other Loan Parties to permit such other Loan Parties to (i) repurchase common stock or common stock options from present or former employees
of the Loan Parties (or their estates) upon the death, disability or termination of employment of such employees in accordance with employment agreements or option plans or agreements;  provided, that
the aggregate amount of payments under this subsection (f), when aggregated with any Indebtedness incurred by the Loan Parties pursuant
to Section 7.2(h), will not exceed $2,000,000 in any Fiscal Year and $6,000,000 during the term of this Agreement; 

        (g)  on
and after the Completion Date and so long as no Default or Event of Default shall have occurred and be continuing and no Material Adverse Effect shall have occurred
and be continuing (or, in either case, would result therefrom), the Loan Parties may make Restricted Payments not otherwise permitted under any other subsection of this Section 7.6 in an amount
not to exceed an aggregate of $5,000,000, plus, for each Fiscal Year occurring after the Fiscal Year in which the Completion Date occurs, $2,000,000; 

        (h)  to
the extent constituting Restricted Payments, on or prior to the Final Completion Date the Borrower may pay Project Costs as permitted pursuant to the Disbursement
Agreement; and 

        (i)    until
the earlier of (i) 12 months following the acquisition of the Replacement Aircraft with the Replacement Aircraft Indebtedness, and (ii) the
sale by World Travel or the Aircraft Trustee, as the case may be, of the Existing Aircraft, the payment to Wynn Resorts of amounts necessary to pay interest then due and payable on the Replacement
Aircraft Indebtedness in an aggregate amount not to exceed $1,000,000. 

        7.7    Limitation on Capital Expenditures.    Make, commit to make or incur Capital Expenditures, in any Fiscal Year
indicated below, in an aggregate amount among all Loan Parties in excess of the corresponding amount set forth below opposite such Fiscal Year;  provided, that other than Capital Expenditures
(x) necessary to keep all associated Property and systems reasonably related to the operation of
the Golf Course Land and improvements thereon and the Phase II Land and improvements thereon in good and working order and condition or (y) funded by the proceeds of equity capital
contributions from Wynn Resorts (or another Loan Party to the extent acting as an intermediary for purposes of contributing equity capital contributions from Wynn Resorts for such Capital
Expenditures), in no event shall any Loan Party commit to make or incur Capital Expenditures with respect to the Golf Course Land or improvements thereon in excess of (A) $3,000,000 during the
period from the Completion Date through the 18 month anniversary thereof and (B) $5,000,000 in any 12 month period thereafter, and in no event shall any Loan Party commit to make
or incur Capital Expenses with respect to the Phase II Land or improvements thereon in excess of $5,000,000 in any Fiscal Year; provided,
further, that other than Capital Expenditures (x) necessary or advisable to keep all associated Property and systems reasonably related to the operation of the Aircraft
in good and working order and condition, in each case whether pursuant to manufacturer requirements or suggestions, Requirements of Law, good aircraft maintenance practices or otherwise, or
(y) funded by the proceeds of equity capital contributions from Wynn Resorts (or another Loan Party to the extent acting as an intermediary for purposes of contributing equity capital
contributions from Wynn Resorts for such Capital Expenditures), in no event shall any Loan Party commit to make or incur Capital Expenditures with respect to the Aircraft. 

	Fiscal Year
 
	 	Maximum Capital Expenditures

	Fiscal Year 2005	 	$	25,000,000
	Fiscal Year 2006	 	$	50,000,000
	Fiscal Year 2007	 	$	60,000,000
	Fiscal Year 2008	 	$	65,000,000
	Fiscal Year 2009	 	$	52,500,000

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        7.8    Limitation on Investments.    Make any advance, loan, extension of credit (by way of guaranty or otherwise) or
capital contribution to, or purchase any Capital Stock, bonds, notes, debentures or other debt securities of, or any assets constituting an ongoing business from, or make any other investment in, any
other Person (all of the foregoing, "Investments"), except: 

        (a)  extensions
of trade credit in the ordinary course of business (including, without limitation, advances to patrons of the Project's casino operation consistent with
ordinary course gaming operations); 

        (b)  (i)
prior to the Completion Date, Investments in Permitted Securities and (ii) on or after the Completion Date, Investments in Cash Equivalents; 

        (c)  to
the extent constituting Investments, the incurrence of Indebtedness permitted by Sections 7.2(b), 7.2 (c) and 7.2(d); 

        (d)  loans
and advances to employees of the Loan Parties in the ordinary course of business (including, without limitation, for travel, entertainment and relocation expenses)
in an aggregate amount for all Loan Parties not to exceed $1,000,000 at any one time outstanding; 

        (e)  Investments
(other than those relating to the incurrence of Indebtedness permitted by Section 7.8(c)) (i) by any Loan Party (other than the Water Entities)
in the Borrower or any Solvent Subsidiary of the Borrower (other than Capital Corp. (except with respect to Investments, the proceeds of which are necessary for the corporate maintenance of Capital
Corp.), (ii) by Valvino in Wynn Resorts Holdings or by Wynn Resorts Holdings in Valvino (so long as Wynn Resorts Holdings, on the one hand, or Valvino, on the other hand, is Solvent) and
(iii) by any Wynn Group Entity in any other Loan Party other than the Water Entities or Capital Corp. (so long as such Loan Party is Solvent); 

        (f)    Investments
consisting of securities received in settlement of debt created in the ordinary course of business and owing to any Loan Party or in satisfaction of
judgments; 

        (g)  nominal
capital contributions in connection and in furtherance of the formation of new Subsidiaries in accordance with Section 7.17; 

        (h)  to
the extent constituting Investments, (i) any Loan Party may consummate a transaction permitted pursuant to Section 7.4, (ii) any Loan Party may
make Dispositions permitted pursuant to Section 7.5,
(iii) any Loan Party may make Restricted Payments permitted pursuant to Section 7.8 and (iv) any Loan Party may take actions expressly permitted pursuant to Section 7.10;
and 

        (i)    in
addition to Investments otherwise expressly permitted by this Section 7.8, so long as no Event of Default or Default shall have occurred and be continuing or
would result therefrom and no Material Adverse Effect shall have occurred and be continuing or would result therefrom, Investments by the Loan Parties in an aggregate amount (valued at cost) not to
exceed $10,000,000 at any one time outstanding. 

        7.9    Limitation on Optional Payments and Modifications of Governing Documents.    (a) Make or offer to make
any optional or voluntary payment, prepayment, repurchase or redemption of, or otherwise voluntarily or optionally defease, any Indebtedness, or segregate funds for any such payment, prepayment,
repurchase, redemption or defeasance, or enter into any derivative or other transaction with any Derivatives Counterparty obligating any Loan Party to make payments to such Derivatives Counterparty as
a result of any change in market value of such Indebtedness, other than the prepayment of Indebtedness incurred hereunder or the prepayment of the Other Indebtedness with the proceeds of Permitted
Refinancing Indebtedness; provided, that the Borrower may voluntarily prepay the FF&E Facility so long as the Term Loans and/or the Revolving Loans (in
the case of the prepayment of Revolving Credit Loans, with a corresponding permanent reduction of the Revolving 

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Credit Commitment) are prepaid on a pro rata basis, (b) amend or modify, or permit the amendment or modification of its Governing Documents in
any manner adverse to the Lenders or (c) amend, modify or otherwise change the provisions of Article IV of its limited liability company agreement relating to conduct or any comparable
provisions contained in its other charter documents (or, in each case, to the extent the relevant Loan Party is not a limited liability company, any comparable provisions contained in its Governing
Documents), or fail to include provisions corresponding to those contained in Article IV of the limited liability company agreement of Valvino, as in effect on the Closing Date, in its limited
liability company agreement or other applicable Governing Documents. 

        7.10    Limitation on Transactions with Affiliates.    Enter into any transaction, including, without limitation, any
purchase, sale, lease or exchange of Property, the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than such transactions solely between
the Borrower and its Subsidiaries or solely between Subsidiaries of the Borrower) unless such transaction is: 

        (a)  on
terms that are not less favorable to that Loan Party than those that might be obtained at the time in a comparable arm's length transaction with Persons who are not
Affiliates of such Loan Party and the Borrower has delivered to the Administrative Agent (1) with respect to any transaction involving an amount in excess of $1,000,000, a certificate signed by
a Responsible Officer certifying that such transaction complies with this Section 7.10, (2) with respect to any transaction involving an amount in excess of $5,000,000, a resolution of
the Board of Directors of the applicable Loan Party(ies) certifying that such transaction complies with this Section 7.10 and that such transaction has been approved by a majority of the
Independent Directors of the applicable Loan Party(ies) and (3) with respect to any such transaction that involves aggregate payments in excess of $10,000,000 (or, with
respect to Qualified Affiliate Transactions, $25,000,000), an opinion as to the fairness to the applicable Loan Party at the time such transaction is entered into from a financial point of view issued
by an independent financial advisor satisfactory to the Administrative Agent; provided, that, in no such case shall such a transaction consist of,
contain, or provide for the payment of (i) Affiliated Overhead Expenses or (ii) any fee, profit or similar component benefiting any Loan Party or Affiliate of a Loan Party, all payments
under such transactions to represent only the payment or reimbursement of actual costs and expenses, except (x) transactions where the Borrower or a Subsidiary of the Borrower is the recipient
of such payments or (y) transactions where a Loan Party is the recipient of such payments and such payments are being made by a Person other than a Loan Party; provided,
however, that (x) the Borrower shall be permitted to lease space at the Project for the development and operation of a Ferrari and Maserati automobile dealership to an
Affiliate of the Borrower pursuant to the Dealership Lease Agreement at below market rent and (y) the Borrower shall be permitted to sublease space at the Phase II Building to Affiliates
of the Borrower at below market rents; 

        (b)  a
Disposition permitted pursuant to Section 7.5 (provided, that the requirements of subsection (a) above
shall apply to leases of the Project by the Borrower permitted pursuant to Section 7.5(f) (other than the Dealership Lease and subleases of the Phase II Land Building) and Dispositions
permitted pursuant to Section 7.5(b)), an Investment permitted pursuant to Section 7.8 or a Restricted Payment permitted pursuant to Section 7.6; 

        (c)  so
long as no Default or Event of Default shall have occurred and be continuing and no Material Adverse Effect shall have occurred and be continuing (or, in either case,
would result therefrom), expressly contemplated by the Tax Indemnification Agreement; 

        (d)  on
and after the Completion Date, the reimbursement by the Borrower and its Subsidiaries to the other Loan Parties and Wynn Resorts of Allocable Overhead to the extent
incurred by the other Loan Parties and Wynn Resorts; provided, that the amount of Allocable 

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Overhead reimbursable by the Borrower and its Subsidiaries pursuant to this Section 7.10(d) during any 12-month period shall not exceed, in the aggregate, the greater of
(x) $21,500,000 and (y) if the Consolidated Leverage Ratio of the Borrower for the period of four full consecutive fiscal quarters ending on the Quarterly Date immediately prior to the
commencement of such 12 month period is 3.5 to 1.0 or less, 1.29% of Net Revenues of the Borrower and its consolidated Subsidiaries for such four full consecutive fiscal quarter period; 

        (e)  expressly
contemplated by the Golf Course Lease, the Driving Range Lease, the Employee Parking Lot Lease, the Art Rental and Licensing Agreement, the Water Supply
Agreement, the Management Agreement (but only to the extent payments thereunder do not constitute Management Fees (payments of such amounts being governed pursuant to Section 7.22)), the
Building Lease, the WDD Agreement and the Aircraft Operating Agreement; provided, however, that any amendments, modifications or supplements thereto
after the Closing Date shall comply with Section 7.10(a); and 

        (f)    on
or prior to the Final Completion Date, the payment of Project Costs as permitted pursuant to the Disbursement Agreement. 

        7.11    Limitation on Sales and Leasebacks.    Enter into any arrangement with any Person providing for the leasing by
any Loan Party of Property which has been or is to be sold or transferred by any Loan Party to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the
security of such Property or rental obligations of any Loan Party. 

        7.12    Limitation on Changes in Fiscal Periods.    Permit the fiscal year of any Loan Party to end on a day other
than December 31 or change any Loan Party's method of determining fiscal quarters. 

        7.13    Limitation on Negative Pledge Clauses.    Enter into or suffer to exist or become effective any agreement that
prohibits or limits the ability of a Loan Party to create, incur, assume or suffer to exist any Lien upon any of its Property or revenues, whether now owned or hereafter acquired, to secure the
Obligations or, in the case of any Guarantor, its obligations under the Guarantee and Collateral Agreement other than (a) this Agreement and the other Financing Agreements, (b) any
agreements governing any purchase money Liens or Capital Lease Obligations otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets financed
thereby and proceeds thereof); provided, that the principal amount of Indebtedness thereunder shall exceed 75% of the original purchase price of the
assets financed thereby, and (c) as required by applicable law or any applicable rule or order of any Nevada Gaming Authority. 

        7.14    Limitation on Restrictions on Subsidiary Distributions, etc.    Enter into or suffer to exist or become
effective any consensual encumbrance or restriction on the ability of any Loan Party to (a) make Restricted Payments in respect of any Capital Stock of such Loan Party held by, or pay or
subordinate any Indebtedness owed to, any other Loan Party, (b) make Investments in any other Loan Party or (c) transfer any of its assets to any other Loan Party, except for such
encumbrances or restrictions existing under or by reason of (i) any restrictions existing under the Loan Documents, (ii) any restrictions under the Mortgage Notes Indenture,
(iii) any restrictions existing under the FF&E Facility Agreement and (iv) as required by applicable law or any applicable rule or order of any Nevada Gaming Authority. 

        7.15    Limitation on Lines of Business.    Subject to Sections 7.24 and 7.25, enter into any business or
investment activities, whether directly or indirectly, other than Permitted Businesses; provided, however, that (a) Capital Corp. shall not hold
any material Property, incur any Indebtedness or become liable for any obligations or engage in any business activities (other than as co-obligor with respect to the Other Indebtedness and
Other Security Documents with respect to the Mortgage Notes Indenture) or have any Subsidiaries and (b) the Water Entities shall not hold any material Property other than the DIIC Water Permits
and other Property reasonably related to the provision of water services to the 

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Golf Course and the Additional Land or engage in any business activities other than the provision of water services to the Golf Course and the Additional Land. 

        7.16    Restrictions on Changes.    (a) Agree to any amendment to, assignment or termination of, or waive any
of its rights under, any Permit or Project Document or enter into any new Project Document or Permit (it being understood that any Material Contracts which are covered by subsection (c) of this
Section 7.16 shall also be subject to the restrictions set forth therein) without in each case obtaining the prior written consent of the Required Lenders if in any such case such amendment or
waiver or new Project Document or Permit could reasonably be expected to have a Material Adverse Effect or otherwise adversely affect the Lenders in any material respect (taking into consideration any
viable replacements or substitutions therefor at the time such determination is made). 

        (b)  Amend
or otherwise change the terms of any Financing Agreements (other than the Loan Documents) or permit the termination thereof (other than in accordance with the
terms thereof), or enter into any new Financing Agreements or make any payment consistent with an amendment thereof or change thereto, if the effect of such amendment, change or new Financing
Agreement is to increase the interest rate or fees on the Indebtedness evidenced thereby, change (to earlier or more frequent dates) any dates upon which payments of principal or interest are due
thereon, change the redemption, prepayment or defeasance provisions thereof or change the subordination provisions thereof (or of any guaranty thereof);  provided, that the Borrower may amend the terms
of any other Financing Agreement to increase the principal amount thereof if such interest is otherwise
expressly permitted by the Intercreditor Agreements and this Agreement. 

        (c)  Agree
to any amendment to, assignment or termination of, or waive any of its rights under, any Material Contract (other than Material Contracts described in
clause (ii) of the definition thereof) or enter into a new Material Contract (other than Material Contracts described in clause (ii) of the definition thereof) without in each case
obtaining the prior written consent of the Administrative Agent, which consent shall not be unreasonably withheld or delayed. Notwithstanding anything to the contrary contained in this
Section 7.16(c), this Section 7.16(c) shall not apply to Construction Contracts. 

        7.17    Limitation on Formation and Acquisition of Subsidiaries and Purchase of Capital Stock.    Except as otherwise
permitted pursuant to Section 7.4, form, create or acquire any direct or indirect Subsidiary, except so long as no Event of Default or Default shall have occurred and be continuing or would
result therefrom, the Borrower and its Subsidiaries may form, create or acquire new Domestic Subsidiaries (in the event of an acquisition of a new Domestic Subsidiary, so long as such new Domestic
Subsidiary is Solvent); provided, that (a) no such new Subsidiary shall own or operate or possess any material license, franchise or right used
in connection with the ownership or operation of the Project or any material Project assets, (b) any such new Subsidiary shall be a Wholly Owned Subsidiary of its requisite parent entity, and
(c) any such new Subsidiary shall become a Loan Party hereunder and otherwise comply with the requirements of Section 6.10. Notwithstanding anything to the contrary contained in this
Agreement, in no event shall any Loan Party own any Capital Stock other than that of its Wholly Owned Subsidiaries. 

        7.18    Limitation on Hedge Agreements.    Enter into any Hedge Agreement other than Hedge Agreements entered into in
the ordinary course of business, and not for speculative purposes, and to protect against changes in interest rates or foreign exchange rates. 

        7.19    Limitation on Sale or Discount of Receivables.    Except as permitted pursuant to Section 7.5(b),
directly or indirectly, sell with recourse, or discount or otherwise sell for less than the face value thereof, any of its notes or accounts receivable other than an assignment for purposes of
collection in the ordinary course of business. 

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        7.20    Limitation on Zoning and Contract Changes and Compliance.    Initiate, consent to or acquiesce to
(a) any zoning downgrade of the Mortgaged Properties or seek any material variance under any existing zoning ordinance except, in each case, to the extent such downgrade or variance could not
reasonably be expected to materially and adversely affect the occupancy, use or operation of the Golf Course Land, the Phase II Land or the Casino Land, (b) use or permit the use of the
Mortgaged Properties in any manner that could result in such use becoming a non-conforming use (other than a non-conforming use otherwise in compliance with applicable land use
laws, rules and regulations by virtue of a variance or otherwise) under any zoning ordinance or any other applicable land use law, rule or regulation or (c) any change in any laws, requirements
of Governmental Authorities or obligations created by private contracts which now or hereafter could reasonably be likely to materially and adversely affect the occupancy, use or operation of the Golf
Course Land, the Phase II Land or the Casino Land. 

        7.21    No Joint Assessment; Separate Lots.    Suffer, permit or initiate the joint assessment of any Mortgaged
Property with any other real property constituting a separate tax lot. 

        7.22    Restrictions on Payments of Management Fees.    Pay to Wynn Resorts any Management Fees unless: 

        (a)  no
Default or Event of Default shall have occurred and be continuing or would result from such payment and no Material Adverse Effect shall have occurred and be
continuing or would result from such payment; 

        (b)  the
Consolidated Leverage Ratio of the Borrower and its consolidated Subsidiaries for the most recently ended four full consecutive fiscal quarter period of the Borrower
immediately preceding the date on which such Management Fee is proposed to be paid is no greater than 3.5 to 1.0 (calculated on a pro forma basis, giving effect to the payment of the Management Fees
proposed to be paid and any Indebtedness proposed to be incurred to finance the payment of such Management Fees as if the same was paid and/or incurred during such prior period); and 

        (c)  such
Management Fees in the aggregate not to exceed, during any 12-month, period 1.5% of the Net Revenues of the Borrower and its consolidated Subsidiaries
for the period of four full consecutive fiscal quarters of the Borrower most recently ended prior to the commencement of such 12-month period. 

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        Any Management Fees not permitted to be paid during a particular 12-month period pursuant to this Section 7.22 shall be deferred and shall accrue. Such accrued and
unpaid Management Fees may be paid in any subsequent 12-month period to the extent such payment would be permitted under this Section 7.22 and the Management Fees Subordination
Agreement. 

        7.23    Additional Material Contracts.    Enter into or become a party to any Additional Material Contract except upon
delivery to the Administrative Agent of each Delivery Requirement with respect to such Additional Material Contract; provided, however, that the requirements of this Section 7.23 shall not
apply to Construction Contracts. 

        7.24    Limitation on Phase II Land and Phase II Building Development and Operations.    At any time prior to the
Disposition of the Phase II Land in accordance with Section 7.5(m), (i) construct, develop, improve, use or operate, or permit to be constructed, developed, improved, used or operated,
the Phase II Land or any improvement on the Phase II Land (including further construction, development, improvement, use or operation of the Phase II Land Building), including any excavation or site
work on the Phase II Land, (ii) enter into, or permit to be entered into, any contract or agreement for such construction, development, improvement, use or operation or for any materials,
supplies or labor necessary in connection with such construction, development, improvement, use or operation (other than a contract or agreement that is conditional upon the Disposition of the Phase
II Land in accordance with Section 7.5(m)) or (iii) incur any Indebtedness, the proceeds of which are expected to be used, or are used, for the construction, development, improvement,
use or operation of the Phase II Land or any improvement on the Phase II Land, except: 

        (a)  construction,
development or improvement to the Phase II Land and improvements thereon (including, without limitation, the Phase II Land Building, the Employee Parking
Lot and the Driving Range) prior to the Final Completion Date in accordance with the Plans and Specifications; 

        (b)  use
and operation of the Phase II Land and improvements thereon (including, without limitation, the Phase II Land Building, the Employee Parking Lot and the Driving
Range) (i) for commercial office space purposes, including services and amenities reasonably related thereto and customary for commercial office space properties, (ii) for the temporary
operation of a full service Ferrari and Maserati automobile dealership, (iii) in accordance with the Phase II Building Lease, the Driving Range Lease and the Employee Parking Lot Lease, and
(iv) for such other purposes as the Administrative Agent may approve in writing; provided, however, that in no event shall the Phase II Land or
the improvements thereon (including, without limitation, the Phase II Land Building, the Employee Parking Lot and the Driving Range) be used or operated for gaming, hotel, entertainment or casino
purposes; 

        (c)  maintenance
and repairs of the Phase II Land and improvements thereon (including, without limitation, the Phase II Land Building, the Employee Parking Lot and the
Driving Range) in the ordinary course of business necessary to keep all associated Property and systems reasonably related to the operation of such Real Estate and other Property in good and working
order and condition; 

        (d)  modifications
and/or reconfigurations to the Phase II Land Building in furtherance of the provision of office space and associated amenities to the Project or under
leases to Persons permitted pursuant to Section 7.5(f); 

        (e)  the
design, construction, development and operation of the Entertainment Facility to the extent any of the same is located on the Phase II Land; and 

        (f)    in
the event of loss or damage to the Phase II Land or improvements thereon (including, without limitation, the Phase II Land Building, the Employee Parking Lot and the
Driving Range), the repair and restoration of such Property in accordance with Section 2.24. 

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        7.25    Limitation on Golf Course Land and Golf Course Development.    At any time prior to the Disposition of the
Golf Course Land in accordance with Section 7.5(k) (i) construct, develop or improve, or permit to be constructed, developed or improved, the Golf Course Land or any improvement on the
Golf Course Land, including any excavation or site work on the Golf Course Land, (ii) enter into, or permit to be entered into, any contract or agreement for such construction, development or
improvement, or for any materials, supplies or labor necessary in connection with such construction, development or improvement (other than a contract or agreement that is conditional upon the
Disposition of the Golf Course Land in accordance with Section 7.5(k)) or (iii) incur any Indebtedness, the proceeds of which are expected to be used, or are used, for the construction,
development or improvement of the Golf Course Land or any improvement on the Golf Course Land, except: 

        (a)  construction,
development or improvement to the Golf Course Land and improvements thereon prior to the Final Completion Date in accordance with the Plans and
Specifications; 

        (b)  maintenance
and repairs in the ordinary course of business necessary to keep all associated Property and systems reasonably related to the operation of the Golf Course
Land and the Golf Course in good and working order and condition; 

        (c)  modifications
and/or reconfigurations of the Golf Course either (x) in connection with and in furtherance of the Disposition of the Wynn Home Site Land or the
Home Site Land in accordance with Sections 7.5(j) and 7.5(l) or (y) desirable, in the reasonable opinion of the Borrower, in order to enhance or improve the Golf Course; 

        (d)  use
and operation of the Golf Course on the Golf Course Land in accordance with the Golf Course Lease; and 

        (e)  in
the event of loss or damage to the Golf Course Land or improvements thereon, the repair and restoration of such Property in accordance with Section 2.24. 

        7.26    Acquisition of Real Property.    Acquire a fee, easement or other interest in any real property (including,
without limitation, any lease of Real Property, but excluding (x) the acquisition (but not the exercise) of any options to acquire any such interests in real property, (y) the leasing of
the Project or the Phase II Land Building as permitted by Section 7.5(f) and (z) the transactions contemplated by the Golf Course Lease, the Driving Range Lease, the Employee Parking Lot
Lease and the Building Lease and any other leasehold interests acquired by a Loan Party over Real Estate already subject to the Lien of the Mortgages) unless (a) the Borrower or an applicable
other Loan Party shall have delivered to the Administrative Agent a Phase I Report with respect to such real property along with a corresponding reliance letter from an environmental consultant
reasonably satisfactory to the Administrative Agent confirming that no Hazardous Substances were found in, on or under such real property in a manner that could reasonably be expected to result in a
material liability to such Loan Party and that a Phase II Report is not warranted by the findings of such Phase I Report and (b) if Hazardous Substances were found in, on or under such real
property pursuant to such Phase I Report in a manner that could reasonably be expected to result in a material liability to such Loan Party or a Phase II Report is warranted by the findings of such
Phase I Report, the Borrower or an applicable other Loan Party shall have either (i) delivered to the Administrative Agent on behalf of the Lenders a Phase II Report with respect to such real
property along with a corresponding reliance letter from an environmental consultant reasonably satisfactory to the Administrative Agent, confirming, in form and substance reasonably satisfactory to
the Administrative Agent, either (A) that no Hazardous Substances were found in, on or under such real property in a manner that could reasonably be expected to result in a material liability
to such Loan Party or (B) matters otherwise reasonably satisfactory to the Administrative Agent or (ii) delivered to the Administrative Agent an environmental indemnity agreement in form
and substance reasonably satisfactory to the Administrative Agent pursuant to which an indemnitor reasonably satisfactory to the Administrative Agent indemnifies the Borrower, the 

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relevant other Loan Parties and the Lenders from any and all damages or other liabilities relating to or arising from Hazardous Substances then in, on or under such real property or otherwise caused
by or attributable to such indemnitor. 

        7.27    Project Liquidity Reserve Account.    (a) Prior to the Completion Date, utilize, apply or otherwise
withdraw any amounts on deposit in the Project Liquidity Reserve Account except in accordance with Section 5.9.2 of the Disbursement Agreement. 

        (b)  On
or after the Completion Date, subject to Section 2.12(f), utilize, apply or otherwise withdraw any amounts on deposit in the Project Liquidity Reserve Account;  provided, that to the extent Project
Revenues or other funds (including proceeds of Revolving Loans or other Indebtedness permitted pursuant to
Section 7.2) are not available to the Borrower or otherwise sufficient to pay Bank Debt Service or Note Debt Service as the same become due and payable (such circumstance to be certified in
writing to the Administrative Agent by a Responsible Officer of the Borrower), the Administrative Agent shall apply amounts on deposit in the Project Liquidity Reserve Account to pay first, due and
owing Bank Debt Service and second, in the event the Mortgage Notes Indenture Trustee delivers a Note Debt Service Shortfall Notice and no Bank Debt Service is due and owing at such time, due and
owing Note Debt Service. 

        7.28    Lease Terminations.    Terminate or permit the termination of, or reduce or permit the reduction of the Real
Estate or other Property covered by, (i) the Driving Range Lease, the Building Lease or the Parking Lot Lease, in each case until such time as (A) the Phase II Land is Disposed of in
accordance with Section 7.5(m) and (B) with respect to the Parking Lot Lease, the Borrower has entered into such agreements or otherwise obtained such Property which in the reasonable
opinion of the Majority Arrangers provides a satisfactory alternative to the Parking Lot Lease with respect to the provision of parking services for the Borrower's employees or (ii) the Golf
Course Lease until such time as the Golf Course Land is Disposed of in accordance with Section 7.5(k) (provided, that the Real Estate or other
Property subject to the Golf Course Lease may be reduced in connection with the Disposition of the Wynn Home Site Land pursuant to Section 7.5(j) or the Disposition of the Home Site Land in
accordance with Sections 7.5(l), in either case so long as such reduction is only with respect to such Real Estate or other Property being Disposed of pursuant to such Disposition). 

 
 

SECTION 8. EVENTS OF DEFAULT    
  

        If any of the following events shall occur and be continuing: 

        (a)  (i) The
Borrower shall fail to pay any principal of any Loan or Reimbursement Obligation when due in accordance with the terms hereof; or (ii) the Borrower
shall fail to pay any interest on any Loan or Reimbursement Obligation or any Loan Party shall fail to pay any other amount payable hereunder or under any other Loan Document, within five days after
any such interest or other amount becomes due in accordance with the terms hereof; provided, that the failure to pay any amount due under the
Disbursement Agreement (and not otherwise due hereunder) shall constitute an Event of Default hereunder only to the extent such failure to pay constitutes a Disbursement Agreement Event of Default; or 

        (b)  Any
representation or warranty made or deemed made by Wynn Resorts, the Completion Guarantor or any Loan Party herein or in any other Loan Document or that is contained
in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan Document shall prove to have been inaccurate
in any material respect on or as of the date made or deemed made; provided, that the inaccuracy of any representation
or warranty contained only in the Disbursement Agreement shall constitute an Event of Default hereunder only to the extent such inaccuracy constitutes a Disbursement Agreement Event of Default; or 

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        (c)  (i) any
Loan Party shall default in the observance or performance of any agreement contained in Section 6.4, Section 6.7(a), Section 7 or
Section 5 of the Guarantee and Collateral Agreement (provided, that with respect to those covenants incorporated by reference from this Agreement
into the Guarantee and Collateral Agreement and made the direct obligations of the Loan Parties pursuant to Section 5.1 of the Guarantee and Collateral Agreement, no Event of Default shall
occur from a Loan Party's default in the observance or performance of such covenants until expiration of the notice and cure periods, if any, set forth under this Section 8 that are applicable
to the corresponding covenants in this Agreement), (ii) Wynn Resorts shall default in the observance or performance of any agreement contained in the Wynn Resorts Agreement (or, to the extent
executed and delivered pursuant to the Wynn Resorts Agreement, the Wynn Resorts Guaranty or the Wynn Resorts Security Agreement), (iii) the Completion Guarantor shall default in the observance
or performance of any covenant or agreement contained in the Completion Guaranty, (iv) an "Event of Default" under and as defined in any Mortgage shall have occurred and be continuing or
(v) a Disbursement Agreement Event of Default shall have occurred and be continuing; or 

        (d)  Wynn
Resorts or any Loan Party shall default in the observance or performance of any other covenant or agreement contained in this Agreement or any other Loan Document
to which it is a party (other than as provided in subsections (a) through (c) of this Section but subject to the proviso set forth in Section 8(c)), and such default shall
continue unremedied for a period of 30 days after the earlier of (i) the Borrower or any other Loan Party becoming aware of such default or (ii) receipt by the Borrower or any
other Loan Party of notice from the Administrative Agent or any Lender of such default; provided, that the failure to perform or comply with any such
provision of the Disbursement Agreement shall constitute an Event of Default hereunder only to the extent such failure to perform or to comply constitutes a Disbursement Agreement Event of Default; or 

        (e)  The
Borrower or any other Loan Party shall (i) default in making any payment of any principal of any Indebtedness (including, without limitation, any Guarantee
Obligation, but excluding the Loans) on the scheduled due date with respect thereto; or (ii) default in making any payment of any interest on any such Indebtedness beyond the period of grace,
if any, provided in the instrument or agreement under which such Indebtedness was created; or (iii) default in the observance or performance of any other agreement or condition relating to any
such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or
condition is to cause, or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause immediately such Indebtedness to become due
prior to its stated maturity or (in the case of any such Indebtedness constituting a Guarantee Obligation) to become payable; provided, that a default,
event or condition described in subsection (i), (ii) or (iii) of this subsection (e) shall not at any time constitute an Event of Default unless, at such time, one or more
defaults, events or conditions of the type described in subsections (i), (ii) and (iii) of this subsection (e) shall have occurred and be continuing with respect to Indebtedness
the outstanding principal amount of which exceeds in the aggregate $5,000,000; or 

        (f)    (i) Wynn
Resorts, the Completion Guarantor, the Borrower or any other Loan Party shall commence any case, proceeding or other action (A) under any existing
or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or
seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it
or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or Wynn Resorts, the
Completion Guarantor, the Borrower or any 

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other Loan Party shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against Wynn Resorts, the Completion Guarantor, the Borrower or any other
Loan Party any case, proceeding or other action of a nature referred to in subsection (i) above that (A) results in the entry of an order for relief or any such adjudication or
appointment or (B) remains undismissed, undischarged or unbonded for a period of 60 days; or (iii) there shall be commenced against Wynn Resorts, the Completion Guarantor, the
Borrower or any other Loan Party any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its
assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or
(iv) Wynn Resorts, the Completion Guarantor, the Borrower or any other Loan Party shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of
the acts set forth in subsection (i), (ii), or (iii) above; or (v) Wynn Resorts, the Completion Guarantor, the Borrower or any other Loan Party shall generally not, or shall be unable
to, or shall admit in writing its inability to, pay its debts as they become due; or 

        (g)  (i) Any
Person shall engage in any "prohibited transaction" (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan,
(ii) any "accumulated funding deficiency" (as defined in Section 302 of ERISA), whether or not waived, shall exist with respect to any Plan or any Lien in favor of the PBGC or a Plan
shall arise on the assets of any Loan Party or any Commonly Controlled Entity, (iii) a Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed,
or a trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable
opinion of the Required Lenders, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for purposes of Title IV of
ERISA other than in a standard termination under Section 4041(b) of ERISA, (v) any Loan Party or any Commonly Controlled Entity shall, or in the reasonable opinion of the Required
Lenders is likely to, incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, a Multiemployer Plan, (vi) any Loan Party, or any of their Subsidiaries
or any Commonly Controlled Entity shall be required to make during any Fiscal Year payments pursuant to any employee welfare benefit plan (as defined in Section 3(1) of ERISA) that provides
benefits to retired employees (or their dependents), other than as required by Sections 601 et. seq. of ERISA, Section 4980B of the Code, or the corresponding provisions of applicable state law
or (vii) any Loan Party or any Commonly Controlled Entity shall be required to make during any Fiscal Year contributions to any defined benefit pension plan subject to Title IV of ERISA
(including any Multiemployer Plan); and in each case in subsections (i) through (viii) above, such event or condition, together with all other such events or conditions, if any, could
reasonably be expected to have a Material Adverse Effect; or 

        (h)  One
or more judgments or decrees shall be entered against any Loan Party involving for the Loan Parties taken as a whole a liability (not paid or fully covered by
insurance as to which the relevant insurance company has acknowledged coverage) of $5,000,000 or more, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded
pending appeal within 45 days from the entry thereof; or 

        (i)    Any
of the Security Documents, the guarantee contained in Section 2 of the Guarantee and Collateral Agreement or, to the extent executed and delivered pursuant to
the Wynn Resorts Agreement, the Wynn Resorts Guaranty or the Wynn Resorts Security Agreement, shall cease, for any reason (other than pursuant to the terms thereof), to be in full force and effect, or
any Loan Party or any Affiliate of any Loan Party shall so assert or shall assert that any provision of any Loan Document is not in full force and effect, or any Lien created by any of the Security 

110

 

Documents shall cease to be enforceable and of the same effect and priority purported to be created thereby; or 

        (j)    Any
of the Operative Documents shall terminate or be terminated or canceled, become invalid or illegal or otherwise cease to be in full force and effect prior to its
stated expiration date or Wynn Resorts, the Borrower, any other Loan Party, any Affiliate of the Borrower or any other Person shall breach or default under any term, condition, provision, covenant,
representation or warranty contained in any Project Document (after the giving of any applicable notice and the expiration of any applicable grace period);  provided, that the occurrence of any of the
foregoing events with respect to any Project Document (other than any Material Affiliated Contract) shall
constitute an Event of Default hereunder only if the same could reasonably be expected to result in a Material Adverse Effect and the same shall continue unremedied for thirty (30) days after
the earlier of (i) the Borrower or any other Loan Party becoming aware of such occurrence or (ii) receipt by the Borrower or any other Loan Party of notice from the Administrative Agent
or any Lender of such occurrence; provided, however, that in the case of any such Project Document, if the occurrence is the result of actions or
inactions by a party other than a Loan Party, then no Event of Default shall be deemed to have occurred as a result thereof if the Borrower provides written notice to the Administrative Agent
immediately upon (but in no event more than two (2) Banking Days after) the Borrower or any Loan Party becoming aware of such occurrence that the relevant Loan Party intends to replace such
Project Document and (x) such Loan Party obtains a replacement obligor or obligors for the affected party, (y) such Loan Party enters into a replacement Project Document on terms no less
beneficial to such Loan Party and the Secured Parties in any material respect than the Project Document being replaced within sixty (60) days of such occurrence;  provided, however, that the
replacement Project Document may require the applicable Loan Party to pay amounts under the replacement Project Document in
excess of those that would have been payable under the replaced Project Document and (z) such occurrence, after considering any replacement obligor and replacement Project Document and the time
required to implement such replacement, has not had and could not reasonably be expected to have a Material Adverse Effect; provided, further, that a
breach, default or termination under any Construction Contract prior to the Completion Date shall constitute an Event of Default hereunder only to the extent such breach, default or termination
constitutes a Disbursement Agreement Event of Default; or 

        (k)  an
"event of default" under and as defined in any of the Financing Agreements (other than the Loan Documents) (in any event, after the expiration of any applicable cure
periods); or 

        (l)    (i) A
Change of Control shall occur; or (ii) a Specified Change of Control shall occur; or 

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        (m)  The
Liens on the Property of the Completion Guarantor, the Loan Parties or Wynn Resorts, under the Mortgage Notes Indenture or the Mortgage Note Guarantee, in each case
as permitted pursuant to Section 7.3(k), shall cease, for any reason, to be validly subordinated and junior in right to the Liens of the Administrative Agent and the Secured Parties on the
Property of such Persons under the Loan Documents; 

        (n)  Any
Subordinated Debt or the Management Fees payable under the Management Agreement shall cease, for any reason, to be validly subordinated to the Obligations of the
Loan Parties as provided in the Management Agreement, the Management Fee Subordination Agreement and the documentation, instruments or other agreements related to the Subordinated Debt, as the case
may be; 

        (o)  A
License Revocation that continues for three consecutive calendar days affecting gaming operations accounting for five percent or more of the consolidated gross
revenues (calculated in accordance with GAAP) of the Borrower related to gaming operations; 

        (p)  The
Borrower or any other Loan Party shall fail to observe, satisfy or perform, or there shall be a violation or breach of, any of the terms, provisions, agreements,
covenants or conditions attaching to or under the issuance to such Person of any Permit or any such Permit or any provision thereof shall be suspended, revoked, cancelled, terminated or materially and
adversely modified or fail to be in full force and effect or any Governmental Authority shall challenge or seek to revoke any such Permit if such failure to perform, violation, breach, suspension,
revocation, cancellation, termination or modification could reasonably be expected to have a Material Adverse Effect; or 

        (p)  The
Completion Date shall not have occurred by the Scheduled Completion Date. 

then,
and in any such event, (A) if such event is an Event of Default specified in subsection (i) or (ii) of paragraph (f) above with respect to Wynn Resorts or any Loan
Party, automatically the Commitments shall immediately terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents
(including, without limitation, all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) shall
immediately become due and payable, and (B) if such event is any other Event of Default, either or both of the following actions may be taken: (i) with the consent of the Required
Facility Lenders for the respective Facility, the Administrative Agent may, or upon the request of the Required Facility Lenders for the respective
Facility, the Administrative Agent shall, by notice to the Borrower, declare the Revolving Credit Commitments and/or the Term Loan Commitments, as the case may be, to be terminated forthwith,
whereupon applicable Commitments shall immediately terminate; and (ii) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the
Administrative Agent shall, by notice to the Borrower, declare the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents
(including, without limitation, all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) to be
due and payable forthwith, whereupon the same shall immediately become due and payable. Upon the occurrence and during the continuation of an Event of Default, the Administrative Agent and the Lenders
shall be entitled to exercise any and all remedies available under the Security Documents (subject to applicable Nevada Gaming Laws and securing any required Nevada Gaming Approvals), including,
without limitation, the Guarantee and Collateral Agreement and the Mortgages, or otherwise available under applicable law or otherwise, including, without limitation, the right to (I) enter
into possession of the Project and perform any and all work and labor necessary to complete the Project or to operate and maintain the Project, and all sums expended by the Administrative Agent or any
other Secured Party in so doing, together with interest on such total amount at the highest default rate 

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provided hereunder, shall be repaid by the Borrower to the Administrative Agent or such Secured Party upon demand and shall be secured by the Loan Documents, notwithstanding that such expenditures
may, together with amounts advanced under this Agreement, exceed the total amount of the Commitments and (II) set off and apply all monies on deposit in any Account or any amounts paid under
the Completion Guaranty or any other monies of a Loan Party on deposit with the Administrative Agent or any Lender to the satisfaction of the Obligations. With respect to all Letters of Credit with
respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to this paragraph, the Borrower shall at such time deposit in a cash collateral account opened by
the Administrative Agent an amount in immediately available funds equal to the aggregate then undrawn and unexpired amount of such Letters of Credit (and the Borrower hereby grants to the
Administrative Agent, for the ratable benefit of the Secured Parties, a continuing security interest in all amounts at any time on deposit in such cash collateral account to secure the undrawn and
unexpired amount of such Letters of Credit and all other Obligations). If at any time the Administrative Agent determines that any funds held in such cash collateral account are subject to any right
or claim of any Person other than the Administrative Agent and the Secured Parties or as otherwise permitted pursuant to Section 7.3(k) or that the total amount of such funds is less than the
aggregate undrawn and unexpired amount of outstanding Letters of Credit, the Borrower shall, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional funds to
be deposited and held in such cash collateral account, an amount equal to the excess of (a) such aggregate undrawn and unexpired amount over (b) the total amount of funds, if any, then
held in such cash collateral account that the Administrative Agent determines to be free and clear of any such right and claim. Amounts held in such cash collateral account shall be applied by the
Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any,
shall be applied to repay other Obligations of the Loan Parties hereunder and under the other Loan Documents. After all such Letters of Credit shall have expired or been fully drawn upon, all
Reimbursement Obligations shall have been satisfied and all other Obligations of the Loan Parties hereunder and under the other Loan Documents shall have been paid in full, the balance, if any, in
such cash collateral account shall be returned to the Loan Parties (or such other Person as may be lawfully entitled thereto). Notwithstanding anything to the contrary contained in this Agreement, in
the event the consent of the Lenders (whether the Required Lenders, the Required Facility Lenders for a particular Facility or otherwise) is required in connection with the exercise of remedies
pursuant to this Section 8, for purposes of determining the required lender consent pursuant to the applicable definitions
thereto (whether the "Required Lenders", the "Required Facility Lenders" or otherwise), the Commitments of the Lenders shall be deemed terminated. 

 
 

THE AGENTS; THE ARRANGERS; THE MANAGERS    
  

        9.1    Appointment.    Each Lender hereby irrevocably designates and appoints the Agents as the agents of such Lender
under this Agreement and the other Loan Documents, and each such Lender irrevocably authorizes each Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement
and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to such Agent by the terms of this Agreement and the other Loan Documents, together with
such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, no Agent shall have any duties or responsibilities, except those
expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement
or any other Loan Document or otherwise exist against any Agent. 

        9.2    Delegation of Duties.    Each Agent may execute any of its duties under this Agreement and the other Loan
Documents by or through agents or attorneys-in-fact and shall be entitled to advice of 

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counsel concerning all matters pertaining to such duties. No Agent shall be responsible for the negligence or misconduct of any agents or attorneys in-fact selected by it with reasonable
care. 

        9.3    Exculpatory Provisions.    No Arranger, Manager or Agent nor any of their respective officers, directors,
partners, employees, agents, attorneys and other advisors, attorneys-in-fact or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it
or such Person under or in connection with this Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of
competent jurisdiction to have resulted solely and proximately from its or such Person's own gross negligence or willful misconduct in breach of a duty owed to the party asserting liability) or
(ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Person or any officer thereof contained in this Agreement or any
other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Arrangers, the Managers or the Agents under or in connection with,
this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any
Person party thereto to perform its obligations hereunder or thereunder. Neither the Agents, the Managers nor the Arrangers shall be under any obligation to any Lender to ascertain or to inquire as to
the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Person. 

        9.4    Reliance by Agents.    Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any
instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine
and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Loan Parties),
independent accountants and other experts selected by such Agent. The Agents may deem and treat the payee of any Note as the owner thereof for all purposes unless a written notice of assignment,
negotiation or transfer thereof shall have been filed with the Administrative Agent. Each Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other
Loan Document unless it shall first receive such advice or concurrence of the Required Lenders or the requisite Lenders required under Section 10.1 to authorize or require such action (or, if
so specified by this Agreement, all Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred
by it by reason of taking or continuing to take any such action. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan
Documents in accordance with a request of the Required Lenders or the requisite Lenders under Section 10.1 to authorize or require such action (or, if so specified by this Agreement, all
Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans and Letters of Credit. 

        9.5    Notice of Default.    No Agent shall be deemed to have knowledge or notice of the occurrence of any Default or
Event of Default hereunder unless such Agent has received notice from a Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is
a "notice of default". In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such
action with respect to such Default or Event of Default as shall be reasonably directed by the requisite Lenders (or, if so specified by this Agreement, all Lenders);  provided, that unless and until the
Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated
to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 

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        9.6    Non-Reliance on Agents, Managers, Arrangers and Other Lenders.    Each Lender expressly
acknowledges that neither the Arrangers, the Agents, the Managers nor any of their respective officers, directors, employees, agents, attorneys and other advisors, partners,
attorneys-in-fact or affiliates have made any representations or warranties to it and that no act by any Arranger, Agent or Manager hereinafter taken, including any review of
the affairs of a Loan Party, the Completion Guarantor or any other Person, shall be deemed to constitute any representation or warranty by any Arranger, Agent or Manager to any Lender. Each Lender
represents to the Arrangers, the Agents and the Managers that it has, independently and without reliance upon any Arranger, Agent or Manager or any other Lender, and based on such documents and
information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition, prospects and creditworthiness of the Loan
Parties and the Completion Guarantor and their affiliates and made its own decision to make its Loans (and in the case of the Issuing Lender, its Letters of Credit) hereunder and enter into this
Agreement. Each Lender also represents that it will, independently and without reliance upon any Arranger, Agent or Manager or any other Lender, and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan
Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition, prospects and creditworthiness of the Loan
Parties and the Completion Guarantor and their affiliates. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, no
Arranger, Agent or Manager shall have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or
otherwise), prospects or creditworthiness of any Loan Party or the Completion Guarantor or any other Person that may come into the possession of such Arranger, Agent or Manager or any of its officers,
directors, employees, agents, attorneys and other advisors, partners, attorneys-in-fact or affiliates. 

        9.7    Indemnification.    The Lenders agree to indemnify each Arranger, Agent and Manager in its capacity as such (to
the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Aggregate Exposure Percentages in effect on the date on
which indemnification is sought under this Section (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably
in accordance with such Aggregate Exposure Percentages immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind whatsoever that may at any time (including, without limitation, at any time following the payment of the Loans) be imposed on, incurred by or asserted
against such Arranger, Agent or Manager in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to
herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Arranger, Agent or Manager under or in connection with any of the foregoing; provided, that
no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a
final and nonappealable decision of a court of competent jurisdiction to have resulted solely and proximately from such Arranger's, Agent's or Manager's gross negligence or willful misconduct in
breach of a duty owed to such Lender. The agreements in this Section 9.7 shall survive the payment of the Loans and Letters of Credit and all other amounts payable hereunder. 

        9.8    Arrangers, Agents and Managers in Their Individual Capacities.    Each Arranger, Agent and Manager and their
respective affiliates may make loans to, accept deposits from and generally engage in any kind of business with any Loan Party as though such Arranger was not an Arranger, such Agent was not an Agent
and such Manager was not a Manager. With respect to any Loans made or renewed by it and with respect to any Letter of Credit issued or participated in by it, each Arranger, Agent and Manager shall
have the same rights and powers under this Agreement and the other Loan Documents 

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as any Lender and may exercise the same as though it were not an Arranger, an Agent or a Manager, as the case may be, and the terms "Lender" and "Lenders" shall include each Arranger, Agent and
Manager in their respective individual capacities. 

        9.9    Successor Agents.    The Administrative Agent may resign as Administrative Agent upon 10 days' notice to
the Lenders and the Borrower. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from
among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default under Section 8(a) or Section 8(f) with respect to the Borrower shall have
occurred and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably withheld, conditioned or delayed), whereupon such successor agent shall succeed to the
rights, powers and duties of the Administrative Agent, and the term "Administrative Agent" shall mean such successor agent effective upon such appointment and approval, and the former Administrative
Agent's rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this
Agreement or any holders of the Loans or Letters of Credit. If no successor agent has accepted appointment as Administrative Agent by the date that is 10 days following a retiring
Administrative Agent's notice of resignation, the retiring Administrative Agent's resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties
of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. After any retiring Administrative Agent's resignation as the
Administrative Agent, the provisions of this Section 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement
and the other Loan Documents. 

        9.10    Authorization to Release Liens.    The Administrative Agent is hereby irrevocably authorized by each of the
Lenders to release any Lien covering any Property of the Completion Guarantor, the Borrower or any of the other Loan Parties or any other Person that is the subject of a Disposition which is permitted
by this Agreement or any other Loan Document or which has been consented to in accordance with Section 10.1. 

        9.11    The Arrangers and Managers.    Other than with respect to, in the case of the Arrangers, Sections 2.4, 2.24,
7.2(h) and 7.5, the Arrangers and the Managers, in their capacity as such, shall have no duties or responsibilities, and shall incur no liability, under this Agreement and the other Loan Documents. 

        9.12    Withholdings.    (a)  To the extent required by any applicable law, the Administrative Agent may
withhold from any interest payment to any Lender an amount equivalent to any applicable withholding tax. If the forms or other documentation required by Section 2.20(f) are not delivered to the
Administrative Agent, then the Administrative Agent may withhold from any interest payment to any Lender not providing such forms or other documentation, an amount equivalent to the applicable
withholding tax. 

        (b)  If
the Internal Revenue Service or any authority of the United States or other jurisdiction asserts a claim that the Administrative Agent did not properly withhold tax
from amounts paid to or for the account of any Lender (because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify the Administrative Agent of a
change in circumstances which rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason), such Lender shall indemnify the Administrative Agent fully for all
amounts paid, directly or indirectly, by the Administrative Agent as tax or otherwise, including penalties and interest, together with all expenses incurred, including legal expenses, allocated staff
costs and any out of pocket expenses. 

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        (c)  If
any Lender sells, assigns, grants a participation in, or otherwise transfers its rights under this Agreement, the purchaser, assignee, participant or transferee, as
applicable, shall comply and be bound by the terms of Section 2.20(f) and this Section 9.12. 

 
 

SECTION 10. MISCELLANEOUS    
  

        10.1    Amendments and Waivers.    Neither this Agreement nor any other Loan Document, nor any terms hereof or thereof
may be amended, supplemented or modified except in accordance with the provisions of this Section 10.1. The Required Lenders and each other Person party to the relevant Loan Document may, or
(with the written consent of the Required Lenders) the Administrative Agent and each other Person party to the relevant Loan Document may, from time to time, (a) enter into written amendments,
supplements or modifications hereto and to the other Loan Documents (including amendments and restatements hereof or thereof) for the purpose of adding any provisions to this Agreement or the other
Loan Documents or changing in any manner the rights of the Lenders or of the other Persons hereunder or thereunder or (b) waive, on such terms and conditions as may be specified in the
instrument of waiver, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences. Notwithstanding the foregoing, no such waiver and
no such amendment, supplement or modification shall (i) forgive the principal amount or extend the final scheduled date of maturity of any Loan or Reimbursement Obligation, extend the scheduled
date of any amortization payment in respect of any Term Loan, reduce the stated rate of any interest or fee payable hereunder or extend the scheduled date of any payment thereof, or increase the
amount or extend the expiration date of any Commitment of any Lender, in each case without the consent of each Lender (other than a Defaulting Lender) directly affected thereby (such consent being in
lieu of the consent of the Required Lenders required pursuant to the second sentence of this Section 10.1); (ii) amend, modify or waive any provision of this Section or reduce any
percentage specified in the definition of Required Lenders, Required Facility Lenders, Applicable Facility Lenders or Majority Initial Arrangers, consent to the assignment or transfer by any Person
(other than a Lender) of any of its rights and obligations under this Agreement and the other Loan Documents, release all or substantially all of the Collateral or release a significant Guarantor from
its guarantee obligations under the Loan Documents, in each case without the consent of all Lenders (other than Defaulting Lenders); (iii) amend, modify or waive any provision of
Section 9 without the consent of any Arranger, Agent or Manager directly affected thereby (in addition to the consent of the Required Lenders required pursuant to the second sentence of this
Section 10.1); (iv) amend, modify or waive any provision of Section 2.6 or 2.7 without the written consent of the Swing Line Lender (in addition to the consent of the Required
Lenders required pursuant to the second sentence of this Section 10.1); (v) amend, modify or waive any provision of Section 2.12(g) or Section 2.18 without the consent of
the
Required Facility Lenders with respect to the Facility directly affected thereby (such consent being in lieu of the consent of the Required Lenders required pursuant to the second sentence of this
Section 10.1); (vi) amend, modify or waive any provision of Section 3 without the consent of the Issuing Lender (in addition to the consent of the Required Lenders required
pursuant to the second sentence of this Section 10.1), (vii) amend, modify or waive any condition, provision or requirement to the funding of Loans or the issuance or amendment of
Letters of Credit (whether pursuant to the Disbursement Agreement, this Agreement or otherwise) without the consent of, (I) in the case of Term Loans, the Required Facility Lenders with respect
to the Term Loan Facility, (II) in the case of Revolving Credit Loans, the Required Facility Lenders with respect to the Revolving Credit Facility, and (III) in the case of the issuance
or amendment of Letters of Credit, the Required Facility Lenders with respect to the Revolving Credit Facility (in each case such consent being in lieu of the consent of the Required Lenders required
pursuant to the second sentence of this Section 10.1) or (viii) amend, modify or waive any condition, provision or requirement set forth in Section 7.5 without the consent of the
Supermajority Lenders; provided, however, that any Loan Conversion shall be at the sole discretion of the Majority Initial Arrangers and shall not
require the consent of any other Lender pursuant to this 

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Section 10.1 or otherwise. Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Loan Parties, the
Lenders, the Agents, the Arrangers, the Managers and all future holders of the Loans and Letters of Credit. In the case of any waiver, the Loan Parties, the Lenders, the Arrangers, the Managers and
the Agents shall be restored to their former position and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not
continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon. Any such waiver, amendment, supplement or modification shall
be effected by a written instrument signed by the parties required to sign pursuant to the foregoing provisions of this Section; provided, that delivery
of an executed signature page of any such instrument by facsimile transmission shall be effective as delivery of a manually executed counterpart thereof. Notwithstanding the foregoing, this Agreement
may be amended (or amended and restated) with the written consent of the Required Lenders, the Required Facility Lenders with respect to the affected Facility and the Borrower (x) to permit a
Revolving Credit Lender(s) or a Term Loan Lender(s), as the case may be (or other Eligible Assignee reasonably acceptable to the Administrative Agent, who desires to become a Revolving Credit Lender
or a Term Loan Lender, as the case may be), to increase its (their) Revolving Credit Commitments or Term Loan Commitments, as the case may be (or, in the case of an Eligible Assignee, acquire
Revolving Credit Commitments or Term Loan Commitments as the case may be, in which case such Eligible Assignee shall be deemed a "Revolving Credit Lender" or "Term Loan Lender", as the case may be,
hereunder) (all such increases in the Revolving Credit Commitments and the Term Loan Commitments pursuant to this sentence, the "Increased Commitments")
and (y) to include appropriately the Lenders holding such Increased Commitments in any determination of the Required Lenders and Majority Facility Lenders with respect to the applicable
Facility; provided, that nothing contained in this sentence is intended, nor shall it be construed, to be a commitment or otherwise create an obligation
on behalf of any Lender to make Increased Commitments; provided, further, that, as set forth in subsection (i) above, in no event shall the
Commitment of any Lender be increased without such Lender's consent. Subject to subsection (vii) above, to the extent the Administrative Agent is entitled or required to make any determinations
(whether a consent, waiver or otherwise) under the Intercreditor Agreements or the Disbursement Agreement, the Administrative Agent shall make such determinations upon the advice of the Required
Lenders. 

        10.2    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 Business Days after being deposited
in the mail, postage prepaid, or, in the case of telecopy notice, when received, addressed (a) in the case of the Borrower, the Arrangers, the Managers and the Agents, as follows and
(b) in the case of the Lenders, as set forth on Schedule I to the Lender Addendum to which such Lender is a party or, in the case of a Lender which becomes a party to this Agreement
pursuant to an Assignment 

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and Acceptance, in such Assignment and Acceptance or (c) in the case of any party, to such other address as such party may hereafter notify to the other parties hereto: 

	The Borrower:	 	Wynn Las Vegas, LLC

c/o Wynn Resorts Holdings, LLC

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attention: Ron Kramer

Telecopy: (702) 791-0167

Telephone: (702) 733-4123
	

with a copy to:	
 	

Irell & Manella LLP

1800 Avenue of the Stars, Suite 900

Los Angeles, California 90067

Attention: C. Kevin McGeehan, Esq.

Telecopy: (310) 282-5610

Telephone: (310) 203-7110
	

The Administrative Agent or Swing Line Lender:	
 	

Deutsche Bank Trust Company Americas

31 West 52nd Street

New York, New York 10019

Attention: George Reynolds

Telecopy: (646) 324-7450

Telephone: (646) 324-2112
	

with a copy to:	
 	

Latham & Watkins

885 Third Avenue

New York, New York 10022

Attention: Christopher Plaut, Esq.

Telecopy: (212) 906-1200

Telephone: (212) 751-4864
	

Deutsche Bank Securities Inc., as advisor, lead arranger and joint book running manager	
 	

31 West 52nd Street

New York, New York 10019

Attention: George Reynolds

Telecopy: (646) 324-7450

Telephone: (646) 324-2112
	

with a copy to:	
 	

Latham & Watkins

885 Third Avenue

New York, New York 10022

Attention: Christopher Plaut, Esq.

Telecopy: (212) 906-1200

Telephone: (212) 751-4864
	

Banc of America Securities LLC, as advisor, lead arranger, joint book running manager and syndication agent	
 	

9 West 57th Street, 32nd Floor

New York, New York 10019

Attention: Elton Vogel

Telecopy: (212) 847-5329

Telephone: (212) 583-8000
	
 	
 	

 	
 	

 	

 

119

 

	

with a copy to:	
 	

Latham & Watkins

885 Third Avenue

New York, New York 10022

Attention: Christopher Plaut, Esq.

Telecopy: (212) 906-1200

Telephone: (212) 751-4864
	

Bear, Stearns & Co. Inc., as advisor, arranger and joint book running manager:	
 	

383 Madison Avenue

New York, New York 10179

Attention: Victor Bulzacchelli

Telecopy: (212) 272-8540

Telephone: (212) 272-3042
	

with a copy to:	
 	

Latham & Watkins

885 Third Avenue

New York, New York 10022

Attention: Christopher Plaut, Esq.

Telecopy: (212) 906-1200

Telephone: (212) 751-4864
	

Bear Stearns Corporate Lending Inc., as joint documentation agent	
 	

383 Madison Avenue

New York, New York 10179

Attention: Victor Bulzacchelli

Telecopy: (212) 272-8540

Telephone: (212) 272-3042
	

with a copy to:	
 	

Latham & Watkins

885 Third Avenue

New York, New York 10022

Attention: Christopher Plaut, Esq.

Telecopy: (212) 906-1200

Telephone: (212) 751-4864
	

Dresdner Bank AG, New York Branch, as arranger and joint documentation agent	
 	

1301 Avenue of the Americas—36th Floor

New York, New York 10019

Attention: Michael Lessler

Telecopy: (212) 429-4181

Telephone: (212) 429-2242
	

with a copy to:	
 	

 	
 	

 	

 
	 	 	

	 	 	    

	 	 	    

	 	 	Attention:	 	 	 
	 	 	 	 	

	 	 	Telecopy:	 	 	 
	 	 	 	 	

	 	 	Telephone:	 	 	 
	 	 	 	 	

	

J.P. Morgan Securities Inc., as joint documentation agent	
 	

270 Park Avenue, 31st Floor

New York, New York 10017
	 	 	Attention:	 	[
	]
	 	 	Telecopy:	 	[(            )
	]
	 	 	Telephone:	 	[(            )
	]

120

 

	

with a copy to:	
 	

 	
 	

 	

 
	 	 	

	 	 	    

	 	 	    

	 	 	Attention:	 	 	 
	 	 	 	 	

	 	 	Telecopy:	 	 	 
	 	 	 	 	

	 	 	Telephone:	 	 	 
	 	 	 	 	

	

Issuing Lender:	
 	

As notified by the Issuing Lender to the Administrative Agent and the Borrower

        10.3    No Waiver; Cumulative Remedies.    No failure to exercise and no delay in exercising, on the part of any
Arranger, any Agent, any Manager or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers
and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

        10.4    Survival of Representations and Warranties.    All representations and warranties made hereunder, in the other
Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans
and other extensions of credit hereunder. 

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           10.5    Payment of Expenses; Indemnification.    The Borrower agrees (a) to
pay or reimburse the Arrangers, the
Agents and the Managers for all their reasonable and itemized out-of-pocket costs and expenses incurred in connection with the syndication of the Facilities (other than fees
payable to syndicate members) and the development, preparation and execution of, and any amendment, supplement or modification to, this Agreement and the other Loan Documents and any other documents
prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including, without limitation, the reasonable fees and
disbursements and other charges of counsel to each of the Arrangers, the Agents and the Managers and the charges of IntraLinks and the fees, expenses and disbursements of consultants (including,
without limitation, the Construction Consultant and any other engineering, insurance or construction consultants), (b) to pay or reimburse each Lender, Arranger, Manager and Agent for all its
costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Loan Documents and any such other documents, including, without limitation,
the fees and disbursements of counsel (including the allocated fees and disbursements and other charges of in-house counsel) to each Lender and of counsel to each Arranger, Manager and
Agent and the charges of IntraLinks, (c) to pay, indemnify, and hold each Lender, Arranger, Manager and Agent harmless from, any and all recording and filing fees and any and all liabilities
with respect to, or resulting from any delay in paying, stamp, excise and other taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of, or
consummation or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other
Loan Documents and any such other documents, and (d) to pay, indemnify, and hold each Lender, Arranger, Agent, Manager, their respective affiliates, and their respective officers, directors,
partners, trustees, employees, affiliates, shareholders, attorneys and other advisors, agents, attorneys-in-fact and controlling persons (each, an
"Indemnitee") harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever with respect to or arising out of the execution, delivery, enforcement, performance and administration of this Agreement, the other Loan
Documents and any such other documents, including, without limitation, any of the foregoing relating to the use of proceeds of the Loans or Letters of Credit, the violation of, noncompliance with or
liability under, any Environmental Law applicable to the operations of any Loan Party or any of their Properties or the use by unauthorized persons of information or other materials sent through
electronic, telecommunications or other information transmission systems that are intercepted by such persons and the fees and disbursements and other charges of legal counsel in connection with
claims, actions or proceedings by any Indemnitee against the Borrower hereunder (all the foregoing in this subsection (d), collectively, the "Indemnified
Liabilities"), provided, that the Borrower shall have no obligation hereunder to any Indemnitee with respect to Indemnified
Liabilities to the extent such Indemnified Liabilities are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted solely and proximately from the gross
negligence or willful misconduct of such Indemnitee in breach of a duty owed to the Borrower. Without limiting the foregoing, and to the extent permitted by applicable law, the Borrower agrees not to
assert and to cause the other Loan Parties not to assert, and hereby waives and agrees to cause the other Loan Parties so to waive, all rights for contribution or any other rights of recovery with
respect to all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature, under or related to Environmental Laws, that any of them might have
by statute or otherwise against any Indemnitee.
All amounts due under this Section shall be payable not later than five days after written demand therefor. Statements payable by the Borrower pursuant to this Section shall be submitted to the
Borrower in accordance with Section 10.2, or to such other Person or address as may be hereafter designated by the Borrower in a written notice to the Administrative Agent. The agreements in
this Section shall survive repayment of the Loans and Letters of Credit and all other amounts payable hereunder. 

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        10.6    Successors and Assigns; Participations and Assignments.    (a)    This Agreement shall be
binding
upon and inure to the benefit of the Borrower, the Lenders, the Arrangers, the Agents, the Managers, all future holders of the Loans and Letters of Credit and their respective successors and assigns,
except that the Borrower may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of the Administrative Agent and each Lender. 

        (b)  Any
Lender may, without the consent of the Borrower or any other Person, in accordance with applicable law, at any time sell to one or more banks, financial institutions
or other entities (each, a "Participant") participating interests in any Loan owing to such Lender, any Commitment of such Lender or any other interest
of such Lender hereunder and under the other Loan Documents. In the event of any such sale by a Lender of a participating interest to a Participant, such Lender's obligations under this Agreement to
the other parties to this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all
purposes under this Agreement and the other Loan Documents, and the Borrower, the Arrangers, the Agents and the Managers shall continue to deal solely and directly with such Lender in connection with
such Lender's rights and obligations under this Agreement and the other Loan Documents. In no event shall any Participant under any such participation have any right to approve any amendment or waiver
of any provision of any Loan Document, or any consent to any departure by any Loan Party therefrom, except to the extent that such amendment, waiver or consent would reduce the principal of, or
interest on, the Loans or any fees payable hereunder, or postpone the date of the final maturity of the Loans, in each case to the extent subject to such participation. The Borrower agrees that if
amounts outstanding under this Agreement and the Loans are due or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant
shall, to the maximum extent permitted by applicable law, be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Agreement to the same extent as if
the amount of its participating interest were owing directly to it as a Lender under this Agreement, provided that, in purchasing such participating
interest, such Participant shall be deemed to have agreed to share with the Lenders the proceeds thereof as provided in Section 10.7(a) as fully as if it were a Lender hereunder. The Borrower
also agrees that each Participant shall be entitled to the benefits of Sections 2.19, 2.20 and 2.21 with respect to its participation in the Commitments and the Loans outstanding from time to time as
if it was a Lender; provided, that, in the case of Section 2.20, such Participant shall have complied with the requirements of said Section and  provided,
further, that no Participant shall be entitled to receive any greater amount pursuant to any such Section than the transferor Lender would
have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred. 

        (c)  Any
Lender (an "Assignor") may, in accordance with applicable law and upon written notice to the Administrative Agent, at
any time and from time to time assign to any Lender, any Affiliate thereof or Affiliated Fund of the assigning Lender (provided, that if any funding
obligations are assigned to an Affiliate of a Lender or Affiliated Fund, such Affiliate or Affiliated Fund, as applicable, shall have demonstrable resources to comply with such obligations) or of
another Lender or, with the consent of the Borrower and the Administrative Agent and, in the case of any assignment of Revolving Credit Commitments, the written consent of the Issuing Lender and the
Swing Line Lender (which, in each case, shall not be unreasonably withheld, conditioned or delayed), to an additional bank, financial institution or other entity that is an Eligible Assignee (an
"Assignee") all or any part of its rights and obligations under this Agreement pursuant to an assignment and acceptance agreement, substantially in the
form of Exhibit E hereto (an "Assignment and Acceptance"), executed by such Assignee and such Assignor (and, where the consent of the Borrower,
the Administrative Agent or the Issuing Lender or the Swing Line Lender is required pursuant to the foregoing provisions, by the Borrower and such other Persons) 

123

 

and delivered to the Administrative Agent for its acceptance and recording in the Register; provided, that no such assignment to an Assignee (other
than any Lender or any Affiliate thereof or Affiliated Fund) shall be in an aggregate principal amount of less than $5,000,000 with respect to Revolving Credit Commitments or $1,000,000 with respect
to Term Loan Commitments, unless otherwise agreed by the Borrower and the Administrative Agent. Any such assignment need not be ratable as among the Facilities. Upon such execution, delivery,
acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent
provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with a Commitment and/or Loans as set forth therein, and (y) the Assignor thereunder shall, to
the extent provided in such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of an Assignor's rights and
obligations under this Agreement, such Assignor shall cease to be a party hereto). Notwithstanding any provision of this Section, the consent of the Borrower shall not be required for any assignment
that occurs at any time when any Event of Default shall have occurred and be continuing. 

        (d)  The
Administrative Agent shall, on behalf of the Borrower, maintain at its address referred to in Section 10.2 a copy of each Assignment and Acceptance delivered
to it and a register (the "Register") for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amount of the
Loans owing to, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat
each Person whose name is recorded in the Register as the owner of the Loans and any Notes evidencing such Loans recorded therein for all purposes of this Agreement. Any assignment of any Loan,
whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto being made in the Register (and each Note shall expressly so provide). Any assignment or
transfer of all or part of a Loan evidenced by a Note shall be registered on the Register only upon surrender for registration of assignment or transfer of the Note evidencing such Loan, accompanied
by a duly executed Assignment and Acceptance; thereupon one or more new Notes in the same aggregate principal amount shall be issued to the designated Assignee, and the old Notes shall be returned by
the Administrative Agent to the Borrower marked "canceled". The Register shall be available for inspection by the Borrower or any Lender (with respect to any entry relating to such Lender's Loans) at
any reasonable time and from time to time upon reasonable prior notice. 

        (e)  Upon
its receipt of an Assignment and Acceptance executed by an Assignor and an Assignee (and, in any case where the consent of any other Person is required by
Section 10.6(c), by each such other Person) together with payment to the Administrative Agent of a registration and processing fee of $3,500 (except that no such registration and processing fee
shall be payable in the case of an Assignee which is already a Lender or is an Affiliate of a Lender or an Affiliated Fund or with respect to the initial syndication of the Commitments), the
Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto record the information contained therein in the
Register and give notice of such acceptance and recordation to the Borrower. On or prior to such effective date, the Borrower, at its own expense, upon request, shall execute and deliver to the
Administrative Agent (in exchange for the Revolving Credit Note and/or Term Note, as the case may be, of the assigning Lender) a new Revolving Credit Note and/or Term Note, as the case may be, to such
Assignee or its registered assigns in an amount equal to the Revolving Credit Commitment and/or Term Loan Commitment, as the case may be, assumed or acquired by it pursuant to such Assignment and
Acceptance and, if the Assignor has retained a Revolving Credit Commitment and/or Term Loan Commitment, as the case may be, upon request, a new Revolving Credit Note and/or Term Notes, as the case may
be, to the Assignor or its registered assigns in an amount equal to the Revolving Credit Commitment and/or Term Loans or Term Loan Commitment, as the case may be, retained 

124

 

by it hereunder. Such new Note or Notes shall be dated the Closing Date and shall otherwise be in the form of the Note or Notes replaced thereby. 

        (f)    For
the avoidance of doubt, the parties to this Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to
absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment by a Lender of any Loan or Note to any
Federal Reserve Bank in accordance with applicable law. 

        10.7    Adjustments; Set-off.    (a)    Except to the extent that this Agreement provides for
payments to be allocated to a particular Lender or to the Lenders under a particular Facility, if any Lender (a "Benefited Lender") shall at any time
receive any payment of all or part of the Obligations owing to it, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or
proceedings of the nature referred to in Section 8(f), or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such
other Lender's Obligations, such Benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender's Obligations, or shall provide such
other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral ratably with each of the
Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such
purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. 

        (b)  In
addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to the Borrower, any such notice being
expressly waived by the Borrower to the extent permitted by applicable law, upon any amount becoming due and payable by the Borrower hereunder (whether at the stated maturity, by acceleration or
otherwise), to set off and appropriate and
apply against such amount 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 Lender or any branch or agency thereof to or for the credit or the account of the Borrower.
Each Lender agrees to notify promptly the Borrower and the Administrative Agent after any such setoff and application made by such Lender, provided that
the failure to give such notice shall not affect the validity of such setoff and application. 

        10.8    Counterparts.    This Agreement may be executed by one or more of the parties to this Agreement on any number
of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile
transmission shall be effective as delivery of a manually executed counterpart hereof. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the
Administrative Agent. 

        10.9    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. 

        10.10    Integration.    Other than the promises, undertakings, representations or warranties set forth in the
Administrative Agent Fee Letter and the Facility Fee Letter, this Agreement and the other Loan Documents represent the agreement of the Borrower, the Agents, the Arrangers, the Managers and the
Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by any Arranger, any Manager, any Agent or any Lender relative to the subject
matter hereof not expressly set forth or referred to herein or in the other Loan Documents. 

125

           10.11    GOVERNING LAW.    THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW RULES
THEREOF OTHER THAN SECTION 5-1041 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

        10.12    Submission To Jurisdiction; Waivers.    The Borrower hereby irrevocably and unconditionally: 

        (a)  submits
for itself and its Property in any legal action or proceeding relating to this Agreement and the other Loan 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 the Borrower at its address set forth in Section 10.2 or at such other address of which the Administrative Agent 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. 

        10.13    Certain Matters Affecting Lenders.    (a)    If (i) the Nevada Gaming Authorities
shall
determine that any Lender does not meet suitability standards prescribed under the Nevada Gaming Laws or (ii) any other gaming authority with jurisdiction over the gaming business of the
Borrower shall determine that any Lender does not meet its suitability standards (in any such case, a "Former Lender"), the Administrative Agent shall
have the right (but not the duty) to designate bank(s) or other financial institution(s) (in each case, a "Substitute Lender," which may (but not need)
be any Lender or Lenders or Affiliated Fund of a Lender that agree to become a Substitute Lender and to assume the rights and obligations of the Former Lender, subject to receipt by the Administrative
Agent of evidence that such Substitute Lender (if not a Lender or Lenders or Affiliated Fund of a Lender) is an Eligible Assignee. The Substitute Lender shall assume the rights and obligations of the
Former Lender under this Agreement. The Borrower shall bear the costs and expenses of any Lender required by the Nevada Gaming Authorities, or any other gaming authority with jurisdiction over the
gaming business of the Borrower, to file an application for a finding of suitability in connection with the investigation of an application by the Borrower for a license to operate a gaming
establishment. 

        (b)  Notwithstanding
the provisions of subsection (a) of this Section 10.13, if any Lender becomes a Former Lender, and if the Administrative Agent fails to
find a Substitute Lender pursuant to subsection (a) of this Section 10.13 within any time period specified by the appropriate gaming authority for the withdrawal of a Former Lender (the
"Withdrawal Period"), the Borrower shall immediately prepay in full the outstanding amount of all Revolving Extensions of Credit and Term Loans
Extensions of Credit of such Former Lender, together with accrued interest thereon to the earlier of (x) the date of payment or (y) the last day of any Withdrawal Period. 

126

 

        10.14    Acknowledgments.    The Borrower hereby acknowledges that: 

        (a)  it
has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents; 

        (b)  neither
any Arranger, any Agent, any Manager nor any Lender has any fiduciary relationship with or duty to the Borrower, the Completion Guarantor or any other Loan Party
arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Arrangers, the Agents, the Managers and the Lenders, on one hand, and the
Borrower, the Completion Guarantor any other Loan Party, 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 other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Arrangers, the Agents,
the Managers and the Lenders or among the Borrower, the Completion Guarantor, the other Loan Parties and the Lenders. 

        10.15    Confidentiality.    Subject to Section 10.21, each of the Arrangers, the Agents, the Managers and the
Lenders agrees to keep confidential all non-public information provided to it by any Loan Party pursuant to this Agreement that is designated by such Loan Party as confidential;  provided, that nothing
herein shall prevent any Arranger, any Agent, any Manager or any Lender from disclosing any such information (a) to any
Arranger, any Agent, any Manager, any other Lender or any affiliate of any thereof, (b) to any Participant or Assignee (each, a "Transferee") or
prospective Transferee that agrees to comply with the provisions of this Section, (c) to any of its employees, directors, agents, attorneys, accountants and other professional advisors,
(d) to any financial institution that is a direct or indirect contractual counterparty in swap agreements or such contractual counterparty's professional advisor (so long as such contractual
counterparty or professional advisor to such contractual counterparty agrees to be bound by the provisions of this Section), (e) upon the request or demand of any Governmental Authority having
jurisdiction over it, (f) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, (g) if requested or
required to do so in connection with any litigation or similar proceeding, (h) that has been publicly disclosed other than in breach of this Section 10.15, (i) to the National
Association of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a Lender's investment portfolio in connection
with ratings issued with respect to such Lender or (j) in connection with the exercise of any remedy hereunder or under any other Loan Document. 

        10.16    Release of Collateral and Guarantee Obligations.    (a)    Notwithstanding anything to the
contrary
contained herein or in any other Loan Document, upon request of the Borrower in connection with any Disposition of Property permitted by the Loan Documents, the Administrative Agent shall (without
notice to or vote or consent of any Lender, or any affiliate of any Lender that is a party to any Specified Hedge Agreement) take such actions as shall be required to release its security interest in
any Collateral being Disposed of in such Disposition, and to release any guarantee obligations of any Person being Disposed of in such Disposition, to the extent necessary to permit consummation of
such Disposition in accordance with the Loan Documents provided that the Borrower and, if applicable, the appropriate Loan Party shall have delivered to
the Administrative Agent, at least five Business Days prior to the date of the proposed release, a written request for release identifying the relevant Collateral being Disposed of in such Disposition
and the terms of such Disposition in reasonable detail, including the date thereof, the price thereof and any expenses in connection therewith, together with a certification by the Borrower and, if
applicable, the appropriate Loan Party stating that such transaction is in compliance with this Agreement and the other Loan Documents and that the proceeds of such Disposition will be applied in
accordance with this Agreement and the other Loan Documents. 

127

 

        (b)  Notwithstanding
anything to the contrary contained herein or any other Loan Document, when all Obligations (other than Obligations in respect of any Specified Hedge
Agreement) have been paid in full, all Commitments have terminated or expired and no Letter of Credit or Reimbursement Obligation shall be outstanding, upon request of the Borrower, the Administrative
Agent shall (without notice to or vote or consent of any Lender, or any affiliate of any Lender that is a party to any Specified Hedge Agreement) take such actions as shall be required to release the
security interest of the Loan Documents in all Collateral, and to release all guarantee obligations provided for in any Loan
Document, whether or not on the date of such release there may be outstanding Obligations in respect of Specified Hedge Agreements. 

        10.17    Accounting Changes.    In the event that any "Accounting Change" (as defined below) shall occur and such
change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Borrower and the Administrative Agent agree to enter into negotiations in
order to amend such provisions of this Agreement so as to equitably reflect such Accounting Changes with the desired result that the criteria for evaluating the Borrower's and the other Loan Parties'
financial condition (including the requirements and restrictions associated with the provisions of this Agreement applicable thereto) shall be the same after such Accounting Changes as if such
Accounting Changes had not been made. Until such time as such an amendment shall have been executed and delivered by the Borrower, the Administrative Agent and the Required Lenders, all financial
covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred. "Accounting Changes" refers to changes in accounting
principles required or permitted by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public
Accountants or, if applicable, the SEC. 

        10.18    Delivery of Lender Addenda.    Each initial Lender shall become a party to this Agreement by delivering to
the Administrative Agent a Lender Addendum duly executed by such Lender, the Borrower and the Administrative Agent. 

        10.19    Construction.    Each covenant contained herein shall be construed (absent express provision to the contrary)
as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any
other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken
directly or indirectly by such Person. 

        10.20    WAIVERS OF JURY TRIAL.    THE BORROWER, THE ARRANGERS,
 THE
AGENTS, THE MANAGERS AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY
COUNTERCLAIM THEREIN.

        10.21    Gaming Authorities.    The Arrangers, the Agents, the Managers and each Lender agree to cooperate with the
Nevada Gaming Authorities in connection with the administration of their regulatory jurisdiction over Wynn Resorts, the Borrower and the other Loan Parties, including, without limitation, to the
extent not inconsistent with the internal policies of such Lender, Arranger, Agent or Manager and any applicable legal or regulatory restrictions, the provision of such documents or other information
as may be requested by any such Nevada Gaming Authorities relating to the Arrangers, the Agents, the Managers, any of the Lenders, Wynn Resorts or the Borrower or any other Loan Party, or the Loan
Documents. Notwithstanding any other provision of this Agreement, the Borrower expressly authorizes, and will cause each other Loan Party to authorize, each Agent, Manager, Arranger and Lender to
cooperate with the Nevada Gaming Authorities as described above. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]  

128

   
        IN WITNESS WHEREOF, the parties hereto have caused this Credit Agreement to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above
written. 

	 	 	WYNN LAS VEGAS, LLC,

a Nevada limited liability company,

as the Borrower
	

 	
 	

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:	[
	 	]
	

 	
 	

DEUTSCHE BANK SECURITIES, INC.,

as Lead Arranger and Joint Book Running Manager
	

 	
 	

By:	
 	
[
	
 	

]
	 	 	Name:	 	[
	 	]
	 	 	Title:	 	[
	 	]
	

 	
 	

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Administrative Agent and Swing Line Lender
	

 	
 	

By:	
 	
[
	
 	

]
	 	 	Name:	 	[
	 	]
	 	 	Title:	 	[
	 	]
	

 	
 	

BANC OF AMERICA SECURITIES LLC,

as Lead Arranger, Joint Book Running Manager

and Syndication Agent
	

 	
 	

By:	
 	
[
	
 	

]
	 	 	Name:	 	[
	 	]
	 	 	Title:	 	[
	 	]
	

 	
 	

BEAR, STEARNS & CO. INC.,

as Arranger and Joint Book Running Manager
	

 	
 	

By:	
 	
[
	
 	

]
	 	 	Name:	 	[
	 	]
	 	 	Title:	 	[
	 	]

129

 

	

 	
 	

BEAR STEARNS CORPORATE LENDING INC.,

as Joint Documentation Agent
	

 	
 	

By:	
 	
[
	
 	

]
	 	 	Name:	 	[
	 	]
	 	 	Title:	 	[
	 	]
	

 	
 	

DRESDNER BANK AG, NEW YORK BRANCH,

as Arranger and Joint Documentation Agent
	

 	
 	

By:	
 	
[
	
 	

]
	 	 	Name:	 	[
	 	]
	 	 	Title:	 	[
	 	]
	

 	
 	

J.P. MORGAN SECURITIES INC.,

as Joint Documentation Agent
	

 	
 	

By:	
 	
[
	
 	

]
	 	 	Name:	 	[
	 	]
	 	 	Title:	 	[
	 	]

130

Annex A  

 
  PRICING GRID FOR REVOLVING CREDIT LOANS, SWING LINE LOANS
  AND REVOLVING COMMITMENT FEES    
  

	Consolidated

Leverage Ratio
	 	Applicable Margin

for Eurodollar

Loans
	 	Applicable

Margin for

Base Rate

Loans
	 	Revolving

Commitment

Fee Rate

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

        Changes
in the Applicable Margin with respect to Revolving Credit Loans and Swing Line Loans or in the Revolving Commitment Fee Rate resulting from changes in the Consolidated Leverage
Ratio shall become effective on the first date (each such date, an "Adjustment Date") on which financial statements are delivered to the Lenders
pursuant to Section 6.1 with respect to each Quarterly Date (but in any event not later than the 45th day after the end of each of the first three quarterly periods of each Fiscal Year or the
90th day after the end of each Fiscal Year, as the case may be) and shall remain in effect until the next change to be effected pursuant to this paragraph. If any financial statements referred to
above are not delivered within the time periods specified above, then, until such financial statements are delivered, the Consolidated Leverage Ratio as at the end of the fiscal period that would have
been covered thereby shall for the purposes of this definition be deemed to be less than  [            ] to 1.0 and greater than  [            ] to 1.0, respectively. In addition, at all times
while an Event
of Default shall have occurred and be continuing, the Consolidated Leverage Ratio shall for the purposes of this definition be deemed to be less than  [            ] to 1.0 and greater than
[            ] to 1.0, respectively. If on any Adjustment Date the
Consolidated Leverage Ratio would result in different Applicable Margins or Revolving Commitment Fee Rates, the higher Applicable Margin or Revolving Commitment Fee Rate shall govern. Each
determination of the Consolidated Leverage Ratio pursuant to this definition shall be made with
respect to the period of four full consecutive fiscal quarters of the Borrower ending at the end of the period covered by the relevant financial statements (or such shorter period ending on any
Quarterly Date and beginning on the first day of the first fiscal quarter which begins after the Opening Date); provided, that for purposes of
calculating Consolidated EBITDA in order to calculate the Consolidated Leverage Ratio for any period which is less than four full fiscal quarters, Consolidated EBITDA shall be calculated on an
annualized basis. 

A-1

SCHEDULE 1.1  

 
  MORTGAGED PROPERTY    
  

S-1.2

SCHEDULE 4.4  

 
  CONSENTS, AUTHORIZATIONS, FILINGS AND NOTICES    
  

S-4.4

SCHEDULE 4.9(b)  

 
  TRADEMARKS, SERVICE MARKS AND TRADE NAMES    
  

S-4.9(b) 

SCHEDULE 4.9(c)  

 
  PATENTS    
  

S-4.9(c) 

SCHEDULE 4.9(d)  

 
  COPYRIGHTS    
  

S-4.9(d) 

SCHEDULE 4.9(e)  

 
  TRADE SECRETS    
  

S-4.9(e) 

SCHEDULE 4.9(f)  

 
  INTELLECTUAL PROPERTY LICENSES    
  

S-4.9(f) 

SCHEDULE 4.15  

 
  SUBSIDIARIES    
  

S-4.15 

SCHEDULE 4.19(a)-1  

 
  UCC FILING JURISDICTIONS—COLLATERAL    
  

	Loan Party
 
	 	Filing Office

	 	 	 
	 	 	 
	 	 	 

S-4.19(a)-1

SCHEDULE 4.19(a)-2  

 
 

UCC FINANCING STATEMENTS TO REMAIN ON FILE    
  

S-4.19(a)-2 

SCHEDULE 4.19(b)  

 
 

MORTGAGE FILING JURISDICTIONS    
  

S-4.19(b)

SCHEDULE 4.19(c)  

 
 

UCC FILING JURISDICTIONS—INTELLECTUAL PROPERTY COLLATERAL    
  

S-4.19(c) 

SCHEDULE 4.24  

 
 

MATERIAL CONTRACTS    
  

S-4.24 

SCHEDULE 4.25(a)  

 
 

REAL ESTATE    
  

S-4.25(a) 

SCHEDULE 4.25(d)  

 
 

ASSESSMENTS    
  

S-4.25(d) 

SCHEDULE 6.5(d)  

 
  INSURANCE REQUIREMENTS    
  

S-6.5(d)

SCHEDULE 7.2(d)  

 
 

EXISTING INDEBTEDNESS    
  

S-7.2(d) 

SCHEDULE 7.3(f)  

 
 

EXISTING LIENS    
  

S-7.3(f)

EXHIBIT D  

 
 

FORM OF MORTGAGE    
  

APNs:           

Recording
requested by and recorded

counterparts should be returned to: 

Sony
Ben-Moshe, Esq.

Latham & Watkins

701 B Street, Suite 2100

San Diego, California 92101 

	Mail Property Tax Statements to:
	

	
 	

 
	
	 	 
	
	 	 
	
	 	 

 
 

DEED OF TRUST, [LEASEHOLD DEED OF TRUST,] ASSIGNMENT OF RENTS AND
  LEASES,
  SECURITY AGREEMENT AND FIXTURE FILING    
    
    MADE BY    
    

                        ,

a                        ,
  as Trustor,    
    
    to    
    
    Nevada Title Company,
  a Nevada
corporation,
  as Trustee,
  for the benefit of    
    
    DEUTSCHE BANK TRUST COMPANY AMERICAS,
  in its capacity as Administrative Agent for the benefit of the Banks,
  as Beneficiary    

***********************************************************************

        THIS
INSTRUMENT IS TO BE FILED AND INDEXED IN THE REAL ESTATE RECORDS AND IS ALSO TO BE INDEXED IN THE INDEX OF FINANCING STATEMENTS OF CLARK COUNTY, NEVADA UNDER THE NAMES OF
                        AS "DEBTOR" AND DEUTSCHE BANK TRUST COMPANY AMERICAS AS "SECURED PARTY." 

        THIS
INSTRUMENT IS A "CONSTRUCTION MORTGAGE" AS THAT TERM IS DEFINED IN SECTION 104.9334(8) OF THE NEVADA REVISED STATUTES AND SECURES AN OBLIGATION INCURRED FOR THE CONSTRUCTION OF AN
IMPROVEMENT UPON LAND. 

  

 
 

TABLE OF CONTENTS    
  

	 
	 	 
	 	 
	 	Page

	ARTICLE ONE COVENANTS OF TRUSTOR	 	12
	 	 	1.1	 	Performance of Loan Documents	 	13
	 	 	1.2	 	General Representations, Covenants and Warranties	 	13
	 	 	1.3	 	Compliance with Legal Requirements	 	13
	 	 	1.4	 	Taxes	 	13
	 	 	1.5	 	Insurance.	 	14
	 	 	1.6	 	Condemnation	 	14
	 	 	1.7	 	Care of Trust Estate.	 	15
	 	 	1.8	 	Leases.	 	15
	 	 	1.9	 	Further Encumbrance.	 	16
	 	 	1.10	 	Partial Releases of Trust Estate.	 	17
	 	 	1.11	 	Further Assurances.	 	18
	 	 	1.12	 	Security Agreement and Financing Statements	 	18
	 	 	1.13	 	Assignment of Leases and Rents	 	20
	 	 	1.14	 	Expenses.	 	20
	 	 	1.15	 	Beneficiary's Cure of Trustor's Default	 	21
	 	 	1.16	 	Use of Land	 	21
	 	 	1.17	 	Compliance with Permitted Lien Agreements	 	21
	 	 	1.18	 	Defense of Actions	 	21
	 	 	1.19	 	Affiliates.	 	22
	 	 	1.20	 	Title Insurance	 	22
	 	 	1.21	 	[Leasehold Estates	 	22
	 	 	1.22	 	[Payment of Subject Leases Expenses	 	22
	 	 	1.23	 	[Trustor's Covenants with Respect to Subject Leases.	 	23
	 	 	1.24	 	Rejection of Subject Leases	 	25
	

ARTICLE TWO CREDIT AGREEMENT PROVISIONS	
 	

25
	 	 	2.1	 	Interaction with the Guaranty	 	25
	 	 	2.2	 	Other Collateral	 	25
	

ARTICLE THREE DEFAULTS	
 	

26
	 	 	3.1	 	Event of Default	 	26
	

ARTICLE FOUR REMEDIES	
 	

26
	 	 	4.1	 	Acceleration of Maturity	 	26
	 	 	4.2	 	Protective Advances	 	26
	 	 	4.3	 	Institution of Equity Proceedings	 	26
	 	 	4.4	 	Beneficiary's Power of Enforcement.	 	27
	 	 	4.5	 	Beneficiary's Right to Enter and Take Possession, Operate and Apply Income.	 	28
	 	 	4.6	 	Leases	 	29
	 	 	4.7	 	Purchase by Beneficiary	 	29
	 	 	4.8	 	Waiver of Appraisement, Valuation, Stay, Extension and Redemption Laws	 	29
	 	 	4.9	 	Receiver	 	29
	 	 	4.10	 	Suits to Protect the Trust Estate	 	30
	 	 	4.11	 	Proofs of Claim	 	30
	 	 	4.12	 	Trustor to Pay the Obligations on Any Default in Payment; Application of Monies by Beneficiary.	 	30
	 	 	4.13	 	Delay or Omission; No Waiver	 	31
	 	 	4.14	 	No Waiver of One Default to Affect Another	 	31

i

 

	 	 	4.15	 	Discontinuance of Proceedings; Position of Parties Restored	 	31
	 	 	4.16	 	Remedies Cumulative	 	32
	 	 	4.17	 	Interest After Event of Default	 	32
	 	 	4.18	 	Foreclosure; Expenses of Litigation	 	32
	 	 	4.19	 	Deficiency Judgments	 	32
	 	 	4.20	 	Waiver of Jury Trial	 	33
	 	 	4.21	 	Exculpation of Beneficiary	 	33
	

ARTICLE FIVE RIGHTS AND RESPONSIBILITIES OF TRUSTEE; OTHER PROVISIONS RELATING TO TRUSTEE	
 	

33
	 	 	5.1	 	Exercise of Remedies by Trustee	 	33
	 	 	5.2	 	Rights and Privileges of Trustee	 	33
	 	 	5.3	 	Resignation or Replacement of Trustee	 	34
	 	 	5.4	 	Authority of Beneficiary	 	34
	 	 	5.5	 	Effect of Appointment of Successor Trustee	 	34
	 	 	5.6	 	Confirmation of Transfer and Succession	 	34
	 	 	5.7	 	Exculpation	 	34
	 	 	5.8	 	Endorsement and Execution of Documents	 	35
	 	 	5.9	 	Multiple Trustees	 	35
	 	 	5.10	 	Terms of Trustee's Acceptance	 	35
	

ARTICLE SIX MISCELLANEOUS PROVISIONS	
 	

35
	 	 	6.1	 	Heirs, Successors and Assigns Included in Parties	 	35
	 	 	6.2	 	Addresses for Notices, Etc	 	35
	 	 	6.3	 	Change of Notice Address	 	36
	 	 	6.4	 	Headings	 	36
	 	 	6.5	 	Invalid Provisions to Affect No Others	 	36
	 	 	6.6	 	Changes and Priority Over Intervening Liens	 	36
	 	 	6.7	 	Estoppel Certificates	 	37
	 	 	6.8	 	Waiver of Setoff and Counterclaim; Other Waivers	 	37
	 	 	6.9	 	Governing Law	 	37
	 	 	6.10	 	Required Notices	 	37
	 	 	6.11	 	Reconveyance	 	38
	 	 	6.12	 	Attorneys' Fees	 	38
	 	 	6.13	 	Late Charges	 	38
	 	 	6.14	 	Cost of Accounting	 	38
	 	 	6.15	 	Right of Entry	 	38
	 	 	6.16	 	Corrections	 	38
	 	 	6.17	 	Statute of Limitations	 	38
	 	 	6.18	 	Subrogation	 	38
	 	 	6.19	 	Joint and Several Liability	 	39
	 	 	6.20	 	Homestead	 	39
	 	 	6.21	 	Context	 	39
	 	 	6.22	 	Time	 	39
	 	 	6.23	 	Interpretation	 	39
	 	 	6.24	 	Effect of NRS 107.030	 	39
	 	 	6.25	 	Amendments	 	39
	 	 	6.26	 	No Conflicts	 	39
	

ARTICLE SEVEN POWER OF ATTORNEY	
 	

40
	 	 	7.1	 	Grant of Power	 	40

ii

 

	 	 	7.2	 	Other Acts	 	40

	SCHEDULE A	 	DESCRIPTION OF THE LAND
	[SCHEDULE B	 	DESCRIPTION OF                        LEASED PREMISES]

iii

  

 
 

DEED OF TRUST, [LEASEHOLD DEED OF TRUST,] ASSIGNMENT OF RENTS AND LEASES, SECURITY AGREEMENT AND FIXTURE FILING    
  

        THIS DEED OF TRUST, [LEASEHOLD DEED OF TRUST,] ASSIGNMENT OF RENTS AND LEASES, SECURITY AGREEMENT AND FIXTURE FILING (hereinafter called  "Deed of
Trust") is made and effective as of        , 200            ,
by                        ,
a                        (together with all
successors and assigns of the Trust Estate (as hereinafter defined), "Trustor"), whose address
is                        , to Nevada Title Company, a Nevada
corporation, whose address is 2500 North Buffalo, Suite 150, Las Vegas, Nevada 89128, as Trustee ("Trustee"), for the benefit of DEUTSCHE BANK TRUST
COMPANY AMERICAS ("Beneficiary"), in its capacity as Administrative Agent under (i) that certain Credit Agreement (as the same may be amended or
modified from time to time, the "Credit Agreement") dated as of October    , 2002 among Wynn Las Vegas, LLC, a Nevada limited liability
company ("Borrower"), Beneficiary and the other parties signatory thereto (such other parties, together with Beneficiary, the  "Banks")
pursuant to which the Banks have agreed to lend to Borrower an aggregate principal amount of $1,000,000,000 and (ii) that certain
Guarantee and Collateral Agreement (as the same may be amended or modified from time to time, the "Guaranty") dated as of October    , 2002
by Trustor and the other parties thereto for the benefit of Beneficiary on behalf of the Banks pursuant to which Trustor will guaranty the payment and performance of all obligations of Borrower under
the Credit Agreement and the other Loan Documents. 

        THIS INSTRUMENT SECURES FUTURE ADVANCES. THE MAXIMUM AMOUNT OF PRINCIPAL TO BE SECURED HEREBY IS $1,000,000,000. THIS INSTRUMENT IS TO BE GOVERNED BY THE
PROVISIONS OF NRS 106.300 THROUGH NRS 106.400 INCLUSIVE.

        THE OBLIGATIONS SECURED HEREBY INCLUDE REVOLVING CREDIT OBLIGATIONS WHICH PERMIT BORROWING, REPAYMENT AND REBORROWING. INTEREST ON OBLIGATIONS SECURED HEREBY
ACCRUES AT A RATE WHICH MAY FLUCTUATE FROM TIME TO TIME.

        DEFINITIONS—As used in this Deed of Trust, the following terms have the meanings hereinafter set forth: 

        "Accounts Receivable" shall have the meaning set forth in Section 9-102 (NRS 104.9102) of the UCC for the term
"account." 

        "Appurtenant Rights" means all and singular tenements, hereditaments, rights, reversions, remainders, development rights, privileges,
benefits, easements (in gross or appurtenant), rights-of-way, licenses, gores or strips of land, streets, ways, alleys, passages, sewer rights, water courses, water rights and
powers, and all appurtenances whatsoever and claims or demands of Trustor at law or in equity in any way belonging, benefiting, relating or appertaining to the Land, the Project, the Trustor,
[the Leased Premises,] the airspace over the Land, the Improvements or any of the Trust Estate encumbered by this Deed of Trust, or which hereinafter shall in any way belong,
relate or be appurtenant thereto, whether now owned or hereafter acquired by Trustor. 

        "Bankruptcy" means, with respect to any Person, that (i) a court having jurisdiction in the Trust Estate shall have entered a
decree or order for relief in respect of such Person in an involuntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect,
which decree or order has not been stayed; or any other similar relief shall have been granted under any applicable federal or state law; or (ii) an involuntary case shall be commenced against
such Person, under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect; or a decree or order of a court having jurisdiction in the Trust
Estate for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over such Person, or over all or a substantial part of its property, shall
have been entered; or there shall have 

2

 

occurred the involuntary appointment of an interim receiver, trustee or other custodian of such Person, for all or a substantial part of its property; or a warrant of attachment, execution or similar
process shall have been issued against any substantial part of the property of such Person, and any such event described in this clause (ii) shall continue for 60 days unless dismissed,
bonded or discharged; or (iii) such Person shall have an order for relief entered with respect to it or shall commence a voluntary case under the Bankruptcy Code or under any other applicable
bankruptcy, insolvency or similar law now or hereafter in effect or shall consent to the entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary
case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its property; or such Person shall make
any assignment for the benefit of creditors, or shall fail generally, or shall admit in writing its inability, to pay its debts as such debts become due and payable or if the fair market value of its
assets does not exceed its aggregate liabilities; or (iv) such Person shall, or the Board of Directors of such Person (or any committee thereof) shall, adopt any resolution or otherwise
authorize any action to approve any of the actions referred to in clause (iii) above. 

        "Bankruptcy Code" means Title 11 of the United Sates Code entitled "Bankruptcy," as now and hereafter in effect, or any successor statute
thereto. 

        "Business Day" means any day that is not a Saturday, a Sunday or a day on which banking institutions in the State of Nevada or the City of
New York are not required to be open. 

        "Deed of Trust" means this Deed of Trust as it may be amended, increased or modified from time to time. 

        "Disbursement Agreement" means that certain Master Disbursement Agreement dated as of            , 2002, among Borrower, Beneficiary,
[TO INSERT TRUSTEE], Deutsche Bank Trust Company Americas, in its capacity as disbursement agent, 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 Credit Agreement. 

        ["                        Lease" means that
certain                        for
the                        Leased Premises.]
 

        ["                        Leased Premises" means the                        situated
in                        described in
the                        Lease
and more specifically described in Schedule B attached hereto and incorporated herein.] 

        "Event of Default" has the meaning set forth in Section 3.1 hereof. 

        "FF&E" means all furniture, fixtures, equipment, appurtenances and personal property now or in the future contained in, used in connection
with, attached to, or otherwise useful or convenient to the use, operation, or occupancy of, or placed on, but unattached to, any part of the Site or Improvements whether or not the same constitutes
real property or fixtures in the State of Nevada, including all removable window and floor coverings, all furniture and furnishings, heating, lighting, plumbing, ventilating, air conditioning,
refrigerating, incinerating and elevator and escalator plants, cooking facilities, vacuum cleaning systems, public address and communications systems, sprinkler systems and other fire prevention and
extinguishing apparatus and materials, motors, machinery, pipes, appliances, equipment, fittings, fixtures, and building materials, all gaming and financial equipment, computer equipment, calculators,
adding machines, gaming tables, video game and slot machines, and any other electronic equipment of every nature used or located on any part of the Site or Improvements, together with all Venetian
blinds, shades, draperies, drapery and curtain rods, brackets, bulbs, cleaning apparatus, mirrors, lamps, ornaments, cooling apparatus and equipment, ranges and ovens, garbage disposals, dishwashers,
mantels, and any and all such property which is at any time installed in, affixed to or placed upon the Site or Improvements. 

3

 

        "FF&E Financing Agreement" means any financing agreement entered into by Trustor (i) the proceeds of which are used by Trustor for
the acquisition or lease of FF&E, (ii) pursuant to which Trustor grants to the lender or lessor thereunder a security interest in the FF&E so acquired or leased and (iii) which is
permitted by the Credit Agreement and the Guaranty. 

        "Governmental Authority" means any agency, authority, board, bureau, commission, department, office, public entity, or instrumentality of
any nature whatsoever of the United States federal or foreign government, any state, province or any city or other political subdivision or otherwise, whether now or hereafter in existence, or any
officer or official thereof, including, without limitation, any Nevada Gaming Authority. 

        "Imposition" means any taxes, assessments, water rates, sewer rates, maintenance charges, other governmental impositions and other charges
now or hereafter levied or assessed or imposed against the Trust Estate or any part thereof. 

        "Improvements" means (1) all the buildings, structures, facilities and improvements of every nature whatsoever now or hereafter
situated on the Site or any real property encumbered hereby, and (2) all fixtures, machinery, appliances, goods, building or other materials, equipment, including without limitation all gaming
equipment and devices, and all machinery, equipment, engines, appliances and fixtures for generating or distributing air, water, heat, electricity, light, fuel or refrigeration, or for ventilating or
sanitary purposes, or for the exclusion of vermin or insects, or for the removal of dust, refuse or garbage; all wall-beds, wall-safes, built-in furniture and
installations, shelving, lockers, partitions, doorstops, vaults, motors, elevators, dumb-waiters, awnings, window shades, Venetian blinds, light fixtures, fire hoses and brackets and boxes
for the same, fire sprinklers, alarm, surveillance and security systems, computers, drapes, drapery rods and brackets, mirrors, mantels, screens, linoleum, carpets and carpeting, plumbing, bathtubs,
sinks, basins, pipes, faucets, water closets, laundry equipment, washers, dryers, ice-boxes and heating units; all kitchen and restaurant equipment, including but not limited to
silverware, dishes, menus, cooking utensils, stoves, refrigerators, ovens, ranges, dishwashers, disposals, water heaters, incinerators, furniture, fixtures and furnishings, communication systems, and
equipment; all cocktail lounge supplies, including but not limited to bars, glassware, bottles and tables used in connection with the Site; all chaise lounges, hot tubs, swimming pool heaters and
equipment and all other recreational equipment (computerized and otherwise), beauty and barber equipment, and maintenance supplies used in connection with the Site; all amusement rides and attractions
attached to the Site, all specifically designed installations and furnishings, and all furniture, furnishings and personal property of every nature whatsoever now or hereafter owned or leased by
Trustor or in which Trustor has any rights or interest and located in or on, or attached to, or used or intended to be used or which are now or may hereafter be appropriated for use on or in
connection with the operation of the Site or any real or personal property encumbered hereby or any other Improvements, or in connection with any construction being conducted or which may be conducted
thereon, and all extensions, additions, accessions, improvements, betterments, renewals, substitutions, and replacements to any of the foregoing, and all of the right, title and interest of Trustor in
and to any such property, which, to the fullest extent permitted by law, shall be conclusively deemed fixtures and improvements and a part of the real property hereby encumbered. 

        "Indemnity Agreement" means that certain Indemnity Agreement dated as of            , 200    by Trustor for the benefit of
Beneficiary and certain other indemnified parties named therein. 

        "Insolvent" means with respect to any person or entity, that such person or entity shall be deemed to be insolvent if it shall fail
generally, or shall admit in writing its inability, to pay its debts as such debts become due and payable and/or if the fair market value of its assets does not exceed its aggregate liabilities. 

4

 

        "Intangible Collateral" means (a) the rights to use all names and all derivations thereof now or hereafter used by Trustor in
connection with the Site or Improvements, including, without limitation, the name "Le Reve", including any variations thereon, together with the goodwill associated therewith, and all names, logos,
and designs used by Trustor, or in connection with the Site or in which Trustor has rights, with the exclusive right to use such names, logos and designs wherever they are now or hereafter used in
connection with the Project (or in connection with the marketing of the Project), and any and all other trade names, trademarks or service marks, whether or not registered, now or hereafter used in
the operation of the Project, including, without limitation, any interest as a lessee, licensee or franchisee, and, in each case, together with the goodwill associated therewith; (b) subject to
the absolute assignment contained herein, the Rents; (c) any and all books, records, customer lists, concession agreements, supply or service contracts, licenses, permits, governmental
approvals (to the extent such licenses, permits and approvals may be pledged under applicable law), signs, goodwill, casino and hotel credit and charge records, supplier lists, checking accounts, safe
deposit boxes (excluding the contents of such deposit boxes owned by persons other than Trustor and its subsidiaries), cash, instruments, chattel papers, including inter-company notes and pledges,
documents, unearned premiums, deposits, refunds, including but not limited to income tax refunds, prepaid expenses, rebates, tax and insurance escrow and impound accounts, if any, actions and rights
in action, and all other claims, including without limitation condemnation awards and insurance proceeds, and all other contract rights and general intangibles resulting from or used in connection
with the operation and occupancy of the Trust Estate and the Improvements and in which Trustor now or hereafter has rights; and (d) general intangibles, vacation license resort agreements or
other time share license or right to use agreements, including without limitation all rents, issues, profits, income and maintenance fees resulting therefrom, whether any of the foregoing is now owned
or hereafter acquired. 

        "Land" means the real property situated in the County of Clark, State of Nevada, more specifically described in Schedule A attached
hereto and incorporated herein by reference, including any after acquired title thereto. 

        ["Leased Premises" means, as the context may require, the                        Leased
Premises, the                        Leased
Premises, the                        Leased Premises and/or
the                        Leased Premises.]
 

        "Legal Requirements" means all applicable restrictive covenants, applicable zoning and subdivision ordinances and building codes, all
applicable health and Environmental Laws and regulations, all applicable gaming laws and regulations, and all other applicable laws, ordinances, rules, regulations, judicial decisions, administrative
orders, and other requirements of any Governmental Authority having jurisdiction over Trustor, the Trust Estate and/or any Affiliate of Trustor, in effect either at the time of execution of this Deed
of Trust or at any time during the term hereof, including, without limitation, all Environmental Laws and Nevada Gaming Laws. 

        "Nevada Gaming License" means any gaming license necessary for the ownership, construction, maintenance, financing or operation of the
Project, whether issued and/or required by Nevada Gaming Authorities, Nevada Gaming Laws or otherwise. 

        "Notes" means, collectively, those certain promissory note(s) to be issued pursuant to the Credit Agreement, as the same may be amended or
replaced from time to time in accordance with its terms. 

        "NRS" means the Nevada Revised Statutes as in effect from time to time. 

        "Obligations" means (i) the payment and performance by Borrower of each covenant and agreement of Borrower contained in the Credit
Agreement, the Notes and the other Loan Documents (including the Security Documents) and (ii) the payment and performance by Trustor 

5

 

of each covenant and agreement of Trustor contained in the Guaranty, this Deed of Trust, the Indemnity Agreement and the other Loan Documents. 

        "Permitted Dispositions" means (a) the sale, transfer, lease or other disposition of assets in the Trust Estate, in the ordinary
course of business, of inventory held in the ordinary course of business (b) the dispositions set forth in Section 1.10 hereof and
(c) other sales, transfers, leases or other dispositions of assets in the Trust Estate, including entering into Space Leases; provided that, in
each case, all applicable provisions of the Loan Documents are complied with. 

        "Personal Property" has the meaning set forth in Section 1.12 hereof. 

        "Proceeds" has the meaning assigned to it under the UCC and, in any event, shall include but not be limited to (i) any and all
proceeds of any insurance (including without limitation property casualty and title insurance), indemnity, warranty or guaranty payable from time to time with respect to any of the Trust Estate;
(ii) any and all proceeds in the form of accounts, security deposits, tax escrows (if any), down payments (to the extent the same may be pledged under applicable law), collections, contract
rights, documents, instruments, chattel paper, liens and security instruments, guarantees or general intangibles relating in whole or in part to the Project and all rights and remedies of whatever
kind or nature Trustor may hold or acquire for the purpose of securing or enforcing any obligation due Trustor thereunder; (iii) any and all payments in any form whatsoever made or due and
payable from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Trust Estate by any Governmental Authority;
(iv) subject to the absolute assignment contained herein, the Rents or other benefits arising out of, in connection with or pursuant to any Space Lease of the Trust Estate; and (v) any
and all other amounts from time to time paid or payable in connection with any of the Trust Estate; provided, however, that the Trustor is not
authorized to dispose of any of the Trust Estate unless such disposition is a Permitted Disposition. 

        "Project" means the resort-hotel-casino-mall complex proposed to be constructed in Clark County, Nevada as described in the
Plans and Specifications, as such Plans and Specifications may be amended pursuant to the Disbursement Agreement. 

        "Rents" means all rents, room revenues, income, receipts, issues, profits, revenues and maintenance fees, room, food and beverage
revenues, license and concession fees, income, proceeds and other benefits to which Trustor may now or hereafter be entitled from the Site, the Improvements, the Space Leases or any property
encumbered hereby or any business or other activity conducted by Trustor at the Site or the Improvements. 

        "Site" means the Land and the Appurtenant Rights [ and, if the context so
requires, the Leased Premises]. 

        "Space Leases" means any and all leases, subleases, lettings, licenses, concessions, operating agreements, management agreements, and all
other agreements affecting the Trust Estate that Trustor has entered into, taken by assignment, taken subject to, or assumed, or has otherwise become bound by, now or in the future, that give any
person the right to conduct its business on, or otherwise use, operate or occupy, all or any portion of the Site or Improvements and any leases, agreements or arrangements permitting anyone to enter
upon or use any of the Trust Estate to extract or remove natural resources of any kind, together with all amendments, extensions, and renewals of the foregoing entered into in compliance with this
Deed of Trust, together with all rental, occupancy, service, maintenance or any other similar agreements pertaining to use or occupation of, or the rendering of services at the Site, the Improvements
or any part thereof. 

6

  

        "Space Lessee(s)" means any and all tenants, licensees, or other grantees of the Space Leases and any and all guarantors, sureties,
endorsers or others having primary or secondary liability with respect to such Space Leases. 

        ["Subject Leases" means the            Lease,
the                        Lease,
the                        Lease,
the                        
Lease and                        .] 

        "Tangible Collateral" means all personal property, goods, equipment, supplies, building and other materials of every nature whatsoever and
all other tangible personal property constituting a part or portion of the Project and/or used in the operation of the hotel, casino, restaurants, stores, parking facilities, observation tower and all
other commercial operations on the Site or Improvements, including but not limited to communication systems, visual and electronic surveillance systems and transportation systems and not constituting
a part of the real property subject to the real property lien of this Deed of Trust and including all property and materials stored therein in which Trustor has an interest and all tools, utensils,
food and beverage, liquor, uniforms, linens, housekeeping and maintenance supplies, vehicles, fuel, advertising and promotional material, blueprints, surveys, plans and other documents relating to the
Site or Improvements, and all construction materials and all furnishings, fixtures and equipment, including, but not limited to, all FF&E and all equipment and devices which are or are to be installed
and used in connection with the operation of the Project, those items of furniture, fixtures and equipment which are to be purchased or leased by Trustor, machinery and any other item of personal
property in which Trustor now or hereafter own or acquire an interest or right, and which are used or useful in the construction, operation, use and occupancy of the Project and all present and future
right and interest of Trustor in and to any casino operator's agreement, license agreement or sublease agreement used in connection with the Site or the Improvements. 

        "Title Insurer" means Commonwealth Land Title Company. 

        "Trust Estate" means all of the property described in Granting Clauses (A) through (O) below, inclusive, and each item of property therein
described, provided, however, that such term shall not include the property described in Granting Clause ([P][Q]) below. 

        "UCC" means the Uniform Commercial Code in effect in the State of Nevada from time to time, NRS chapters 104 and 104A. 

        The
following terms shall have the meaning assigned to such terms in the Disbursement Agreement: 

Disbursement Agent

Plans and Specifications

        The
following terms shall have the meaning assigned to such terms in the Credit Agreement: 

Affiliate

Closing Date

Environmental Laws

Financing Agreements

Lien

Loan Documents

Nevada Gaming Authorities

Nevada Gaming Laws

Permitted Encumbrance

Permitted Liens

Person

Security Documents  

7

 

In
addition, any capitalized terms used in this Deed of Trust which are not otherwise defined herein shall have the meaning ascribed to such terms in the Disbursement Agreement and, if not defined
therein, the meaning ascribed to such terms in the Credit Agreement and, if not defined therein, the meaning ascribed to such terms in the Guaranty;  provided, that 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 immediately prior to such termination. 

8

 
W I T N E S E T H:  

        IN CONSIDERATION OF TEN DOLLARS AND OTHER GOOD AND VALUABLE CONSIDERATION; THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, AND FOR THE PURPOSE OF
SECURING in favor of Beneficiary (1) the Obligations; (2) the payment of such additional loans or advances as hereafter may be made to Trustor (individually or jointly and severally with
any other Person) or its successors or assigns, when evidenced by a promissory note or notes reciting that they are secured by this Deed of Trust; provided,
however, that any and all future advances by Beneficiary to Trustor made for the improvement, protection or preservation of the Trust Estate, together with interest at the rate
applicable to overdue principal set forth in the Credit Agreement, shall be automatically secured hereby unless such a note or instrument evidencing such advances specifically recites that it is not
intended to be secured hereby and (3) the payment of all sums expended or advanced by Beneficiary under or pursuant to the terms hereof or to protect the security hereof (including Protective
Advances as such term is defined in Section 4.2 hereof), together with interest thereon as herein provided, Trustor, in consideration of the
premises, and for the purposes aforesaid, does hereby ASSIGN, BARGAIN, CONVEY, PLEDGE, RELEASE, HYPOTHECATE, WARRANT, AND TRANSFER WITH POWER OF SALE UNTO TRUSTEE IN TRUST FOR THE BENEFIT OF
BENEFICIARY AND THE BANKS each of the following: 

        (A)  The
Land; 

        (B)  TOGETHER
WITH all the estate, right, title and interest of Trustor of, in and to the Improvements; 

        (C)  TOGETHER
WITH all Appurtenant Rights; 

        (D)  TOGETHER
WITH all the estate, right, title and interest of Trustor of, in and to the Tangible Collateral to the extent permitted by, or not prohibited by, Nevada Gaming
Laws and other applicable law; 

        (E)  TOGETHER
WITH the Intangible Collateral to the extent permitted by, or not prohibited by, Nevada Gaming Laws and other applicable law; 

        (F)  TOGETHER
WITH (i) all the estate, right, title and interest of Trustor of, in and to all judgments and decrees, insurance proceeds, awards of damages and
settlements hereafter made resulting from condemnation proceedings or the taking of any of the property described in Granting Clauses (A), (B), (C), (D) and (E) hereof or any part thereof under
the power of eminent domain, or for any damage (whether caused by such taking or otherwise) to the property described in Granting Clauses (A), (B), (C), (D) and (E) hereof or any part thereof,
or to any Appurtenant Rights thereto, and Beneficiary is (subject to the terms hereof) hereby authorized to collect and receive said awards and proceeds and to
give proper receipts and acquittance therefor, and (subject to the terms hereof) to apply the same toward the payment of the indebtedness and other sums secured hereby, notwithstanding the fact that
the amount owing thereon may not then be due and payable; (ii) all proceeds of any sales or other dispositions of the property or rights described in Granting Clauses (A), (B), (C), (D)
and (E) hereof or any part thereof whether voluntary or involuntary, provided, however, that the foregoing shall not be deemed to permit such sales, transfers, or other dispositions except as
specifically permitted herein; and (iii) whether arising from any voluntary or involuntary disposition of the property described in Granting Clauses (A), (B), (C), (D) and (E), all
Proceeds, products, replacements, additions, substitutions, renewals and accessions, remainders, reversions and after-acquired interest in, of and to such property; 

        (G)  TOGETHER
WITH the absolute assignment of any Space Leases or any part thereof that Trustor has entered into, taken by assignment, taken subject to, or assumed, or has
otherwise become bound by, now or in the future, together with all of the following (including all "Cash 

9

 

Collateral" within the meaning of the Bankruptcy Law) arising from the Space Leases: (a) Rents (subject, however, to the aforesaid absolute assignment to Trustee for the benefit of Beneficiary
and the conditional permission hereinbelow given to Trustor to collect the Rents), (b) all guarantees, letters of credit, security deposits, collateral, cash deposits, and other credit
enhancement documents, arrangements and other measures with respect to the Space Leases, (c) all of Trustor's right, title, and interest under the Space Leases, including the following:
(i) the right to receive and collect the Rents from the lessee, sublessee or licensee, or their successor(s), under any Space Lease(s) and (ii) the right to enforce against any tenants
thereunder and otherwise any and all remedies under the Space Leases, including Trustor's right to evict from possession any tenant thereunder or to retain, apply, use, draw upon, pursue, enforce or
realize upon any guaranty of any Space Lease; to terminate, modify, or amend the Space Leases; to obtain possession of, use, or occupy, any of the real or personal property subject to the Space
Leases; and to enforce or exercise, whether at law or in equity or by any other means, all provisions of the Space Leases and all obligations of the tenants thereunder based upon (A) any breach
by such tenant under the applicable Space Lease (including any claim that Trustor may have by reason of a termination, rejection, or disaffirmance of such Space Lease pursuant to any Bankruptcy Law)
and (B) the use and occupancy of the premises demised, whether or not pursuant to the applicable Space Lease (including any claim for use and occupancy arising under landlord-tenant law of the
State of Nevada or any Bankruptcy Law). Permission is hereby given to Trustor, so long as no Event of Default has occurred and is continuing hereunder, to collect and use the Rents, as they become due
and payable, but not more than one (1) month in advance thereof. Upon the occurrence of an Event of Default, the permission hereby given to Trustor to collect the Rents shall automatically
terminate, but such permission shall be reinstated upon a cure or waiver of such Event of Default. Beneficiary shall have the right, at any time and from time to time, to notify any Space Lessee of
the rights of Beneficiary as provided by this section; 

        Notwithstanding
anything to the contrary contained herein, the foregoing provisions of this Paragraph (G) shall not constitute an assignment for purposes of security but shall
constitute an absolute and present assignment of the Rents to Beneficiary, subject, however, to the conditional license given to Trustor to collect and use the Rents as hereinabove provided; and the
existence or exercise of such right of Trustor shall not operate to subordinate this assignment to any subsequent assignment, in whole or in part, by Trustor; 

        (H)  TOGETHER
WITH all of Trustor's right, title and interest in and to any and all Plans and Specifications and all maps, plans, specifications, surveys, studies, tests,
reports, data and drawings relating to the development of the Site or the Project and the construction of the Improvements, including, without limitation, all marketing plans, feasibility studies,
soils tests, design contracts and all contracts and agreements of Trustor relating thereto including, without limitation, architectural, structural, mechanical and engineering plans and
specifications, studies, data and drawings prepared for or relating to the development of the Site or the Project or the construction, renovation or restoration of any of the Improvements or the
extraction of minerals, sand, gravel or other valuable substances from the Site and purchase contracts or any agreement granting Trustor a right to acquire any land situated within Clark County,
Nevada; 

        (I)  TOGETHER
WITH, to the extent permitted by applicable law, all of Trustor's right, title, and interest in and to any and all licenses, permits, variances, special
permits, franchises, certificates, rulings, certifications, validations, exemptions, filings, registrations, authorizations, consents, approvals, waivers, orders, rights and agreements (including,
without limitation, options, option rights, contract rights now or hereafter obtained by Trustor from any Governmental Authority having or claiming jurisdiction over the Land, the FF&E, the Project,
or any other element of the Trust Estate or providing access thereto, or the operation of any business on, at, or from the Site including, without limitation, any liquor or Nevada Gaming Licenses
(except for any 

10

 

registrations, licenses, findings of suitability or approvals issued by the Nevada Gaming Authorities or any other liquor or gaming licenses which are non-assignable);  provided, that upon an Event of
Default hereunder or under the Credit Agreement or under the Guaranty, if Beneficiary is not qualified under the Nevada
Gaming Laws to hold such Nevada Gaming Licenses, then Beneficiary may designate an appropriately qualified third party to which an assignment of such Nevada Gaming Licenses can be made in compliance
with the Nevada Gaming Laws; 

        (J)  TOGETHER
WITH all the estate, right, title and interest of Trustor of, in and to all water stock, water permits and other water rights relating to the Site, including,
without limitation, those evidenced by                        ]; 

        (K)  TOGETHER
WITH all oil and gas and other mineral rights, if any, in or pertaining to the Site and all royalty, leasehold and other rights of Trustor pertaining thereto; 

        (L)  TOGETHER
WITH any and all monies and other property, real or personal, which may from time to time be subjected to the lien hereof by Trustor or by anyone on its behalf
or with its consent, or which may come into the possession or be subject to the control of Trustee or Beneficiary pursuant to this Deed of Trust, the Credit Agreement, the Guaranty or any other Loan
Document (including any Security Document), including, without limitation, any Protective Advances (as defined in Section 4.2 hereof) under this
Deed of Trust; and all of Trustor's right, title, and interest in and to all extensions, improvements, betterments, renewals, substitutes for and replacements of, and all additions, accessions, and
appurtenances to, any of the foregoing that Trustor may subsequently acquire or obtain by any means, or construct, assemble, or otherwise place on any of the Trust Estate, and all conversions of any
of the foregoing; it being the intention of Trustor that all property hereafter acquired by Trustor and
required by the Credit Agreement, the Guaranty, any other Loan Document (including any Security Document) or this Deed of Trust to be subject to the lien of this Deed of Trust or intended so to be
shall forthwith upon the acquisition thereof by Trustor be subject to the lien of this Deed of Trust as if such property were now owned by Trustor and were specifically described in this Deed of Trust
and granted hereby or pursuant hereto, and Trustee and Beneficiary are hereby authorized, subject to Nevada Gaming Laws and other applicable laws, to receive any and all such property as and for
additional security for the obligations secured or intended to be secured hereby. Trustor agrees to take any action as may reasonably be necessary to evidence and perfect such liens or security
interests, including, without limitation, the execution of any documents necessary to evidence and perfect such liens or security interests; 

        (M) TOGETHER
WITH, to the extent permitted by applicable laws, any and all Accounts Receivable and all royalties, earnings, income, proceeds, products, rents, revenues,
reversions, remainders, issues, profits, avails, production payments, and other benefits directly or indirectly derived or otherwise arising from any of the foregoing, all of which are hereby assigned
to Beneficiary, who, except as otherwise expressly provided in this Deed of Trust (including the provisions of Section 1.13 hereof), is
authorized to collect and receive the same, to give receipts and acquittances therefor and to apply the same to the Obligations secured hereunder, whether or not then due and payable; 

        (N)  TOGETHER
WITH Proceeds of the foregoing property described in Granting Clauses (A) through (M); 

        (O)  TOGETHER
WITH Trustor's rights further to assign, sell, lease, encumber or otherwise transfer or dispose of the property described in Granting Clauses (A) through
(N) inclusive, above, for debt or otherwise; 

        (P)  [TOGETHER
WITH any right of Trustor to elect to terminate the Subject Leases or remain in possession of the Leased Premises pursuant to 11 U.S.C.
section 365(h)(1) or any similar 

11

 

provision of applicable law and any possessory rights of Trustor in the Leased Premises pursuant to 11 U.S.C. section 365(h)(2) or any other similar provision of applicable law];
and 

        (Q)  EXPRESSLY
EXCLUDING, HOWEVER, any assets expressly excluded from the definition of "Collateral" in the Credit Agreement. 

        Trustor,
for itself and its successors and assigns, covenants and agrees to and with Trustee that, at the time or times of the execution of and delivery of these presents or any
instrument of further assurance with respect thereto, Trustor has good right, full power and lawful authority to assign, grant, convey, warrant, transfer, bargain or sell its interests in the Trust
Estate in the manner and form as aforesaid, and that the Trust Estate is free and clear of all liens and encumbrances whatsoever, except Permitted
Liens, and Trustor shall warrant and forever defend the above-bargained property in the quiet and peaceable possession of Trustee and its successors and assigns against all and every person or persons
lawfully or otherwise claiming or to claim the whole or any part thereof, except for Permitted Liens. Trustor agrees that any greater title to the Trust Estate hereafter acquired by Trustor during the
term hereof shall be automatically subject hereto. 

 
 

ARTICLE ONE    
    
    COVENANTS OF TRUSTOR    
  

        The Beneficiary and the Banks have been induced to enter into the Credit Agreement, the Guaranty and the other Loan Documents and to make advances of loans to
Borrower thereunder on the basis of the following material covenants, all agreed to by Trustor: 

12

           1.1    Performance of Loan Documents.    Trustor
shall perform, observe and comply with each
and every provision hereof, and with each and every provision contained in the Guaranty and the other Loan Documents and shall promptly pay to the Administrative Agent or the Disbursement Agent, as
applicable, when payment shall become due, the principal with interest thereon and all other sums required to be paid by Trustor under this Deed of Trust, the Guaranty and the other Loan Documents. 

        1.2    General Representations, Covenants and Warranties.    Trustor represents,
covenants and
warrants that: (a) Trustor has good and marketable title to an indefeasible fee estate in the Site [(other than the Leased Premises) and a valid leasehold interest in the Leased
Premises], free and clear of all encumbrances except Permitted Encumbrances, and that it has the right to hold, occupy and enjoy its interest in the Trust Estate, and has good right, full
power and lawful authority to subject the Trust Estate to the Lien of this Deed of Trust and pledge the same as provided herein and Beneficiary may at all times peaceably and quietly enter upon, hold,
occupy and enjoy the entire Trust Estate in accordance with the terms hereof; (b) Trustor is not Insolvent and no bankruptcy or insolvency proceedings are pending or contemplated by or, to the
best of Trustor's knowledge, threatened against Trustor; (c) all costs arising from construction of any Improvements, the performance of any labor and the purchase of all Tangible Collateral
and Improvements have been or shall be paid when due (subject to the provisions of the Disbursement Agreement, the Credit Agreement, the Guaranty and this Deed of Trust); (d) the Land has
frontage on, and direct access for ingress and egress to dedicated street(s); (e) Trustor shall at all times conduct and operate the Trust Estate in a manner so as not to lose, or permit its
affiliate to lose, the right to conduct gaming activities at the Project; (f) no material part of the Trust Estate has been damaged, destroyed, condemned or abandoned, other than those portions
of the Trust Estate that (i) have been the subject of condemnation proceedings that have resulted in the conveyance of such portion of the Trust Estate to the Trustor or (ii) have been
demolished in furtherance of the development of the Project as contemplated under the Disbursement Agreement; (g) as of the date hereof, no part of the Trust Estate is the subject of
condemnation proceedings[, other than condemnation proceedings to convey Land to the Trustor,] and Trustor has no knowledge of any contemplated or pending condemnation
proceeding with respect to any portion of the Trust Estate [other than condemnation proceedings to convey Land to the Trustor]; and (h) Trustor acknowledges and agrees
that it presently may use, and in the past may have used, one or more of the trade or fictitious names, "Le Reve",
"                        ",
"                        " and
"                        " and in each case
variations thereof (collectively, the "Enumerated Names") in connection with the operation of the business at the Trust Estate, and Trustor further
represents and warrants that the Enumerated Names are the only such trade or fictitious names Trustor has so used. For all purposes under this Deed of Trust it shall be deemed that the term "Trustor"
includes all trade or fictitious names that                        (or any successor or assign thereof) now or hereafter uses, or
has in the past used, including, without limitation, the Enumerated Names,
with the same force and effect as if this Deed of Trust had been executed in all such names (in addition to
"                        "). 

        1.3    Compliance with Legal Requirements.    Except as provided in the Guaranty,
Trustor
shall promptly, fully, and faithfully comply in all material respects with all Legal Requirements and shall cause all portions
of the Trust Estate and its use and occupancy to fully comply in all material respects with Legal Requirements at all times, whether or not such compliance requires work or remedial measures that are
ordinary or extraordinary, foreseen or unforeseen, structural or nonstructural, or that interfere with the use or enjoyment of the Trust Estate. 

        1.4    Taxes.    Except as otherwise permitted by the Credit Agreement and the
Disbursement
Agreement, (a) Trustor shall pay all Impositions as they become due and payable and shall deliver to Beneficiary promptly upon Beneficiary's request, evidence satisfactory to Beneficiary that
the Impositions have been paid or are not delinquent; (b) Trustor shall not suffer to exist, permit or initiate the joint assessment of the real and personal property, or any other procedure
whereby the lien of the real property taxes and the lien of the personal property taxes shall be assessed, levied or charged to 

13

 

the Land as a single lien, except as may be required by law; and (c) in the event of the passage of any law deducting from the value of real property for the purposes of taxation any lien
thereon, or changing in any way the taxation of deeds of trust or obligations secured thereby for state or local purposes, or the manner of collecting such taxes and imposing a tax, either directly or
indirectly, on this Deed of Trust, the Notes, the Guaranty or the other Loan Documents, Trustor shall pay all such taxes. 

        1.5    Insurance.    

        (a)    Hazard Insurance Requirements and Proceeds.    

        (1)    Hazard Insurance.    Trustor shall at its sole expense obtain for, deliver to, assign and maintain for the
benefit of Beneficiary, during the term of this Deed of Trust, insurance policies insuring the Trust Estate and liability insurance policies, all in accordance with the requirements of the Guaranty.
Trustor shall pay promptly when due any premiums on such insurance policies and on any renewals thereof. In the event of the foreclosure of this Deed of Trust or any other transfer of title to the
Trust Estate in partial or complete extinguishment of the indebtedness and other sums secured hereby, all right, title and interest of Beneficiary in and to all insurance policies and renewals thereof
then in force shall pass to the purchaser or grantee. 

        (2)    Handling of Proceeds.    All Proceeds from any insurance policies shall be collected, held, handled and
disbursed in accordance with the provisions of the Credit Agreement, the Guaranty and the Disbursement Agreement (while in effect). All proceeds of insurance allocable to Trustor, as owner
[or lessee] of the Site, and attributable to business interruption insurance shall be collected, held, handled and disbursed in accordance with the provisions of the Credit
Agreement, the Guaranty and the Disbursement Agreement. Any such proceeds disbursed to Beneficiary shall be applied to pay amounts then due and payable under this Deed of Trust. The balance shall be
retained by Beneficiary or its designee in an interest bearing or other investment account approved by Beneficiary, which account Trustor hereby pledges to Beneficiary to secure the Obligations.
Disbursements shall be permitted from
such account to pay expenses reasonably incurred by Trustor in owning and operating the Trust Estate, as reasonably approved by Beneficiary. 

        (b)    Compliance with Insurance Policies.    Trustor shall not violate or permit to be
violated any of the conditions or provisions of any policy of insurance required by the Guaranty or this Deed of Trust and Trustor shall so perform and satisfy the requirements of the companies
writing such policies that, at all times, companies of good standing shall be willing to write and/or continue such insurance. Trustor further covenants to promptly send to Beneficiary all notices
relating to any violation of such policies or otherwise affecting Trustor's insurance coverage or ability to obtain and maintain such insurance coverage. 

        1.6    Condemnation.    Beneficiary is hereby authorized, at its option, to commence,
appear
in and prosecute in its own or Trustor's name any action or proceeding relating to any condemnation and to settle or compromise any claim in connection therewith, and Trustor hereby appoints
Beneficiary as its attorney-in-fact to take any action in Trustor's name pursuant to Beneficiary's rights hereunder. Immediately upon obtaining knowledge of the institution of
any proceedings for the condemnation of the Trust Estate or any portion thereof, Trustor shall notify the Trustee and Beneficiary of the pendency of such proceedings. Trustor from time to time shall
execute and deliver to Beneficiary all instruments requested by it to permit such participation; provided, however, that such instruments shall be deemed as supplemental to the foregoing grant of
permission to Trustee and Beneficiary, and unless otherwise required, the foregoing permission shall, without more, be deemed sufficient to permit Trustee and/or Beneficiary to participate in such
proceedings on behalf of Trustor. All such compensation awards, damages, claims, rights of action and Proceeds, and any other payments or relief, 

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and the right thereto, are, whether paid to Beneficiary or Trustor or a third party trustee, included in the Trust Estate. Beneficiary, after deducting therefrom all its expenses, including
reasonable attorneys fees, shall apply all Proceeds paid directly to it in accordance with the provisions of the Credit Agreement and the Guaranty. All Proceeds paid directly to the Trustor shall be
applied, if received by Trustor prior to the Final Completion Date, in accordance with the Disbursement Agreement and, if received on or after the Final Completion Date, in accordance with the Credit
Agreement and the Guaranty. To the extent that any condemnation proceeds are not required to be applied towards restoration of the improvements upon the Site, then Beneficiary shall have the right to
apply said condemnation proceeds towards repayment of the Obligations. Trustor hereby waives any rights it may have under NRS 37.115, as amended or recodified from time to time. 

        1.7    Care of Trust Estate.    

        (a)  Trustor
shall preserve and maintain the Trust Estate in good condition and repair. Trustor shall not permit, commit or suffer to exist any waste, impairment or
deterioration of the Trust Estate or of any part thereof that in any manner materially impairs Beneficiary's security hereunder and shall not take any action which will increase the risk of fire or
other hazard to the Trust Estate or to any part thereof. 

        (b)  Except
for Permitted Dispositions, no material part of the Improvements or Tangible Collateral that are part of the Trust Estate shall be removed, demolished or
materially altered, without the prior written consent of Beneficiary, which consent shall not be unreasonably withheld or delayed. Trustor shall have the right, without such consent, to remove and
dispose of free from the lien of this Deed of Trust any part of the Improvements or Tangible Collateral that are part of the Trust Estate as from time to time may become worn out or obsolete or
otherwise not useful in connection with the operation of the Trust Estate, provided that either (i) such removal or disposition does not materially affect the value of the Trust Estate or
(ii) prior to or promptly following such removal, any such property shall be replaced with other property of substantially equal utility and of a value at least substantially equal to that of
the replaced property when first acquired and free from any security interest of any other person (subject only to Permitted Liens), and by such removal and replacement Trustor shall be deemed to have
subjected such replacement property to the lien of this Deed of Trust. 

        (c)  Notwithstanding
the foregoing provisions of this Section 1.7, the Trustor may develop the Project in the manner
contemplated by the Disbursement Agreement, the Credit Agreement, the Guaranty and the other Loan Documents. 

        1.8    Leases.    

        (a)  Trustor
represents, warrants and covenants that: 

          (i)  as
of the date hereof, Trustor has not entered into any Space Leases; 

        (ii)  except
for the assignment effected hereby and in the other Financing Agreements, Trustor has not executed any assignment or pledge of any of the Space Leases, the
Rents, or of Trustor's right, title and interest in the same; and 

        (iii)  this
Deed of Trust does not and will not constitute a violation or default under any Space Lease, and is and shall at all times constitute a valid lien on Trustor's
interests in the Space Leases. 

        (b)  Trustor
shall not enter into any Space Lease or any modifications or amendments to any Space Lease, either orally or in writing, unless such Space Lease complies with
the requirements of the Credit Agreement and the Guaranty. 

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        (c)  After
an Event of Default, upon the request of Administrative Agent Trustor shall deliver to Beneficiary executed copies of all Space Leases. 

        1.9    Further Encumbrance.    

        (a)  Trustor
covenants that at all times prior to the discharge of the Obligations, except for Permitted Liens and Permitted Dispositions, Trustor shall neither make nor
suffer to exist, nor enter into any agreement for, any sale, assignment, exchange, mortgage, transfer, Lien, hypothecation or encumbrance of all or any part of the Trust Estate, including, without
limitation, the Rents. As used herein, "transfer" includes the actual transfer or other disposition, whether voluntary or involuntary, by law, or otherwise, except those transfers specifically
permitted herein, provided, however, that "transfer" shall not include the granting of utility or other beneficial easements with respect to the Trust Estate which have been or are granted by Trustor
and are reasonably necessary to the construction, maintenance or operation of the Project. 

        (b)  Any
Permitted Lien consisting of the lien of a deed of trust which is junior to the lien of the Loan Documents (including the Security Documents) (a "Subordinate Deed of
Trust") shall be permitted hereunder so long as there shall have been delivered to Beneficiary, not less than thirty (30) days prior to the date thereof, a copy thereof which shall contain
express covenants in form and substance satisfactory to Beneficiary to the effect that: (i) the Subordinate Deed of Trust is in all respects subject and subordinate to this Deed of Trust;
(ii) if any action or proceeding shall be brought to foreclose the Subordinate Deed of Trust (regardless of whether the same is a judicial proceeding or pursuant to a power of sale contained
therein), no tenant of any portion of the Trust Estate shall be named as a party defendant nor shall any action be taken with respect to the Trust Estate which would terminate any occupancy or tenancy
of the Trust Estate, or any portion thereof, without the consent of Beneficiary; (iii) any Rents, if collected through a receiver or by the holder of the Subordinate Deed of Trust, shall be
applied first to the obligations secured by this Deed of Trust, including principal and interest due and owing on or to become due and owing on the Notes, the Guaranty or the other Loan Documents, and
then to the payment of maintenance expenses, operating charges, taxes, assessments, and disbursements incurred in connection with the ownership, operation, and maintenance of the Trust Estate; and
(iv) if any action or proceeding shall be brought to foreclose the Subordinate Deed of Trust, prompt notice of the commencement thereof shall be given to Beneficiary. 

        (c)  Trustor
agrees that in the event the ownership of the Trust Estate or any part thereof becomes vested in a person other than Trustor, Beneficiary may, without notice to
Trustor, deal in any way with such successor or successors in interest with reference to this Deed of Trust, the Notes, the Guaranty, the other Loan Documents and other Obligations hereby secured
without in any way vitiating or discharging Trustor's or any guarantor's, surety's or endorser's liability hereunder or upon the obligations hereby secured. No sale of the Trust Estate and no
forbearance to any person with respect to this Deed of Trust and no extension to any person of the time for payment of the Obligations, and other sums hereby secured given by Beneficiary shall operate
to release, discharge, modify, change or affect the original liability of Trustor, or such guarantor, surety or endorser either in whole or in part. 

        (d)  If
Trustor shall fail to make any payment required to be made by it under any FF&E Financing Agreement, except where Trustor is contesting such payment in good faith,
then the Beneficiary shall be entitled to make such payment on Trustor's behalf and any and all sums so expended by the Beneficiary shall be secured by this Deed of Trust and shall be repaid by
Trustor upon demand, together with interest thereon at the interest at the rate applicable to overdue principal set forth in the Credit Agreement from the date of advance. 

        1.10    Partial Releases of Trust Estate.    

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        (a)  Trustor
may from time to time make a Permitted Disposition including, but not limited to, (i) transferring a portion of the Trust Estate (including any temporary
taking) to any person legally empowered to exercise the power of eminent domain, or pursuant to dedication agreements that are now in effect or entered into in the future in connection with the
development of the Project, (ii) granting utility easements reasonably necessary or desirable for the construction and/or operation of the Project, which grant or transfer is for the benefit of
the Trust Estate, or (iii) transferring all or a portion of the Trust Estate as permitted pursuant to the Disbursement Agreement or the other Loan Documents. In each such case, Beneficiary
shall execute and deliver any instruments necessary or appropriate to effectuate or confirm any such transfer or grant, free from the lien of this Deed of Trust, provided,
however, that Beneficiary shall execute a lien release or subordination agreement, as appropriate, for matters described in clauses (i) and (iii) above only if: 

        (A)  Such
transfer, grant or release is not prohibited by the Credit Agreement or the Guaranty and all conditions precedent contained in the Credit Agreement and the Guaranty
for such transfer, grant or release, if any, shall have been satisfied; and 

        (B)  Beneficiary
and Trustee shall have received a counterpart of the instrument pursuant to which such transfer, grant or release is to be made, and each instrument which
Beneficiary or Trustee is requested to execute in order to effectuate or confirm such transfer, grant or release. 

        (b)  Any
consideration received for a transfer to any person empowered to exercise the right of eminent domain shall be subject to Section 1.6  hereof. 

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           1.11    Further Assurances.    

        (a)  At
its sole cost and without expense to Trustee or Beneficiary, and subject in all events to compliance with the Nevada Gaming Laws and other applicable Legal
Requirements, Trustor shall do, execute, acknowledge and deliver any and all such further acts, deeds, conveyances, notices, requests for notices, financing statements, continuation statements,
certificates, assignments, notices of assignments, agreements, instruments and further assurances, and shall mark any chattel paper, deliver any chattel paper or instruments to Beneficiary and take
any other actions that are necessary, prudent, or reasonably requested by Beneficiary or Trustee to perfect or continue the perfection and first priority of Beneficiary's security interest in the
Trust Estate, to protect the Trust Estate against the rights, claims, or interests of third persons other than holders of Permitted Liens or to effect the purposes of this Deed of Trust, including the
security agreement and the absolute assignment of Rents contained herein, or for the filing, registering or recording thereof. 

        (b)  Trustor
shall forthwith upon the execution and delivery of this Deed of Trust, and thereafter from time to time, cause this Deed of Trust and each instrument of further
assurance to be filed, indexed, registered, recorded, given or delivered in such manner and in such places as may be required by any present or future law in order to publish notice of and fully to
protect the lien hereof upon, and the title of Trustee and/or Beneficiary to, the Trust Estate. 

        (c)  [Upon
any modification of the boundaries of the Leased Premises (or any portion thereof), Trustor, at Trustor's expense, shall notify Beneficiary and amend
this Deed of Trust to reflect an accurate description of the Leased Premises (or such portion thereof). In connection therewith, Trustor shall provide Beneficiary with such title insurance
endorsements to Beneficiary's ALTA extended coverage Lender's Policy(ies) of Title Insurance as Beneficiary may reasonably request.] 

        1.12    Security Agreement and Financing Statements.    Trustor (as debtor) hereby
grants to
Beneficiary (as creditor and secured party) a present and future security interest in all Tangible Collateral, Intangible Collateral, FF&E, Improvements, all other personal property now or hereafter
owned or leased by Trustor or in which Trustor has or will have any interest, to the extent that such property constitutes a part of the Trust Estate (whether or not such items are stored on the
premises or elsewhere), Proceeds of the foregoing comprising a portion of the Trust Estate and all products, substitutions, and accessions therefor and thereto, subject to Beneficiary's rights to
treat such property as real property as herein provided (collectively, the "Personal Property"). Trustor shall execute and/or deliver any and all
documents and writings, including without limitation financing statements pursuant to the UCC, as may be necessary or prudent to preserve and maintain the priority of the security interest granted
hereby on
property which may be deemed subject to the foregoing security agreement or as Beneficiary may reasonably request, and shall pay to Beneficiary on demand any reasonable expenses incurred by
Beneficiary in connection with the preparation, execution and filing of any such documents. Trustor hereby authorizes and empowers Beneficiary to file, on Trustor's behalf, all financing statements
and refiling and continuations thereof as advisable to create, preserve and protect said security interest. Trustor acknowledges and agrees that it is not authorized to, and will not, authenticate or
file, or authorize the filing of, any financing statements or other record with respect to the Personal Property (including any amendments thereto, or continuation or termination statements thereof),
except as permitted by the Guaranty. Trustor approves and ratifies any filing or recording of records made by or on behalf of Beneficiary in connection with the perfection of the security interest in
favor of Beneficiary hereunder. This Deed of Trust constitutes both a real property deed of trust and a "security agreement," within the meaning of the UCC, and the Trust Estate includes both real and
personal property and all other rights and interests, whether tangible or intangible in nature, of Trustor in the Trust Estate. Trustor by executing and delivering this Deed of Trust has granted to
Beneficiary, as security of the Obligations, a security interest in the Trust Estate. 

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        (a)    Fixture Filing.    Without in any way limiting the generality of the immediately
preceding paragraph or of the definition of the Trust Estate, this Deed of Trust constitutes a fixture filing under Sections 9-334 and 9-502 of the UCC (NRS 104.9334 and
104.9502). For such purposes, (i) the "debtor" is Trustor and its address is the address given for it in the initial paragraph of this Deed of Trust; (ii) the "secured party" is
Beneficiary, and its address for the purpose of obtaining information is the address given for it in the initial paragraph of this Deed of Trust; (iii) the real estate to which the fixtures are
or are to become attached is Trustor's interest in the Site; and (iv) the record owner of such real estate or interests therein is Trustor [(with respect to the Land and as the
lessor under the Subject Leases)]. 

        (b)    Remedies.    This Deed of Trust shall be deemed a security agreement as defined in the
UCC and the remedies for any violation of the covenants, terms and conditions of the agreements herein contained shall include any or all of (i) those prescribed herein, and (ii) those
available under applicable law, and (iii) those available under the UCC, all at Beneficiary's sole election. In addition, a photographic or other reproduction of this Deed of Trust shall be
sufficient as a financing statement for filing wherever filing may be necessary to perfect or continue the security interest granted herein. 

        (c)    Derogation of Real Property.    It is the intention of the parties that the filing of a
financing statement in the records normally having to do with personal property shall never be construed as in anyway derogating from or impairing the express declaration and intention of the parties
hereto as hereinabove stated that everything used in connection with the production of income from the Trust Estate and/or adapted for use therein and/or which is described or reflected in this Deed
of Trust is, and at all times and for all purposes and in all proceedings both legal or equitable, shall be regarded as part of the real property encumbered by this Deed of Trust irrespective of
whether (i) any such item is physically attached to the Improvements, (ii) serial numbers are used for the better identification of certain equipment items capable of being thus
identified in a recital contained herein or in any list filed with Beneficiary, or (iii) any such item is referred to or reflected in any such financing statement so filed at any time. It is
the intention of the parties that the mention in any such financing statement of (1) rights in or to the proceeds of any fire and/or hazard insurance policy, or (2) any award in eminent
domain
proceedings for a taking or for loss of value, or (3) Trustor's interest as lessors in any present or future Space Lease or rights to Rents, shall never be construed as in anyway altering any
of the rights of Beneficiary as determined by this Deed of Trust or impugning the priority of Beneficiary's real property lien granted hereby or by any other recorded document, but such mention in the
financing statement is declared to be for the protection of Beneficiary in the event any court or judge shall at any time hold with respect to the matters set forth in the foregoing clauses (1),
(2) and (3) that notice of Beneficiary's priority of interest to be effective against a particular class of persons, including but not limited to, the federal government and any
subdivisions or entity of the federal government, must be filed in the UCC records. 

        (d)    Priority; Permitted Financing of Tangible Collateral.    All Personal Property of any
nature whatsoever which is subject to the provisions of this security agreement shall be purchased or obtained by Trustor in its name and free and clear of any lien or encumbrance, except for
Permitted Liens and the lien hereof, for use only in connection with the business and operation of the Project, and shall be and at all times remain free and clear of any lease or similar arrangement,
chattel financing, installment sale agreement, security agreement and any encumbrance of like kind, so that Beneficiary's security interest shall attach to and vest in Trustor for the benefit of
Beneficiary, with the priority herein specified, immediately upon the installation or use of the Personal Property at the Site and Trustor warrants and represents that Beneficiary's security interest
in the Personal Property is a validly attached and binding security interest, properly perfected and prior to all other security interests therein except as otherwise permitted in 

19

 

this Deed of Trust. The foregoing shall not be construed as limiting Trustor's rights to transfer Personal Property pursuant to Permitted Dispositions or to obtain releases of Personal Property from
the Lien of this Deed of Trust pursuant to Section 1.10 hereof. 

        (e)    Preservation of Contractual Rights of Collateral.    Trustor shall, prior to
delinquency, default, or forfeiture, perform all obligations and satisfy all material conditions required on its part to be satisfied to preserve its rights and privileges under any contract, lease,
license, permit, or other authorization (i) under which it holds any Tangible Collateral or (ii) which constitutes part of the Intangible Collateral, except where Trustor is contesting
such obligations in good faith. 

        (f)    Removal of Collateral.    Except for damaged or obsolete Tangible Collateral which is
either no longer usable or which is removed temporarily for repair or improvement or removed for replacement on the Trust Estate with Tangible Collateral of similar function or as otherwise permitted
herein, none of the Tangible Collateral shall be removed from the Trust Estate without Beneficiary's prior written consent. 

        (g)    Change of Name.    Trustor shall not change its corporate (or other entity) or business
name, or do business within the State of Nevada under any name other than such name, or any trade name(s) other than those as to which Trustor gives prior written notice to Beneficiary of its intent
to use such trade names, or any other business names (if any) specified in the financing statements delivered to Beneficiary for filing in connection with the execution hereof, without, in each case,
providing Beneficiary with the additional financing statement(s) and any other similar documents deemed
reasonably necessary by Beneficiary to assure that its security interest remains perfected and of undiminished priority in all such Personal Property notwithstanding such name change. 

        1.13    Assignment of Leases and Rents.    Subject to Nevada Gaming Laws and other
applicable
Legal Requirements, the assignment of Leases and Rents set out above in Granting Clause (G) shall constitute an absolute and present assignment to Beneficiary, subject to the license herein
given to Trustor to collect the Rents, and shall be fully operative without any further action on the part of any party, and specifically Beneficiary shall be entitled upon the occurrence of an Event
of Default hereunder to all Rents and to enter upon the Site and the Improvements to collect such Rents, provided, however, that Beneficiary shall not be obligated to take possession of the Trust
Estate, or any portion thereof. The absolute assignment contained in Granting Clause (G) shall not be deemed to impose upon Beneficiary any of the obligations or duties of Trustor provided in
any such Space Lease (including, without limitation, any liability under the covenant of quiet enjoyment contained in any lease in the event that any lessee shall have been joined as a party defendant
in any action to foreclose this Deed of Trust and shall have been barred and foreclosed thereby of all right, title and interest and equity of redemption in the Trust Estate or any part thereof). 

        1.14    Expenses.    

        (a)  Trustor
shall pay when due and payable all out-of-pocket costs, including without limitation, those reasonable appraisal fees, recording fees,
taxes, abstract fees, title policy fees, escrow fees, attorneys' and paralegal fees, travel expenses, fees for inspecting architect(s) and engineer(s) and all other costs and expenses of every
character which may hereafter be incurred by Beneficiary or any assignee of Beneficiary in connection with the preparation and execution of the Guaranty and the other Loan Documents (including the
Security Documents) to which Trustor is a party or instruments, agreements or documents of further assurance, the funding of the indebtedness secured hereby, and the enforcement of the Guaranty or any
Loan Document (including any Security Document) to which Trustor is a party. Other than costs associated with the enforcement of any Loan Document, all such costs shall be itemized in reasonable
detail; and 

20

 

        (b)  Trustor
shall, upon demand by Beneficiary, reimburse Beneficiary or any assignee of Beneficiary for all such reasonable expenses which have been incurred or which shall
be incurred by it; and 

        (c)  Trustor
shall indemnify Beneficiary with respect to any transaction or matter in any way connected with any portion of the Trust Estate, this Deed of Trust, including
any occurrence at, in, on, upon or about the Trust Estate (including any personal injury, loss of life, or property damage), or Trustor's use, occupancy, or operation of the Trust Estate, or the
filing or enforcement of any mechanic's lien, or otherwise caused in whole or in part by any act, omission or negligence occurring on or at the Trust Estate, including failure to comply with any Legal
Requirement or with any requirement of this Deed of Trust that applies to Trustor, except to the extent resulting from the gross negligence, fraud or willful
misconduct of Trustee or Beneficiary. If Beneficiary is a party to any litigation as to which either Trustor is required to indemnify Beneficiary (or is made a defendant in any action of any kind
against Trustor or relating directly or indirectly to any portion of the Trust Estate) then, at Beneficiary's option, Trustor shall undertake Beneficiary's defense, using counsel reasonably
satisfactory to Beneficiary (and any settlement shall be subject to Beneficiary's consent, which consent shall not be unreasonably withheld), and in any case shall indemnify Beneficiary against such
litigation. Trustor shall pay all reasonable costs and expenses, including reasonable legal costs, that Beneficiary pays or incurs in connection with any such litigation. Any amount payable under any
indemnity in this Deed of Trust shall be a demand obligation, shall be added to, and become a part of, the secured obligations under this Deed of Trust, shall be secured by this Deed of Trust and, if
not paid promptly following demand therefor (which demand shall, unless associated with Loan Document enforcement actions, set forth in reasonable detail an itemization of the amount so demanded)
shall bear interest at the interest rate specified in the Credit Agreement. Such indemnity shall survive any release of this Deed of Trust and any foreclosure. 

        1.15    Beneficiary's Cure of Trustor's Default.    If Trustor defaults hereunder in
the
payment of any tax, assessment, lien, encumbrance or other Imposition, in its obligation to furnish insurance hereunder, or in the performance or observance of any other covenant, condition or term of
this Deed of Trust or any other Financing Agreement or any FF&E Financing Agreement, Beneficiary may, but is not obligated to, to preserve its interest in the Trust Estate, perform or observe the
same, and all payments made (whether such payments are regular or accelerated payments) and reasonable costs and expenses incurred or paid by Beneficiary in connection therewith shall become due and
payable immediately. The amounts so incurred or paid by Beneficiary, together with interest thereon at the interest rate applicable to overdue principal set forth in the Credit Agreement, from the
date incurred until paid by Trustor, shall be added to the indebtedness and secured by the lien of this Deed of Trust. Beneficiary, is hereby empowered to enter and to authorize others to enter upon
the Site or any part thereof for the purpose of performing or observing any such defaulted covenant, condition or term, without thereby becoming liable to Trustor or any person in possession holding
under Trustor. No exercise of any rights under this Section 1.15 by Beneficiary shall cure or waive any Event of Default or notice of default hereunder or invalidate any act done pursuant
hereto or to any such notice, but shall be cumulative of all other rights and remedies. 

        1.16    Use of Land.    Trustor covenants that the Trust Estate shall be used and
operated in
a manner consistent with the requirements of the Loan Documents. 

        1.17    Compliance with Permitted Lien Agreements.    Trustor shall comply with each
and every
material obligation contained in any agreement pertaining to a Permitted Lien. 

        1.18    Defense of Actions.    Trustor shall appear in and defend any action or
proceeding
affecting or purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee, and shall pay all costs and expenses, including cost of title search and insurance or other
evidence of title, 

21

 

preparation of survey, and reasonable attorneys' fees in any such action or proceeding in which Beneficiary or Trustee may appear or may be joined as a party and in any suit brought by Beneficiary
based upon or in connection with this Deed of Trust, the Guaranty or any Loan Document to which Trustor is a party. Nothing contained in this section shall, however, limit the right of Beneficiary to
appear in such action or proceeding with counsel of its own choice, either on its own behalf or on behalf of Trustor. 

        1.19    Affiliates.    

        (a)    Subject to Trust Deed.    Subject to compliance with the requirements of applicable
Nevada Gaming Laws, Trustor shall cause all of its Affiliates in any way involved with the operation of the Trust Estate or the Project to observe the covenants and conditions of this Deed of Trust to
the extent necessary to give the full intended effect to such covenants and conditions and to protect and preserve the security of Beneficiary hereunder. 

        (b)    Restriction on Use of Subsidiary or Affiliate.    Except as permitted under the Credit
Agreement, the Notes, the Guaranty or the other Loan Documents (including any Security Document), Trustor shall not use any Affiliate in the operation of the Trust Estate or the Project if such use
would in any way impair the security for the Obligations or circumvent any covenant or condition of this Deed of Trust, the Guaranty or of any other Loan Document. 

        1.20    Title Insurance.    On or promptly after the effective date of this Deed of
Trust,
Trustor shall cause to be delivered to Trustee at Trustor's expense, one or more ALTA extended coverage Lender's Policies of Title Insurance showing fee title to the real property situated in the
County of Clark, State of Nevada, more specifically described in Schedule A attached hereto, vested in Trustor and the lien of this Deed of Trust to be a perfected lien, prior to any and all
encumbrances other than Permitted Encumbrances (excluding, however, any such non-Permitted Encumbrances for which the Title Insurer has agreed to provide an endorsement or affirmative
coverage protecting the lien of this Deed of Trust against such non-Permitted Encumbrances). 

        1.21    [Leasehold Estates.    Trustor represents, covenants and warrants:
(a) that the Subject Leases are in full force and effect and unmodified; (b) Trustor will defend the leasehold estate under each Subject Lease for the entire remainder of the term set
forth in each of the said Subject Leases against all and every Person or Persons lawfully claiming, or who may claim the same or any part thereof, subject to the payment of the rents in the Subject
Leases reserved and subject to the performance and observance of all of the terms, covenants, conditions and warranties thereof; and (c) that there is no uncured default under any Subject Lease
or in the performance of any of the terms, covenants, conditions or warranties thereof on the part of the lessor or the lessee to be observed and performed and that no state of facts exist under a
Subject Lease which, with the lapse of time or giving of notice or both would constitute a default thereunder.] 

        1.22    [Payment of Subject Leases Expenses.    The Trustor shall pay or cause to
be paid on or prior to the date due all rents, additional rents and other charges and Impositions payable by the lessor or the lessee
under the Subject Leases for which provision has not been made hereinbefore, when and as often as the same shall become due and payable.] 

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        1.23    [Trustor's Covenants with Respect to Subject Leases.    

        (a)  Trustor
shall at all times promptly and faithfully keep and perform, or cause to be kept and performed, all the covenants and conditions contained in the Subject Leases
to be kept and performed by it under the Subject Leases and in all respects conform to and comply with the terms and conditions of the Subject Leases. Trustor shall, within ten days after written
demand from Beneficiary, deliver to Beneficiary proof of payment of all items that are required to be paid by Trustor under the Subject Leases, including, without limitation, rent, taxes, operating
expenses and other charges. Trustor shall promptly deliver to Beneficiary copies of all notices given with respect to or which affect the Subject Leases including pleadings or notices of default given
under the Subject Leases. Trustor further covenants that it shall not do or permit anything to occur or fail to occur which will impair or tend to impair the security of this Deed of Trust or will be
grounds for declaring a forfeiture or termination of either Subject Lease, and upon any such failure as aforesaid, Trustor shall be subject to all of the rights and remedies granted Beneficiary in
this Deed of Trust. 

        (b)  Except
as otherwise permitted in the Loan Documents, Trustor shall not modify, extend or in any way alter the terms of the Subject Leases or cancel or surrender said
Subject Leases or reject the Subject Leases in a case pending under the Bankruptcy Code, or waive, execute, condone or in anyway release or discharge the lessor thereunder of or from the obligations,
covenants, conditions and agreements by said lessor to be done and performed; and Trustor does expressly release, relinquish and surrender unto Beneficiary all of its rights, power and authority to
cancel, surrender, amend, modify or alter in any way the terms and provisions of the Subject Leases and any attempt on the part of Trustor to exercise any such right without the written approval and
consent of Beneficiary thereto being first had and obtained shall constitute an Event of Default under the terms hereof and the other Loan Documents Documents and all Obligations and other sums
secured hereby shall, at the option of Beneficiary, become due and payable forthwith. If Trustor becomes a debtor under the Bankruptcy Code, Trustor shall assume and assign the Subject Leases to
Beneficiary, and it further agrees that it shall not object to any request by Beneficiary that the Subject Leases not be rejected, or that Beneficiary be authorized to assume Trustor's rights under
the Subject Leases. 

        (c)  Trustor
shall deliver to Beneficiary an original executed copy of each Subject Lease, an estoppel certificate from the Lessor within ten (10) days of request by
Beneficiary and in such form and content as shall be satisfactory to Beneficiary, as well as any and all documentary evidence received by it showing compliance by Trustor with the provisions of the
Subject Leases. 

        (d)  Trustor
does hereby authorize and irrevocably appoint and constitute Beneficiary as its true and lawful attorney-in-fact, which appointment is
coupled with an interest, in its name, place and stead, to take any and all actions deemed necessary or desirable by Beneficiary to perform and comply with all the obligations of Trustor under the
Subject Leases, and to do and take upon the occurrence and during continuation of an Event of Default, but without any obligation so to do or take, any action which Beneficiary deems reasonably
necessary to prevent or cure any default by Trustor under the Subject Leases, to enter into and upon the Site, the Project or the Improvements or any part thereof as provided in the Loan Documents in
order to prevent or cure any default of Trustor pursuant thereto, to the end that the rights of Trustor in and to the leasehold estate created by the Subject Leases shall be kept free from default. 

        (e)  In
the event of any failure by Trustor to perform or cause the performance of any covenant on the part of lessor or lessee to be observed and performed under the Subject
Leases, the performance by Beneficiary on behalf of Trustor of the applicable Subject Lease covenant shall not remove or waive, as between Trustor and Beneficiary, the corresponding Event of Default
under the terms hereof and any amount so advanced by Beneficiary or any costs incurred in 

23

 

connection therewith, with interest thereon at the interest rate applicable to overdue principal under the Credit Agreement, shall constitute additional Obligations secured hereby and be immediately
due and payable. 

        (f)    To
the extent permitted by law, the price payable by Trustor, or by any other party so entitled, in the exercise of the right of redemption, if any, shall include all
rents paid and other sums advanced by Beneficiary, on behalf of Trustor, as lessee under the Subject Leases. 

        (g)  Trustor
shall use all reasonable efforts to enforce the obligations of the lessor under the Subject Leases in a commercially reasonable manner. 

        (h)  No
release or forbearance of any of Trustor's obligations under the Subject Leases by the lessor thereunder, shall release Trustor from any of its obligations under this
Deed of Trust. 

        (i)    The
lien of this Deed of Trust shall attach to all of Trustor's rights and remedies at any time arising under or pursuant to section 365(h) of the Bankruptcy Law,
including, without limitation, all of Trustor's rights to remain in possession of the Leased Premises. Trustor shall not elect to treat the Subject Leases as terminated under section 365(h)(1)
of the Bankruptcy Law, and any such election shall be void. 

          (i)  If
pursuant to section 365(h)(2) of the Bankruptcy Law, Trustor shall seek to offset against the rent reserved in the Subject Leases the amount of any damages
caused by the nonperformance by the lessor or any other party of any of their respective obligations thereunder after the rejection by the lessor or
such other party of the Subject Leases under the Bankruptcy Law, then Trustor shall, prior to effecting such offset, notify Beneficiary of its intent to do so, setting forth the amount proposed to be
so offset and the basis therefor. Beneficiary shall have the right to object to all or any part of such offset that, in the reasonable judgment of Beneficiary, would constitute a breach of the Subject
Leases, and in the event of such objection, Trustor shall not effect any offset of the amounts found objectionable by Beneficiary. Neither Beneficiary's failure to object as aforesaid nor any
objection relating to such offset shall constitute an approval of any such offset by Beneficiary. 

        (ii)  If
any action, proceeding, motion or notice shall be commenced or filed in respect of the lessor under the Subject Leases or any other party or in respect of the
Subject Leases in connection with any case under the Bankruptcy Law, then Beneficiary shall have the option to intervene in any such litigation with counsel of Beneficiary's choice. Beneficiary may
proceed in its own name in connection with any such litigation, and Trustor agrees to execute any and all powers, authorizations, consents or other documents required by Beneficiary in connection
therewith. 

        (iii)  Trustor
shall, after obtaining knowledge thereof, promptly notify Beneficiary of any filing by or against the lessor or any other party with an interest in the Leased
Premises of a petition under the Bankruptcy Law. Trustor shall promptly deliver to Beneficiary, following receipt, copies of any and all notices, summonses, pleadings, applications and other documents
received by Trustor in connection with any such petition and any proceedings relating thereto. 

        (iv)  If
there shall be filed by or against Trustor a petition under the Bankruptcy Law, and Trustor, as lessee under the Subject Leases, shall determine to reject the
Subject Leases pursuant to section 365(a) of the Bankruptcy Law, then Trustor shall give Beneficiary a notice of the date on which Trustor shall apply to the bankruptcy court for authority to
reject the Subject Leases (such notice to be no later than twenty (20) days prior to such date). Beneficiary shall have the right, but not the obligation, to serve upon Trustor at any time
prior to the date on which Trustor shall so apply to the bankruptcy court a notice stating that Beneficiary demands that Trustor assume and assign the Subject Leases to Beneficiary pursuant to
section 365 of the Bankruptcy Law. If Beneficiary shall serve upon Trustor the 

24

 

notice described in the preceding sentence, to the extent permitted by law Trustor shall not seek to reject the Subject Leases and shall comply with the demand provided for in the preceding sentence.
In addition, effective upon the entry of an order for relief with respect to Trustor under the Bankruptcy Law, Trustor hereby assigns and transfers to Beneficiary a non-exclusive right to
apply to the bankruptcy court under section 365(d)(4) of the Bankruptcy Law for an order extending the period during which the Subject Leases may be rejected or assumed; and shall
(a) promptly notify Beneficiary of any default by Trustor in the performance or observance of any of the terms, covenants or conditions on the part of Trustor to be performed or observed under
the Subject Leases and of the giving of any written notice by the lessor thereunder to Trustor of any such default, and (b) promptly cause a copy of each written notice given to Trustor by the
lessor under the Subject Leases to be delivered to Beneficiary. Beneficiary may rely on any notice received by it from any such lessor of any default by Trustor under the Subject Leases and may take
such action as may be permitted by law to cure such default even though the existence of such default or the nature thereof shall be questioned or denied by Trustor or by any Person on its behalf. 

        (k)  Beneficiary
shall have the right upon notice to Trustor to participate in the adjustment and settlement of any insurance proceeds and in the determination of any
condemnation award under the Subject Leases to the extent and in the manner provided in the Subject Leases.] 

        1.24    Rejection of Subject Leases.    

        [To
the extent applicable, if the lessor under the Subject Leases rejects or disaffirms the Subject Leases or purports or seeks to disaffirm the Subject Leases pursuant to
any Bankruptcy Law, then: 

        (a)  To
the extent permitted by law, Trustor shall remain in possession of the Leased Premises demised under the Subject Leases and shall perform all acts reasonably
necessary for Trustor to remain in such possession for the unexpired term of such Subject Leases (including all renewals), whether the then existing terms and provisions of such Subject Leases require
such acts or otherwise; and 

        (b)  All
the terms and provisions of this Deed of Trust and the Lien created by this Deed of Trust shall remain in full force and effect and shall extend automatically to all
of Trustor's rights and remedies arising at any time under, or pursuant to, Section 365(h) of the Bankruptcy Code, including all of Trustor's rights to remain in possession of the Leased
Premises.] 

 
 

ARTICLE TWO
  CREDIT AGREEMENT PROVISIONS    
  

        2.1    Interaction with the Guaranty    

        (a)    Incorporation by Reference.    All terms, covenants, conditions, provisions and
requirements of the Guaranty are incorporated by reference in this Deed of Trust. 

        (b)    Conflicts.    In the event of any conflict or inconsistency between the provisions of
this Deed of Trust and those of the Guaranty, the Credit Agreement or the Disbursement Agreement, the provisions of the Guaranty, the Credit Agreement or the Disbursement Agreement, as applicable,
shall govern. 

        2.2    Other Collateral.    This Deed of Trust is one of a number of security
agreements to
secure the debt delivered by or on behalf of Trustor and other Persons pursuant to the Credit Agreement and the other Loan Documents (including the Security Documents) and securing the Obligations
secured hereunder. All potential junior Lien claimants are placed on notice that, under any of the Loan Documents (including the Security Documents) (including a separate future unrecorded agreement
between Trustor and Beneficiary), other collateral for the Obligations secured hereunder (i.e., collateral 

25

 

other than the Trust Estate) may, under certain circumstances, be released without a corresponding reduction in the total principal amount secured by this Deed of Trust. Such a release would decrease
the amount of collateral securing the same indebtedness, thereby increasing the burden on the remaining Trust Estate created and continued by this Deed of Trust. No such release shall impair the
priority of the lien of this Deed of Trust. By accepting its interest in the Trust Estate, each and every junior Lien claimant shall be deemed to have acknowledged the possibility of, and consented
to, any such release. Nothing in this paragraph shall impose any obligation upon Beneficiary. 

 
 

ARTICLE THREE
  DEFAULTS    
  

        3.1    Event of Default.    The term "Event of Default," wherever used in this Deed
of Trust,
shall mean any of (i) one or more of the events of default listed in the Credit Agreement (ii) so long as the Disbursement Agreement is in effect, one or more of the events of default
listed in the Disbursement Agreement (whether any such event shall be voluntary or involuntary or come about or be effected by operation of law or pursuant to or in compliance with any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body) or (iii) if any "borrower" (as that term is defined in NRS 106.310) who may send a
notice pursuant to NRS 106.380(1), (x) delivers, sends by mail or otherwise gives, or purports to deliver, send by mail or otherwise give, to a beneficiary under this Deeds of Trust
(A) any notice of an election to terminate the operation of this Deed of Trust as security for any secured obligation, including, without limitation, any obligation to repay any "future
advance" (as defined in NRS 106.320) of "principal" (as defined in NRS 106.345), or (y) any other notice pursuant to NRS 106.380(l), (y) records a statement pursuant to NRS 106.380(3),
or (z) causes this Deed of Trust, any secured obligation, or any Secured Party to be subject to NRS 106.380(2), 106.380(3) or 106.400. 

 
 

ARTICLE FOUR
  REMEDIES    
  

        4.1    Acceleration of Maturity.    If an Event of Default occurs, Beneficiary may
(except
that such acceleration shall be automatic if the Event of Default is caused by Borrower's or Trustor's Bankruptcy), in accordance with the Loan Documents, declare the Obligations to be due and payable
immediately, and upon such declaration such principal and interest and other sums shall immediately become due and payable without demand, presentment, notice or other requirements of any kind (all of
which Trustor waives) notwithstanding anything in this Deed of Trust or any Loan Document or applicable law to the contrary. 

        4.2    Protective Advances.    If the Borrower or Trustor fails to make any payment
or perform
any other obligation under the Notes, Credit Agreement, the Guaranty or any other Financing Agreement, then without thereby limiting Beneficiary's other rights or remedies, waiving or releasing any of
Trustor's obligations, or imposing any obligation on Beneficiary, Beneficiary may either advance any amount owing or perform any or all actions that Beneficiary considers necessary or appropriate to
cure such default. All such advances shall constitute "Protective Advances." No sums advanced or performance rendered by Beneficiary shall cure, or be deemed a waiver of any Event of Default. 

        4.3    Institution of Equity Proceedings.    If an Event of Default occurs,
Beneficiary may
institute an action, suit or proceeding in equity for specific performance of this Deed of Trust, the Notes, the Guaranty or any other Loan Document (including any Security Document), all of which
shall be specifically enforceable by injunction or other equitable remedy. Trustor waives any defense based on laches or any applicable statute of limitations. 

        4.4    Beneficiary's Power of Enforcement.    

26

 

        (a)  If
an Event of Default occurs, Beneficiary shall be entitled, at its option and in its sole and absolute discretion, to prepare and record on its own behalf, or to
deliver to Trustee for recording, if appropriate, written declaration of default and demand for sale and written Notice of Breach and Election to Sell (NRS 107.080(3)) (or other statutory notice) to
cause the Trust Estate to be sold to satisfy the obligations hereof, and in the case of delivery to Trustee, Trustee shall cause said notice to be filed for record. 

        (b)  After
the lapse of such time as may then be required by law following the recordation of said Notice of Breach and Election to Sell, and notice of sale having been given
as then required by law, including compliance with all applicable Nevada Gaming Laws, Trustee without demand on Trustor, shall sell the Trust Estate or any portion thereof at the time and place fixed
by it in said notice, either as a whole or in separate parcels, and in such order as it may determine, at public auction to the highest bidder, of cash in lawful money of the United States payable at
the time of sale. Trustee may, for any cause it deems expedient, postpone the sale of all or any portion of said property until it shall be completed and, in every case, notice of postponement shall
be given by public announcement thereof at the time and place last appointed for the sale and from time to time thereafter Trustee may postpone such sale
by public announcement at the time fixed by the preceding postponement. Trustee shall execute and deliver to the purchaser its Deed, Bill of Sale, or other instrument conveying said property so sold,
but without any covenant or warranty, express or implied. The recitals in such instrument of conveyance of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person,
including Beneficiary, may bid at the sale. 

        (c)  After
deducting all costs, fees and expenses of Trustee and of this Deed of Trust, including, without limitation, costs of evidence of title and reasonable attorneys'
fees and other legal expenses of Trustee or Beneficiary in connection with a sale, Trustee shall apply the proceeds of such sale to payment of all sums expended under the terms hereof not then repaid,
with accrued interest at the rate applicable to overdue principal set forth in the Credit Agreement to the payment of all other sums then secured hereby and the remainder, if any, to the person or
persons legally entitled thereto as provided in NRS 40.462. 

        (d)  Subject
to compliance with applicable Nevada Gaming Laws, if any Event of Default occurs, Beneficiary may, either with or without entry or taking possession of the Trust
Estate, and without regard to whether or not the indebtedness and other sums secured hereby shall be due and without prejudice to the right of Beneficiary thereafter to bring an action or proceeding
to foreclose or any other action for any default existing at the time such earlier action was commenced, proceed by any appropriate action or proceeding: (1) to enforce payment of the
Obligations, to the extent permitted by law, or the performance of any term hereof or any other right; (2) to foreclose this Deed of Trust in any manner provided by law for the foreclosure of
mortgages or deeds of trust on real property and to sell, as an entirety or in separate lots or parcels, the Trust Estate or any portion thereof pursuant to the laws of the State of Nevada or under
the judgment or decree of a court or courts of competent jurisdiction, and Beneficiary shall be entitled to recover in any such proceeding all costs and expenses incident thereto, including reasonable
attorneys' fees in such amount as shall be awarded by the court; (3) to exercise any or all of the rights and remedies available to it under the Loan Documents; and (4) to pursue any
other remedy available to it. Beneficiary shall take action either by such proceedings or by the exercise of its powers with respect to entry or taking possession, or both, as Beneficiary may
determine. 

27

  

        (e)  The
remedies described in this Section 4.4 may be exercised with respect to all or any portion of the Personal
Property, either simultaneously with the sale of any real property encumbered hereby or independent thereof. Beneficiary shall at any time be permitted to proceed with respect to all or any portion of
the Personal Property in any manner permitted by the UCC. Trustor agrees that Beneficiary's inclusion of all or any portion of the Personal Property (and all personal property that is subject to a
security interest in favor, or for the benefit, of Beneficiary) in a sale or other remedy exercised with respect to the real property encumbered hereby, as permitted by the UCC, is a commercially
reasonable disposition of such property. 

        4.5    Beneficiary's Right to Enter and Take Possession, Operate and Apply Income.    

        (a)  Subject
to compliance with applicable Nevada Gaming Laws, if an Event of Default occurs, (i) Trustor, upon demand of Beneficiary, shall forthwith surrender to
Beneficiary the actual possession and, if and to the extent permitted by law, Beneficiary itself, or by such officers or agents as it may appoint, may enter and take possession of all the Trust Estate
including the Personal Property, without liability for trespass, damages or otherwise, and may exclude Trustor and its agents and employees wholly therefrom and may have joint access with Trustor to
the books, papers and accounts of Trustor; and (ii) Trustor shall pay monthly in advance to Beneficiary on Beneficiary's entry into possession, or to any receiver appointed to collect the
Rents, all Rents then due and payable. 

        (b)  If
Trustor shall for any reason fail to surrender or deliver the Trust Estate, the Personal Property or any part thereof after Beneficiary's demand, Beneficiary may
obtain a judgment or decree conferring on Beneficiary or Trustee the right to immediate possession or requiring Trustor to deliver immediate possession of all or part of such property to Beneficiary
or Trustee and Trustor hereby specifically consents to the entry of such judgment or decree. Trustor shall pay to Beneficiary or Trustee, upon demand, all reasonable costs and expenses of obtaining
such judgment or decree and reasonable compensation to Beneficiary or Trustee, their attorneys and agents, and all such costs, expenses and compensation shall, until paid, be secured by the lien of
this Deed of Trust. 

        (c)  Subject
to compliance with applicable Nevada Gaming Laws, upon every such entering upon or taking of possession, Beneficiary or Trustee may hold, store, use, operate,
manage and control the Trust Estate and conduct the business thereof, and, from time to time in its sole and absolute discretion and without being under any duty to so act: 

        (1)  make
all necessary and proper maintenance, repairs, renewals, replacements, additions, betterments and improvements thereto and thereon and purchase or otherwise acquire
additional fixtures, personalty and other property; 

        (2)  insure
or keep the Trust Estate insured; 

        (3)  manage
and operate the Trust Estate and exercise all the rights and powers of Trustor in their name or otherwise with respect to the same; 

        (4)  enter
into agreements with others to exercise the powers herein granted Beneficiary or Trustee, all as Beneficiary or Trustee from time to time may determine; and,
subject to the absolute assignment of the Leases and Rents to Beneficiary, Beneficiary or Trustee may collect and receive all the Rents, including those past due as well as those accruing thereafter;
and shall apply the monies so received by Beneficiary or Trustee in such priority as Beneficiary may determine to (1) the payment of interest and principal due and payable on the Notes or the
other Loan Documents, (2) the deposits for taxes and assessments and insurance premiums due, (3) the cost of insurance, taxes, assessments and other proper charges upon the Trust Estate
or any part thereof; (4) the compensation, expenses and disbursements of the 

28

 

agents, attorneys and other representatives of Beneficiary or Trustee; and (5) any other charges or costs required to be paid by Trustor under the terms hereof; and 

        (5)  rent
or sublet the Trust Estate or any portion thereof for any purpose permitted by this Deed of Trust. 

        Beneficiary
or Trustee shall surrender possession of the Trust Estate and the Personal Property to Trustor only when all that is due upon such interest and principal, tax and insurance
deposits, and all amounts under any of the terms of the Credit Agreement or this Deed of Trust, shall have been paid and all defaults made good. The same right of taking possession, however, shall
exist if any subsequent Event of Default shall occur and be continuing. 

        4.6    Leases.    Beneficiary is authorized to foreclose this Deed of Trust subject to the
rights of any tenants of the Trust Estate, and the failure to make any such tenants parties defendant to any such foreclosure proceedings and to foreclose their rights shall not be, nor be asserted by
Trustor to be, a defense to any proceedings instituted by Beneficiary to collect the sums secured hereby or to collect any deficiency remaining unpaid after the foreclosure sale of the Trust Estate,
or any portion thereof. Unless otherwise agreed by Beneficiary in writing, all Space Leases executed subsequent to the date hereof, or any part thereof, shall be subordinate and inferior to the lien
of this Deed of Trust; provided, however that (i) in accordance with the terms of the Loan Documents, Beneficiary may be required to execute a non-disturbance and attornment
agreement in connection with certain Space Leases; and (ii) from time
to time Beneficiary may execute and record among the land records of the jurisdiction where this Deed of Trust is recorded, subordination statements with respect to such of said Space Leases as
Beneficiary may designate in its sole discretion, whereby the Space Leases so designated by Beneficiary shall be made superior to the lien of this Deed of Trust for the term set forth in such
subordination statement. From and after the recordation of such subordination statements, and for the respective periods as may be set forth therein, the Space Leases therein referred to shall be
superior to the lien of this Deed of Trust and shall not be affected by any foreclosure hereof. All such Space Leases shall contain a provision to the effect that the Trustor and Space Lessee
recognize the right of Beneficiary to elect and to effect such subordination of this Deed of Trust and consents thereto. 

        4.7    Purchase by Beneficiary.    Upon any foreclosure sale (whether judicial or
nonjudicial), Beneficiary may bid for and purchase the property subject to such sale and, upon compliance with the terms of sale, may hold, retain and possess and dispose of such property in its own
absolute right without further accountability. 

        4.8    Waiver of Appraisement, Valuation, Stay, Extension and Redemption Laws.    Trustor
agrees to the full extent permitted by law that if an Event of Default occurs, neither Trustor nor anyone claiming through or under it shall or will set up, claim or seek to take advantage of any
appraisement, valuation, stay, extension or redemption laws now or hereafter in force, in order to prevent or hinder the enforcement or foreclosure of this Deed of Trust or the absolute sale of the
Trust Estate or any portion thereof or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and Trustor for itself and all who may at any
time claim through or under it, hereby waives, to the full extent that it may lawfully so do, the benefit of all such laws, and any and all right to have the assets comprising the Trust Estate
marshalled upon any foreclosure of the lien hereof and agrees that Trustee or any court having jurisdiction to foreclose such lien may sell the Trust Estate in part or as an entirety. 

        4.9    Receiver.    If an Event of Default occurs, Beneficiary, to the extent permitted by
law
and subject to compliance with all applicable Nevada Gaming Laws, and without regard to the value, adequacy or occupancy of the security for the indebtedness and other sums secured hereby, shall be
entitled as a matter of right if it so elects to the appointment of a receiver to enter upon and take possession of the Trust Estate and to collect all Rents and apply the same as the court may
direct, and 

29

 

such receiver may be appointed by any court of competent jurisdiction upon application by Beneficiary. Beneficiary may have a receiver appointed without notice to Trustor or any third party, and
Beneficiary may waive any requirement that the receiver post a bond. Beneficiary shall have the power to designate and select the Person who shall serve as the receiver and to negotiate all terms and
conditions under which such receiver shall serve. Any receiver appointed on Beneficiary's behalf may be an Affiliate of Beneficiary. The expenses, including receiver's fees, attorneys' fees, costs and
agent's compensation, incurred pursuant to the powers herein contained shall be secured by this Deed of Trust. The right to enter and take possession of and to manage and operate the Trust Estate and
to collect all Rents, whether by a receiver or otherwise, shall be cumulative to any other right or remedy available to Beneficiary under this Deed of Trust, the Guaranty or the other Loan Documents
or otherwise available to Beneficiary and may be exercised concurrently therewith or independently thereof. Beneficiary shall be liable to account only for such Rents (including, without limitation,
security deposits) actually received by Beneficiary, whether received pursuant to this section or any other
provision hereof. Notwithstanding the appointment of any receiver or other custodian, Beneficiary shall be entitled as pledgee to the possession and control of any cash, deposits, or instruments at
the time held by, or payable or deliverable under the terms of this Deed of Trust to, Beneficiary. 

        4.10    Suits to Protect the Trust Estate.    Beneficiary shall have the power and authority
to institute and maintain any suits and proceedings as Beneficiary, in its sole and absolute discretion, may deem advisable (a) to prevent any impairment of the Trust Estate by any acts which
may be unlawful or in violation of this Deed of Trust, (b) to preserve or protect its interest in the Trust Estate, or (c) to restrain the enforcement of or compliance with any
legislation or other Legal Requirement that may be unconstitutional or otherwise invalid, if the enforcement of or compliance with such enactment, rule or order might impair the security hereunder or
be prejudicial to Beneficiary's interest. 

        4.11    Proofs of Claim.    In the case of any receivership, Insolvency, Bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceedings affecting Trustor, or, to the extent the same would result in an Event of Default hereunder, any Subsidiary, or any
guarantor, co-maker or endorser of any of Trustor's obligations, its creditors or its property, Beneficiary, to the extent permitted by law, shall be entitled to file such proofs of claim
or other documents as it may deem to be necessary or advisable in order to have its claims allowed in such proceedings for the entire amount due and payable by Trustor under the Loan Document, at the
date of the institution of such proceedings, and for any additional amounts which may become due and payable by Trustor after such date. 

        4.12    Trustor to Pay the Obligations on Any Default in Payment; Application of Monies by
Beneficiary.    

        (a)  In
case of a foreclosure sale of all or any part of the Trust Estate and of the application of the proceeds of sale to the payment of the sums secured hereby,
Beneficiary shall be entitled to enforce payment from Trustor of any additional amounts then remaining due and unpaid with respect to the Obligations and to recover judgment against Trustor for any
portion thereof remaining unpaid, with interest at the rate applicable to overdue principal as set forth in the Credit Agreement. 

        (b)  Trustor
hereby agrees to the extent permitted by law, that no recovery of any judgment by Beneficiary or other action by Beneficiary and no attachment or levy of any
execution upon any Property of Trustor by Beneficiary (other than a foreclosure of the entire Trust Estate hereunder) shall in any way affect the Lien and security interest of this Deed of Trust upon
the Trust Estate or any part thereof or any Lien, rights, powers or remedies of Beneficiary hereunder, but such Lien, rights, powers and remedies shall continue unimpaired as before. 

        (c)  Any
monies collected or received by Beneficiary under this Section 4.12 shall be first applied to the payment of
reasonable compensation, expenses and disbursements of the agents, 

30

 

attorneys and other representatives of Beneficiary, and the balance remaining shall be applied to the Obligations. 

        (d)  The
provisions of this section shall not be deemed to limit or otherwise modify the provisions of any guaranty of the indebtedness evidenced by the Notes or the other
Loan Documents. 

        4.13    Delay or Omission; No Waiver.    No delay or omission of Beneficiary or any Bank to
exercise any right, power or remedy upon any Event of Default shall exhaust or impair any such right, power or remedy or shall be construed to waive any such Event of Default or to constitute
acquiescence therein. Every right, power and remedy given to Beneficiary whether contained herein or in the other Loan Documents or otherwise available to Beneficiary may be exercised from time to
time and as often as may be deemed expedient by Beneficiary. 

        4.14    No Waiver of One Default to Affect Another.    No waiver of any Event of Default
hereunder shall extend to or affect any subsequent or any other Event of Default then existing, or impair any rights, powers or remedies consequent thereon. If Beneficiary or the required percentage
of the Banks (as determined pursuant to the Credit Agreement), to the extent applicable under the Credit Agreement, (a) grants forbearance or an extension of time for the payment of any sums
secured hereby; (b) takes other or additional security for the payment thereof; (c) waives or does not exercise any right granted in the Notes, the Credit Agreement, this Deed of Trust,
the Guaranty, the Disbursement Agreement or any other Loan Document (including any Security Document); (d) releases any part of the Trust Estate from the lien or security interest of this Deed
of Trust or any other instrument securing the Obligations; (e) consents to the filing of any map, plat or replat of the Site (to the extent such consent is required); (f) consents to the
granting of any easement on the Site (to the extent such consent is required); or (g) makes or consents to any agreement changing the terms of this Deed of Trust or any other Loan Document
subordinating the lien or any charge hereof, no such act or omission shall release, discharge, modify, change or affect the original liability of Trustor under the Guaranty, this Deed of Trust or any
other Loan Document (including any Security Document) or otherwise, or any subsequent purchaser of the Trust Estate or any part thereof or any maker, co-signer, surety or guarantor. No
such act or omission shall preclude Beneficiary from exercising any right, power or privilege herein granted or intended to be granted in case of any Event of Default then existing or of any
subsequent Event of Default, nor, except as otherwise expressly provided in an instrument or instruments executed by Beneficiary, shall the lien or security interest of this Deed of Trust be altered
thereby, except to the extent expressly provided in any releases, maps, easements or subordinations described in clause (d), (e), (f) or (g) above of this Section 4.14. In
the event of the sale or transfer by operation of law or otherwise of all or any part of the Trust Estate, Beneficiary, without notice to any person, firm or corporation, is hereby authorized and
empowered to deal with any such vendee or transferee with reference to the Trust Estate or the indebtedness secured hereby, or with reference to any of the terms or conditions hereof, as fully and to
the same extent as it might deal with the original parties hereto and without in any way releasing or discharging any of the liabilities or undertakings hereunder, or waiving its right to declare such
sale or transfer an Event of Default as provided herein. Notwithstanding anything to the contrary contained in this Deed of Trust or any other Loan Document (including any Security Document),
(i) in the case of any non-monetary Event of Default, Beneficiary may continue to accept payments due or secured hereunder without thereby waiving the existence of such or any other
Event of Default and (ii) in the case of any monetary Event of Default, Beneficiary may accept partial payments of any sums due or secured hereunder without thereby waiving the existence of
such Event of Default if the partial payment is not sufficient to completely cure such Event of Default. 

        4.15    Discontinuance of Proceedings; Position of Parties Restored.    If Beneficiary shall
have proceeded to enforce any right or remedy under this Deed of Trust by foreclosure, entry of judgment or otherwise and such proceedings shall have been discontinued or abandoned for any reason, or
such 

31

 

proceedings shall have resulted in a final determination adverse to Beneficiary, then and in every such case Trustor and Beneficiary shall be restored to their former positions and rights hereunder,
and all rights, powers and remedies of Beneficiary shall continue as if no such proceedings had occurred or had been taken. 

        4.16    Remedies Cumulative.    No right, power or remedy, including without limitation
remedies with respect to any security for the Obligations, conferred upon or reserved to Beneficiary by this Deed of Trust or any other Loan Document (including any Security Document) is exclusive of
any other right, power or remedy, but each and every such right, power and remedy shall be cumulative and concurrent and shall be in addition to any other right, power and remedy given hereunder or
any other Loan Document (including any Security Document), now or hereafter existing at law, in equity or by statute, and Beneficiary shall be entitled to resort to such rights, powers, remedies or
security as Beneficiary shall in its sole and absolute discretion deem advisable. 

        4.17    Interest After Event of Default.    If an Event of Default shall have occurred and
is
continuing, all sums outstanding and unpaid under the Obligations shall, at Beneficiary's option, bear interest at the rate applicable to overdue principal set forth in the Credit Agreement until such
Event of Default has been cured. Trustor's obligation to pay such interest shall be secured by this Deed of Trust. 

        4.18    Foreclosure; Expenses of Litigation.    If Trustee forecloses, reasonable attorneys'
fees for services in the supervision of said foreclosure proceeding shall be allowed to the Trustee and Beneficiary as part of the foreclosure costs. In the event of foreclosure of the lien hereof,
there shall be allowed and included as additional indebtedness all reasonable expenditures and expenses which may be paid or incurred by or on behalf of Beneficiary for attorneys' fees, appraiser's
fees, outlays for documentary and expert evidence, stenographers' charges, publication costs, and costs (which may be estimated as to items to be expended after foreclosure sale or entry of the
decree) of procuring all such abstracts of title, title searches and examinations, title insurance policies and guarantees, and similar data and assurances with respect to title as Beneficiary may
deem reasonably advisable either to prosecute such suit or to evidence to a bidder at any sale which may be had pursuant to such decree the true condition of the title to or the value of the Trust
Estate or any portion thereof. All expenditures and expenses of the nature in this section mentioned, and such expenses and fees as may be incurred in the protection of the Trust Estate and the
maintenance of the lien and security interest of this Deed of Trust, including the fees of any attorney employed by Beneficiary in any litigation or proceeding affecting this Deed of Trust, the
Guaranty or any other Loan Document (including any Security Document), the Trust Estate or any portion thereof, including, without limitation, civil, probate, appellate and bankruptcy proceedings, or
in preparation for the commencement or defense of any proceeding or threatened suit or proceeding, shall be immediately due and payable by Trustor, with interest thereon at the rate applicable to
overdue principal set forth in the Credit Agreement, and shall be secured by this Deed of Trust. Trustee waives its right to any statutory fee in connection with any judicial or nonjudicial
foreclosure of the lien hereof and agrees to accept a reasonable fee for such services. 

        4.19    Deficiency Judgments.    If after foreclosure of this Deed of Trust or Trustee's
sale
hereunder, there shall remain any deficiency with respect to any Obligations, and Beneficiary shall institute any proceedings to recover such deficiency or deficiencies, all such amounts shall
continue to bear interest at the rate applicable to overdue principal set forth in the Credit Agreement. Trustor waives any defense to Beneficiary's recovery against Trustor of any deficiency after
any foreclosure sale of the Trust Estate. Trustor expressly waives any defense or benefits that may be derived from any statute granting Trustor any defense to any such recovery by Beneficiary. In
addition, Beneficiary and Trustee shall be entitled to recovery of all of their reasonable costs and expenditures (including without limitation any court imposed costs) in connection with such
proceedings, including their reasonable attorneys' fees, appraisal fees and the other costs, fees and expenditures referred to in Section 4.18 

32

 

above. This provision shall survive any foreclosure or sale of the Trust Estate, any portion thereof and/or the extinguishment of the lien hereof. 

        4.20    Waiver of Jury Trial.    Beneficiary and Trustor each waive any right to have a jury
participate in resolving any dispute whether sounding in contract, tort or otherwise arising out of, connected with, related to or incidental to the relationship established between them in connection
with the Obligations. Any such disputes shall be resolved in a bench trial without a jury. 

        4.21    Exculpation of Beneficiary.    The acceptance by Beneficiary of the assignment
contained herein with all of the rights, powers, privileges and authority created hereby shall not, prior to entry upon and taking possession of the Trust Estate by Beneficiary, be deemed or construed
to make Beneficiary a "mortgagee in possession"; nor thereafter or at any time or in any event obligate Beneficiary to appear in or defend any action or proceeding relating to the Space Leases, the
Rents or the Trust Estate, or to take any action hereunder or to expend any money or incur any expenses or perform or discharge any obligation, duty or liability under any Space Lease or to assume any
obligation or responsibility for any security deposits or other deposits except to the extent such deposits are actually received by Beneficiary, nor shall Beneficiary, prior to such entry and taking,
be liable in any way for any injury or damage to person or property sustained by any Person in or about the Trust Estate. 

 
 

ARTICLE FIVE    
    
    RIGHTS AND RESPONSIBILITIES OF TRUSTEE;    
    
    OTHER PROVISIONS RELATING TO TRUSTEE    
  

        Notwithstanding anything to the contrary in this Deed of Trust, Trustor and Beneficiary agree as follows. 

        5.1    Exercise of Remedies by Trustee.    To the extent that this Deed of Trust or
applicable
law, including all applicable Nevada Gaming Laws, authorizes or empowers, or does not require approval for, Beneficiary to exercise any remedies set forth in Article Four hereof or otherwise, or
perform any acts in connection therewith, Trustee (but not to the exclusion of Beneficiary unless so required under the law of the State of Nevada) shall have the power to exercise any or all such
remedies, and to perform any acts provided for in this Deed of Trust in connection therewith, all for the benefit of Beneficiary and on Beneficiary's behalf in accordance with applicable law of the
State of Nevada. In connection therewith, Trustee: (a) shall not exercise, or waive the exercise of, any of Beneficiary's remedies (other than any rights of Trustee to any indemnity or
reimbursement), except at Beneficiary's request, and (b) shall exercise, or waive the exercise of, any or all of Beneficiary's remedies at Beneficiary's request, and in accordance with
Beneficiary's directions as to the manner of such exercise or waiver. Trustee may, however, decline to follow Beneficiary's request or direction if Trustee shall be advised by counsel that the action
or proceeding, or manner thereof, so directed may not lawfully be taken or waived. 

        5.2    Rights and Privileges of Trustee.    To the extent that this Deed of Trust requires
Trustor to indemnify Beneficiary or reimburse Beneficiary for any expenditures Beneficiary may incur, Trustee shall be entitled to the same indemnity and the same rights to reimbursement of expenses
as Beneficiary, subject to such limitations and conditions as would apply in the case of Beneficiary. To the extent that this Deed of Trust negates or limits Beneficiary's liability as to any matter,
Trustee shall be entitled to the same negation or limitation of liability. To the extent that Trustor, pursuant to this Deed of Trust, appoints Beneficiary as Trustor's attorney in fact for any
purpose, Beneficiary or (when so instructed by Beneficiary) Trustee shall be entitled to act on Trustor's behalf without joinder or confirmation by the other. 

33

  

        5.3    Resignation or Replacement of Trustee.    Trustee may resign by an instrument
in
writing addressed to Beneficiary, and Trustee may be removed at any time with or without cause (i.e., in Beneficiary's sole and absolute discretion) by an instrument in writing executed by
Beneficiary. In case of the death, resignation, removal or disqualification of Trustee or if for any reason Beneficiary shall deem it desirable to appoint a substitute, successor or replacement
Trustee to act instead of Trustee originally named (or in place of any substitute, successor or replacement Trustee), then Beneficiary shall have the right and is hereby authorized and empowered to
appoint a successor, substitute or replacement Trustee, without any formality other than appointment and designation in writing executed by Beneficiary, which instrument shall be recorded if required
by the law of the State of Nevada. The law of the State of Nevada (including, without limitation, the Nevada Gaming Laws) shall govern the qualifications of any Trustee. The authority conferred upon
Trustee by this Deed of Trust shall automatically extend to any and all other successor, substitute and replacement Trustee(s) successively until the obligations secured hereunder have been paid in
full or the Trust Estate has been sold hereunder or released in accordance with the provisions of the Guaranty and the other Loan Documents (including the Security Documents). Beneficiary's written
appointment and designation of any Trustee shall be full evidence of Beneficiary's right and authority to make the same and of all facts therein recited. No confirmation, authorization, approval or
other action by Trustor shall be required in connection with any resignation or other replacement of Trustee. 

        5.4    Authority of Beneficiary.    If Beneficiary is a banking corporation, state
banking
corporation or a national banking association and the instrument of appointment of any successor or replacement Trustee is executed on Beneficiary's behalf by an officer of such corporation, state
banking corporation or national banking association, then such appointment shall be conclusively presumed to be executed with authority and shall be valid and sufficient without proof of any action by
the board of directors or any superior officer of Beneficiary. 

        5.5    Effect of Appointment of Successor Trustee.    Upon the appointment and
designation of
any successor, substitute or replacement Trustee, and subject to compliance with applicable Nevada Gaming Laws and other applicable laws, Trustee's entire estate and title in the Trust Estate shall
vest in the designated successor, substitute or replacement Trustee. Such successor, substitute or replacement Trustee shall thereupon succeed to and shall hold, possess and execute all the rights,
powers, privileges, immunities and duties herein conferred upon Trustee. All references herein to Trustee shall be deemed to refer to Trustee (including any successor or substitute appointed and
designated as herein provided) from time to time acting hereunder. 

        5.6    Confirmation of Transfer and Succession.    Upon the written request of
Beneficiary or
of any successor, substitute or replacement Trustee, any former Trustee ceasing to act shall execute and deliver an instrument transferring to such successor, substitute or replacement Trustee all of
the right, title, estate
and interest in the Trust Estate of Trustee so ceasing to act, together with all the rights, powers, privileges, immunities and duties herein conferred upon Trustee, and shall duly assign, transfer
and deliver all properties and moneys held by said Trustee hereunder to said successor, substitute or replacement Trustee. 

        5.7    Exculpation.    Trustee shall not be liable for any error of judgment or act
done by
Trustee in good faith, or otherwise be responsible or accountable under any circumstances whatsoever, except for Trustee's gross negligence, willful misconduct or knowing violation of law. Trustee
shall have the right to rely on any instrument, document or signature authorizing or supporting any action taken or proposed to be taken by it hereunder, believed by it in good faith to be genuine.
All moneys received by Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated in any manner from any other
moneys (except to the extent required by law). Trustee shall be under no liability for interest on any moneys received by it hereunder. 

34

 

        5.8    Endorsement and Execution of Documents.    Upon Beneficiary's written request,
Trustee
shall, without liability or notice to Trustor, execute, consent to, or join in any instrument or agreement in connection with or necessary to effectuate the purposes of the Guaranty and the other Loan
Documents (including the Security Documents). Trustor hereby irrevocably designates Trustee as its attorney in fact to execute, acknowledge and deliver, on Trustor's behalf and in Trustor's name, all
instruments or agreements necessary to implement any provision(s) of this Deed of Trust or to further perfect the lien created by this Deed of Trust on the Trust Estate. This power of attorney shall
be deemed to be coupled with an interest and shall survive any disability of Trustor. 

        5.9    Multiple Trustees.    If Beneficiary appoints multiple trustees, then any
Trustee,
individually, may exercise all powers granted to Trustee under this instrument, without the need for action by any other Trustee(s). 

        5.10    Terms of Trustee's Acceptance.    Trustee accepts the trust created by this
Deed of
Trust upon the following terms and conditions: 

        (a)  Delegation. Trustee may exercise any of its powers through appointment of attorney(s) in fact or agents. 

        (b)  Counsel. Trustee may select and employ legal counsel (including any law firm representing Beneficiary). Trustor shall
reimburse all reasonable legal fees and expenses that Trustee may thereby incur. 

        (c)  Security. Trustee shall be under no obligation to take any action upon any Event of Default unless furnished security or
indemnity, in form satisfactory to Trustee, against costs, expenses, and liabilities that Trustee may incur. 

        (d)  Costs and Expenses. Trustor shall reimburse Trustee, as part of the Obligations secured hereunder, for all reasonable
disbursements and expenses (including reasonable legal fees and expenses) incurred by reason of and as provided for in this Deed of Trust, including any of the foregoing incurred in Trustee's
administering and executing the trust created by this Deed of Trust, in complying with all applicable Nevada Gaming Laws and performing Trustee's duties and exercising Trustee's powers under this Deed
of Trust. 

        (e)  Release. Upon full and indefeasible payment and performance of the Obligations secured hereunder, Beneficiary shall
request that Trustee release this Deed of Trust. Upon receipt of such request Trustee shall release this Deed of Trust to Trustor. Trustor shall pay all costs of recordation, if any. 

 
 

ARTICLE SIX    
    
    MISCELLANEOUS PROVISIONS    
  

        6.1    Heirs, Successors and Assigns Included in Parties.    Whenever one of the
parties
hereto is named or referred to herein, the heirs, successors and assigns of such party shall be included, and subject to the limitations set forth in Section 1.9, all covenants and agreements
contained in this Deed of Trust, by or on behalf of Trustor or Beneficiary shall bind and inure to the benefit of its heirs, successors and assigns, whether so expressed or not. 

        6.2    Addresses for Notices, Etc.    Any notice, report, demand or other instrument
authorized or required to be given or furnished under this Deed of Trust to Trustor or Beneficiary shall be deemed given or furnished (i) when addressed to the party intended to receive the
same, at the address of such party set forth below, and delivered by hand at such address or (ii) three (3) days after the same is 

35

 

deposited in the United States mail as first class certified mail, return receipt requested, postage paid, whether or not the same is actually received by such party: 

	 	 	Beneficiary:	 	Deutsche Bank Trust Company Americas

31 West 52nd Street, 7th Floor

New York, New York 10019

Attn: Jeff Baevsky	 	 
	

 	
 	

With a copy to:	
 	

Latham & Watkins

701 B. Street, Suite 2100

San Diego, California 92101

Attn: Sony Ben-Moshe, Esq.	
 	

 
	

 	
 	

Trustor:	
 	

    
    
    
 Attn: Legal Department	
 	

 
	

 	
 	

With a copy to:	
 	

Irell & Manella LLP

1800 Avenue of the Stars, Suite 900

Los Angeles, California 90067

Attn: C. Kevin McGeehan	
 	

 
	

 	
 	

Trustee:	
 	

Nevada Title Company

2500 North Buffalo, Suite 150

Las Vegas, Nevada 89128

Attn: Robbie Graham	
 	

 

        6.3    Change of Notice Address.    Any Person may change the address to which any
such
notice, report, demand or other instrument is to be delivered or mailed to that person, by furnishing written notice of such change to the other parties, but no such notice of change shall be
effective unless and until received by such other parties. 

        6.4    Headings.    The headings of the articles, sections, paragraphs and
subdivisions of
this Deed of Trust are for convenience of reference only, are not to be considered a part hereof, and shall not limit or expand or otherwise affect any of the terms hereof. 

        6.5    Invalid Provisions to Affect No Others.    In the event that any of the
covenants,
agreements, terms or provisions contained herein or in the Notes, the Credit Agreement, the Guaranty or any other Loan Document (including the Security Documents) shall be invalid, illegal or
unenforceable in any respect, the validity of the lien hereof and the remaining covenants, agreements, terms or provisions contained herein or in the Notes, the Credit Agreement, the Guaranty or any
other Loan Document (including the Security Documents) shall be in no way affected, prejudiced or disturbed thereby. To the extent permitted by law, Trustor waives any provision of law which renders
any provision hereof prohibited or unenforceable in any respect. 

        6.6    Changes and Priority Over Intervening Liens.    Neither this Deed of Trust nor
any term
hereof may be changed, waived, discharged or terminated orally, or by any action or inaction, but only by an instrument in writing signed by the party against which enforcement of the change, waiver,
discharge or termination is sought. Any agreement hereafter made by Trustor and Beneficiary relating to this Deed of Trust shall be superior to the rights of the holder of any intervening lien or
encumbrance. 

36

 

        6.7    Estoppel Certificates.    Within ten (10) Business Days after
Beneficiary's
written request, Trustor shall from time to time execute a certificate, in recordable form (an "Estoppel Certificate"), stating, except to the extent it would be inaccurate to so state: (a) the
current amount of the Obligations secured hereunder and all elements thereof, including principal, interest, and all other elements; (b) that Trustor has no defense, offset, claim,
counterclaim, right of recoupment, deduction, or reduction against any of the Obligations secured hereunder; (c) that neither the Guaranty, this Deed of Trust nor any other Loan Documents
(including the Security Documents) to which it is a party have been amended, whether orally or in writing; (d) that Trustor has no claims against Beneficiary of any kind; (e) that any
power of attorney granted to Beneficiary is in full force and effect; and (f) such other matters relating to this Deed of Trust, the Guaranty or any other Loan Document (including any Security
Document) to which it is a party and the relationship of Trustor and Beneficiary as Beneficiary shall request. In addition, the Estoppel Certificate shall set forth the reasons why it would be
inaccurate to make any of the foregoing assurances. 

        6.8    Waiver of Setoff and Counterclaim; Other Waivers.    All Obligations shall be
payable
without setoff, counterclaim or any deduction whatsoever. Trustor hereby waives the right to assert a counterclaim (other than a compulsory counterclaim) in any action or proceeding brought against it
by Beneficiary and/or any Bank under the Loan Documents, or arising out of or in any way connected with this Deed of Trust or the other Loan Documents (including the Security Documents) or the
Obligations. 

        6.9    Governing Law.    The Credit Agreement, the Guaranty and the Notes provide
that they
are governed by, and construed and enforced in accordance with, the laws of the State of New York. This Deed of Trust shall also be construed under and governed by the laws of the State of New York;
provided, however, that (i) the terms and provisions of this Deed of Trust pertaining to the priority, perfection, enforcement or realization by Beneficiary of its respective rights and
remedies under this Deed of Trust with respect to the Trust Estate shall be governed and construed and enforced in accordance with the internal laws of the State of Nevada (the "State") without giving
effect to the conflicts-of-law rules and
principles of the State; (ii) Trustor agrees that to the extent deficiency judgments are available under the laws of the State after a foreclosure (judicial or nonjudicial) of the Trust Estate,
or any portion thereof, or any other realization thereon by Beneficiary or any Bank under the Loan Documents, Beneficiary or such Bank, as the case may be, shall have the right to seek such a
deficiency judgment against Trustor in the State; and (iii) Trustor agrees that if Beneficiary or any Bank under the Loan Documents obtains a deficiency judgment in another state against
Trustor, then Beneficiary or such Bank, as the case may be, shall have the right to enforce such judgment in the State to the extent permitted under the laws of the State, as well as in other states. 

        6.10    Required Notices.    Trustor shall notify Beneficiary promptly of the
occurrence of
any of the following and shall immediately provide Beneficiary a copy of the notice or documents referred to: (i) receipt of notice from any Governmental Authority relating to all or any
material part of the Trust Estate if such notice relates to a default or act, omission or circumstance which would result in a default after notice or passage of time or both; (ii) receipt of
any notice from any tenant leasing all or any material portion of the Trust Estate if such notice relates to a default or act, omission or circumstance which would result in a default after notice or
passage of time or both; (iii) receipt of notice from the holder of any Permitted Lien relating to a default or act, omission or circumstance which would result in a default after notice or
passage of time or both; (iv) the commencement of any proceedings or the entry of any judgment, decree or order materially affecting all or any portion of the Trust Estate or which involve the
potential liability of Trustor or its Affiliates in an amount in excess of $25,000,000 (other than for personal injury actions and related property damage suits which are covered by such insurance);
or (v) commencement of any judicial or administrative proceedings or the entry of any judgment, decree or order by or against or otherwise affecting Trustor or any Affiliate of 

37

 

Trustor, a material portion of the Trust Estate, or a material portion of the Personal Property, or any other action by any creditor or lessor thereof as a result of any default under the terms of
any lease. 

        6.11    Reconveyance.    Upon written request of Trustor when the Obligations secured
hereby
have been satisfied in full, Beneficiary shall cause Trustee to reconvey, without warranty, the property then held hereunder. The recitals in such reconveyance of any matters or facts shall be
conclusive proof of the truthfulness thereof. The grantee in such reconveyance may be described as "the person or persons legally entitled thereto." 

        6.12    Attorneys' Fees.    Without limiting any other provision contained herein,
Trustor
agrees to pay all costs of Beneficiary or Trustee incurred in connection with the enforcement of this Deed of Trust, the Guaranty or the other Loan Documents to which it is a party, including without
limitation all reasonable attorneys' fees whether or not suit is commenced, and including, without limitation, fees incurred in connection with any probate, appellate, bankruptcy, deficiency or any
other litigation proceedings, all of which sums shall be secured hereby. 

        6.13    Late Charges.    By accepting payment of any sum secured hereby after its due
date,
Beneficiary does not waive its right to collect any late charge thereon or interest thereon at the interest rate on the Notes or as otherwise specified in the Credit Agreement, if so provided, not
then paid or its right
either to require prompt payment when due of all other sums so secured or to declare default for failure to pay any amounts not so paid. 

        6.14    Cost of Accounting.    Trustor shall pay to Beneficiary, for and on account
of the
preparation and rendition of any accounting, which Trustor may be entitled to require under any law or statute now or hereafter providing therefor, the reasonable costs thereof. 

        6.15    Right of Entry.    Subject to compliance with applicable Nevada Gaming Laws,
Beneficiary may at any reasonable time or times and on reasonable prior written notice to Trustor make or cause to be made entry upon and inspections of the Trust Estate or any part thereof in person
or by agent. 

        6.16    Corrections.    Trustor shall, upon request of Beneficiary or Trustee,
promptly
correct any defect, error or omission which may be discovered in the contents of this Deed of Trust (including, but not limited to, in the exhibits and schedules attached hereto) or in the execution
or acknowledgement hereof, and shall execute, acknowledge and deliver such further instruments and do such further acts as may be necessary or as may be reasonably requested by Trustee to carry out
more effectively the purposes of this Deed of Trust, to subject to the lien and security interest hereby created any of Trustor's properties, rights or interest covered or intended to be covered
hereby, and to perfect and maintain such lien and security interest. 

        6.17    Statute of Limitations.    To the fullest extent allowed by the law, the
right to
plead, use or assert any statute of limitations as a plea or defense or bar of any kind, or for any purpose, to any debt, demand or obligation secured or to be secured hereby, or to any complaint or
other pleading or proceeding filed, instituted or maintained for the purpose of enforcing this Deed of Trust or any rights hereunder, is hereby waived by Trustor. 

        6.18    Subrogation.    Should the proceeds of any loan or advance made by
Beneficiary or any
Bank under the Credit Agreement, repayment of which is hereby secured, or any part thereof, or any amount paid out or advanced by Beneficiary or any Bank under the Credit Agreement, be used directly
or indirectly to pay off, discharge, or satisfy, in whole or in part, any prior or superior lien or encumbrance upon the Trust Estate, or any part thereof, then, as additional security hereunder,
Trustee, on behalf of Beneficiary, shall be subrogated to any and all rights, superior titles, liens, and equities owned or claimed by any owner or holder of said outstanding liens, charges, and
indebtedness, however remote, regardless of whether said liens, charges, and indebtedness are acquired by assignment or have been released of record by the holder thereof upon payment. 

38

 

        6.19    Joint and Several Liability.    All obligations of Trustor hereunder, if more
than
one, are joint and several. Recourse for deficiency after sale hereunder may be had against the property of Trustor, without, however, creating a present or other lien or charge thereon. 

        6.20    Homestead.    Trustor hereby waives and renounces all homestead and exemption
rights
provided by the constitution and the laws of the United States and of any state, in and to the Trust Estate as against the collection of the Obligations, or any part hereof. 

        6.21    Context.    In this Deed of Trust, whenever the context so requires, the
neuter
includes the masculine and feminine, and the singular including the plural, and vice versa. 

        6.22    Time.    Time is of the essence of each and every term, covenant and
condition hereof.
Unless otherwise specified herein, any reference to "days" in this Deed of Trust shall be deemed to mean "calendar days." 

        6.23    Interpretation.    As used in this Deed of Trust unless the context clearly
requires
otherwise: The terms "herein" or "hereunder" and similar terms without reference to a particular section shall refer to the entire Deed of Trust and not just to the section in which such terms appear;
the term "lien" shall also mean a security interest, and the term "security interest" shall also mean a lien. 

        6.24    Effect of NRS 107.030.    To the extent not inconsistent herewith, the
provisions of
NRS 107.030 (1), (2) (in amounts as hereinabove provided for), (3), (4) (with interest at the default rate provided for under the Credit Agreement), (5), (6), (7) (reasonable),
(8) and (9) are included herein by reference and made part of this Deed of Trust. 

        6.25    Amendments.    This Deed of Trust cannot be waived, changed, discharged or
terminated
orally, but only by an instrument in writing signed by the party against whom enforcement of any waiver, change, discharge or termination is sought and only as permitted by the provisions of the
Guaranty. 

        6.26    No Conflicts.    In the event that any of the provisions contained here
conflict with
the Guaranty, the provisions contained in the Credit Agreement and the Guaranty shall prevail. 

39

  

 
 

ARTICLE SEVEN    
    
    POWER OF ATTORNEY    
  

        7.1    Grant of Power.    Subject to compliance with applicable Nevada Gaming Laws,
Trustor
irrevocably appoints Beneficiary and any successor thereto as its attorney-in-fact, with full power and authority, including the power of substitution, exercisable only during
the continuance of an Event of Default to act for Trustor in its name, place and stead as hereinafter provided: 

        7.1.1    Possession and Completion.    To take possession of the Site and the Project,
 remove
all employees, contractors and agents of Trustor therefrom, complete or attempt to complete the work of construction, and market, sell or lease the Site and the Project. 

        7.1.2    Plans.    To make such additions, changes and corrections in the current
Plans and
Specifications as may be necessary or desirable, in Beneficiary's reasonable discretion, or as it deems proper to complete the Project. 

        7.1.3    Employment of Others.    To employ such contractors, subcontractors,
suppliers,
architects, inspectors, consultants, property managers and other agents as Beneficiary, in its discretion, deems proper for the completion of the Project, for the protection or clearance of title to
the Site or Personal Property, or for the protection of Beneficiary's interests with respect thereto. 

        7.1.4    Security Guards.    To employ watchmen to protect the Site and the Project
from
injury. 

        7.1.5    Compromise Claims.    To pay, settle or compromise all bills and claims then
existing
or thereafter arising against Trustor, which Beneficiary, in its discretion, deems proper for the protection or
clearance of title to the Site or Personal Property, or for the protection of Beneficiary's interests with respect thereto. 

        7.1.6    Legal Proceedings.    To prosecute and defend all actions and proceedings in
connection with the Site or the Project. 

        7.2    Other Acts.    To execute, acknowledge and deliver all other instruments and
documents
in the name of Trustor that are necessary or desirable, to exercise Trustor's rights under all contracts concerning the Site or the Project, including, without limitation, under any Space Leases, and
to do all other acts with respect to the Site or the Project that Trustor might do on its own behalf, as Beneficiary, in its reasonable discretion, deems proper. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

40

 

        IN
WITNESS WHEREOF, Trustor has executed this Deed of Trust, [Leasehold Deed of Trust,] Assignment of Leases and Rents, Security Agreement and Fixture Filing as
of the day and year first above written. 

	 	TRUSTOR:
	

 	

	

,
	 	a	 	 
	 	 	
	,

41

 

	STATE OF NEVADA	 	)	 	 
	 	 	) ss:	 	 
	COUNTY OF CLARK	 	)	 	 

        This
instrument was acknowledged before me on                        ,
200  by                        ,
the                        of                 
       , a                        . 

	 	 	

	 	 	NOTARY PUBLIC

42

 
 
 

SCHEDULE A    
    
    DESCRIPTION OF LAND    
  

43

 
 
 

[SCHEDULE B    
    
    DESCRIPTION OF                        LEASED PREMISES]    

44

  

EXHIBIT F  

 
 

FORM OF INDEMNITY AGREEMENT    
  

        THIS INDEMNITY AGREEMENT (the "Indemnity") is entered into as of the    day
of                        ,
200    , by                        ,
a                        (the "Company"), to and for the benefit of DEUTSCHE BANK
TRUST COMPANY AMERICAS, as
administrative agent (the "Administrative Agent") for the Lenders under the Credit Agreement (in each case as hereinafter defined), and, to the extent
not otherwise referenced, the Indemnified Parties (as hereinafter defined). 

W I T N E S S E T H:  

        
        A.    Pursuant to that certain Credit Agreement dated as of October     , 2002 (as amended, supplemented or otherwise modified from time to time, the
"Credit Agreement") among Wynn Las Vegas, LLC, a Nevada limited liability company (the
"Borrower"), the banks and other financial institutions or entities (the "Lenders") from time to time
parties thereto, the Administrative Agent, Deutsche Bank Securities Inc, as lead arranger and joint book running manager, Banc of America Securities LLC, as lead arranger, joint book running
manager and syndication agent, Bear, Stearns & Co. Inc., as arranger and joint book running manager, Bear Stearns Corporate Lending Inc., as joint documentation agent, Dresdner
Bank AG, New York Branch, as arranger and joint documentation agent, and J.P. Morgan Securities Inc., as joint documentation agent, the Lenders have agreed to make loans (the
"Loans") to the Borrower. Capitalized terms used herein, but not otherwise defined herein, shall have the meaning assigned to such terms in the Credit
Agreement. 

        B.    The
Loans are secured by, among other things, the Deed of Trust (as hereinafter defined), which Deed of Trust encumbers the real property described therein (the
"Real Property"), and the
improvements now or hereafter constructed thereon (which improvements, together with the Real Property, shall hereinafter be referred to as the
"Property"). 

        C.    The
Lenders have made it a condition of the Lenders making the Loans that this Indemnity is executed and delivered by the Company and the Lenders make the Loans in
reliance on this Indemnity. 

        D.    The
obligations of the Company hereunder are secured under, among other things, the Deed of Trust. 

        NOW,
THEREFORE, in consideration of the foregoing and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company covenants and agrees to and
for the benefit of the Administrative Agent for the benefit of the Lenders as follows: 

        1.    Definitions.    

        (a)  "Claims" means any and all actual out-of-pocket costs incurred by an Indemnified Party (as
defined below) including, without limitation, reasonable attorneys' fees and expenses, expenses, losses, damages, liabilities, fines, penalties, charges, injury to person, property, or natural
resources, administrative and judicial proceedings and orders, injunctive relief, judgments, remedial action requirements and enforcement actions of any kind, arising directly or indirectly, in whole
or in part, out of or attributable to (i) any breach or default by the Company in the performance of any of its obligations under paragraphs 3(a)-(d) hereof, or (ii) any Release
(as defined below) or threatened Release, whether foreseeable or unforeseeable, arising prior to any release, reconveyance or foreclosure of the Deed of Trust (or following any such release,
conveyance or foreclosure to the extent attributable to pre-existing conditions), or conveyance in lieu of foreclosure; and in each instance, regardless of when such Release, inaccuracy or
breach is 

2

 

discovered and regardless of whether or not caused by or in the control of the Company, any employees, agents, contractors or subcontractors of the Company or any third persons. Without limiting the
generality of the foregoing and for purposes of clarification only, Claims also include: 

          (i)  actual
out-of-pocket costs reasonably incurred by an Indemnified Party in connection with (x) determining whether the Property is in
compliance with all applicable Hazardous Substances Laws (as hereinafter defined), (y) taking any necessary precautions to protect against any Release or threatened Release, or (z) any
removal, remediation of any kind and disposal of any Hazardous Substances (as hereinafter defined), and 

        (ii)  any
repair of any damage to the Property or any other property caused by any such precautions, removal, remediation or disposal. 

        The
rights of the Indemnified Parties hereunder shall not be limited by any investigation or the scope of any investigation undertaken by or on behalf of the Lenders in connection with
the Property prior to the date hereof. Notwithstanding the foregoing, Claims shall exclude any Release caused by or resulting from the negligence or misconduct of any of the Indemnified Parties. 

        (b)  "Deed of Trust" means that certain Deed of Trust, [Leasehold Deed of Trust,] Assignment of Rents
and Leases, Security Agreement and Fixture Filing dated as of                        , 200    and made by the
Company, as trustor, to                        , as trustee, for the benefit of the
Administrative Agent, as beneficiary, as the same may be amended, supplemented or otherwise modified from time to time. 

        (c)  "Hazardous Substances" means and includes any flammable explosives, radioactive materials or hazardous, toxic or
dangerous wastes, substances or related materials or any other chemicals, materials or substances, exposure to which is prohibited, limited or regulated by any federal, state, county, regional or
local authority or which, even if not so regulated, may or could pose a hazard to the health and safety of the occupants of the Property or of property adjacent to the Property, including, but not
limited to, asbestos, PCBs, petroleum products and by-products (including, but not limited to, crude oil or any fraction thereof, natural gas, natural gas liquids, liquefied natural gas,
or synthetic gas usable for fuel, or any mixture thereof), substances defined or listed as "hazardous substances," "hazardous materials," "hazardous wastes" or "toxic substances" or similarly
identified in, pursuant to, or for purposes of, any of the Hazardous Substances Laws, including, without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act, as now
or hereafter amended (42 U.S.C. Section 9601, et seq); the Hazardous Materials Transportation Act, as now or hereafter amended (49 U.S.C.
Section 1801, et seq); the Resource Conservation and Recovery Act, as now or hereafter amended (42 U.S.C. Section 6901,  et seq); any so-called
"Superfund" or "Superlien" law; or any other federal, state or local statute, law, ordinance, code, rule, regulation,
order or decree regulating, relating to or imposing liability or standards of conduct concerning any hazardous, toxic or dangerous waste, substance or material; or any substances or mixture regulated
under the Toxic Substance Control Act of 1976, as now or hereafter amended (15 U.S.C. Section 2601 et seq); and any "pollutant" under the Clean
Water Act, as now or hereafter amended (33 U.S.C. Section 1251 et seq); and any hazardous air pollutant under the Clean Air Act (42 U.S.C.
Section 7901 et seq), in each case as now or hereafter amended. 

        (d)  "Hazardous Substances Laws" means all federal, state and local environmental, health or safety laws, ordinances,
regulations, rules of common law or policies regulating Hazardous Substances, including, without limitation, those governing the generation, use, refinement, handling, treatment, removal, storage,
production, manufacture, transportation or disposal of Hazardous Substances, as such laws, ordinances, regulations, rules and policies may be in effect from time to time and be applicable to the
Property. 

3

 

        (e)  "Indemnified Parties" means each Agent, Manager, Arranger and Lender in its individual capacity and each of their
respective directors, officers, shareholders, agents, employees, participants, successors and assigns and shall also include any purchasers of all or any portion of the Property at any foreclosure
sale and the initial purchaser following the consummation of any deed in lieu of foreclosure, but not including any other purchasers of the Property. 

        (f)    "Proceedings" means the institution of, or threat of, any action, suit, proceeding (whether administrative, judicial or
otherwise), governmental investigation or arbitration against or affecting the Company or any property of the Company, in each case with respect to Hazardous Substance Laws, Hazardous Substances or
Releases. 

        (g)  "Release" means any presence, use, generating, storing, spilling, leaking, pumping, pouring, emitting, emptying,
discharging, injecting, escaping, leaching, dumping or disposing of Hazardous Substances into the environment, or about, on, from, under, within or affecting the Property, or transported to or from
the Property, including continuing migration of Hazardous Substances into or through soil, surface water or groundwater. 

        2.    Environmental Indemnification by the Company.    

        (a)  The
Company hereby agrees to defend (with counsel reasonably approved by the Administrative Agent), indemnify and hold the Indemnified Parties harmless from and against,
and shall reimburse the Indemnified Parties for, any and all Claims. 

        (b)  The
Indemnified Parties shall have the right to employ independent counsel reasonably satisfactory to the Company to represent it in any action or proceeding to which
this Indemnity is applicable if and to the extent that the Indemnified Parties determine in good faith that their rights and interests may be compromised or not fully and adequately represented by
legal counsel acting for the Company, whether on account of any potential defenses that the Company may have to its obligations under this Indemnity or otherwise, and in such event the reasonable fees
and expenses of the Indemnified Parties' independent counsel shall be paid by the Company. 

        (c)  Subject
to the last sentence of Section 1(a) above, the Company's obligations hereunder shall not be diminished or affected in any respect as a result of any
notice or disclosure, if any, to, or other knowledge, if any, by, any Indemnified Party of any Release or threatened Release, or as a result of any other matter related to the Company's obligations
hereunder, nor shall any Indemnified Party be deemed to have permitted or acquiesced in any Release or any breach of the Company's other obligations hereunder, solely because any Indemnified Party had
notice, disclosure or knowledge thereof, whether at the time this Indemnity is delivered or at any time thereafter. 

        (d)  This
Indemnity shall not be limited by any representation, warranty or indemnity of the Company made herein or in connection with any indebtedness secured by the Deed of
Trust, irrespective of whether the Company has knowledge as of the date of the Deed of Trust, or during the term of the Deed of Trust, of the matters to which such representation, warranty or
indemnity relates. 

        3.    Environmental Covenants    

        (a)  The
Company shall not, and shall use commercially reasonable efforts to not permit any tenants or other occupants of the Property to, at any time in the future, cause or
permit a Release, except in compliance with applicable Hazardous Substances Laws. 

        (b)  Upon
becoming aware thereof, the Company shall give prompt written notice to the Administrative Agent of any pending Claims or of any Proceedings. 

4

 

        (c)  The
Company shall give prompt written notice to the Administrative Agent of the Company's discovery of any occurrence or condition on any real property adjoining or in
the vicinity of the Property that could cause the Property or any part thereof to be subject to any restrictions on the ownership, occupancy, transferability or use of the Property under any Hazardous
Substances Laws including, without limitation, the Company's discovery of any occurrence or condition on the Property or on any real property adjoining or in the vicinity of the Property that could
cause the Property to be subject to any restrictions on the ownership, occupancy, transferability or use of the Property under any Hazardous Substances Laws. 

        (d)  In
the event that any investigation, site monitoring, containment, cleanup, removal, restoration, precautionary actions or other remedial work of any kind or nature
(hereinafter, "Remedial Work") is required under any applicable Hazardous Substances Law as a result of, or in connection with, any Release, suspected
Release, or threatened Release, the Company shall within thirty (30) days after receipt of information that such Remedial Work is or may be required (or such shorter period of time as may be
required under applicable law, regulation, order or agreement), commence the performance of, or cause to be commenced, and thereafter diligently prosecute to completion, the performance of all such
Remedial Work in compliance with all applicable Hazardous Substances Laws. All Remedial Work shall be performed by one or more contractors, approved in advance in writing by the Administrative Agent,
and under the supervision of a consulting engineer approved in advance in writing by the Administrative Agent, which consent shall not be unreasonably withheld, delayed or conditioned. All costs and
expenses of such Remedial Work shall be paid by the Company, including, without limitation, the charges of such contractor(s) and/or the consulting engineer, and the Indemnified Parties' reasonable
attorneys' fees and costs, including, without limitation, fees and costs incurred in connection with monitoring or review of such Remedial Work. In the event the Company shall fail to timely commence,
or cause to be commenced, or fail to diligently prosecute to completion, the performance of
such Remedial Work, the Administrative Agent or any other Indemnified Party may, but shall not be required to, cause such Remedial Work to be performed and all costs and expenses thereof, or incurred
in connection therewith, shall be deemed Claims hereunder. 

        4.    Liability.    

        (a)  Notwithstanding
any other provisions of this Indemnity or any of the Loan Documents, any liability of the Company hereunder shall be its personal liability (but such
personal liability shall not be deemed to incorporate personal liability of its directors, officers, employees or agents), and may be asserted against its interest in the Property as well as against
any and all of its other assets. 

        (b)  Without
limiting the foregoing, the obligations of the Company hereunder shall survive the following events, to the maximum extent permitted by law: (i) repayment
of the Obligations and any judicial or nonjudicial foreclosure under the Deed of Trust or conveyance in lieu of such foreclosure, notwithstanding that all or any portion of any obligations secured by
the Deed of Trust shall have been discharged thereby, (ii) any election by any Indemnified Party to purchase all or any portion of the Property at a foreclosure sale by crediting all or any
portion of the obligations secured by the Deed of Trust against the purchase price therefor (except to the extent and only to the extent that such Indemnified Party has specifically elected in writing
in its sole discretion to credit against the purchase price any Claims hereunder which were liquidated in amount at the time of such foreclosure sale, it being presumed for these purposes that the
obligations secured by the Deed of Trust shall be discharged by any such crediting in the order set forth in the Deed of Trust), (iii) any release or reconveyance of the Deed of Trust, any
waiver of the lien of the Deed of Trust, or any release or waiver of any other security for the Obligations, and (iv) any termination, cancellation or modification of any Loan Document. Upon
and following the occurrence of any of the foregoing, the obligations of the Company hereunder shall remain unsecured obligations, and shall be enforceable against the Company to the fullest extent
permitted by applicable law. 

5

  

        (c)  The
obligations of the Company hereunder are not intended to be the obligations of a surety or guarantor. The liability of the Company under this Indemnity shall in no
way be limited or impaired by (i) any extensions of time for performance required by the Loan Documents; (ii) the accuracy or inaccuracy of any representations and warranties made by the
Company in any of the Loan Documents; or (iii) the release of any person or entity from performance or observance of any of the agreements, covenants, terms, or conditions contained in any of
the Loan Documents by operation of law or otherwise. 

        (d)  The
rights and remedies of the Indemnified Parties under this Indemnity (i) shall be in addition to any other rights and remedies of such Indemnified Parties
under any Loan Document or at law or in equity, and (ii) may be enforced by any of the Indemnified Parties, to the maximum extent permitted by law, without regard to or affecting any rights and
remedies that such Indemnified Party may have under any Loan Document or at law or in equity, and without regard to any limitations on such Indemnified Party's recourse for recovery of the
indebtedness represented by the Obligations as may be provided in any Loan Document. 

        5.    Site Visits, Observation and Testing. The Administrative Agent and any of the other Indemnified Parties and their
respective agents and representatives shall have the right at any reasonable time, and upon reasonable prior notice, but subject to the rights of tenants under their leases, to enter and visit the
Property to make such inspections and inquiries as they shall deem appropriate, including inspections for violations of any of the terms of this Indemnity and for determining the existence, nature and
magnitude of any past or present Release or threatened Release, and they shall also have the right, following any Event of Default, or where the Administrative Agent has a reasonable basis upon which
to believe that the Property may be harmed, unsafe or contaminated, and upon reasonable prior notice, to enter and visit the Property to make such tests (including, without limitation, taking and
removing soil or groundwater samples) as they shall deem appropriate. Neither the Administrative Agent nor any of the other Indemnified Parties have any duty, however, to visit or observe the Property
or to conduct tests, and no site visit, observation or testing by the Administrative Agent or any other Indemnified Party shall impose any liability on the Administrative Agent or such other
Indemnified Party. In no event shall any site visit, observation or testing by the Administrative Agent or any other Indemnified Party be a representation that Hazardous Substances are or are not
present in, on or under the Property, or that there has been or shall be compliance with any Hazardous Substances Laws or any other applicable governmental law. Neither the Company nor any other party
is entitled to rely on any site visit, observation or testing by the Administrative Agent or any other Indemnified Party. Neither the Administrative Agent nor any of the other Indemnified Parties owe
any duty of care to protect the Company or any other party against, or to inform the Company or any other party of, any Hazardous Substances or any other adverse condition affecting the Property. The
Administrative Agent and any other Indemnified Party shall give the Company reasonable notice before entering the Property, and shall make reasonable efforts to avoid interfering with the Company's
use of the Property in exercising any rights provided in this paragraph 5. 

        6.    Interest Accrued. Any amount owed hereunder to an Indemnified Party not paid within thirty (30) days after written
demand from such Indemnified Party with an explanation of the amounts claimed shall bear interest at a rate per annum equal to the maximum interest rate applicable to overdue principal set forth in
the Credit Agreement. 

        7.    Subrogation of Indemnity Rights. If the Company fails to fully perform its obligations hereunder, any Indemnified Party
shall be entitled to pursue any rights or claims that the Company may have against any present, future or former owners, tenants or other occupants or users of the Property, any portion thereof or any
adjacent or proximate properties, relating to any Claim or the performance of Remedial Work (to the extent of performance by such Indemnified Party), and the Company hereby assigns all of such rights
and claims to the Indemnified Parties under such 

6

 

circumstances and shall take all actions required by the Indemnified Parties to cooperate with such Indemnified Parties in enforcing such rights and claims under such circumstances. 

        8.    Reliance. The Company acknowledges that it is making and giving the indemnities and representations and covenants
contained in this Indemnity with the knowledge that the Administrative Agent and the Lenders are relying on such indemnities and representations and covenants in entering into the Loan Documents and
making the Loans to the Company. 

        9.    Successors and Assigns. This Indemnity shall inure to the benefit of each Indemnified Party's successors and assigns, and
shall be binding upon the heirs, successors, and assigns of the Company. The Company shall not assign any rights or obligations under this Indemnity without first obtaining the written consent of the
Administrative Agent, which may be given or withheld in the sole discretion of the Administrative Agent. Notwithstanding any other provision of this Indemnity to the contrary, the Company shall not be
released from its obligations hereunder without obtaining the written consent of the Administrative Agent, which consent may be given or withheld in the sole discretion of the Administrative Agent.
Nothing herein shall be deemed to be a consent to the transfer of the Property which transfer would be otherwise prohibited by any Loan Document. 

        10.  Miscellaneous. This Indemnity shall be governed by and construed in accordance with the laws of the State of Nevada. If
this Indemnity is executed by more than one person or entity, the liability of the undersigned hereunder shall be joint and several. Separate and successive actions may be brought hereunder to enforce
any of the provisions hereof at any time and from time to time. No action hereunder shall preclude any subsequent action, and the Company hereby waives and covenants not to assert any defense in the
nature of splitting of causes of action or merger of judgments. In no event shall any provision of this Indemnity be deemed to be a waiver of or to be in lieu of any right or claim, including, without
limitation, any right of contribution or other right of recovery, that any party to this Indemnity might otherwise have against any other party to this Indemnity under any Hazardous Substances Laws.
If any term of this Indemnity or any application thereof shall be invalid, illegal or unenforceable, the remainder of this Indemnity and any other application of such term shall not be
affected thereby. No delay or omission in exercising any right hereunder shall operate as a waiver of such right or any other right. 

        11.  Notices. All notices expressly provided hereunder to be given by the Company to the Administrative Agent and all notices
and demands of any kind or nature whatsoever which the Company may be required or may desire to give to or serve on the Administrative Agent shall be in 

7

 

writing and shall be served by certified mail, return receipt requested, or by a reputable commercial overnight carrier that provides a receipt, such as Federal Express. Notice shall be addressed as
follows: 

	Administrative Agent:	 	Deutsche Bank Trust Company Americas

31 West 52nd Street

New York, New York 10019

Attn.: George Reynolds

Telecopy No.: (646) 324-7450

Telephone No.: (646) 324-2112
	

with a copy to:	
 	

Latham & Watkins

701 "B" Street, Suite 2100

San Diego, California 92101

Attn.: Sony Ben-Moshe, Esq.

Telecopy No.: (619) 696-7419

Telephone No.: (619) 236-1234
	

The Company:	
 	

 
	 	 	

	 	 	

	 	 	
 Attn.:  

Telecopy No.: (      )              

Telephone No.: (      )              
	

with a copy to:	
 	

Irell & Manella LLP

1800 Avenue of the Stars, Suite 900

Los Angeles, California 90067

Attn.: C. Kevin McGeehan, Esq.

Telecopy No.: (310) 282-5610

Telephone No.: (310) 203-7110

        12.  Attorneys' Fees and Expenses. If the Administrative Agent or any Lender refers this Indemnity or any of the other Loan
Documents to an attorney to enforce, construe or defend the same, as a consequence of any Event of Default, with or without the filing of any legal action or proceeding, the Company shall pay to the
Administrative Agent, immediately upon demand, the amount of all costs incurred by the Administrative Agent in connection therewith (including, without limitation, reasonable attorneys' fees),
together with interest thereon from the date of award at the maximum interest rate applicable to overdue principal set forth in the Credit Agreement. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]  

8

 

        IN WITNESS WHEREOF, this Indemnity is executed as of the day and year first above written. 

	                        ,

a                         	 	 
	

By:	
 	

 	
 	

 
	 	 	
	 	 
	Name:	 	 	 	 
	 	 	
	 	 
	Title:	 	 	 	 
	 	 	
	 	 

9

  

EXHIBIT G-1  

 
  FORM OF TERM NOTE    
  

THIS
NOTE AND THE OBLIGATIONS REPRESENTED HEREBY MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS AND PROVISIONS OF THE CREDIT AGREEMENT REFERRED TO BELOW. TRANSFERS OF THIS NOTE AND THE
OBLIGATIONS REPRESENTED HEREBY MUST BE RECORDED IN THE REGISTER MAINTAINED BY THE ADMINISTRATIVE AGENT PURSUANT TO THE TERMS OF SUCH CREDIT AGREEMENT. 

	$                  	 	New York, New York
	No.            	 	                        , 200  

        FOR
VALUE RECEIVED, the undersigned, WYNN LAS VEGAS, LLC, a Nevada limited liability company (the "Borrower"), hereby unconditionally
promises to pay to            (the "Lender") or its registered assigns at the Payment Office specified in the Credit Agreement (as hereinafter
defined) in lawful money of the United States and in immediately available funds, the principal amount of (a)
                         DOLLARS ($            ), or, if less,
(b) the unpaid
principal amount of the Term Loans made by the Lender pursuant to the Credit Agreement. The principal amount shall be paid in the amounts and on the dates specified in Section 2.2 of the Credit
Agreement. The Borrower further agrees to pay interest in like money at such
office on the unpaid principal amount hereof from time to time outstanding at the rates and on the dates specified in Section 2.15 of the Credit Agreement. 

        The
holder of this Note is authorized to endorse on the schedules annexed hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof
the date, Type and amount of the Term Loans and the date and amount of each payment or prepayment of principal with respect thereto, each conversion of all or a portion thereof to another Type, each
continuation of all or a portion thereof as the same Type and, in the case of Eurodollar Loans, the length of each Interest Period with respect thereto. Each such endorsement shall constitute  prima facie evidence of the accuracy of the information endorsed. The failure to make any such endorsement or any error in any such endorsement shall
not affect the obligations of the Borrower in respect of the Term Loans. 

        This
Note (a) is one of the Term Notes referred to in the Credit Agreement dated as of October    , 2002 (as amended, supplemented, replaced or otherwise modified from
time to time, the "Credit Agreement"), among the Borrower, the Lender, the several banks and other financial institutions or entities from time to time
parties thereto, Deutsche Bank Securities Inc., as lead arranger and joint book running manager, Deutsche Bank Trust Company Americas, as administrative agent and swing line lender, Banc of
America Securities LLC, as lead arranger, joint book running manager and syndication agent, Bear, Stearns & Co. Inc., as arranger and joint book running manager, Bear Stearns Corporate
Lending Inc., as joint documentation agent, Dresdner Bank AG, New York Branch, as arranger and joint documentation agent, and J.P. Morgan Securities Inc., as joint documentation agent,
(b) is subject to the provisions of the Credit Agreement and (c) is subject to optional and mandatory prepayment in whole or in part as provided in the Credit Agreement. This Note is
secured and guaranteed as provided in the Loan Documents. Reference is hereby made to the Loan Documents for a description of the properties and assets in which a security interest has been granted,
the nature and extent of the security and the guarantees, the terms and conditions upon which the security interests and each guarantee were granted and the rights of the holder of this Note in
respect thereof. 

        Upon
the occurrence of any one or more of the Events of Default, all principal and all accrued interest then remaining unpaid on this Note shall become, or may be declared to be,
immediately due and payable, all as provided in the Credit Agreement. 

G-1-1

 

        All
parties now and hereafter liable with respect to this Note, whether maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment, demand, protest and all
other notices of any kind. 

        Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 

        NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN OR IN THE CREDIT AGREEMENT, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AND IN ACCORDANCE WITH
THE REGISTRATION AND OTHER PROVISIONS OF SECTION 10.6 OF THE CREDIT AGREEMENT.

        THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

	 	 	WYNN LAS VEGAS, LLC,

a Nevada limited liability company,

as the Borrower
	

 	
 	

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:	

    

G-1-2

  

Schedule A

to Term Note  

 
 

LOANS, CONVERSIONS AND REPAYMENTS OF BASE RATE LOANS    
  

	Date
 
	 	Amount of Base Rate Loans
	 	Amount Converted to Base Rate Loans
	 	Amount of Principal of Base Rate Loans Repaid
	 	Amount of Base Rate Rate Loans Converted to Eurodollar Loans
	 	Unpaid Principal Balance of Base Rate Loans
	 	Notation Made By

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

G-1-3

 
Schedule B

to Term Note  

 
 

LOANS, CONTINUATIONS, CONVERSIONS AND REPAYMENTS OF EURODOLLAR LOANS    
  

	Date
 
	 	Amount of Eurodollar Loans
	 	Amount Converted to Eurodollar Loans
	 	Interest Period and Eurodollar Rate with Respect Thereto
	 	Amount of Principal of Eurodollar Loans Repaid
	 	Amount of Eurodollar Loans Converted to Base Rate Loans
	 	Unpaid Principal Balance of Eurodollar Loans
	 	Notation Made By

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

G-1-4

  

EXHIBIT G-2  

 
 

FORM OF REVOLVING CREDIT NOTE    
  

        THIS NOTE AND THE OBLIGATIONS REPRESENTED HEREBY MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS AND PROVISIONS OF THE CREDIT AGREEMENT REFERRED TO
BELOW. TRANSFERS OF THIS NOTE AND THE OBLIGATIONS REPRESENTED HEREBY MUST BE RECORDED IN THE REGISTER MAINTAINED BY THE ADMINISTRATIVE AGENT PURSUANT TO THE TERMS OF SUCH CREDIT AGREEMENT. 

	$	 	New York, New York
	No.	 	                        , 200  

        FOR VALUE RECEIVED, the undersigned, WYNN LAS VEGAS, LLC, a Nevada limited liability company (the "Borrower"),
hereby unconditionally promises to pay to                        (the "Lender") or
its registered assigns at the Payment Office specified in the Credit
Agreement (as hereinafter defined) in lawful money of the United States and in immediately available funds, on the Revolving Credit Termination Date the principal amount of (a)
                         
DOLLARS ($            ), or, if less, (b) the aggregate unpaid principal amount of all Revolving Credit Loans made by the Lender to the Borrower pursuant to the Credit Agreement. The
Borrower further agrees to pay interest in like money at such Payment Office on the unpaid principal amount hereof from time to time outstanding at the rates and on the dates specified in
Section 2.15 of the Credit Agreement. 

        The
holder of this Note is authorized to endorse on the schedules annexed hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof
the date, Type and amount of each Revolving Credit Loan made pursuant to the Credit Agreement and the date and amount of each payment or prepayment of principal thereof, each continuation of all or a
portion thereof as the same Type, each conversion of all or a portion thereof to another Type and, in the case of Eurodollar Loans, the length of each Interest Period with respect thereto. Each such
endorsement shall constitute prima facie evidence of the accuracy of the information endorsed. The failure to make any such endorsement or any error in
any such endorsement shall not affect the obligations of the Borrower in respect of any Revolving Credit Loan. 

        This
Note (a) is one of the Revolving Credit Notes referred to in the Credit Agreement dated as of October    , 2002 (as amended, supplemented, replaced or otherwise
modified from time to time, the "Credit Agreement"), among the Borrower, the Lender, the several banks and other financial institutions or entities from
time to time parties thereto, Deutsche Bank Securities Inc., as lead arranger and joint book running manager, Deutsche Bank Trust Company Americas, as administrative agent and swing line
lender, Banc of America Securities LLC, as lead arranger, joint book running manager and syndication agent, Bear, Stearns & Co. Inc., as arranger and joint book running manager, Bear
Stearns Corporate Lending Inc., as joint documentation agent, Dresdner Bank AG, New York Branch, as arranger and joint documentation agent, and J.P. Morgan Securities, Inc., as joint
documentation agent, (b) is subject to the provisions of the Credit Agreement and (c) is subject to optional and mandatory prepayment in whole or in part as provided in the Credit
Agreement. This Note is secured and guaranteed as provided in the Loan Documents. Reference is hereby made to the Loan Documents for a description of the properties and assets in which a security
interest has been granted, the nature and extent of the security and the guarantees, the terms and conditions upon which the security interests and each guarantee were granted and the rights of the
holder of this Note in respect thereof. 

        Upon
the occurrence of any one or more of the Events of Default, all principal and all accrued interest then remaining unpaid on this Note shall become, or may be declared to be,
immediately due and payable, all as provided in the Credit Agreement. 

G-2-1

 

        All
parties now and hereafter liable with respect to this Note, whether maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment, demand, protest and all
other notices of any kind. 

        Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 

        NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN OR IN THE CREDIT AGREEMENT, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AND
IN ACCORDANCE WITH THE REGISTRATION AND OTHER PROVISIONS OF SECTION 10.6 OF THE CREDIT AGREEMENT.

        THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

	 	 	WYNN LAS VEGAS, LLC,

a Nevada limited liability company,

as the Borrower	 	 
	

 	
 	

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:	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	

G-2-2

  

Schedule A

to Revolving Credit Note  

 
 

LOANS, CONVERSIONS AND REPAYMENTS OF BASE RATE LOANS    
  

	Date
 
	 	Amount Converted to Base Rate Loans
	 	Amount of Principal of Base Rate Loans Repaid
	 	Amount of Base Rate Loans Converted to Eurodollar Loans
	 	Unpaid Principal Balance of Base Rate Loans
	 	Notation Made By

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

G-2-3

 
Schedule B

to Revolving Credit Note  

 
 

LOANS, CONTINUATIONS, CONVERSIONS AND REPAYMENTS OF EURODOLLAR LOANS    
  

	Date
 
	 	Amount Converted to Eurodollar Loans
	 	Interest Period and Eurodollar Rate with Respect Thereto
	 	Amount of Principal of Eurodollar Loans Repaid
	 	Amount of Eurodollar Loans Converted to Base Rate Loans
	 	Unpaid Principal Balance of Eurodollar Loans
	 	Notation Made By

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

G-2-4

  

EXHIBIT G-3  

 
  FORM OF SWING LINE NOTE    
  

        THIS NOTE AND THE OBLIGATIONS REPRESENTED HEREBY MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS AND PROVISIONS OF THE CREDIT AGREEMENT REFERRED TO
BELOW. TRANSFERS OF THIS NOTE AND THE OBLIGATIONS REPRESENTED HEREBY MUST BE RECORDED IN THE REGISTER MAINTAINED BY THE ADMINISTRATIVE AGENT PURSUANT TO THE TERMS OF SUCH CREDIT AGREEMENT. 

	$                  	 	NEW YORK, NEW YORK
	No.	 	                        , 200  

        FOR
VALUE RECEIVED, the undersigned, WYNN LAS VEGAS, LLC, a Nevada limited liability company (the "Borrower"), hereby unconditionally
promises to pay                        (the "Swing Line Lender") or its registered
assigns at the Payment Office specified in the Credit Agreement (as herein
defined) in lawful money of the United States and in immediately available funds, on the Revolving Credit Termination Date the principal amount of (a)             dollars
($                        ), or, if less, (b) the aggregate unpaid principal amount of all Swing Line Loans made by the Swing
Line Lender to the Borrower pursuant to the Credit Agreement, as hereinafter
defined. The Borrower further agrees to pay interest in like money at such office on the unpaid principal amount hereof from time to time outstanding at the rates and on the dates specified in
Section 2.15 of such Credit Agreement. 

        The
holder of this Note is authorized to endorse on the schedules annexed hereto and made a part hereto or on a continuation thereof which shall be attached hereto and made a part hereof
the date and amount of each Swing Line Loan made pursuant to the Credit Agreement and the date and amount of each payment or prepayment of principal thereof. Each such endorsement shall constitute  prima facie evidence of the accuracy of the information endorsed. The failure to make any such endorsement or any error in any such endorsement shall
not affect the obligations of the Borrower in respect of any Swing Line Loan. 

        This
Note (a) is one of the Swing Line Notes referred to in the Credit Agreement dated as of October    , 2002 (as amended, supplemented, replaced or otherwise modified
from time to time, the "Credit Agreement"), among the Borrower, the Swing Line Lender, the several banks and other financial institutions or entities
from time to time parties thereto, Deutsche Bank Securities Inc., as lead arranger and joint book running manager, Deutsche Bank Trust Company Americas, as administrative agent and swing line
lender, Banc of America Securities LLC, as lead arranger, joint book running manager and syndication agent, Bear, Stearns & Co. Inc., as arranger and joint book running manager, Bear
Stearns Corporate Lending Inc., as joint documentation agent, Dresdner Bank AG, New York Branch, as arranger and joint documentation agent, and J.P. Morgan Securities Inc., as joint
documentation agent, (b) is subject to the provisions of the Credit Agreement and (c) is subject to optional and mandatory prepayment in whole or in part as provided in the Credit
Agreement. This Note is secured and guaranteed as provided in the Loan Documents. Reference is hereby made to the Loan Documents for a description of the properties and assets in which a security
interest has been granted, the nature and extent of the security and the guarantees, the terms and conditions upon which the security interests and each guarantee were granted and the rights of the
holder of this Note in respect thereof. 

        Upon
the occurrence of any one or more of the Events of Default, all principal and all accrued interest then remaining unpaid on this note shall become, or may be declared to be,
immediately due and payable, all as provided in the Credit Agreement. 

G-3-1

 

        All
parties now and hereafter liable with respect to this Note, whether maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment, demand, protest and all
other notices of any kind. 

        Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 

        NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN OR IN THE CREDIT AGREEMENT, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AND
IN ACCORDANCE WITH THE REGISTRATION AND OTHER PROVISIONS OF SECTION 10.6 OF THE CREDIT AGREEMENT.

        THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

	 	 	WYNN LAS VEGAS, LLC,

a Nevada limited liability company,

as the Borrower
	

 	
 	

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:	 	 
	 	 	 	 	 	 	 	 	 	 	

G-3-2

 
Schedule A

to Swing Line Note  

 
 

LOANS AND REPAYMENTS OF SWING LINE LOANS    
  

	Date
 
	 	Amount of

Swing Line Loans
	 	Amount of Principal of Swing Line

Loans Repaid
	 	Unpaid Principal Balance of Swing

Line Loans
	 	Notation Made By

	 	 	 	 	 	 	 	 	 
	
	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	
	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	
	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	
	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	
	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	
	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	
	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	
	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	
	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	
	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	
	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	
	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	
	 	
	 	
	 	
	 	

G-3-3

QuickLinks

FORM OF

CREDIT AGREEMENT among WYNN LAS VEGAS, LLC, as the Borrower, The Several Lenders from Time to Time Parties Hereto, DEUTSCHE BANK SECURITIES INC., as Lead Arranger and Joint Book Running Manager, DEUTSCHE BANK
TRUST COMPANY AMERICAS, as Administrative Agent and Swing Line Lender, BANC OF AMERICA SECURITIES LLC, as Lead Arranger, Joint Book Running Manager and Syndication Agent, BEAR, STEARNS & CO. INC., as Arranger and Joint Book Running Manager, BEAR
STEARNS CORPORATE LENDING INC., as Joint Documentation Agent, DRESDNER BANK AG, NEW YORK BRANCH, as Arranger and Joint Documentation Agent, and J.P. MORGAN SECURITIES INC., as Joint Documentation Agent Dated as of October , 2002

TABLE OF CONTENTS

RECITALS

SECTION 1. DEFINITIONS

SECTION 2. AMOUNT AND TERMS OF COMMITMENTS

SECTION 3. LETTERS OF CREDIT

SECTION 4. REPRESENTATIONS AND WARRANTIES

SECTION 5. CONDITIONS PRECEDENT

SECTION 6. AFFIRMATIVE COVENANTS

SECTION 7. NEGATIVE COVENANTS

SECTION 8. EVENTS OF DEFAULT

THE AGENTS; THE ARRANGERS; THE MANAGERS

SECTION 10. MISCELLANEOUS

PRICING GRID FOR REVOLVING CREDIT LOANS, SWING LINE LOANS AND REVOLVING COMMITMENT FEES

MORTGAGED PROPERTY

CONSENTS, AUTHORIZATIONS, FILINGS AND NOTICES

TRADEMARKS, SERVICE MARKS AND TRADE NAMES

PATENTS

COPYRIGHTS

TRADE SECRETS

INTELLECTUAL PROPERTY LICENSES

SUBSIDIARIES

UCC FILING JURISDICTIONS—COLLATERAL

UCC FINANCING STATEMENTS TO REMAIN ON FILE

MORTGAGE FILING JURISDICTIONS

UCC FILING JURISDICTIONS—INTELLECTUAL PROPERTY COLLATERAL

MATERIAL CONTRACTS

REAL ESTATE

ASSESSMENTS

INSURANCE REQUIREMENTS

EXISTING INDEBTEDNESS

EXISTING LIENS

FORM OF MORTGAGE

DEED OF TRUST, [LEASEHOLD DEED OF TRUST,] ASSIGNMENT OF RENTS AND LEASES, SECURITY AGREEMENT AND FIXTURE FILING MADE BY , a , as Trustor, to Nevada Title Company, a Nevada corporation, as Trustee, for the benefit
of DEUTSCHE BANK TRUST COMPANY AMERICAS, in its capacity as Administrative Agent for the benefit of the Banks, as Beneficiary

TABLE OF CONTENTS

DEED OF TRUST, [LEASEHOLD DEED OF TRUST,] ASSIGNMENT OF RENTS AND LEASES, SECURITY AGREEMENT AND FIXTURE FILING

ARTICLE ONE COVENANTS OF TRUSTOR

ARTICLE TWO CREDIT AGREEMENT PROVISIONS

ARTICLE THREE DEFAULTS

ARTICLE FOUR REMEDIES

ARTICLE FIVE RIGHTS AND RESPONSIBILITIES OF TRUSTEE; OTHER PROVISIONS RELATING TO TRUSTEE

ARTICLE SIX MISCELLANEOUS PROVISIONS

ARTICLE SEVEN POWER OF ATTORNEY

SCHEDULE A DESCRIPTION OF LAND

[SCHEDULE B DESCRIPTION OF LEASED PREMISES]

FORM OF INDEMNITY AGREEMENT

FORM OF TERM NOTE

LOANS, CONVERSIONS AND REPAYMENTS OF BASE RATE LOANS

LOANS, CONTINUATIONS, CONVERSIONS AND REPAYMENTS OF EURODOLLAR LOANS

FORM OF REVOLVING CREDIT NOTE

LOANS, CONVERSIONS AND REPAYMENTS OF BASE RATE LOANS

LOANS, CONTINUATIONS, CONVERSIONS AND REPAYMENTS OF EURODOLLAR LOANS

FORM OF SWING LINE NOTE

LOANS AND REPAYMENTS OF SWING LINE LOANSQuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.63  

 
 

FORM OF    
    
    
    LOAN AGREEMENT    
    
    
    by and among    
    
    
    WYNN LAS VEGAS, LLC,
  AS BORROWER,
    
    
    
    WELLS FARGO BANK NEVADA, NATIONAL ASSOCIATION,
  NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS COLLATERAL AGENT,    
    
    

 and    
    
    
    THE PERSONS LISTED ON SCHEDULE IA HERETO,
  AS LENDERS    
    
    
    dated as of October    , 2002    
  

BANC OF AMERICA LEASING & CAPITAL, LLC

AND

DEUTSCHE BANK SECURITIES INC.,

AS JOINT LEAD ARRANGERS AND JOINT BOOK RUNNING MANAGERS  

  

 
 

Table of Contents    
  

	Section
 
	 	Heading
	 	Page

	SECTION 1.	 	DEFINITIONS	 	1
	 	Section 1.1.	 	Use of Defined Terms	 	1
	

SECTION 2.	
 	

CONDITIONS PRECEDENT TO DOCUMENT CLOSING DATE FUNDINGS; APPLICATION OF PAYMENTS	
 	

1
	 	Section 2.1.	 	Effectiveness of Loan Agreement	 	1
	 	Section 2.2.	 	[Reserved]	 	1
	 	Section 2.3.	 	Fundings Generally	 	1
	 	Section 2.4.	 	Preliminary Notice Review	 	3
	 	Section 2.5.	 	Advance Dates	 	3
	 	Section 2.6.	 	Mutilated, Destroyed, Lost or Stolen Notes	 	4
	 	Section 2.7.	 	Fees	 	4
	

SECTION 3.	
 	

OPTIONAL PAYMENTS; INTEREST AND PRINCIPAL PAYMENTS BY THE BORROWER	
 	

5
	 	Section 3.1.	 	Optional Payments of Principal	 	5
	 	Section 3.2.	 	Scheduled Payments of Principal; Mandatory Prepayments	 	5
	 	Section 3.3.	 	Interest Rates and Payment Dates	 	5
	 	Section 3.4.	 	Pro Rata Treatment and Payments	 	6
	 	Section 3.5.	 	Computations; Interest Rate Determination; Conclusive Determinations	 	6
	 	Section 3.6.	 	Highest Lawful Rate	 	7
	 	Section 3.7.	 	Adjustment	 	8
	 	Section 3.8.	 	Payments and Distributions	 	8
	

SECTION 4.	
 	

CONDITIONS PRECEDENT TO ADVANCES	
 	

9
	 	Section 4.1.	 	Conditions Precedent to the Initial Advance	 	9
	 	Section 4.2.	 	Conditions Precedent to Each Advance	 	10
	

SECTION 5.	
 	

REPRESENTATIONS AND WARRANTIES	
 	

10
	 	Section 5.1.	 	Representations and Warranties of the Borrower	 	10
	 	Section 5.2.	 	Representations and Warranties of Lenders	 	20
	 	Section 5.3.	 	Representations and Warranties of Collateral Agent	 	21
	

SECTION 6.	
 	

AFFIRMATIVE COVENANTS	
 	

22
	 	Section 6.1.	 	Financial Statements	 	22
	 	Section 6.2.	 	Certificates; Other Information	 	23
	 	Section 6.3.	 	Payment of Obligations	 	25
	 	Section 6.4.	 	Conduct of Business and Maintenance of Existence, Etc	 	25
	 	Section 6.5.	 	Maintenance of Property; Leases; Insurance	 	25
	 	Section 6.6.	 	Inspection of Property; Books and Records; Discussions	 	25
	 	Section 6.7.	 	Notices	 	25
	 	Section 6.8.	 	Environmental Laws; Permits	 	26
	 	Section 6.9.	 	[Intentionally Omitted]	 	27
	 	Section 6.10.	 	Additional Subsidiaries and Discharge of Liens	 	27
	 	Section 6.11.	 	Use of Proceeds	 	28
	 	Section 6.12.	 	Compliance with Laws, Project Documents, Etc.; Permits	 	28
	 	Section 6.13.	 	Further Assurances	 	28
	 	Section 6.14.	 	[Reserved]	 	29
	 	Section 6.15.	 	[Reserved]	 	29
	 	Section 6.16.	 	Use of Proceeds on Initial Advance Date	 	29

i

 

	 	Section 6.17.	 	Appraisal	 	29
	

SECTION 7.	
 	

NEGATIVE COVENANTS	
 	

29
	 	Section 7.1.	 	Financial Condition Covenants	 	29
	 	Section 7.2.	 	Limitation on Indebtedness	 	31
	 	Section 7.3.	 	Limitation on Liens	 	33
	 	Section 7.4.	 	Limitation on Fundamental Changes	 	34
	 	Section 7.5.	 	Limitation on Disposition of Property	 	35
	 	Section 7.6.	 	Limitation on Restricted Payments	 	37
	 	Section 7.7.	 	Limitation on Capital Expenditures	 	39
	 	Section 7.8.	 	Limitation on Investments	 	39
	 	Section 7.9.	 	Limitation on Optional Payments and Modifications of Governing Documents	 	40
	 	Section 7.10.	 	Limitation on Transactions with Affiliates	 	41
	 	Section 7.11.	 	Limitation on Sales and Leasebacks	 	42
	 	Section 7.12.	 	Limitation on Changes in Fiscal Periods	 	42
	 	Section 7.13.	 	Limitation on Negative Pledge Clauses	 	42
	 	Section 7.14.	 	Limitation on Restrictions on Subsidiary Distributions, Etc	 	42
	 	Section 7.15.	 	Limitation on Lines of Business	 	42
	 	Section 7.16.	 	Restrictions on Changes	 	42
	 	Section 7.17.	 	Limitation on Formation and Acquisition of Subsidiaries and Purchase of Capital Stock	 	43
	 	Section 7.18.	 	Limitation on Hedge Agreements	 	43
	 	Section 7.19.	 	Limitation on Sale or Discount of Receivables	 	43
	 	Section 7.20.	 	Limitation on Zoning and Contract Changes and Compliance	 	43
	 	Section 7.21.	 	No Joint Assessment; Separate Lots	 	44
	 	Section 7.22.	 	Restrictions on Payments of Management Fees	 	44
	 	Section 7.23.	 	Additional Material Contracts	 	44
	 	Section 7.24.	 	Lease Terminations	 	44
	

SECTION 8.	
 	

RISK OF LOSS; INSURANCE	
 	

45
	 	Section 8.1.	 	Casualty	 	45
	 	Section 8.2.	 	Insurance Coverages	 	48
	 	Section 8.3.	 	Insurance Certificates	 	49
	

SECTION 9.	
 	

EVENTS OF DEFAULT AND REMEDIES.	
 	

50
	 	Section 9.1.	 	Events of Default	 	50
	 	Section 9.2.	 	Remedies on Default	 	54
	 	Section 9.3.	 	Remedies on Aircraft Default	 	54
	

SECTION 10.	
 	

ASSIGNMENT BY LENDERS; PARTICIPATIONS	
 	

54
	 	Section 10.1.	 	Assignments	 	54
	 	Section 10.2.	 	Participations	 	55
	 	Section 10.3.	 	Pledges	 	56
	

SECTION 11.	
 	

THE COLLATERAL AGENT	
 	

56
	 	Section 11.1.	 	Appointment	 	56
	 	Section 11.2.	 	Delegation of Duties	 	56
	 	Section 11.3.	 	Exculpatory Provisions	 	56
	 	Section 11.4.	 	Reliance by Collateral Agent; Indemnity	 	56
	 	Section 11.5.	 	Notice of Default	 	57
	 	Section 11.6.	 	Non-Reliance on Collateral Agent and Other Lenders	 	58
	 	Section 11.7.	 	Indemnification	 	58

ii

 

	 	Section 11.8.	 	Collateral Agent in Its Individual Capacity	 	58
	 	Section 11.9.	 	Successor Collateral Agent	 	58
	 	Section 11.10.	 	Action upon Instructions	 	59
	

SECTION 12.	
 	

INDEMNITY	
 	

59
	 	Section 12.1.	 	General Indemnification	 	59
	 	Section 12.2.	 	General Tax Indemnity	 	60
	 	Section 12.3.	 	Gross Up	 	62
	 	Section 12.4.	 	Increased Capital Costs	 	63
	 	Section 12.5.	 	Environmental Indemnity	 	63
	 	Section 12.6.	 	Eurodollar Rate Illegal, Unavailable or Impracticable	 	64
	 	Section 12.7.	 	Funding Losses	 	64
	 	Section 12.8.	 	Actions of Lenders	 	65
	

SECTION 13.	
 	

GENERAL CONDITIONS	
 	

65
	 	Section 13.1.	 	Payment of Transaction Costs and Other Costs	 	65
	 	Section 13.2.	 	Effect of Waiver	 	65
	 	Section 13.3.	 	Survival of Covenant	 	65
	 	Section 13.4.	 	Applicable Law	 	65
	 	Section 13.5.	 	Effect and Modification	 	65
	 	Section 13.6.	 	Notices	 	66
	 	Section 13.7.	 	Consideration for Consents to Waivers and Amendments	 	67
	 	Section 13.8.	 	Severability	 	68
	 	Section 13.9.	 	Successors and Assigns	 	68
	 	Section 13.10.	 	No Third-Party Beneficiaries	 	68
	 	Section 13.11.	 	Brokers	 	68
	 	Section 13.12.	 	Captions; Table of Contents	 	68
	 	Section 13.13.	 	Schedules and Exhibits	 	68
	 	Section 13.14.	 	Submission to Jurisdiction	 	68
	 	Section 13.15.	 	Jury Trial	 	69
	 	Section 13.16.	 	Role of Banc of America Leasing & Capital, LLC and Deutsche Bank Securities Inc.	 	69
	 	Section 13.17.	 	Confidentiality	 	69
	 	Section 13.18.	 	Gaming Authorities	 	69
	 	Section 13.19.	 	Trust Agreement	 	69
	Signature Page	 	70

iii

  

	APPENDICES
	

Appendix I	
 	

—	
 	

Definitions
	
SCHEDULES
	
SCHEDULE IA1	
 	

—	
 	

Lenders' Commitment Percentage
	SCHEDULE IA2	 	—	 	Lenders' Allocated Commitment Amount
	SCHEDULE IB	 	—	 	Addresses for Notice and Payment
	SCHEDULE II	 	—	 	Principal Payment Schedule
	Schedule 4.4	 	—	 	Consents, Authorizations, Filings and Notices
	Schedule 4.9(b)	 	—	 	Trademarks, Service Marks and Trade Names
	Schedule 4.9(c)	 	—	 	Patents
	Schedule 4.9(d)	 	—	 	Copyrights
	Schedule 4.9(e)	 	—	 	Trade Secrets
	Schedule 4.9(f)	 	—	 	Intellectual Property Licenses
	Schedule 4.15	 	—	 	Subsidiaries
	Schedule 4.19(a)(1)	 	—	 	UCC Financing Jurisdictions and UCC Financing Statements To Remain on File
	Schedule 4.24	 	—	 	Material Contracts
	Schedule 4.25(a)	 	—	 	Real Estate
	Schedule 4.25(b)	 	—	 	Assessments
	Schedule 7.2(d)	 	—	 	Existing Indebtedness
	Schedule 7.3(f)	 	—	 	Existing Liens
	
EXHIBITS
	
EXHIBIT A	
 	

—	
 	

Form of Note
	EXHIBIT B	 	—	 	[Reserved]
	EXHIBIT C	 	—	 	Form of Opinion of FAA Counsel to the Borrower and each Guarantor
	EXHIBIT D	 	—	 	[Reserved]
	EXHIBIT E	 	—	 	Form of Officer's Certificate of the Borrower
	EXHIBIT F	 	—	 	Form of Assignment and Assumption Agreement
	EXHIBIT G	 	—	 	Form of Disbursement Agreement
	EXHIBIT H	 	—	 	Form of Intercompany Note
	EXHIBIT I	 	—	 	Form of FF&E Guaranty
	EXHIBIT J	 	—	 	Form of the Borrower Security Agreement
	EXHIBIT K	 	—	 	Form of Aircraft Security Agreement
	EXHIBIT L	 	—	 	Form of the Borrower Aircraft Assignment
	EXHIBIT M	 	—	 	Form of Insurance Consultant Certificate

iv

 
 

FORM OF    
    
    WYNN LAS VEGAS, LLC    
    
    LOAN AGREEMENT    
  

        This LOAN AGREEMENT, dated as of October     , 2002 (as amended, supplemented or otherwise
modified from time to time, this "Loan Agreement"), is by and among WYNN LAS VEGAS, LLC, a Nevada limited liability company (the  "Borrower"), WELLS FARGO
BANK NEVADA, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity (except as specifically set
forth herein), but solely as collateral agent (the "Collateral Agent") and the Persons listed on Schedule
IA hereto, as Lenders (each individually, together with any permitted successors and assigns, a "Lender," and, collectively, the  "Lenders"). 

WITNESSETH:  

        WHEREAS, the Lenders shall, on the terms and subject to the conditions hereinafter set forth, make loans to the Borrower on each Advance Date; and 

        WHEREAS,
the Borrower will use the proceeds of such Loans (i) to make an intercompany loan to World Travel, (ii) to purchase, finance and/or refinance the acquisition of
the Equipment and (iii) to pay Transaction Costs; 

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

SECTION 1.    DEFINITIONS. 

        Section 1.1.    Use of Defined Terms.    Unless the context shall otherwise require, capitalized terms used and
not defined herein shall have the meanings assigned thereto in Appendix I hereto (whether directly or by reference) for all purposes hereof; and
the rules of interpretation set forth in Appendix I hereto shall apply to this Loan Agreement. 

SECTION 2.    CONDITIONS PRECEDENT TO DOCUMENT CLOSING DATE; FUNDINGS; APPLICATION OF PAYMENTS. 

        Section 2.1.    Effectiveness of Loan Agreement.    This Loan Agreement shall be effective as of the Document
Closing Date upon the satisfaction, and/or waiver by each of the Lenders, of each of the conditions precedent described in Section 3.1 of the Disbursement Agreement. 

        All
documents and instruments required to be delivered on the Document Closing Date to any party shall be delivered at the offices of Latham & Watkins (Los Angeles, California),
or at such other location as the Collateral Agent and the Borrower may agree. The release by any party of its counterparts to this Loan Agreement shall constitute conclusive evidence of its
satisfaction with the form and substance of each of the items so delivered under this Section 2.1. 

        Section 2.2.    [Reserved].    

        Section 2.3.    Fundings Generally.    

        (a)(i)Subject
to the terms and conditions of this Loan Agreement and in reliance on the representations and warranties of each of the parties hereto contained herein or
made pursuant hereto, upon receipt of the initial Advance Request, on the Initial Advance Date, each Lender shall make an Advance to the Borrower, which Advance shall be loaned by the Borrower to
World Travel pursuant to the Intercompany Note, by making available by wire transfer in accordance with the instructions set forth in such Advance Request pursuant to  Section 2.3(c) an amount in
immediately available funds on the Initial Advance Date equal to such Lender's Aircraft Commitment Percentage of the
aggregate amount of such requested Advance. 

 

        (ii)  Subject
to the terms and conditions of this Loan Agreement and in reliance on the representations and warranties of each of the parties hereto contained herein or made
pursuant hereto, upon receipt of an Advance Request, on each Advance Date (other than Initial Advance Date), each Lender shall make an Advance to the Borrower for the payment of the Purchase Price of
the Items of Equipment being acquired on such Advance Date by making available to Disbursement Agent by wire transfer in accordance with the instructions set forth in the Advance Request an amount in
immediately available funds on such Advance Date equal to (A) such Lender's Gaming Commitment Percentage of the aggregate amount of the requested Advance which represents the Purchase Price of
Gaming Equipment and (B) such Lender's Non-Gaming Equipment Commitment Percentage of the aggregate amount of the requested Advance which represents the Purchase Price of
Non-Gaming Equipment. 

        (b)    Notes.    Each Lender's Commitment shall be evidenced by a note (a  "Note") issued by the Borrower to such Lender and repayable in accordance with, and with Interest accruing pursuant to, the terms of this Loan
Agreement. 

        (c)    Advances to the Borrower.    (i) Subject to clauses (ii)
and (iii) below, any Advance required to be made by a Lender pursuant to any Operative Document shall be made by the Lenders depositing funds into the
Collection Account (as referenced in Section 2.3.3 of the Disbursement Agreement) in the amount of such Advance to be disbursed by the Borrower or by the Disbursement Agent on behalf of the
Borrower to the applicable Seller or, with respect to Transaction Costs, the Persons entitled thereto. Such funding by the Lenders shall be deemed to constitute (A) the required funding from
the Lenders pursuant to this Loan Agreement and the Disbursement Agreement and (B) the corresponding Advance to the Borrower. 

        (ii)  Notwithstanding
the foregoing, the Advance required to be made by the Lenders on the Initial Advance Date shall be made by the Lenders depositing funds into the account
of the Collateral Agent for further distribution to the lender under the Original Aircraft Financing Documents or the Company's Funds Account (as defined in the Disbursement Agreement) as appropriate.
Such Funding shall represent a loan to the Borrower which shall be forwarded on behalf of the Borrower's obligation to fund the Intercompany Note and shall be further forwarded in part to the lender
under the Original Aircraft Financing a Documents on behalf of World Travel's use of the proceeds of such Intercompany Note. 

        (iii)  Notwithstanding
the foregoing, the Advance required to be made by the Lenders pursuant to Section 2.8 of the Disbursement Agreement and which represents the
FF&E Reimbursement Advance (as defined in the Disbursement Agreement) shall be made by the Lenders depositing funds into the Company's Funds Account (as defined in the Disbursement Agreement). 

        (d)    Advances; Limitations and Limits.    In addition to any other provision hereof, Lenders shall not be obligated
to make an Advance to the Borrower, and no Lender shall be obligated to fund any Loan to the Disbursement Agent, if, after giving effect to such Advance or Funding, (i) the aggregate
outstanding amount of Loans would exceed the Aggregate Commitment Amount, (ii) the aggregate
amount of funds so provided by such Lender or Funding would exceed the amount of its Commitment in the aggregate or (iii) the aggregate amount of funds so provided by such Lender or Funding
would exceed the amount of its Allocated Commitment with respect to the Type of Equipment or the Aircraft to be funded with such Advance. 

        There
shall be no more than one Advance made during any calendar month, which shall be made on the Advance Date occurring in such month. Each Advance shall be in a minimum amount not
less than the lesser of $1,000,000 or the combined available Commitment of all of the Lenders with respect to such Type of Equipment or such other amount as the Borrower and Collateral Agent shall
agree. All remittances made by Lenders for the funding of any Advance (other than on the Initial Advance Date) 

2

 

shall be made in immediately available federal funds by wire transfer to the Collection Account for deposit not later than 12:00 p.m. New York time, on the applicable Advance Date. The Funding
by each Lender to the Collection Account of its respective portion of an Advance shall constitute authorization and direction by such party to Disbursement Agent to make an advance pursuant to the
Operative Documents. 

        (e)    Termination of Commitments.    Notwithstanding anything in this Loan Agreement to the contrary, the Commitments
shall terminate and no Lender shall be obligated to make any fundings in respect of any Advance, and no Advance Date may thereafter occur upon the occurrence of the earlier of
(A) 3:00 p.m., New York time on the Commitment Termination Date and (B) a termination of the Lenders' Commitments pursuant to  Section 9.1. 

        Section 2.4.    Preliminary Notice Review.    

        (a)    Preliminary Notice.    Pursuant to the terms of Section 2.4.1(c) of the Disbursement Agreement, the
Borrower and/or the Disbursement Agent, as applicable, shall deliver to Collateral Agent a copy of Appendix XI to the preliminary Advance Request and upon receipt thereof, Collateral Agent
shall promptly forward such copy of Appendix XI to the preliminary Advance Request to each Lender. 

        (b)    Review.    The Lenders shall have the right to disapprove any items of Eligible FF&E Collateral (as defined
in
the Disbursement Agreement) listed by the Borrower in Appendix XI to the Company's preliminary Advance Request as items to be funded in part by the Loans; provided,
however, that any Lender's failure to so disapprove any items of Eligible FF&E Equipment identified by the Borrower on such Appendix XI within 5 Business Days from the
Borrower's delivery thereof shall be deemed to constitute such Lenders' approval thereof and the items of Eligible FF&E Equipment identified on such Appendix XI shall be funded in part by the
Loans. 

        (c)    Approval.    In the event the Collateral Agent shall have received notice of the disapproval by the Required
Lenders of all or any portion of the Eligible FF&E Collateral, the Collateral Agent shall so
inform the Disbursement Agent pursuant to the terms of Section 2.4.1(e) of the Disbursement Agreement. 

        Section 2.5.    Advance Dates.    

        (a)    Notice and Closing.    Pursuant to the terms of Section 2.4.3 of the Disbursement Agreement, the
Borrower and/or the Disbursement Agent, as applicable, shall deliver to Collateral Agent an irrevocable and final written notice substantially in the form of Exhibit C-1 to the
Disbursement Agreement (an "Advance Request"), (and upon receipt thereof, Collateral Agent shall promptly forward such Advance Request to each Lender)
setting forth: 

          (i)  the
proposed Advance Date; 

        (ii)  a
description of the Items of Equipment to be acquired and the Purchase Price (including a detailed description of the Transaction Costs to be funded by such Advance)
applicable to each such Item of Equipment; 

        (iii)  a
statement of the amount of the requested Advance; 

        (iv)  a
certification by the Borrower that (A) such Advance complies with the limitations and conditions set forth in  Section 2.3(d), and (B) all conditions to the making of such Advance under
 Section 4 have been satisfied except to the extent previously waived; and 

        (v)  wire
transfer instructions for the disbursement of the appropriate amount of funds to the appropriate account for disbursement in the manner described in  Section 2.3. 

        All
documents and instruments required to be delivered on any Advance Date pursuant to the Operative Documents shall be delivered to the Collateral Agent, or at such other location as
the 

3

 

Collateral Agent and the Borrower may agree. On the scheduled Advance Date, and subject to the satisfaction of the conditions set forth in this  Section 2.5(a) and in Section 4, Lenders shall fund the amount of the Advance by wire
transfer to the appropriate account for disbursement in the manner described in Section 2.3. 

        (b)    Commitment.    Subject to compliance by the Borrower with the terms of this Loan Agreement and the satisfaction
or waiver of the conditions set forth in this Section 2 and in Section 4, the Lenders
shall disburse the respective amounts of their Commitments in accordance with the requirements of this Loan Agreement and the other Operative Documents. 

        (c)    Notes; Notations.    Each Lender is hereby authorized to record the date and amount of each funding made in
respect of an Advance, each payment or repayment of principal and the length of each Payment Period with respect thereto on the grid annexed to and constituting a part of each Note issued to such
Lender, and any such recordation shall constitute prima facie evidence of the accuracy of the information so recorded; provided, that the failure to
make any such recordation or any errors in such recordation shall not affect the obligation of the Borrower to pay principal and Interest. 

        Section 2.6.    Mutilated, Destroyed, Lost or Stolen Notes.    (a) If any Note shall become mutilated,
destroyed, lost or stolen, then upon the written request of the affected Lender, the Borrower shall execute and deliver to the affected Lender a new Note. Such new Note shall be: (i) recorded
in the name in which such mutilated, destroyed, lost or stolen Note was recorded; (ii) in the same original face amount as such mutilated, destroyed, lost or stolen Note; and (iii) dated
the date of such mutilated, destroyed, lost or stolen Note. If the Note being replaced has become mutilated, it shall be surrendered to the Borrower. If the Note being replaced has been destroyed,
lost or stolen, the affected Lender shall furnish to the Borrower such security or indemnity as reasonably may be required by it to save the Borrower harmless from any loss and evidence satisfactory
to the Borrower of the destruction, loss or theft of such Note and the ownership thereof. Upon request, the Collateral Agent shall advise the affected Lender of: (i) the aggregate principal
amount of, and the aggregate accrued Interest on, such mutilated, destroyed, lost or stolen Note that were paid to any Lender thereof at any time prior to the delivery of such new Note; and
(ii) the date to which Interest on such mutilated, destroyed, lost or stolen Note had been paid to any Lender thereof at the time of such delivery. 

        (b)  Any
duplicate Note issued pursuant to this Section 2.6 shall constitute complete and indefeasible evidence of
ownership of such Note, as if originally issued, whether or not the lost, stolen or destroyed Note shall be found at any time. 

        Section 2.7.    Fees.    The Borrower agrees to pay the fees set forth below (collectively, the  "Fees"): 

        (a)  on
each Payment Date to each Lender, for its own account, a fee in an amount equal to (i) during the period from the Document Closing Date to, but not including,
January 1, 2003, the product of 2.50% per annum multiplied by the amount of its Commitment that has not been funded on an Advance Date,
(ii) during the period from and including January 1, 2003 to, but not including, July 1, 2003, the product of 3.00% per annum multiplied
by the amount of its Commitment that has not been funded on an Advance Date and (iii) from and after July 1, 2003, the product of 4.00% per annum  multiplied by the
amount of its Commitment that has not been funded on an Advance Date (a "Commitment
Fee"); 

        (b)  on
the Document Closing Date, to the Collateral Agent for the benefit of each Lender, a fee in an amount as described in each Lender's respective Participation Fee
Letter (the "Participation Fee"); 

        (c)  to
Trust Company, for its own account, the fees set forth in the Collateral Agent Fee Letter, payable in the amounts and on the dates set forth therein; and 

        (d)  on
the Document Closing Date, to each Arranger, its respective Arrangement Fee. 

4

   SECTION 3.    OPTIONAL PAYMENTS; INTEREST AND PRINCIPAL PAYMENTS BY THE BORROWER. 

        Section 3.1.    Optional Payments of Principal.    

        (a)    Prepayment Option.    On any Payment Date occurring after the one year anniversary of the Initial Amortization
Date or on any Payment Date in connection with a prepayment following a Disposition permitted by Section 7.5(e) or  Section 7.5(p), upon at least
30 days' advance written notice from the Borrower to Collateral Agent and the Lenders, the Borrower may
prepay (the "Prepayment Option") all, or, from time to time, any part, of the Loans, in amount not less than the Minimum Prepayment Amount in the case
of a partial prepayment, at a price equal to the sum of (i) the Loan Balance to be so prepaid, plus (ii) all accrued but unpaid Interest
thereon, plus (iii) the Applicable Administrative Charge, if any, plus (iv) any fees or
other amounts owed under the Operative Documents payable by the Borrower. In the case of any partial prepayment, the Loan Balance to be prepaid shall be allocated among all of the Notes at the time
outstanding in proportion, as nearly as practicable, to the respective unpaid Loan Balance thereof and the Loan Balance to be prepaid with respect to any such Note shall be allocated  pro rata by such
Lender between the Allocated Aircraft Value and the Allocated Equipment Value represented by such Note in proportion, as nearly as
practicable, to the respective Allocated Aircraft Value and Allocated Equipment Value represented by the unpaid Loan Balance thereof. 

        (b)    Bank Prepayment Option.    Pursuant solely to the terms of Section 6 of the FF&E Intercreditor
Agreement, the Eligible Payor (as defined in the FF&E Intercreditor Agreement) on behalf of the Borrower, may prepay (the "Bank Prepayment Option") all
of the Loan Balance representing the Allocated Equipment Value, at a price equal to the sum of (i) the Allocated Equipment Value, plus
(ii) all accrued but unpaid Interest thereon, plus (iii) the Applicable Administrative Charge which relates to such Allocated Equipment
Value, if any, plus (iv) any accrued but unpaid fees or other amounts owed under the Loan Documents payable by the Borrower. 

        (c)    Completion Prepayment Option.    In the event the Collateral Agent shall receive any remaining funds on deposit
in the FF&E Proceeds Account (as defined in the Disbursement Agreement) pursuant to Section 2.9(e) of the Disbursement Agreement, the Collateral Agent shall, on behalf of the Borrower, prepay,
to the extent of such remaining funds, the Loans which comprise such remaining funds, together with all accrued and unpaid Interest thereon. In the case of any such prepayment, the Loan
Balance to be prepaid shall be allocated among the Notes held by the Lenders who Advanced such funds in proportion, as nearly as practicable, to the respective unpaid Loan Balance thereof. 

        Section 3.2.    Scheduled Payments of Principal; Mandatory Prepayments.    (a) The Borrower shall pay to
the Collateral Agent for the pro rata benefit of the Lenders the Required Prepayments, such payments to be due on each Payment Date in the amounts set
forth on Schedule II hereto. 

        (b)  The
Borrower shall pay the unpaid principal amount of the Loans, in full, together with (i) Interest accrued thereon to the date of payment, and (ii) all
other amounts then due and payable by the Borrower hereunder or under the other Operative Documents to the Lenders, including, without limitation, any Applicable Administrative Charge, on the Maturity
Date. 

        (c)  Upon
the occurrence of a Casualty with respect to a portion of the Collateral that is not replaced pursuant to  Section 8.1 hereof, the Borrower shall pay, subject to the FF&E Intercreditor Agreement
and  Section 3.8, to each Lender its pro rata portion of the Casualty Amount of such Collateral, such
payment to be due on the date specified for payment with respect to such Casualty in Section 8.1 hereof. 

        Section 3.3.    Interest Rates and Payment Dates.    (a) Each Loan shall bear Interest at the Interest
Rate then in effect on the Loan Balance thereof. 

5

 

        (b)  If
all or a portion of the principal amount of, or accrued Interest on, any Loan, or any other amount payable hereunder, shall not be paid when due (whether at the
stated maturity, by acceleration or otherwise), such overdue amount shall, without limiting the rights of the Lenders under any Operative Document, bear interest at the rate per annum which is the
greater of (i) 2% above the applicable Interest Rate then in effect and (ii) 2% above the Base Rate (the "Overdue
Rate"), in each case from the date due until payment is made. Such overdue interest shall be payable on demand. 

        (c)  Interest
on each Loan shall be payable in arrears on each Payment Date, the Maturity Date and on any other day on which the Loan Balance, or a portion thereof, is to be
reduced pursuant to the terms and conditions of this Loan Agreement and the other Loan Documents; provided that (i) Interest accruing pursuant to  clause (b)
 shall be payable from time to time on demand and (ii) each prepayment of the Loans shall be accompanied by accrued Interest to
the date of such prepayment on the amount prepaid, plus Applicable Administrative Charge. 

        Section 3.4.    Pro Rata Treatment and Payments.    Subject to Sections
3.7 and 3.8, each payment (including, without limitation, each Required Prepayment and any payment of the Prepayment Option) by
the Borrower on account of principal of and Interest on the Loans shall be made by the Borrower to Collateral Agent and allocated by the Collateral Agent pro
rata among the Lenders according to the respective outstanding principal amounts of the Loans then held by each such Lender and to the extent such payment represents a Required
Prepayment or other payment on account of principal of the Loans such payment shall be allocated pro rata by such Lender between the Allocated Aircraft
Value and Allocated Equipment Value in proportion, as nearly as practicable, to the respective Allocated Aircraft Value and Allocated Equipment Value represented by the unpaid Loan Balance thereof.
Subject to Sections 3.7 and 3.8, all payments (including, without limitation, each Required Prepayment
and any payment of the Prepayment Option) to be made by the Borrower hereunder and under the Notes, whether on account of principal, Interest or otherwise, shall be made without setoff or counterclaim
and shall be made by the Borrower to Collateral Agent, for the benefit of the Lenders, prior to 1:00 p.m. New York City time, to Collateral Agent's Payment Office (or to such other office as
may be designated by Collateral Agent from time to time in a written notice pursuant to Section 13.6) in funds consisting of lawful currency of
the United States of America which shall be immediately available on the scheduled date when such payment is due. Payments received after 1:00 p.m., New York City time, on the date due shall be
deemed received on the next succeeding Business Day and shall be subject to interest at the Overdue Rate as provided in Section 3.3(b). 

        Section 3.5.    Computations; Interest Rate Determination; Conclusive Determinations.    

        (a)    Computations.    All computations of interest at the Base Rate shall be made on the basis of a year of
365—or 366—days, as the case may be, and actual days elapsed. All other computations of accrued amounts pursuant to the Loan Documents shall be made on the basis of actual
number of days elapsed in a 360-day year with respect to any determination. The Collateral Agent shall, as soon as practicable, but in no event later than 12:00 noon New York time, one
(1) Business Day prior to the effectiveness of each Interest Rate, calculate such Interest Rate and notify the Borrower and each Lender thereof;  provided that the failure to give or receive any
such notice shall not limit the Borrower's obligations under this Loan Agreement or any other Loan
Document. 

        (b)    Interest Rate Determination.    So long as no Default or Event of Default shall have occurred and be
continuing, the Borrower may, by irrevocable written notice delivered to the Collateral Agent and each of the Lenders at least three Business Days prior to the initial day of an Interest Period,
specify whether the Interest Rate to be applied during such Interest Period shall be the Adjusted Eurodollar Rate or the Base Rate and in the event that the Adjusted Eurodollar Rate is to so apply,
the applicable Interest Period. If the Collateral Agent and each of the Lenders shall not have received such written notice, the Borrower shall be deemed to have selected a rate 

6

 

per annum equal to the Base Rate. Notwithstanding the foregoing, if a Default or Event of Default shall exist at time such selection is to be made, the applicable Interest Rate specified by the
Borrower for such Interest Period shall be deemed to be the Overdue Rate. 

        (c)    Conclusive Determinations.    Each calculation of the Interest Rate by the Collateral Agent pursuant to any
provisions of this Loan Agreement or any of the other Loan Documents shall be prima facie evidence of the amounts owed. 

        Section 3.6.    Highest Lawful Rate.    It is the intention of the parties hereto to conform strictly to
applicable usury laws and, anything herein to the contrary notwithstanding, the obligations of the Borrower to the Lenders under this Loan Agreement and the Notes shall be subject to the limitation
that payments of interest or of other amounts constituting interest under any Requirement of Law shall not be required to the extent that receipt thereof would be in excess of the Highest Lawful Rate,
or otherwise contrary to provisions of law applicable to the recipient limiting rates of interest which may be charged or collected by the recipient. Accordingly, if the transactions or the amount
paid or otherwise agreed to be paid for the use, forbearance or detention of money under this Loan Agreement, the Notes or any other Loan Document would exceed the Highest Lawful Rate or otherwise be
usurious under any Requirement of Law (including, without limitation, the federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable)
with respect to the recipient of any such amount, then, in that event, notwithstanding anything to the contrary in this Loan Agreement, the Notes or any other Loan Document, it is agreed as follows as
to the recipient of any such amount: 

          (i)  the
provisions of this Section 3.6 shall govern and control over any other provision in this Loan Agreement, the
Notes and any other Loan Document, and each provision set forth therein is hereby so limited; 

        (ii)  the
aggregate of all consideration which constitutes interest under any Requirement of Law that is contracted for, charged or received under this Loan Agreement, the
Notes or any other Loan Document shall under no circumstances exceed the maximum amount of interest allowed by such Requirement of Law (such maximum lawful interest rate, if any, with respect to such
recipient herein called the "Highest Lawful Rate"), and all amounts owed under this Loan Agreement, the Notes and any other Loan Document shall be held
subject to reduction and: (A) the amount of interest which would otherwise be payable to the recipient hereunder and under the Notes and any other Loan Document shall be automatically reduced
to the amount allowed under such Requirement of Law, and (B) any unearned interest paid in excess of the Highest Lawful Rate shall be credited to the payor by the recipient (or, if such
consideration shall have been paid in full, refunded to the payor); 

        (iii)  all
sums paid, or agreed to be paid for the use, forbearance and detention of the money under this Loan Agreement, the Notes or any other Loan Document shall, to the
extent permitted by any Requirement of Law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is
uniform throughout the full term thereof; and 

        (iv)  if
at any time the interest, together with any other fees, late charges and other sums payable pursuant to or in connection with this Loan Agreement, the Notes and any
other Loan Document executed in connection herewith or therewith and deemed interest under any Requirement of Law, exceeds that amount which would have accrued at the Highest Lawful Rate, the amount
of interest and
any such fees, charges and sums to accrue to the recipient of such interest, fees, charges and sums pursuant to the Loan Documents shall be limited, notwithstanding anything to the contrary in the
Loan Documents, to that amount which would have accrued at the Highest Lawful Rate for the recipient, but any subsequent reductions, as applicable, shall not reduce the interest to accrue pursuant to
the Loan Documents below the recipient's Highest 

7

 

Lawful Rate until the total amount of interest payable to the recipient (including all consideration which constitutes interest) equals the amount of interest which would have been payable to the
recipient (including all consideration which constitutes interest), plus the amount of fees which would have been received but for the effect of this  Section 3.6. 

        Section 3.7.    Adjustment.    If any Lender shall obtain any payment (whether voluntary, involuntary, through
the exercise of any right of set-off, or otherwise) on account of the Loan made by it in excess of its ratable share of payments on account of the Loan made by all the Lenders, such Lender
shall forthwith purchase from the other Lenders such participation in the Loans owing to them as shall be necessary to cause such purchasing Lender to share the excess payment ratably, in the
proportion that such Lender's Loan to which the payment applies bears to the total of all Loans to which the payment applies, provided, however, that if
all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and such Lender shall repay to the purchasing Lender
the purchase price to the extent of such recovery together with an amount equal to such Lender's ratable share (according to the proportion of (i) the amount of such lender's required repayment
to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount so recovered. The Borrower agrees that any Lender so purchasing a participation from another
Lender pursuant to this Section 3.7 may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of
set-off) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the amount of such participation. 

        Section 3.8.    Payments and Distributions.    (a) Subject to clauses
(c) and (d) below, upon the occurrence of a Casualty, the exercise of the Prepayment Option in connection with a prepayment
following a Disposition permitted by Section 7.5(e) or Section 7.5(p) the exercise of the
Bank Prepayment Option, or following the exercise of remedies by any Lender or by the Collateral Agent on its behalf, all payments to be made by Borrower relating thereto, all proceeds of Collateral
and all related payments due and payable to the Lenders pursuant to any other Operative Document, shall, to the extent readily attributable to a Type of Equipment or the Aircraft, be distributed by
the Collateral Agent as follows: 

          (i)  first,

        (A)  in
the case of any amount which is attributable to the Aircraft, to each of the Lenders an amount equal to such Lender's Aircraft Commitment Percentage of the aggregate
amount, until all amounts due and owing each Lender whose Loans were used to refinance the Aircraft, to the extent of such Lender's Allocable Aircraft Value, have been paid in full; 

        (B)  in
the case of any amount which is attributable to the Gaming Equipment, to each of the Lenders an amount equal to such Lender's Gaming Equipment Commitment Percentage
of the aggregate amount, until all amounts due and owing each Lender whose Loans were used to pay the Purchase Price of Gaming Equipment, to the extent of such Lender's Allocable Equipment Value for
Gaming Equipment, have been paid in full; 

        (C)  in
the case of any amount which is attributable to the Non-Gaming Equipment, to each of the Lenders an amount equal to such Lender's Non-Gaming
Equipment Commitment Percentage of the aggregate amount, until all amounts due and owing each Lender whose Loans were used to pay the Purchase Price of Non-Gaming Equipment, to the extent
of such Lender's Allocable Equipment Value for Gaming Equipment, have been paid in full; 

        (ii)  second,
to the remaining Lenders pursuant to clause (b) below. 

        (b)  Any
payments to be made by Borrower relating to the exercise of remedies by any Lender or by the Collateral Agent on its behalf, any proceeds of Collateral, any transfer
or assignment of claim relating to the Notes in a bankruptcy and all related payments due and payable to the Lenders pursuant to any other Operative Document, which are not readily attributable to a
Type of Equipment 

8

 

or the Aircraft, shall, to such extent, be distributed by Collateral Agent pro rata among the Lenders according to the respective outstanding principal
amounts of the Loans then held by each such Lender and to the extent such payment represents a Required Prepayment or other payment on account of principal of the Loans such payment shall be allocated  pro rata by such Lender between the Allocated Aircraft Value and Allocated Equipment Value in proportion, as nearly as practicable, to the respective
Allocated Aircraft Value and Allocated Equipment Value represented by the unpaid Loan Balance thereof. 

        (c)  In
case moneys with respect to any Type of Equipment or the Aircraft are insufficient to pay in full the whole amount due, owing or unpaid to the Lenders whose Loans
were used to pay the Purchase Price of such Type of Equipment or refinance the Aircraft, as applicable, then application shall be made first to any unpaid accrued Interest, second to any Supplemental
Payments and third to the Loan Balances. Any Supplemental Payments received by Collateral Agent shall be paid by Collateral Agent to the Person to whom such Supplemental Payments are payable under the
provisions of the Operative Documents. 

        (d)  In
the event that at the time of any payment or distribution of proceeds to which this Section 3.8 applies, a
Lender has not Funded its full Commitment with respect to a Type of Equipment or the Aircraft, each Lender's Commitment Percentage with respect to such Type of Equipment or Aircraft shall be adjusted
to reflect the percentage amount of Credit Exposure of such Lender compared to the Credit Exposure of all Lenders whose Loans were used to pay the Purchase Price of such Type of Equipment or refinance
the Aircraft, as applicable. 

SECTION 4.    CONDITIONS PRECEDENT TO ADVANCES.    

        Section 4.1.    Conditions Precedent to the Initial Advance.    The obligations of the Lenders to make the
related Funding of their Loans on the Initial Advance Date are subject to the satisfaction or waiver on or prior to the Initial Advance Date of the following conditions precedent: 

        (a)    Notice.    The Borrower shall have delivered to the Collateral Agent the Advance Request and Notices of Funding
Request with respect to the Loans requested on the Initial Advance Date and the Disbursement Agent shall have delivered to the Collateral Agent related Advance Confirmation Notice, in each case in the
form, at the times and as required under Section 2.4.3 of the Disbursement Agreement and in accordance with the procedures specified in Section 2.4.3 thereof. 

        (b)    Satisfaction of Disbursement Agreement Conditions Precedent.    All conditions precedent described in
Section 3.1 of the Disbursement Agreement shall have been satisfied or waived in accordance with the terms of the Disbursement Agreement. 

        (c)    [Intentionally Omitted.]    

        (d)    Airworthiness.    With respect to Aircraft, the Collateral Agent shall have received a copy of a certificate of
airworthiness issued by the FAA. 

        (e)    Filings and Recordation.    With respect to the Aircraft, there shall have been duly filed for recordation with
the FAA, the Aircraft Security Agreement with respect to the Aircraft; all necessary action has been taken for the Aircraft to be duly registered with the FAA in the name of the Aircraft Trustee. 

        (f)    Release.    Each of the Collateral Agent and the Lenders shall have received evidence reasonably satisfactory
to it and its counsel, that the Original Aircraft Financing Documents, including any Lien thereunder, have been paid in full and released. 

9

  

        (g)    Documents.    Each of the Collateral Agent and the Lenders shall have received copies of the fully executed and
delivered Intercompany Note, Aircraft Security Agreement, Borrower Aircraft Assignment, Aircraft Trust Agreement and Aircraft Operating Agreement, and the same shall be in full force and effect. 

        (h)    Insurance.    Each of the Collateral Agent and the Lenders shall have received evidence reasonably satisfactory
to it and its counsel, that the insurance with respect to the Aircraft required by Section 8.2 has been obtained. 

        (i)    Opinions.    Each of the Collateral Agent and the Lenders shall have received favorable opinions of
McAfee & Taft, special FAA counsel, substantially in the form attached hereto as Exhibit C. 

        (j)    Searches.    Each of the Collateral Agent and the Lenders shall have received copies of FAA lien searches with
respect to the Aircraft. 

        (k)    Appraisal.    Each of the Collateral Agent and the Lenders shall have received a copy of an Appraisal of the
Aircraft in form and substance reasonably satisfactory to it and its counsel. 

        (l)    Consent.    Las Vegas Jet shall have evidenced its consent to the execution and delivery of the Aircraft
Security Agreement and Borrower Aircraft Assignment. 

        (m)    Status and Proceedings.    Each of the Collateral Agent and the Lenders shall have received certificates of
existence and good standing with respect to the Aircraft Trustee and a Certificate of the Secretary or Assistant Secretary of the Aircraft Trustee, dated the Closing Date, with respect to the Aircraft
Trustee's governing documents, resolutions and incumbent officers. 

        Section 4.2.    Conditions Precedent to Each Advance.    The obligations of the Lenders to make the related Fundings
of their Loans on an Advance Date (other than Initial Advance Date) are subject to satisfaction or waiver on or prior to such Advance Date of the following conditions precedent: 

        (a)    Notice.    The Borrower shall have delivered to the Collateral Agent the Advance Requests with respect to the
Loans and Notices of Funding Requests requested on such Advance Date and the Disbursement Agent shall have delivered to the Collateral Agent related Advance Confirmation Notice, in each case in the
form, at the times and as required under Section 2.4.3 of the Disbursement Agreement and in accordance with the procedures specified in Section 2.4.3 thereof. 

        (b)    Drawdown Frequency for Loans.    No Loan shall have been previously made during such calendar month. 

        (c)    Satisfaction of Disbursement Agreement Conditions Precedent.    All conditions precedent described in
Section 3.3 of the Disbursement Agreement shall have been satisfied or waived in accordance with the terms of the Disbursement Agreement. 

SECTION 5. REPRESENTATIONS AND WARRANTIES. 

[To be updated as the Credit Agreement representations are revised.]

        Section 5.1.    Representations and Warranties of the Borrower.    As of the date hereof and the Document Closing
Date, the Borrower hereby represents and warrants to each of the other parties hereto as follows: 

        (a)    Financial Condition.    The restated audited consolidated and consolidating balance sheets of Valvino and its
consolidated Subsidiaries as at December 31, 2000 and December 31, 2001 and the related consolidated and consolidating statements of income and of cash flows for the Fiscal Years ended
on such dates, reported on by and accompanied by an unqualified report from 

10

 

Deloitte & Touche LLP, present fairly in all material respects the consolidated and consolidating financial condition of Valvino and its consolidated Subsidiaries as at such date, and the
consolidated and consolidating results of its operations and its consolidated and consolidating cash flows for the respective Fiscal Years then ended. The unaudited consolidated and consolidating
balance sheets of Valvino and its consolidated Subsidiaries as at June 30, 2002, and the related unaudited consolidated and consolidating statements of income and cash flows for the
6-month period ended on such date, present fairly in all material respects the consolidated and consolidating financial condition of Valvino and its consolidated Subsidiaries as at such
date, and the consolidated and consolidating results of its
operations and its consolidated and consolidating cash flows for the 6-month period then ended (subject to normal year-end audit adjustments). All such financial statements,
including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of
accountants and disclosed therein). Valvino and its Subsidiaries (other than the Excluded Entities) do not have any material Guarantee Obligations, contingent liabilities and liabilities for taxes, or
any long-term leases or unusual forward or long-term commitments, including, without limitation, any interest rate or foreign currency swap or exchange transaction or other
obligation in respect of derivatives, that are not reflected in the most recent financial statements referred to in this paragraph or that have not otherwise been disclosed to the Collateral Agent in
writing. During the period from January 1, 2002 to and including the Document Closing Date there has been no Disposition by Valvino or any of its Subsidiaries of any material part of its
business or Property. 

        (b)    No Change.    Since December 31, 2001, there has been no development or event that has had or could
reasonably be expected to have a Material Adverse Effect. 

        (c)    Corporate/LLC Existence; Compliance with Law.    Each of the Loan Parties and the Completion Guarantor
(a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has the corporate or limited liability company power and
authority, and the legal right, to own and operate its Property, to lease the Property it operates as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified
as a foreign corporation or limited liability company and in good standing under the laws of each jurisdiction where its ownership, lease or operation of Property or the conduct of its business
requires such qualification, except to the extent the failure to be so qualified or in good standing could not reasonably be expected to have a Material Advance Effect and (d) is in compliance
with all Requirements of Law except to the extent that the failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

        (d)    Corporate Power; Authorization; Enforceable Obligations.    Each Loan Party and the Completion Guarantor has
the corporate or limited liability company power and authority, and the legal right, to make, deliver and perform the Loan Documents and the other Operative Documents to which it is a party and to
carry out the transactions contemplated thereby and, in the case of the Borrower, to borrow hereunder. Each Loan Party and the Completion Guarantor has taken all necessary corporate or limited
liability company action, as the case may be, to authorize the execution, delivery and performance of the Loan Documents and the other Operative Documents to which it is a party and, in the case of
the Borrower and Capital Corp., to authorize the borrowings and issuances of Indebtedness on the terms and conditions of this Loan Agreement and the other Operative Documents. No consent or
authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any Person (other than a Loan Party) is required in connection with the borrowings hereunder or
with the execution, delivery, performance, validity or enforceability of this Loan Agreement, any of the Loan Documents or any of the other Operative Documents, except (A) consents,
authorizations, filings and notices described in Schedule 4.4, which consents, authorizations, filings and notices, unless otherwise 

11

 

indicated on Schedule 4.4, have been obtained or made and are in full force and effect and (B) the filings referred to in  Section 5.1(s).
Each Loan Document and other Operative Document has been duly
executed and delivered on behalf of the Completion Guarantor and each Loan Party thereto. This Loan Agreement constitutes, and each other Loan Document, Project Document and Operative Document upon
execution will constitute, a legal, valid and binding obligation of the Completion Guarantor and each Loan Party thereto, enforceable against the Completion Guarantor and each such Loan Party in
accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights
generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

        (e)    No Legal Bar.    The execution, delivery and performance of this Loan Agreement, the other Loan Documents and
the other Operative Documents, the borrowings hereunder and the use of the proceeds thereof will not violate any Requirement of Law or any Contractual Obligation of the Completion Guarantor or any
Loan Party and will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement of Law or any such Contractual
Obligation (other than the Liens created by the Security Documents and the Other Security Documents). No Requirement of Law or Contractual Obligation applicable to the Completion Guarantor or any Loan
Party could reasonably be expected to have a Material Adverse Effect. 

        (f)    No Material Litigation.    No litigation, investigation or proceeding of or before any arbitrator or
Governmental Authority is pending or, to the knowledge of the Borrower, threatened by or against the Completion Guarantor or any Loan Party or against any of their respective properties or revenues
(a) with respect to any of the Financing Agreements or any of the transactions contemplated hereby or thereby, or (b) that could reasonably be expected to have a Material Adverse Effect. 

        (g)    No Default.    Neither the Completion Guarantor nor any Loan Party is in default under or with respect to any
of its Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 

        (h)    Ownership of Property; Liens.    Each of the Loan Parties is the sole owner of, legally and beneficially, and
has good, marketable and insurable title to, or a valid leasehold interest in, all its Real Estate, and good title to, or has a valid leasehold interest in, all its other Property, and none of such
Property is subject to any claims, liabilities, obligations, charges or restrictions of any kind, nature or description (other than claims, liabilities, obligations, charges or restrictions that
individually or in the aggregate could not reasonably be expected to materially interfere with the business or assets of any Loan Party), or to any Lien, except for Permitted Liens. 

        (i)    Intellectual Property.    (i) Each Loan Party owns, or is licensed to use, all Intellectual Property
necessary for the conduct of its business as currently conducted. No claim has been asserted or is pending by any Person challenging or questioning the use of any such Intellectual Property or the
validity or effectiveness of any such Intellectual Property, nor does the Borrower know of any valid basis for any such claim, except (a) with respect to the Intellectual Property related to or
otherwise associated with the Loan Parties' use of the "Le Reve" name, such claims that, if determined adversely to a Loan Party, could not reasonably be expected to have a material adverse effect on
such Loan Party's ability to use the "Le Reve" name in its Permitted Business as currently used or contemplated to be used and
(b) with respect to all other Intellectual Property, as could not reasonably be expected to have a Material Adverse Effect. The use by each Loan Party (if any) of the Intellectual Property
related to or otherwise associated with such Loan Party's use of the "Le Reve" name does not infringe on the rights of any Person, which infringement 

12

 

could reasonably be expected to have a material adverse effect on such Loan Party's ability to use the "Le Reve" name in its Permitted Business as currently used or contemplated to be used. The use
by each Loan Party (if any) of Intellectual Property other than Intellectual Property related to or otherwise associated with such Loan Party's use of the "Le Reve" name, does not infringe on the
rights of any Person, which infringement could reasonably be expected to have a Material Adverse Effect. 

        (ii)  As
of the Document Closing Date, Schedule 4.9(b) (A) identifies each of the trademarks, service marks and
trade name applications and registrations registered by, made by or otherwise held, directly or indirectly, by each of the Loan Parties and identifies which such Person registered, made or otherwise
holds such Intellectual Property, and (B) specifies as to each, the jurisdiction in which such Intellectual Property has been issued or registered (or, if applicable, in which an application
for such issuance or registration has been filed), including the respective registration or application numbers and applicable dates of registration or application and expiration. 

        (iii)  As
of the Document Closing Date, Schedule 4.9(c)(A) identifies each of the patents and patent applications owned
by, made by or otherwise held, directly or indirectly, by each of the Loan Parties and identifies which such Person owns, made or otherwise holds such Intellectual Property, and (B) specifies
as to each, the jurisdiction in which such Intellectual Property has been issued or registered (or, if applicable, in which an application for such issuance or registration has been filed), including
the respective patent or application numbers and applicable dates of issuance or application and expiration. 

        (iv)  As
of the Document Closing Date, Schedule 4.9(d) (A) identifies each of the material copyrights and
copyright applications and registrations registered by, made by or otherwise held, directly or indirectly, by each of the Loan Parties and identifies which such Person registered, made or otherwise
holds such Intellectual Property, and (B) specifies as to each, the jurisdiction in which such Intellectual Property has been issued or registered (or, if applicable, in which an application
for such issuance or registration has been filed), including the respective registration or application numbers and applicable dates of registration or application and expiration. 

        (v)  As
of the Document Closing Date, Schedule 4.9(e) (A) identifies, each of the material trade secrets owned
by, claimed by, or otherwise held, directly or indirectly, by each of the Loan Parties and identifies which such Person registered, made or otherwise holds such Intellectual Property, and
(B) specifies as to each, the jurisdiction in which such Intellectual Property exists. 

        (vi)  As
of the Document Closing Date, Schedule 4.9(f) identifies all licenses, sublicenses and other agreements
relating to Intellectual Property to which each of the Loan Parties is a party that are material to the conduct of such Loan Party's Permitted Business and pursuant to which (A) any of the
Loan Parties is a licensor or sub-licensor or the equivalent or (B) any other Person is authorized to use any Intellectual Property as a licensee, sub-licensee or the
equivalent. 

        (j)    Taxes.    (i) Each of the Completion Guarantor and the Loan Parties has filed, or caused to be filed,
all tax and informational returns that are required to have been filed by it in any jurisdiction, and all such tax and informational returns are correct and complete in all material respects. Each of
the Completion Guarantor and the Loan Parties has paid all taxes shown to be due and payable on such returns and all other taxes and assessments payable by it, to the extent the same have become due
and payable (other than (x) those taxes that it is contesting in good faith and by appropriate proceedings, and (y) taxes that are not yet due, with respect to each of 

13

 

which it has established reserves that are adequate for the payment thereof and as are required by GAAP). 

        (ii)  Neither
the Completion Guarantor nor any of the Loan Parties has incurred any material tax liability in connection with the Project or the other transactions
contemplated by the Operative Documents which has not been disclosed in writing to the Collateral Agent (including as disclosed in the financial statements delivered to the Lenders hereunder). 

        (iii)  There
are no Liens for Taxes on any of the Properties of the Completion Guarantor or any of the Loan Parties other than Liens permitted pursuant to
Section 7.3(a). 

        (k)    Federal Regulations.    No part of the proceeds of the Loans will be used for purchasing or carrying any
"margin stock" (within the meaning of Regulation U) or for the purpose of purchasing, carrying or trading in any securities under such circumstances as to involve the Borrower in a violation of
Regulation X or to involve any broker or dealer in a violation of Regulation T. No indebtedness being reduced or retired out of the proceeds of the Loans was or will be incurred for the
purpose of purchasing or carrying any "margin stock" (within the meaning of Regulation U). Following application of the proceeds of the Loans, "margin stock" (within the meaning of
Regulation U) does not constitute more than 25% of the value of the assets of the Borrower and its Subsidiaries. None of the transactions contemplated by this Loan Agreement (including, without
limitation, the direct and indirect use of proceeds of the Loans) will violate or result in a violation of Regulation T, Regulation U or Regulation X. If requested by any Lender
or the Collateral Agent, the Borrower will furnish to the Collateral Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or
FR Form U-1 referred to in Regulation U. 

        (l)    Labor Matters.    There are no strikes, stoppages, slowdowns or other labor disputes against any of the Loan
Parties pending or, to the knowledge of the Borrower, threatened that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect. Hours worked by and payment
made to employees of the Loan Parties have not been in violation of the Fair Labor Standards Act or any other applicable Requirement of Law dealing with such matters that (individually or in the
aggregate) could reasonably be expected to have a Material Adverse Effect. All payments due from any
of the Loan Parties on account of employee health and welfare insurance that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect if not paid have been
paid or accrued as a liability on the books of the relevant Loan Party. 

        (m)    ERISA.    Neither a Reportable Event nor an "accumulated funding deficiency" (within the meaning of
Section 412 of the Code or Section 302 of ERISA) has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect
to any Plan. No termination of a Single Employer Plan has occurred, and no Lien in favor of the PBGC or a Plan has arisen, during such five-year period. The actuarial present value of all
benefit liabilities under each Single Employer Plan (based on those assumptions that would be used to determine whether each such Single Employer Plan could be terminated in a standard termination
under Section 4041(b) of ERISA) did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Plan
allocable to such accrued benefits by a material amount. Neither the Borrower, any other Loan Party nor any Commonly Controlled Entity has had a complete or partial withdrawal from any Multiemployer
Plan that has resulted or could reasonably be expected to result in a material liability under ERISA, and neither the Borrower, any other Loan Party nor any Commonly Controlled Entity would become
subject to any material liability under ERISA if any such Person were to withdraw completely from all Multiemployer Plans as of the most recent valuation date for which each such Multiemployer Plan
has furnished data regarding potential 

14

 

withdrawal liability to the applicable Loan Party. As of the Document Closing Date, no such Multiemployer Plan is in Reorganization or Insolvent. 

        (n)    Investment Company Act; Other Regulations.    Neither the Completion Guarantor nor any Loan Party is an
"investment company", or a company "controlled" by an "investment company", within the meaning of the Investment Company Act of 1940, as amended. Neither the Completion Guarantor nor any Loan Party is
subject to regulation under the Public Utility Holding Company Act of 1935, the Federal Power Act, or the Interstate Commerce Act or registration under the Investment Company Act of 1940 or under any
other federal or state statute or regulation which may limit its ability to incur Indebtedness other than the Nevada Gaming Laws or which may otherwise render all or any portion of the Obligations
unenforceable. Incurrence of the Obligations by the Completion Guarantor and the Loan Parties under the Loan Documents complies with all applicable provisions of the Nevada Gaming Laws. 

        (o)    Subsidiaries.    (i) The Persons listed on  Schedule 4.15 constitute all the Subsidiaries of Valvino as of the
Document Closing Date.  Schedule 4.15 sets forth as of the Document Closing Date, the name and jurisdiction of formation of each Subsidiary of Valvino and, as to each
such Subsidiary, the percentage and number of each class of Capital Stock owned by its requisite parent entity. Each such Subsidiary is a Wholly Owned Subsidiary of Valvino and, if such Subsidiary's
direct parent entity is other than Valvino, its direct parent entity. 

        (ii)  There
are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options granted to employees or directors
and directors' qualifying shares) of any nature relating to any Capital Stock of any Subsidiary of Valvino. None of the Subsidiaries of Valvino have issued, or authorized the issuance of, any
Disqualified Stock. 

        (iii)  Neither
Valvino nor any of its Subsidiaries are engaged in any businesses other than the Permitted Businesses. As of the Closing Date, other than, (i) in the
case of the Las Vegas Jet and World Travel, the Aircraft and Collateral related to the operation and maintenance of the Aircraft, (ii) in the case of Palo, the Palo Home Site Land, and in the
case of Desert Inn Improvement, the DIIC Water Permits and the Water Utility Land, (iii) in the case of Wynn Design, Property reasonably related to architectural, engineering, design and
project management activities, none of the Water Companies or the Wynn Group Entities owns any material Property other than the Capital Stock of its Subsidiaries (if any). 

        (p)    Use of Proceeds.    The proceeds of the Loans made under this Loan Agreement shall be applied toward the
Purchase Price of the Equipment and Transaction Costs and the payment of all sums due and owing under the Original Aircraft Financing Documents. 

        (q)    Environmental Matters.    

          (i)  To
the knowledge of the Borrower and the Loan Parties: the Borrower and the Loan Parties (A) are, and within the period of all applicable statutes of limitation
have been, in material compliance with all applicable Environmental Laws; and (B) reasonably believe that material compliance with all applicable Environmental Laws that is or is expected to
become applicable to any of them will be timely attained and maintained. 

15

  

        (ii)  To
the knowledge of the Borrower, Hazardous Substances are not present at, on, under, in, or about any real property now or formerly owned, leased or operated by any of
the Loan Parties, or at any other location (including, without limitation, any location to which Hazardous Substances have been sent for re-use or recycling or for treatment, storage, or
disposal) which could reasonably be expected to (A) give rise to liability of any of the Loan Parties under any applicable Environmental Law or otherwise result in costs to any of the Loan
Parties that could reasonably be expected to have a Material Adverse Effect, or (B) materially interfere with any of the Loan Parties' continued operations, or (C) materially impair the
fair saleable value of any real property owned or leased by any of the Loan Parties. 

        (iii)  Except
as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, there is no judicial, administrative, or arbitral
proceeding (including any notice of violation or alleged violation) under or relating to any Environmental Law (including, without limitation, any Environmental Claims) to which any of the Loan
Parties is, or to the knowledge of the Borrower will be, named as a party that is pending or, to the knowledge of the Borrower, threatened. 

        (iv)  No
Loan Party has received any written request for information, or been notified that it is a potentially responsible party, under or relating to the federal
Comprehensive Environmental Response, Compensation, and Liability Act or any similar Environmental Law. 

        (v)  Except
as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, no Loan Party has entered into or agreed to any consent
decree, order, or settlement or other agreement, or is subject to any judgment, decree, or order or other agreement, in any judicial, administrative, arbitral, or other forum for dispute resolution,
relating to compliance with or liability under any Environmental Law or Environmental Claim. 

        (vi)  Except
as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, no Loan Party has assumed or retained, by contract or
operation of law, any liabilities of any kind, fixed or contingent, known or unknown, under any Environmental Law or with respect to any Hazardous Substances. 

      (vii)  Except
as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (A) Hazardous Materials Activities are not
presently occurring, and have not previously occurred, at, on, under, in, or about any Real Estate now or formerly owned, leased or operated by any
of the Loan Parties and (B) none of the Loan Parties have ever engaged in any Hazardous Materials Activities at any location. 

        (r)    Accuracy of Information, Etc.    No statement or information contained in this Loan Agreement, any other Loan
Document, the Confidential Information Memorandum or any other document, certificate or statement furnished to the Arrangers, the Collateral Agent or the Lenders or any of them, by or on behalf of the
Completion Guarantor or any Loan Party for use in connection with the transactions contemplated by this Loan Agreement or the other Loan Documents, contained as of the date such statement,
information, document or certificate was so furnished (or, in the case of the Confidential Information Memorandum, as of the date of this Loan Agreement), any untrue statement of a material fact or
omitted to state a material fact necessary in order to make the statements contained herein or therein not misleading. The projections and pro forma
financial information contained in the materials referenced above (including, without limitation, the Projections) are based upon good faith estimates and assumptions believed by management of the
Borrower to be reasonable at the time made, it being recognized by the Lenders that such financial information as it relates to future events is not to be viewed as fact and that actual results during
the period or periods covered by such financial information may differ from the projected results set forth therein by a material amount. There is no fact known to Valvino or any Loan Party that could
reasonably be expected to have a Material 

16

 

Adverse Effect that has not been expressly disclosed herein, in the other Loan Documents, in the Confidential Information Memorandum or in any other documents, certificates and written statements
furnished to the Arrangers, the Collateral Agent and the Lenders for use in connection with the transactions contemplated hereby and by the other Loan Documents. 

        (s)    Security Documents.    (i) The Borrower Security Agreement is effective to create in favor of the
Collateral Agent (for the benefit of the Secured Parties) (or the Collateral Agent, as the assignee of the Borrower in the case of the Aircraft Security Agreement) a legal, valid, binding and
enforceable security interest in the Collateral (or the Aircraft Collateral, in the case of the Aircraft Security Agreement).  Schedule 4.19(a)-2 lists each UCC Financing Statement covering the
Collateral or the Aircraft Collateral that (i) names any
Loan Party as debtor and (ii) will remain on file after the Document Closing Date. 

        (ii)  [Intentionally
Omitted.] 

        (iii)  [Intentionally
Omitted.] 

        (iv)  The
FF&E Control Agreement is effective to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a legal, valid and enforceable security
interest in the Accounts described therein and proceeds and products thereof. Upon the execution of the FF&E Control Agreement, the FF&E Control Agreement shall constitute fully perfected Lien on, and
security interest in, all right, title and interest of the Loan Parties in the Accounts described therein and the proceeds and products thereof,
as security for the Obligations, in each case subject only to Permitted Liens and prior and superior in right to any other Lien (except Senior Permitted
Liens). 

        (t)    Solvency.    Each Loan Party and the Completion Guarantor is, and, after giving effect to the incurrence of all
Indebtedness, (ii) the use of the proceeds of such Indebtedness (including, without limitation, the use of proceeds of the Loans made by the Lenders hereunder) and (iii) obligations
being incurred in connection with the Operative Documents, will be and will continue to be, Solvent. 

        (u)    Senior Indebtedness.    The Obligations (including, without limitation, the guarantee obligations of each
Guarantor under the Loan Documents) constitute secured senior debt of each of the Loan Parties and "Permitted Debt" under and as defined in the Mortgage Notes Indenture. The Mortgage Notes, when
issued and paid for, will be the legally valid and binding obligations of the Borrower and Capital Corp., enforceable against the Borrower and Capital Corp. in accordance with their terms, except as
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors' rights generally or by equitable principles relating to enforceability. The
issuance and sale of Mortgage Notes, either (a) have been registered or qualified under applicable federal and state securities laws or (b) are exempt therefrom. 

        (v)    Regulation H.    No Mortgage encumbers improved real property which is located in an area that has been
identified by the Secretary of Housing and Urban Development as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of
1968. 

        (w)    Insurance.    Each of the Loan Parties is insured by insurers of recognized financial responsibility against
such losses and risks and in such amounts as are prudent and customary in the businesses in which it is engaged and in any event in accordance with  Section 6.5; and none of the Loan Parties has any
reason to believe that it will not be able to renew its existing insurance coverage as and when
such coverage expires or to obtain similar coverage from similar insurers at a cost that could not reasonably be expected to have a Material Adverse Effect (other than as a result of general market
conditions). 

17

 

        (x)    Performance of Agreements; Material Contracts.    Neither the Completion Guarantor nor any Loan Party is in
default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any of its Contractual Obligations, and no condition exists that, with the giving
of notice or the lapse of time or both, would constitute such a default, in each case, except where the consequences of such default or defaults, if any, could not reasonably be expected to have a
Material Adverse Effect. Schedule 4.24 contains a true, correct and complete list of all the Material Contracts in effect on the Document Closing
Date. All Material Contracts (other than Material Contracts described in clause (ii) of the definition thereof) are, to the knowledge of the Borrower, in full force and effect and no material
defaults currently exist thereunder. 

        (y)    Real Estate.    (i) As of the Document Closing Date,  Schedule 4.25(a) sets forth a true, complete and correct list
of all Real Estate, including a brief description thereof, including, in the case
of leases, the street address, landlord name, tenant name, guarantor name, current rent amount, lease date and lease expiration date. The Borrower has delivered to the Collateral Agent true, complete
and correct copies of all such leases. 

        (ii)  All
Real Estate and the current use thereof complies with all applicable Requirements of Law (including building and zoning ordinances and codes) and with all Insurance
Requirements, and none of the Loan Parties are non-conforming users of such Real Estate, except where noncompliance or non-conforming use could not reasonably be expected to
have a Material Adverse Effect. 

        (iii)  No
Taking has been commenced or, to the best of the Borrower's knowledge, is contemplated with respect to all or any portion of any Real Estate or for the relocation
of roadways providing access to such Real Estate except, in each case, as could not reasonably be expected to have a Material Adverse effect. 

        (iv)  Except
as set forth on Schedule 4.25(d), as of the Document Closing Date there are no current, pending or, to the
knowledge of the Borrower, proposed special or other assessments for public improvements or otherwise affecting any Real Estate, nor are there any contemplated improvements to such Real Estate that
may result in such special or other assessments. There are no current, pending or, to the knowledge of the Borrower, proposed special or other assessments for public improvements or otherwise
affecting any Real Estate, nor are there any contemplated improvements to such Real Estate that may result in such special or other assessments, in any case that could reasonably be expected to result
in a material liability to any Loan Party. 

        (v)  None
of the Loan Parties has suffered, permitted or initiated the joint assessment of any Real Estate with any other real property constituting a separate tax lot. The
Mortgaged Properties have been properly subdivided or entitled to exception therefrom, and for all purposes the Mortgaged Properties may be mortgaged, conveyed and, other than those with respect to
leasehold interests, otherwise dealt with as separate legal lots or parcels. 

        (vi)  The
use being made of all Real Estate is in conformity with the certificate of occupancy and/or such other permits, licenses, variances and certificates for such Real
Estate and any other reciprocal easement agreements, restrictions, covenants or conditions affecting such Real Estate except, in each case, to the extent such non-conformity could not
reasonably be expected to materially and adversely affect the ownership, occupancy, use or operation of the Mortgaged Premises in furtherance of the Permitted Business of the applicable Loan Party. 

18

 

      (vii)  There
are no outstanding options to purchase or rights of first refusal or restrictions on transferability affecting any Real Estate (other than those set forth in the
Financing Agreements). 

      (viii)  All
Real Estate (other than the Phase II Land) has adequate rights of access to public ways and is served by installed, operating and adequate water, electric, gas,
telephone, sewer, sanitary sewer and storm drain facilities, in each case as necessary to permit the Real Estate to be used for its intended purposes. All roads necessary for the full utilization of
the Real Estate (other than the Phase II Land) for its current purpose have been completed and dedicated to public use and accepted by all Governmental Authorities or are the subject of access
easements for the benefit of such Real Estate. All reciprocal easement agreements affecting any Real Estate are in full force and effect, and Valvino and the Loan Parties are unaware of any defaults
thereunder. Except for public streets and sidewalks, neither Valvino nor any of the Loan Parties uses or occupies any real property other than such Real Estate in connection with the use and operation
of any Real Estate. 

        (ix)  Except,
in each case, as could not reasonably be expected to have a Material Adverse Effect, no building or structure constituting a Real Estate or any appurtenance
thereto or equipment thereon, or the use, operation or maintenance thereof, violates any restrictive covenant or encroaches on any easement or on any property owned by others. 

        (x)  No
portion of the Real Estate has suffered any material damage by fire or other casualty loss that has not heretofore been repaired and restored. No portion of the Real
Estate is located in a special flood hazard area as designated by any federal governmental authorities. 

        (z)    Permits.    Other than exceptions to any of the following that could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect: (A) each of the Loan Parties has obtained and holds all Permits required as of the date this representation is deemed made in respect
of all Real Estate and for any other property otherwise operated by or on behalf of, or for the benefit of, such Person and for the operation of its Permitted Businesses, (B) all such Permits
are in full force and effect, and each of the Loan Parties has performed and observed all requirements of such Permits (to the extent required to be performed by the date this representation is deemed
made), (C) no event has occurred which allows or results in, or after notice or lapse of time would allow or result in, revocation, modification, suspension or termination by the issuer thereof
or in any other impairment of the rights of the holder of any such Permit, (D) no such Permits contain any restrictions, either individually or in the aggregate, that are burdensome to any of
the Loan Parties, or to the operation of its Permitted Business or any Property owned, leased or otherwise operated by such Person, (E) the Borrower has no knowledge that any Governmental
Authority is considering limiting, modifying, suspending, revoking or renewing on burdensome terms any such Permit, and (F) each of the Loan Parties reasonably believes that each such Permit
will be timely renewed and complied with, without undue expense or delay, and that any Permit not required to have been obtained by the date this representation is deemed made that may be required of
such Person is of a type that is routinely granted on application and compliance with the conditions of issuance (such conditions being ministerial or of a type satisfied in the ordinary course of
business, without undue expense or delay) and will be timely obtained and complied with, without undue expense or delay. 

        (aa)    Sufficiency of Project Documents.    Other than those that can be reasonably expected to be commercially
available when and as required, the services to be performed, the materials to be supplied and Real Estate and other rights granted or to be granted pursuant to the Project Documents in effect as of
such date (i) comprise all of the property interests necessary to secure any right material to the operation and maintenance of the Project in accordance with all 

19

 

Requirements of Law, (ii) are sufficient to enable the Project to be located and operated on the Site and (iii) provide adequate ingress and egress from the Site for any reasonable
purpose in connection with the operation of the Project. 

        (bb)    Utilities.    All gas, water and electrical interconnection and utility services necessary for the operation
of the Project for its intended purposes are available at the Site. 

        (cc)    Fiscal Year.    The fiscal year of each of the Loan Parties (including the Borrower) ends on
December 31 of each calendar year. 

        (dd)    Formation.    The Borrower is only formed in the State of Nevada and "Wynn Las Vegas, LLC" is the name as it
appears in official filings in the State of Nevada. 

        (ee)    Private Offering.    The issuance, sale and delivery of the Notes under the circumstances contemplated hereby
do not require the registration or qualification of such Notes under the Securities Act, any state securities laws or the Trust Indenture Act of 1939. No Loan Party nor anyone authorized to act on
such Person's behalf has, directly or indirectly, solicited any offers to acquire, offered or sold: (i) any interest in the Notes in violation of Section 5 of the Securities Act or any
state securities laws, or (ii) any interest in any security or lease the offering of which, for purposes of the Securities Act or any state securities laws, would be deemed to be part of the
same offering as the offering of the aforementioned interests. No Loan Party, nor anyone authorized to act on such Person's behalf, was involved in (y) offering or soliciting offers for the
Notes (or any similar securities) or (z) selling Notes (or any similar securities) to any Person other than the Lenders and not more than [    ] other
institutional investors. 

        Section 5.2.    Representations and Warranties of Lenders.    Each Lender represents and warrants, severally
and only as to itself, to each of the other parties hereto as follows: 

        (a)    Investment.    The Note being acquired by such Lender is being acquired by such Lender for investment for its
own account and not with a view to the resale or distribution of such interest or any part thereof in any manner that would require registration under the Securities Act, but without prejudice,
however, to the right of such Lender at all times to sell or otherwise dispose of all or any part of such interest under a registration available under the Securities Act or under an exemption from
such registration
available under the Securities Act, it being understood that the disposition by the undersigned of the Note to be purchased by such Lender shall, at all times, subject to the assignment provisions of  Section 10 hereof, remain entirely within its control. 

        (b)    Offer of Securities, Etc.    Neither such Lender nor any Person authorized to act on its behalf has, directly
or indirectly, offered to sell the Notes or any other similar securities (the sale or offer of which would be integrated with the sale or offer of the Notes), for sale to, or solicited any offer to
acquire any of the same from, any Person. 

        (c)    No Registration.    Such Lender understands and acknowledges that the Notes have not been and will not be
registered under the Securities Act in reliance upon the exemption provided in Section 4(2) of the Securities Act or any other applicable exemption, that the Notes have not and will not be
registered or qualified under the securities or "blue sky" laws of any jurisdiction, that the Notes may be resold or otherwise transferred only if so registered or qualified or if an exemption from
registration or qualification is available, that the Borrower is not required to register the Notes and that any transfer must comply with the provisions of the Operative Documents relating thereto.
Such Lender will comply with all applicable federal and state securities laws in connection with any subsequent resale of the Notes held by it. 

20

  

        (d)    Institutional Investor.    Such Lender is a sophisticated institutional investor and an "accredited investor"
as defined in paragraph (1), (2), (3) or (7) of Rule 501(a) of the Securities Act, and has knowledge and experience in financial and business matters and is capable of
evaluating the merits and risks of its investment in the Notes and is able to bear the economic risk of such investment. Such Lender has been given such information concerning the Notes, the other
Operative Documents, the Collateral and the Borrower as it has requested. 

        (e)    Legend.    Such Lender understands and acknowledges that the Note which it is acquiring will bear a legend as
set forth in the form of Note included as Exhibit A. 

        The
making of any Loan on an Advance Date, and any assignment of any Loan or this Loan Agreement shall constitute an affirmation by the subject assignee or acquiring Lender of the
preceding representations and warranties. 

        Section 5.3.    Representations and Warranties of Collateral Agent.    Trust Company, in its individual
capacity and not in its capacity as Collateral Agent (with the exception of clause (b) below and the last sentence of  clause (c) below, which
representation and warranty is made by Wells Fargo Bank Nevada, National Association, solely in its capacity as
Collateral Agent), hereby represents and warrants to each of the other parties hereto that: 

        (a)    Due Organization, Etc.    Trust Company is a national banking association duly organized, validly existing and
in good standing under the laws of the United States of America; Trust Company has full banking and trust power and authority to enter into and perform its obligations under the Operative Documents to
which it is or is to be a party and each other agreement, instrument and document to be executed and delivered by it on or before the Document Closing Date in connection with or as contemplated by
each such Operative Document to which it is or is to be a party; and the Operative Documents to which Trust Company is a party, have been or will be duly executed and delivered by Trust Company. 

        (b)    Authorization; No Conflict.    The execution and delivery by Trust Company in its individual capacity, and the
Trust Company in its capacity as Collateral Agent of the Operative Documents to which it is or is to be a party, and the performance by Trust Company in its individual capacity or as Collateral Agent
of its obligations under such Operative Documents, have been duly authorized by all necessary action on its part, and do not and will not: (i) contravene any Federal laws governing the banking
powers of Trust Company; (ii) violate any provision of its articles of association or by-laws; (iii) result in a breach of or constitute a default under any indenture, loan
or credit agreement, or any other agreement or instrument to which Trust Company is a party or by which it or its properties may be bound or affected, which breaches or defaults would be reasonably
likely to materially and adversely affect the ability of Trust Company in its individual capacity or as Collateral Agent to perform its obligations under any Operative Documents to which it is or will
be a party; or (iv) require any authorizations, consents, approvals, licenses or formal exemptions from, or any filings, declarations or registrations with, any Governmental Authority governing
the banking powers of Trust Company or any consent or approval of any non-governmental Person. 

        (c)    Enforceability, Etc.    Each Operative Document to which Trust Company is a party constitutes the legal, valid
and binding obligation of Trust Company enforceable against it in accordance with the terms thereof, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium and similar laws affecting the enforcement of creditors' rights generally and by general equitable principles. Each Operative Document to which the Collateral Agent is a party constitutes
the legal, valid and binding obligation of the Collateral Agent enforceable against it in accordance with the terms thereof, except as such enforceability may be limited by the applicable bankruptcy,
insolvency, reorganization, moratorium and similar laws affecting the enforcement of Creditors' rights generally and by general equitable principles. 

21

 

        (d)    Litigation.    There is no action, proceeding or investigation known to Trust Company pending or threatened
which questions the validity of the Operative Documents to which Trust Company is a party or any action taken or to be taken pursuant to the Operative Documents to which Trust Company is a party, if
adversely determined, would be reasonably likely to adversely affect the Trust Company's, in its individual capacity or as Collateral Agent, ability to perform its obligations under the Operative
Documents. 

SECTION 6.    AFFIRMATIVE COVENANTS. 

        The Borrower hereby covenants and agrees that the Borrower shall and shall cause each of the other Loan Parties to, directly or indirectly (and by executing the
FF&E Guaranty, each such other Loan Party agrees that it will): 

        Section 6.1.    Financial Statements.    Furnish to the Collateral Agent and each Lender: 

        (a)  as
soon as available, but in any event not later than the earlier of (i) 10 days after the filing with the SEC of Wynn Resorts' Annual Report on
Form 10-K (or successor form thereto) with respect to each Fiscal Year and (ii) 90 days after the end of each Fiscal Year, a copy of the audited consolidated and
consolidating balance sheet of Valvino and its consolidated Subsidiaries (including the consolidated balance sheet of the Borrower and its consolidated Subsidiaries) as at the end of such Fiscal Year
and the related audited consolidated statements of income and of cash flows for such Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year, reported on
without a "going concern" or like qualification or exception, or qualification arising out of the scope of the audit, by Deloitte & Touche LLP or other independent certified public accountants
of nationally recognized standing; 

        (b)  as
soon as available, but in any event not later than the earlier of (i) 10 days after the filing with the SEC of Wynn Resorts' Quarterly Report on
Form 10-Q (or successor form thereto) with respect to each of the first three quarterly periods of each Fiscal Year and (ii) 45 days after the end of each of the first
three quarterly periods of each Fiscal Year, the unaudited consolidated and consolidating balance sheets of Valvino and its consolidated Subsidiaries (including the consolidated balance sheet of the
Borrower and its consolidated Subsidiaries) as at the end of such quarter and the related unaudited consolidated and consolidating statements of income and of cash flows for such quarter and the
portion of the Fiscal Year through the end of such quarter, setting forth in each case in comparative form the figures for the previous year, certified by a Responsible Officer as being fairly stated
in all material respects (subject to normal year-end audit adjustments); and 

        (c)  as
soon as available, but in any event not later than 45 days after the end of each month occurring during each Fiscal Year other than the third, sixth, ninth and
twelfth such month, the unaudited consolidated and consolidating balance sheets of Valvino and its consolidated Subsidiaries (including the consolidated balance sheet of the Borrower and its
consolidated Subsidiaries) as at the end of such month and the related unaudited consolidated and consolidating statements of income and of cash flows for such month and the portion of the Fiscal Year
through the end of such month, setting forth in each case in comparative form the figures for the previous year and the figures from the applicable Projections, certified by a Responsible Officer as
being fairly stated in all material respects (subject to normal year-end audit adjustments). 

All
such financial statements shall be complete and correct in all material respects (in the case of financial statements delivered pursuant to  subsections (b) and (c)
 of this  Section 6.l, subject to normal year-end audit adjustments) and shall be prepared in reasonable detail and in accordance with GAAP
applied consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case may be, and disclosed therein). 

22

 

        Section 6.2.    Certificates; Other Information.    Furnish to the Collateral Agent and each Lender, or, in the
case of subsections (g), (h) and (j), to the
Collateral Agent, or, in the case of subsection (l), to the relevant Lender: 

        (a)  concurrently
with the delivery of the financial statements referred to in Section 6.1(a), a certificate of the
independent certified public accountants reporting on such financial statements stating that (i) their audit examination has included a review of the terms of this Loan Agreement and the other
Loan Documents as they relate to accounting matters, (ii) in making the examination necessary therefor no knowledge was obtained of any Default or Event of Default, except as specified in such
certificate, and (iii) based on their audit examination nothing has come to their attention that causes them to believe that the information contained in the certificates (including, without
limitation, the Compliance Certificate) delivered therewith pursuant to subsection (b) below is not correct or stated in accordance with the terms of
this Loan Agreement; 

        (b)  concurrently
with the delivery of any financial statements pursuant to Section 6.1, (A) a certificate of a
Responsible Officer stating that, to the best of each such Responsible Officer's knowledge, each Loan Party during such period has observed or performed all of its covenants and other agreements, and
satisfied every condition, contained in this Loan Agreement and the other Loan Documents to which it is a party to be observed, performed or satisfied by it, and that such Responsible Officer has
obtained no knowledge of any Default or Event of Default except as specified in such certificate and (B) in the case of quarterly or annual financial statements, a Compliance Certificate
containing all information and calculations necessary for determining compliance by the Loan Parties with the provisions of this Loan Agreement referred to therein as of the last day of the applicable
fiscal quarter or Fiscal Year, as the case may be and (iii) in the case of monthly financial statements delivered after the Completion Date, a certificate of a Responsible Officer setting forth
all payments made by the Borrower with respect to Affiliated Overhead Expenses during the 12-month period ending on the last day of the applicable month (or such shorter period commencing
on the Completion Date if the Completion Date occurred during such 12-month period) and stating that all such payments were in reimbursement of Affiliated Overhead Expenses and permitted
pursuant to Section 7.10(d); 

        (c)  as
soon as available, and in any event no later than the Completion Date and 30 days prior to the beginning of each Fiscal Year thereafter, a detailed
consolidated and consolidating budget of Valvino and its consolidated Subsidiaries (including a detailed consolidated budget of the Borrower and its consolidated Subsidiaries) for such Fiscal Year (or
portion thereof from the Completion Date through the end of such Fiscal Year) (including a projected consolidated and consolidating balance sheet of Valvino and it consolidated Subsidiaries (including
a consolidated balance sheet for the Borrower and its consolidated Subsidiaries) as of the end of such Fiscal Year, and the related consolidated and consolidating statements of projected cash flow,
projected changes in financial position and projected income), and, as soon as available, significant revisions, if any, of such budget and projections with respect to such Fiscal Year (collectively,
the "Projections"), which Projections shall in each case be accompanied by a certificate of a Responsible Officer stating that such Projections are
based on reasonable estimates, information and assumptions and that such Responsible Officer has no reason to believe that such Projections are incorrect or misleading in any material respect; 

        (d)  within
45 days after the end of each fiscal quarter after the Completion Date, a narrative discussion and analysis of the financial condition and results of
operations of each of the Loan Parties for such fiscal quarter and for the period from the beginning of the then current Fiscal Year (or if the then current Fiscal Year is the Fiscal Year in which the
Completion Date has occurred, from the Completion Date) to the end of such fiscal quarter, as compared to the portion of the Projections covering such periods and to the comparable periods of the
previous Fiscal Year; 

23

 

        (e)  within
five days after the same are sent, copies of all financial statements and reports that any Loan Party sends to the holders of any class of its debt securities to
the extent not previously delivered to the Lenders and, within five days after the same are filed, copies of all financial statements and reports that any Loan Party may make to, or file with, the
SEC; 

        (f)    on
the date of the occurrence thereof, notice that (i) any or all of the obligations under the Mortgage Notes Indenture or the Wynn Credit Agreement have been or
can be accelerated, or (ii) the trustee or the required holders of Mortgage Notes, or the Administrative Agent or required Wynn Banks, as the case may be, has given notice that any or all such
obligations are to be or can be accelerated; 

        (g)  promptly,
and in any event within ten Business Days after any Material Contract or any other contract or arrangement pursuant to which the Loan Parties are, or any one
of them is, reasonably expected to incur obligations or liabilities with a Dollar Value in excess of $8,000,000 during the term of such contract or arrangement is terminated or amended or any new
Material Contract or any other such contract or arrangement is entered into, or upon becoming aware of any material default by any Person under a Material Contract or any other such contract or
arrangement, a written statement describing such event with copies of such amendments or new Material Contracts or such other contracts or arrangements, and, with respect to any such terminations or
material defaults, an explanation of any actions being taken with respect thereto; 

        (h)  promptly
upon receipt, copies of all notices provided to any Loan Party or their Affiliates pursuant to any documents evidencing Other Indebtedness, relating to material
defaults or material delays and promptly upon execution and delivery thereof, copies of all amendments to any of the documents evidencing Other Indebtedness; 

        (i)    to
the extent not included in subsections (a) through (h) above, no later
than the date the same are required to be delivered thereunder, copies of all agreements, documents or other instruments (including, without limitation, (i) audited and unaudited, pro forma and
other financial statements, reports, forecasts, and projections, together with any required certifications thereon by independent public auditors or officers of any Loan Party or otherwise,
(ii) press releases, (iii) statements or reports furnished to any other holder of the securities of any Loan Party and (iv) regular, periodic and special securities reports) that
any Loan Party is required to provide pursuant to the terms of the Other Indebtedness; 

        (j)    promptly,
and in any event within 30 days of the end of each Fiscal Year after the Completion Date, deliver to the Collateral Agent a certificate substantially in
the form of Exhibit M hereto and otherwise in form and substance satisfactory to the Collateral Agent in consultation with the Insurance Advisor,
certifying that the insurance requirements of Section 8.2 have been implemented and are being complied with in all material respects; 

        (k)  within
twenty days after the end of each fiscal quarter of the Borrower, a schedule of all Proceedings involving an alleged liability of, or claims against or affecting,
any Loan Party equal to or greater than $1,000,000, and promptly after request by the Collateral Agent such other information as may be reasonably requested by the Collateral Agent to enable the
Collateral Agent and its counsel to evaluate any of such Proceedings; and 

        (l)    promptly,
such additional financial and other information as any Lender may from time to time reasonably request. 

        Section 6.3.    Payment of Obligations.    To the extent not otherwise subject to valid subordination,
standstill, intercreditor or similar arrangements, pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its material obligations of
whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate 

24

 

proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of the relevant Loan Party. 

        Section 6.4.    Conduct of Business and Maintenance of Existence, Etc.    (i) Preserve, renew and keep
in full force and effect its corporate or limited liability company existence and in each case remain a Wholly Owned Subsidiary of Wynn Resorts and its direct parent entity and (ii) take all
reasonable action to maintain all rights, privileges, franchises, Permits and licenses necessary or desirable in the normal conduct of its business, except, in each case, as otherwise permitted by  Section 7.4 and except, in the case of subsection (ii) above, to the extent that failure to do so
could not reasonably be expected to have a Material Adverse Effect. 

        Section 6.5.    Maintenance of Property; Leases; Insurance.    (a) Keep all Property and systems useful
and necessary in its business in good working order and condition, ordinary wear and tear excepted. 

        (b)  Maintain
all rights of way, easements, grants, privileges, licenses, certificates, and Permits necessary for the intended use of any Real Estate except any such item the
loss of which, individually or in the aggregate, could not reasonably be expected to materially adversely affect or interfere with the Permitted Business of any Loan Party or have a material adverse
effect on the Casino Land, the Golf Course Land or the Phase II Land. 

        (c)  Comply
with the terms of each lease or other grant of Real Estate, including easement grants, so as to not permit any material uncured default on its part to exist
thereunder, except, in each case, where noncompliance therewith could not reasonably be expected to materially adversely affect or interfere with the Permitted Business or Property of any Loan Party. 

        (d)  Maintain
with financially sound and reputable insurance companies insurance on all its Property (including, without limitation, all inventory, equipment and vehicles) in
accordance with Section 8.2 and with the Wynn Credit Agreement. 

        (e)  Subject
to the Security Documents, preserve and protect the Lien status of each Security Document and, if any Lien (other than unrecorded Liens permitted under  Section 7.3 that arise by operation of law
and other Liens permitted under Section 7.3(f))
is asserted against the Collateral, promptly and at its expense, give the Collateral Agent a detailed written notice of such Lien and pay the underlying claim in full or take such other action so as
to cause it to be released or bonded over in a manner reasonably satisfactory to the Collateral Agent. 

        Section 6.6.    Inspection of Property; Books and Records; Discussions.    (a) Keep proper books of
records and account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and
activities and (b) subject to any Nevada Gaming Laws restricting such actions, permit representatives of any Lender to visit and inspect any of its properties and examine and, at the Borrower's
expense, make abstracts from any of its books and records at any reasonable time and upon reasonable prior notice and as often as may reasonably be desired and to discuss the business, operations,
properties and financial and other condition of Valvino or any Loan Party with officers and employees of Valvino or such Loan Party and with their respective independent certified public accountants. 

        Section 6.7.    Notices.    Promptly give notice to the Collateral Agent and each Lender, and, in the case of
 clause (a), to the Administrative Agent and the Mortgage Notes Indenture Trustee, of: 

        (a)  the
occurrence of any Default or Event of Default; 

        (b)  any
(i) default or event of default (or alleged default) under any Contractual Obligation of any Loan Party or (ii) litigation, investigation or proceeding
which may exist at any time between any Loan Party and any Governmental Authority, that in either case, if not cured or if adversely determined, as the case may be, could reasonably be expected to
have a Material Adverse Effect; 

25

 

        (c)  upon
any officer of a Loan Party or Wynn Resorts obtaining knowledge thereof, (i) the non-frivolous institution of, or threat of, any action, suit,
proceeding (whether administrative, judicial or otherwise), governmental investigation or arbitration against or affecting any Loan Party or any Property of a Loan Party (collectively,  "Proceedings")
not previously disclosed in writing by the Borrowers to the Lenders or (ii) any material development in any Proceeding that, in
any case (A) if adversely determined, has a reasonable possibility of giving rise to a Material Adverse Effect or (B) seeks to enjoin or otherwise prevent the consummation of, or to
recover any damages or obtain relief as a result of, the transactions contemplated hereby, in each case together with such other information as may be reasonably available to the Loan Parties to
enable Lenders and their counsel to evaluate such matters; 

        (d)  the
following events, as soon as possible and in any event within 30 days after any Loan Party knows or has reason to know thereof: (i) the occurrence of
any Reportable Event with respect to any Plan, a material failure to make any required contribution to a Plan, the creation of any Lien in favor of the PBGC or a Plan or any withdrawal from, or the
termination, Reorganization or Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings or the taking of any other action by the PBGC, Valvino, the Borrower, any other Loan
Party or any Commonly Controlled Entity or any Multiemployer Plan with respect to the withdrawal from, or the termination, Reorganization or Insolvency of, any Plan; and 

        (e)  any
development or event that has had or could reasonably be expected to have a Material Adverse Effect. 

Each
notice pursuant to this Section shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to therein and stating what action the relevant Loan
Party proposes to take with respect thereto. 

        Section 6.8.    Environmental Laws; Permits.    (a) Comply in all material respects with, and use best
efforts to ensure compliance in all material respects by all tenants and subtenants, if any, with, all applicable Environmental Laws and Environmental Permits, and obtain, maintain and comply in all
material respects with and maintain, and use best efforts to ensure that all tenants and subtenants obtain, maintain and comply in all material respects with and maintain, any and all licenses,
approvals, notifications, registrations or permits required by applicable Environmental Laws. 

        (b)  Conduct
and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply
in all material respects with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws related to the Mortgaged Property or the Project. 

        (c)  [Reserved] 

26

  

        (d)  Deliver
to the Collateral Agent (i) as soon as practicable following receipt thereof, copies in any Loan Party's possession or any Loan Party's control of all
environmental audits, investigations, analyses and reports of any kind or character, whether prepared by personnel of Valvino or the Loan Parties or by independent consultants, governmental
authorities or any other Persons, with respect to Environmental Matters at the Site or the Project or with respect to any Environmental Claims, (ii) promptly upon the occurrence thereof,
written notice describing in reasonable detail (A) any Release required to be reported to any federal, state or local governmental or regulatory agency under any applicable Environmental Laws,
(B) any remedial action taken by any Person in response to (1) any Hazardous Materials Activities the existence of which has a reasonable possibility of resulting in one or more
Environmental Claims against a Loan Party that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (2) any Environmental Claims against a
Loan Party that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, (iii) as soon as practicable following the sending or receipt thereof by
any Loan Party, a copy of any and all written communications with respect to (A) any Environmental Claims that could reasonably be expected, individually or in the aggregate, to result in a
Material Adverse Effect, (B) any Release required to be reported to any federal, state or local governmental or regulatory agency, and (C) any request for information from any
governmental agency indicating that such agency is investigating whether any Loan Party may be potentially responsible for any Hazardous Materials Activity, (iv) prompt written notice
describing in reasonable detail (A) any proposed acquisition of stock, assets, or property by Valvino or any Loan Party that could reasonably be expected to (1) expose Valvino or any
Loan Party to, or result in, Environmental Claims that could reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect or (2) affect the ability of any
Loan Party to maintain in full force and effect all material Permits required under any Environmental Laws for their respective operations and (B) any proposed action to be taken by any Loan
Party to modify current operations in a manner that could reasonably be expected to subject such Loan Party to any material additional obligations or requirements under any Environmental Laws that
could reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect, (v) any notice that any Governmental Authority may condition approval of, or any
application for, any material Permit held by any Loan Party on terms and conditions that are materially burdensome to such Loan Party, or to the operation of any of its businesses or any property
owned, leased or otherwise operated by such Person, (vi) notice of any actions or proceedings of the types described in Sections 5.1(q)(iii)
through (v), (vii) as soon as practicable, all documents submitted to, filed with or received from any
Governmental Authority, including without limitation the Nevada Public Utilities Commission and the State of Nevada, Division of Water Resources, with respect to the Water Permits and
(viii) with reasonable promptness, such other documents and information as from time to time may be reasonably requested by the Collateral Agent in relation to any matters disclosed pursuant to
this Section 6.8(d). 

        Section 6.9.    [Intentionally Omitted].    

        Section 6.10.    Additional Subsidiaries and Discharge of Liens.    (a) [Intentionally
Omitted]. 

        (b)  With
respect to any new Subsidiary created or acquired after the Document Closing Date by any Loan Party, subject to compliance with Nevada Gaming Laws, promptly
(i) cause such new Subsidiary to become a party to the FF&E Guaranty, (ii) if requested by the Collateral Agent, deliver to the Collateral Agent legal opinions relating to the matters
described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Collateral Agent and (iii) execute and/or deliver such other documents or
provide such other information as the Collateral Agent may reasonably request, including delivering documents and taking such other actions which 

27

 

would have been required under Section 3.1 of the Disbursement Agreement if such new Subsidiary were a Loan Party on the Document Closing Date. 

        Section 6.11.    Use of Proceeds.    Except as set forth in  Section 6.16, use the proceeds of the Loans only for the payment of the Purchase Price of the Equipment and Transaction Costs and the payment of
all sums due and owing under the Original Aircraft Financing Documents. 

        Section 6.12.    Compliance with Laws, Project Documents, Etc.; Permits.    (a) Comply with all
Requirements of Law, noncompliance with which could reasonably be expected to cause, individually or in the aggregate, a Material Adverse Effect and comply in all material respects with its Governing
Documents. 

        (b)  Comply,
duly and promptly, in all material respects with its respective obligations and enforce all of its respective rights under all Project Documents, except, in the
case of Project Documents other than Material Affiliated Contracts, where the failure to comply could not reasonably be expected to have a Material Adverse Effect. 

        (c)  From
time to time obtain, maintain, retain, observe, keep in full force and effect and comply with the terms, conditions and provisions of all Permits as shall now or
hereafter be necessary under applicable laws, except any thereof the noncompliance with which could not reasonably be expected to have a Material Adverse Effect. From time to time maintain, retain,
observe and keep in full force and effect and comply with the terms, conditions and provisions of all Water Permits. 

        Section 6.13.    Further Assurances.    From time to time execute and deliver, or cause to be executed and
delivered, such additional instruments, certificates or documents, and take all such actions, as the Collateral Agent or any Lender may reasonably request, for the purposes of implementing or
effectuating the provisions of this Loan Agreement and the other Loan Documents, or of more fully perfecting or renewing the rights of the Collateral Agent and the Lenders with respect to the
Collateral (or with respect to any additions thereto or replacements or proceeds or products thereof or with respect to any other property or assets hereafter acquired by any Loan Party which may be
deemed to be part of the Collateral) pursuant hereto or thereto. Upon the exercise by the Collateral Agent or any Lender of any power, right, privilege or remedy pursuant to this Loan Agreement or the
other Loan Documents which requires any consent, approval, recording, qualification or authorization of any
Governmental Authority, the Borrower shall, or shall cause any other applicable Loan Party to (and by executing the FF&E Guaranty, each such other Loan Party agrees that it will), execute and deliver,
or will cause the execution and delivery of, all applications, certifications, instruments and other documents and papers that the Collateral Agent or such Lender may be required to obtain from the
Borrower or the applicable Loan Party for such governmental consent, approval, recording, qualification or authorization. In the event that, notwithstanding the covenants contained in  Section 7, a
Lien not otherwise permitted under this Loan Agreement shall encumber the Collateral or any portion thereof, the relevant Loan Party
shall promptly discharge or cause to be discharged by payment to the lienor or lien claimant or promptly secure removal by bonding or deposit with the county clerk or otherwise or, at the Collateral
Agent's option, and if obtainable promptly obtain title insurance against, any such Lien or mechanics' or materialmen's claims of lien filed or otherwise asserted against the Collateral or any portion
thereof within 60 days after the date of notice thereof; provided, that the provisions of this  Section 6.13 (and compliance therewith) shall not
be deemed to constitute a waiver of any of the provisions of  Section 7. Each of the Loan Parties shall fully preserve the Lien and the priority of each of the Security Documents without cost or
expense to
the Collateral Agent or the Lenders. If any Loan Party fails to promptly discharge, remove or bond off any such Lien or mechanics' or materialmen's claim of lien as described above, which is not being
contested by the applicable Loan Party in good faith by appropriate proceedings promptly instituted and diligently conducted, within 30 days after the receipt of notice thereof, then the
Collateral Agent may, but shall not be required to, procure the release and discharge of such Lien, mechanics' or materialmen's claim 

28

 

of lien and any judgment or decree thereon, and in furtherance thereof may, in its sole discretion, effect any settlement or compromise with the lienor or lien claimant or post any bond or furnish
any security or indemnity as the Collateral Agent, in its sole discretion, may elect. In settling, compromising or arranging for the discharge of any Liens under this subsection, the Collateral Agent
shall not be required to establish or confirm the validity or amount of the Lien. The Borrower agrees that all costs and expenses expended or otherwise incurred pursuant to this  Section 6.13
(including reasonable attorneys' fees and disbursements) by the Collateral Agent shall constitute Obligations and shall be paid by
the Borrower in accordance with the terms hereof. 

        Section 6.14.    [Reserved].    

        Section 6.15.    [Reserved].    

        Section 6.16.    Use of Proceeds on Initial Advance Date.    On the Initial Advance Date, use the proceeds of
the Loans solely (a) to pay all sums due and owing under the Original Aircraft Financing Documents, (b) to pay Transaction Costs and (c) to the extent the proceeds of the Loans
exceed the amounts payable pursuant to clause (a) and (b) hereof, to pay Project Costs. 

        Section 6.17.    Appraisal.    (a) Prior to the Completion Date, the Borrower shall, at its own cost and
expense, cause to be completed and delivered to the Collateral Agent and the Lenders an Appraisal of the Equipment. 

        (b)  The
Borrower shall, as required pursuant to the terms of the Disbursement Agreement, promptly cause, additional Items of Equipment to become subject to the first
priority security interest of the Borrower Security Agreement. 

SECTION 7.    NEGATIVE COVENANTS. 

        The Borrower hereby covenants and agrees that the Borrower shall not, and shall not permit any of the other Loan Parties to, directly or indirectly (and by
executing the FF&E Guaranty, each such other Loan Party agrees that it will not): 

        Section 7.1.    Financial Condition Covenants.    

        (a)    Consolidated Leverage Ratio.    Permit the Consolidated Leverage Ratio of the Borrower as at the last day of
any period of four full consecutive fiscal quarters (or such shorter period ending on any Quarterly Date set forth below and beginning on the first day of the first fiscal quarter which begins after
the Opening Date) ending on any Quarterly Date set forth below to exceed the ratio set forth below opposite such Quarterly Date: 

	Quarterly Date
 
	 	Consolidated

Leverage Ratio

	First Quarterly Date	 	6.75:1
	Second Quarterly Date	 	5.75:1
	Third Quarterly Date	 	5.50:1
	Fourth, Fifth and Sixth Quarterly Dates	 	5.25:1
	Seventh and Eight Quarterly Dates	 	5.00:1
	Ninth and Tenth Quarterly Dates	 	4.75:1
	Eleventh Quarterly Date	 	4.50:1
	Twelfth and Thirteenth Quarterly Dates	 	4.25:1
	Fourteenth and Fifteenth Quarterly Dates	 	4.25:1
	Sixteenth Quarterly Date and each Quarterly Date thereafter	 	3.75:1

;
provided, that for purposes of calculating Consolidated EBITDA pursuant to this Section 7.1(a)
for any period which is less than four full fiscal quarters, Consolidated EBITDA shall be calculated on an annualized basis. 

29

 

        (b)    Minimum Consolidated EBITDA.    Permit Consolidated EBITDA of the Borrower for any period of four full
consecutive fiscal quarters (or such shorter period ending on any Quarterly Date set forth below and beginning on the first day of the first fiscal quarter which begins after the Opening Date) ending
on any Quarterly Date set forth below to be less than the correlative amount set forth below opposite such Quarterly Date. 

	Quarterly Date
 
	 	Consolidated

EBITDA

	First Quarterly Date	 	$	215,000,000
	Second and Third Quarterly Dates	 	$	250,000,000
	Fourth, Fifth, Sixth, Seventh, Eight and Ninth Quarterly Dates	 	$	260,000,000
	Tenth, Eleventh and Twelfth Quarterly Dates	 	$	270,000,000
	Thirteenth and Fourteenth Quarterly Dates	 	$	275,000000
	Fifteenth Quarterly Date and each Quarterly Date thereafter	 	$	280,000,000

; provided, that for purposes of calculating Consolidated EBITDA pursuant to this Section 7.1(b) for any period which is less than four full
fiscal quarters, Consolidated EBITDA shall be calculated on an annualized basis. 

        (c)    Consolidated Fixed Charge Coverage Ratio.    Permit the Consolidated Fixed Charge Coverage Ratio of the
Borrower for any period of four full consecutive fiscal quarters (or such shorter period ending on any Quarterly Date set forth below and beginning on the first day of the first fiscal quarter which
begins after the Opening Date) ending with any Quarterly Date set forth below to be less than the ratio set forth below opposite such Quarterly Date: 

	Quarterly Date
 
	 	Consolidated Fixed

Charge Coverage Ratio

	First, Second, Third, Fourth, Fifth and Sixth Quarterly Dates	 	1.00:1
	Seventh Quarterly Date and each Quarterly Date thereafter	 	1.05:1

        (d)    Maintenance of Net Worth.    Permit the Consolidated Net Worth of the Borrower at any Quarterly Date to be less
than $[                        ] plus an amount equal to the sum of 85% of Consolidated Net Income for all periods from the
Document Closing Date through such Quarterly Date. 

        (e)    Consolidated Interest Coverage Ratio.    Permit the Consolidated Interest Coverage Ratio of the Borrower for
any period of four full consecutive fiscal quarters (or such shorter period ending on any Quarterly Date set forth below and beginning on the first day of the first fiscal quarter which begins after
the Opening Date) ending on any Quarterly Date set forth below to be less than the ratio set forth below opposite such Quarterly Date: 

30

  

	Quarterly Date
 
	 	Consolidated Interest

Coverage Ratio

	First Quarterly Date	 	1.55:1
	Second Quarterly Date	 	1.75:1
	Third Quarterly Date	 	1.90:1
	Fourth, Fifth and Sixth Quarterly Dates	 	2.00:1
	Seventh, Eighth and Ninth Quarterly Dates	 	2.10:1
	Tenth, Eleventh, Twelfth and Thirteenth Quarterly Dates	 	2.25:1
	Fourteenth Quarterly Date and each Quarterly Date thereafter	 	2.50:1
	 	 	 

        Section 7.2.    Limitation on Indebtedness.    Create, incur, assume or suffer to exist any Indebtedness,
except: 

        (a)  Indebtedness
of any Loan Party created under any Loan Document; 

        (b)  Unsecured
Indebtedness of (i) any Loan Party (other than the Water Entities) to the Borrower or any Solvent Subsidiary of the Borrower (other than Capital Corp.
and the Completion Guarantor, except with respect to Indebtedness, the proceeds of which are necessary for the corporate maintenance of Capital Corp.), (ii) Valvino to Wynn Resorts Holdings or
Wynn Resorts Holdings to Valvino (so long as Wynn Resorts Holdings, on the one hand, or Valvino, on the other hand, is Solvent) and (iii) any Wynn Group Entity to any other Loan Party other
than the Water Entities or Capital Corp. (so long as such Loan Party is Solvent); provided, that in each case such Indebtedness is evidenced by, and
subject to the terms and conditions of, the Subordinated Intercompany Note and is otherwise subordinated in
right of payment to the Obligations under the Loan Documents and the Mortgage Notes Indenture on terms and conditions reasonably satisfactory to the Collateral Agent; 

        (c)  Indebtedness
of World Travel to the Borrower represented by the Intercompany Note; 

        (d)  Indebtedness
(other than the Indebtedness referred to in Section 7.2(f)) of the Loan Parties outstanding on the
date hereof and listed on Schedule 7.2(d) and any refinancings, refundings, renewals or extensions thereof (without any increase in the principal
amount thereof or any shortening of the maturity of any principal amount thereof); 

        (e)  Unsecured
Guarantee Obligations made in the ordinary course of business (i) by any Loan Party (other than the Water Entities) of obligations of the Borrower or
any Solvent Subsidiary of the Borrower (other than Capital Corp. and the Completion Guarantor), (ii) by Valvino of obligations of Wynn Resorts Holdings or by Wynn Resorts Holdings of
obligations of Valvino (so long as Wynn Resorts Holdings, on the one hand, or Valvino, on the other hand, is Solvent) and (iii) any Wynn Group Entity to any other Loan Party other than the
Water Entities or Capital Corp. (so long as such Loan Party is Solvent); 

        (f)    (i) Indebtedness
of the Borrower and Capital Corp. created under the Mortgage Notes Indenture in respect of the Mortgage Notes in an aggregate principal amount,
including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (i),
not to exceed $340,000,000 (reduced by any principal payments required to be made thereon) and Guarantee Obligations of any Loan Party in respect of such Indebtedness represented by the Mortgage Note
Guarantees; provided, that the principal amount of the Indebtedness permitted pursuant to this  clause (i) may be increased for purposes of, and in an
amount equal to, Indebtedness permitted pursuant to  Section 7.2(l), and (ii) Indebtedness of the Borrower created under the Wynn Credit Agreement, including all Permitted Refinancing
Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (ii), in an aggregate principal amount,
not to exceed (A) at any time prior to the 

31

 

Completion Date, $1,050,000,000, provided that to the extent such aggregate principal amount exceeds $1,000,000,000, the Borrower shall have received
an amount equal to such excess in the form a capital contribution and (B) at any time after the Completion Date, $1,050,000,000 (plus, in each case, any accrued and unpaid interest
thereon added to principal) and Guarantee Obligations of any Loan Party in respect of such Indebtedness represented by the Guarantee and Collateral Agreement; 

        (g)  Indebtedness
of the Loan Parties (including, without limitation, Capital Lease Obligations) secured by Liens permitted by  Section 7.3(s) in an aggregate principal amount not to exceed $10,000,000 at any one
time outstanding; 

        (h)  Indebtedness
of the Loan Parties to employees of the Loan Parties (or their estates) incurred in connection with any repurchase of employee stock options or stock upon
death, disability or termination of such employee in accordance with employment agreements or option plans or agreements, provided, that (i) such
Indebtedness, when aggregated with any payments made under Section 7.6(f), will not exceed $2,000,000 in any Fiscal Year and $6,000,000 during
the term of this Loan Agreement, (ii) such Indebtedness shall be unsecured and subordinated on terms and conditions satisfactory to the Initial Arrangers and in any event not less favorable to
the Loan Parties and the Lenders than the terms of the Subordinated Intercompany Note, subject to such covenants and events of default as may be acceptable to the Initial Arrangers and expressly
provide that payments thereon shall be required only to the extent not restricted by any Financing Agreement; 

        (i)    Subordinated
Debt of the Loan Parties not to exceed an aggregate of $25,000,000 at any one time outstanding; provided,
that the Net Cash Proceeds of such Subordinated Debt shall be applied within one Business Day of the incurrence of such Subordinated Debt to the prepayment, subject to  Section 7.9, of the Term
Loans and the reduction of the Revolving Credit Commitments as set forth in Section 2.12(a) of the Wynn Credit
Agreement; 

        (j)    Indebtedness
of the Loan Parties incurred to finance the acquisition of the Additional Land, provided that such Indebtedness shall not exceed the fair market value of
the Additional Land (provided, that in determining such fair market value consideration will be given to the value of the Additional Land to the Loan
Parties in light of their current Property and Permitted Business); 

        (k)  On
or prior to the date that the Total Term Loan Extensions of Credit equals the Total Term Loan Commitments, Guarantee Obligations represented by performance bonds,
guaranties, commercial letters of credit bankers' acceptances or similar instruments issued by Person other than Wynn Resorts or any Loan Party for the benefit of a trade creditor of any such Loan
Party, in an aggregate amount not to exceed $10,000,000 at any time outstanding so long as (i) such is incurred in the ordinary course of business and (ii) the obligations of any Loan
Party, as the case may be, supported by such performance bonds, guaranties, trade letters of credit, bankers' acceptances or similar instruments (1) consist solely of payment obligations with
respect to costs incurred in accordance with the Project Budget which would otherwise be permitted to be paid by the applicable Loan Party pursuant to the Disbursement Agreement and (2) are
secured, and (3) are secured solely by Liens permitted by Section 7.3(v); 

        (l)    Indebtedness
of the Borrower, the proceeds of which are used solely to develop and construct an Entertainment Facility, in an aggregate principal amount (or original
accreted value, as applicable) at any time not to exceed the lesser of (a) $50,000,000 and (b) 200% of the Entertainment Facility Equity Proceeds; and 

        (m)  additional
Indebtedness of the Loan Parties in an aggregate principal amount (for all the Loan Parties) not to exceed $5,000,000 at any one time outstanding. 

32

 

        Section 7.3.    Limitation on Liens.    Create, incur, assume or suffer to exist any Lien upon any of its
Property, whether now owned or hereafter acquired, except for: 

        (a)  Liens
for taxes not yet due or which are being contested in good faith by appropriate proceedings, provided that adequate
reserves with respect thereto are maintained on the books of the applicable Loan Party, as the case may be, in conformity with GAAP; 

        (b)  carriers',
warehousemen's, mechanics', materialmen's, repairmen's or other like Liens arising in the ordinary course of business for amounts which are not overdue for a
period of more than 30 days or that are being contested in good faith by appropriate proceedings (such contest proceedings conclusively operating to stay the sale of any portion of the
Collateral on account of such Lien); provided, that adequate reserves with respect thereto are maintained on the books of the applicable Loan Party, as
the case may be, in conformity with GAAP; 

        (c)  pledges
or deposits in connection with workers' compensation, unemployment insurance and other social security legislation; 

        (d)  deposits
by or on behalf of the Loan Parties to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, appeal
bonds and other obligations of a like nature incurred in the ordinary course of business, including, without limitation, deposits permitted pursuant to Section 6.10(c) of the Disbursement
Agreement; 

        (e)  easements,
rights-of-way, restrictions, encroachments and other similar encumbrances and other minor defects and irregularities in title, in each
case incurred in the ordinary course of business that, in the aggregate, are not substantial in amount and which do not in any case materially detract from the value of the Property subject thereto or
materially interfere with the ordinary conduct of the business of the applicable Loan Party; 

        (f)    Liens
in existence on the date hereof listed on Schedule 7.3(f), securing Indebtedness permitted by  Section 7.2(d), provided that no such Lien is spread to cover any additional Property (other than
proceeds thereof) after the Document Closing Date and that the amount of Indebtedness secured thereby is not increased; 

        (g)  Liens
created pursuant to the Security Documents; 

        (h)  leases
and subleases permitted under Section 7.5(f) and any leasehold mortgage in favor of any party financing the
lessee under any lease or sublease permitted under Section 7.5(f); provided that (a) no
Loan Party is liable for the payment of any principal of, or interest, premiums or fees on, such financing and (b) the affected lease and leasehold mortgage are expressly made subject and
subordinate to the Lien of the applicable Mortgage; 

        (i)    Liens
created by the Golf Course Lease, the Driving Range Lease, the Building Lease or the Employee Parking Lot Lease (in each case encumbering only the Property covered
by such associated lease agreement); 

        (j)    licenses
of patents, trademarks and other intellectual property rights granted by a Loan Party in the ordinary course of business and not interfering in any material
respect with the ordinary conduct of the business of such Loan Party; 

        (k)  Liens
securing Indebtedness permitted under Section 7.2(f)(i);  provided, that any such Liens on the Equipment are junior in priority to the Liens securing
the Obligations; 

        (l)    Liens
securing Indebtedness permitted under Section 7.2(f)(ii);  provided, that any such Liens on the Equipment are junior in priority to the Liens securing
the Obligations; 

        (m)  prior
to the Final Completion Date any "Permitted Liens" under the Disbursement Agreement; 

33

 

        (n)  any
attachment or judgment Lien not constituting an Event of Default under Section 8.1(h); 

        (o)  Permitted
Encumbrances; 

        (p)  Liens
arising from the filing of UCC financing statements relating solely to leases permitted by this Loan Agreement; 

        (q)  Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; 

        (r)  any
zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any Real Estate; 

        (s)  Liens
securing Indebtedness of the Loan Parties incurred pursuant to Section 7.2(g) to finance the acquisition of
fixed or capital assets, provided that (i) such Liens shall be created substantially simultaneously with the acquisition of such fixed or capital
assets (or the refinancing of such Indebtedness as otherwise permitted hereunder), (ii) such Liens do not at any time encumber any Property other than the Property (and proceeds thereof)
financed by such Indebtedness, (iii) the principal amount of Indebtedness secured thereby is not increased and (iv) the Property financed by such Indebtedness is not of a type that will
become affixed to the Project such that the removal thereof could reasonably be expected to materially interfere with the ongoing ordinary course operations of the Project; 

        (t)    Liens
securing Indebtedness of the Loan Parties incurred pursuant to Section 7.2(j) to finance the acquisition of
the Additional Land, provided that (i) such Liens shall be created substantially simultaneously with the acquisition of the Additional Land,
(ii) such Liens do not at any time encumber any Property other than the Additional Land (and proceeds thereof) and (iii) the principal amount of Indebtedness secured thereby is not
increased; 

        (u)  Liens
with respect to the Aircraft granted by World Travel to the Borrower securing Indebtedness under the Intercompany Note; and 

        (v)  Liens
on cash disbursed pursuant to the Disbursement Agreement and deposited with, or held for the account of, any Loan
Party securing reimbursement obligations under performance bonds, guaranties, commercial letters of credit, bankers' acceptances or similar instruments permitted under  Section 7.2(k) granted in
favor of the issuers of such performance bonds, guaranties, commercial letters of credit or bankers' acceptances, so
long as (i) any cash disbursed to secure such reimbursement obligations is invested in Permitted Securities only and (ii) the amount of cash and/or Permitted Securities secured by such
Liens is note less than the amount of Indebtedness secured thereby and in any event does not exceed 110% of the amount of the Indebtedness secured thereby (ignoring, for purposes of this
clause (ii), any interest earned or paid on such cash and any dividends or distributions declared or paid in respect of such Permitted Investments). 

        Section 7.4.    Limitation on Fundamental Changes.    Enter into any merger, consolidation or amalgamation, or
liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of all or substantially all of its Property or business, except that: 

        (a)  (i) any
Solvent Loan Party (other than the Water Entities) may be merged or consolidated with or into the Borrower or any Solvent Subsidiary of the Borrower
(other than Capital Corp. and the Completion Guarantor), (ii) Valvino may be merged or consolidated with or into Wynn Resorts
Holdings and Wynn Resorts Holdings may be merged or consolidated with or into Valvino (in each case so long as each of Wynn Resorts Holdings and Valvino are Solvent) and (iii) any Solvent Wynn
Group Entity may be merged or consolidated with or into any other Loan Party other than the Water Entities or Capital Corp. (so long as such Loan Party is Solvent) 

34

 

(provided that in the event any such merger or consolidation involves the Borrower, the Borrower shall be the continuing or surviving entity and, in
the event such merger or consolidation involves a Subsidiary of the Borrower (but not the Borrower), a Subsidiary of the Borrower shall be the continuing or surviving entity); 

        (b)  (i) any
Solvent Loan Party may Dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the Borrower or any Solvent Subsidiary of the
Borrower (other than Capital Corp. and the Completion Guarantor), (ii) Valvino may Dispose of any or all of its assets (upon voluntary liquidation or otherwise) to Wynn Resorts Holdings and
Wynn Resorts Holdings may Dispose of any or all of its assets (upon voluntary liquidation or otherwise) to Valvino (in each case so long as each of Wynn Resorts Holdings and Valvino are Solvent) and
(iii) any Solvent Wynn Group Entity may Dispose of any or all of its assets (upon voluntary liquidation or otherwise) to any other Loan Party other than the Water Entities or Capital Corp. (so
long as such Loan Party is Solvent); provided, that any permitted Disposition of Capital Stock of a Loan Party pursuant to this  Section 7.4(b) must be
of no less than all Capital Stock of such Loan Party; provided, further,
that in no event shall (x) Wynn Resorts Holdings be permitted to Dispose of any Capital Stock of the Borrower (other than to the extent such Disposition occurs in connection with the merger of
Wynn Resorts Holdings into Valvino as permitted pursuant to Section 7.4(a)) or (y) the Borrower or any of its Subsidiaries acquire the
Capital Stock of either of the Water Entities (other than to the extent such Disposition occurs in connection with the merger of a Water Entity into the Borrower or a Subsidiary of the Borrower as
permitted pursuant to Section 7.4(a); provided, that in no event shall Desert Inn Improvement
become a Subsidiary of the Borrower); and 

        (c)  any
Loan Party may Dispose of any of its Property in accordance with Section 7.5. 

        Section 7.5.    Limitation on Disposition of Property.    Dispose of any of its Property or Property
(including, without limitation, receivables and leasehold interests), whether now owned or hereafter acquired, or issue or sell any shares of Capital Stock to any Person, except: 

        (a)  the
Disposition in the ordinary course of business of obsolete or worn out Property or Property no longer useful in the business of the applicable Loan Party;  provided, that either (i) with respect to
Property Disposed by reason of it being no longer useful in the business of the applicable Loan Party,
such Disposition could not reasonably be expected to materially adversely affect the Project, any of the Mortgaged Properties or any of the Collateral or (ii) with respect to Property Disposed
of by reason of its obsolescence or worn out condition prior to or promptly following such Disposition any such Property shall be replaced with other Property of substantially equal or greater utility
and either (x) a value at least substantially equal to that of the replaced Property when first acquired or (y) substantially equal or greater quality and, if applicable, prestige and
caliber as the replaced Property when first acquired and free from any Lien of any other Person (subject to Permitted Liens) and the applicable
Loan Party shall subject such replacement property to the Lien of the Security Documents in favor of the Lenders of at least the same priority as the Property so replaced; 

35

  

        (b)  the
Disposition of Cash or Cash Equivalents or Permitted Securities (in each case in transactions otherwise permitted hereunder), Investments permitted pursuant to  Section 7.8, inventory (in the
ordinary course of business) and receivables (in connection with the collection thereof and otherwise as customary
in gaming operations of the type conducted by the Loan Parties); 

        (c)  Dispositions
permitted by Section 7.4 (including the Disposition of Capital Stock of Loan Parties pursuant to  Section 7.4(b)); 

        (d)  the
sale or issuance of any Loan Party's Capital Stock (other than Disqualified Stock) to its direct parent that is a Loan Party in furtherance of Investments permitted
pursuant to Section 7.8(e); 

        (e)  Dispositions
of Property having a fair market value not in excess of $5,000,000 in the aggregate (with respect to all the Loan Parties) in any Fiscal Year following the
Completion Date; provided, that (i) the consideration received for such assets shall be in an amount at least equal to the fair market value
thereof; (ii) the sole consideration received shall be cash; and (iii) to the extent such Asset Sales relate to the Collateral, the proceeds of such Asset Sales shall be applied to
either (A) the prepayment of the Loans pursuant to Section 3.1(a) or (B) the acquisition of assets which shall become a Substitute
Item or Substitute Items pursuant to Section 4.7 of the Borrower Security Agreement; 

        (f)    subject
to Section 4.2 of the Borrower Security Agreement, the Borrower may enter into any leases with respect to any Item of Equipment, and subject to
Section 4.2 of the Aircraft Security Agreement, the Aircraft Trustee, or World Travel pursuant to the Aircraft Operating Agreement, may enter into any lease with respect to the Aircraft, and
Valvino may enter into any commercial office space leases with respect to the Phase II Land Building; 

        (g)  any
Loan Party may dedicate space within the Project for the purpose of constructing (i) a mass transit system, (ii) a pedestrian bridge over or a
pedestrian tunnel under Las Vegas Boulevard or Sands Avenue or similar structures to facilitate pedestrians or traffic, (iii) a right turn lane or other roadway dedication or (iv) such
other structures or improvements reasonably related to and in furtherance of the development, construction and operation of the Project; provided, that
in each case such dedication does not materially impair or interfere in the use or operation of the Project or any Loan Party or materially detract from the value of the Property subject thereto; 

        (h)  the
Loan Parties may license trademarks and trade names in the ordinary course of business; 

        (i)    the
incurrence of Liens permitted under Section 7.3, provided that
any leases other than those permitted pursuant to Section 7.3(i) (whether or not constituting Permitted Liens) shall be permitted only to the
extent provided in subsection (f) above and the last paragraph of this Section 7.5; 

        (j)    The
applicable Golf Course Land Owner(s) shall be permitted to Dispose of the Wynn Home Site Land to Mr. Wynn, and the Lenders hereby consent to such Disposition,
on the conditions that (i) no Default or Event of Default has occurred and is continuing at the time of such Disposition, and (ii) such disposition is permitted pursuant to the terms of
the Wynn Credit Agreement or the Wynn Banks concurrently consent to such Disposition; 

        (k)  The
Golf Course Owner(s) shall be permitted to Dispose of the Golf Course Land and in connection therewith the applicable Loan Parties shall be permitted to Dispose of
their ownership in the Capital Stock of Desert Inn Water and Desert Inn Improvement and the DIIC Water Permits (other than the DIIC Casino Water Permit), and the Lenders hereby consent to such
Dispositions, on the conditions that (i) no Default or Event of Default has occurred and is 

36

 

continuing at the time of such Dispositions and (ii) such Disposition is permitted pursuant to the terms of the Wynn Credit Agreement or the Wynn Banks otherwise concurrently consent to such
Disposition; 

        (l)    The
applicable Golf Course Land Owner(s) shall be permitted to Dispose of the Home Site Land, and the Lenders hereby consent to such Disposition, on the conditions that
(i) no Default or Event of Default has occurred and is continuing at the time of such Disposition and (ii) such Disposition is permitted pursuant to the terms of the Wynn Credit
Agreement or the Wynn Banks otherwise concurrently consent to such Disposition; 

        (m)  Valvino
shall be permitted to Dispose of the Phase II Land, and the Lenders hereby consent to such Disposition, on the conditions that (i) no Default or Event of
Default has occurred and is continuing at the time of such Disposition and (ii) such Disposition is permitted pursuant to the terms of the Wynn Credit Agreement or the Wynn Banks otherwise
concurrently consent to such Disposition; 

        (n)  any
Event of Eminent Domain, provided, that the requirements of  Section 8.1 are complied with in connection therewith; and 

        (o)  Dispositions
of Items of Equipment which are replaced pursuant to Section 4.7 of the Borrower Security Agreement. 

        (p)  the
Disposition of the Existing Aircraft so long as (i) within three (3) Business Days after such Disposition, World Travel or a trust of which World
Travel is the beneficial interest holder acquires the Replacement Aircraft, (ii) the aggregate Net Disposition Proceeds from such Disposition are applied to the acquisition of the Replacement
Aircraft and no Loan Party applies any other amounts to such acquisition other than (x) proceeds of equity capital contributions from Wynn Resorts (or another Loan Party to the extent acting as
an intermediary for purposes of contributing equity capital contributions from Wynn Resorts) and (y) proceeds from Advances hereunder and (iii) such Disposition of the Existing Aircraft
and the acquisition of the Permitted Aircraft is permitted pursuant to the Other Indebtedness; and 

        (q)  Valvino
shall be permitted to effectuate the Valvino Water Permit Transfer (or any portion thereof) and DIIC shall be permitted to effectuate the DIIC Water Transfer (or
any portion thereof). 

        Section 7.6.    Limitation on Restricted Payments.    Declare or pay any dividend (other than dividends payable
solely in common stock (excluding Disqualified Stock) of the Person making such dividend) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the
purchase, redemption, defeasance, retirement or other acquisition of, any Capital Stock of any Loan Party, whether now or hereafter outstanding, or make any other distribution in respect thereof,
either directly or indirectly, whether in cash or property or in obligations of any Loan Party, or enter into any derivatives or other transaction with any financial institution, commodities or stock
exchange or clearinghouse (a "Derivatives Counterparty") obligating any Loan Party to make payments to such Derivatives Counterparty as a result of any
change in market value of any such Capital Stock (collectively, "Restricted Payments"), except that: 

        (a)  any
Loan Party may pay a dividend or other distribution to Wynn Resorts, through any intermediate Wholly Owned Subsidiaries of Wynn Resorts, of amounts necessary to
repurchase Capital Stock or Indebtedness of Wynn Resorts (other than Capital Stock held by the Existing Stockholders) to the extent required by the Nevada Gaming Authorities for not more than the fair
market value thereof in order to avoid the suspension, revocation or denial by the Nevada Gaming Authorities of a gaming license necessary for the ownership, construction, maintenance, financing or
operation of the Project, in any event to the extent such suspension, revocation or denial would have a Material Adverse Effect; provided, that so long
as such efforts do not jeopardize any such 

37

 

gaming license necessary for the ownership, construction, maintenance, financing or operation of the Project, Wynn Resorts and its Subsidiaries shall have diligently and in good faith attempted to
find a third-party purchaser(s) for such Capital Stock or Indebtedness and no third-party purchaser(s) acceptable to the Nevada Gaming Authorities was willing to purchase such Capital Stock or
Indebtedness within a time period acceptable to the Nevada Gaming Authorities; 

        (b)  on
the Completion Guaranty Release Date, the Completion Guarantor may pay a dividend or other distribution to Wynn Resorts, through any intermediate Wholly Owned
Subsidiaries of Wynn Resorts, in an amount equal to the amount on deposit in the Completion Guaranty Deposit Account after
application of amounts on deposit therein in accordance with Section 2.10 of the Disbursement Agreement; 

        (c)  to
the extent constituting Restricted Payments, (i) any Loan Party may consummate a transaction permitted pursuant to  Section 7.4, (ii) any Loan Party may make Dispositions permitted
pursuant to  Section 7.5, (iii) any Loan Party may make Investments permitted pursuant to  Section 7.8, (iv) any Loan Party may pay
Management Fees to Wynn Resorts permitted pursuant to
Section 7.22 and (v) any Loan Party may take actions expressly permitted pursuant to  Section 7.10; 

        (d)  (i) any
Subsidiary of the Borrower may declare and pay cash dividends to the Borrower or any Solvent Subsidiary of the Borrower (other than Capital Corp. or the
Completion Guarantor), (ii) Wynn Resorts Holdings may declare and pay cash dividends to Valvino (so long as Valvino is Solvent) and (iii) any Wynn Group Entity may declare and pay cash
dividends to any other Loan Party (so long as such Loan Party is Solvent); 

        (e)  any
Loan Party may make distributions to the direct or indirect owners of such Loan Party with respect to any period during which such Loan Party is a Pass Through
Entity or a Consolidated Member, such distributions in an aggregate amount not to exceed such owners' Tax Amounts for such period; 

        (f)    so
long as no Default or Event of Default shall have occurred and be continuing and no Material Adverse Effect shall have occurred and be continuing (or, in either case,
would result therefrom), the Loan Parties may pay dividends to other Loan Parties to permit such other Loan Parties to (i) repurchase common stock or common stock options from present or former
employees of the Loan Parties (or their estates) upon the death, disability or termination of employment of such employees in accordance with employment agreements or option plans or agreements;  provided, that the aggregate amount of payments under this subsection (f), when aggregated with any
Indebtedness incurred by the Loan Parties pursuant to Section 7.2(h), will not exceed $2,000,000 in any Fiscal Year and $6,000,000 during the
term of this Agreement; 

        (g)  on
and after the Completion Date and so long as no Default or Event of Default shall have occurred and be continuing and no Material Adverse Effect shall have occurred
and be continuing (or, in either case, would result therefrom), the Loan Parties may make Restricted Payments not otherwise permitted under any other subsection of this  Section 7.6 in an amount not
to exceed an aggregate of $5,000,000, plus, for each Fiscal Year
occurring after the Fiscal Year in which the Completion Date occurs, $2,000,000; 

        (h)  to
the extent constituting Restricted Payments, on or prior to the Final Completion Date the Borrower may pay Project Costs as permitted pursuant to the Disbursement
Agreement; and 

        (i)    until
the earlier of (i) 12 months following the acquisition of the Replacement Aircraft with the Replacement Aircraft Indebtedness, and (ii) the
sale by World Travel or the Aircraft Trustee, as the case may be, of the Existing Aircraft, the payment to Wynn Resorts of amounts necessary to pay interest then due and payable on the Replacement
Aircraft Indebtedness in an aggregate amount not to exceed $1,000,000. 

38

 

        Section 7.7.    Limitation on Capital Expenditures.    Make, commit to make or incur Capital Expenditures, in
any Fiscal Year indicated below, in an aggregate amount among all Loan Parties in excess of the corresponding amounts set forth below opposite such Fiscal Year; provided, that other than Capital
Expenditures (x) necessary to keep all associated Property and systems reasonably related to the operation of the Golf Course Land and improvements thereon and the Phase II Land and
improvements thereon in good and working order and condition or (y) funded by the proceeds of equity capital contributions from Wynn Resorts (or another Loan Party to the extent acting as an
intermediary for purposes of contributing equity capital contributions from Wynn Resorts for such Capital Expenditures) no event shall any Loan Party commit to make or incur Capital Expenditures with
respect to the Golf Course or the Golf Course Land or improvements thereon in excess of (A) $3,000,000 during the period from the Completion Date through the 18 month anniversary thereof
and (B) $5,000,000 in any 12 month period thereafter, and in no event shall any Loan Party commit to make or incur Capital Expenses with respect to the Phase II Land or improvements
thereon in excess of $5,000,000 in any Fiscal Year; provided, further, that other than Capital Expenditures (x) necessary or advisable to keep all associated Property and systems reasonably
related to the operation of the Aircraft in good and working order and condition, in each case whether pursuant to manufacturer requirements or suggestions, Requirements of Law, good aircraft
maintenance practices or otherwise, or (y) funded by the proceeds of equity capital contributions from Wynn Resorts (or another Loan Party to the extent acting as an intermediary for purposes
of contributing equity capital contributions from Wynn Resorts for such Capital Expenditures), in no event shall any Loan Party commit to make or incur Capital Expenditures with respect to the
Aircraft. 

	Fiscal Year
	 	Maximum Capital Expenditures

	Fiscal Year 2005	 	$	25,000,000
	Fiscal Year 2006	 	$	50,000,000
	Fiscal Year 2007	 	$	60,000,000
	Fiscal Year 2008	 	$	65,000,000
	Fiscal Year 2009	 	$	52,500,000

        Section 7.8.    Limitation on Investments.    Make any advance, loan, extension of credit (by way of guaranty
or otherwise) or capital contribution to, or purchase any Capital Stock, bonds, notes, debentures or other debt securities of, or any assets constituting an ongoing business from, or make any other
investment in, any other Person (all of the foregoing, "Investments"), except: 

        (a)  extensions
of trade credit in the ordinary course of business (including, without limitation, advances to patrons of the Project's casino operation consistent with
ordinary course gaming operations); 

        (b)  (i) prior
to the Completion Date, Investments in Permitted Securities and (ii) on or after the Completion Date, Investments in Cash Equivalents; 

        (c)  to
the extent constituting Investments, the incurrence of Indebtedness permitted by Sections 7.2(b). 7.2(c) and/or  7.2(d); 

        (d)  loans
and advances to employees of the Loan Parties in the ordinary course of business (including, without limitation, for travel, entertainment and relocation expenses)
in an aggregate amount for all Loan Parties not to exceed $1,000,000 at any one time outstanding; 

        (e)  Investments
(other than those relating to the incurrence of Indebtedness permitted by Section 7.8(c))
(i) by any Loan Party (other than the Water Entities) in the Borrower or any Solvent Subsidiary of the Borrower (other than Capital Corp. except with respect to Investments, the proceeds of
which are necessary for the corporate maintenance of Capital Corp.), (ii) by 

39

 

Valvino in Wynn Resorts Holdings or by Wynn Resorts Holdings in Valvino (so long as Wynn Resorts Holdings, on the one hand, or Valvino, on the other hand, is Solvent) and (iii) by any Group 1
Entity in any other Loan Party other than the Water Entities or Capital Corp. (so long as such Loan Party is Solvent); 

        (f)    Investments
consisting of securities received in settlement of debt created in the ordinary course of business and owing to any Loan Party or in satisfaction of
judgments; 

        (g)  nominal
capital contributions in connection and in furtherance of the formation of new Subsidiaries in accordance with
Section 7.17;

        (h)  to
the extent constituting Investments, (i) any Loan Party may consummate a transaction permitted pursuant to  Section 7.4, (ii) any Loan Party may make Dispositions permitted pursuant to
 Section 7.5, (iii) any Loan Party may make Restricted Payments permitted pursuant to  Section 7.8 and (iv) any Loan Party may take
actions expressly permitted pursuant to  Section 7.10; and 

        (i)    in
addition to Investments otherwise expressly permitted by this Section 7.8, so long as no Event of Default or
Default shall have occurred and be continuing or would result therefrom and no Material Adverse Effect shall have occurred and be continuing or would result therefrom, Investments by the Loan Parties
in an aggregate amount (valued at cost) not to exceed $10,000,000 at any one time outstanding. 

        Section 7.9.    Limitation on Optional Payments and Modifications of Governing Documents. (a) Make or offer to
make any optional or voluntary payment, prepayment, repurchase or redemption of, or otherwise voluntarily or optionally defease, any Indebtedness, or segregate funds for any such payment, prepayment,
repurchase, redemption or defeasance, or enter into any derivative or other transaction with any Derivatives Counterparty obligating any Loan Party to make payments to such Derivatives Counterparty as
a result of any change in market value of such Indebtedness, other than the prepayment of Indebtedness incurred hereunder or the prepayment of the Other Indebtedness with the proceeds of the Permitted
Refinancing Indebtedness; provided, that the Borrower may voluntarily prepay the Term Loans or the Revolving Credit Loans, with a corresponding
permanent reduction of the Revolving Credit Commitment, so long as the Loans under this Loan Agreement are prepaid on a pro rata basis; provided,
further, that the foregoing limitations shall not restrict the ability of the Borrower to (a) make payments under any Revolving Credit Loans to the extent such payments
are not accompanied by a permanent reduction in the Revolving Credit Commitment, (b) amend or permit the amendment of its Governing Documents in any manner determined by the Collateral Agent
not to be adverse to the Lenders or (c) amend, modify or otherwise change the provisions of Article IV of its limited liability company agreement relating to conduct) or any comparable
provisions contained in its other charter documents (or, in each case, to the extent the relevant Loan Party is not a limited liability company, any comparable provisions contained in its Governing
Documents), or fail to include provisions corresponding to those contained in Article IV of the limited liability company agreement of Valvino, as in effect on the Closing Date, in its limited
liability company agreement or other applicable Governing Documents. 

40

           Section 7.10.    Limitation on Transactions with Affiliates.    Enter into any
transaction, including, without
limitation, any purchase, sale, lease or exchange of Property, the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than such transactions
solely between the Borrower and its Subsidiaries or solely between Subsidiaries of the Borrower) unless such transaction is: 

        (a)  on
terms that are not less favorable to that Loan Party than those that might be obtained at the time in a comparable arm's length transaction with Persons who are not
Affiliates of such Loan Party and the Borrower has delivered to the Collateral Agent (1) with respect to any transaction involving an amount in excess of $1,000,000, a certificate signed by a
Responsible Officer certifying that such transaction complies with this Section 7.10, (2) with respect to any transaction involving an
amount in excess of $5,000,000, a resolution of the Board of Directors of the applicable Loan Party(ies) certifying that such transaction complies with this  Section 7.10 and that such transaction
has been approved by a majority of the Independent Directors of the applicable Loan Party(ies) and
(3) with respect to any such transaction that involves aggregate payments in excess of $10,000,000 (or, with respect to Qualified Affiliate Transactions, $25,000,000), an opinion as to the
fairness to the applicable Loan Party at the time such transaction is entered into from a financial point of view issued by an independent financial advisor satisfactory to the Collateral Agent; 

; provided, that, in no such case shall such a transaction consist of, contain, or provide for the payment of (i) Affiliated Overhead
Expense or (ii) any fee, profit or similar component benefiting any Loan Party or Affiliate of a Loan Party, all payments under such transactions to represent only the payment or reimbursement
of actual costs and expenses, except (x) transactions where the Borrower or a Subsidiary of the Borrower is the recipient of such payments or (y) transactions where a Loan Party is the
recipient of such payments and such payments are being made by a Person other than a Loan Party; provided, however, that (x) the Borrower shall
be permitted to lease space at the Project for the development and operation of a Ferrari and Maserati automobile dealership to an Affiliate of the Borrower pursuant to the Dealership Lease Agreement
at below market rent and (y) the Borrower shall be permitted to sublease space at the Phase II Building to Affiliates of the Borrower at below market rents; 

        (b)  a
Disposition permitted pursuant to Section 7.5 (provided, the
requirements of subsection (a) above shall apply to leases of the Project by the Borrower permitted pursuant to  Section 7.5(f) (other than the
Dealership Lease and subleases of the Phase II Land Building) and Dispositions permitted pursuant to  Section 7.5(b)), an Investment permitted pursuant to Section 7.8 or a Restricted Payment
permitted pursuant to Section 7.6; 

        (c)  so
long as no Default or Event of Default shall have occurred and be continuing and no Material Adverse Effect shall have occurred and be continuing (or, in either case,
would result therefrom), expressly contemplated by the Tax Indemnification Agreement; 

        (d)  on
and after the Completion Date, the reimbursement by the Borrower and its Subsidiaries to the other Loan Parties and Wynn Resorts of Allocable Overhead to the extent
incurred by the other Loan Parties and Wynn Resorts; provided, that the amount of Allocable Overhead reimbursable by the Borrower and its Subsidiaries
pursuant to this Section 7.10(d) during any 12-month period shall not exceed, in the aggregate, the greater of (x) $21,500,000
and (y) if the Consolidated Leverage Ratio of the Borrower for the period of four full consecutive fiscal quarters ending on the Quarterly Date immediately prior to the commencement of such
12 month period is 3.5 to 1.0 or less, 1.29% of Net Revenues of the Borrower and its consolidated Subsidiaries for such four full consecutive fiscal quarter period; or 

        (e)  expressly
contemplated by the Golf Course Lease, the Driving Range Lease, the Employee Parking Lot Lease, the Art Rental and Licensing Agreement, the Water Supply 

41

 

Agreement, the Management Agreement (but only to the extent payments thereunder do not constitute Management Fees (payments of such amounts being governed pursuant to  Section 7.22)), the Building
Lease, the WDD Agreement and the Aircraft Operating Agreement; provided,
however, any amendments, modifications or supplements thereto after the Closing Date shall comply with Section 7.10(a);  and 

        (f)    on
or prior to the Final Completion Date, the payment of Project Costs as permitted pursuant to the Disbursement Agreement. 

        Section 7.11.    Limitation on Sales and Leasebacks.    Enter into any arrangement with any Person providing
for the leasing by any Loan Party of Property which has been or is to be sold or transferred by any Loan Party to such Person or to any other Person to whom funds have been or are to be advanced by
such Person on the security of such Property or rental obligations of any Loan Party. 

        Section 7.12.    Limitation on Changes in Fiscal Periods.    Permit the fiscal year of any Loan Party to end on
a day other than December 31 or change any Loan Party's method of determining fiscal quarters. 

        Section 7.13.    Limitation on Negative Pledge Clauses.    Enter into or suffer to exist or become effective
any agreement that prohibits or limits the ability of a Loan Party to create, incur, assume or suffer to exist any Lien upon any of its Property or revenues, whether now owned or hereafter acquired,
to secure the Obligations or, in the case of any Guarantor, its obligations under the FF&E Guaranty other than (i) this Loan Agreement and the other Financing Agreements, (ii) any
agreements governing any purchase money Liens or Capital Lease Obligations otherwise permitted hereby (in which case, any
prohibiting or limitation shall only be effective against the assets financed thereby and proceeds thereof); provided, that the principal amount of
Indebtedness thereunder shall exceed 75% of the original purchase price of the assets financed thereby, and (iii) as required by applicable law or any applicable rule or order of any Nevada
Gaming Authority. 

        Section 7.14.    Limitation on Restrictions on Subsidiary Distributions, Etc.    Enter into or suffer to exist
or become effective any consensual encumbrance or restriction on the ability of any Loan Party to (i) make Restricted Payments in respect of any Capital Stock of such Loan Party held by, or pay
or subordinate any Indebtedness owed to, any other Loan Party, (ii) make Investments in any other Loan Party or (iii) transfer any of its assets to any other Loan Party, except for such
encumbrances or restrictions existing under or by reason of (A) any restrictions existing under the Loan Documents or the Wynn Credit Documents, (B) any restrictions under the Mortgage
Notes Indenture, and (C) as required by applicable law or any applicable rule or order of any Nevada Gaming Authority. 

        Section 7.15.    Limitation on Lines of Business.    Subject to Sections
7.24 and 7.25, enter into any business or investment activities, whether directly or indirectly, other than Permitted
Businesses; provided, however, that (a) Capital Corp. shall not hold any material Property, incur any Indebtedness or become liable for any
obligations or engage in any business activities (other than as co-obligor with respect to the Other Indebtedness and Other Security Documents with respect to the Mortgage Notes
Indenture), or have any Subsidiaries and (b) the Water Entities shall not hold any material Property other than the DIBC Water Permits and other Property reasonably related to the provision of
water services to the Gold Course and the Additional Land or engage in any business activities other than the provision of water services to the Golf Course and surrounding properties. 

        Section 7.16.    Restrictions on Changes.    (a) Agree to any amendment to, assignment or termination of, or
waive any of its rights under, any Permit or Project Document or enter into any new Project Document or Permit (it being understood that any Material Contracts which are covered by  subsection (c) of
this Section 7.16 shall also be subject to the restrictions set forth therein)
without in each case obtaining the prior written consent of the Required Lenders if in any such case such amendment or waiver or new Project Document or Permit could reasonably be expected to have a 

42

 

Material Adverse Effect or otherwise adversely affect the Lenders in any material respect (taking into consideration any viable replacements or substitutions therefore at the time such determination
is made). 

        (b)  Amend
or otherwise change the terms of any Financing Agreements (other than the Loan Documents) or permit the termination thereof (other than in accordance with the
terms thereof), or enter into any new Financing Agreements or make any payment consistent with an amendment thereof or change thereto, if the effect of such amendment, change or new Financing
Agreement is to increase the interest rate or fees on the Indebtedness evidenced thereby, change (to earlier or more frequent dates) any dates upon which payments of principal or interest are due
thereon, change the redemption, prepayment or defeasance provisions thereof or change the subordination provisions thereof (or of any guaranty thereof);  provided, that the Borrower may amend the terms
of any other Financing Agreement
to increase the principal amount thereof if such interest is otherwise expressly permitted by the Intercreditor Agreements and this Loan Agreement. 

        (c)  Amend,
waive or otherwise change, or permit any amendment or waiver of, the terms of either the Intercompany Note or the Aircraft Security Agreement or permit the
termination thereof. 

        (d)  Agree
to any amendment to, assignment or termination of, or waive any of its rights under, any Material Contract (other than Material Contracts described in
clause (ii) of the definition thereof) or enter into a new Material Contract (other than Material Contracts described in clause (ii) of the definitions thereof) without in each case
obtaining the prior written consent of the Collateral Agent, which consent shall not be unreasonably withheld or delayed. Notwithstanding anything to the contrary contained in this  Section 7.16(d),
this Section 7.16(d) shall not apply to Construction Contracts. 

        Section 7.17.    Limitation on Formation and Acquisition of Subsidiaries and Purchase of Capital
Stock.    Except as otherwise permitted pursuant to Section 7.4, form, create or acquire any direct or indirect Subsidiary, except so long as no Event of
Default or Default shall have occurred and be continuing or would result therefrom, the Borrower and its Subsidiaries may form, create or acquire new Domestic Subsidiaries (in the event of an
acquisition of a new Domestic Subsidiary, so long as such new Domestic Subsidiary is Solvent); provided, that (a) no such new Subsidiary shall
own or operate or possess any material license, franchise or right used in connection with the ownership or operation of the Project or any material Project assets, (b) any such new Subsidiary
shall be a Wholly Owned Subsidiary of its requisite parent entity, and (c) any such new Subsidiary shall become a Loan Party hereunder and otherwise comply with the requirements of  Section 6.10. Notwithstanding anything to the contrary contained in this Agreement, in no event shall any Loan Party own any Capital Stock other
than that of its Wholly Owned Subsidiaries. 

        Section 7.18.    Limitation on Hedge Agreements.    Enter into any Hedge Agreement other than Hedge Agreements
entered into in the ordinary course of business, and not for speculative purposes, and to protect against changes in interest rates or foreign exchange rates. 

        Section 7.19.    Limitation on Sale or Discount of Receivables.    Except as permitted pursuant to  Section 7.5(b), directly or indirectly, sell with recourse, or discount or otherwise sell for less than the face value thereof, any of its notes
or accounts receivable other than an assignment for purposes of collection in the ordinary course of business. 

        Section 7.20.    Limitation on Zoning and Contract Changes and Compliance.    Initiate, consent to or acquiesce
to (a) any zoning downgrade of the Mortgaged Properties or seek any material variance under any existing zoning ordinance except, in each case, to the extent such downgrade or variance could
not reasonably be expected to materially and adversely affect the occupancy, use or operation of the Golf Course Land, the Phase II Land or the Casino Land, (b) use or permit the use of the
Mortgaged Properties in any manner that could result in such use becoming a non-conforming use (other than a non-conforming use otherwise in compliance with applicable land use
laws, rules and 

43

 

regulations by virtue of a variance or otherwise) under any zoning ordinance or any other applicable land use law, rule or regulation or (c) any change in any laws, requirements of
Governmental Authorities or obligations created by private contracts which now or hereafter could reasonably be likely to materially and adversely affect the occupancy, use or operation of the Golf
Course Land, the Phase II Land or the Casino Land or Collateral. 

        Section 7.21.    No Joint Assessment; Separate Lots.    Suffer, permit or initiate the joint assessment of any
Mortgaged Property with any other real property constituting a separate tax lot. 

        Section 7.22.    Restrictions on Payments of Management Fees.    Pay to Wynn Resorts any Management Fees
unless: 

        (a)  no
Default or Event of Default shall have occurred and be continuing or would result from such payment and no Material Adverse Effect shall have occurred and be
continuing or would result from such payment; 

        (b)  the
Consolidated Leverage Ratio of the Borrower and its consolidated Subsidiaries for the most recently ended four full consecutive fiscal quarter period of the Borrower
immediately preceding the date on which such Management Fee is proposed to be paid is no greater than 3.5 to 1.0 calculated on a pro forma basis, giving effect to the payment of the Management Fees
proposed to be paid and any Indebtedness proposed to be incurred to finance the payment of such Management Fees as if the same was paid and/or incurred during such prior period; and 

        (c)  such
Management Fees in the aggregate not to exceed, during any 12-month, period 1.5% of the Net Revenues of the Borrower and its consolidated Subsidiaries
for the period of four full consecutive fiscal quarters of the Borrower most recently ended prior to the commencement of such 12-month period. 

        Any
Management Fees not permitted to be paid during a particular 12-month period, pursuant to this Section 7.22 shall
be deferred and shall accrue. Such accrued and unpaid Management Fees may be paid in any subsequent 12-month period to the extent such payment would be permitted under this  Section 7.22 and the
Management Fees Subordination Agreement. 

        Section 7.23.    Additional Material Contracts.    Enter into or become a party to any Additional Material
Contract except upon delivery to the Administrative Agent of each Delivery Requirement with respect to such Additional Material Contract; provided,
however, that the requirements of this Section 7.23 shall not apply to Construction Contracts. 

        Section 7.24.    Lease Terminations.    Terminate or permit the termination of, or reduce or permit the
reduction of the Real Estate or other Property covered by, (i) the Driving Range Lease, the Building Lease or the Parking Lot Lease, in each case until such time as (A) the Phase II Land
is Disposed of in accordance with Section 7.5(m) and (B) with respect to the Parking Lot Lease, the Borrower has entered into such
agreements or otherwise obtained such Property which in the reasonable opinion of the Majority Arrangers provides a satisfactory alternative to the Parking Lot Lease with respect to the provision of
parking services for the Borrower's employees or (ii) the Golf Course Lease until such time as the Golf Course Land is Disposed of in accordance with  Section 7.5(k) (provided, that the Real Estate or other Property subject to the Golf Course Lease
may be reduced in connection with the Disposition of the Wynn Home Site Land pursuant to Section 7.5(j) or the Disposition of the Home Site Land
in accordance with Section 7.5(l), in either case so long as such reduction is only with respect to such Real Estate or other Property being
Disposed of pursuant to such Disposition). 

        [ADDITIONAL
COVENANTS TO COME BASED ON DILIGENCE, INCLUDING WITH RESPECT TO OKADA] 

44

 

SECTION 8. RISK OF LOSS; INSURANCE. 

        Section 8.1.    Casualty.    Upon the occurrence of (i) a Casualty or a series of Casualties with
respect to an Item or Items of Equipment with a Purchase Price aggregating in excess of $1,000,000 or (ii) a Casualty with respect to the Airframe or an Engine, the Borrower shall give Lenders
and Collateral Agent prompt notice thereof (a "Casualty Notice"). The Casualty Notice shall specify whether the Borrower will: 

        (a)  pay
to Lenders (i) the Casualty Amount of the Item or Items of Equipment, Airframe or Engine suffering such Casualty or series of Casualties, together with
(ii) all Interest then due and owing, (iii) any amounts then due and owing and (iv) if such amount is paid on a date which is not a Payment Date an amount equal to the sum of the
Applicable Administrative Charge with respect to such Casualty Amount (the "Casualty Settlement Date"); or 

        (b)  replace,
or cause to be replaced, the Item or Items of Equipment, Airframe or Engine with respect to which the Casualty or series of Casualties has occurred pursuant to
the following provisions of this Section 8.1, provided that upon the occurrence and during the
continuance of a Default or an Event of Default or in the event such Casualty is pursuant to the last sentence of the definition thereof, the Borrower shall be obligated, at the option of the Required
Lenders, to make the payments referred to
in clause (a) above and shall not be entitled to exercise any right or election of replacement pursuant to this  clause (b). 

        If
the Borrower has elected, or is required, to pay the Casualty Amount pursuant to clause (a) above, the Borrower shall continue
to make all payments of Interest and Required Prepayments due under this Loan Agreement until and including the Casualty Settlement Date. Upon payment of the Casualty Amount in respect of any Item of
Equipment, Airframe or Engine suffering Casualty on such Casualty Settlement Date together with all Interest then due and owing, the remaining scheduled Required Prepayments and Interest under this
Loan Agreement shall be reduced such that the remaining Required Prepayments, when aggregated with all other Required Prepayments, shall fully amortize the outstanding Loan Balance by the Majority
Date. 

        Equipment
Replacements—If the Borrower has given notice that it intends to replace the Item or Items of Equipment suffering such Casualty or series of Casualties, and such
replacement is permitted under the foregoing clause (b), the Borrower may make subject to this Loan Agreement, not later than the Casualty
Settlement Date with respect to such Item or Items of Equipment, a replacement for such Item or Items of Equipment meeting the suitability standards hereinafter set forth (a  "Replacement Item"). To be
suitable as a Replacement Item of Equipment, an item (or items) must (i) be of the same general type, (ii) have
the same or better remaining economic useful life, state of repair and operating condition (immediately preceding the Casualty or series of Casualties assuming that such Item or Items of Equipment had
been maintained in accordance with the terms of Section 4 of the Borrower Security Agreement) as the Item or Items of Equipment, taken as a whole, suffering the Casualty or series of
Casualties, (iii) have a Fair Market Value of not less than the Fair Market Value (immediately preceding the Casualty or series of Casualties assuming that such Item or Items of Equipment had
been maintained in accordance with the terms of Section 4 of the Borrower Security Agreement) of the Item or Items of Equipment, taken as a whole, suffering the Casualty or series of Casualties
and (iv) be free and clear of any Liens other than Permitted Liens. In the event any Replacement Item of Equipment is of an earlier year of construction than the replaced Item or Items of
Equipment, the Borrower shall deliver an appraisal in form and substance satisfactory to the Required Lenders from an appraiser selected by the Required Lenders confirming that such Replacement Item
or Items of Equipment meet the standards set forth in clause (ii) and (iii) of the immediately
preceding sentence. The Borrower shall cause a Borrower Security Agreement Supplement to be executed and delivered to Collateral Agent and Lenders in order to subject such replacement item or items to
the Borrower Security Agreement, and upon such execution and delivery and the receipt by Collateral Agent and the 

45

 

Lenders of (i) evidence reasonably satisfactory to them of the Borrower's compliance with the insurance provisions of Section 8.2 with
respect to such replacement item or items, and (ii) an opinion of counsel to the Borrower opining as to the authorization, execution and delivery of a Borrower Security Agreement Supplement,
the enforceability of the Borrower Security Agreement Supplement and the filing and recording of the Borrower Security Agreement Supplement and UCC financing statements with respect thereto and, in
each case, consistent with the opinions delivered on any Advance Date covering such matters, such replacement item or items shall be deemed an "Item of
Equipment" or "Items of Equipment" for all purposes hereof. 

        Airframe
Replacements—If the Borrower has given notice that it intends to replace, or permit to be replaced, an Airframe suffering a Casualty, and such replacement is
permitted under the foregoing  clause (b), the Borrower may make, or permit, subject to this Loan Agreement, not later than the Casualty Settlement Date with respect to such
Airframe, a replacement for such Airframe meeting the suitability standards hereinafter set forth (a "Replacement Airframe"). To be suitable as a
Replacement Airframe, an airframe must (i) be a passenger aircraft, (ii) have the same or better remaining economic useful life, state of repair and operating condition (immediately
preceding the Casualty assuming that such Airframe had been maintained in accordance with the terms of Section 4 of the Aircraft Security Agreement) as the Airframe suffering the Casualty,
(iii) have a Fair Market Value of not less than the Fair Market Value (immediately preceding the Casualty assuming that such Airframe had been maintained in accordance with the terms of
Section 4 of the Aircraft Security Agreement) of the Airframe suffering the Casualty and (iv) be free and clear of any Liens other than Permitted Liens. The Borrower shall deliver an
appraisal in form and substance satisfactory to the Required Lenders from an appraiser selected by the Required Lenders confirming that such Replacement Airframe meets the standards set forth in  clause (ii)
 and (iii) of the immediately preceding sentence. The Borrower shall cause the
Aircraft Trustee to cause an Aircraft Security Agreement Supplement to be executed and delivered to the Borrower in order to subject such Replacement Airframe to the Aircraft Security Agreement, and
upon such execution and delivery and the receipt by Lenders of: 

          (i)  evidence
reasonably satisfactory to Lenders of the Borrower's or World Travel's, as the case may be, compliance with the insurance provisions of  Section 8.2 with respect to such Replacement Airframe;

        (ii)  an
opinion of counsel of the Aircraft Trustee and, as applicable, World Travel opining as to the authorization, execution and delivery of the Aircraft Security
Agreement Supplement, the enforceability of the Aircraft Security Agreement Supplement and the filing and recording of the Aircraft Security Agreement Supplement and UCC financing statements with
respect thereto and, in each case, consistent with the opinions delivered on any Advance Date covering such matters; 

        (iii)  such
documents and evidence with respect to the Borrower, the Aircraft Trustee and, as applicable, and World Travel as Lenders or their counsel may reasonably request
in order to establish the consummation of the transactions contemplated hereby, the taking of all corporate proceedings in connection with and compliance with the conditions set forth herein, in each
case in form and substance reasonably satisfactory to such party, including evidence that the Replacement Airframe has been duly certificated by the FAA as to type and airworthiness in accordance with
the terms of the Aircraft Security Agreement and application for registration of the Replacement Airframe in the name of the Aircraft Trustee has been duly made with the FAA and World Travel has
temporary or permanent authority to operate the Replacement Airframe; and 

        (iv)  an
appraisal from an independent appraiser setting forth the Fair Market Value and remaining useful life with respect to such Replacement Airframe, which amount shall
be at least equal to the Fair Market Value and remaining useful life of the Airframe being replaced; 

such
Replacement Airframe shall be deemed an "Airframe" for all purposes hereof. 

46

   
        Engine Replacements—If the Borrower has given notice that it intends to replace, or permit to be replaced, an Engine suffering a Casualty, and such replacement is permitted
under the foregoing clause (b), the Borrower may make subject to this Loan Agreement, not later than the Casualty Settlement Date with respect to
such Engine, a replacement for such Engine meeting the suitability standards hereinafter set forth (a "Replacement Engine"). To be suitable as a
Replacement Engine, an engine must be (i) the same general type and of the same Manufacturer, (ii) have the same or better remaining economic useful life, state of repair and operating
condition (immediately preceding the Casualty assuming that such Engine had been maintained in accordance with the terms of Section 4 of the Aircraft Security Agreement) as the Engine suffering
the Casualty, (iii) have a Fair Market Value of not less than the Fair Market Value (immediately preceding the Casualty assuming that such Engine had been maintained in accordance with the
terms of Section 4 of the Aircraft Security Agreement) of the Engine suffering the Casualty and (iv) be free and clear of any Liens other than Permitted Liens. In the event any
Replacement Engine is of an earlier year of construction than the replaced Engine, the Borrower shall deliver an appraisal in form and substance satisfactory to the Required Lenders from an appraiser
selected by the Required Lenders confirming that such Replacement Engine meets the standards set forth in clause (ii) and  (iii) of the immediately
preceding sentence. The Borrower shall cause World Travel to cause an Aircraft Security Agreement Supplement to be executed and
delivered to the Borrower in order to subject such Replacement Engine to the Aircraft Security Agreement, and the Borrower shall cause a Borrower Security Agreement Supplement to be executed and
delivered to the Collateral agent on behalf of the Lenders in order to subject the Borrower's interest in such Replacement Engine to the Borrower Security Agreement, and upon such execution and
delivery and the receipt by Lenders of (i) evidence reasonably satisfactory to them of the Borrower's compliance with the insurance provisions of  Section 8.2 with respect to such Replacement
Engine, and (ii) an opinion of counsel to the Borrower and World Travel opining as to the
authorization, execution and delivery of the Borrower Security Agreement Supplement and the Aircraft Security Agreement Supplement, the enforceability of the Borrower Security Agreement Supplement and
the Aircraft Security Agreement Supplement and the filing and recording of the Borrower Security Agreement Supplement and the Aircraft Security Agreement Supplement and UCC financing statements with
respect thereto and, in each case, consistent with the opinions delivered on any Advance Date covering such matters, such Replacement Engine shall be deemed an  "Engine" for all purposes hereof.

        If
(i) Lenders have received the amount payable with respect to the Casualty or series of Casualties and all other amounts due hereunder, or (ii) the Item or Items of
Equipment, Airframe or Engine have been substituted in accordance herewith, and, in each case, no Default or Event of Default exists, the Borrower shall be entitled to receive from the Collateral
Agent the proceeds of any recovery in respect of the Item or Items of Equipment, Airframe or Engine from insurance or otherwise, to the extent recovered by Collateral Agent
("Casualty Recoveries"), and Collateral Agent, subject to the rights of any insurer insuring the Items of Equipment, Airframe or Engine as provided
herein, shall execute and deliver to the Borrower, or to its assignee or nominee, a release for the Item or Items of Equipment, Airframe or Engine, and such other documents as may be required to
release the Item or Items of Equipment, Airframe or Engine from the terms of the Borrower Security Agreement, in such form as may reasonably be requested by the Borrower. All fees, costs and expenses
relating to a substitution as
described herein shall be borne by the Borrower. Except as otherwise provided in this Section 8.1, the Borrower shall not be released from its
obligations hereunder in the event of, and shall bear the risk of, any Casualty to any Item of Equipment, Airframe or Engine prior to or during the term of this Loan Agreement and thereafter until all
of the Borrower's obligations hereunder are fully performed. 

        Any
payments (including, without limitation, insurance proceeds) received at any time by Collateral Agent, Lenders or the Borrower from any Authority or other party with respect to any
loss or damage to any Item or Items of Equipment, Airframe or Engine not constituting a Casualty (i) up to 

47

 

$1,000,000, shall be paid to the Borrower, so long as no Default or Event of Default shall have occurred and be continuing, for application to repair or replacement of property in accordance with  Section 8.1 and Section 4.3 of the Borrower Security Agreement or Section 4.3 of the Aircraft Security Agreement, as the case may
be, or (ii) in excess of $1,000,000, shall be held by Collateral Agent and applied directly in payment of repairs or for replacement of property in accordance with the provisions of  Section 6.1 and Section 4.3 of the Borrower Security Agreement or Section 4.3 of the Aircraft Security Agreement, as the case may
be, if not already paid by the Borrower, or if already paid by the Borrower and no Default or Event of Default shall have occurred and be continuing, shall be applied to reimburse the Borrower for
such payment, and any balance remaining after compliance with said Sections with respect to such loss or damage shall be retained by or disbursed to (as applicable) the Borrower. 

        THE
BORROWER HEREBY ASSUMES ALL RISK OF LOSS, DAMAGE, THEFT, TAKING, DESTRUCTION, CONFISCATION, REQUISITION, COMMANDEERING, TAKING BY EMINENT DOMAIN OR CONDEMNATION, PARTIAL OR COMPLETE,
OF OR TO EACH ITEM OF EQUIPMENT, AIRFRAME AND ENGINE, HOWEVER CAUSED OR OCCASIONED, SUCH RISK TO BE BORNE BY THE BORROWER WITH RESPECT TO EACH ITEM OF EQUIPMENT, AIRFRAME AND ENGINE. THE BORROWER
AGREES THAT NO OCCURRENCE SPECIFIED IN THE PRECEDING SENTENCE SHALL IMPAIR, IN WHOLE OR IN PART, ANY OBLIGATION OF THE BORROWER UNDER THIS LOAN AGREEMENT, INCLUDING, WITHOUT LIMITATION, THE OBLIGATION
TO PAY INTEREST. 

        Section 8.2.    Insurance Coverages.    In addition to the requirements set forth in Exhibit O to the
Disbursement Agreement, the Borrower shall at all times, at its expense, cause to be carried and maintained with financially sound and reputable insurers, insurance against loss or damage to the Items
of Equipment, Airframe and Engine, of the kinds and in the amounts customarily maintained by similar corporations engaged in similar operations in similar jurisdictions and carry such other insurance
as is usually carried by such corporations, provided that in any event the Borrower will maintain 

        (I)  with
respect to Equipment: 

        (a)  Casualty
Insurance—insurance against risks of physical loss or damage with respect to the Items of Equipment with deductibles and in such minimum amounts as
are consistent with industry standards;  provided, however, that at no time shall the amount of coverage, on a replacement cost basis, be less
than the outstanding Loan Balance as shall be applicable to the Items of Equipment; 

        (b)  Comprehensive
General Liability Insurance—combined single limit comprehensive general liability insurance against claims for bodily injury, death or property
damage in amounts at least equal to $50,000,000 per occurrence, with such deductibles as are carried by similarly situated companies operating similar facilities and equipment; and 

        (c)  Other
Insurance—such other insurance, including comprehensive and worker's compensation insurance, in each case, generally carried by owners of equipment
similar to the Items of Equipment and properties in each jurisdiction where the Items of Equipment are located, in such amounts and against such risks as are then customary for equipment and property
similar in use; 

        (II)  with
respect to Aircraft: 

        (a)  Casualty
Insurance—all risk aircraft hull insurance against risks of physical loss or damage with respect to the Aircraft, and all-risk coverage
with respect to any Engines or Parts while removed from the Aircraft (including, without limitation, war risk, confiscation and hijacking insurance, if and to the extent the same is maintained by the
Borrower or World Travel with respect to other aircraft or engines owned or operated by the Borrower or World Travel on the same routes that the Aircraft is regularly operated on or where the custom
in the industry is to 

48

 

carry war risk insurance on aircraft operated on routes flown by the Aircraft), with deductibles and in such minimum amounts as are consistent with industry standards;  provided, however, that at no time
shall the amount of coverage, on a replacement cost basis, be less than the outstanding Loan Balance as shall be
applicable to the Aircraft; 

        (b)  Comprehensive
General Liability Insurance—combined single limit comprehensive general liability insurance against claims for bodily injury, death or property
damage (including, without limitation, contracted liability, cargo liability, passenger legal liability and property damage coverage but excluding manufacturer's product liability coverage) in amounts
at least equal to $50,000,000 per occurrence, with such deductibles as are carried by similarly situated companies operating similar equipment; and 

        (c)  Other
Insurance—such other insurance, including worker's compensation insurance, in each case as generally carried by owners of equipment similar to the
Aircraft in each jurisdiction where the Aircraft are operated and located, in such amounts and against such risks as are then customary for equipment similar in use. 

        Such
insurance shall be written by reputable insurance companies that are financially sound and solvent, rated in Best's Insurance Guide or any successor thereto (or if there be none, an
organization having a similar national reputation) with a general policyholder rating of "A-" and a size rating of at least "VIII" or otherwise acceptable to the Lenders. All such
insurance shall name Collateral Agent and Lenders as additional insureds or as loss-payees, as their respective interests may appear pursuant to the terms and conditions of this Loan
Agreement. Each policy referred to in this Section 8.2 shall provide that (i) it will not be cancelled or its limits reduced, or allowed
to lapse without renewal, except after not less than 30 days written notice to Lenders, (ii) the interests of Collateral Agent and Lenders shall not be invalidated by any act or
negligence of, or breach of representation or warranty by, the Borrower or any Person having an interest in any Item of Equipment, Airframe or Engine (other than the Borrower's failure to pay
premiums), (iii) such insurance is primary with respect to any other insurance carried by or available to Collateral Agent and/or Lenders, (iv) the insurer shall waive any right of
subrogation, setoff, counterclaim, or other deduction, whether by attachment or otherwise, against Collateral Agent or Lenders; (v) the insurer shall waive any right to claim any premiums or
commission against Collateral Agent or Lenders; and (vi) such policy shall contain a severability of interests clause providing for coverage of Collateral Agent and Lenders as if separate
policies had been issued to each of them except with respect to the limit of such insurance which shall in no event increase as a result of such additional language. The Borrower will notify
Collateral Agent and Lenders promptly of any policy cancellation, reduction in policy limits, modification or amendment. 

        Nothing
in this Section 8.2 shall prohibit Lenders or Collateral Agent from obtaining insurance for its own account and at its own
expense and any proceeds payable thereunder shall be payable as provided in the insurance policy relating thereto, provided that no such insurance may
be obtained which would limit or otherwise adversely affect the coverage or payment of any insurance required to be obtained or maintained by the Borrower pursuant to this  Section 8.2. 

        Section 8.3.    Insurance Certificates.    Prior to each Advance Date, and thereafter not less than
12 days prior to the expiration dates of the expiring policies theretofore delivered pursuant to Section 8.2, the Borrower shall deliver
to Collateral Agent and the Lenders certificates and copies of policies issued by the insurer(s) or insurance broker(s) for the insurance maintained pursuant to  Section 8.2; provided, however, that if the delivery of any certificate is delayed, the Borrower
shall not be deemed to be in violation of the obligation to deliver such certificate if, within such 12 day period, the Borrower delivers an executed binder with respect thereto and thereafter
delivers the certificate upon receipt thereof. 

49

 

SECTION 9. EVENTS OF DEFAULT AND REMEDIES. 

        Section 9.1.    Events of Default.    If any of the following events shall occur and be continuing: 

        (a)  (i) The
Borrower shall fail to pay any principal of any Loan when due in accordance with the terms hereof; or (ii) the Borrower shall fail to pay any
interest on any Loan; or (iii) within five days after any such interest or other amount becomes due in accordance with the terms hereof Valvino or any Loan Party shall fail to pay any other
amount payable hereunder or under any other Loan Document; provided, that the failure to pay any amount due under the Disbursement Agreement (and not
otherwise due hereunder) shall constitute an Event of Default hereunder only to the extent such failure to pay constitutes a Disbursement Agreement Event of Default; or 

        (b)  Any
representation or warranty made or deemed made by Wynn Resorts, or any Loan Party herein or in any other Loan Document or that is contained in any certificate,
document or financial or other statement furnished by it at any time under or in connection with this Loan Agreement or any such other Loan Document shall prove to have been inaccurate in any material
respect on or as of the date made or deemed made; provided, that the inaccuracy of any representation or warranty contained only in the Disbursement
Agreement shall constitute an Event of Default hereunder only to the extent such inaccuracy constitutes a Disbursement Agreement Event of Default; or 

        (c)  (i) Any
Loan Party shall default in the observance or performance of any agreement contained in Section 2 or Section 4 of the FF&E Guaranty or
Section    of the Wynn Resorts FF&E Guaranty Agreement (provided, that with respect to those covenants incorporated by reference from this
Loan Agreement into the FF&E Guaranty and made the direct obligations of the Loan Parties pursuant to Section 4.1 of the FF&E Guaranty, no Event of Default shall occur from a Loan Party's
default in the observance or performance of such covenants until expiration of the notice and cure periods, if any, set forth under this  Section 9 that are applicable to the corresponding covenants
in this Loan Agreement), (ii) Wynn Resorts shall default in the observance or
performance of any agreement contained in the Wynn Resorts FF&E Agreement (and, to the extent executed and delivered pursuant to the Wynn Resorts FF&E Agreement,
Section            of the Wynn
Resorts FF&E Guaranty, (iii) the Borrower shall default in the observance or performance of any provision, covenant or agreement contained in Section 4 of the Borrower Security
Agreement, (iv) the Aircraft Trustee shall default in the observance or performance of any provision, covenant or agreement contained in Section 4 or Section 7 of the Aircraft
Security Agreement or (v) a Disbursement Agreement Event of Default shall have occurred and be continuing; or 

        (d)  Wynn
Resorts or any Loan Party or the Aircraft Trustee shall default in the observance or performance of any other covenant or agreement contained in this Loan Agreement
or any other Loan Document to which it is a party (other than as provided in subsections (a) through (c)
of this Section but subject to the proviso set forth in Section 9.1(c)), and such default shall continue unremedied for a period of
30 days after the earlier of (i) the Borrower or any other Loan Party becoming aware of such default or (ii) receipt by the Borrower or any other Loan Party of notice from the
Administrative Agent or any Lender of such default; provided, that the failure to perform or comply with any such provision of the Disbursement
Agreement shall constitute an Event of Default hereunder only to the extent such failure to perform or to comply constitutes a Disbursement Agreement Event of Default; or 

        (e)  The
Borrower or any other Loan Party shall (i) default in making any payment of any principal of any Indebtedness (including, without limitation, any Guarantee
Obligation, but excluding the Loans) on the scheduled or original due date with respect thereto; or (ii) default in making any payment of any
interest on any such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created; or 

50

 

(iii) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or
relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or beneficiary of such Indebtedness
(or a trustee or agent on behalf of such holder or beneficiary) to cause immediately such Indebtedness to become due prior to its stated maturity or (in the case of any such Indebtedness constituting
a Guarantee Obligation) to become payable; provided, that a default, event or condition described in subsection (i),
(ii) or (iii) of this subsection (e) shall not at any time constitute an Event
of Default unless, at such time, one or more defaults, events or conditions of the type described in subsections (i), (ii) and  (iii) of this subsection (e) shall have occurred and be continuing with respect to Indebtedness the
outstanding principal amount of which exceeds in the aggregate $5,000,000; or 

        (f)    (i) Wynn
Resorts, the Borrower or any other Loan Party shall commence any case, proceeding or other action (A) under any existing or future law of any
jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it
a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or
(B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or Wynn Resorts, the Borrower or any
other Loan Party shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against Wynn Resorts, the Borrower or any other Loan Party any case,
proceeding or other action of a nature referred to in subsection (i) above that (A) results in the entry of an order for relief or any such
adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 60 days; or (iii) there shall be commenced against Wynn Resorts, the Borrower or
any other Loan Party any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that
results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (iv) Wynn
Resorts, the Borrower or any other Loan Party shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in  subsection (i),
(ii), or (iii) above; or (v) Wynn
Resorts, the Borrower or any other Loan Party shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or 

        (g)  (i) Any
Person shall engage in any "prohibited transaction" (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan,
(ii) any "accumulated funding deficiency" (as defined in Section 302 of ERISA), whether or not waived, shall exist with respect to any Plan or any Lien in favor of the PBGC or a Plan
shall arise on the assets of any Loan Party or any Commonly Controlled Entity, (iii) a Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed,
or a trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable
opinion of the Required Lenders, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for purposes of Title IV of
ERISA other than in a standard termination under Section 4041(b) of ERISA, (v) Valvino or any Loan Party or any Commonly Controlled Entity shall, or in the reasonable opinion of the
Required Lenders is likely to, incur any liability in connection with a withdrawal from, or the Insolvency or
Reorganization of, a Multiemployer Plan, (vi) any Loan Party, or any of their Subsidiaries or any Commonly Controlled Entity shall be required to make during any Fiscal Year payments pursuant
to any employee welfare benefit plan (as defined in Section 3(1) of ERISA) that provides benefits to retired employees (or their dependents), other than as required by Sections 601  et. seq. of ERISA, Section 4980B of the Code, 

51

 

or the corresponding provisions of applicable state law or (vii) any Loan Party, or any of their Subsidiaries or any Commonly Controlled Entity shall be required to make during any Fiscal Year
contributions to any defined benefit pension plan subject to Title IV of ERISA (including any Multiemployer Plan); and in each case in subsections (i)
through (vii) above, such event or condition, together with all other such events or conditions, if any, could reasonably be expected to have a Material
Adverse Effect; or 

        (h)  One
or more judgments or decrees shall be entered against any Loan Party involving for the Loan Parties taken as a whole a liability (not paid or fully covered by
insurance as to which the relevant insurance company has acknowledged coverage) of $5,000,000 or more, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded
pending appeal within 45 days from the entry thereof; or 

        (i)    Any
of the Security Documents, the guarantee contained in Section 2 of the FF&E Guaranty or, to the extent executed and delivered pursuant to the Wynn Resorts
FF&E Agreement, the Wynn Resorts FF&E Guaranty, shall cease, for any reason (other than pursuant to the terms thereof), to be in full force and effect, or any Loan Party or any Affiliate of any Loan
Party shall so assert or shall assert that any provision of any Loan Document is not in full force and effect, or any Lien created by any of the Security Documents shall cease to be enforceable and of
the same effect and priority purported to be created thereby; or 

        (j)    Any
of the Loan Documents or Project Documents shall terminate or be terminated or canceled, become invalid or illegal or otherwise cease to be in full force and effect
prior to its stated expiration date or Wynn Resorts, the Borrower, any other Loan Party, any Affiliate of the Borrower or any other Person shall breach or default under any term, condition, provision,
covenant, representation or warranty contained in any Project Document (after the giving of any applicable notice and the expiration of any applicable grace period);  provided, that the occurrence of any
of the foregoing events with respect to any Project Document (other than any Material Affiliated Contract) shall
constitute an Event of Default hereunder only if the same could reasonably be expected to result in a Material Adverse Effect and the same shall continue unremedied for thirty (30) days after
the earlier of (i) the Borrower or any other Loan Party becoming aware of such occurrence or (ii) receipt by the Borrower or any other Loan Party of notice from the Collateral Agent or
any Lender of such occurrence; provided, however, that in the case of any such Project Document, if the occurrence is the result of actions or inactions
by a party other than a Loan Party, then no Event of Default shall be deemed to have occurred as a result thereof if the Borrower provides written notice to the Collateral Agent immediately upon (but
in no event more than two (2) Business Days after) the Borrower or any Loan Party becoming aware of such occurrence that the relevant Loan Party intends to replace such Project Document and
(x) such Loan Party obtains a replacement obligor or obligors for the affected party, (y) such Loan Party enters into a replacement Project Document on terms no less beneficial to such
Loan Party and the Secured Parties in any material respect than the Project Document being replaced
within sixty (60) days of such occurrence; provided, however, that the replacement Project Document may require the applicable Loan Party to pay
amounts under the replacement Project Document in excess of those that would have been payable under the replaced Project Document and (z) such occurrence, after considering any replacement
obligor and replacement Project Document and the time required to implement such replacement, has not had and could not reasonably be expected to have a Material Adverse Effect;  provided, further, that a breach, default or termination under any "Construction Contract" prior to the
Completion Date shall constitute an Event of Default hereunder only to the extent such breach, default or termination constitutes a Disbursement Agreement Event of Default; or 

52

  

        (k)  An
"event of default" under and as defined in any of the Financing Agreements (other than the Loan Documents) (in any event, after the expiration of any applicable cure
periods); or 

        (l)    (i) A
Change of Control shall occur; or (ii) a Specified Change of Control shall occur; or 

        (m)  The
Liens on the Property of the Borrower permitted pursuant to Section 7.3(k) and  (l), shall cease, for any reason, to be validly subordinated and junior
in right to the Liens of the Collateral Agent on the Equipment under the Loan
Documents; or 

        (n)  Any
Subordinated Debt or the Management Fees payable under the Management Agreement shall cease, for any reason, to be validly subordinated to the Obligations of the
Loan Parties as provided in the Management Agreement, the Management Fee Subordination Agreement and the documentation, instruments or other agreements related to the Subordinated Debt, as the case
may be; or 

        (o)  A
License Revocation that continues for three consecutive calendar days affecting gaming operations accounting for five percent or more of the consolidated gross
revenues (calculated in accordance with GAAP) of the Borrower related to gaming operations; or 

        (p)  The
Borrower or any other Loan Party shall fail to observe, satisfy or perform, or there shall be a violation or breach of, any of the terms, provisions, agreements,
covenants or conditions attaching to or under the issuance to such Person of any Permit or any such Permit or any provision thereof shall be suspended, revoked, cancelled, terminated or materially and
adversely modified or fail to be in full force and effect or any Governmental Authority shall challenge or seek to revoke any such Permit if such failure to perform violation, breach, suspension,
revocation, cancellation, termination or modification could reasonably be expected to have a Material Adverse Effect; or 

        (q)  The
Completion Date shall not have occurred by the Scheduled Completion Date; or 

        (r)  World
Travel shall fail to pay any principal or interest on the Intercompany Note in accordance with the terms thereof or any default shall occur thereunder; or 

        (s)  The
occurrence of an "Event of Default" under the Wynn Credit Agreement; or 

        (t)    The
Aircraft Trustee shall fail to maintain the registration of the Aircraft as required by Section 4.1 of the Aircraft Security Agreement; 

then,
and in any such event, (A) if such event is an Event of Default specified in subsection (i) or  (ii) of subsection
(f) above with respect to Wynn Resorts or any Loan Party, automatically the
Commitments shall immediately terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Loan Agreement and the other Loan Documents shall immediately
become due and payable, and (B) if such event is any other Event of Default, either or both of the following actions may be taken: (i) with the consent of the Required Lenders, the
Collateral Agent may, or upon the request of the Required Lenders, the Collateral Agent shall, by notice to the Borrower, declare the Commitments to be terminated forthwith, whereupon the Commitments
shall immediately terminate; and (ii) with the consent of the Required Lenders, the Collateral Agent may, or upon the request of the Required Lenders, the Collateral Agent shall, by notice to
the Borrower, declare the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Loan Agreement and the other Loan Documents to be due and payable forthwith, whereupon
the same shall immediately become due and payable. Upon the occurrence and during the continuation of an Event of Default, the Collateral Agent and the Lenders shall be entitled to exercise any and
all remedies available under the FF&E Guaranty and the Security Documents (subject to applicable Nevada Gaming Laws and securing any required Nevada Gaming Approvals), including, without limitation,
the Borrower Security Agreement, or otherwise available under applicable law or otherwise, including, without limitation, the right to enter into possession of the Collateral and 

53

 

perform any and all work and labor necessary to complete the Project or to operate and maintain the Collateral, and all sums expended by the Collateral Agent or any other Secured Party in so doing,
together with interest on such total amount at the highest default rate provided hereunder, shall be repaid by the Borrower to the Collateral Agent or such Secured Party upon demand and shall be
secured by the Loan Documents, notwithstanding that such expenditures may, together with amounts advanced under this Loan Agreement, exceed the total amount of the Commitments. Notwithstanding
anything to the contrary contained in this Loan Agreement, in the event the consent of the Lenders is required in connection with the exercise of remedies pursuant to this  Section 9, for purposes
of determining the required lender consent pursuant to the applicable definitions thereto, the Commitments of the Lenders
shall be deemed terminated. 

        Section 9.2.    Remedies on Default.    In case any one or more Events of Default shall occur and be continuing,
(i) the Collateral Agent and the Required Lenders may exercise any rights of the Borrower under and with respect to the Intercompany Note and the Aircraft Security Agreement, (ii) any
Lender may proceed to protect and enforce the rights of such Lender by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained
herein or in any Loan Document, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise,
and (iii) the Collateral Agent and any Lender may exercise any rights or remedies in their respective capacities under the Operative Documents in accordance with the provisions thereof. No
course of
dealing and no delay on the part of any Lender in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such Lender's rights, powers or remedies. No right,
power or remedy conferred by this Loan Agreement or by any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter
available at law, in equity, by statute or otherwise. 

        Section 9.3.    Remedies on Aircraft Default.    Notwithstanding any waiver or amendment delivered under this Loan
Agreement by the Collateral Agent acting at the direction of the Required Lenders to the contrary, in case any one or more Events of Default specified in (i) subsection
(a) above, (ii) subsection (b) above with respect to World Travel, the Aircraft or the Aircraft Trustee,
(iii) subsection (iv) of subsection (c) above, (iv) subsection
(d) above with respect to World Travel, the Aircraft or the Aircraft Trustee, (v) subsection (i) above with respect to
World Travel, the Aircraft or the Aircraft Trustee, (vi) subsection (f) above, (vii) subsection
(r) above, (viii) subsection (t) above shall occur and be continuing, the Collateral Agent, acting at the direction of
the Lenders holding more than 50% of the aggregate amount of Credit Exposure of the Lenders whose Loans were used to refinance the Aircraft, shall (A) declare that portion of the Loans
hereunder (with accrued interest thereon) that were used to refinance the Aircraft to be due and payable forthwith, whereupon the same shall immediately become due and payable, (B) exercise any
rights of the Borrower under and with respect to the Intercompany Note and the Aircraft Security Agreement and (C) exercise any of its rights under the Borrower Aircraft Assignment. 

        With
the exception of the foregoing, unless the Required Lenders have consented in writing, no such Lender shall proceed to protect and enforce the rights of such Lender under this Loan
Agreement or the other Loan Documents, by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any other Loan
Document, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. 

SECTION 10.    ASSIGNMENT BY LENDERS; PARTICIPATIONS.    

        Section 10.1.    Assignments.    (a) Any Lender may at any time assign to one or more Eligible Assignees all or
a portion of its rights and obligations under this Loan Agreement, the other Loan Documents, the Collateral or the Notes; provided that (i) each
partial assignment shall be made as an 

54

 

assignment of a proportionate part of all the assigning Lender's rights and obligations under this Loan Agreement and the other Loan Documents; and (ii) the parties to each assignment shall
execute and deliver to the Collateral Agent an Assignment and Assumption Agreement in the form attached hereto as Exhibit F, together with a
processing and recordation fee of $500.00. Subject to acceptance and recording thereof by the Collateral Agent pursuant to paragraph (b) of this
Section, from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Loan Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Loan Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Assumption, be released from its obligations under this Loan Agreement (and, in the case of an Assignment and
Assumption covering all of the assigning Lender's rights and obligations under this Loan Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of  Section 12 with respect to facts and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a
Lender of rights or obligations under this Loan Agreement that does not comply with this paragraph shall be treated for purposes of this Loan Agreement as a sale by such Lender of a participation in
such rights and obligations in accordance with Section 10.2. 

        (b)  The
Collateral Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at its office listed in Schedule
IB a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the principal amounts of the Loans
owing to, each Lender pursuant to the terms hereof from time to time (the "Register"). The entries in the Register shall be conclusive, and the
Borrower, the Collateral Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Loan Agreement,
notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. Any
assignment or transfer by a Lender of rights or obligations as a Lender under this Loan Agreement that does not comply with this paragraph shall be treated for purposes of this Loan Agreement as a
sale by such Lender of a participation in such rights and obligations in accordance with Section 10.2. 

        Section 10.2.    Participations.    Any Lender may at any time, without the consent of, or notice to, the Borrower or
the Collateral Agent, sell participations to any Person (other than a natural person or the Borrower or any of the Borrower's Affiliates or Subsidiaries) (each, a  "Participant") in all or a portion of
such Lender's rights and/or obligations under this Loan Agreement, the other Loan Documents, the Collateral or the
Notes; (including all or a portion of the Loans owing to it); provided that (i) such Lender's obligations under this Loan Agreement and the other
Loan Documents shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the
Collateral Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Loan Agreement and the other Loan
Documents. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Loan Agreement and the other
Loan Documents and to approve any amendment, modification or waiver of any provision of this Loan Agreement and the other Loan Documents. Subject to  paragraph (b) of this Section, the Company
agrees that each Participant shall be entitled to the benefits of  Section 12 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to  Section 10.1. 

        (b)  A
Participant shall not be entitled to receive any greater payment under Section 12 than the applicable Lender
would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower's prior written
consent. A Participant that would be a foreign Lender if it were a Lender shall not be entitled 

55

 

to the benefits of Section 12.2 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for
the benefit of the Borrower to comply with Section 12.2 as though it were a Lender. 

        Section 10.3.    Pledges.    Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Loan Agreement or the other Loan Documents to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve
Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or
assignee for such Lender as a party hereto. 

SECTION 11.    THE COLLATERAL AGENT.    

        Section 11.1.    Appointment.    Each Lender hereby irrevocably designates and appoints the Trust Company as the
Collateral Agent under this Loan Agreement and the other Loan Documents, and each such Lender irrevocably authorizes the Collateral Agent, in such capacity, to take such action on its behalf under the
provisions of this Loan Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms of this Loan
Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Loan Agreement, the Trust
Company shall not have any duties or responsibilities, except those expressly set forth herein and in the other Loan Documents, or any fiduciary relationship with any Lender or any other party to the
Loan Documents, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Loan Agreement or any other Loan Document or otherwise exist against
the Trust Company. 

        Section 11.2.    Delegation of Duties.    The Collateral Agent may execute any of its duties under this Loan
Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.
The Collateral Agent shall not be responsible for the acts or omissions including, specifically the negligence or willful misconduct of agents or attorneys-in-fact selected by
it with reasonable care. 

        Section 11.3.    Exculpatory Provisions.    Neither the Trust Company nor the Collateral Agent (in its capacity as
such) nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by
the Collateral Agent or such Person under or in connection with this Loan Agreement or any other Loan Document, except for the Collateral Agent's or such Person's own willful misconduct or gross
negligence (or negligence in the handling of funds by the Collateral Agent in such capacity) or (b) responsible in any manner to any of the Lenders or any other party to the Loan Documents for
any recitals, statements, representations or warranties made by the Borrower or any other party or any officer thereof contained in this Loan Agreement or any other Loan Document or in any
certificate, report, statement or other document referred to or provided for in, or received by the Collateral Agent under or in connection with, this Loan Agreement or any other Loan Document, or for
the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Loan Agreement or any other Loan Document or for any failure of the Borrower to perform its obligations hereunder
or thereunder. The Collateral Agent shall not be under any obligation to any Lender or any other party to the Loan Documents to ascertain or to inquire as to the observance or performance of any of
the agreements contained in, or conditions of, this Loan Agreement or any other Loan Document, or to inspect the properties, books or records of the Borrower. 

        Section 11.4.    Reliance by Collateral Agent; Indemnity.    The Collateral Agent shall be entitled to rely, and shall
be fully protected in relying, upon any Note, writing, resolution, notice, consent, certificate, affidavit, letter, facsimile message, statement, order or other document or other written communication
believed by it to be genuine and correct and to have been signed, sent or made by the 

56

 

proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Borrower), independent accountants and other experts selected by the Collateral
Agent. The Collateral Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed
with the Collateral Agent, in accordance with this Loan Agreement. The Collateral Agent shall be fully justified in failing or refusing to take any action under this Loan Agreement or any other Loan
Document unless it shall first receive the advice or concurrence of the Required Lenders or it shall first be indemnified to its satisfaction by the applicable Lenders against any and all liability
and expense which may be incurred by it by reason of taking or continuing to take any such action. The Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting,
under this Loan Agreement and the other Loan Documents in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding
upon all the Lenders and all future holders of the applicable Notes. Wherever in the Loan Documents the consent or approval of the Collateral Agent is required, in giving any such consent or approval
the Collateral Agent may rely upon, or make its approval subject to, the directions of or consent or approval from the Required Lenders. The Lenders agree to indemnify the Collateral Agent (to the
extent not reimbursed under Section 12 hereof but without limiting the obligations of the Borrower under  Section 12 or of the Guarantors) ratably
in accordance with their respective Commitments, for any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses (including reasonable attorneys' fees) or disbursements of any kind and nature whatsoever that may at any time (including at any time
following the final payment of all of the obligations of the Borrower hereunder and under the other Loan Documents) be imposed on, incurred by or asserted against the Collateral Agent (including by
any Lender) in any way relating to or arising out of this Loan Agreement or any Loan Document or the transactions contemplated thereby or any action taken or omitted by the Collateral Agent under this
Loan Agreement or any Loan Document; provided that no Lender shall be liable for any of the foregoing to the extent they arise from the gross negligence
(or negligence in the handling of funds by the Collateral Agent in such capacity) or willful misconduct of the Person to be indemnified. Without limitation of the foregoing, each Lender agrees to
reimburse the Collateral Agent promptly upon demand for its ratable share of any costs or expenses payable by the Borrower under Section 12, to
the extent that the Collateral Agent is not promptly reimbursed for such costs and expenses by the Borrower or a Guarantor. 

        Section 11.5.    Notice of Default.    The Collateral Agent shall not be deemed to have knowledge or notice of the
occurrence of any Default or Event of Default unless the Collateral Agent has received notice from a Lender referring to this Loan Agreement, describing such Default or Event of Default and stating
that such notice is a "notice of default". In the event that the Collateral Agent receives such a notice, the Collateral Agent shall promptly give notice thereof to the Lenders, the Borrower, the
Administrative Agent and the Mortgage Notes Indenture Trustee. The Collateral Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required
Lenders; provided, however, that unless and until the Collateral Agent shall have received such directions, the Collateral Agent may (but shall not be
obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 

57

           Section 11.6.    Non-Reliance on Collateral Agent and Other Lenders.    Each Lender
expressly acknowledges
that neither the Collateral Agent, the Arranger nor any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates, has made any
representations or warranties to it and that no act by the Collateral Agent, or the Arranger hereinafter taken, including any review of the affairs of the Borrower, shall be deemed to constitute any
representation or warranty by the Collateral Agent or the Arranger to any Lender. Each Lender represents to the Collateral Agent that it has, independently and without reliance upon the Collateral
Agent or the Arranger or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations,
property, financial and other condition and creditworthiness of the Borrower and made its own decision to enter into this Loan Agreement. Each Lender also represents that it will, independently and
without reliance upon the Collateral Agent, the Arranger or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
analysis, appraisals and decisions in taking or not taking action under this Loan Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to
the business, operations, property, financial and other condition and creditworthiness of the Borrower. Except for notices, reports and other documents expressly required to be furnished to the
Lenders by the Collateral Agent hereunder, neither the Collateral Agent nor the Arranger shall have any duty or responsibility to provide any Lender with any credit or other information concerning the
business, operations, property, condition (financial or otherwise), prospects or creditworthiness of the Borrower which may come into the possession of the Collateral Agent, the Arranger or any of
their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates. 

        Section 11.7.    Indemnification.    Other than with respect to indemnification provided to the Collateral
Agent in accordance with Section 11.4, the Collateral Agent agrees to look solely to the Borrower under  Section 12, and not to any other party
hereto, for any claim for indemnification which may arise hereunder or under any other Loan Document. 

        Section 11.8.    Collateral Agent in Its Individual Capacity.    Each Lender acknowledges that Wells Fargo Bank
Nevada, National Association, is acting as Collateral Agent hereunder. Wells Fargo Bank Nevada, National Association, and its Affiliates may make loans to, issue letters of credit for the account of,
accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with the Borrower and its Affiliates as though
it was not the Collateral Agent hereunder and under the other Loan Documents and without notice to or consent of the Lenders. Each Lender acknowledges that, pursuant to such activities, Wells Fargo
Bank Nevada, National Association, or its Affiliates may receive information regarding the Borrower or its Affiliates (including information that may be subject to confidentiality obligations in favor
of the Borrower or its Affiliates) and acknowledges that such Persons shall be under no obligation to provide such information to them. 

        Section 11.9.    Successor Collateral Agent.    The Collateral Agent may resign at any time by giving written
notice thereof to the Lenders and the Borrower and may be removed at any time with or without cause by the Required Lenders. Upon any such resignation or removal, the Required Lenders, with the
consent of the Borrower, such consent not to be unreasonably withheld, shall have the right to appoint a successor Collateral Agent. If no successor Collateral Agent shall have been so appointed by
the Required Lenders, and shall have accepted such appointment, within sixty (60) days after the retiring Collateral Agent's giving of notice of resignation or the Required Lenders' removal of
the retiring Collateral Agent, then the retiring Collateral Agent may, on behalf of the Lenders, appoint a successor Collateral Agent, which shall be a commercial bank described in clause (i)
or (ii) of the definition of "Eligible Assignee" and having a combined capital and surplus of at
least $150,000,000. Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, such successor Collateral Agent shall thereupon succeed to and become vested
with all the 

58

 

rights, powers, privileges and duties of the retiring Collateral Agent, and the retiring Collateral Agent shall be discharged from its duties and obligations under this Loan Agreement. After any
retiring Collateral Agent's resignation or removal hereunder as Collateral Agent, the provisions of this Section 11 shall inure to its benefit as
to any actions taken or omitted to be taken by it while it was Collateral Agent under this Loan Agreement. Notwithstanding the foregoing if no Event of Default and no Default, shall have occurred and
be continuing, then no successor Collateral Agent shall be appointed under this Section 11.9 without the prior written consent of the Borrower,
which consent shall not be unreasonably withheld or delayed. 

        Section 11.10.    Action upon Instructions.    Subject to the terms of Sections
11.3, 11.4 and 11.7 and the Operative Documents, upon the written instructions
at any time and from time to time of the Required Lenders (for any action not requiring the consent of all of the Lenders), Collateral Agent shall take such of the following actions as may be specific
in such instructions: 

        (a)  give
such notice or direction or exercise such right or power under this Loan Agreement or any other Loan Document as shall be specified in such instructions; 

        (b)  approve
as satisfactory to it all matters required by the terms of any Loan Document to be satisfactory to Collateral Agent; and 

        (c)  any
other action as specified by the Required Lenders. 

SECTION 12. INDEMNITY. 

        Section 12.1.    General Indemnification.    Whether or not the transactions contemplated hereby are
consummated, to the fullest extent permitted by any Requirements of Law, the Borrower hereby: 

        (x)  waives
and releases any Claims now or hereafter existing against any Indemnitee on account of, and 

        (y)  assumes
liability for and agrees to indemnify, protect, defend, save and keep harmless each Indemnitee on an after-tax basis (in accordance with  Section 12.3) from and against, any and all Claims of every
kind and nature whatsoever that may be imposed on, incurred by, or asserted against
any Indemnitee, which are not caused by the gross negligence or willful misconduct (or negligence in the handling of funds by the Collateral Agent in such capacity) of the Indemnitee
(provided that the indemnification provided under this Section 12.1 shall specifically include
matters based on or arising from the negligence of any Indemnitee), whether or not such Indemnitee shall also be indemnified as to any such Claim by any other Person and whether or not such Claim
arises or accrues prior to the Document Closing Date or after the Maturity Date, and which relates in any way to or arises in any way out of: 

        (a)  any
of the Operative Documents or any of the transactions contemplated thereby, or any investigation, litigation or proceeding in connection therewith, and any
amendment, modification or waiver in respect thereof; 

        (b)  the
Collateral or any Part thereof or interest therein; 

        (c)  with
respect to the Collateral or Part thereof, the acquisition, mortgaging, design, manufacture, re-manufacture, construction, preparation, installation,
inspection, delivery, non-delivery, acceptance, rejection, purchase, ownership, possession, rental, lease, sublease, repossession, maintenance, repair, alteration, modification, addition
or substitution, storage, titling or retitling, transfer of title, registration or re-registration, redelivery, use, operation, condition, financing, refinancing, sale, return or other
application or disposition or the imposition of any Lien (or incurring of any liability to refund or pay over any amount as a result of any Lien) on any of the Collateral, including, without
limitation, (i) Claims or penalties arising from any violation of any Requirements of Law or in tort (strict liability or 

59

 

otherwise), (ii) loss of or damage to the environment (including, without limitation, investigation costs, cleanup costs, response costs, remediation and removal costs, costs of corrective
action, costs of financial assurance, and all other damages, costs, fees and expenses, fines and penalties, including natural resource damages), or death or injury to any Person, and any mitigative
action required by or under Environmental Laws, (iii) latent or other defects, whether or not discoverable, and (iv) any Claim for patent, trademark or copyright infringement; 

        (d)  the
sale or other disposition of the Collateral, including, without limitation, any disposition as a result of the exercise of remedies; 

        (e)  the
offer, issuance, sale or delivery of the Notes in accordance with the Operative Documents; 

        (f)    the
breach by the Borrower or a Guarantor of any representation or warranty made by it or deemed made by it in any Operative Document; 

        (g)  the
transactions contemplated hereby or by any other Operative Document in respect of the application of Parts 4 and 5 of Subtitle B of Title I of ERISA and any
Prohibited Transaction described in Section 4975(c) of the Code; 

        (h)  any
Claims related to the release from the Collateral of any substance into the environment, including (without limitation) Claims arising out of the use of the
Collateral for the transportation or storage of any Hazardous Substances; 

        (i)    any
Claims related to any Indemnitee being alleged to be an owner or operator of the Collateral or the land on which the Collateral is situated, in each case prior to
taking possession thereof, under any Environmental Law; 

        (j)    any
failure on the part of the Borrower or any Guarantor to perform or comply with any of the terms of any Operative Document to which it is a party; or 

        (k)  any
other agreement entered into or assumed by the Borrower in connection with the Collateral. 

        It
is expressly understood and agreed that this Section 12.1 shall not apply to Claims in respect of: 

        (A)  Taxes
(such Claims being subject to Section 12.2), except with respect to (1) taxes or penalties included
in Claims described in clause (g) above, and (2) any payment necessary to make payments under this  Section 12.1 in accordance with
Section 12.3; 

        (B)  as
to an Indemnitee, Lender Liens which such Indemnitee is responsible for discharging under the Operative Documents; 

        (C)  the
gross negligence or willful misconduct of such Indemnitee or any Affiliate, agents, officers directors, servants or employees thereof; and 

        (D)  the
breach by an Indemnitee of any representation, warranty or covenant under any Operative Document. 

        Section 12.2.    General Tax Indemnity.    (a) The Borrower shall pay, defend and indemnify and hold each
Indemnitee harmless from any and all Taxes imposed on or with respect to or in connection with any Indemnitee, the Collateral or any Part thereof, any Operative Document, the Borrower or any lessee or
user of the Collateral, howsoever imposed, including Taxes imposed: 

          (i)  with
respect to the Collateral or Part thereof, the acquisition, mortgaging, design, manufacture, re-manufacture, construction, preparation, installation,
inspection, delivery, non-delivery, acceptance, rejection, purchase, ownership, possession, rental, lease, sublease 

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agreement, repossession, maintenance, repair, alteration, modification, addition or substitution, storage, titling or retitling, transfer of title, registration or re-registration,
redelivery, use, operation, condition, financing, refinancing, sale, return or other application or disposition or the imposition of any Lien (other than Permitted Liens related to Taxes) or
incurrence of any liability to refund or pay over any amount as a result of any Lien thereon; 

        (ii)  Interest
or Supplemental Payments or the receipts or earnings arising from or received with respect to the Collateral or any Part thereof, or any interest therein or
any applications or dispositions thereof, 

        (iii)  any
other amount paid or payable pursuant to this Loan Agreement, the Notes or any other Operative Document; 

        (iv)  the
Collateral or any Part thereof or any interest therein; 

        (v)  all
or any of the Operative Documents, any other documents contemplated thereby and any amendments and supplements thereto; and 

        (vi)  otherwise
with respect to or in connection with the transactions contemplated by the Operative Documents; 

provided, however, the indemnification obligation of this Section 12.2(a) shall not apply to
Taxes (1) which are based upon or measured by the Indemnitee's net income or which are expressly in substitution for, or relieve Indemnitee from, any tax based upon or measured by Indemnitee's
net income (including the United States backup withholding tax)(other than any State or local taxes imposed by means of withholding, taxes incurred solely as a result of the location of the
Collateral, the operations, state of formation, or place of payment of the Borrower, and taxes necessary to pay the obligations under this paragraph on an after-tax basis);
(2) characterized under local law as franchise, net worth, or shareholder's capital taxes; and (3) that are the U.S. withholding taxes under Sections 1441 or 1442 of the Code with
respect to any payment to an Indemnitee that is not a U.S. Person as defined in Section 7701(a)(3) of the Code (a "Non-U.S.
Indemnitee"). Notwithstanding the proviso of the preceding sentence of this Section 12.2(a), the Borrower shall pay or
reimburse, and indemnify and hold harmless, on an after-tax basis, any Non-U.S. Indemnitee (i) if such Non-U.S. Indemnitee, in compliance with  Section 12.2(c), has established that it is
entitled to receive payments pursuant to the Operative Documents without any such deduction or
withholding, from any deduction or withholding of any U.S. federal income tax, or (ii) if such Non-U.S. Indemnitee, in compliance with  Section 12.2(c), has established that it is entitled to
receive payments pursuant to the Operative Documents at a reduced rate of withholding,
from any deduction or withholding of any United States federal income tax in excess of such reduced rate, or (iii) if such Non-U.S. Indemnitee, in compliance with  Section 12.2(c) or otherwise,
has validly established that it is a foreign person or a corporation thereby entitled to an exemption from United
States backup withholding taxes, from such backup withholding taxes. 

        Payments
to any Indemnitee under this Section 12.2(a) shall be made within ten (10) Business Days from the date such
Indemnitee makes written demand therefor, which demand shall set forth in reasonable detail the basis and calculations of the amounts demanded. Any Indemnitee claiming any indemnity payment or
additional amounts payable pursuant to this Section 12.2(a) shall use reasonable efforts to file any certificate or document reasonably requested
in writing by the Borrower or the Collateral Agent if the making of such a filing would avoid the need for or reduce the amount of any such indemnity payment or the withholding amount that may
thereafter accrue. 

        All
of the indemnities contained in this Section 12.2 shall continue in full force and effect notwithstanding the expiration or
earlier termination of this Loan Agreement in whole or in part, including the termination of this Loan Agreement with respect to the Collateral, and are expressly made for the benefit of, and shall be
enforceable by, each Indemnitee. 

61

 

        (b)  The
Borrower will, promptly upon learning thereof, notify the Collateral Agent and the Indemnitees of all reports or returns required to be made with respect to any Tax
with respect to which the Borrower is required to indemnify hereunder, and will, if permitted by any Requirement of Law, file the same. If the Borrower is not permitted to so file, the Borrower shall
prepare such reports or returns for signature by the Collateral Agent or the applicable Indemnitee and shall forward the same, together with immediately available funds for payment of any Tax due, to
the Collateral Agent or such Indemnitee, no later than later of ten (10) Business Days in advance of the date such payment is to be made or five (5) Business Days upon learning of such
filing requirement. The Borrower shall furnish the
Collateral Agent or such Indemnitee with copies of all paid receipts or other appropriate evidence of payment for all Taxes paid by the Borrower pursuant to this  Section 12.2.

        (c)  Each
Non-U.S. Indemnitee shall deliver to the Borrower and the Collateral Agent two original copies of IRS Form W-8BEN or
W-8ECI or successor applicable form or forms, properly and duly executed, establishing in either case that such Non-U.S. Indemnitee is entitled to receive payments pursuant to
the this Loan Agreement without deduction or withholding of any U. S. federal income taxes (or at a reduced rate, if applicable) and is a foreign person or a corporation thereby entitled to an
exemption from United States backup withholding taxes. Each such Non-U.S. Indemnitee covenants that (i) it will provide to the Borrower and the Collateral Agent a new IRS
Form W-8BEN or W8-ECI and any such additional forms (or any successor form or forms) in accordance with applicable United States laws and regulations and amendments,
duly executed and completed by such Non-U.S. Indemnitee on the expiration or obsolescence of any previously delivered forms or after the occurrence of any event requiring a change in the
most recent forms delivered by it, in either case within ten (10) Business Days of receipt from the Borrower or the Collateral Agent of (1) written notice that the existing forms are to
expire or become obsolete, (2) the appropriate new forms, and (ii) it will otherwise comply from time to time with all applicable United States laws and regulations with regard to such
withholding tax exemption or entitlement to reduced rate withholding. 

        (d)  If
any Indemnitee receives a refund of any Tax for which a payment has been made by the Borrower or the Collateral Agent pursuant to this  Section 12.2, which refund in the good faith judgment of such
Indemnitee is attributable to such payment made by the Borrower or Collateral
Agent, then such Indemnitee shall reimburse the Borrower or Collateral Agent for such amount as such Indemnitee determines in good faith to be the proportion of the refund as will leave it, after such
reimbursement, in the same position it would have been in if the payment of such Tax and any payment by the Borrower or a Collateral Agent under this  Section 12.2 had not been made. Subject to this
Section 12.2(d), upon the reasonable
request of the Borrower or Collateral Agent, the Indemnitee shall use reasonable efforts to cooperate with the Borrower or a Collateral Agent with a view to obtaining a refund of any Taxes with
respect to which the Borrower or a Collateral Agent has paid any amounts pursuant to this Section 12.2 and which the Borrower or the Collateral
Agent, on advice of counsel, reasonably believes were not correctly or legally asserted by the relevant Governmental Authority. 

        (e)  If
any Taxes that are imposed on the Indemnitee and excluded from the indemnification provided for under  Section 12.2(a) are required by any Governmental Authority to be paid (other than through
withholding from payments made to the affected
Indemnitee) by the Borrower, then the Borrower shall provide notice to the affected Indemnitee within a reasonable time after paying such amounts, together with an explanation in reasonable detail
explaining the nature and circumstances of such payment. Within a reasonable time after receipt thereof, the affected Indemnitee shall reimburse the Borrower for any payment of such Taxes, on an
after-tax basis in accordance with principles set forth in Section 12.3 taking into account any deduction, credits or other Tax
benefits available to Borrower on its payment of the Taxes. 

        Section 12.3.    Gross Up.    To the extent an Indemnitee shall not be entitled to a corresponding and equal
deduction or credit with respect to any payment or Tax which Borrower is required to pay or reimburse under any other provision of this  Section 12 (each such payment or reimbursement under

62

 

this Section 12, an "Original Payment") and which Original Payment constitutes income to such
Indemnitee, then the Borrower shall pay to such Indemnitee on demand the amount of such Original Payment on a grossed-up basis such that, after subtracting all Taxes imposed on such
Indemnitee with respect to such Original Payment (including any Taxes otherwise excluded from the indemnification provided under Section 12.2 and
assuming for this purpose that such Indemnitee were subject to taxation at the highest Federal, state or local marginal rates applicable to widely held corporations for the year in which such income
is taxable), such payments shall be equal to the Original Payment to be received (net of any credits, deductions or other Tax benefits then actually recognized that arise from the payment by such
Indemnitee of any amount, including Taxes, for which the payment to be received is made). 

        Section 12.4.    Increased Capital Costs.    If any change in, or the introduction, adoption, effectiveness,
interpretation, reinterpretation or phase-in of, any law or regulation, directive, guideline, decision or request (whether or not having the force of law) of any court, central bank
regulator or other Governmental Authority affects or would affect the amount of capital required or expected to be maintained by any Lender directly or by its parent company (including, without
limitation, any reserve requirements specified under regulations issued from time to time by the Board and then applicable to assets or liabilities consisting of and including  "Eurocurrency Liabilities"
as defined in Regulation D of such Board) as determined by such Lender (in its sole and absolute discretion), then, in
any such case, upon written notification from time to time by such Lender to the Borrower, the Borrower shall, within five (5) Business Days following receipt of the statement referred to in
the next sentence, pay directly to such Lender, as Supplemental Payment, additional amounts sufficient to compensate such Lender or its parent for such increased cost to such Lender (subject to  Section 12.3). A statement of a Lender as to any such additional amount or amounts (including calculations thereof in reasonable detail) shall,
in the absence of manifest error, be conclusive and binding on the Borrower. In determining such amount, each Lender shall use any method of averaging or attribution that it (in its reasonable
discretion) shall deem applicable. Notwithstanding any provision of this Section 12.4 to the contrary, no amount shall be payable by the Borrower
with respect to any such increased costs or reduced returns incurred more than 180 days before the date such Lender first notifies the Borrower of its intention to demand compensation under
this Section 12.4. 

        Section 12.5.    Environmental Indemnity.    Without limitation of the other provisions of this  Section 12, the Borrower hereby agrees to indemnify, hold harmless and defend each Indemnitee from and against any and all claims, losses,
damages, liabilities, fines, penalties, charges, administrative and judicial proceedings (including informal proceedings) and orders, judgments, remedial action, requirements, enforcement actions of
any kind, and all reasonable and documented costs and expenses incurred in connection therewith (including reasonable and documented attorneys', expert consultants', expert witnesses', and/or
paralegals' fees and expenses), including all costs incurred in connection with any investigation or monitoring of the condition of the Site or any clean-up, remedial, removal or
restoration work by any Governmental Authority (collectively, "Environmental Claims"), arising in whole or in part, out of: 

        (a)  the
presence on, under or around the Collateral or any portion thereof of any Hazardous Substances, or any releases or discharges of any Hazardous Substances on, under,
from, onto or around the Collateral or any portion thereof; 

        (b)  any
activity, including, without limitation, construction carried on or undertaken on or off the Collateral or any portion thereof, and whether by the Borrower or any of
its Affiliates or any predecessor in title or any employees, agents, sublessees, contractors or subcontractors of the Borrower, any of its Affiliates or any predecessor in title, or any other Persons
(including such Indemnitee), in connection with the handling, treatment, removal, storage, decontamination, clean-up, transport or disposal of any Hazardous Substances that at any time are
located or present on, under or around, or that at any time migrate, flow, percolate, diffuse or in any way move onto or under the Collateral or any portion thereof; 

63

  

        (c)  loss
of or damage to any property or the environment arising from, or in any way related to, the Collateral or the Borrower or any of its Affiliates (including, without
limitation, clean-up costs, response costs, remediation and removal costs, cost of corrective action, costs of financial assurance, fines and penalties and natural resource damages), or
death or injury to any Person, and all expenses associated with the protection of wildlife, aquatic species, vegetation, flora and fauna, and any mitigative action required by or under Environmental
Laws, in each case arising from, or in any way related to, the Collateral, the Borrower or the transactions contemplated by the Operative Documents or any portion thereof; 

        (d)  any
claim concerning lack of compliance with Environmental Laws in connection with the Collateral (including, without limitation, any claim arising from the failure or
alleged failure to obtain or comply with any permit required by any Environmental Laws for the construction or operation of the Collateral), or any act or omission causing an environmental condition
that requires remediation or would allow any Governmental Authority to record a Lien against the Collateral or any portion thereof; or 

        (e)  any
residual contamination on or under any of the Collateral, or adversely affecting any natural resources, and any contamination of any property or natural resources
arising in connection with the generation, use, handling, storage, transport or disposal of any such Hazardous Substances, in each case arising from, or in any way related to, the Collateral, the
Borrower or the transactions contemplated by the Operative Documents or any portion thereof, and irrespective of whether any of such activities were or will be undertaken in accordance with all
Requirements of Law. 

        Section 12.6.    Eurodollar Rate Illegal, Unavailable or Impracticable.    If any Lender shall determine in
good faith (which determination shall, upon notice thereof to Collateral Agent and the Borrower, be conclusive and binding on the Borrower) that: 

        (a)  a
change in law makes it unlawful, or the central bank or other Governmental Authority asserts that it is unlawful, for such Lender to make, continue or maintain any
amount of such Lender's investment hereunder on a Eurodollar Rate basis, 

        (b)  deposits
in Dollars (in the applicable amounts) are not being offered to such Lender in the relevant market for the applicable Interest Period, or that by reason of
circumstances affecting the interbank
eurodollar market adequate and reasonable means do not exist for ascertaining the applicable Eurodollar Rate, or 

        (c)  the
Eurodollar Rate, as determined by such Lender, will not adequately and fairly reflect the cost to such Lender of maintaining or funding its investments for the
applicable Interest Period, or that the making or funding of such Lender's investment hereunder on a Eurodollar Rate basis has become impracticable as a result of an event occurring after the date of
this Loan Agreement which in the opinion of such Lender materially changes such investment, 

then
the obligations of such Lender to make, continue or maintain any such investment shall, upon such determination, forthwith be suspended until such Lender shall notify Collateral Agent and the
Borrower that such circumstances no longer exist, and all Interest allocable to such Lender shall automatically be determined on a Base Rate basis beginning on the next immediately succeeding Payment
Date with respect thereto or sooner, if required by such law, assertion or determination. In the event of the occurrence of the conditions described in  clause (c) above, no Applicable
Administrative Charge shall be assessed against any of the Loan Parties. 

        Section 12.7.    Funding Losses.    The Borrower agrees to reimburse any Lender for any loss or expense
incurred as a result of (i) the failure of the transaction contemplated hereby to occur on the Document Closing Date or (ii) any payment of all or any portion of the Loan Balance for any
reason on a date other than a Payment Date. Any affected Lender shall promptly notify the Borrower in 

64

 

writing of the amount of any claim under this Section 12.7, the reason or reasons therefor and the additional amount required fully to
compensate such Lender for such loss or expense. Such written notice (which shall include calculations in reasonable detail) shall, in the absence of manifest error, be conclusive and binding on the
Borrower. 

        Section 12.8.    Actions of Lenders.    Each Lender shall use reasonable efforts (including reasonable efforts
to change the booking office for this transaction) to avoid or minimize any amounts which might otherwise be payable pursuant to Sections 12.3 and  12.4; provided, however, that such efforts shall not be deemed by such Lender, in its sole discretion, to be disadvantageous to
it. 

SECTION 13.    GENERAL CONDITIONS. 

        Section 13.1.    Payment of Transaction Costs and Other Costs.    If the transactions contemplated hereby are
consummated, the Borrower shall pay all Transaction Costs and all Fees in accordance with Section 2.7 and Section 3.1 of the Disbursement
Agreement (or upon such later date as agreed to by the Lenders), and in the event the transactions contemplated hereby do not close, the Borrower shall pay such
Transaction Costs promptly upon receipt of invoices therefor. In addition, the Borrower shall pay or reimburse Collateral Agent, Trust Company, Arrangers and the Lenders for all other Transaction
Costs and Fees and all other out-of-pocket costs and expenses (including reasonable attorneys fees) reasonably incurred in connection with: (a) entering into, or the
giving or withholding of, any future amendments, supplements, waivers or consents with respect to the Operative Documents; (b) any Casualty or termination of this Loan Agreement or any other
Operative Document; (c) the negotiation and documentation of any restructuring or "workout",
whether or not consummated, of any Operative Document; (d) the enforcement of the rights or remedies under the Operative Documents; (e) further assurances requested pursuant to any
Operative Documents; (f) any transfer by Collateral Agent or a Lender of any interest in the Operative Documents during the continuance of an Event of Default or pursuant to the syndication of
the Notes by the Arrangers; and (g) the ongoing fees and expenses of Collateral Agent and Trust Company under the Operative Documents. 

        Section 13.2.    Effect of Waiver.    No delay or omission to exercise any right, power or remedy accruing to
Collateral Agent or any Lender upon any breach or default of the Borrower hereunder shall impair any such right, power or remedy nor shall it be construed to be a waiver of any such breach or default,
or an acquiescence therein or of or in any similar breach or default thereafter occurring, nor shall any single or partial exercise of any right, power or remedy preclude other or further exercise
thereof, or the exercise of any other right, power or remedy, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter
occurring. Any waiver, permit, consent or approval of any kind or character on the part of the Lenders or Collateral Agent of any breach or default under this Loan Agreement must be specifically set
forth in writing and must satisfy the requirements set forth in Section 13.5 with respect to approval by the Lenders and Collateral Agent. 

        Section 13.3.    Survival of Covenant.    All representations, warranties and covenants of the Borrower under
 Sections 2, 3 and 5.1 shall survive the expiration or
termination of this Loan Agreement to the extent arising prior to any such expiration or termination. 

        Section 13.4.    Applicable
Law.    THIS LOAN AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES (OTHER
THAN TITLE 14 OF ARTICLE V OF THE NEW YORK GENERAL OBLIGATIONS LAW).

        Section 13.5.    Effect and Modification.    (a) This Loan Agreement and the other Loan Documents exclusively
and completely state the rights of the Lenders and the Borrower with respect to the Loans and the Collateral and supersedes all prior agreements, oral or written, with respect thereto. No Loan
Document nor any of the terms thereof may be terminated, amended, supplemented, waived or 

65

 

modified without the written agreement or consent of Collateral Agent, the Borrower and the Required Lenders, and in the case of the FF&E Guaranty, or any definition used therein, the Guarantors
affected thereby; provided, however, that Sections 13.1 and  13.16 hereof may not be terminated, amended,
 supplemented, waived or modified without the written agreement or consent of the Arrangers; and
provided, further, that any termination, amendment, supplement, waiver or
modification shall require the written agreement or consent of each Lender if such termination, amendment, supplement, waiver or modification would: 

          (i)  modify
any of the provisions of this Section 13.5, change the definition of "Required
Lenders" or modify or waive any provision of a Loan Document requiring action by each Lender; 

        (ii)  amend,
modify, waive or supplement any of the provisions of Section 3.2, 3.3, 3.4,
3.5 or 3.8 of this Loan Agreement; 

        (iii)  reduce,
modify, amend or waive any Fees or indemnities in favor of any Lender (other than increases thereof), including without limitation amounts payable pursuant to  Section 12 (except that any Person may
consent to any reduction, modification, amendment or waiver of any indemnity payable to it); 

        (iv)  modify
(other than increases thereof), postpone, reduce or forgive, in whole or in part, any payment of principal or Interest (other than pursuant to the terms of the
Loan Documents), or any Loan, Loan Balance or Commitment Fee (except that any Person may consent to any modification, postponement, reduction or forgiveness of any payment of any Fee payable to it)
or, subject to clause (c) above, any other amount payable to it under this Loan Agreement, or modify the definition or method of calculation of
Interest (other than pursuant to the terms of the Loan Documents), Loans, Loan Balances, Commitment, Maturity Date, Commitment Period, Interest Rate Applicable Lender Margin or any other definition
which would affect the amounts to be advanced or which are payable under the Loan Documents or extend, modify or amend the Loan Term; 

        (v)  release
of any Lien granted by the Borrower, the Aircraft Trustee or World Travel under the Loan Documents or release the FF&E Guaranty, except as provided in the Loan
Documents; or 

        (vi)  increase
the Commitment of any Lender or subject such Lender to additional obligations. 

Notwithstanding
the foregoing, neither the FF&E Guaranty nor any of the terms thereof may be amended, modified or waived, unless such amendment, modification or waiver is in writing entered into by,
or approved in writing by the Required Lenders, the Collateral Agent and the Guarantors. 

        (b)  The
Borrower will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant
any security, to any Lender as consideration for or as an inducement to the entering into by any Lender of any waiver or amendment of any of the terms and provisions hereof unless such remuneration is
concurrently paid, or security is
concurrently granted, on the same terms, ratably to each Lender then outstanding even if such Lender did not consent to such waiver or amendment. 

        Section 13.6.    Notices.    All demands, notices and other communications hereunder shall be in writing and
shall be deemed to have been duly given when personally delivered or one Business Day after being sent by overnight delivery service or three days after being deposited in the mail, certified mail
postage prepaid, or when sent by facsimile transmission, if confirmed by mechanical confirmation and if a copy thereof is promptly thereafter personally delivered, sent by overnight delivery service
or so deposited in the mail, addressed to: (A) the Borrower, a Guarantor or Collateral Agent at the 

66

 

address set forth below, or at such other address as may hereafter be furnished in accordance with this Section 13.6 by either party to the
other and (B) each Lender at its address set forth in Schedule IB: 

          (i)  if
to the Borrower: 

	Wynn Las Vegas, LLC

c/o Wynn Resorts Holdings, LLC

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attention: Ron Kramer

Telecopy: (702) 733-4123

Telephone: (        )                        
	

With a copy to
	

Irell & Manella LLP

1800 Avenue of the Stars, Suite 900

Los Angeles, California 90067

Attention: C. Kevin McGeehan, Esq.

Telecopy: (310) 282-5610

Telephone: (310) 203-7110

      (ii)
if to Guarantor: 

	c/o	 	 	 
	 	 	
	 
	

 	
 	

	

 
	

 	
 	

	

 
	Attention:	 	 	 
	 	 	
	 
	Facsimile:	 	 	 
	 	 	
	 
	Telephone:	 	 	 
	 	 	
	 

        (iii)  if
to the Collateral Agent: 

	Wells Fargo Bank Nevada,

National Association

299 South Main Street, 12th Floor

MAC U1228-120

Salt Lake City, Utah 84111

        Section 13.7.    Consideration for Consents to Waivers and Amendments.    The Borrower hereby agrees that it
will not, and that it will not permit any of its Affiliates to, offer or give any consideration or benefit of any kind whatsoever to Collateral Agent or any Lender in connection with, in exchange for,
or as an inducement to, Collateral Agent or such Lender's consent to any waiver in respect of, any modification or amendment of, any supplement to, or any other consent or approval under, any Loan
Document unless such consideration or benefit is offered ratably to all Lenders. 

67

           Section 13.8.    Severability.    Whenever possible, each provision of this
Loan Agreement shall be interpreted
in such manner as to be effective and valid under any Requirements of Law; but if any provision of this Loan Agreement shall be prohibited by or invalid under any Requirements of Law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Loan Agreement. 

        Section 13.9.    Successors and Assigns.    This Loan Agreement shall be binding upon the parties hereto and
their respective successors and assigns and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. 

        Section 13.10.    No Third-Party Beneficiaries.    Other than as set forth in  Section 13.16, nothing in this Loan Agreement or the other Loan Documents shall be deemed to create any right in any Person not a party hereto or
thereto (other than the permitted successors and assigns of Lenders and the Borrower), and such agreements shall not be construed in any respect to be a contract in whole or in part for the benefit of
any third party except as aforesaid. 

        Section 13.11.    Brokers.    None of the parties has engaged or authorized any broker, finder, investment
banker or other third party to act on its behalf, directly or indirectly, as a broker, finder, investment banker, agent or any other like capacity in connection with this Loan Agreement or the
transactions contemplated hereby, except that the Borrower has engaged Arrangers pursuant to the Arrangement Fee Letter. 

        Section 13.12.    Captions; Table of Contents.    Section captions and the table of contents used in this Loan
Agreement (including the Schedules, Exhibits and Annexes hereto) are for convenience of reference only and shall not affect the construction of this Loan Agreement. 

        Section 13.13.    Schedules and Exhibits.    The Schedules, Annexes and Exhibits hereto, along with all
attachments referenced in any of such items are incorporated herein by reference and made a part hereof. 

        Section 13.14.    Submission to Jurisdiction.    Any suit by Collateral Agent or any Lender to enforce any
claim arising out of the Loan Documents may be brought in any state or Federal court located in New York
having subject matter jurisdiction, and with respect to any such claim, each party to this Loan Agreement hereby irrevocably: (a) submits to the jurisdiction of such courts; (b) consents
to the service of process out of said courts in the manner provided for notices in Section 13.6; and (c) the Borrower hereby
(i) irrevocably appoints CT Corporation System, with an address on date hereof at 111 Eighth Avenue, 13th Floor, New York, New York 10011 (the "New York Process
Agent"), as process agent in its name, place and stead to receive and forward service of any and all writs, summonses and other legal process in any suit, action or proceeding
brought in the State of New York, (ii) agrees that such service in any such suit, action or proceeding may be made upon the New York Process Agent and (iii) agrees to take all such
action as may be necessary to continue said appointment in full force and effect or to appoint another agent so that the Borrower will at all times have an agent in the State of New York for service
of process for the above purposes. The Borrower irrevocably waives, to the fullest extent permitted by law: (A) any claim, or any objection, that it now or hereafter may have, that venue is not
proper with respect to any such suit, action or proceeding brought in such a court located in New York including, without limitation, any claim that any such suit, action or proceeding brought in such
court has been brought in an inconvenient forum; and (B) any claim that the Borrower is not subject to personal jurisdiction or service of process in such forum. The Borrower agrees that any
suit to enforce any claim arising out of the Loan Documents or any course of conduct or dealing of Collateral Agent or any Lender shall be brought and maintained exclusively in any state or Federal
court located in New York. Nothing in this Section 13.14 shall affect the right of Collateral Agent or any Lender to bring any action or
proceeding against Borrower or the Collateral in the courts of any other jurisdiction. The Borrower agrees that a final judgment in any action or proceeding in a state or 

68

 

Federal court within the United States may be enforced in any other jurisdiction by suit on the judgment or in any other manner provided by law. 

        Section 13.15.    Jury Trial.    The Borrower, each Lender and Collateral Agent waives any right to a trial by
jury in any action or proceeding to enforce or defend any rights under this Loan Agreement or any other Loan Document or under any amendment, instrument, document or agreement delivered or which may
in the future be delivered in connection herewith or therewith or arising from any relationship existing in connection with this Loan Agreement or any other Loan Document and agrees that any such
action or proceeding shall be tried before a court and not before a jury. 

        Section 13.16.    Role of Banc of America Leasing & Capital, LLC and Deutsche Bank
Securities Inc.    Each party hereto acknowledges hereby that it is aware of the fact that Banc of America Leasing & Capital, LLC and Deutsche Bank
Securities Inc. have acted and are acting as "joint arrangers" with respect to the overall
transaction. The parties hereto acknowledge and agree that the Arrangers and their respective Affiliates, including each of Bank of America and Deutsche Bank, have not made any representations or
warranties concerning, and that they have not relied upon the Arrangers as to, the tax, accounting or legal characterization or validity of (i) the Loan Documents or (ii) any aspect of
the overall transaction. The parties hereto acknowledge and agree that the Arrangers have no duties, express or implied, under the Loan Documents in their capacity as Arrangers. The parties hereto
further agree that Section 13.1, Section 13.11 and this  Section 13.16 are for the express
benefit of the Arrangers, and each of the Arrangers shall be entitled to rely thereon as if it were a party
hereto. 

        Section 13.17.    Confidentiality.    Subject to  Section 13.18, each of the Lenders agrees to keep confidential all non-public information provided to it by any Loan Party pursuant
to this Loan Agreement that is
designated by such Loan Party as confidential; provided, that nothing herein shall prevent any Lender from disclosing any such information (a) to
any Arranger, any other Lender or any affiliate of any thereof, (b) to any Participant or assignee (each, a "Transferee") or prospective
Transferee that agrees to comply with the provisions of this Section, (c) to any of its employees, directors, agents, attorneys, accountants and other professional advisors, (d) to any
financial institution that is a direct or indirect contractual counterparty in swap agreements or such contractual counterparty's professional advisor (so long as such contractual counterparty or
professional advisor to such contractual counterparty agrees to be bound by the provisions of this Section), (e) upon the request or demand of any Governmental Authority having jurisdiction
over it, (f) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, (g) if requested or required to do
so in connection with any litigation or similar proceeding, (h) that has been publicly disclosed other than in breach of this Section, (i) to the National Association of Insurance
Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a Lender's investment portfolio in connection with ratings issued with
respect to such Lender or (j) in connection with the exercise of any remedy hereunder or under any other Loan Document. 

        Section 13.18.    Gaming Authorities.    Each Lender agrees to cooperate with the Nevada Gaming Authorities in
connection with the administration of their regulatory jurisdiction over Wynn Resorts, the Borrower and the other Loan Parties, including, without limitation, to the extent not inconsistent with the
internal policies of such Lender and any applicable legal or regulatory restrictions, the provision of such documents or other information as may be requested by any such Nevada Gaming Authorities
relating to any of the Lenders, Wynn Resorts or the Borrower or any other Loan Party, or to the Loan Documents. Notwithstanding any other provision of this Agreement, the Borrower expressly
authorizes, and will cause each other Loan Party to authorize, each Lender to cooperate with the Nevada Gaming Authorities as described above. 

        Section 13.19.    Trust Agreement.    Notwithstanding anything to the contrary in this Loan Agreement, each
party hereto acknowledges that this Loan Agreement shall not impair, postpone, 

69

 

waive or otherwise affect any of the rights of the Aircraft Trustee pursuant to that certain Trust Agreement dated as of May 10, 2002 between the Aircraft Trustee and World Travel. 

        Executed
and delivered as of this            day of                        ,
2002. 

	 	WYNN LAS VEGAS, LLC,

    a Nevada limited liability company,

    as the Borrower
	

 	

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:

70

   
        Accepted and agreed to as of the date last above written. 

	 	 	BANK OF AMERICA, N.A., as Lender
	

 	
 	

 	

 
	

 	
 	

By	

 
	 	 	 	
 Name: Scott Faber

Title: Managing Director

71

 

        Accepted
and agreed to as of the date last above written. 

	 	 	BANK OF AMERICA, N.A., as Lender
	

 	
 	

 	

 
	

 	
 	

By	

 
	 	 	 	
 Name: Peter J. Vitale

Title: Vice President

72

 

        Accepted
and agreed to as of the date last above written. 

	 	 	SOCIETE GENERALE, as Lender
	

 	
 	

 	

 
	

 	
 	

By	

 
	 	 	 	
 Name:

Title:

73

 

        Accepted
and agreed to as of the date last above written. 

	 	 	GENERAL ELECTRIC CAPITAL CORPORATION, as Lender
	

 	
 	

 	

 
	

 	
 	

By	

 
	 	 	 	
 Name: Richard J. O'Neill

Title: Vice President

74

 

        Accepted
and agreed to as of the date last above written. 

	 	 	THE CIT GROUP/EQUIPMENT FINANCING, INC., as Lender
	

 	
 	

 	

 
	

 	
 	

By	

 
	 	 	 	
 Name:

Title:

75

 

        Accepted
and agreed to as of the date last above written. 

	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Lender
	

 	
 	

 	

 
	

 	
 	

By	

 
	 	 	 	
 Name:

Title:

76

 

        Accepted
and agreed to as of the date last above written. 

	 	 	BEAR, STEARNS CORPORATE LENDING INC., as Lender
	

 	
 	

 	

 
	

 	
 	

By	

 
	 	 	 	
 Name:

Title:

77

 

	 	 	WELLS FARGO BANK NEVADA, NATIONAL ASSOCIATION, as Collateral Agent
	

 	
 	

 	

 
	

 	
 	

By	

 
	 	 	 	
 Name:

Title:

78

 
 

SCHEDULE IA1 TO LOAN AGREEMENT
  DATED AS OF OCTOBER    , 2002    
    
    LENDERS' COMMITMENT PERCENTAGE    
  

        [to be completed to reflect each Lenders Commitment allocated appropriately by Type of Equipment and the
Aircraft]

	Lender
 
	 	Aircraft Commitment Percentage
	 	Gaming Equipment Commitment Percentage
	 	Non-Gaming Equipment Commitment Percentage
	 	 

	Bank of America, N.A.	 	 	      	%	      	%	      	%	 	 
	

SG Cowen Securities Corporation	
 	
 	

      	
%	

      	
%	

      	
%	
 	

 
	

General Electric Capital Corporation	
 	
 	

      	
%	

      	
%	

      	
%	
 	

 
	

GMAC Commercial Mortgage Corporation	
 	
 	

0	
%	

0	
%	

      	
%	
 	

 
	

The CIT Group/Equipment Financing, Inc.	
 	
 	

      	
%	

      	
%	

      	
%	
 	

 
	

Deutsche Bank Securities, Inc.	
 	
 	

      	
%	

      	
%	

      	
%	
 	

 
	

Bear, Stearns & Co. Inc.	
 	
 	

      	
%	

      	
%	

      	
%	
 	

 
	

 	
 	
 	

100	
%	

100	
%	

100	
%	
 	

 
	

AGGREGATE COMMITMENT	
 	
[$	

38,000,000	
]	

 	
 	

 	
 	
$	

188,500,000

 
 
 

SCHEDULE IA2 TO LOAN AGREEMENT
  DATED AS OF OCTOBER    , 2002    
    
    LENDERS' ALLOCATED COMMITMENT AMOUNT    
  

	Lender
 
	 	Aircraft

Commitment Amount
	 	Gaming Equipment

Commitment Amount
	 	Non-Gaming Equipment Commitment Amount
	 	Commitment
	 
	Bank of America, N.A.	 	$	      	 	$	      	 	$	      	 	$	48,500,000	 
	SG Cowen Securities Corporation	 	$	      	 	$	      	 	$	      	 	$	35,000,000	 
	General Electric Capital Corporation	 	$	25,000,000	 	$	0	 	$	0	 	$	25,000,000	 
	GMAC Commercial Mortgage Corporation	 	$	0	 	$	0	 	$	      	 	$	20,000,000	 
	The CIT Group/Equipment Financing, Inc.	 	$	5,000,000	 	$	15,000,000	 	$	0	 	$	20,000,000	 
	Deutsche Bank Securities, Inc.	 	$	      	 	$	      	 	$	      	 	$	20,000,000	 
	Bear, Stearns & Co. Inc.	 	$	      	 	$	      	 	$	      	 	$	20,000,000	 
	 	 	 	 	 	 	 	 	 	 	 	
	 
	 	 	[$	38,000,000	]	 	 	 	 	 	 	[$	188,500,000.00	]

2

 
 

SCHEDULE IB
  TO LOAN AGREEMENT
  DATED AS OF OCTOBER    , 2002    
    
    ADDRESS FOR NOTICE AND PAYMENT    
  

	1.
	Collateral
Agent: 

WELLS
FARGO BANK NEVADA, NATIONAL ASSOCIATION 

Address
for all communications: 

299
South Main Street, 12th Floor

MAC U1228-120

Salt Lake City, Utah 84111

Attn: Corporate Trust Department 

ABA
#: 121-000-248

Account No.                        [PLEASE COMPLETE]

Reference: Wynn Las Vegas, LLC 

Contact:                        [PLEASE COMPLETE]

Phone:                        [PLEASE COMPLETE]

	2.
	Lender: 

BANK
OF AMERICA, N.A. 

Address:

555
South Flower Street

Mail Code: CA9-706-17-54

Los Angeles, California 90071 

Credit
contact: 

Scott
Faber

Managing Director

Phone: 213-345-1196

Fax: 213-345-1215

Email: scott.faber@bankofamerica.com 

Business
contact: 

William
S. Newby

Managing Director

Phone: 213-345-1194

Fax: 213-345-1214

Email: bill.newby@bankofamerica.com 

Operations
contact: 

Bank
of America, N.A.

1850 Gateway Boulevard

Mail Code: CA4-706-05-11

Concord, California 94520

Attention: Nina Lemmer

Credit Services Representative

Phone: 925-675-7478

Fax: 888-969-9281

Email: nina.l.lemmer@bankofamerica.com 

 

Address
for wire transfers: 

Bank
of America, N.A.

Dallas, Texas

ABA #111-000012

Account Number: 37508-36479

Account Name: Concord, FTA-            BW [PLEASE CONFIRM]

Reference 1: Wynn Las Vegas, LLC

Reference 2: Identify the purpose of wire

Attention: Nina Lemmer 

	3.
	Lender:

BANK
OF AMERICA, N.A. 

Address:

300
South 4th Street, 2nd Floor

Las Vegas, Nevada 89101 

Credit
contact: 

Peter
J. Vitale

Vice President

Phone: 702-654-3062

Fax: 702-654-7158

Email: peter.j.vitale@bankofamerica.com 

Operations
contact: 

Ann
Laczkowski

Credit Support Specialist

Phone: 702-654-8364

Fax: 702-654-7158

Email: ann.laczkowski@bankofamerica.com 

Address
for wire transfers: 

Bank
of America, N.A.

300 South 4th Street, 2nd Floor

Las Vegas, Nevada 89101

ABA #122400724

Account Number: 000990106395

Account Name: Bank of America ICA

Reference 1: Wynn Las Vegas, LLC

Reference 2: Identify the purpose of wire

Attention: Ann Laczkowski 

	4.
	Lender:

GENERAL
ELECTRIC CAPITAL CORPORATION 

Address:

401
Merritt Seven, Suite 23

Norwalk, Connecticut 06856 

2

 

Credit
contact: 

Patrick
Walsh

Senior Vice President

Phone: 203-229-1922

Fax: 203-229-1992

Email: pat.walsh@gecapital.com 

Operations
contact: 

Joseph
Campopiano

Phone: 203-229-1861

Fax: 203-229-1989

Email: joseph.campopiano@gecapital.com 

Address
for wire transfers: 

Deutsche
Bank Trust Company Americas

New York, New York

ABA #021-001-033

Account Number: 50-202-962

Account Name: GECC/CAF Depository

Reference 1: Wynn Las Vegas, LLC

Reference 2: Identify the purpose of wire 

	5.
	Lender:

THE
CIT GROUP/EQUIPMENT FINANCING, INC. 

Address:

1540
W. Fountainhead Pkwy

Tempe, Arizona 85282

Credit
contact: 

David
Dobbs

Phone: 800-553-8778 ext. 1881

Fax: 480-858-1496

Email: david.dobbs@cit.com 

Post
Funding Operations contact: 

Scott
Fry

Phone: 800-553-8778 ext. 2347

Fax: 480-858-1465

Email: scott.fry@cit.com 

Legal
Counsel: 

Robert
Itkin

Phone: 800-553-8778 ext. 1466

Fax: 480-858-1460

Email: robert.itkin@cit.com 

3

 

Draft
Documentation Contact: 

Phone:
800-553-8778 ext. 2732

Fax: 480-858-1496

Email: brenda.vankeuren@cit.com 

Address
for wire transfers: 

            [PLEASE COMPLETE THIS SECTION]

ABA #          

Account Number:

Account Name:

Reference 1:

Reference 2: Identify the purpose of wire 

	6.
	Lender: 

DEUTSCHE
BANK TRUST COMPANY AMERICAS

Credit
contact: 

Deutsche
Bank Trust Company Americas

31 West 52nd Street

New York, New York 10019

Attention: Richard Grellier, Vice President

Phone: 646-324-2116

Fax: 664-324-7450

Email: richard.grellier@db.com 

Operations
contact: 

Deutsche
Bank Trust Company Americas

90 Hudson Street

Jersey City, New Jersey 07302

Mail Stop JCY050511

Attention: Wendy Williams, Assistant Vice President

Phone: 201-593-2170

Fax: 201-593-2309

Email: wendy.b.williams@db.com 

Address
for wire transfers: 

Deutsche
Bank Trust Company Americas

ABA #021-001-033

Account Number: 99-401-268

Account Name: Commercial Loan Division

Reference 1: Wynn Las Vegas—FF & E facility

Reference 2: Identify the purpose of wire

Attention: Mary Hong 

4

 
	7.
	Lender:

BEAR
STEARNS CORPORATE LENDING INC. 

Notice
Instructions: 

Bear
Stearns & Co. Inc.

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Gloria Dombrowski

Phone: 212-272-6043

Fax: 212-272-4844

Email: gdombrowski@bear.com 

Administrative
and Funding Contact: 

Gloria
Dombrowski

Phone: 212-272-6043

Fax: 212-272-4844 

Credit
contact and Copy of Documents to: 

Bear
Stearns & Co. Inc.

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Stephen O'Keefe

Phone: 212-272-9430

Fax: 212-272-9184

Email: sokeefe@bear.com 

Address
for wire transfers: 

Citibank,
N.A.

ABA #0210-00089

Account Number: 0925-3186

Favor of: Bear Stearns Securities, Corp.

Further Credit to Account Number 096-00220-28

Reference 1: Wynn Las Vegas, LLC [Please Confirm]

Reference 2: Identify the purpose of wire

Attention: Steve Resnick

Phone: 609-951-2300

Fax: 609-951-2354 

	8.
	Lender:

SOCIETE
GENERALE 

Credit
contact: 

Societe
Generale

Four Embarcadero, Suite 1200

San Francisco, California 94111

Attention: Mary Brockley, Director

Phone: 415-646-7328

Fax: 415-989-9922

Email: mary.brockley@us.socgen.com 

5

 

Operations
contact: 

Societe
Generale

2001 Ross Avenue, Suite 4800

Dallas, Texas 75201

Attention: Deborah McNealy, Portfolio Manager

Phone: 214-979-2762

Fax: 214-979-1104

Email: deborah.mcnealy@us.socgen.com 

Legal
Counsel: 

Bracewell &
Patterson, LLP0

711 Louisiana, Suite 2900

Houston, Texas 77002

Attention: David Locascio

Phone: 713-221-1396

Fax: 713-221-2134

Email: dlocascio@bracepatt.com 

Address
for wire transfers: 

Societe
Generale

New York, New York

ABA #026004226

Account Number: LSA9051449

Reference 1: Wynn Las Vegas, LLC

Reference 2: Identify the purpose of wire 

Loan
advance instructions: 

Deutsche
Bank Trust Company Americas

New York, New York

ABA #021-001-033 

For
the Account of Commercial Loan Division:

A/C #99-401-268

Re: Wynn Resorts

Attention: Wendy Williams 

Operations
contact:

Wendy Williams

Phone: 201-593-2170

Fax: 201-593-2308 

6

 
 

SCHEDULE II
  TO LOAN AGREEMENT
  DATED AS OF OCTOBER    , 2002    
    
    REQUIRED PREPAYMENTS    
  

	Date
 
	 	Total Payment
	 	Interest
	 	Aircraft Principal
	 	Gaming Equipment Principal
	 	Non-Gaming Equipment Principal

	    	 	 	 	 	 	 	 	 	 	 

 
 

EXHIBIT A
  TO LOAN AGREEMENT
  FORM OF PROMISSORY NOTE    
  

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES OR "BLUE
SKY" LAW, AND MAY NOT BE TRANSFERRED, SOLD OR OFFERED FOR SALE IN VIOLATION OF SUCH ACT OR LAWS. 

 
 

WYNN LAS VEGAS, LLC    
  

	$                        	 	                        ,
                        

        FOR
VALUE RECEIVED, the undersigned, WYNN LAS VEGAS, LLC, a Nevada limited liability company (the "Borrower"), promises to pay to the
order of                        (the "Lender") on the Maturity Date for the Loans
the principal sum of                        DOLLARS ($            ) or
such
lesser amount thereof as shall be outstanding, as recorded either on the grid attached to this Note or in the records of Lender (and such recordation shall constitute prima facie evidence of the
information as recorded; provided, however, that the failure to make any such recordation shall not in
any way affect the Borrower's obligation to repay this Note). The principal amount of the Loan evidenced hereby shall be payable on or prior to the Maturity Date as provided in that certain Loan
Agreement, dated as of October    , 2002 (together with all amendments and other modifications, if any, from time to time thereafter made thereto, the "Loan
Agreement"), among the Borrower, Wells Fargo Bank Nevada, National Association, as Collateral Agent, and the
various financial institutions (including the Lender) as are, or may from time to time become, parties thereto. 

        The
Borrower also promises to pay interest on the unpaid principal amount hereof from time to time outstanding from the date hereof until maturity (whether by acceleration or otherwise)
and, after maturity, until paid, at the rates per annum and on the dates specified in the Loan Agreement. 

        Payments
of both principal and interest are to be made without setoff or counterclaim in lawful money of the United States of America in same day or immediately available funds to the
Payment Office of the Collateral Agent specified in the Loan Agreement (or to such other account as the Collateral Agent may from time to time designate in a written notice to the Borrower). 

        This
Note is one of the Notes referred to in, and evidences indebtedness incurred under, the Loan Agreement, to which reference is made for a statement of the terms and conditions on
which the Borrower is permitted and required to make prepayments and repayments of principal of the indebtedness evidenced by this Note and on which such indebtedness may be declared to be or
automatically become immediately due and payable. This Note is secured pursuant to the Borrower Security Agreement and reference is made to the Borrower Security Agreement for a statement of the terms
and provisions of such security. 

        The
transfer, assignment or pledge of this Note or any interest herein is subject to the provisions of the Loan Agreement. 

        Capitalized
terms used but not otherwise defined herein have the respective meanings specified in the Loan Agreement. 

        All
parties hereto, whether as makers, endorsers, or otherwise, severally waive presentment for payment, demand, protest and notice of dishonor. 

[END OF PAGE]

[SIGNATURE PAGES FOLLOW]  

 

        THIS
NOTE HAS BEEN DELIVERED IN NEW YORK, NEW YORK AND SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS
OF LAW PRINCIPLES (EXCEPT TITLE 14 OF ARTICLE 5 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

	 	 	WYNN LAS VEGAS, LLC,

    a Nevada limited liability company,

    as the Borrower
	

 	
 	

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:

2

 
 

GRID ATTACHED TO NOTE
  DATED                            ,
            OF
  WYNN LAS VEGAS, LLC
  PAYABLE TO THE ORDER OF

[                        ]    

        Loans made by the Lender to the Borrower, and payments of principal of such Loans. 

	Date of Funding or Payment
 
	 	Amount of Funding or Payment
	 	Outstanding Principal Balance (after such Funding or Payment)
	 	Notation Made By

	    	 	 	 	 	 	 
	    	 	 	 	 	 	 
	    	 	 	 	 	 	 
	    	 	 	 	 	 	 
	    	 	 	 	 	 	 
	    	 	 	 	 	 	 
	    	 	 	 	 	 	 
	    	 	 	 	 	 	 

 
 

APPENDIX I
  TO
  LOAN AGREEMENT    
    
    (WYNN LAS VEGAS, LLC, AS BORROWER)    
  

        In the Loan Agreement and each other FF&E Financing Document (other than the Disbursement Agreement), unless the context otherwise requires: 

        (a)  any
term defined below by reference to another instrument or document shall continue to have the meaning ascribed thereto whether or not such other instrument or
document remains in effect; 

        (b)  words
importing the singular include the plural and vice versa; 

        (c)  a
reference to a part, clause, section, article, exhibit or schedule is a reference to a part, clause, section and article of, and exhibit and schedule to, such FF&E
Financing Document (other than the Disbursement Agreement); 

        (d)  a
reference to any statute, regulation, proclamation, ordinance or law includes all statutes, regulations, proclamations, ordinances or laws amending, supplementing,
supplanting, varying, consolidating or replacing them, and a reference to a statute includes all regulations, proclamations and ordinances issued or otherwise applicable under that statute; 

        (e)  a
reference to a document includes any amendment or supplement to, or replacement or novation of, that document; 

        (f)    a
reference to a party to a document includes that party's successors and permitted assigns; and 

        (g)  references
to "including" means including without limiting the generality of any description preceding such term and for
purposes hereof the rule of ejusdem generis shall not be applicable to limit
a general statement followed by or referable to an enumeration of specific matters to matters similar to those specifically mentioned. 

        Further,
each of the parties to the FF&E Financing Documents (other than the Disbursement Agreement) and their counsel have reviewed and revised the FF&E Financing Documents (other than
the Disbursement Agreement), or requested revisions thereto, and the usual rule of construction that any ambiguities are to be resolved against the drafting party shall be inapplicable in construing
and interpreting the FF&E Financing Documents (other than the Disbursement Agreement). 

        "Account" shall have the meaning set forth in the Wynn Credit Agreement. 

        "Additional Completion Period" shall mean the period, if any, commencing on the Scheduled Completion Date and ending on the Completion
Date. 

        "Additional Land" shall mean, collectively, the real property and fixtures represented as of the Document Closing Date by the following
Assessor's Parcel Numbers: 162-16-510-019, 162-16-510-020, 162-16-510-023,
162-16-510-026, 162-16-510-027, 162-16-610-020,
162-16-610-023, 162-16-610-024, 162-16-610-025,
162-16-610-026, 162-16-610-027 and 162-16-610-031. 

        "Additional Project Documents" shall mean any document or agreement entered into after the Document Closing Date relating to the
development, construction, maintenance or operation of the Project. 

        "Adjusted Eurodollar Rate" shall mean the Eurodollar Rate plus the Applicable Lender
Margin. 

        "Administrative Agent" shall mean Deutsche Bank Trust Company Americas, in its capacity as administrative agent for the Wynn Banks under
the Wynn Credit Agreement. 

        "Administrative Charge" shall mean an amount equal to the amount, if any, required to compensate each Lender for any losses (including,
without limitation, any loss, cost or expense incurred by reason 

 

of the liquidation or reemployment of deposits or funds acquired by such Lender to fund its obligations under the Loan Documents) that may incur as a result of (i) the Borrower's payment of
principal or interest on the Notes on any date other than on a Payment Date, (ii) the Borrower's payment of the Loan Balance on any date other than a Payment Date, or (iii) any condition
described in Section 12 of the Loan Agreement. Unless the Borrower's payment to which the Administrative Charge is applicable is readily
attributable to a Type of Equipment or the Aircraft, the Administrative Charge shall be allocated pro rata by the Lender receiving such payment to
Allocated Aircraft Value and Allocated Equipment Value represented by its Note. 

        "Advance" shall mean an advance of funds by the Lenders pursuant to Section 2.3 of
the Loan Agreement. 

        "Advance Confirmation Notice" shall have the meaning set forth in the Disbursement Agreement. 

        "Advance Date" shall mean each of the actual dates on or prior to the Commitment Termination Date on which an Advance occurs. 

        "Advance Request" shall have the meaning set forth in Section 2.5(a) of the Loan
Agreement. 

        "Aeronautics Authority" shall mean, where applicable, the United States Department of Transportation, the Federal Aviation Administration
and/or the administrator of the Federal Aviation Administration, or any Person or Authority succeeding to the functions of any of the foregoing or having the functions of any of the foregoing in any
foreign jurisdictions in which the Aircraft, the Borrower, World Travel, the Aircraft Trustee or lessee of the Aircraft may be subject. 

        "Affiliate" shall mean, as applied to any Person, any other Person which, directly or indirectly, is in control of, is controlled by, or
is under common control with, such Person. For purposes of this definition, "control" (including, with correlative meanings, the terms "controlling," "controlled by" and "under common control with")
as applied to any Person means the power, directly or indirectly, either to (a) vote 10% or more of the securities having ordinary voting power for the election of directors (or persons
performing similar functions) of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. 

        "Affiliated Overhead Expenses" for any period, the reasonable expenses of, and actually incurred by, Wynn Resorts and the other Loan
Parties (other than the Borrower and its Subsidiaries), for salary and benefits, office operations, development, advertising, insurance and other organizational overhead, for such period calculated on
a consolidated basis, after the elimination of intercompany transactions, and in accordance with GAAP; provided, that Affiliated Overhead Expenses shall
not include any fee, profit or similar component payable to Wynn Resorts or any other Affiliate of Wynn Resorts (other than with
respect to the salary of Mr. Wynn) and shall represent only the payment or reimbursement of actual costs and expenses incurred by Wynn Resorts and the Loan Parties (other than the Borrower and
its Subsidiaries). 

        "Aggregate Commitment Amount" shall mean $188,500,000. 

        "Aircraft" shall mean the Existing Aircraft and, after the Disposition of the Existing Aircraft in accordance with  Section 7.5(p) of the Loan Agreement, the
Replacement Aircraft. 

        "Aircraft Appraiser" shall mean TeleTech, Inc., or such other Person as may be selected by the Collateral Agent. 

        "Aircraft Casualty Notice" shall have the meaning assigned to such term in Section 7.1 of the Aircraft Security Agreement. 

        "Aircraft Collateral" shall have the meaning assigned to such term in Section 2.1 of the Aircraft Security Agreement. 

2

 

        "Aircraft Commitment Percentage" shall mean, as to any Lender, the percentage set forth opposite such Lender's name under the heading
"Aircraft Commitment Percentage" on Schedule IA1 to the Loan Agreement. 

        "Aircraft Contracts" shall mean Contracts relating to the Aircraft. 

        "Aircraft Event of Default" shall mean any of the events specified in Section 8.1 of the Aircraft Security Agreement. 

        "Aircraft Financing Document" shall mean financing documents entered into by the Borrower or its Affiliates in connection with the
purchase of the Replacement Aircraft. 

        "Aircraft Lease" shall have the meaning assigned to such term in Section 4.2 of the Aircraft Security Agreement. 

        "Aircraft Manufacturer" shall mean Bombardier Inc. 

        "Aircraft Operating Agreement" shall mean that certain Amended and Restated Aircraft Operating Agreement dated as of October
    , 2002 by and between the Aircraft Trustee, as owner and World Travel, as operator. 

        "Aircraft Part" shall have the meaning assigned to such term in Section 4.4 of the Aircraft Security Agreement. 

        "Aircraft Security Agreement" shall mean the Aircraft Security Agreement to be executed and delivered by the Aircraft Trustee and World
Travel, substantially in the form of Exhibit K to the Loan Agreement, as the same may be amended, supplemented, replaced or otherwise modified
from time to time in accordance with the Loan Agreement. 

        "Aircraft Security Agreement Supplement" shall mean each supplement to the Aircraft Security Agreement, substantially in the form of
Exhibit A thereto. 

        "Aircraft Trust Agreement" shall mean that certain Trust Agreement dated as of May 10, 2002 between World Travel and the Aircraft
Trustee. 

        "Aircraft Trustee" shall mean Wells Fargo Bank Northwest, National Association, not in its individual capacity but solely as trustee of
that certain trust created under the Aircraft Trust Agreement. 

        "Airframe" shall mean and include: (i) the airframe, which, together with the two Engines relating to such airframe, is to be
refinanced pursuant to the Loan Documents and has the Federal Aviation Administration Registration Number and manufacturer's serial number specified in the Aircraft Security Agreement Supplement
delivered on the Initial Advance Date covering such airframe; and (ii) any and all appliances, parts, instruments, appurtenances, accessories, furnishings, improvements, additions or other
equipment of whatever nature (except Engines or engines) so long as the same shall be incorporated or installed in or attached to such airframe, or, so long as World Travel shall, directly or
indirectly, continue to have an interest therein in accordance with the terms of the Loan Documents, after removal from such Airframe. The term  "Airframe" shall also include any Replacement Airframe in
replacement for the Airframe financed thereunder. 

        "Allocable Overhead" shall mean, for any period, an amount equal to (x) the amount of Affiliated Overhead Expenses for such period
divided by (y) the number of gaming and/or hotel projects of Wynn Resorts and its Subsidiaries which were operating during such period or for which debt and/or equity financing has been
obtained to finance, in whole or in part, the development, construction and/or opening thereof[; provided, that amounts allocated to any
such project shall be prorated based on the period within such period that such project was in operation or financing therefor was obtained] [TO BE INCLUDED IF INCLUDED IN
BONDS]. 

3

 

        "Allocated Aircraft Value" shall mean the aggregate amount of Advances made by the Lenders on the Initial Advance Date for purposes of
refinancing the Aircraft and the allocated share of Fees and Transaction Costs, less any prepayment of the Loan Balance pursuant to Section 3 or  8.1
of the Loan Agreement allocated to the Aircraft. 

        "Allocated Commitment" shall mean, with respect to each Lender, the amount set forth opposite such Lender's name on  Schedule IA2 to the Loan Agreement under the column
designated as "Aircraft Commitment," "Gaming
Commitment" or "Non-Gaming Commitment," as applicable to the Type of Equipment or the Aircraft to be funded by
proceeds of the requested Advance. 

        "Allocated Equipment Value" shall mean the aggregate amount of Advances made by the Lenders on the Advance Dates for purposes of financing
the Purchase Price of the Equipment, less any prepayment of the Loan Balance pursuant to Section 3 or  8.1 of the Loan Agreement allocated to the
Equipment. 

        "Applicable Administrative Charge" shall mean, as of any date of determination in respect of any event, any Administrative Charge
determined to be due and owing in respect of such event. 

        "Applicable Lender Margin" shall mean, (a) at any time of determination of the Eurodollar Rate, 4.00% per annum, and (b) at
any time of determination of the Base Rate, 4.00% per annum. 

        "Appraisal" shall mean any appraisal of the Collateral from an Appraiser received pursuant to the terms of  Section 6.17 of the Loan Agreement. 

        "Appraised Value" shall mean, with respect to the Collateral, or any part thereof, as of any date of determination, the Fair Market Value
of the Collateral as set forth in the Appraisal therefor. 

        "Appraiser" shall mean the Aircraft Appraiser or the Equipment Appraiser, as the case may be. 

        "Arrangement Fees" shall mean the amount referred to in the Arrangement Fee Letters. 

        "Arrangement Fee Letters" shall mean that certain letter agreement between the Arrangers and the Borrower dated June 25, 2002. 

        "Arrangers" shall mean each of (i) Deutsche Bank Securities Inc. and (ii) Banc of America Leasing & Capital,
LLC and their respective successors. 

        "Art Rental and Licensing Agreement" shall have the meaning set forth in the Wynn Credit Agreement. 

        "Asset Sale" shall mean any Disposition of Property or series of related Dispositions of Property (other than (i) the granting of
any Lien permitted by Section 7.3, (ii) any Disposition permitted by Section 7.4
and (iii) any Disposition permitted by subsections (a), (b),  (c), (d)
, (f),  (h), (i), (j),  (k), (l), (m),
(n) or (o) of Section 7.5, in each case of the
Loan Agreement (provided, that in the case of Section 7.5(a), Dispositions of Property thereunder
shall be considered "Asset Sales" to the extent of any proceeds thereof not applied to the replacement of Property pursuant to  Section 7.5(a)(ii).

        "Assignment and Acceptance" shall have the meaning set forth in Section 10.6(c) of the Wynn Credit Agreement. 

        "Assignment and Assumption" shall mean an Assignment and Assumption Agreement substantially in the form of  Exhibit F to the Loan Agreement or otherwise acceptable
to the Collateral Agent entered into pursuant to  Section 10.1 of the Loan Agreement. 

        "Authority" or "Authorities" shall mean "Governmental
Agency" or "Governmental Agencies" as defined herein. 

        "Bank Company Collateral Account Agreement" shall have the meaning set forth in the Disbursement Agreement. 

4

 

        "Bank Completion Guaranty Collateral Account Agreement" shall have the meaning set forth in the Disbursement Agreement. 

        "Bank Local Company Collateral Account Agreement(s)" shall have the meaning set forth in the Disbursement Agreement. 

        "Bank of America" shall mean Bank of America, National Association, a national banking association, and its successors. 

        "Bank Prepayment Option" shall have the meaning assigned to such term in  Section 3.1(b) of the Loan Agreement. 

        "Bankruptcy Code" shall mean the Federal Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et
seq.), as applicable to the relevant case. 

        "Base Rate" shall mean, on any day with respect to the Loan Balance, the rate per annum equal to the sum of (a) higher of
(i) the Federal Funds Rate for such day plus one-half of one percent (0.50%) and (ii) the Prime Rate for such day  plus (b) the Applicable
Lender Margin. Any change in the Base Rate due to a change in the Federal Funds Rate or the Prime Rate shall be effective
on the effective date of such change in the Federal Funds Rate or the Prime Rate, without notice to the Borrower or any Guarantor. 

        "Beneficial Owner" shall mean as defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except
that in calculating the beneficial ownership of any particular "person" (as that term is used in Section 13(d)(3) of the Exchange Act), such "person" will be deemed to have beneficial ownership
of all securities that such "person" has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a
subsequent condition. The term "Beneficially Owned" has a corresponding meaning. 

        "Board" shall mean the Board of Governors of the Federal Reserve System of the United States (or any successor). 

        "Board of Directors" shall mean (i) with respect to a corporation, the board of directors of the corporation; (ii) with
respect to a partnership, the board of directors of the general partner of the partnership; and (iii) with respect to any other Person, the board or committee of such Person serving a similar
function. 

        "Borrower" shall mean Wynn Las Vegas, LLC, a Nevada limited liability company and a Wholly-Owned Subsidiary of Wynn Resorts, or any
successor thereto. 

        "Borrower Aircraft Assignment" shall mean the Assignment and Assumption Agreement dated as of October    , 2002 by and between
the Borrower and the Collateral Agent, as the same may be amended, supplemented, replaced or otherwise modified from time to time. 

        "Borrower Collateral" is defined in Section 2.1 of the Borrower Security Agreement. 

        "Borrower Security Agreement" shall mean the Borrower Security Agreement dated as of October    , 2002 between the Borrower and
Collateral Agent, as the same may be amended, supplemented, replaced or otherwise modified from time to time, which does not encumber the Aircraft. 

        "Borrower Security Agreement Supplement" means each supplement to the Borrower Security Agreement, substantially in the form of
Exhibit A thereto. 

        "Building Lease" shall mean that certain Lease Agreement, dated as of October    , 2002, by and between Valvino, as lessor, and
the Borrower, as lessee, with respect to the lease of space in the Phase II Land Building. 

5

 

        "Business Day" shall mean (i) for all purposes other than as covered by  clause (ii) below, a day other than a Saturday, Sunday or other day on which
commercial banks in New York City, New York or Las Vegas, Nevada or
Salt Lake City, Utah are authorized or required by law to close and (ii) with respect to all notices and determinations in connection with, and payments of principal and interest on, Loans on
which interest is paid at the Adjusted Eurodollar Rate, any day which is a Business Day described in clause (i) above and which is also a day for
trading by and between banks in Dollar deposits in the [New York] [TO CONFIRM WITH DB] interbank eurodollar market. 

        "Capital Corp." shall mean Wynn Las Vegas Capital Corp., a Nevada corporation. 

        "Capital Expenditures" shall mean for any period, with respect to any Person, the aggregate of all expenditures by such Person and its
Subsidiaries for the acquisition or leasing (pursuant to a capital
lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such period) which should be capitalized under GAAP on a consolidated
balance sheet of such Person and its Subsidiaries; provided, that the amount of Capital Expenditures in respect of fixed or capital assets or additions
to equipment in any Fiscal Year shall be net of (a) to the extent applied during such Fiscal Year to the replacement of Property pursuant to Section  7.5(a)(ii) the Net Disposition Proceeds received
by any such Person from the Disposition of Property pursuant to  Section 7.5(a) by reason of such Property's obsolescence or worn out condition and (b) the Insurance Proceeds and/or Eminent
Domain
Proceeds received by any such Person for any casualties to, or Taking of, fixed or capital assets and applied during such Fiscal Year to the repair or replacement of fixed or capital assets in
accordance with Section 2.24. Notwithstanding the foregoing, any Project Costs, any expenditures in furtherance of the construction of the
Entertainment Facility and any expenditures with respect to the purchase of the Replacement Aircraft in accordance with Section 7.5(o), in each case that otherwise would have constituted
Capital Expenditures by virtue of the foregoing, shall be excluded from this definition. 

        "Capital Lease" shall mean a capital lease as determined in accordance with GAAP. 

        "Capital Lease Obligations" shall mean as to any Person, the obligations of such Person to pay rent or other amounts under any lease of
(or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance
sheet of such Person under GAAP, and, for the purposes of the Loan Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance
with GAAP. 

        "Capital Stock" shall mean 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. 

        "Cash Equivalents" shall mean (a) United States dollars; (b) securities issued or directly and fully guaranteed or insured
by the United States government or any agency or instrumentality of the United States government (as long as the full faith and credit of the United
States, is pledged in support of those securities) having maturities of not more than six months from the date of acquisition; (c)  interest-bearing demand or time deposits (which may be represented
by certificates of deposit banks having general obligations rated  (on the date of acquisition thereof) at least "A" or the equivalent by S&P or Moody's
or, if not so
rated, secured at all times, in the manner and to the extent provided by law, by collateral security in clause (a) or (b) of this definition, of a market value of no less than the amount
of monies so invested; (d) repurchase obligations with a term of not more than seven days for underlying
securities of the types described in clauses (b) and (c) above entered into with any financial institution meeting the qualifications specified in clause (c)
above; (e) paper having the highest rating obtainable from Moody's or S&P and in each case maturing within six months after the date of
acquisition; (f) money market funds or mutual at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses
(a) through (d) of this definition; and (g) to the extent not permitted in clauses (a) through (f) of this definition, Permitted Securities. 

6

   
        "Casino Land" the land owned by the Borrower as described in Exhibit T-4 to the Disbursement Agreement. 

        "Casualty" or "Casualties" shall mean any of the following events in respect of any Item
of Equipment, Airframe or Engine: (a) the total loss of such Item of Equipment, Airframe or Engine, the total loss of use thereof due to theft, disappearance, destruction, damage beyond repair
or the rendering of such Item of Equipment, Airframe or Engine permanently unfit for normal use for any reason whatsoever (other than obsolescence); (b) any damage to such Item of Equipment,
Airframe or Engine which results in an insurance settlement with respect to such Item of Equipment, Airframe or Engine on the basis of a total loss or a constructive total loss; (c) the
permanent condemnation, confiscation or seizure of, or the requisition of title to or use of, such Item of Equipment, Airframe or Engine; or (d) as a result of any Requirement of Law or other
action by any Governmental Agency, the use of such Item of Equipment, Airframe or Engine in the normal course of the Borrower's or any Affiliate's business shall have been prohibited, directly or
indirectly, for a period equal to the lesser of 180 consecutive days and the remaining Loan Term. Additionally in the event the transactions contemplated hereby are rescinded pursuant to
Regulation 8.130 of the Nevada Gaming Commission, a Casualty with respect to all of the Gaming Equipment shall be deemed to occur on the date of such rescission. 

        "Casualty Amount" shall mean, with respect to any Item of Equipment, Airframe or Engine as of any date specified for payment thereof, a
portion of the Loan Balance relating to such Item of Equipment, Airframe or Engine equal to the product obtained by multiplying the outstanding Loan Balance as of the Casualty Settlement Date by the
Item Value Fraction of such Item of Equipment. 

        "Casualty Notice" shall have the meaning assigned to such term in Section 8.1 of
the Loan Agreement. 

        "Casualty Proceeds" shall have the meaning assigned to such term in Section 8.1(f)
of the Loan Agreement. 

        "Casualty Recoveries" shall have the meaning assigned to such term in  Section 8.1(e) of the Loan Agreement. 

        "Casualty Settlement Date" shall have the meaning assigned to such term in  Section 8.1 of the Loan Agreement. 

        "Change of Control" the occurrence of any of the following: (i) the direct or indirect sale, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Loan Parties, taken as a whole,
or of the Borrower and its Subsidiaries, taken as a whole, to any "person" (as that term is used in Section 13(d)(3) of the Exchange Act), other than to Mr. Wynn or a Related Party of
Mr. Wynn; (ii) the adoption of a plan relating to the liquidation or dissolution of the Borrower or any successor thereto, (iii) the consummation of any transaction (including,
without limitation, any merger or consolidation) the result of which is that (a) any "person" (as defined in clause (i) above), other than Mr. Wynn and any of his Related Parties
becomes the Beneficial Owner, directly or indirectly, of more than 50% of the outstanding Voting Stock of Wynn Resorts, measured by voting power rather than number of equity interests, (b) any
"person" (as defined in clause (i) above)(other than Kazuo Okada, Aruze USA and Aruze Corp., so long as (1) the Stockholders Agreement, as in effect on the Closing Date, remains in full
force and effect, (2) a majority of the Board of Directors of Wynn Resorts is constituted of Persons named on any slate of directors chosen by Mr. Wynn and Aruze USA pursuant to the
Stockholders Agreement, as in effect on the Closing Date, and (3) Kazuo Okada and his Related Parties either (A) "control" (as that term is used in Rule 405 under the Securities
Act) Aruze Corp. and Aruze USA or (B) otherwise remain the direct or indirect Beneficial Owners of the Voting Stock of Wynn Resorts held by Aruze Corp.) becomes the Beneficial Owner, directly
or indirectly, of a 

7

 

greater percentage of the outstanding Voting Stock of Wynn Resorts, measured by voting power rather than number of equity interests, than is at that time Beneficially Owned by Mr. Wynn and his
Related Parties as a group, (c) Mr. Wynn and his Related Parties as a group own less than 20% of the outstanding voting stock of Wynn Resorts, measured by voting power rather than number
of equity interests (excluding, for purposes of calculating the outstanding voting stock of Wynn Resorts pursuant to this clause (iii)(c), shares of voting stock issued in a primary issuance by
Wynn Resorts in one or more bona fide public offerings of additional Voting Stock of Wynn Resorts (other than the IPO)); or (d) Mr. Wynn and his Related Parties as a group own less than
10% of the outstanding voting stock of Wynn Resorts, measured by voting power rather than number of equity interests, (iv) the first day on which Mr. Wynn does not act as either the
Chairman of the Board of Directors of Wynn Resorts or the Chief Executive Officer of Wynn Resorts, other than (1) as a result of death or disability or (2) if the Board of Directors of
Wynn Resorts, exercising their fiduciary duties in good faith, removes or fails to re-appoint the Principal as Chairman of the Board of Directors of Wynn Resorts or Chief Executive Officer
of Wynn Resorts, (v) the first day on which a majority of the members of the board of directors of Wynn Resorts or the Borrower are not Continuing Directors, (vi) the first day on which
Wynn Resorts ceases to own, directly or indirectly, 100% of the outstanding Capital Stock of the Borrower or (vii) Wynn Resorts consolidates with, or merges with or into, any Person or sells,
assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of its assets to any Person, or any Person consolidates with, or merges with or into, Wynn Resorts, in any such
event pursuant to a transaction in which any of the outstanding voting stock of Wynn Resorts is converted into or exchanged for cash, securities or other property, other than any such transaction
where the voting stock of Wynn Resorts outstanding immediately prior to such transaction is converted into or exchanged for voting stock (other than Disqualified Stock) of the surviving or transferee
Person constituting a majority of the outstanding shares of such voting stock of such surviving or transferee Person (immediately after giving effect to such issuance). 

        "Claims" shall mean liabilities, obligations, damages, losses, demands, penalties, fines, claims, actions, suits, judgments, settlements,
utility charges, costs, fees, expenses and disbursements (including, without limitation, legal fees and expenses and costs of investigation which, in the case of counsel or investigators retained by
an Indemnitee, shall be reasonable) of any kind and nature whatsoever. 

        "Code" shall mean the Internal Revenue Code of 1986, as amended from time to time. 

        "Collateral" shall mean the Aircraft Collateral and the Borrower Collateral. 

        "Collateral Agent" shall mean Wells Fargo Bank Nevada, National Association, not in its individual capacity, but solely as Collateral
Agent, and any successor or replacement Collateral Agent expressly permitted hereunder. 

        "Collateral Agent Fee Letter" shall mean the fee letter dated as of the date hereof between the Borrower and Trust Company. 

        "Commitment" shall mean, with respect to each Lender, the amount set forth opposite such Lender's name on Schedule
IA2 to the Loan Agreement under the column designated as "Commitment."

        "Commitment Fees" shall have the meaning assigned to such term in Section 2.9 of
the Loan Agreement. 

        "Commitment Percentage" shall mean, as to any Lender and any Type of Equipment or the Aircraft, the percentage set forth opposite such
Lender's name under the applicable "Commitment Percentage" heading on Schedule
IA1 to the Loan Agreement. 

8

 

        "Commitment Termination Date" shall mean the earliest of (i) Completion Date, (ii) the Outside Date, (iii) the Final
Advance Date and (iv) the date on which the Commitments of the Lenders shall have been fully utilized. 

        "Commonly Controlled Entity" shall mean an entity, whether or not incorporated, which is under common control with the Borrower or any
other Loan Party within the meaning of Section 4001 of
ERISA or is part of a group that includes such Person and that is treated as a single employer under Section 414 of the Code. 

        "Company" shall mean the Borrower. 

        "Completion Date" shall have the meaning assigned to such term in the Disbursement Agreement. 

        "Completion Guarantor" shall mean Wynn Completion Guarantor, LLC, a Nevada limited liability company. 

        "Completion Guaranty" shall mean that certain Completion Guaranty, dated as of October    , 2002 by the Completion Guarantor in
favor of the Administrative Agent on behalf of the Secured Parties and the Mortgage Notes Indenture Trustee. 

        "Completion Guaranty Release Date" shall have the meaning assigned to such term in the Disbursement Agreement. 

        "Compliance Certificate" shall mean a certificate duly executed by a Responsible Officer substantially in the form of  Exhibit E-6 to the Loan Agreement.

        "Confidential Information Memorandum" shall mean the Confidential Information Memorandum dated July, 2002 and furnished to the initial
Lenders. 

        "Consents" shall have the meaning assigned to such term in the Disbursement Agreement. 

        "Consolidated Current Assets" shall mean, at any date, all amounts (other than cash and Cash Equivalents) which would, in conformity with
GAAP, be set forth opposite the caption "total current assets" (or any like caption) on a consolidated balance sheet of the Borrower and its Subsidiaries at such date. 

        "Consolidated Current Liabilities" shall mean, at any date, all amounts that would, in conformity with GAAP, be set forth opposite the
caption "total current liabilities" (or any like caption) on a consolidated balance sheet of the Borrower and its Subsidiaries at such date, but excluding (a) the current portion of any Funded
Debt of the Borrower and its Subsidiaries and (b) without duplication of  clause (a) above, all Indebtedness consisting of Revolving Credit Loans or Swing Line Loans to the extent otherwise
included therein. 

        "Consolidated EBITDA" shall mean, of any Person for any period, Consolidated Net Income of such Person and its Subsidiaries for such
period plus, without duplication and to the extent reflected as a charge in the statement of such Consolidated Net Income for such period, the sum of (a) income tax expense or the Tax Amount
(whether or not paid during such period), (b) Consolidated Interest Expense of such Person and its Subsidiaries, amortization or write-off of debt discount and debt issuance costs
and commissions, discounts and other fees and charges associated with Indebtedness (including, in the case of the Borrower, the Loans), (c) depreciation and amortization expense,
(d) amortization of intangibles (including, but not limited to, goodwill) and (e) any extraordinary, unusual or non-recurring expenses or losses (including, whether or not
otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, non-cash losses on sales of assets outside of the ordinary course of business and
pre-opening expenses related to the initial opening of the Project (such pre-opening expenses to be no greater than that set
forth in the Project Budget) and the opening of the Entertainment Facility (such pre-opening expenses in the aggregate to be no greater than $5,000,000)) and minus, to the extent included
in the statement of such 

9

 

Consolidated Net Income for such period, the sum of (a) interest income (except to the extent deducted in determining Consolidated Interest Expense) and (b) any extraordinary income or
gains (and whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, non-cash gains on the sales of assets outside of the
ordinary course of business) and (c) any other non-cash income, all as determined on a consolidated basis in accordance with GAAP; 

        "Consolidated Fixed Charge Coverage Ratio" shall mean, as to any period, the ratio of (a) Consolidated EBITDA of the Borrower and
its Subsidiaries to (b) Consolidated Fixed Charges of the Borrower and its Subsidiaries for such period. 

        "Consolidated Fixed Charges" shall mean, as to any Person for any period, the sum (without duplication) of (a) Consolidated
Interest Expense of such Person and its Subsidiaries for such period, (b) provision for cash income taxes made by such Person or any of its Subsidiaries on a consolidated basis in respect of
such period and the payment of any Tax Amount during such period, (c) scheduled payments made during such period on account of principal of
Indebtedness of such Person or any of its Subsidiaries (including, without limitation, with respect to the Borrower, scheduled principal payments in respect of the Term Loans or any other Indebtedness
under the Financing Agreements, (d) the aggregate amount actually paid by the Borrower and its Subsidiaries in cash during such period on account of Capital Expenditures, and
(e) Consolidated Lease Expense of such Person and its Subsidiaries for such period. 

        "Consolidated Interest Expense" shall mean, as to any Person for any period, total cash interest expense (including that attributable to
Capital Lease Obligations) of such Person and its Subsidiaries for such period with respect to all outstanding Indebtedness of such Person and its Subsidiaries (including, without limitation, all
commissions, discounts and other fees and charges owed by such Person with respect to letters of credit and bankers' acceptance financing and net costs of such Person under Hedge
Agreements in respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP). 

        "Consolidated Lease Expense" shall mean for any period, the aggregate amount of fixed and contingent rentals payable by the Borrower and
its Subsidiaries, determined on a consolidated basis in accordance with GAAP, for such period with respect to leases of real and personal property. 

        "Consolidated Leverage Ratio" shall mean, for any period, the ratio of (a) Consolidated Total Debt on the last day of such period
to (b) Consolidated EBITDA of the Borrower and its Subsidiaries for such period. 

        "Consolidated Member" shall mean a corporation, other than the common parent, that is a member of an affiliated group (as defined in
Section 1504 of the Code) of which Wynn Resorts or any of the Loan Parties is the common parent. 

        "Consolidated Net Income" shall mean, as to any Person for any period, the consolidated net income (or loss) of such Person and its
Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP and before any reduction in respect of preferred equity dividends, but giving effect to, without duplication,
any amounts paid or distributed by such Person or its Subsidiaries as a Tax Amount or Allocable Overhead if and to the same extent that such amounts would have been included in the calculation of net
income if incurred by such Person or its Subsidiaries directly; provided, that in calculating Consolidated Net Income of a Person (for purposes of this
definition only, the "Parent") and its consolidated Subsidiaries for any period, there shall be excluded (a) the income (or deficit) of any
Person accrued prior to the date it becomes a Subsidiary of the Parent or is merged into or consolidated with the Parent or any of its Subsidiaries, (b) the income (or deficit) of any Person
(other than a Subsidiary of the Parent) in which the Parent or any of its Subsidiaries has an ownership interest, except to the extent that any such income is actually received by the Parent or such
Subsidiary 

10

 

in the form of dividends or similar distributions, (c) the undistributed earnings of any Subsidiary of the Parent to the extent that the declaration or payment of dividends or similar
distributions by such Subsidiary is not at the time permitted by the terms of any Contractual Obligation (other than under any Financing Agreement) or Requirement of Law applicable to such Subsidiary;  provided that the Consolidated Net Income of the Borrower and its Subsidiaries shall be deemed to include any Wynn Resorts Holdings Capital
Contributions during the applicable measurement period, (d) to the extent not reflected as a charge in the statement of such Consolidated Net Income, any Management Fees paid during such period
and (e) the cumulative effect of a change in accounting principles. 

        "Consolidated Net Worth" shall mean, at any date, all amounts that would, in conformity with GAAP, be included on a consolidated balance
sheet of the Borrower and its Subsidiaries under stockholders' equity at such date. 

        "Consolidated Total Debt" shall mean, at any date, the aggregate principal amount of all Indebtedness of the Borrower and its Subsidiaries
at such date, determined on a consolidated basis in accordance with GAAP. 

        "Construction Consultant" shall mean Inspection & Valuation International, Inc. or such successor construction consultant of
recognized national standing, as may be appointed in accordance with the Disbursement Agreement. 

        "Construction Contract" shall mean a "Contract" as defined in the Disbursement Agreement. 

        "Continuing Directors" shall mean, as of any date of determination, with respect to any Person, any member of the Board of Directors of
such Person who (i) was a member of such Board of Directors on the Document Closing Date, (ii) was nominated for election or elected to such Board of Directors with the approval of a
majority of the Continuing Directors who were members of such Board at the time of such nomination or election or (iii) in the case of a limited liability company, was nominated by the direct
or indirect Board of Directors of its managing member or sole member. 

        "Contractual Obligation" shall mean, as to any Person, any provision of any security issued by such Person or of any agreement, instrument
or other undertaking to which such Person is a party or by which it or any of its Property is bound. 

        "Control Agreements" shall mean collectively, (i) the Bank Completion Guaranty Collateral Account Agreement, (ii) the Bank
Company Collateral Account Agreement, (iii) the Bank Local Company Collateral Account Agreement(s) and (iv) each Control Agreement to be executed and delivered by each Loan Party
pursuant to the Guarantee and Collateral Agreement, substantially in the form of Exhibit B, Exhibit C or Exhibit D, as the case may be, thereto, as the same may be amended,
supplemented, replaced or otherwise modified from time to time in accordance with the Wynn Credit Agreement. 

        "Credit Exposure" shall mean, with respect to any Lender, the aggregate outstanding amount of Loans made by such Lender. 

        "Dealership Lease Agreement" shall mean that certain Lease Agreement to be entered into between the Borrower, as lessor, and an Affiliate
of the Borrower, as lessee, with respect to the lease of space at the Casino Land for the development and operation of a Ferrari and Maserati automobile dealership. 

        "Default" shall mean any event, act, or condition which with notice or lapse of time or both, would constitute an Event of Default. 

        "Defaulting Lender" shall mean, at any time, (i) any Lender with respect to which a Lender Default is in effect, (ii) any
Lender that is the subject (as a debtor) of any action or proceeding (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, 

11

 

insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization,
arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee,
custodian, conservator or other similar official for it or for all or any substantial part of its assets, (iii) any Lender that shall make a general assignment for the benefit of its creditors
or (iv) any Lender that shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due. 

        "Derivatives Counterparty" shall have the meaning assigned to such term in  Section 7.6 of the Loan Agreement. 

        "Desert Inn Improvement" shall mean Desert Inn Improvement Co., a Nevada corporation. 

        "Desert Inn Water" shall mean Desert Inn Water Company, LLC, a Nevada limited liability company. 

        "DIIC Casino Water Permit" shall mean the Permit identified as of the Closing Date as Permit No. 13393 (Cert. 4731) as shown in the
records of the State of Nevada, Division of Water Resources, in Carson City Nevada (and any successor or replacement Permit thereto). 

        "DIIC Water Permits" shall mean, collectively, the DIIC Casino Permit and the permits identified as of the Closing Date as Permit
No. 16938 (Cert. 4765), Permit No. 16939 (Cert. 4766), Permit No. 24558 (Cert. 7828), Permit No. 24560 (Cert. 7827), Permit No. 24561 (Cert. 7829), and Permit
No. 25223 (Cert. 7830), in each case as shown in the records of the State of Nevada, Division of Water Resources, in Carson City Nevada (and any successor or replacement Permits thereto). 

        "DIIC Water Transfer" shall mean a transfer by Desert Inn Improvement at no cost and in accordance with all Requirements of Law and
pursuant to all necessary consents of Governmental Authorities (including, if applicable, the Nevada Public Utilities Commission and the State of Nevada, Division of Water Resources) of (a) the
fee ownership of the Water Utility Land to Wynn Resorts Holdings and (b) the DIIC Water Permits to (x) in the case of the DIIC Casino Water Permit, the Borrower and (y) in the
case of all other DIIC Water Permits, Wynn Resorts Holdings. 

        "Disbursement Agent" shall mean Deutsche Bank Trust Company Americas, in its capacity as Disbursement Agent under the Disbursement
Agreement, and any successor Disbursement Agent appointed pursuant to the terms of the Disbursement Agreement. 

        "Disbursement Agreement" shall mean that certain Master Disbursement Agreement dated as of the date hereof among the Borrower, Capital
Corp., Wynn Design & Development, the Administrative Agent, the Mortgage Notes Indenture Trustee, the Collateral Agent and the Disbursement Agent. 

        "Disbursement Agreement Event of Default" shall mean an "Event of Default" as defined in the Disbursement Agreement. 

        "Disposition" shall mean with respect to any Property, any sale, lease, sale and leaseback, assignment, conveyance, grant of restriction,
transfer or other disposition thereof; and the terms "Dispose" and "Disposed of" shall have correlative
meanings. 

        "Disqualified Stock" shall mean any Capital Stock or other ownership or profit interest of any Loan Party that any Loan Party is or, upon
the passage of time or the occurrence of any event, may become obligated to redeem, purchase, retire, defease or otherwise make any payment in respect of in consideration other than Capital Stock
(other than Disqualified Stock). 

        "Document Closing Date" shall mean October    , 2002. 

        "Dollars" and "$" shall mean dollars in lawful currency of the United States of America. 

12

   
        "Domestic Subsidiary" shall mean any Subsidiary of the Borrower organized under the laws of any jurisdiction within the United States of
America. 

        "Driving Range" shall mean the driving range for the Golf Course to be located on the Phase II Land and leased to the Borrower pursuant to
the Driving Range Lease. 

        "Driving Range Lease" shall mean that certain Lease Agreement, dated as of            , by and between Valvino, as lessor, and the
Borrower, as lessee, with respect to the lease of land on which the driving range for the Golf Course is to be located. 

        "ECF Percentage" shall mean, with respect to any Fiscal Year, 75%; provided, that, if the
Consolidated Leverage Ratio as of the last day of any such Fiscal Year is not greater than 3.5 to 1.0, 50% with respect to such Fiscal Year. 

        "Eligible Assignee" shall mean (i) a commercial bank organized under the laws of the United States, or any State thereof;
(ii) a commercial bank organized under the laws of any other country that is a member of the OECD or has concluded special lending arrangements with the International Monetary Fund associated
with its General Arrangements to Borrow, or a political subdivision of any such country, provided, that such bank is acting through a branch or agency
located in the United States; (iii) a finance company, leasing company, insurance company or other financial institution or fund (whether a corporation, partnership or other entity) engaged
generally in making, purchasing or otherwise investing in commercial loans or leasing property or equipment in the ordinary course of its business; (iv) the central bank of any country that is
a member of the OECD; or (v) any Lender; provided, however, that (A) any such Person shall also have combined capital and surplus (as
established in its most recent report of condition to its primary regulator) of not less than $50,000,000 (or its equivalent in foreign currency), or if such Person does not meet the foregoing
requirements in this proviso, such Person furnishes a guaranty of an Affiliate, which Affiliate meets the requirements of this proviso, of such Person's obligations under the Operative Documents and
(B) any Person described in clause (ii), (iii), (iv) or (v) above shall, on the date on
which it is to become a Lender hereunder, be entitled to receive payments hereunder without deduction or withholding of any United States Federal income taxes. 

        "Eminent Domain Proceeds" shall mean all amounts and proceeds (including instruments) received in respect of any Event of Eminent Domain
relating to the Project. 

        "Employee Parking Lot" shall mean the parking lot structure located on the Phase II Land that will be used for parking for the employees
of the Borrower pursuant to the Employee Parking Lot Lease. 

        "Employee Parking Lot Lease" shall mean that certain Lease Agreement, dated as of October    , 2002, by and between Valvino, as
lessor, and the Borrower, as lessee, with respect to the lease of land on which the parking lot structure for use by the Borrower's employees is to be located. 

        "Engagement Letter" shall mean the engagement letter dated June 25, 2002 between the Borrower and the Arrangers. 

        "Engine" shall mean and include: (i) each of the two engines for the Aircraft listed by manufacturer's serial number in a Aircraft
Security Agreement Supplement delivered on the Initial Advance Date, whether or not from time to time installed on an Airframe or installed on any other airframe; (ii) any Replacement Engine;
and (iii) any and all appliances, parts, instruments, appurtenances, accessories, improvements, additions or other equipment of whatever nature, so long as the same shall be incorporated or
installed in or attached to any Engine subject to the Aircraft Security Agreement, or, so long as title thereto shall remain vested in the Aircraft Trustee in accordance with the terms of that certain
Trust Agreement dated as of May 10, 2002 between the Aircraft Trustee and World Travel, after removal from such Engine. 

13

 

        "Entertainment Facility" shall mean a showroom or entertainment facility located on the Casino Land and the Phase II Land, adjoining and
connected directly to the Le Rêve hotel and casino. 

        "Entertainment Facility Equity Proceeds" shall mean to the extent used solely and exclusively for the development and construction of an
Entertainment Facility, the aggregate net cash proceeds received by the Borrower from any Person other than another Loan Party (except to the extent another Loan Party is acting as an intermediary for
purposes of contributing equity capital contributions from such other Persons), directly or indirectly, as a contribution to its common equity capital. 

        "Environmental Claim" shall mean any investigation, notice, notice of violation, claim, action, suit, proceeding, demand, abatement order
or other order or directive (conditional or otherwise), by any governmental authority or any other Person, arising (a) pursuant to or in connection with any actual or alleged violation of any
Environmental Law, (b) in connection with any Hazardous Materials or any actual or alleged Hazardous Materials Activity, or (c) in connection with any actual or alleged damage, injury,
threat or harm to health, safety, natural resources or the environment. 

        "Environmental Laws" shall mean any and all laws, rules, orders, regulations, statutes, ordinances, guidelines, codes, decrees, or other
legally enforceable requirements (including, without limitation, common law) of any international authority, foreign government, the United States, or any state, local, municipal or other Governmental
Authority, regulating, relating to or imposing liability or standards of conduct concerning protection of the environment or of human health, or employee health and safety, as has been, is now, or may
at any time hereafter be, in effect. 

        "Environmental Matter" shall mean any: 

        (a)  release,
emission, entry or introduction into the air including, without limitation, the air within buildings and other natural or man-made structures above
ground; 

        (b)  discharge,
release or entry into water including, without limitation, into any river, watercourse, lake, or pond (whether natural or artificial or above ground or which
joins or flows into any such water outlet above ground) or reservoir, or the surface of the riverbed or of other land supporting such waters, ground waters, sewer or the sea; 

        (c)  deposit,
disposal, keeping, treatment, importation, exportation, production, transportation, handling, processing, carrying, manufacture, collection, sorting or presence
of any Hazardous Substance (including, without limitation, in the case of waste, any substance which constitutes a scrap material or an effluent or other unwanted surplus substance arising from the
application of any process or activity (including making it re-usable or reclaiming substances from it) and any substance or article which is required to be disposed of as being broken,
worn out, contaminated or otherwise spoiled); 

        (d)  nuisance,
noise, defective premises, health and safety at work, industrial illness, industrial injury due to environmental factors, environmental health problems
(including, without limitation, asbestosis or any other illness or injury caused by exposure to asbestos) or genetically modified organisms; 

        (e)  conservation,
preservation or protection of the natural or man made environment or any living organisms supported by the natural or man made environment; or 

        (f)    other
matter howsoever directly affecting the environment or any aspect of it. 

        "Environmental Permits" shall mean any and all permits, licenses, approvals, registrations, notifications, exemptions and any other
authorization required under any Environmental Law. 

        "Equipment" shall mean, individually, each Item of furniture, fixtures or equipment (including Gaming Equipment) described as Equipment on
Schedule A to the Borrower Security Agreement and 

14

 

each Schedule A to each Borrower Security Agreement Supplement delivered on an Advance Date, and, collectively, each of the foregoing Items of Equipment. 

        "Equipment Appraiser" shall mean an appraiser as may be selected by the Collateral Agent. 

        "Equipment Collateral" is defined in Section 2.1 of the Borrower Security Agreement. 

        "Equipment Contracts" shall mean Contracts relating to the Equipment. 

        "Equipment Manufacturer" shall mean the original manufacturer of the applicable Type of Equipment. 

        "ERISA" shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. 

        "Eurocurrency Reserve Requirements" means for any day as applied to a Eurodollar Loan, the then stated maximum rate of all reserve
requirements (including, without limitation, any marginal, emergency, supplemental, special or other reserves under any regulations of the Board or other Governmental Authority having jurisdiction
with respect thereto or otherwise required by applicable law) applicable to any member bank of the Federal Reserve System in respect of eurocurrency funding or liabilities as defined in
Regulation D (or any successor category of liabilities under Regulation D). 

        "Eurodollar Loans" means Loans the rate of interest applicable to which is based upon the Eurodollar Rate. 

        "Eurodollar Rate" shall mean with respect to each day during each Interest Period pertaining to a Eurodollar Loan, a rate per annum equal
to (a) the offered quotation to first-class banks in the New York interbank Eurodollar market by the Administrative Agent for Dollar deposits of amounts in immediately available funds
comparable to the outstanding principal amount of such Eurodollar Loan of the Administrative Agent (in its capacity as a Lender) with maturities comparable to the Interest Period applicable to such
Eurodollar Loan commencing two Business Days thereafter as of 10:00 A.M.
(New York time) on the first day of such Interest Period, divided (and rounded upward to the nearest 1/16 of 1%) by (b) a percentage equal to 100% minus the Eurocurrency Reserve
Requirements. 

        "Event of Default" shall mean any of the events specified in Section 9 of the Loan
Agreement, provided that any requirement for the giving of notice, the lapse of time, or both, has been satisfied. 

        "Event of Eminent Domain" shall mean with respect to any Property, (i) any compulsory transfer or taking by condemnation, seizure,
eminent domain or exercise of a similar power, or transfer under threat of such compulsory transfer or taking or confiscation of such Property or the requisition of the use of such Property, by any
agency, department, authority, commission, board, instrumentality or political subdivision of any state, the United States or another Governmental Authority having jurisdiction or (ii) any
settlement in lieu of clause (i) above. 

        "Existing Aircraft" shall mean that certain Bombardier Global Express aircraft, Serial No. 9065, owned by a trust of which World
Travel is the beneficial interest holder. 

        "Existing Stockholders" shall mean, collectively, Mr. Wynn, Aruze USA, Inc., a Nevada corporation, Baron Asset Fund, a
Massachusetts business trust and the Kenneth R. Wynn Family Trust. 

        "Facility" shall mean each of (a) the Term Loan Commitments and the Term Loans made thereunder (the "Term
Loan Facility") and (b) the Revolving Credit Commitments and the extensions of credit made thereunder (the "Revolving Credit
Facility"). 

        "Fair Market Value" shall mean, with respect to the Collateral or a portion thereof as of any date, the price which a purchaser would pay
to purchase such Collateral in an arm's-length transaction between a willing buyer and a willing seller, neither of them being under any compulsion to buy or sell. In making any determination of Fair
Market Value, Appraiser shall assume such Collateral has been 

15

 

maintained in accordance with the requirements of the Loan Agreement and that such Collateral is in the condition in which it is required to be hereunder as of the date for which such determination
is made. Appraiser shall use such reasonable methods of appraisal as are satisfactory to the Lenders. Notwithstanding the foregoing, "Fair Market Value" with respect to any Appraisals delivered
pursuant to Section 6.17 of the Loan Agreement shall be made by the Appraiser with the assumptions that such Collateral is in its brand new
condition (and without giving effect to depreciation caused by the fact that such Collateral may have been delivered and or installed prior to such Appraisal). 

        "Federal Aviation Administration" or "FAA" shall mean the Federal Aviation Administration
and any successor agency. 

        "Federal Funds Rate" shall mean, for any day, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) equal to the
weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank
of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such
day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next
succeeding Business Day, the Federal Funds Rate for such day shall be the average rate charged to the Collateral Agent on such day on such transactions as determined by the Collateral Agent. 

        "Fee Letters" shall mean the Arrangement Fee Letters, the Participation Fee Letters and the Collateral Agent Fee Letter. 

        "Fees" shall have the meaning assigned to such term in Section 2.7 of the Loan
Agreement. 

        "FF&E Collateral Account Agreement" shall mean that certain FF&E Collateral Account Agreement dated as October            , 2002 among
the Borrower, the Collateral Agent, the Securities Intermediary (as defined in the Disbursement Agreement) and the other parties thereto. 

        "FF&E Financing Documents" shall mean the Loan Agreement, the Disbursement Agreement, the Security Documents, the Intercompany Note, the
Aircraft Security Agreement, the Aircraft Operating Agreement, the FF&E Collateral Account Agreement, the Borrower Aircraft Assignment, the FF&E Guaranty and the FF&E Intercreditor Agreement and any
future guarantees, guarantee and collateral agreements, or joinder agreements thereto executed and delivered by Affiliates of the Borrower. 

        "FF&E Guaranty" shall mean that certain Guaranty Agreement dated as of October    , 2002 from the Guarantors in favor of the
Secured Parties and, if the Wynn Resorts FF&E Guaranty has been executed and delivered pursuant to the Wynn Resorts FF&E Guaranty Agreement, the Wynn Resorts FF&E Guaranty. 

        "FF&E Intercreditor Agreement" shall mean that certain Intercreditor Agreement dated as of the Document Closing Date among the
Administrative Agent, the Mortgaged Notes Indenture Trustee and the Collateral Agent, in substantially the form of Exhibit     to the Loan
Agreement. 

        "Final Advance Date" shall mean the Advance Date specified by the Borrower in writing to be the final Advance Date under the Loan
Agreement. 

        "Final Completion Date" shall have the meaning set forth in the Disbursement Agreement. 

        "Financing Agreements" shall mean, collectively, the FF&E Financing Documents, the Mortgage Notes Indenture, Mortgage Note Guarantees, the
Other Security Documents, the Mortgage Notes, the Wynn Credit Agreement and any other loan, security, support or similar agreements entered into on, prior to or after the Document Closing Date to
finance the development, construction and/or operation of the Project, whether with respect to Other Indebtedness or otherwise and including, without limitation, any agreements with respect to
Permitted Refinancing Indebtedness. 

16

 

        "Fiscal Year" shall mean the fiscal year of the Borrower and the other Loan Parties ending on December 31 of each calendar year. 

        "Fund," "Funded" or "Funding" shall mean each funding by a Lender of a portion of the
principal under its Note constituting a portion of any Advance as described in Section 2 of the Loan Agreement. 

        "Funded Debt" shall mean, as to any Person, all Indebtedness of such Person of the types described in clauses
(a) through (e) of the definition of "Indebtedness" in this Appendix I. 

        "GAAP" shall mean generally accepted accounting principles in the United States of America as in effect from time to time, except that for
purposes of Sections 7.1. 7.5(k), 7.5(l), 7.5(m), 7.10 and 7.22 of the Loan Agreement, GAAP shall be
determined on the basis of such principles in effect on the date hereof and consistent with those used in the preparation of the most recent audited financial statements delivered pursuant to  Section 6.1 of the Loan Agreement. 

        "Gaming Board" or "Gaming Authority" shall mean, collectively, the Nevada Gaming
Commission, the Nevada State Gaming Control Board, and any other Governmental Agency that holds regulatory, licensing or permit authority over gambling, gaming or casino activities conducted by the
Borrower or any of its Affiliates. 

        "Gaming Commitment Percentage" shall mean, as to any Lender, the percentage set forth opposite such Lender's name under the heading
"Gaming Commitment Percentage" on Schedule IA1 to the Loan Agreement. 

        "Gaming Equipment" shall mean, individually, each slot machine and other device which constitutes a gaming device (as defined in the
Gaming Laws) along with any related equipment with respect thereto, together with any substitutions therefor, replacements thereof, improvements thereto and additions thereto pursuant to the terms of
the Loan Documents, and, collectively, each of the foregoing items of Gaming Equipment. 

        "Gaming Facility" shall mean any building or other structure used or expected to be used to enclose space in which a gaming operation is
conducted and (a) is wholly or partially owned, directly or indirectly, by the Borrower or an Affiliate of the Borrower or (b) any portion or aspect of which is managed or used, or
expected to be managed or used, by the Borrower or an Affiliate of the Borrower. 

        "Gaming Laws" shall mean the Nevada Gaming Control Act, as amended from time to time, and the regulations promulgated thereunder, together
with any other laws, rules, regulations or ordinances applicable to gambling, gaming or casino activities conducted by Guarantor or any of its Affiliates, including, all Requirements of Law pursuant
to which any Gaming Board possesses regulatory, licensing or permit authority over gambling, gaming or casino activities conducted by Guarantor and its Affiliates within their respective
jurisdictions. 

        "Golf Course" shall mean Le Reve's Tom Fazio/Stephen A. Wynn designed 18-hole golf course to be situated on the Golf Course
Land, as more particularly described in Exhibit T-4 to the Disbursement Agreement. 

        "Golf Course Land" shall mean the land owned by Wynn Resorts Holdings, Palo and Desert Inn Improvement on which the Golf Course is to be
located, as described in Exhibit T-4 to the Disbursement Agreement. The Golf Course Land shall include (a) the Wynn Home Site Land until such time (if ever) as the Wynn Home
Site Land has been Disposed of in accordance with Section 7.5(j), (b) the Home Site Land until such time (if ever) as the Home Site Land has been Disposed of in accordance with
Section 7.5(l), the Palo Home Site Land, (c) the Water Utility Land and (d) if at any time acquired by a Loan Party, the Additional Land (or any part thereof). 

        "Golf Course Land Owners" collectively, Wynn Resorts Holdings, Desert Inn Improvement, Palo and, to the extent the Additional Land (or any
part thereof) is acquired by one or more Loan Parties, such Loan Parties. 

17

 

        "Golf Course Lease" shall mean that certain Lease Agreement, dated as of October    , 2002, by and between Wynn Resorts
Holdings, as lessor, and the Borrower, as lessee, with respect to the lease of land on which the Golf Course is to be located. 

        "Governing Documents" shall mean, collectively, as to any Person, the articles or certificate of incorporation and bylaws, any
shareholders agreement, certificate of formation, limited liability company agreement, partnership agreement or other formation or constituent documents of such Person. 

        "Governmental Action" shall mean all applicable permits, authorizations, registrations, consents, approvals, waivers, exceptions,
variances, orders, judgments, decrees, licenses, exemptions, publications, filings, notices to and declarations of or with, or required by, any Governmental Agency, or required by any Requirement of
Law. 

        "Governmental Agency" or "Authority" shall mean 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 Nevada 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. 

        "Guarantee and Collateral Agreement" shall mean the Guarantee and Collateral Agreement to be executed and delivered by the Borrower and
each other Loan Party (other than Desert Inn Improvement), substantially in the form of Exhibit A to the Wynn Credit Agreement, as the same may be amended, supplemented, replaced or otherwise
modified from time to time in accordance with the Loan Agreement. 

        "Guarantee Obligation" shall mean, as to any Person (the "guaranteeing person"), any
obligation of (a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any letter of credit) to induce the creation of which the guaranteeing
person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the  "primary
obligations") of any other third Person (the "primary obligor") in any manner, whether directly
or indirectly, including, without limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any Property constituting
direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity
capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase Property, securities or services primarily for the purpose of
assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation, (iv) otherwise to assure or hold harmless the owner of any
such primary obligation against loss in respect thereof or (v) under Hedge Agreements; provided, however, that the term Guarantee Obligation
shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the
lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which
such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing
person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person's maximum reasonably anticipated liability in respect
thereof as determined by the Borrower in good faith. 

18

   
        "Guarantors" shall mean each of the Loan Parties (other than Desert Inn Improvement and the Borrower) and, if the Wynn Resorts FF&E
Guaranty has been executed and delivered pursuant to the Wynn Resorts FF&E Guaranty Agreement, Wynn Resorts. 

        "Hazardous Materials Activity" shall mean any past, current, proposed or threatened activity, event or occurrence involving any Hazardous
Substances, including the use, manufacture, possession, storage, holding, presence, existence, location, Release, threatened Release, discharge, placement, generation, transportation, processing,
construction, treatment, abatement, removal, remediation, disposal, disposition or handling of any Hazardous Substances and any corrective action or response action with respect to any of the
foregoing. 

        "Hazardous Substances" shall mean (statutory acronyms and abbreviations having the meaning given them in the definition of "Environmental
Laws") substances defined as "hazardous substances," "pollutants" or "contaminants" in Section 101 of the CERCLA; those substances defined as "hazardous waste," "hazardous materials" or
"regulated substances" by the RCRA; those substances designated as a "hazardous substance" pursuant to Section 311 of the CWA; those substances defined as "hazardous materials" in
Section 103 of the HMTA; those substances regulated as a hazardous chemical substance or mixture or as an imminently hazardous chemical substance or mixture pursuant to Section 6 or 7 of
the TSCA; those substances defined as "contaminants" by Section 1401 of the SDWA, if present in excess of permissible levels; those substances regulated by the Oil Pollution Act; those
substances defined as a pesticide pursuant to Section 2(u) of the FIFRA; those substances defined as a source, special nuclear or
by-product material by Section 11 of the AEA; those substances defined as "residual radioactive material" by Section 101 of the UMTRCA; those substances defined as "toxic
materials" or "harmful physical agents" pursuant to Section 6 of the OSHA); those substances defined as hazardous wastes in 40 C.F.R. Part 261.3; those substances defined as hazardous
waste constituents in 40 C.F.R. Part 260.10, specifically including Appendix VII and VIII of Subpart D of 40 C.F.R. Part 261; those substances designated as hazardous substances
in 40 C.F.R. Parts 116.4 and 302.4; those substances defined as hazardous substances or hazardous materials in 49 C.F.R. Part 171.8; those substances regulated as hazardous materials, hazardous
substances, or toxic substances in 40 C.F.R. Part 1910; in any other Environmental Laws; and in the regulations adopted and publications promulgated pursuant to said laws, whether or not such
regulations or publications are specifically referenced herein. 

        "Hedge Agreements" shall mean all interest rate swaps, caps or collar agreements or similar arrangements entered into by the Borrower
providing for protection against fluctuations in interest rates or currency exchange rates or the exchange of nominal interest obligations, either generally or under specific contingencies. 

        "Highest Lawful Rate" shall have the meaning assigned to such term in Section 3.6
of the Loan Agreement. 

        "Home Site Land" shall mean a tract of land not greater than 20 acres located on the Golf Course Land where residential and
non-gaming related developments may, after Disposition of the Home Site Land in accordance with Section 7.5(l), be built. 

        "Indebtedness" shall mean, as to any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed
money, (b) all obligations of such Person for the deferred purchase price of Property or services (other than trade payables incurred in the ordinary course of such Person's business),
(c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other title
retention agreement with respect to Property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to
repossession or sale of such Property), (e) all Capital Lease Obligations or Synthetic Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as
an account party under acceptance, letter of credit, completion guaranties, performance bonds or similar facilities, (g) all obligations of such Person, 

19

 

contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any Capital Stock of such Person, (h) all Guarantee Obligations of such Person in respect of obligations of
the kind referred to in clauses (a) through (g) above; (i) all obligations of the kind referred
to in clauses (a) through (h) above secured by (or for which the holder of such obligation has an
existing right, contingent or otherwise, to be secured by) any Lien on Property (including, without limitation, accounts and contract rights) owned by such Person, whether or not such Person has
assumed or become liable for the payment of such obligation, (j) for the purposes of Section     of the Loan Agreement only, all
obligations of such Person in respect of Hedge Agreements and (k) the liquidation value of any preferred Capital Stock of such Person or its Subsidiaries held by any Person other than such
Person and its Wholly Owned Subsidiaries. All obligations under the Financing Agreements shall constitute Indebtedness. 

        "Indemnitee" shall mean the Arranger, any Lender, the Collateral Agent, the Trust Company and their respective Affiliates, successors,
permitted assigns, permitted transferees, invitees, contractors, servants, employees, officers, directors, shareholders, partners, participants, representatives agents and their respective designees
or nominees. 

        "Indemnity Agreements" collectively, each of the Indemnity Agreements executed by a Loan Party with respect to its Mortgaged Properties in
favor of the Administrative Agent substantially in the form of Exhibit F to the Wynn Credit Agreement, as the same may be amended, supplemented, replaced or otherwise modified from time to time
in accordance with the Wynn Credit Agreement. 

        "Initial Advance Date" shall mean the first date on which an Advance occurs. 

        "Initial Amortization Date" shall mean [the earlier of (i) the Completion Date and (ii) the Outside
Date] December 31, 2005. 

        "Initial Arrangers" shall have the meaning assigned thereto in the Wynn Credit Agreement. 

        "Insolvency" shall mean, with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of
Section 4245 of ERISA. 

        "Insolvent" shall mean pertaining to a condition of Insolvency. 

        "Insurance Advisor" shall mean Marsh USA, Inc., or its successor, appointed by the Administrative Agent. 

        "Insurance Proceeds" shall mean all amounts and proceeds (including instruments) paid under any insurance policy maintained by a Loan
Party (including, without limitation, any insurance policy required to be maintained by a Loan Party under any Operative Document). 

        "Insurance Requirements" shall mean all terms and conditions of any insurance policy required by any Operative Document to be maintained
or caused to be maintained by the Borrower, and all requirements of the issuer of any such policy. 

        "Intellectual Property" shall mean the collective reference to all rights, priorities and privileges relating to intellectual property,
whether arising under United States, state, multinational or foreign laws or otherwise, including, without limitation, copyrights, patents, trademarks, service-marks, technology, know-how
and processes, recipes, formulas, trade secrets, or licenses (under which the applicable Person is licensor or licensee) relating to any of the foregoing 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. 

        "Intellectual Property Security Agreement" shall mean the Intellectual Property Security Agreement to be executed and delivered by each
Loan Party, substantially in the form of Exhibit C to the Guarantee and Collateral Agreement, as the same may be amended, supplemented, replaced or otherwise modified from time to time in
accordance with the Wynn Credit Agreement. 

20

 

        "Intercompany Note" shall mean, individually, that certain intercompany note from World Travel to the Borrower dated October
    , 2002 and secured by the Aircraft Security Agreement. 

        "Intercreditor Agreements" shall mean, collectively, the FF&E Intercreditor Agreement and the Project Lender Intercreditor Agreement. 

        "Interest" shall mean, with respect to each Interest Period, an amount equal to interest accrued on the Loan Balance outstanding during
such period at the Interest Rate. 

        "Interest Period" shall mean (i) as to any Loan to which the Base Rate applies, initially the period commencing on (and including)
the Advance Date for such Loan and ending on (but excluding) the next succeeding Payment Date thereafter, and thereafter, each period commencing on (and including) a Payment Date and ending on (but
excluding) the next succeeding Payment Date and (ii) as to any Loan to which the Adjusted Eurodollar Rate applies, initially, the period commencing on the borrowing or selection date, as the
case may be, with respect to such Loan and ending one, two, three or six months thereafter, as selected by the Borrower in its Advance Request or notice of interest rate selection, as the case may be,
given with respect thereto and thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Loan and ending one, two, three or six months thereafter, as
selected by the Borrower by irrevocable notice to the Collateral Agent not less than three Business Days prior to the last day of the then current Interest Period with respect thereto;  provided that,
all of the foregoing provisions relating to Interest Periods are subject to the following: 

          (i)  if
any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the
result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day; 

        (ii)  any
Interest Period that would otherwise extend beyond the Maturity Date, shall end on the Maturity Date, as applicable; 

        (iii)  any
Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at
the end of such Interest Period) shall end on the last Business Day of a calendar month; and 

        (iv)  the
Borrower shall select Interest Periods so as not to require a payment or prepayment of any Loan during an Interest Period for such Loan. 

        "Interest Rate" shall mean, for each day during each Interest Period with respect thereto, (a) if no Default or Event of Default
shall then exist, (i) if the Base Rate is in effect pursuant to Section 3.5 or  Section 12.6 of the Loan Agreement, a rate per annum equal to
the Base Rate, or (ii) if the Adjusted Eurodollar Rate is in effect pursuant
to Section 3.5 of the Loan Agreement, a rate per annum equal to the Adjusted Eurodollar Rate or (b) if at any time a Default or Event of
Default shall occur during such Interest Period then for so as long as such Default or Event of Default shall exist or until a new Interest Rate is selected, or deemed to have been selected, pursuant
to Section 3.5 of the Loan Agreement, a rate per annum equal to the Overdue Rate. 

        "Investments" shall have the meaning assigned to such term in Section             of
the Loan Agreement. 

        "IRS" shall mean the Internal Revenue Service, and any Governmental Authority succeeding to any of its principal functions under the Code. 

        "Item" or "Item of Equipment" shall mean a particular item of Equipment, as the context
may require, and "Items of Equipment" shall mean collectively each item of Equipment. 

        "Item Value Fraction" shall mean, with respect to any Item of Equipment, Airframe or Engine a fraction, the numerator of which is the
Purchase Price for such Item of Equipment or Allocated 

21

 

Aircraft Value, as the case may be, and the denominator of which is the aggregate Purchase Price of all Items of Equipment and the Allocated Aircraft Value, including such Item of Equipment, Airframe
or Engine. 

        "Las Vegas Jet" shall mean Las Vegas Jet, LLC, a Nevada limited liability company. 

        "Las Vegas Jet Lease" shall mean that certain Aircraft Lease dated as of January 29, 2002 by and between World Travel and Las Vegas
Jet. 

        "Lease" shall have the meaning assigned to such term in Section 4.2 of the Borrower Security Agreement. 

        "Lender Addendum" shall have the meaning set forth in the Wynn Credit Agreement. 

        "Lender Default" shall mean the failure or refusal (which has not been retracted in writing) of a Lender to make available its portion of
any Loan required to be made by such Lender under Section 2.3 of the Loan Agreement at or prior to such time that the same is required to be so
made by such Lender. 

        "Lender Liens" shall mean Liens on or against the Collateral (a) which result from any act of, or any Claim against, any Lender or
any agent unrelated to the transactions contemplated by the Operative Documents or (b) which result from any Tax owed by any such Person, except any Tax for which the Borrower is obligated to
indemnify. 

        "Lenders" shall mean the Persons set forth on Schedule IA1, as amended, to the Loan
Agreement, together with any permitted successors and assigns. 

        "Letters of Credit" shall have the meaning set forth in the Wynn Credit Agreement. 

        "Liabilities" shall have the meaning assigned to such term in Section 2.1 of the Borrower Security Agreement. 

        "License Revocation" the revocation, failure to renew or suspension of, or the appointment of a receiver or similar official with respect
to, any casino, gambling or gaming license, including, without limitation, any Nevada Gaming Approvals, covering any portion of the Project. 

        "Lien" shall mean with respect to any Property, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
respect of such Property, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature
thereof, any option or other agreement to sell or give a security interest in such Property and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or
equivalent statues) of any jurisdiction). 

        "Liquidated Damages" shall mean any proceeds or liquidated damages paid pursuant to any obligation, default or breach under the Project
Documents (net of arm's length costs incurred by a Loan Party pursuant to arm's length transactions in connection with adjustment or settlement thereof and taxes paid with respect thereto). For
purposes of this definition, so-called "liquidated damages" insurance policies shall be deemed to be Project Documents. 

        "Loan" shall mean any loan made by the Lenders to the Borrower pursuant to the terms of the Loan Agreement. 

        "Loan Agreement" shall mean that certain Loan Agreement dated as of October            , 2002 among the Borrower, the Collateral Agent
and the Lenders, as the same may be amended from time to time. 

        "Loan Balance" shall mean, as of any time, the aggregate principal amount outstanding on the Notes at such time. 

22

 

        "Loan Conversion Date" shall have the meaning set forth in the Wynn Credit Agreement. 

        "Loan Documents" shall mean the Loan Agreement, the Security Documents, the Disbursement Agreement, the FF&E Intercreditor Agreement, the
Management Fee Subordination Agreement, the FF&E Guaranty, the Wynn Resorts FF&E Agreement (and the Wynn Resorts FF&E Guaranty if executed and delivered pursuant thereto), the Indemnity Agreements,
the Notes, the Intercompany Note, the Las Vegas Jet Lease and the Aircraft Operating Agreement. 

        "Loan Parties" shall mean the Borrower, Valvino, Capital Corp., Palo, Wynn Resorts Holding, Desert Inn Water, Desert Inn Improvement, Wynn
Design, World Travel, Las Vegas Jet and each other Subsidiary of Valvino other than the Completion Guarantor (including any such Subsidiaries that become party to a Loan Document pursuant to  Section 6.10). 

        "Loan Term" shall mean the period from the Document Closing Date to, and including, the Maturity Date. 

        "Loss Proceeds" shall have the meaning set forth in the Disbursement Agreement. 

        "Management Agreement" shall mean the Management Agreement, dated as of October    , 2002 between the Loan Parties, on the one
hand and Wynn Resorts, on the other hand. 

        "Management Fee Subordination Agreement" shall mean the Management Fee Subordination Agreement, dated as of the date hereof, among the
Loan Parties, Wynn Resorts, the Mortgage Notes Indenture Trustee and the Administrative Agent. 

        "Management Fees" shall have the meaning as defined in the Management Agreement. 

        "Manufacturer" shall mean, individually, the Aircraft Manufacturer or the Equipment Manufacturer, as the case may be, and  "Manufacturers" shall mean collectively each
Manufacturer. 

        "Material Adverse Effect" shall mean (i) 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 Borrower and the other Loan Parties taken as a whole,
(b) the Project, (c) the validity or enforceability of the Loan Agreement or any of the other Loan Documents, (d) the validity, enforceability or priority of the Liens purported
to be created by the Security Documents or (e) the rights or remedies of any Secured Party hereunder or under any of the other Loan Documents or (ii) any event or circumstance that calls
into question in any material respect the Projections or any of the material assumptions on which the Projections were prepared. 

        "Material Affiliated Contracts" shall mean any Material Contract to which a Loan Party, on the one hand, and an Affiliate of such Loan
Party (including any other Loan Party), on the other hand, are parties. 

        "Material Contract" shall mean (i) the Golf Course Lease, the Driving Range Lease, the Employee Parking Lot Lease, the Management
Agreement, the Tax Indemnification Agreement, the WDD Agreement, the Building Lease, the Water Supply Agreements and the Water Show Entertainment and Production Agreement and (ii) any other
contract or arrangement to which (a) a Loan Party, on the one hand, and an Affiliate of such Loan Party (including any other Loan Party), on the other hand, are parties, pursuant to which the
Loan Parties are, or any one of them is reasonably expected to incur obligations or liabilities with a Dollar value in excess of $1,000,000 during the term of such contract or arrangement or
(b) any Loan Party is a party (other than the Financing Documents) 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). 

        "Maturity Date" shall mean [October    ,] 2009, or such earlier date on which: (i) the Borrower
is required to pay the Casualty Amount pursuant to Section 8.1 of the Loan Agreement or the Payoff 

23

 

Amount pursuant to Section 3.1 of the Loan Agreement or (ii) the principal and interest on the Notes have become due and payable pursuant
to Section 9.1 of the Loan Agreement. 

        "Maximum Consolidated Capital Expenditures Amount" shall have the meaning set forth in  Section 7.7 of the Loan Agreement. 

        "Minimum Lease Amount" shall mean $5,000,000. 

        "Minimum Prepayment Amount" shall mean $10,000,000 of the aggregate principal amount of the Loans then outstanding. 

        "Moody's" shall mean Moody's Investors Service, Inc., a Delaware corporation, or any successor thereto. 

        "Mortgage Note Guarantee" shall mean Guarantee and Collateral Agreement dated as of October    , 2002 among each Loan Party
(other than Desert Inn Improvement) and the Mortgage Notes Indenture Trustee..

        "Mortgage Notes" shall mean the            % Mortgage Notes due 2010 issued by the Borrower and Capital Corp. pursuant to the Mortgage
Notes Indenture. 

        "Mortgage Notes Indenture" shall mean that certain Indenture, dated as of October    , 2002, among the Borrower, Capital Corp.,
certain guarantors named therein and the Mortgage Notes Indenture Trustee. 

        "Mortgage Notes Indenture Trustee" shall mean Wells Fargo Bank, National Association in its capacity as the trustee under the Mortgage
Notes Indenture and its successors in such capacity. 

        "Mortgaged Properties" shall mean the real properties and leasehold estates listed on Schedule 1.1 to the Wynn Credit Agreement or
otherwise as to which the Administrative Agent for the benefit of the Wynn Credit Parties shall be granted a Lien pursuant to the Mortgages (including at such time, if any, as Desert Inn Improvement
executes the Water Property Mortgage, the Water Utility Land). 

        "Mortgages" shall mean each of the mortgages, deeds of trust and deeds to secure obligations made by any Loan Party in favor of, or for
the benefit of, the Administrative Agent for the benefit of the Wynn Credit Parties under the Wynn Credit Documents (including at such time, if any, as Desert Inn Improvement executes the Water
Property Mortgage, the Water Property Mortgage), substantially in the form of Exhibit D to the Wynn Credit Agreement (with such changes thereto as shall be advisable under the law of the
jurisdiction in which such mortgage or deed of trust is to be recorded), as the same may be amended, supplemented, replaced or otherwise modified from time to time in accordance with the Wynn Credit
Agreement. 

        "Mr. Wynn" shall mean Stephen A. Wynn, an individual. 

        "Multiemployer Plan" shall mean a Plan that is a multiemployer plan as defined in Section 3(37) or 4001(a)(3) of ERISA. 

24

   
        "Net Cash Proceeds" shall mean (a) in connection with any Asset Sale, the proceeds thereof in the form of cash and Cash Equivalents
(including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but only as and when
received) of such Asset Sale, net of arm's length attorneys' fees, accountants' fees, investment banking fees, amounts required to be applied to the repayment of Indebtedness secured by a Lien
expressly permitted hereunder on any asset which is the subject of such Asset Sale (other than any Lien pursuant to a Security Document or an Other Security Document (other than a Lien securing
obligations under the Wynn Credit Documents to the extent that (i) such payment is not prohibited under the Intercreditor Agreements or this Agreement and (ii) such Lien on the
Collateral subject to such Asset Sale is a Senior Permitted Lien with respect to such Collateral)) and other arm's length fees and expenses, in each case, to the extent actually incurred in connection
therewith and net of taxes paid or reasonably estimated to be payable as a result thereof (after taking into account any tax credits or deductions and any tax sharing arrangements, in each case
reducing the amount of taxes so paid or estimated to be payable) and (b) in connection with any issuance or sale of debt securities or instruments or the incurrence of loans, the cash proceeds
received from such issuance or incurrence, net of arm's length attorneys' fees, investment banking fees, accountants' fees, underwriting discounts and commissions and other arm's length fees and
expenses, in each case, to the extent actually incurred by the Borrower or another Loan Party in connection therewith. 

        "Net Revenues" shall mean for any period, the net revenues of the Borrower and its consolidated Subsidiaries, as set forth on the
Borrower's income statement for the relevant period under the line item "net revenues," calculated in accordance with GAAP and with Regulation S-X under the Securities Act and in a
manner consistent with that customarily utilized in the gaming industry. 

        "Nevada Gaming Laws" shall mean the Nevada Gaming Control Act, as codified in Chapter 463 of the NRS as amended from time to time, and the
regulations of the Nevada Gaming Commission promulgated thereunder, as amended from time to time, and other laws promulgated by the Nevada Gaming Authorities and applying to gaming operations in the
State of Nevada.

        "Non-Defaulting Lender" shall mean any Lender other than a Defaulting Lender. 

        "Non-Gaming Commitment Percentage" shall mean as to any Lender, the percentage set forth opposite such Lender's name under the
heading "Non-Gaming Equipment Commitment Percentage" on Schedule IA1 to the Loan Agreement. 

        "Non-Gaming Equipment" shall mean all Items of Equipment other than Gaming Equipment. 

        "Note" shall have the meaning assigned to such term in Section 2.3(b) of the Loan
Agreement. 

        "Notice of Funding Requests" shall have the meaning set forth in the Disbursement Agreement. 

        "NRS" shall mean the Nevada Revised Statutes, as amended from time to time. 

        "Obligations" shall mean the unpaid principal of and interest on (including, without limitation, interest accruing after the maturity of
the Loans and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to any Loan Party, whether or not a
claim for post-filing or post-petition interest is allowed in such proceeding) the Loans and all other obligations and liabilities of the Loan Parties, Valvino or Wynn Resorts
to any Arranger, to any Agent or to any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in
connection with, this Agreement, any other Loan Document or any other document made, delivered or given in connection herewith or therewith, whether on account of principal, interest, fees,
indemnities, costs, expenses (including, without limitation, all fees, charges and disbursements of counsel to any Arranger, to any Agent or to any Lender that are required to be paid by any Loan
Party or Valvino pursuant hereto or to any other Loan Document) or otherwise. 

25

 

        "Office Building Lease" shall mean that certain Lease Agreement, dated as of            , by and between Valvino, as lessor, and the
Borrower, as lessee, with respect to the lease of space in the Phase II Land Building. 

        "Officer's Certificate" shall mean as to any Person; a certificate signed by a Responsible Officer of such Person. 

        "On-Site Cash" shall mean amounts held in cash at the Site in connection with and necessary for the ordinary course operations
of the Project. 

        "Opening Date" shall have the meaning set forth in the Disbursement Agreement. 

        "Operating Lease" shall mean an operating lease determined in accordance with GAAP. 

        "Operative Documents" shall mean the Financing Agreements and the Project Documents. 

        "Original Aircraft Financing Documents" shall mean that certain Amended and Restated Business Loan Agreement dated as of May 30,
2002 between Bank of America, N.A. and World Travel, that certain Mortgage, Security Agreement and Assignment dated as of February 28, 2002 between World Travel and Bank of America, N.A., and
the other documents, certificates and agreements delivered in connection therewith. 

        "Original Aircraft Part" shall have the meaning assigned to such term in Section 4.4 of the Aircraft Security Agreement. 

        "Original Part" shall have the meaning assigned to such term in Section 4.4 of the Borrower Security Agreement. 

        "Other Indebtedness" shall mean (i) the Indebtedness of Valvino or any Loan Party evidenced by the Mortgage Notes or the Mortgage
Note Guarantees and (ii) the Indebtedness of Valvino or any Loan Party evidenced by the Wynn Credit Documents. 

        "Other Security Documents" shall mean any agreement, document, instrument or deed granting, creating or evidencing any security or lien
for any Other Indebtedness, including, without limitation, the "Security Documents" as defined in the Disbursement Agreement, other than the Security
Documents. 

        "Outside Date" shall mean September 30, 2005, as extended pursuant to Section 6.4 of the Disbursement Agreement. 

        "Overall Transaction" shall mean all the transactions and activities referred to in or contemplated by the Operative Documents. 

        "Overdue Rate" shall have the meaning assigned to such term in Section 3.3(b) of
the Loan Agreement. 

        "Palo" shall mean Palo, LLC, a Delaware limited liability company. 

        "Part" shall have the meaning assigned to such term in Section 4.4 of the Borrower Security Agreement. 

        "Participation Fee" shall have the meaning assigned to such term in Section 2.7 of
the Loan Agreement. 

        "Participation Fee Letter" shall mean each letter between the Borrower and the respective Lender relating to fees payable to such Lender
in respect of its Commitment. 

        "Pass Through Entity" shall mean any of (1) a grantor trust for federal or state income tax purposes or (2) an entity
treated as a partnership or a disregarded entity for federal or state income tax purposes. 

26

 

        "Payment Date" shall mean (i) as to any Loan to which the Base Rate applies the last day of each March, June, September and
December to occur while such Loan is outstanding, (ii) as to any Loan to which the Adjusted Eurodollar Rate applies and which has an Interest Period of three months or less, the last day of
such Interest Period, (iii) as to any Loan to which the Adjusted Eurodollar Rate applies and which has an Interest Period longer than three months, each day which is three months, or a whole
multiple thereof, after the first day of such Interest Period and (iv) in any case, the Maturity Date. 

        "Payoff Amount" shall mean, as of any date of determination, the sum of (a) the Loan Balance as of the date of payment,  plus (b) all accrued but unpaid
Interest, plus (c) the Applicable Administrative Charge,
if any, plus (d) all other sums then due and payable under the Loan Documents by the Borrower, a Guarantor or any of their Affiliates. 

        "PBGC" shall mean the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA and any successor
thereto. 

        "Pension Plan" shall mean any "employee pension benefit
plan" (as defined in Section 3(2) of ERISA) subject to Title IV of ERISA, other than a Multiemployer Plan, which Valvino or any of its
Subsidiaries or any of their respective ERISA Affiliates sponsors, maintains, or to which it makes, is making, or is obligated to make contributions, or in the case of a multiple employer plan (as
described in Section 4064(a) of ERISA) has made contributions at any time during the immediately preceding five (5) plan years. 

        "Permits" shall mean the collective reference to (i) Environmental Permits, and (ii) any and all other franchises, licenses,
leases, permits, approvals, notifications, certifications, registrations, authorizations, exemptions, variances, qualifications, easements, rights of way, Liens and other rights, privileges and
approvals required under any Requirement of Law (including Nevada Gaming Laws). 

        "Permitted Aircraft Modification" shall have the meaning assigned to such term in Section 4.4 of the Aircraft Security Agreement. 

        "Permitted Businesses" shall mean (i) the gaming business, (ii) the development, construction, ownership and operation of a
Gaming Facility, (iii) all businesses, whether or not licensed by the Nevada Gaming Authorities, which are necessary for, incident to, useful to, arising out of, supportive of or connected to
the development, construction, ownership or operation of a Gaming Facility, (iv) any development, construction or operation of lodging, retail, restaurant or convention facilities, sports or
entertainment facilities, food and beverage distribution operations, transportation services (including operation of the Aircraft and chartering thereof), parking services, sales and marketing
services or other activities related to the foregoing, (v) any business (including any related internet business) that is a reasonable extension, development or expansion of any of the
foregoing or incidental thereto and/or (vi) the ownership by a Person of Capital Stock in its directly Wholly Owned Subsidiaries other than, with respect to the ownership and operation of the
Aircraft only, World Travel and Las Vegas Jet; provided, however, that with respect to the Borrower and its Subsidiaries, the foregoing shall only be
Permitted Businesses to the extent related to the Project or furtherance of the Project's development, construction, ownership or operation; provided,
further, that, notwithstanding the foregoing, the Borrower shall be permitted to sublease space within the Phase II Building to Persons not related to the development,
construction, ownership or operation of the Project. 

        "Permitted Encumbrances" shall have the meaning assigned to such term in the Disbursement Agreement. 

        "Permitted Liens" shall mean the collective reference to in the case of Collateral, Liens permitted by Section 7.3 of the Loan
Agreement (but only of the priority and to the extent of coverage expressly set forth in Section 7.3 of the Loan Agreement and subject to the provisions of the FF&E Intercreditor Agreement);  provided, that for purposes of Section 8 "Permitted Liens" shall not
include Liens permitted by Section 7.3(c), (e),  (i), (o),
 (r),  (t), and (v). 

27

 

        "Permitted Modification" shall have the meaning assigned to such term in Section 4.4 of the Borrower Security Agreement. 

        "Permitted Mortgage Note Refinancing Debt" shall mean
[                                ] 

        "Permitted Refinancing Indebtedness" shall mean any Indebtedness of the Borrower and, with respect to the Mortgage Notes, Capital Corp.
(and, with respect to Guaranty Obligations in support thereof, the other Loan Parties) issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or
refund the Mortgage Notes or Indebtedness under the Wynn Credit Agreement; provided that (i) the principal amount (or accreted value, if
applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness being extended, refinanced, renewed, replaced,
defeased or refunded (plus all accrued interest on such Indebtedness and the amount of all expenses and premiums incurred in connection therewith), (ii) such Permitted Refinancing Indebtedness
has a final maturity date later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being
extended, refinanced, renewed, replaced, defeased or refunded, (iii) the restrictions on the Loan Parties contained in the agreements governing such Permitted Refinancing Indebtedness are no
more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded, (iv) if such
Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment to the Loan Documents, such Permitted Refinancing Indebtedness is subordinated in
right of payment to the Loan Documents on terms at least as favorable to the Lenders as those contained in the applicable documents reflecting such subordination (whether the Intercreditor Agreements
or otherwise), (v) the relevant holders of such Permitted Refinancing Indebtedness become party to the Intercreditor Agreements, as applicable, and (vi) all agreements, instruments,
documentation and other arrangements associated with such Permitted Refinancing Indebtedness is in form and substance satisfactory to the Required Lenders. In the event Permitted Refinancing
Indebtedness is used to extend, refinance, renew, replace, amend and restate, restate, defease or refund the Mortgage Notes or the Indebtedness under the Wynn Credit Agreement, all relevant
definitions and provisions of the Loan Documents related to the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded shall be amended, as necessary, to reflect such
Permitted Refinancing Indebtedness and related documentation and/or arrangements. 

        "Permitted Securities" shall mean (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States
government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within 18 months from the date of acquisition; or
(b) shares of money market, mutual or similar funds which invest exclusively in assets satisfying the requirements of clause (a) of this
definition. 

        "Permitted Taking" shall mean a Taking that is permitted by Section 7.5 of the Wynn Credit Agreement. 

        "Person" shall mean an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust,
unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 

        "Phase II Land" shall mean the approximately 20-acre tract of land adjacent to the Le Rêve hotel and casino
resort owned by Valvino, as more particularly described in Exhibit T-4 to the Disbursement Agreement. 

        "Phase II Land Building" shall mean the building existing on the Phase II Land as of the Closing Date that is subject to the Building
Lease. 

        "Plan" shall mean, at a particular time, any employee benefit plan that is subject to the requirements of Section 412 of the Code
or that is a Single Employer Plan and which Valvino, the 

28

 

Borrower or any other Loan Party or any Commonly Controlled Entity maintains, administers, contributes to or is required to contribute to or under which the Borrower or any Commonly Controlled Entity
could incur any liability. 

        "Pledged Stock" shall have the meaning set forth in the Guarantee and Collateral Agreement or the Valvino Guarantee and Collateral
Agreement, as applicable. 

        "Prepayment Option" shall have the meaning assigned to such term in Section 3.1 of
the Loan Agreement. 

        "Presumed Tax Liability" shall mean, for any Person that is not a Pass Through Entity for any period, an amount equal to the product of
(a) the Taxable Income allocated or attributable to such Person (directly or through one or more tiers of Pass Through Entities) (net of taxable losses allocated to such Person with respect to
any Loan Party that (i) are, or were previously, deductible by such Person and (ii) have not previously reduced Taxable Income), and (b) the Presumed Tax Rate. 

        "Presumed Tax Rate" shall mean, with respect to any Person for any period, the highest effective combined Federal, state and local income
tax rate applicable during such period to a corporation organized under the laws of the State of Nevada, taxable at the highest marginal Federal income tax rate and the highest marginal Nevada and Las
Vegas income tax rates (after giving effect to the Federal income tax deduction for sucsh state and local income taxes, taking into account the effects of the alternative minimum tax, such effects
being calculated on the assumption that such Person's only taxable income is the income allocated or attributable to such Person for such period (directly or through one or more tiers of Pass Through
Entities) with respect to its equity interest in any of the Loan Parties that is a Pass Through Entity.) In determining the Presumed Tax Rate, the character of the items of income and gain comprising
Taxable Income (e.g. ordinary income or long term capital gain) shall be taken into account. 

        "Pricing Grid" shall have the meaning set forth in the Wynn Credit Agreement. 

        "Prime Rate" shall mean the per annum rate of interest established from time to time by Deutsche Bank Trust Company Americas as its prime
rate, which rate may not be the lowest rate of interest charged by Deutsche Bank Trust Company Americas to its customers. 

        "Proceedings" shall have the meaning assigned thereto in Section 6.7(c) of the Loan
Agreement. 

        "Prohibited Transaction" shall mean a transaction that is prohibited under Code Section 4975 or ERISA Section 406 and not
exempt under Code Section 4975 or ERISA Section 408. 

        "Project" shall mean 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 Exhibit T-1 to the Disbursement Agreement. 

        "Project Costs" shall have the meaning set forth in the Disbursement Agreement. 

        "Project Document Consents" shall mean, collectively, the Consents to the collateral assignment by the Loan Parties of Project Documents
as required pursuant to Section            of the Disbursement Agreement and Section 7.25 of the Wynn Credit Agreement. 

        "Project Documents" shall mean any and all "Project Documents" as defined in the Disbursement Agreement (including, without limitation,
the Project Documents set forth in clause (i) of the definition of "Material Contracts") and any other document or agreement entered into on, prior to or after the Closing Date (including
Material Contracts and Additional Material Contracts) relating to the design, engineering, development, construction, installation, maintenance or operation of the Project (including any Guarantee
Obligations in furtherance thereof). 

29

 

        "Project Lender Intercreditor Agreement" shall mean that certain Intercreditor Agreement dated as of the Document Closing Date among the
Administrative Agent and the Mortgage Notes Indenture Trustee. 

        "Project Liquidity Reserve Account" shall have the meaning as set forth in the Disbursement Agreement. 

        "Project Revenues" shall mean all income and receipts of the Loan Parties, including, without limitation, those derived from the ownership
or operation of the Project or the Permitted Businesses, including payments received by the Loan Parties under any Project Document or Additional Material Contract, net payments, if any, received
under Hedge Agreements, Liquidated Damages, Insurance Proceeds, Eminent Domain Proceeds, together with any receipts derived from the sale of any property pertaining to the Project or the Permitted
Businesses or incidental to the operation of the Project or the Permitted Businesses, all as determined in conformity with cash accounting principles, the proceeds of any condemnation awards relating
to the Project or the Permitted Businesses. 

        "Projections" shall have the meaning set forth in Section 6.2(c) of the Loan
Agreement. 

        "Property" shall mean any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible
or intangible, including, without limitation, Capital Stock. 

        "Purchase Price" shall mean, for an Item of Equipment, the invoiced price or required contract payment for such Item plus the allocated
pro rata share of any Fees and Transaction Costs, delivery costs or installation costs financed by the Lenders through Advances, but not to exceed 75% of the invoiced price or required gross contract
payment for such Item of Equipment, and the aggregate Purchase Price of all Items of Equipment shall be the aggregate invoice price or required contract payments plus any Fees and Transaction Costs,
delivery costs or installation costs financed by the Lenders through Advances but not to exceed 75% of the aggregate of the invoiced price or required gross contract payment for all of the Items of
Equipment; provided that the aggregate Purchase Price for all of the Items of Equipment shall in no event exceed the Aggregate Commitment Amount. 

        "Qualified Affiliate Transaction" shall mean any transaction by or among one or more of the Loan Parties, on the one hand, and one or more
of Wynn Resorts or any of its Subsidiaries, on the other hand, for the provision of goods, rights and/or services to be used in Permitted Businesses related to or in connection with and, in any event
for the benefit of, the Project. 

        "Quarterly Date" shall mean (i) with respect to the first Quarterly Date, the first full fiscal quarter of the Borrower after the
Opening Date and (ii) with respect to each subsequent Quarterly Date, the last day of the next succeeding fiscal quarter of the Borrower 

        "Real Estate" shall mean all real property held or used by Valvino and the Loan Parties, which Valvino or the relevant Loan Party owns in
fee or in which it holds a leasehold interest as a tenant or in which it holds an easement right as an easement holder or otherwise occupies, including, without limitation, the real property more
particularly identified in Schedule 4.25(a) and includes, without limitation, the Site and the Site Easements. 

        "Reimbursement Obligation" shall mean the obligation of the Borrower to reimburse the Issuing Lender pursuant to Section 3.5 of the
Wynn Credit Agreement for amounts drawn under Letters of Credit. 

        "Related Party" shall mean either (i) any 80% (or more) owned Subsidiary, heir, estate, lineal descendent or immediate family
member of Mr. Wynn; or (ii) any trust, corporation, partnership or other entity, the beneficiaries, equity holders, partners, owners or Persons beneficially holding an 80% or more
controlling interest of which consist of Mr. Wynn and/or such other Persons referred to in the immediately preceding clause (i). 

30

 

        "Release" shall mean any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge,
dispersal, dumping, leaching or migration of Hazardous Substances into the indoor or outdoor environment (including the abandonment or disposal of any barrels, containers or other closed receptacles
containing any Hazardous Substances), including the movement of any Hazardous Substances through the air, soil, surface water or groundwater. 

        "Removable Aircraft Part" shall have the meaning assigned to such term in Section 4.4 of the Aircraft Security Agreement. 

        "Removable Part" shall have the meaning assigned to such term in Section 4.4 of the Borrower Security Agreement. 

        "Reorganization" shall mean, with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the meaning
of Section 4241 of ERISA. 

        "Repair Plan"    shall have the meaning set forth in the Wynn Credit Agreement. 

        "Replaced Aircraft Part" or "Replaced Aircraft Parts" shall have the meaning assigned to
such term in Section 4.7 of the Aircraft Security Agreement. 

        "Replaced Item" or "Replaced Items" shall have the meaning assigned to such term in
Section 4.7 of the Borrower Security Agreement. 

        "Replacement Aircraft" shall mean that certain aircraft to be acquired with the proceeds of the Replacement Aircraft Indebtedness. 

        "Replacement Aircraft Indebtedness" shall mean Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase
money obligations incurred by Wynn Resorts or a direct Wholly Owned Subsidiary (which may be a trust) of Wynn Resorts (other than any Loan Party) for the purpose of financing all or part of the
purchase price of a Replacement Aircraft, so long as: (a) the principal amount of such Indebtedness does not exceed the cost (including sales and excise taxes, installation and delivery charges
and other direct costs of, and other direct expenses paid or charged in connection with, such purchase) of the Replacement Aircraft purchased with the proceeds thereof, (b) the aggregate
principal amount of such Indebtedness does not exceed $55.0 million at any time outstanding, and (c) no Loan Party (i) provides credit support of any kind (including any
undertaking, agreement or instrument that would constitute Indebtedness) as to such Indebtedness, (ii) is directly or indirectly liable as a guarantor or otherwise as to such Indebtedness, or
(iii) constitutes the lender of such Indebtedness. 

31

   
        "Replacement Aircraft Part" or "Replacement Aircraft Parts" shall have the meaning
assigned to such term in Section 4.4 of the Aircraft Security Agreement. 

        "Replacement Airframe" shall have the meaning assigned to such term in Section 8.1
of the Loan Agreement. 

        "Replacement Engine" shall have the meaning assigned to such term in Section 8.1 of
the Loan Agreement. 

        "Replacement Item" or "Replacement Items" shall have the meaning provided in  Section 8.1 of the Loan Agreement.

        "Replacement Parts" shall have the meaning assigned to such term in Section 4.4 of the Borrower Security Agreement. 

        "Reportable Event" shall mean any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the
30-day notice period is waived under subsection .27, .28, .29, .30, .31, .32, .34 or .35 of PBGC Reg. Section 4043. 

        "Required Aircraft Alteration" shall have the meaning assigned to such term in Section 4.4 of the Aircraft Security Agreement. 

        "Required Alteration" shall have the meaning assigned to such term in Section 4.4 of the Borrower Security Agreement. 

        "Required Lenders" shall mean at any time, Lenders holding more than 50% of the aggregate amount of Credit Exposure of all Lenders
outstanding at such time; provided, however, that prior to the Final Completion Date any determination of "Required
Lenders" at a time at which no Default or Event of
Default exists, shall mean Non-Defaulting Lenders holding more than 50% of the Commitments (less the aggregate Commitments of Defaulting Lenders) of all Lenders at such time;  provided, further, that for
purposes of Sections 2.4, 6.17 and
8.1 of the Loan Agreement any determination of "Required Lenders" shall only include that portion of the
Lenders' Commitment or Credit Exposure, as the case may be, which relates to the relevant Type of Equipment or Aircraft; provided, further, that for
purposes of Sections 4.8, 5 and 9.2 of the Aircraft Security Agreement and for the Aircraft Operating agreement any determination of "Required Lenders"
shall only include that portion of the Lenders' Commitment or Credit Exposure, as the case may be, which relates to the Aircraft. 

        "Required Prepayment" shall mean, for any Interest Period, a portion of the Loan Balance in the amount set forth on  Schedule II to the Loan Agreement for such
Interest Period. 

        "Requirement of Law" shall mean, as to any Person, the Governing 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. 

        "Responsible Officer" shall mean, as to any Person, the chief executive officer, president or chief financial officer of such Person, but
in any event, with respect to financial matters, the chief financial officer of such Person. Unless otherwise qualified, all references to a "Responsible Officer" shall refer to a Responsible Officer
of the Borrower or Wynn Resorts. 

        "Responsible Officer's Certificate" shall mean a certificate signed by an applicable Responsible Officer, which certificate shall certify
as true and correct the subject matter being certified to in such certificate. 

        "Revolving Credit Commitment" shall have the meaning set forth in the Wynn Credit Agreement. 

        "Revolving Credit Lender" shall have the meaning set forth in the Wynn Credit Agreement. 

32

 

        "Revolving Credit Loans" shall have the meaning set forth in the Wynn Credit Agreement. 

        "Revolving Credit Percentage" shall have the meaning set forth in the Wynn Credit Agreement. 

        "Revolving Extensions of Credit" shall have the meaning set forth in the Wynn Credit Agreement. 

        "S&P" shall mean Standard & Poor's Ratings Group, a New York corporation or any successor thereof. 

        "Scheduled Completion Date" shall mean as defined in the Disbursement Agreement. As of the Closing Date, the Scheduled Completion Date is
April 30, 2005. 

        "SEC" shall mean the Securities and Exchange Commission (or successors thereto or an analogous Governmental Authority). 

        "Secured Parties" shall mean, collectively, the Collateral Agent and the Lenders. 

        "Securities Act" shall mean the Securities Act of 1933, as amended. 

        "Security Agreement Event of Default" shall mean any of the events specified in Section 8.1 of the Borrower Security Agreement. 

        "Security Documents" shall mean, as the context requires, the collective reference to (i) the Borrower Security Agreement and all
other pledge and security documents hereafter delivered to the Collateral Agent for the benefit of the Lenders granting a Lien on the Collateral (or associated with such a grant) to secure the
obligations and liabilities of the Borrower to the Lenders under any Loan Document, (ii) the Aircraft Security Agreement and all other pledge and security documents hereafter delivered to the
Borrower granting a Lien on the Aircraft Collateral to secure the obligations and liabilities of World Travel under any Loan Document, (iii) the Borrower Aircraft Assignment and (iv) the
FF&E Collateral Account Agreement. 

        "Seller" or "Sellers" shall mean, with respect to one or more Items of Equipment, Airframe
or Engine; any of the Manufacturers, any vendors or the Borrower. 

        "Single Employer Plan" shall mean any Plan that is covered by Title IV of ERISA, but which is not a Multiemployer Plan. 

        "Site" shall mean all or any portion of the Real Estate, as described in Exhibit T-4 to the Disbursement Agreement. The
Site includes, without limitation, the Wynn Home Site Land (until such time (if ever) as such Property has been Disposed of in accordance with Section 7.5(j) of the Loan Agreement), the Golf
Course Land (until such time (if ever) as such Property has been Disposed of in accordance with Section 7.5(k) of the Loan Agreement), the Home Site Land (until such time (if ever) as such
Property has been Disposed of in accordance with Section 7.5(l) of the Loan Agreement), the Phase II Land (until such time (if ever) as such Property has been Disposed of in accordance with
Section 7.5(m) of the Loan Agreement) and any other Real Estate which is subject to a lien under any Mortgage. 

        "Solvent" shall mean, when used with respect to any Person, as of any date of determination, (a) the amount of the "present fair
saleable value" of the assets of such Person will, as of such date, exceed the amount of all "liabilities of such Person, contingent or otherwise", as of such date, as such quoted terms are determined
in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such
date, be greater than the amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such
date, an unreasonably small amount of capital with which to conduct its business, (d) such Person will be able to pay its debts as they mature, and (e) such Person is not insolvent
within the meaning of any applicable Requirements of Law. For purposes of this definition, (i) "debt" means 

33

 

liability on a "claim", and (ii) "claim" means any (x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured,
unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or
not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. 

        "Specified Change of Control" shall mean a "change of control" or similar event (howsoever defined) as defined (i) in the Mortgage
Notes Indenture or (ii) the Wynn Credit Agreement. 

        "Specified Hedge Agreement" shall have the meaning set forth in the Wynn Credit Agreement. 

        "Subordinated Debt" Indebtedness that (i) does not have any scheduled principal payment, mandatory principal prepayment, sinking
fund payment or similar payment due prior to the Scheduled Term Loan Termination Date, (ii) is not secured by any Lien on any Property, (iii) is subordinated on terms and conditions
reasonably satisfactory to the Initial Arrangers and in any event not less favorable to the Lenders than the terms of the Subordinated Intercompany Note and (iv) is subject to such covenants
and events of default as may be reasonably acceptable to the Initial Arrangers; provided, that Permitted Refinancing Indebtedness or Indebtedness
permitted pursuant to Section 7.2(d) shall not be deemed Subordinated Debt. 

        "Subordinated Intercompany Note" shall mean the Subordinated Intercompany Note to be executed and delivered by the Borrower and each of
the other Loan Parties, substantially in the form of Exhibit L to the Wynn Credit Agreement, as the same may be amended, supplemented, replaced or otherwise modified from time to time in
accordance with the Wynn Credit Agreement. 

        "Subsidiary" shall mean, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock
or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of
the directors, managers or trustees of such corporation, partnership, limited liability company or other entity are at the time owned, or the management of which is otherwise controlled, directly or
indirectly through one or more intermediaries, or both, by such Person. Unless otherwise qualified, all references to a "Subsidiary" or to "Subsidiaries" in the Loan Agreement shall refer to a
Subsidiary or Subsidiaries of the Borrower. 

        "Substitute Aircraft Part" or "Substitute Aircraft Parts" shall have the meaning assigned
to such term in Section 4.7 of the Aircraft Security Agreement. 

        "Substitute Item" or "Substitute Items" shall have the meaning assigned to such term in
Section 4.7 of the Borrower Security Agreement. 

        "Supplemental Payment" shall mean any and all amounts, liabilities and obligations other than Interest and Required Prepayments which the
Borrower assumes or agrees or is otherwise obligated to pay under the Loan Agreement or any other Operative Document (whether or not designated as Supplemental Payment) to the Collateral Agent, any
Lender or any other Person, including, without limitation, any Administrative Charge, indemnities and damages for breach of any covenants, representations, warranties or agreements. 

        "Swing Line Loans" shall have the meaning set forth in the Wynn Credit Agreement. 

        "Syndication Agent" shall mean Banc of America Securities, LLC, in its capacity as syndication agent under the Wynn Credit Agreement. 

        "Synthetic Lease Obligations" shall mean all monetary obligations of a Person under (a) a so-called synthetic,
off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations which do not appear on the balance sheet of such Person but
which, upon 

34

 

the insolvency or bankruptcy of such Person, would be characterized as the Indebtedness of such Person (without regard to accounting treatment). 

        "Taking" shall mean a taking or voluntary conveyance during the term of the Loan Agreement of all or part of any Mortgaged Property or
Collateral, or any interest therein or right accruing thereto or use thereof, as the result of, or in settlement of, any condemnation or other eminent domain proceeding by any Governmental Authority
affecting a Mortgaged Property or Collateral or any portion thereof, whether or not the same shall have actually been commenced. 

        "Tax Amount" shall mean, with respect to any period, (i) in the a case of any direct or indirect member of a Loan Party that is a
Pass Through Entity, the Presumed Tax Liability of such direct or indirect member, and (ii) with respect to any of the Loan Parties that are Consolidated Members, the aggregate federal income
tax liability such Persons would owe for such period if each was a corporation filing federal income tax returns on a stand alone basis at all times during its existence and, if any of the
Consolidated Members files a consolidated or combined state income tax return such that it is not paying its own state income taxes, then Tax Amount shall also include the aggregate state income tax
liability such Consolidated Members would have paid for such period if each was a corporation filing state income tax returns on a stand alone basis at all times during its existence. 

        "Taxable Income" shall mean, with respect to any Person for any period, the taxable income or loss of such Person for such period for
federal income tax purposes as a result of such Person's equity ownership of one or more Loan Parties that are Pass Through Entities for such period; provided,
however, that all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code shall be included in taxable income
or loss. 

        "Taxes" and "Tax" shall mean any and all fees (including, without limitation,
documentation, recording, license and registration fees), taxes (including, without limitation, income (whether net, gross or adjusted gross) taxes; gross and net receipts taxes; taxes that are or are
in the nature of franchise, value added, privilege or doing business taxes, license and registration fees; real and personal property (including intangibles) taxes; sales, use and similar taxes
(including rent taxes); any excise taxes; real estate transfer taxes, mortgage taxes, conveyance taxes, turnover taxes, value-added taxes; stamp taxes and documentary recording taxes and fees),
levies, imposts, duties, charges, assessments or withholdings of any nature whatsoever, in each case imposed or required by the Governmental Authority to be paid, together with any penalties, fines or
interest thereon or additions thereto. 

        "Tax Indemnification Agreement":    that certain Tax Indemnification Agreement, dated as of October    , 2002 among
the Existing Stockholders, Valvino and Wynn Resorts, as in effect as of the date hereof. 

        "Term Loan Commitment" shall have the meaning set forth in the Wynn Credit Agreement. 

        "Term Loan Extensions of Credit" shall have the meaning set forth in the Wynn Credit Agreement. 

        "Term Loan Lender" shall have the meaning set forth in the Wynn Credit Agreement. 

        "Term Loans" shall have the meaning set forth in the Wynn Credit Agreement. 

        "Total Revolving Credit Commitments" shall have the meaning set forth in the Wynn Credit Agreement. 

        "Total Term Loan Commitments" shall have the meaning set forth in the Wynn Credit Agreement. 

        "Total Term Loan Extensions of Credit" shall have the meaning set forth in the Wynn Credit Agreement. 

35

 

        "Transaction Costs" shall mean: 

          (i)  the
reasonable fees and expenses of Chapman and Cutler incurred in connection with the negotiation, execution and delivery of the term sheet, the commitment letters,
the Operative Documents, the syndication of the Notes and any amendments to the Operative Documents in connection therewith and the transactions contemplated thereby; 

        (ii)  the
reasonable fees and expenses of the Arrangers, including, without limitation, the fees and expenses of any insurance consultant hired by the Arrangers and any fees
and expenses incurred in connection with the syndication of the Notes; 

        (iii)  the
actual and ongoing fees and expenses of the Collateral Agent; 

        (iv)  the
reasonable counsel fees of the Collateral Agent; 

        (v)  the
fees and expenses of the Appraiser; 

        (vi)  all
costs of searching and perfecting a first priority Lien and security interest in the Equipment and the Aircraft; 

      (vii)  costs
and expenses for      ; 

      (viii)  the
Commitment Fees; 

        (ix)  the
Participation Fees; 

        (x)  the
Arrangement Fees; and 

        (xi)  all
other documented fees and expenses incurred by Collateral Agent or any Lender in connection with the Operative Documents and the transactions contemplated hereby. 

        "Trust Company" shall mean Wells Fargo Bank Nevada, National Association, or any successor financial institution acting as Collateral
Agent under the Loan Documents, in each case, in its individual capacity. 

        "Type of Equipment" shall mean Gaming Equipment or Non-Gaming Equipment. 

        "UCC" shall mean the Uniform Commercial Code, as in effect from time to time in any jurisdiction. 

        "Valvino" shall mean Valvino Lamore, LLC, a Nevada limited liability company. 

        "Valvino Water Permits" shall mean collectively, the Permits identified as of the Closing Date as Permit No. 60164 (Cert. 15447)
and Permit No. 60165 (Cert. 15448), in each case as shown in the records of the State of Nevada, Division of Water Resources, in Carson City Nevada (and any successor or replacement Permits
thereto). 

        "Voting Stock" shall mean with respect to any Person as of any date, the Capital Stock of such Person that is at the time entitled to vote
in the election of the Board of Directors of such Person. 

        "Water Entities" shall mean Desert Inn Water and Desert Inn Improvement. 

        "Water Permits" shall mean collectively the DIIC Water Permits and the Valvino Water Permits. 

        "Water Property Mortgage" shall have the meaning set forth in the Wynn Credit Agreement. 

        "Water Show Entertainment and Production Agreement" shall mean the Agreement, dated January 25, 2001, between Wynn Resorts Holdings
and Calitri Services and Licensing Limited Liability Company..

        "Water Supply Agreements" that certain Water Supply Agreement dated as of October    , 2002 among Desert Inn
Improvement,Wynn Resorts Holdings and the Borrower.

36

 

        "Water Utility Land" shall mean the approximately .17 acre tract of land located on the Golf Course owned by Desert Inn Improvement, as
more particularly described in Exhibit T-4 of the Disbursement Agreement; provided, that the Water Utility Land shall not include any
improvements thereon utilized by Desert Inn Improvement as of the Closing Date for the transportation of water to non-Affiliates of the Borrower. 

        "WDD Agreement" shall mean the Wynn Design Agreement, dated as of October    , 2002 between the Borrower and Wynn Design. 

        "Weighted Average Life to Maturity" shall mean, when applied to any Indebtedness at any date, the number of years obtained by dividing: 

        (1)  the
sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of
principal, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one—twelfth) that will elapse between such date and the
making of such payment; by 

        (2)  the
then outstanding principal amount of such Indebtedness. 

        "Wholly Owned Subsidiary" shall mean, as to any Person, any other Person all of the Capital Stock of which (other than directors'
qualifying shares required by law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries. 

        "World Aircraft Part" shall have the meaning assigned to such term in Section 4.4 of the Aircraft Security Agreement. 

        "World Liabilities" shall have the meaning assigned to such term in Section 2 of the Aircraft Security Agreement. 

        "World Travel" shall mean World Travel, LLC, a Nevada limited liability company, or any successor thereto. 

        "Wynn Banks" shall mean                        and the other lenders that are parties to the
Wynn Credit Agreement. 

        "Wynn Credit Agreement" shall mean that certain Credit Agreement, dated as of [            , 2002], among the
Borrower, the several lenders from time to time party thereto, Duetsche Bank Securities Inc., as lead arranger and joint book running manager, Deutsche Bank Securities Trust Company Americas,
as administrative agent and swingline lender, Bank of America Securities LLC, as lead arranger, joint book running manager and syndication agent, Bear Stearns & Co. Inc., as arranger and
joint book running manager, Bear Stearns Corporate Lending, Inc., as joint documentation agent and Dresdner Bank AG, New York Branch, as arranger and joint documentation agent. 

        "Wynn Credit Documents" shall mean the Wynn Credit Agreement and the notes issued thereunder, the Other Security Documents, the
Disbursement Agreement, [the Completion Guaranty,] the Wynn Resorts Guaranty Agreement (and the Wynn Resorts Guaranty if entered into pursuant thereto), the Applications, the
Environmental Indemnity Agreements. 

        "Wynn Design" shall mean Wynn Design & Development, LLC, a Nevada limited liability company, or any successor thereto. 

        "Wynn Group Entities" shall mean collectively, Palo and Wynn Design, World Travel and Las Vegas Jet. 

        "Wynn Home Site Land" shall mean an approximately two-acre tract of land located on the Golf Course Land where
Mr. Wynn's personal residence may, after Disposition of the Wynn Home Site Land in accordance with Section 7.5(j); of the Loan Agreement,
be built. 

37

 

        "Wynn Resorts" shall mean Wynn Resorts, Limited, a Nevada corporation, or any successor thereto. 

        ["Wynn Resorts FF&E Guaranty" shall mean that certain Guaranty Agreement, dated as of October    , 2002, made by
Valvino, Capital Corp., Palo, Wynn Resorts Holdings, LLC, Desert Inn Water, Wynn Design, World Travel, Las Vegas Jet and the other Guarantors from time to time party thereto in favor of the Secured
Parties (as defined therein). 

        "Wynn Resorts FF&E Agreement" shall mean that certain Wynn Resorts Agreement, dated as of October    , 2002 among Wynn Resorts
and the Collateral Agent. 

        "Wynn Resorts Guaranty" shall have the meaning set forth in the Wynn Credit Agreement. 

        "Wynn Resorts Guaranty Agreement" shall have the meaning set forth in the Wynn Credit Agreement. 

        "Wynn Resorts Holdings" shall mean Wynn Resorts Holdings, LLC, a Nevada limited liability company, or any successor thereto. 

        "Wynn Resorts Holdings Capital Contributions" shall mean, with respect to any period, amounts contributed by Wynn Resorts Holdings to the
Borrower as common equity capital contributions during such period to the extent directly attributable to the Consolidated Net Income of Wynn Resorts Holdings. 

        "Wynn Resorts Security Agreement" shall mean any agreement or other instrument executed by Wynn Resorts in favor of the Administrative
Agent on behalf of the Lenders pursuant to the Wynn Resorts Agreement. 

38

Exhibit H  

 
 

FORM OF INTERCOMPANY NOTE    
  

        October    , 2002 

        FOR VALUE RECEIVED, WORLD TRAVEL, LLC, a Nevada limited liability company (the "Payor"),
hereby promises to pay on demand to the order of WYNN LAS VEGAS, LLC, a Nevada limited liability company, or its registered assigns (the  "Payee"), a principal sum
equal to [$38,000,000] in lawful money of the United States of America in same day or immediately
available funds, at such location in the United States of America as the Payee shall from time to time designate, or such lesser principal amount as shall remain outstanding on the loan made by the
Payee to the Payor. 

        On
demand, the Payor promises to pay interest to the Payee on the outstanding principal hereof for the period from the date hereof until payment in full thereof and, to the extent
permitted by law, overdue interest from their due dates, in each case at the rate per annum equal to the interest rate in effect under Section 3.5 of the Loan Agreement dated October
    , 2002 (the "Loan Agreement") among the Payee, Wells Fargo Bank Nevada, National Association, not in its individual capacity, but solely
as Collateral Agent (the "Collateral Agent") and the lenders named in Schedule IA1 thereto. 

        This
Note is the "Intercompany Note" referred to in the Aircraft Security Agreement, dated as of October    , 2002 (the "Aircraft Security
Agreement") from Wells Fargo Bank Northwest, National Association, not in its individual capacity, but solely as Trustee of that certain trust created under the Trust Agreement
dated as of May 10, 2002 (in such capacity, the "Owner") and the Payor to the Payee, and evidences indebtedness incurred by the Payor to the
Payee. This Note is secured pursuant to the terms of the Aircraft Security Agreement and reference is made to the Aircraft Security Agreement for a statement of certain provisions relating to this
Note. 

        The
outstanding principal balance of the loan evidenced by this Note shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of
any kind,
all of which are expressly waived by the Payor, upon the occurrence of an "Event of Default" under and as defined in either the Loan Agreement or the Aircraft Security Agreement. 

        The
Payee is hereby authorized (but not required) to record all repayments or prepayments hereof, in its books and records, and any such recordation shall constitute  prima facie evidence of the accuracy of
the information so recorded, absent manifest error. 

        Payments
of both principal and interest are to be made without setoff, counterclaim or deduction of any kind. 

        This
Note is also the "Intercompany Note" referred to in the Assignment and Assumption Agreement, dated as of October    , 2002 executed by the Payee in favor of the
Collateral Agent (as amended, modified or supplemented from time to time, the "Borrower Aircraft Assignment") to secure the obligations of the Payee
under the Loan Agreement. This Note and the Aircraft Security Agreement have been assigned by the Payee pursuant to such Borrower Aircraft Assignment. The Payor hereby acknowledges and agrees that the
Collateral Agent, pursuant to the Borrower Aircraft Assignment, may exercise all rights provided therein with respect to this Note and the Aircraft Security Agreement. The Payor further agrees that
all rights of the Payee hereof in, to and under this Note and the Aircraft Security Agreement shall pass to and may be exercised by the Collateral Agent pursuant to the Borrower Aircraft Assignment;
and the Payor will not set up any claim against the Payee hereof as a defense, counterclaim or setoff to any action brought by the Collateral Agent for the unpaid balance owed hereunder and also
agrees to so pay the unpaid balance owed hereunder directly to the Collateral Agent upon receipt by it of written notice to do so by the Collateral Agent. 

   
        THE PAYOR AGREES THAT ANY CLAIM BROUGHT BY THE PAYEE OR ITS ASSIGNEE OR PLEDGEE ARISING OUT OF THIS NOTE SHALL BE SUBJECT TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF
THE STATE OF NEW YORK. THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 

	 	WORLD TRAVEL, LLC,

    a Nevada limited liability company, as the Payor
	

 	

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:	
 	

 
	 	 	 	 	

2

 
 

EXHIBIT I
  TO LOAN AGREEMENT
  FORM OF FF&E GUARANTY    
  

 
 

GUARANTY 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    
    
    and    
    
    THE OTHER GUARANTORS FROM TIME TO
TIME PARTY HERETO    
    
    in favor of    
    
    SECURED PARTIES (as defined herein)    
    
    Dated as of October    , 2002    

  

 
  TABLE OF CONTENTS    
  

	Section
 
	 	Heading
	 	Page

	
SECTION 1.	
 	

DEFINED TERMS	
 	
1
	 	Section 1.1.	 	Definitions	 	1
	 	Section 1.2.	 	Other Definitional Provisions	 	2
	
SECTION 2.	
 	

GUARANTEE	
 	
2
	 	Section 2.1.	 	Guarantee	 	2
	 	Section 2.2.	 	Rights of Reimbursement, Contribution and Subrogation	 	3
	 	Section 2.3.	 	Amendments, etc. with Respect to the Borrower Obligations	 	4
	 	Section 2.4.	 	Guarantee Absolute and Unconditional	 	4
	 	Section 2.5.	 	Reinstatement	 	5
	 	Section 2.6.	 	Payments	 	5
	
SECTION 3.	
 	

REPRESENTATIONS AND WARRANTIES	
 	
5
	 	Section 3.1.	 	Representations in Loan Agreement; Guarantor Representations	 	5
	
SECTION 4.	
 	

COVENANTS	
 	
5
	 	Section 4.1.	 	Covenants in Loan Agreement	 	5
	 	Section 4.2.	 	Further Documentation	 	5
	
SECTION 5.	
 	

THE COLLATERAL AGENT	
 	
5
	 	Section 5.1.	 	Authority of Collateral Agent	 	5
	 	Section 5.2.	 	Appointment of Co-Collateral Agents	 	6
	
SECTION 6.	
 	

MISCELLANEOUS	
 	

6
	 	Section 6.1.	 	Amendments in Writing	 	6
	 	Section 6.2.	 	Notices	 	6
	 	Section 6.3	 	No Waiver by Course of Conduct; Cumulative Remedies	 	6
	 	Section 6.4.	 	Enforcement Expenses; Indemnification	 	6
	 	Section 6.5.	 	Successors and Assigns	 	7
	 	Section 6.6.	 	Set-Off	 	7
	 	Section 6.7.	 	Counterparts	 	7
	 	Section 6.8.	 	Severability	 	7
	 	Section 6.9.	 	Section Headings	 	7
	 	Section 6.10.	 	Integration	 	7
	 	Section 6.11.	 	Governing Law	 	8
	 	Section 6.12.	 	Submission to Jurisdiction; Waivers	 	8
	 	Section 6.13.	 	Acknowledgments	 	8
	 	Section 6.14.	 	Additional Guarantors	 	8
	 	Section 6.15.	 	Releases	 	8
	 	Section 6.16.	 	WAIVER OF JURY TRIAL	 	9
	 	Section 6.17.	 	Regulatory Matters	 	9

i

        This GUARANTY AGREEMENT, dated as of October    , 2002, is made by each of the signatories hereto (together with any other
entity that may become a party hereto as provided herein, the "Guarantors"), in favor of the Secured Parties (as hereinafter defined). 

 
 

RECITALS:    
  

        WHEREAS, pursuant to the Loan Agreement dated as of October    , 2002 (as amended, supplemented or
otherwise modified from time to time, the "Loan Agreement") by and among Wynn Las Vegas, LLC, a Nevada limited liability company (the  "Borrower"), Wells
Fargo Bank Nevada, National Association, not in its individual capacity but solely as Collateral Agent (the  "Collateral Agent") and the Persons listed on Schedule IA thereto, as Lenders (the
"Lenders"), the
Lenders have severally agreed to make loans to the Borrower on each Advance Date upon the terms and subject to the conditions set forth therein; 

        WHEREAS, the Borrower is a member of an affiliated group of companies that includes each Guarantor; 

        WHEREAS, the Borrower and the other Guarantors are engaged in related businesses, and each Guarantor will derive substantial direct and
indirect benefit from the making of the loans under the Loan Agreement; and 

        WHEREAS, it is a condition precedent to the obligation of the Lenders to make their respective loans to the Borrower under the Loan
Agreement that the Guarantors shall have executed and delivered this Agreement (as hereinafter defined) to the Secured Parties (as hereinafter defined); 

        NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent and the Lenders to enter into the Loan Agreement and
to induce the Lenders to make their respective loans to the Borrower thereunder, each Guarantor hereby agrees with the Secured Parties (as hereinafter defined), as follows: 

SECTION 1. DEFINED TERMS.

        Section 1.1.    Definitions.    (a) Any capitalized terms used in this Agreement which are not otherwise
defined herein shall have the meaning ascribed to such terms in the Disbursement Agreement (as defined below) and, if not defined therein, the meaning ascribed to such terms in the Loan Agreement;  provided, that 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 immediately prior to such termination. 

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

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

        "Borrower Obligations":    the collective reference to the Obligations (as defined in the Loan Agreement). 

        "Disbursement Agreement":    that certain Master Disbursement Agreement dated as of October    , 2002 among the
Borrower, the Collateral Agent 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 Loan Agreement. 

        "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, under Section 2) or any other Loan Document 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 or any other Loan Document). 

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

        "Secured Parties":    collectively, the Arrangers, the Collateral Agent and the Lenders. 

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

SECTION 2. GUARANTEE.

        Section 2.1.    Guarantee.    (a) Each of the Guarantors hereby, jointly and severally, unconditionally and
irrevocably, guarantees to the Secured Parties, and their respective successors, indorsees, transferees and assigns, the prompt and complete payment and performance by the Borrower when due (whether
at the stated maturity, by acceleration or otherwise) of the Borrower Obligations. 

        (b)  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 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
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 Borrower 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 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 the
Obligations, notwithstanding that from time to time during the term of the Loan Agreement the Borrower may be free from any Borrower Obligations. 

2

 

        (e)  No
payment made by the Borrower, any of the Guarantors, any other guarantor or any other Person or received or collected by any Secured Party from the Borrower, 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 Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which Guarantor shall, notwithstanding any such payment
(other than any payment made by such Guarantor in respect of the Obligations or any payment received or collected from such Guarantor in respect of the Obligations), remain liable for the Obligations
up to the maximum liability of such Guarantor hereunder until the Guarantor Obligations are paid in full. 

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

        (a)  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 reimbursement for the full amount of such payment from the Borrower 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. 

        (b)  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 Guarantor 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 Guarantor shall demand or
receive any
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
Guarantor 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 Secured Parties, for application to the payment of the Obligations. If any such payment or distribution is received by any Guarantor, it shall be held by such Guarantor in trust, as trustee of an
express trust for the benefit of the Secured Parties, and shall forthwith be transferred and delivered by such Guarantor to the Secured Parties, in the exact form received and, if necessary, duly
endorsed. 

        (c)  The
obligations of the Guarantors under the Loan 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. 

        (d)  Each
Guarantor reserves any and all other rights of reimbursement, contribution or subrogation at any time available to it as against any other Guarantor, but
(i) the exercise and 

3

 

enforcement of such rights shall be subject to this Section 2.2 and (ii) no Secured Party shall ever have any duty or liability
whatsoever in respect of any such right. 

        Section 2.3.    Amendments, etc. with Respect to the Borrower 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
Borrower Obligations made by any Secured Party may be rescinded by such Secured Party and any of the Borrower Obligations continued, and the Borrower 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 Loan Agreement and the other Loan 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 Collateral Agent (or the requisite Lenders under the Loan Agreement or all Lenders, 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 Borrower 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 Borrower Obligations or
for the guarantee contained in this Section 2 or any property subject thereto. 

        Section 2.4.    Guarantee Absolute and Unconditional.    Each Guarantor waives any and all notice of the
creation, renewal, extension or accrual of any of the Borrower 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
Borrower 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 Borrower 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 the Borrower
or any of the Guarantors with respect to the Borrower 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 Loan Agreement or any other Loan Document, any of the Borrower 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 the Borrower or any other Person against any Secured Party, or (c) any other circumstance whatsoever (with or without notice to or knowledge of the
Borrower or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Borrower for the Borrower 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
the Borrower, any other Guarantor or any other Person or against any collateral security or guarantee for the Borrower 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 the Borrower, 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 the Borrower, 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 

4

 

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. 

        Section 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
Obligations is rescinded or must otherwise be restored or returned by any Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower 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, the Borrower or any Guarantor or any substantial part of its property, or
otherwise, all as though such payments had not been made. 

        Section 2.6.    Payments.    Each Guarantor hereby guarantees that payments hereunder will be paid to the
Secured Parties without set-off or counterclaim in Dollars in immediately available funds at the office of the respective Secured Party specified in Schedule IB of the Loan Agreement. 

SECTION 3. REPRESENTATIONS AND WARRANTIES.

        To
induce the Collateral Agent and the Lenders to enter into the Loan Agreement and to induce the Lenders to make their respective loans to the Borrower thereunder, each Guarantor hereby
represents and warrants to the Secured Parties that: 

        Section 3.1.    Representations in Loan Agreement; Guarantor Representations.    The representations and
warranties set forth in Section 5 of the Loan Agreement as they relate to such Guarantor or to the Loan Documents to which such Guarantor is a party, each of which is hereby incorporated herein
by reference and shall apply to each Guarantor mutatis mutandis, are true and correct, and the Secured Parties shall be entitled to rely on each of them
as if they were fully set forth herein, provided that each reference in each such representation and warranty to the Borrower's knowledge shall, for the purposes of this  Section 3.1, be deemed to
be a reference to such Guarantor's knowledge. 

SECTION 4. COVENANTS. 

        Each Guarantor covenants and agrees with the Secured Parties that, from and after the date of this Agreement until the Obligations shall have been paid in full: 

        Section 4.1.    Covenants in Loan Agreement.    Each Guarantor shall take, or shall refrain from taking, as the
case may be, each action that is necessary to be taken or not taken, as the case may be, so that no Default or Event of Default is caused by the failure to take such action or to refrain from taking
such action by such Guarantor or any of its Subsidiaries and each provision of the Loan Agreement that relates to such Guarantor (whether directly, indirectly, through the Borrower's obligation to
cause such Guarantor to take or not take actions or otherwise) is hereby incorporated herein by reference and shall apply to such Guarantor mutatis
mutandis to the same extent as if the Loan Agreement had been executed by such Guarantor and such provisions had been made the direct obligations of such Guarantor. 

        Section 4.2.    Further Documentation.    At any time and from time to time, upon the written request of the
Collateral Agent, and at the sole expense of such Guarantor, such Guarantor will promptly and duly execute and deliver such further instruments and documents and take such further actions as the
Collateral Agent may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted. 

SECTION 5. THE COLLATERAL AGENT. 

        Section 5.1.    Authority of Collateral Agent.    Each Guarantor acknowledges that the rights and
responsibilities of the Collateral Agent under this Agreement with respect to any action taken by the 

5

 

Collateral Agent or the exercise or non-exercise by the Collateral Agent of any request, judgment or other right or remedy provided for herein or resulting or arising out of this
Agreement shall, as between the Collateral Agent and the other Secured Parties, be governed by the Loan Agreement and by such other agreements with respect thereto as may exist from time to time among
them, but, as between the Collateral Agent and the Guarantors, the Collateral Agent 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 Guarantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority. 

        Section 5.2.    Appointment of Co-Collateral Agents.    At any time or from time to time, in order
to comply with any Requirement of Law, the Collateral Agent may appoint another bank or trust company or one of more other persons, either to act as 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 Collateral Agent, include provisions for indemnification and similar protections of such co-agent or separate agent). 

SECTION 6. MISCELLANEOUS. 

        Section 6.1.    Amendments in Writing.    None of the terms or provisions of this Agreement may be waived,
amended, supplemented or otherwise modified except in accordance with Section 13.5 of the Loan Agreement. 

        Section 6.2.    Notices.    All notices, requests and demands to or upon the Secured Parties or any Guarantor
hereunder shall be effected in the manner provided for in Section 13.6 of the Loan Agreement; 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. 

        Section 6.3.    No Waiver by Course of Conduct; Cumulative Remedies.    No Secured Party shall by any act
(except by a written instrument pursuant to Section 6.1), 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. 

        Section 6.4.    Enforcement Expenses; Indemnification.    (a) Each Guarantor agrees to pay or reimburse each
Secured Party for all its costs and expenses incurred in collecting against such Guarantor under the guarantee contained in Section 2 or
otherwise enforcing or preserving any rights under this Agreement and the other Loan Documents to which such Guarantor is a party, including, without limitation, the fees and disbursements of counsel
to each Secured Party. 

        (b)  Each
Guarantor 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 taxes which may be payable or determined to be payable in connection with any of the transactions contemplated by this Agreement. 

6

   
        (c)  Each Guarantor 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 Borrower
would be required to do so pursuant to Section 12 of the Loan Agreement. 

        (d)  The
agreements in this Section shall survive repayment of the Borrower Obligations and all other amounts payable under the Loan Agreement and the other Loan Documents. 

        (e)  Each
Guarantor agrees that the provisions of Section 12.3 of the Loan Agreement are hereby incorporated herein by reference, mutatis
mutandis, and each Secured Party shall be entitled to rely on each of them as if they were fully set forth herein. 

        Section 6.5.    Successors and Assigns.    This Agreement shall be binding upon the successors and assigns of
each Guarantor and shall inure to the benefit of the Secured Parties and their successors and assigns; provided that no Guarantor may assign, transfer
or delegate any of its rights or obligations under this Agreement without the prior written consent of the Secured Parties. 

        Section 6.6.    Set-Off.    Each Guarantor 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 Guarantor or any other Guarantor, any such notice being expressly waived by each
Guarantor, 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 Guarantor, or any part thereof in such amounts as such Secured Party may elect, against and on account of the obligations and liabilities of such Guarantor to such Secured Party hereunder and
claims of every nature and description of such Secured Party against such Guarantor, in any currency, whether arising hereunder, under the Loan Agreement, any other Loan 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 Guarantor 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. 

        Section 6.7.    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. 

        Section 6.8.    Severability.    Any provision of this Agreement which 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 6.9.    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. 

        Section 6.10.    Integration.    This Agreement and the other Loan Documents represent the agreement of the
Guarantors and the Secured Parties with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by any Secured Party 

7

 

relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the other Loan Documents. 

        Section 6.11.    Governing Law.    SUBJECT TO COMPLIANCE WITH APPLICABLE NEVADA GAMING
LAWS, THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

        Section 6.12.    Submission to Jurisdiction; Waivers.    Each Guarantor hereby irrevocably and unconditionally:
(a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan 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 Guarantor at its address referred to in Section 6.2 or at such other address of which the Secured Parties
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. 

        Section 6.13.    Acknowledgments.    Each Guarantor hereby acknowledges that: 

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

        (b)  no
Secured Party has any fiduciary relationship with or duty to any Guarantor arising out of or in connection with this Agreement or any of the other Loan Documents, and
the relationship between the Guarantors, 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 other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Secured Parties or
among the Guarantors and the Secured Parties. 

        Section 6.14.    Additional Guarantors.    Each Subsidiary of Valvino that is required to become a party to
this Agreement pursuant to Section 6.11 of the Loan Agreement shall become a Guarantor for all purposes of this Agreement upon execution and delivery by such Subsidiary of an Assumption
Agreement in the form of Annex 1 hereto. 

        Section 6.15.    Releases.    (a) At such time as the Guarantor Obligations shall have been paid in
full, this Agreement and all obligations (other than those expressly stated to survive such termination) of each Guarantor hereunder shall terminate, all without delivery of any instrument or
performance of any act by any party. 

        (b)  At
the request and sole expense of the Borrower, a Guarantor shall be released from its obligations hereunder in the event that all the Capital Stock of such Guarantor
shall be Disposed of in 

8

 

a transaction permitted by the Loan Agreement; provided, that the Borrower shall have delivered to the Collateral Agent and the Lenders, 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 the Disposition in reasonable detail, including the price
thereof and any expenses in connection therewith, together with a certification by each Borrower stating that such transaction is in compliance with the Loan Agreement and the other Loan Documents and
that the Proceeds of such Disposition will be applied in accordance therewith. 

        Section 6.16.    Waiver of Jury Trial.    (a) EACH GUARANTOR AND THE SECURED
PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM
THEREIN.

        Section 6.17.    Regulatory Matters.    Each Secured Party acknowledges and agrees that the approval by the
applicable Nevada Gaming Authorities of this Agreement shall not act or be construed as the approval, either express or implied, for such Secured Party to take any actions or steps provided for in
this Agreement for which prior approval of the Gaming Board is required, without first obtaining such prior and separate approval of the applicable Nevada Gaming Authorities to the extent then
required applicable Nevada Gaming Laws. 

9

   
        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. 

	 	 	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:	    

10

 

	 	 	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:	    

11

 

	

 	
 	
WYNN RESORTS HOLDINGS, 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 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:	    

12

 

	

 	
 	
WORLD TRAVEL, LLC,

a Nevada limited liability company,
	

 	
 	
WYNN LAS VEGAS, LLC,

a Nevada limited liability company, as the Borrower
	

 	
 	

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:	    

	

	
 	

 	

 	

 	

 	

 	

 
	 	 	LAS VEGAS JET, 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:	    

13

 
 

NOTICE ADDRESSES OF GUARANTORS    
  

        
SCHEDULE 1 

        ASSUMPTION AGREEMENT, dated as of                        , 200    , made
by                        ,
a                        (the
"Additional Guarantor"), in favor of Wells Fargo Bank Nevada, National Association, not in its individual capacity, but solely as collateral agent (in
such capacity, the "Collateral Agent") for (i) the banks and other financial institutions and entities (the  "Lenders") parties to the Loan Agreement
referred to below, and (ii) the other Secured Parties (as defined in the FF&E Guaranty (as hereinafter
defined)). All capitalized terms not defined herein shall have the meaning ascribed to them in such Loan Agreement. 

 
 

RECITALS:    
  

        WHEREAS, Wynn Las Vegas, LLC (the "Borrower"), the Lenders and the
Collateral Agent have entered into a Loan Agreement, dated as of September    , 2002 (as amended, supplemented, replaced or otherwise modified from time to time, the  "Loan Agreement"); 

        WHEREAS, in connection with the Loan Agreement, the Affiliates (other than the Additional Guarantor) have entered into the Guaranty
Agreement, dated as of October            , 2002 (as amended, supplemented or otherwise modified from time to time, the "FF&E Guaranty") in
favor of
the Collateral Agent for the benefit of the Secured Parties; 

        WHEREAS, the Loan Agreement requires the Additional Guarantor to become a party to the FF&E Guaranty; and 

        WHEREAS, the Additional Guarantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the FF&E
Guaranty; 

        NOW, THEREFORE, It Is Agreed: 

        Section 1.    FF&E Guaranty.    By executing and delivering this Assumption Agreement, the Additional Guarantor, as
provided in Section 6.14 of the FF&E Guaranty hereby becomes a party to the FF&E Guaranty as a Guarantor thereunder with the same force and effect as if originally named therein as a Guarantor
and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Guarantor thereunder. The information set forth in Annex 1-A hereto is
hereby added to the information set forth in Schedules                        to the FF&E Guaranty. The Additional Guarantor
hereby represents and warrants that each of the representations and warranties
contained in Section 3 of the FF&E Guaranty is true and correct on and as the date hereof (after giving effect to this Assumption Agreement) as if made on and as of such date. 

        Section 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 GUARANTOR]
	

 	
 	

 	

 
	 	 	By:	    
 Name:

Title:

ANNEX 1 TO

FF&E Guaranty 

Exhibit J  

 
 

BORROWER SECURITY AGREEMENT    
    
    Dated as of October    , 2002    
    
    Between    
    
    WYNN LAS VEGAS, LLC,
  as Borrower    
    
    and    
    

WELLS FARGO BANK NEVADA, NATIONAL ASSOCIATION,
  as Collateral Agent for the Lenders    

 
 

TABLE OF CONTENTS    
  

	Section
 
	 	Heading
	 	Page

	Parties	 	1
	

Preamble	
 	

1
	

SECTION 1.	
 	

DEFINITIONS	
 	

1
	 	

Section 1.1.	
 	

Loan Agreement Definitions	
 	

1
	 	Section 1.2.	 	UCC Definitions	 	1
	

SECTION 2.	
 	

SECURITY INTEREST	
 	

1
	 	Section 2.1.	 	Grant of Security	 	1
	 	Section 2.2.	 	Continuing Security Interest	 	2
	 	Section 2.3.	 	Borrower Remains Liable	 	2
	 	Section 2.4.	 	Equipment Collateral Release	 	2
	

SECTION 3.	
 	

WARRANTIES	
 	

3
	

SECTION 4.	
 	

COVENANTS WITH RESPECT TO THE BORROWER COLLATERAL	
 	

3
	 	

Section 4.1.	
 	

Possession and Use of Borrower Collateral; Compliance with Laws	
 	

3
	 	Section 4.2.	 	Leases and Assignments	 	3
	 	Section 4.3.	 	Maintenance	 	4
	 	Section 4.4.	 	Alterations, Modifications, etc	 	5
	 	Section 4.5.	 	Identifying Numbers and Registration; Legend; Changes; Inspection	 	6
	 	Section 4.6.	 	Liens	 	6
	 	Section 4.7.	 	Replacements and Substitutions	 	6
	

SECTION 5.	
 	

CERTIFICATE, SCHEDULES AND REPORTS	
 	

7
	

SECTION 6.	
 	

ADDITIONAL AGREEMENTS OF BORROWER	
 	

7
	

SECTION 7.	
 	

[RESERVED]	
 	

8
	

SECTION 8.	
 	

DEFAULTS AND REMEDIES	
 	

8
	 	

Section 8.1.	
 	

Defaults	
 	

8
	 	Section 8.2.	 	Sale of Borrower Collateral	 	10
	 	Section 8.3.	 	Application of Sale Proceeds	 	10
	 	Section 8.4.	 	Power of Attorney	 	10
	 	Section 8.5.	 	Remedies Cumulative; Consents	 	10
	 	Section 8.6.	 	Allocation of Borrower Collateral	 	11
	 	Section 8.7.	 	Compensation and Indemnity	 	11
	

SECTION 9.	
 	

GENERAL PROVISIONS	
 	

11
	 	

Section 9.1.	
 	

Document	
 	

11
	 	Section 9.2.	 	Amendments; Etc.	 	11
	 	Section 9.3.	 	Notices	 	11
	 	Section 9.4.	 	Section Captions	 	12
	 	Section 9.5.	 	Severability; No Waiver	 	12
	 	Section 9.6.	 	Governing Law	 	12
	 	Section 9.7.	 	Counterparts	 	12
	

Signature	
 	

13

EXHIBIT A
— Form of the Borrower Security Agreement Supplement 

SCHEDULE A
— Description of the Borrower Collateral 

 
 

BORROWER SECURITY AGREEMENT    
  

        THIS BORROWER SECURITY AGREEMENT (this "Security Agreement") made
as of October    , 2002, by WYNN LAS VEGAS, LLC, a Nevada limited liability company (the  "Borrower"), in favor of WELLS
FARGO BANK NEVADA, NATIONAL ASSOCIATION, a national banking association,
as Collateral Agent (being referred to herein, together with any successor(s) thereto in such capacity, as the "Collateral Agent") for the Lenders under
the Loan Agreement referenced below. 

 
 

WITNESSETH:    
  

        WHEREAS, pursuant to the terms of the Loan Agreement dated as of October    , 2002 (as amended from
time to time, the "Loan Agreement"), among the Borrower, the Collateral Agent and the several lenders listed in Schedule IA attached thereto (together
with each successive and additional lender thereunder, the "Lenders"), the Borrower has agreed to borrow, and the Initial Lenders have agreed to lend,
subject to certain conditions, the funds necessary to acquire the Borrower Collateral (as hereinafter defined); 

        WHEREAS, as a condition precedent to making their loans, the Lenders have required that the Borrower and the Collateral Agent enter into
this Security Agreement; and 

        WHEREAS, therefore, the Borrower wishes to execute, deliver and perform, and has duly authorized the execution, delivery and performance
of, this Security Agreement. 

        NOW, THEREFORE, the Borrower and the Collateral Agent hereby agree as follows: 

SECTION 1. DEFINITIONS. 

        Section 1.1.    Loan Agreement Definitions.    Unless otherwise defined herein or the context otherwise
requires, terms used in this Security Agreement, including its preamble and recitals, have the meanings provided in Appendix I to the Loan Agreement. 

        Section 1.2.    UCC Definitions.    Unless otherwise defined herein (including those terms defined in the Loan
Agreement) or the context otherwise requires, terms for which meanings are provided in the UCC in effect in the State of New York are used in this Security Agreement, including its preamble and
recitals, with such meanings, subject to those mandatory provisions of Nevada Law governing perfection, the effect of perfection or non-perfection, and the priority of a security interest
in the Borrower Collateral. 

SECTION 2. SECURITY INTEREST. 

        Section 2.1.    Grant of Security.    As security for the payment and performance of all Obligations of the
Borrower under the Loan Agreement, the Notes and any other Loan Document or agreement or document related to any Loan Document (hereinafter, collectively, the  "Liabilities"), the Borrower hereby
transfers, assigns and pledges to the Collateral Agent, for the ratable benefit of the Lenders, and grants to the
Collateral Agent for the ratable benefit of the Lenders, a continuing first and prior security interest (subject to the FF&E Intercreditor Agreement) in and to all of the Borrower's right, title and
interest in (i) the Items of Equipment listed on Schedule A hereto and each Schedule A to each Borrower Security Agreement
Supplement executed pursuant to Sections 4.2 and 6.17(b) of the Loan Agreement, whether now or hereafter existing or acquired by the Borrower or in which the Borrower now has or at any time in the
future may acquire any right, title or interest, (ii) the Equipment Contracts, (iii) contracts and warranties necessary to operate and maintain the Items of Equipment or otherwise
specifically related to the Items of Equipment, (iv) any rights to Liquidated Damages, rebates, offset or other warranty payments, or assignment under a purchase order, invoice or purchase
agreement with any manufacturer of or contractor for any portion of the foregoing, including any general contractor, (v) all insurance policies relating to the foregoing required to be
maintained pursuant to any Loan Document, (vi) all books, records, writings, databases, information and other property relating to, used or useful in connection with, evidencing, embodying,
incorporating or 

 

referring to, any of the foregoing and (vii) all proceeds from the sale of and from any or all of the foregoing, and to the extent not otherwise included, all payments under insurance (whether
or not the Borrower is the loss payee hereof) or any indemnity, warranty or guarantee payable by reason of loss or damage to or otherwise with respect to any of the foregoing (collectively, the  "Borrower
Collateral"). Notwithstanding anything to the contrary in this Security Agreement, the term ("Borrower
Collateral") shall not include any items in which a security interest may not be granted under Gaming Laws, or
other applicable law, or under the terms of any license, permit or authorization issued by a Nevada Gaming Authority or other Governmental Agency, or which would require a finding of a suitability or
other similar approval or procedure by a Nevada Gaming Authority or other Governmental Agency prior to being given as collateral security. 

        Section 2.2.    Continuing Security Interest.    Subject to  Section 2.4, this Security Agreement shall create a continuing security interest in the Borrower Collateral and shall (a) remain in full
force and effect until indefeasible payment in full of all Liabilities, (b) be binding upon the Borrower, its successors, transferees and assigns, and (c) inure, together with the rights
and remedies of the Collateral Agent hereunder, to the benefit of the Collateral Agent and each Lender. Without limiting the generality of the foregoing  clause (c), any Lender may, subject to
Section 10 of the Loan Agreement, assign or otherwise transfer (in whole or in part) any Note or
Loan held by it to any other Person, and such other Person shall thereupon become vested with all the rights and benefits in respect thereof granted to such Lenders under any Loan Document (including
this Security Agreement) or otherwise, subject, however, to any contrary provisions in the Loan Agreement. 

        Upon
the payment in full of all Liabilities, the security interest granted herein shall terminate and all rights to the Borrower Collateral granted thereby shall revert to the Borrower,
without the delivery of any instrument or performance of any act by any party. Upon any such termination, the Collateral Agent will, at the request and at the sole expense of the Borrower, execute and
deliver to the Borrower such documents as the Borrower shall reasonably request to evidence such termination. 

        Section 2.3.    Borrower Remains Liable.    Anything herein to the contrary notwithstanding: 

        (a)  The
Borrower shall remain liable under the contracts and agreements included in the Borrower Collateral to the extent set forth therein, and shall perform all of their
duties and obligations under such contracts and agreements to the same extent as if this Security Agreement had not been executed, 

        (b)  the
exercise by the Collateral Agent of any of its rights hereunder shall not release the Borrower from any of its duties or obligations under any such contracts or
agreements included in the Borrower Collateral, and 

        (c)  neither
the Collateral Agent nor any Lender shall have any obligation or liability under any such contracts or agreements included in the Borrower Collateral by reason
of this Security Agreement, nor shall the Collateral Agent or any Lender be obligated to perform any of the obligations or duties of the Borrower thereunder or to take any action to collect or enforce
any claim for payment assigned hereunder. 

        Section 2.4.    Equipment Collateral Release.    (a) Upon payment of the Bank Prepayment Option pursuant to
Section 3.1(b) of the Loan Agreement, the security interest granted herein shall terminate. Upon any
such termination, the Collateral Agent will, at the direction of the Required Lenders and at the sole expense of the Borrower, execute and deliver to the Eligible Payor (as defined in the FF&E
Intercreditor Agreement) such documents as the Eligible Payor (as defined in the FF&E Intercreditor Agreement) shall reasonably request to evidence such termination. 

        (b)  Pursuant
to the terms of the Disbursement Agreement, following the delivery of an Appraisal pursuant to Section 6.17 of the Loan Agreement, the security interests
granted herein shall terminate with respect to those Items of Equipment which are to be released in connection therewith. Upon any 

2

 

such termination, the Collateral Agent will, at the direction of the Required Lenders and the sole expense of the Borrower, execute and deliver to the Borrower such documents as the Borrower shall
reasonably request to evidence such termination. 

SECTION 3. WARRANTIES. 

        The
Borrower hereby represents and warrants to the Collateral Agent and each Lender that: 

        (a)  the
Borrower is and will be the lawful owner of all of the Borrower Collateral, free of all liens and claims whatsoever, other than Permitted Liens, with full power and
authority to execute this Security Agreement and perform the obligations of the Borrower hereunder and to subject the Borrower Collateral to the security interest hereunder; 

        (b)  this
Security Agreement creates a valid first priority security interest in the Borrower Collateral securing payment and performance of the Liabilities and that all
filings and other action necessary to perfect such security interest have been taken; and 

        (c)  all
information with respect to the Borrower Collateral and the Borrower set forth in any schedule, certificate or other writing at any time heretofore or hereafter
furnished by the Borrower to the Collateral Agent or any Lender and all other written information heretofore or hereafter furnished by the Borrower to the Collateral Agent or any Lender, is and will
be true and correct in all material respects as of the date furnished, unless it refers by its terms to a specific date, then as of that date. 

SECTION 4. COVENANTS WITH RESPECT TO THE BORROWER COLLATERAL. 

        The
Borrower covenants and agrees as follows: 

        Section 4.1.    Possession and Use of Borrower Collateral; Compliance with Laws.    The Borrower agrees that
the Borrower Collateral will be used and operated in compliance with all applicable Requirements of Law. The Borrower shall not use any Item of Equipment or any part thereof for any purpose or in any
manner that would materially adversely affect the Fair Market Value, the utility of the Item of Equipment or the remaining useful life of such Item of Equipment, ordinary wear and tear and
depreciation excepted. The Borrower shall procure and maintain in effect all material licenses, registrations, certificates, permits, approvals and consents required by any Requirement of Law or by
any Governmental Authority necessary for the ownership, delivery, installation, maintenance, repair, use and operation of the Borrower Collateral. The Borrower shall not (a) use, operate, or
maintain the Borrower Collateral or any portion thereof in violation of Section 4.3 or any Insurance Requirement; (b) lease, assign or
otherwise permit the use of any of the Borrower Collateral except as may be permitted by Section 4.2; or (c) except as set forth in  Section 4.2 or the Loan Agreement, sell, assign or transfer any of its rights or in any of the Borrower Collateral, or directly or indirectly
create, incur or suffer to exist any Lien on any of its rights hereunder or in any of the Borrower Collateral, except for Permitted Liens or (d) except in connection with any maintenance or
repair thereof, permit any Item of Gaming Equipment or any Part relating to such Item of Gaming Equipment to be located at any location other than the Project. 

        Section 4.2.    Leases and Assignments.    Except for leases permitted by this  Section 4.2, the Borrower may not assign, lease, mortgage, pledge or otherwise transfer to any Person, at any time, in whole or in part, any of
its rights, title or interest in, or obligations to or under this Security Agreement, any other Loan Document or to any portion of the Borrower Collateral, other than Liens permitted by
Section 7.3 of the Loan Agreement. Each lease entered into in accordance with this Section 4.2 shall be referred to as a  "Lease." The Borrower
may, so long as no Security Agreement Event of Default exists, lease all or any portion of the Borrower Collateral to one or more
of its Affiliates, so long as in connection with any Lease of a portion of the Borrower Collateral, such 

3

 

portion shall include Items of Equipment with an aggregate Purchase Price of at least the Minimum Lease Amount. With respect to any Lease permitted under this  Section 4.2, the Borrower shall not
lease any portion of the Borrower Collateral to any Person who shall then be engaged in any proceedings for
relief under any bankruptcy or insolvency law or laws relating to the relief of debtors. 

        No
Lease hereunder will (a) discharge or diminish any of the Borrower's obligations to Collateral Agent or any Lender hereunder or the Borrower's or any Guarantor's obligations to
any other Person under any other Loan Document, and the Borrower shall remain directly and primarily liable under this Security Agreement and any other Loan Document to which it is a party with
respect to all of the Borrower Collateral or (b) extend beyond the last day of the Loan Term. Each Lease permitted hereby shall be made and shall expressly provide that it is subject and
subordinate to this Security Agreement and the rights of Collateral Agent thereunder, and shall expressly provide for the surrender of the
Borrower Collateral leased by the applicable lessee at the election of Collateral Agent after a Security Agreement Event of Default. 

        The
Borrower shall give the Collateral Agent prompt, and in any event within 5 Business Days thereof, written notice of any Lease permitted under this  Section 4.2, and shall promptly provide the
Collateral Agent with a fully executed copy of each document evidencing such Lease, together with a
Certificate of a Responsible Officer of the Borrower that such Lease complies with this Section 4.2. 

        Section 4.3.    Maintenance.    At all times, the Borrower shall, at its own cost and expense: 

        (a)  keep,
repair, maintain and preserve the Borrower Collateral in good order and operating condition and repair as existing on the Advance Date to which such Borrower
Collateral relates, ordinary wear and tear excepted, and in conformance with (i) prudent industry maintenance and repair standards, (ii) such maintenance and repair standards used by the
Borrower or any of its Affiliates for similar property owned or leased by it, and (iii) all material Requirements of Law and Insurance Requirements, and in the event that any Requirement of Law
requires any alteration, replacement or addition of or to any Part of the Borrower Collateral, the Borrower will conform therewith at its own expense; 

        (b)  (i) conduct
all scheduled maintenance of the Borrower Collateral in conformity with the Borrower's and its Affiliates' past practices, and prudent industry
maintenance and repair standards, (including, without limitation, the Borrower's and its Affiliates' maintenance program for such equipment) and (ii) maintain such Borrower Collateral so as to
preserve its remaining economic useful life, utility and residual value; and 

        (c)  cause
the Borrower Collateral to continue to have at all times the capacity and functional ability to perform, on a continuing basis (subject to normal interruption in
the ordinary course of business for maintenance, inspection, service, repair and testing) and in commercial operation, the functions for which it was specifically designed, other than any Casualty
pursuant to which the Borrower has paid the Casualty Amount or is rebuilding the affected portion of the Borrower Collateral pursuant to Section 8.1 of the Loan Agreement. 

        The
Borrower shall prepare and deliver to Collateral Agent and the Lenders within 30 Business Days prior to the required date of filing (or, to the extent permissible, file on behalf of
Collateral Agent and the Lenders) any and all material reports to be filed by Collateral Agent or any Lender with any Governmental Authority by reason of the security interest of the Collateral Agent
or any Lender in the Borrower Collateral. Each Lender agrees to inform promptly the Borrower of any request for such reports received by it. The Borrower shall maintain or cause to be maintained, all
records, logs and other materials required by any Governmental Authority having jurisdiction over the Borrower Collateral. Subject to the provisions of Section 13.17 of the Loan Agreement and
applicable Gaming Laws, the Borrower shall permit Collateral Agent and each Lender to inspect, during normal business hours and upon notice within 5 Business Days, the Borrower Collateral and any and
all records, logs 

4

 

and other materials maintained by the Borrower or any of its Affiliates in respect of the Borrower Collateral; provided that from and after the
occurrence of a Security Agreement Event of Default, all costs and expenses of Collateral Agent or any Lender in connection with such inspection shall be borne by the Borrower. The Borrower hereby
waives any right now or hereafter conferred by law to make repairs on the Borrower Collateral at the expense of Collateral Agent or any Lender. 

        Section 4.4.    Alterations, Modifications, etc.    In case the Borrower Collateral, or any item of equipment,
part or appliance therein (each, a "Part") is required to be altered, added to, replaced or modified in order to comply with any Requirements of Law (a  "Required
Alteration") pursuant to Section 4.1 or  4.3 hereof, the Borrower agrees to make such Required Alteration at its own expense.
The Borrower shall have the right to make any modification,
alteration or improvement to the Borrower Collateral (herein referred to as a "Permitted Modification"), or to remove any Part which has become worn
out, broken or obsolete, provided in each case that the Borrower continues to be in compliance with Sections
4.1 and 4.3 hereof and that such action will not, in the Borrower's reasonable judgment, materially decrease the economic value
of the Borrower Collateral or impair its originally intended use or function or decrease its economic useful life and in any event, will not decrease the Fair Market Value of the Borrower Collateral
throughout the Loan Term. In the event any Permitted Modification (i) is readily removable without impairing the value or use which the Borrower Collateral would have had at such time had such
Part not been affixed or placed to or on such Borrower Collateral (a "Removable Part"), (ii) is not a Required Alteration and (iii) is not
a Part which replaces any Part originally incorporated or installed in or attached to such Borrower Collateral on the date on which such Borrower Collateral became subject to this Security Agreement,
or any Part in replacement of or substitution for any such original Part (each an "Original Part"), any such Permitted Modification, if no Security
Agreement Event of Default is continuing, shall be and remain the property of the Borrower that is not subject to the Lien of this Security Agreement and may be removed by the Borrower (a  "Borrower Part"). To the extent such Permitted Modification is not a Removable Part, or is a Required Alteration or an Original Part, and, to the extent
a Removable Part is not the property of the Borrower that is not subject to the Lien of this Security Agreement because of the continuance of a Security Agreement Event of Default, the same shall
immediately and automatically be and become subject to the Lien of this Security Agreement. Any Required Alterations, and any Parts installed or replacements made by the Borrower upon any Borrower
Collateral pursuant to its obligation to maintain and keep the Borrower Collateral in good order, operating condition and repair under  Section 4.3 (collectively, "Replacement
Parts") and all other Parts which become the property of
the Borrower shall be considered, in each case, accessions to such Borrower Collateral and a security interest therein shall be immediately and automatically vested in Collateral Agent for the benefit
of the Lenders. All Replacement Parts shall be free and clear of all Liens (other than Permitted Liens) and shall be in as good an operating condition as, and shall have a value and utility at least
equal to, the Parts replaced, assuming such replaced Parts and the Borrower Collateral were immediately prior to such replacement or the event or events necessitating such replacement in the condition
and repair required to be maintained by the terms hereof. Any Part at any time removed from any of the Borrower Collateral shall remain subject to the interests of Collateral Agent and the Lenders
under the Loan Documents, no matter where located, until such time as such Part shall be replaced by a Part which has been incorporated or installed in or attached to such Borrower Collateral and
which meets the requirements for a Replacement Part specified above. No later than 30 days after the end of each fiscal quarter of the Borrower, the Borrower shall deliver to Collateral Agent
for the benefit of the Lenders, a Borrower Security Agreement Supplement evidencing the grant by the Borrower of a security interest in such Replacement Part to Collateral Agent for the benefit of the
Lenders, for each Replacement Part not previously evidenced by a Borrower Security Agreement Supplement and such other documents in respect of such Part or Parts and to the extent, as Collateral Agent
may reasonably request in order to
confirm that a security interest to such Part or Parts has passed to Collateral Agent for the benefit of the Lenders, as hereinabove provided. Any such Replacement Part, regardless of 

5

 

whether evidenced by a Borrower Security Agreement Supplement, shall become subject to this Security Agreement and shall be deemed part of the Borrower Collateral, for all purposes thereof to the
same extent as the Parts originally incorporated or installed in the Borrower Collateral, and a security interest to such Replacement Part shall thereupon vest in the Collateral Agent. All
replacements pursuant to this Section 4.4 shall be purchased by the Borrower with its own funds. There shall be no obligation on the part of any
Lender to pay for or otherwise finance any such replacement. 

        Section 4.5.    Identifying Numbers and Registration; Legend; Changes; Inspection.    (a) The Borrower, at its
own expense, will cause each Item of Gaming Equipment to be kept numbered with the identification number as shall be set forth on Schedule A to the applicable Security Agreement Supplement. 

        (b)  The
Borrower will not change the identification number of any Item of Equipment unless and until (i) a statement of new number or numbers to be substituted
therefor shall have been delivered to the Collateral Agent and filed, recorded and deposited by the Borrower in all public offices where the Security Agreement shall have been filed, recorded and
deposited or any financing statement has been filed in respect thereof and (ii) the Borrower shall have furnished the Collateral Agent an opinion of counsel in form and substance reasonably
satisfactory to the Collateral Agent to the effect that such statement has been so filed, recorded and deposited and that no other filing, recording, deposit or giving of notice with or to any other
Federal, state or local government or agency thereof is necessary to perfect the rights and interests of the Collateral Agent in such Items of Equipment. The Equipment may be lettered with the names
or initials or other insignia used by the Borrower or any lessee. Upon the request of Collateral Agent and subject to applicable Gaming Laws, the Borrower shall make the Items of Equipment available
to Collateral Agent, its agents, representatives or assignees for inspection at their then location and shall also make the Borrower's books, manuals, logs, records and other information pertaining to
the Items of Equipment available for inspection and permit such parties to make copies thereof, in each case, upon reasonable notice, at any time during regular business hours and as often as
requested (but not so as to materially interfere with the business of the Borrower), provided that all costs and expenses of Collateral Agent in
connection with such inspection shall be borne by the inspecting party unless a Security Agreement Event of Default has occurred and is continuing at the time of such inspection, in which case all
such costs and expenses shall be borne by the Borrower. 

        Section 4.6.    Liens.    The Borrower will not directly or indirectly create, incur, assume or suffer to exist
any Lien (other than Permitted Liens) on or with respect to the Borrower Collateral or any Part thereof. The Borrower, at its own expense, will promptly pay, satisfy and otherwise take such actions as
may be necessary to keep the Borrower Collateral free and clear of, and to duly discharge or eliminate or bond in a manner satisfactory to Collateral Agent, any such Lien not excepted above if the
same shall arise at any time. The Borrower will notify Collateral Agent and each Lender in writing within 5 Business Days upon becoming aware of any Tax or other Lien (other than any Lien excepted
above) that shall attach to the Borrower Collateral, and of the full particulars thereof. Without limiting the foregoing, the Borrower shall not assign or pledge any of its rights under any Lease to
any Person other than Collateral Agent for the benefit of the Lenders. 

        Section 4.7.    Replacements and Substitutions.    (a) In addition to the rights of the Borrower under 
Section 4.4, the Borrower shall have the option at any time to replace any Item or Items of Equipment (a "Replaced
Item" or "Replaced Items") with a substitute Item or Items of Equipment (a "Substitute
Item" or "Substitute Items"), subject to the following conditions: 

          (i)  no
Security Agreement Event of Default shall have occurred and be continuing; 

        (ii)  with
respect to Gaming Equipment, the Substitute Item or Substitute Items shall be located at the Project; 

6

  

        (iii)  the
Substitute Item or Substitute Items shall be the same general type, year of construction (or a later year of construction), useful life, function, utility, state
of repair and operating condition as the portion of the Replaced Item or Replaced Items, must have a Fair Market Value of not less than the Fair Market Value of the Replaced Item or Replaced Items and
be free and clear of any Liens other than Permitted Liens assets, as described in the Appraisal delivered pursuant to Section 6.17 of the Loan
Agreement; and 

        (iv)  prior
to the date of any such substitution, the Borrower shall replace such Replaced Item or Replaced Items by complying with the terms of Section 8.1 of the
Loan Agreement to the same extent as if a Casualty or a series of Casualties had occurred with respect to such Replaced Item or Replaced Items, and the Collateral Agent shall release it Lien on the
Replaced Item or Replaced Items in the same manner as provided in said Section 8.1 of the Loan Agreement. 

        (b)  All
replacements pursuant to Section 4.7(a) shall be purchased by the Borrower with its own funds. There shall be
no obligation on the part of the Collateral Agent or any Lender to pay for or otherwise finance any such replacement. No termination of this Security Agreement with respect to any Item of Equipment as
contemplated by this Section 4.7 shall result in any reduction of the Borrower's obligation to pay the Loan Balance or any Interest thereon. 

SECTION 5. CERTIFICATE, SCHEDULES AND REPORTS. 

        The
Borrower will from time to time, as the Collateral Agent or any Lender may reasonably request, deliver to the Collateral Agent and the Lenders such schedules, certificates and
reports respecting all or any of the Borrower Collateral at the time subject to the security interest hereunder, and the items or amounts received by the Borrower in full or partial payment or
otherwise as proceeds of any of the Borrower Collateral, all to such extent as the Collateral Agent may request. Any such schedule, certificate or report shall be executed by a duly authorized officer
of Borrower and shall be in such form and detail as the Collateral Agent, at the direction of the Required Lenders, may reasonably specify. 

SECTION 6. ADDITIONAL AGREEMENTS OF BORROWER. 

        The
Borrower agrees, that, until all of the Liabilities are paid in full, the Borrower will perform and fulfill each of the following agreements: 

        (a)  The
Borrower (1) hereby authorizes the filing of such financing statements, continuation statements or amendments thereof or supplements thereto and other
documents (and will pay the cost of filing or recording the same in all public offices deemed necessary by the Lenders) and the doing of such other acts and things, all as any Lender or the Collateral
Agent may from time to time request, to establish and maintain a valid first security interest in the Borrower Collateral to secure the payment of the Liabilities, including, without limitation,
deposit with the Collateral Agent of any certificate of title issuable with respect to any of the Borrower Collateral and notation thereon of the security interest hereunder (and any carbon,
photographic or other reproduction of this Security Agreement or of any such financing statement shall be sufficient for filing as a financing statement) and (2) will, at the time of each
Advance and contemporaneously with the Responsible Officer's certificate required pursuant to Section 6.2 of the Loan Agreement prepared with respect to the annual financial statements
referenced in Section 6.1(a) of the Loan Agreement provide to the Lenders and the Collateral Agent an opinion of counsel (which may be the opinion of the general counsel/chief legal officer of
the Borrower) stating that, in the opinion of such counsel, this Security Agreement and the UCC filings and other agreements or documents executed in connection with this Security Agreement have been,
and remain, properly recorded or filed for record so as to make effective of record the lien intended to be created hereby and thereby. 

7

 

        (b)  The
Borrower will keep or cause to be kept all of the Gaming Equipment at the Project unless the Collateral Agent, upon being directed to do so by the Required Lenders,
shall otherwise consent in writing and all necessary licenses and permits shall have been obtained. 

        (c)  The
Borrower will not change its name, state of organization, legal form or do business under any other name without at least 30 days' prior written notice
thereof to the Lenders and the Collateral Agent and will not change the location of its principal executive offices or places of business, except for a change to another location within the
continental limits of the United States of America and within a jurisdiction in which the UCC is in effect, of which the Lenders and the Collateral Agent shall have been given at least 30 days'
prior written notice. 

        (d)  The
Borrower will reimburse the Collateral Agent and Lenders upon demand for all reasonable costs and expenses, including reasonable attorney's fees and legal expenses
(including allocated costs of internal counsel), incurred by the Collateral Agent in seeking to collect or enforce any right under this
Security Agreement or the Borrower Collateral and, in case of a Security Agreement Event of Default, in seeking to collect payments of principal, premium, if any, and interest on any Note and all
other Liabilities and to enforce rights hereunder, including expenses of any repairs to any realty or other property to which any of the Borrower Collateral may be affixed or be a part. 

        (e)  The
Borrower shall cause each insurance policy required to be maintained pursuant to the Loan Agreement to be in full force and effect. 

SECTION 7. [RESERVED]. 

SECTION 8. DEFAULTS AND REMEDIES. 

        Section 8.1.    Defaults.    (a) The occurrence, or the existence of any Event of Default under the Loan
Agreement, shall constitute an "Security Agreement Event of Default" hereunder. 

        (b)  With
respect to all of the Borrower Collateral, upon the occurrence and during the continuation of any Security Agreement Event of Default hereunder, the Collateral
Agent shall, subject to the FF&E Intercreditor Agreement, have, in addition to all other rights provided herein or by law, the rights and remedies of a secured party under the UCC (regardless of
whether the UCC is the law of the jurisdiction where the rights or remedies are asserted and regardless of whether the UCC applies to the affected Borrower Collateral), and further the Collateral
Agent may, without demand and without advertisement, notice, hearing or process of law, all of which the Borrower hereby waives, at any time or times, sell and deliver any or all Borrower Collateral
held by or for it at public or private sale, for cash, upon credit or otherwise, at such prices and upon such terms as the Collateral Agent deems advisable, in its sole discretion,  provided that said
disposition complies with any and all Requirements of Law. In addition to all other sums due the Collateral Agent or any Lender
hereunder, the Borrower shall pay the Collateral Agent and any Lender all costs and expenses incurred by the Collateral Agent or such Lender, including a reasonable allowance for attorneys' fees and
court costs, in obtaining, liquidating or enforcing payment of the Borrower Collateral or Liabilities or in the prosecution or defense of any action or proceeding by or against the Collateral Agent
such Lender or the Borrower concerning any matter arising out of or connected with this Agreement or the Borrower Collateral or Liabilities, including without limitation any of the foregoing arising
in, arising under or related to a case under the United States Bankruptcy Code (or any successor statute). Any requirement of reasonable notice shall be met if such notice is personally served on or
mailed, postage prepaid, to the Borrower in accordance with Section 9.3 hereof at least 10 days before the time of sale or other event
giving rise to the requirement of such notice; however, no notification need be given to the Borrower if the Borrower has signed, after an Security Agreement Event of Default hereunder has 

8

 

occurred, a statement renouncing any right to notification of sale or other intended disposition. The Collateral Agent shall not be obligated to make any sale or other disposition of the Borrower
Collateral regardless of notice having been given. The Collateral Agent or any Lender may be the purchaser at any such sale. To the extent permitted by applicable law, Borrower hereby waives all of
its rights of redemption from any such sale. Subject to the provisions of applicable law, the Collateral Agent may postpone or cause the postponement of the sale of all or any portion of the
Collateral by announcement at the time and place of such sale, and such sale may, without further notice, be made at the time and place to which the sale was postponed or the Collateral Agent may
further postpone such sale by announcement made at such time and place. 

        (c)  With
respect to all of the Borrower Collateral, without in any way limiting the foregoing, the Collateral Agent shall, upon the occurrence and during the continuation of
any Security Agreement Event of Default hereunder, have the right, in addition to all other rights provided herein or by law, subject to applicable Gaming Laws, to take physical possession of any and
all of the Borrower Collateral and anything found therein, the right for that purpose to enter without legal process any premises where such Borrower Collateral may be found (provided such entry be
done lawfully), and the right to maintain such possession on the Borrower's premises (the Borrower hereby agreeing to lease such premises without cost or expense to the Collateral Agent or its
designee if the Collateral Agent so requests) or to remove the Borrower Collateral or any part thereof to such other places as the Collateral Agent may desire. Upon the occurrence and during the
continuation of any Security Agreement Event of Default hereunder, the Borrower shall, upon the Collateral Agent's demand, assemble the Borrower Collateral and make it available to the Collateral
Agent at a place reasonably designated by the Collateral Agent. If the Collateral Agent exercises its right to take possession of the Borrower Collateral, the Borrower shall also at its expense
perform any and all other steps reasonably requested by the Collateral Agent to preserve and protect the security interest hereby granted in such Borrower Collateral, such as placing and maintaining
signs indicating the security interest of the Collateral Agent, appointing overseers for such Borrower Collateral and maintaining inventory records. 

        (d)  If
Collateral Agent elects to require the Borrower to assemble and deliver each Item of Equipment, the Borrower shall, at its own expense, forthwith deliver (to the
extent permitted under any Requirements of Law) exclusive possession of such Items of Equipment to Collateral Agent, at a location or locations reasonably designated by Collateral Agent (subject to
the approval of the Nevada State Gaming Control Board if such location is outside the State of Nevada) in the 48 contiguous United States, (provided,
however, that the Borrower shall not be required to deliver Items of Equipment consisting of gaming devices to a location in a jurisdiction where possession of such Items of
Equipment is unlawful) together with a copy of an inventory list of such Items of Equipment then subject to the Borrower Security Agreement, all then current plans, specifications and operating,
maintenance and repair manuals in the possession of the Borrower and its Affiliates and relating to such Items of Equipment that have been received or prepared by the Borrower, appropriately protected
and in the condition required by Section 4 (and in any event in condition to be placed in immediate revenue service) and free and clear of all
Liens other than Permitted Liens. In addition, the Borrower shall, for 90 days after delivery of such Items of Equipment, cause to be (i) maintained such Items of Equipment in the
condition required by Section 4 and free and clear of all Liens other than Permitted Liens, (ii) stored such Items of Equipment without
cost to Collateral Agent or any Lender, and (iii) kept all of such Items of Equipment insured in accordance with Section 8.2 of the Loan Agreement. This paragraph shall survive
termination of this Security Agreement. 

        (e)  Failure
by the Collateral Agent to exercise any right, remedy or option under this Agreement or any other agreement between the Borrower and the Collateral Agent or
provided by law, or delay by the Collateral Agent in exercising the same, shall not operate as a waiver; no waiver hereunder shall be effective unless it is in writing, signed by the party against
whom such waiver is sought to be enforced and then only to the extent specifically stated. Neither the Collateral Agent nor any party 

9

 

acting as attorney for the Collateral Agent shall be liable hereunder for any acts or omissions or for any error of judgment or mistake of fact or law other than their gross negligence or willful
misconduct. The rights and remedies of the Collateral Agent and the Lenders under this Agreement shall be cumulative and not exclusive of any other right or remedy which the Collateral Agent or the
Lenders may have. 

        Section 8.2.    Sale of Borrower Collateral.    In addition to the remedies set forth in  Section 8.1, if any Security Agreement Event of Default shall occur, subject to the Gaming Laws, Collateral Agent may, but is not required to,
sell the Borrower Collateral in one or more sales. Any Lender or the Collateral Agent may purchase all or any part of the Borrower Collateral at such sale. The Borrower acknowledges that sales for
cash or on credit to a wholesaler, retailer or user of such Borrower Collateral, or at public or private auction, are all commercially reasonable. Any notice required by law of intended disposition by
Collateral Agent shall be deemed reasonably and properly given if given at least 10 days before such disposition. 

        Section 8.3.    Application of Sale Proceeds.    All payments received and amounts held or realized by
Collateral Agent at any time when a Security Agreement Event of Default shall be continuing as well as all payments or amounts then held or thereafter received by Collateral Agent and the proceeds of
sale pursuant to Section 8.2 shall be distributed to the Collateral Agent for distribution in accordance with Section 3.8 of the Loan
Agreement. 

        Section 8.4.    Power of Attorney.    The Borrower unconditionally and irrevocably appoints Collateral Agent as
its true and lawful attorney-in-fact, with full power of substitution, to the extent permitted by Requirements of Law, in its name and stead and on its behalf, solely for the
purpose of effectuating any sale, assignment, transfer or delivery under this Section 8, if a Security Agreement Event of Default occurs and is
continuing, whether pursuant to foreclosure or power of sale or otherwise, and in connection therewith and during a Security Agreement Event of Default to execute and deliver all such deeds, bills of
sale, assignments, releases (including releases of this Agreement on the records of any Authority) and other proper instruments as Collateral Agent may reasonably consider necessary or appropriate.
The Borrower ratifies and confirms all that such attorney or any substitute shall lawfully do by virtue hereof. If requested by Collateral Agent or any purchaser, the Borrower shall ratify and confirm
any such lawful sale, assignment, transfer or delivery by executing and delivering to Collateral Agent or such purchaser, all deeds, bills of sale, assignments, releases and other proper instruments
to effect such ratification and confirmation as may be designated in any such request. 

        Section 8.5.    Remedies Cumulative; Consents.    To the extent permitted by, and subject to the mandatory
requirements of, any Requirements of Law, each and every right, power and remedy herein specifically given to Collateral Agent or otherwise in this Agreement shall be cumulative and shall be in
addition to every other right, power and remedy herein specifically given or now or hereafter existing at law, in equity or by statute, and each and every right, power and remedy whether specifically
herein given or otherwise existing may be exercised from time to time and as often and in such order as may be deemed expedient by Collateral Agent, and the exercise or the beginning of the exercise
of any power or remedy shall not be construed to be a waiver of the right to exercise at the same time or thereafter any right, power or remedy. Collateral Agent's or the Lenders' consent to any
request made by the Borrower shall not be deemed to constitute or preclude the necessity for obtaining Collateral Agent's or the Lenders' consent in the future to all similar requests. To the extent
permitted by any Requirements of Law, the Borrower hereby waives any rights now or hereafter conferred by statute or otherwise that may require Collateral Agent or the Lenders to sell, lease or
otherwise use the Equipment, any Item of Equipment or any Part thereof in mitigation of Collateral Agent's, or the Lenders' damages upon the occurrence of a Security Agreement Event of Default or that
may otherwise limit or modify any of Collateral Agent's or the Lenders' rights hereunder. 

10

 

        Section 8.6.    Allocation of Borrower Collateral.    All cash proceeds received by the Collateral Agent in
respect of any sale of, collection from, or other realization upon all or any part of the Borrower Collateral shall be held by the Collateral Agent, and shall be promptly paid over (after payment of
any amounts payable to the Collateral Agent pursuant to Section 8.7) by the Collateral Agent to the Lenders, in accordance with
Section 3.8 of the Loan Agreement. Any surplus of such cash or cash proceeds held by the Collateral Agent and remaining after payment in full of all the Liabilities shall be paid over to the
Borrower or to whosoever may be lawfully entitled to receive such surplus. 

        Section 8.7.    Compensation and Indemnity.    The Borrower shall pay to the Collateral Agent such compensation
as set forth in the Loan Agreement. The Borrower shall reimburse the Collateral Agent upon request for all reasonable disbursements, expenses and advances incurred or made by the Collateral Agent
without negligence or bad faith on its part. Such expenses shall include the reasonable compensation and expenses of the Collateral Agent's agents, experts and counsel. 

        The
Borrower shall indemnify the Collateral Agent, its directors, officers, agents and employees for, and hold each of them harmless against, any loss or liability, cost or expense
incurred by them without negligence or bad faith on their part in connection with the acceptance or administration of this Security Agreement and its duties under this Security Agreement and the
Notes, including, without limitation, the costs and expenses of defending itself against any claim or liability and of complying with any process served upon it or any of its officers in connection
with the exercise or performance of any of its powers or duties under this Security Agreement and the Notes. 

        To
secure the Borrower's payment obligations in this Section 8.7, the Collateral Agent shall have a lien prior to the Lenders on
all money or property held or collected by the Collateral Agent, in its capacity
as Collateral Agent, except money or property held in trust to pay principal of, premium, if any, and interest on particular Notes. 

        If
the Collateral Agent incurs expenses or renders services after the occurrence of a Security Agreement Event of Default, the expenses and the compensation for the services will be
intended to constitute expenses of administration under Title 11 of the United States Bankruptcy Code or any applicable federal or state law for relief of debtors. 

        The
provisions of this Section 8.7 shall survive the resignation or removal of the Collateral Agent and termination of this
Security Agreement. 

SECTION 9. GENERAL PROVISIONS. 

        Section 9.1.    Document.    This Security Agreement is executed pursuant to the Loan Agreement and shall
(unless otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions thereof; provided,
however, that unless expressly provided otherwise, the duties and obligation of the Collateral Agent shall be determined solely by this Security Agreement and the Collateral
Agent shall have no responsibility or obligation to perform any duties or obligations under, or to monitor the performance of the duties or obligations of the Borrower under, the Loan Agreement. 

        Section 9.2.    Amendments; Etc.    No amendment to or waiver of any provision of this Security Agreement nor
consent to any departure by the Borrower herefrom, shall in any event be effective unless the same shall be in writing and signed by the Collateral Agent, at the direction of the Required Lenders, and
then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 

        Section 9.3.    Notices.    All notices and other communications provided for hereunder shall be in writing
(including telegraphic and facsimile communication) and, if to the Lenders, delivered in accordance with Section 13.6 of the Loan Agreement, or in the case of the Collateral Agent or the 

11

 

Borrower, delivered to the respective addresses as set forth beneath each party's name on the signature pages hereto. 

        Section 9.4.    Section Captions.    Section captions used in this Security Agreement are for convenience of
reference only, and shall not affect the construction of this Security Agreement. 

        Section 9.5.    Severability; No Waiver.    Wherever possible each provision of this Security Agreement shall
be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Security Agreement shall be prohibited by or invalid under such law, such provision shall
be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Security Agreement. No delay on the part of the
Collateral Agent in the exercise of any right or remedy shall operate as a waiver thereof, and no single or partial exercise by the Collateral Agent of any right or remedy shall preclude other or
further exercise thereof or the exercise of any other right or remedy. 

        Section 9.6.    Governing Law.    THIS SECURITY AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE THE
APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE, SUBJECT TO THOSE MANDATORY PROVISIONS OF NEVADA LAW GOVERNING PERFECTION, THE EFFECT OF PERFECTION OR NON-PERFECTION, AND
THE PRIORITY OF A SECURITY INTEREST IN THE BORROWER COLLATERAL. 

        Section 9.7.    Counterparts.    This Security Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original, and all of which shall together constitute but one and the same agreement. 

[Signature
Pages Begin on Next Page] 

12

   
        IN WITNESS WHEREOF, this Security Agreement has been duly executed as of the day and year first above written. 

	 	 	WYNN LAS VEGAS, LLC,

a Nevada limited liability company,

as the Borrower
	

 	
 	

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:
	

Accepted as of the date first written above	
 	

 	
 	

 	
 	

 
	

 	
 	

WELLS FARGO BANK NEVADA, NATIONAL ASSOCIATION, as Collateral Agent for Lenders
	

 	
 	

By	
 	

 	
 	

 
	

 	
 	

 	
 	

 Its
	

 	
 	

Notice Address:
	

 	
 	

Attention:

Telephone:

Telefacsimile:

13

SCHEDULE A TO

SECURITY AGREEMENT  

 
 

DESCRIPTION OF THE BORROWER COLLATERAL    
  

EXHIBIT A TO

SECURITY AGREEMENT  

 
 

FORM OF THE BORROWER SECURITY AGREEMENT SUPPLEMENT    
  

        Security Agreement Supplement No.            (this "Security Agreement Supplement
No.            ") dated
            , 20    , by Wynn Las Vegas, LLC, a Nevada limited liability company (the "Borrower"), in favor of Wells Fargo
Bank Nevada,
National Association, a national banking association, as Collateral Agent (being referred to herein, together with any successor(s) thereto in such capacity, as the "Collateral
Agent") for the Lenders. Capitalized terms used herein and not otherwise defined shall have the meanings given to such terms in the Security Agreement dated as of October
    , 2002, between the Borrower and the Collateral Agent, a copy of which is attached hereto. 

 
 

WITNESSETH:    
  

        The Loan Agreement provides for the execution and delivery from time to time of supplements to the Security Agreement substantially in the form hereof which shall
particularly describe the Borrower Collateral and shall specifically grant a security interest in the Borrower Collateral to the Collateral Agent. 

        The
Security Agreement relates to the Borrower Collateral described in Schedule A hereto, Schedule A to the Security
Agreement and each Schedule A attached to each other Security Agreement Supplement attached to the attached Security Agreement. 

        The
Borrower hereby assigns and pledges to the Collateral Agent, and hereby grants to the Collateral Agent, a lien and security interest in and to all of the Borrower Collateral, whether
now or hereafter existing or acquired, including the Borrower Collateral more particularly described in Schedule A hereto. 

        TO HAVE AND TO HOLD the aforesaid property unto the Collateral Agent, its successors and assigns forever, upon the terms and conditions
set forth in the Security Agreement to secure the payment of the Liabilities. 

        This
Supplement shall be construed in connection with and as part of the Security Agreement and all terms, conditions and covenants contained in the Security Agreement, except as herein
modified, shall be and remain in full force and effect. 

        Any
and all notices, requests, certificates and other instruments executed and delivered after the execution and delivery of this Security Agreement Supplement No.            may
refer to the "Security Agreement" without making specific reference to this Security Agreement Supplement No.            , but nevertheless all such references shall be deemed to include
this
Security Agreement Supplement No.            unless the context shall otherwise require. 

        Section 1.1.    Counterparts.    This Supplement No.     may be executed and delivered in any
number
of counterparts, each of such counterparts constituting an original but all together only one Supplement. 

        Section 1.2.    Governing Law.    THIS SECURITY SUPPLEMENT
NO.     AGREEMENT
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES OF
THE LAW OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE, SUBJECT TO THE MANDATORY PROVISIONS OF NEVADA LAW GOVERNING PERFECTION, THE EFFECT OF
PERFECTION OR NON-PERFECTION, AND THE PRIORITY OF A SECURITY INTEREST IN THE BORROWER COLLATERAL

        Section 1.3.    Headings.    Any headings or captions preceding the text of the several sections hereof are intended
solely for convenience of reference and shall not constitute a part of this Supplement No.     nor shall they affect its meaning, construction or effect. 

        Section 1.4.    The Collateral Agent.    The Collateral Agent shall not be responsible in any manner whatsoever for or
in respect of the validity or sufficiency of this Security Agreement Supplement or for or in respect of the recitals contained herein, all of which are made solely by the Borrower. 

[Signature
Pages Begin on Next Page] 

 

        IN WITNESS WHEREOF, the Borrower has caused this Security Agreement Supplement No.     to be duly executed and delivered
by its officer thereunto duly authorized as of the date first above written. 

	 	 	 	WYNN LAS VEGAS, LLC,

a Nevada limited liability company, as the Borrower
	

 	

 	
 	

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:
	

Accepted by
 WELLS FARGO BANK NEVADA, NATIONAL ASSOCIATION, as Collateral Agent for Lenders	
 	

 	

 	

 
	

 	

 	
 	

 	

 	

 
	By	    
 Its	 	 	 	 
	

Notice Address:	
 	

 	

 	

 
	

Attention:	
 	

 	

 	

 
	

Telephone:	
 	

 	

 	

 
	

Telefacsimile:	
 	

 	

 	

 

2

 
 

SCHEDULE A    
    
    DESCRIPTION OF THE BORROWER COLLATERAL    
  

Exhibit K  

AIRCRAFT SECURITY AGREEMENT 

Dated as of October    , 2002 

Among 

WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION,
 not in its individual capacity, but solely as TRUSTEE, 

WORLD TRAVEL, LLC 

and 

WYNN LAS VEGAS, LLC 

  

 
 

TABLE OF CONTENTS    
  

	Section
 
	 	Heading
	 	Page

	

Parties	
 	

1
	

Preamble	
 	

1
	
SECTION 1.	
 	

DEFINITIONS	
 	

2
	 	

Section 1.1.	
 	

Loan Agreement Definitions	
 	

2
	 	Section 1.2.	 	UCC Definitions	 	2
	
SECTION 2.	
 	

SECURITY INTEREST	
 	

2
	 	

Section 2.1.	
 	

Grant of Security	
 	

2
	 	Section 2.2.	 	Continuing Security Interest	 	2
	 	Section 2.3.	 	The Owner and World Travel Remain Liable	 	3
	 	Section 2.4.	 	Consent and Acknowledgement	 	3
	
SECTION 3.	
 	

WARRANTIES	
 	

3
	
SECTION 4.	
 	

COVENANTS WITH RESPECT TO THE AIRCRAFT COLLATERAL	
 	

5
	 	

Section 4.1.	
 	

Possession and Use of Aircraft; Compliance with Laws	
 	

5
	 	Section 4.2.	 	Leases and Assignments	 	6
	 	Section 4.3.	 	Maintenance	 	7
	 	Section 4.4.	 	Alterations, Modifications, Etc	 	8
	 	Section 4.5.	 	Identifying Numbers and Registration; Legend; Changes; Inspection	 	9
	 	Section 4.6.	 	Liens	 	9
	 	Section 4.7.	 	Replacements and Substitutions	 	9
	 	Section 4.8.	 	Amendments	 	10
	
SECTION 5.	
 	

CERTIFICATE, SCHEDULES AND REPORTS	
 	

10
	
SECTION 6.	
 	

ADDITIONAL AGREEMENTS OF THE OWNER AND WORLD TRAVEL	
 	

11
	
SECTION 7.	
 	

RISK OF LOSS; INSURANCE	
 	

11
	 	

Section 7.1.	
 	

Casualty	
 	

11
	 	Section 7.2.	 	Insurance Coverages	 	13
	 	Section 7.3.	 	Insurance Certificates and Policies	 	14
	
SECTION 8.	
 	

DEFAULTS AND REMEDIES	
 	

14

i

 

	 	

Section 8.1.	
 	

Defaults	
 	

14
	 	Section 8.2.	 	Sale of Aircraft Collateral	 	15
	 	Section 8.3.	 	Application of Sale Proceeds	 	15
	 	Section 8.4.	 	Power of Attorney	 	15
	 	Section 8.5.	 	Remedies Cumulative; Consents	 	16
	 	Section 8.6.	 	Allocation of Aircraft Collateral	 	16
	
SECTION 9.	
 	

GENERAL PROVISIONS	
 	

16
	 	

Section 9.1.	
 	

Document	
 	

16
	 	Section 9.2.	 	Amendments; Etc.	 	16
	 	Section 9.3.	 	Notices	 	16
	 	Section 9.4.	 	Section Captions	 	16
	 	Section 9.5.	 	Severability; No Waiver	 	16
	 	Section 9.6.	 	Governing Law	 	17
	 	Section 9.7.	 	Counterparts	 	17
	 	Section 9.8.	 	Risk of Loss	 	17
	 	Section 9.9.	 	Principal Waivers	 	17
	

Signature	
 	

18

	SCHEDULE A	 	—	 	Description of Aircraft Collateral
	

EXHIBIT A	
 	

—	
 	

Form of Aircraft Security Agreement Supplement

ii

 
 

AIRCRAFT SECURITY AGREEMENT    
  

        THIS AIRCRAFT SECURITY AGREEMENT (this "Security Agreement") made as of October    , 2002, by WELLS
FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Trustee of that certain trust created under the Trust Agreement (the "Aircraft
Trust") dated as of May 10, 2002 with and World Travel, LLC, a Nevada limited liability company ("World Travel") as
Trustor (in such capacity, the "Owner"), and World Travel in favor of Wynn Las Vegas, LLC, a Nevada limited liability company (being referred to herein,
together with any successor(s) thereto in such capacity, as the "Company"). 

 
 

W I T N E S S E T H:    
  

        WHEREAS, pursuant to that certain Business Loan Agreement dated as of February 28, 2002, World Travel borrowed (the "Original
Loan") from Bank of America, N.A. funds to pay the purchase price of the Aircraft (as hereinafter defined); 

        WHEREAS,
pursuant to that certain Mortgage, Security Agreement and Assignment dated as of February 28, 2002, (the "Mortgage")
recorded by the FAA on March 14, 2002 as conveyance no. H105055 World Travel granted Bank of America, N.A. a lien on the Aircraft to secure its obligations under the Original Loan; 

        WHEREAS,
pursuant to that certain Assignment and Assumption Agreement dated May 10, 2002 between World Travel and the Owner, recorded by the FAA on June 3, 2002 as
conveyance no. GG027466 the Owner assumed the obligations of World Travel under the Mortgage; 

        WHEREAS,
pursuant to that certain Amended and Restated Operating Agreement dated as of October    , 2002, (the "Aircraft Operating
Agreement") World Travel has been granted an exclusive license to possess, use and operate the Aircraft and has assumed certain obligations in connection therewith; 

        WHEREAS,
pursuant to the terms of the Loan Agreement dated as of October    , 2002 (as amended from time to time, the "Loan
Agreement"), among the Company and the several lenders listed in Schedule IA1 attached thereto (together with each successive lender thereunder, the  "Lenders"), the Company has
agreed to borrow, and the Lenders have agreed to lend, subject to certain conditions, up to $188,500,000;
 

        WHEREAS,
pursuant to the terms of the Intercompany Note dated as of October    , 2002 (as amended from time to time, the "Intercompany
Note"), from World Travel to the Company, World Travel will borrow from the Company the funds necessary to repay the Original Loan and for Bank of America, N.A. to release the
Mortgage; 

        WHEREAS,
as a condition precedent to making its loan to World Travel, the Company has required that the Owner and World Travel enter into this Security Agreement; 

        WHEREAS,
as a condition precedent to making their loans, the Lenders have required that World Travel guaranty the obligations of the Company under the Loan Agreement; 

        WHEREAS,
as a further condition precedent to making their loans, the Lenders have required that the Company assign to a collateral agent on their behalf its interests in this Security
Agreement and in the Intercompany Note; and 

        WHEREAS,
therefore, the Owner and World Travel wish to execute, deliver and perform, and have each duly authorized the execution, delivery and performance of, this Security Agreement. 

 

        NOW,
THEREFORE, the Owner and the Company hereby agree as follows: 

SECTION 1. DEFINITIONS. 

        Section 1.1.    Loan Agreement Definitions.    Unless otherwise defined herein or the context otherwise
requires, terms used in this Security Agreement, including its preamble and recitals, have the meanings provided in Appendix I to the Loan Agreement. 

        Section 1.2.    UCC Definitions.    Unless otherwise defined herein (including those terms defined in
Appendix I to the Loan Agreement) or the context otherwise requires, terms for which meanings are provided in the UCC are used in this Security Agreement, including its preamble and recitals,
with such meanings. 

SECTION 2. SECURITY INTEREST. 

        Section 2.1.    Grant of Security.    As security for the payment and performance of all obligations of World
Travel under the Intercompany Note and any other Loan Document to which it is party or agreement or document related to any Loan Document (hereinafter, collectively, the "World
Liabilities"), the Owner and World Travel hereby transfer, assign and pledge to the Company, and grant to the Company, a continuing first and prior security interest in and to,
all of the Owner's and World Travel's respective right, title and interest in (i) the Aircraft, including, without limitation, the Airframe and Engines, listed on  Schedule A hereto and each
Schedule A to each Aircraft Security Agreement Supplement executed pursuant to  Section 7.1, whether now or hereafter existing or acquired by the Owner or World Travel or in which the Owner or
World Travel now has or at any
time in the future may acquire any right, title or interest, (ii) the Aircraft Contracts, to the extent that such contracts are assignable, (iii) contracts and warranties including,
without limitation, the Las Vegas Jet Lease and the Aircraft Operating Agreement, necessary to operate and maintain the Aircraft or otherwise specifically related to the Aircraft (including all rents
and other amounts payable thereunder), to the extent that such contracts are assignable, (iv) any rights to Liquidated Damages, rebates, offset or other warranty payments, or assignment under a
purchase order, invoice or purchase agreement with any manufacturer of or contractor for any portion of the foregoing, to the extent that such rights are assignable, (v) all insurance policies
relating to the Aircraft required to be maintained pursuant to any Loan Document, (vi) all logs, manuals, books, records, writings, databases, information and other property relating to, used
or useful in connection with, evidencing, embodying, incorporating or referring to, any of the foregoing and (vii) all proceeds from the sale of any or all of the foregoing, and to the extent
not otherwise included, all payments under insurance (whether or not the Owner or World Travel is the loss payee thereof) or any indemnity, warranty or guarantee payable by reason of loss or damage to
or otherwise with respect to any of the foregoing (collectively, the "Aircraft Collateral"). 

        Section 2.2.    Continuing Security Interest.    This Security Agreement shall create a continuing security
interest in the Aircraft Collateral and shall (a) remain in full force and effect until payment in full of all World Liabilities, (b) be binding upon the Owner and World Travel, their
respective successors, transferees and assigns, and (c) inure, together with the rights and remedies of the Company hereunder, to the benefit of the Company. Without limiting the generality of
the foregoing clause (c), the Company may assign or otherwise transfer (in whole or in part) the Intercompany Note held by it to the Collateral
Agent on behalf of the Lenders, and the Collateral Agent shall thereupon become vested with all the rights and benefits in respect thereof granted to the Company under any Loan Document (including
this Security Agreement) or otherwise. 

        Upon
the payment in full of all World Liabilities, the security interest granted herein shall terminate and all rights to the Aircraft Collateral granted thereby shall revert to the
Owner and World Travel, respectively. Upon any such termination, the Company will, at the request and at the sole 

2

 

expense of World Travel, execute and deliver to the Owner and World Travel such documents as the Owner and World Travel shall reasonably request to evidence such termination. 

        Section 2.3.    The Owner and World Travel Remain Liable.    Anything herein to the contrary notwithstanding:

        (a)
the Owner and World Travel shall remain liable under the contracts and agreements included in the Aircraft Collateral to the extent set forth therein, and shall perform all of its
duties and obligations under such contracts and agreements to the same extent as if this Security Agreement had not been executed, 

        (b)
the exercise by the Company, or its assigns, of any of its rights hereunder shall not release the Owner or World Travel from any of its duties or obligations under any such contracts
or agreements included in the Aircraft Collateral, and 

        (c)
the Company shall not have any obligation or liability under any such contracts or agreements included in the Aircraft Collateral by reason of this Security Agreement, nor shall the
Company be obligated to perform any of the obligations or duties of the Owner or World Travel thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. 

        Section 2.4.    Consent and Acknowledgement.    Anything herein to the contrary notwithstanding, the Owner and
World Travel hereby acknowledge and agree that: 

        (i)
the rights and powers of the Company under this Security Agreement and the Intercompany Note are being assigned concurrently with the execution hereof to the Collateral Agent for the
benefit of the Lenders pursuant to the Borrower Aircraft Assignment; 

        (ii)
notwithstanding any action on inaction by World Travel or the Owner, the occurrence and continuance of an Event of Default under the Loan Agreement shall constitute an Aircraft
Event of Default under each of this Security Agreement and the Intercompany Note; and 

        (iii)
upon the occurrence and continuance of a default under the Intercompany Note or an Aircraft Event of Default under this Security Agreement, the Collateral Agent, as assignee of the
Company,
may exercise all of the rights, remedies and powers of the Company set forth in the Intercompany Note and this Security Agreement, including without limitation, the right to demand payment on the
Intercompany Note and the exercise of remedies set forth in Section 8. 

SECTION 3. WARRANTIES. 

        (a)
The Owner hereby represents and warrants to the Company, the Collateral Agent and each Lender that: 

        (i)
the Owner (A) is, and will remain, duly organized, existing and in good standing and will remain the Trustee of the Aircraft Trust Agreement pursuant to the terms of the
Aircraft Trust Agreement and (B) is and will be the lawful owner of all of the Aircraft Collateral, free of all liens and claims whatsoever, other than Permitted Liens, with full power and
authority to execute this Security Agreement and perform the obligations of the Owner hereunder and to subject the Aircraft Collateral to the security interest hereunder; 

        (ii)
all information with respect to the Aircraft Collateral and the Owner set forth in any schedule, certificate or other writing at any time heretofore or hereafter furnished by the
Owner to the Company, the Collateral Agent or any Lender and all other written information heretofore or hereafter furnished by the Owner to the Company, the Collateral Agent or any Lender, is and
will be true and correct in all material respects as of the date furnished, unless it refers by its terms to a specific date, then as of that date; 

3

 

        (iii)
on the Initial Advance Date (i) the Aircraft has been duly certificated by the Federal Aviation Administration as to type and airworthiness and (ii) the Owner has
granted exclusive use and possession of the Aircraft to World Travel under the Aircraft Operating Agreement; 

        (iv)
the Owner is a "citizen of the United States" pursuant to 49 U.S.C. Subtitle VII of the United States Code, as amended (the "FAA
Act"), and the regulations thereunder and is properly qualified under the FAA Act and all applicable regulations to hold title to the Aircraft; 

        (v)
the Owner has its chief executive office at the location set forth below its signature on the signature page; 

        (vi)
the Aircraft Trust Agreement and this Security Agreement have been duly authorized, executed and delivered and constitute legal, valid and binding agreements against the Owner and
constitute legal, valid and binding agreements enforceable under all applicable laws in accordance with their terms, except to the extent that the enforcement of remedies may be limited under
applicable bankruptcy and insolvency laws; 

        (vii)
no approval or consent or withholding of objections is required from any governmental authority or instrumentality or any other entity with respect to the entry into, or
performance by, the Owner of the this Security Agreement or the Aircraft Trust Agreement, except such as have already been obtained; and 

        (viii)
the entry into and performance of the Aircraft Trust Agreement and this Security Agreement by the Owner will not violate the Owner's organizational documents, or any judgment,
order, law or regulation applicable to the Owner, or result in any breach or constitute a default under, or result in the creation of, any lien, claim or encumbrance on any of the Owner's property
(except for liens in favor of the Company and the Collateral Agent) pursuant to, any indenture mortgage, deed of trust, bank loan, credit agreement, or other agreement or instrument to which the Owner
is a party. 

        (b)
World Travel hereby represents and warrants to the Company, the Collateral Agent and each Lender that: 

        (i)
this Security Agreement creates a valid first priority security interest in the Aircraft Collateral securing payment and performance of the World Liabilities and that all filings and
other action necessary to perfect such security interest have been taken; 

        (ii)
all information with respect to the Aircraft Collateral and World Travel set forth in any schedule, certificate or other writing at any time heretofore or hereafter furnished by
World Travel to the Company, the Collateral Agent or any Lender and all other written information heretofore or hereafter furnished by World Travel to the Company, the Collateral Agent or any Lender,
is and will be true and correct in all material respects as of the date furnished, unless it refers by its terms to a specific date, then as of that date; 

        (iii)
on the Initial Advance Date (i) the Aircraft has been duly certificated by the Federal Aviation Administration as to type and airworthiness and (ii) World Travel has
granted authority to operate the Aircraft to Las Vegas Jet pursuant to the Las Vegas Jet Lease; 

        (iv)
the Aircraft is hangared in the location set forth in Schedule A hereto; 

        (v)
all action for registration of the Aircraft which is necessary in light of World Travel's intended use thereof has been taken; 

        (vi)
all licenses, approvals, authorizations, consents and permits required for the use and operation of such Aircraft have been obtained from the appropriate Governmental Agency having
jurisdiction (including, without limitation, the FAA or the United States Department of Transportation) or from private parties, as the case may be; 

4

 

        (vii)
there are no patents, patent rights, trademarks, service marks, trade names, copyrights, licenses or other intellectual property rights with respect to the Aircraft that are
necessary for the operation of the Aircraft and that have not been obtained; 

        (viii)
the Aircraft Trust Agreement and this Security Agreement have been duly authorized, executed and delivered and constitute legal, valid and binding agreements against World Travel
and constitute legal, valid and binding agreements enforceable under all applicable laws in accordance with their terms, except to the extent that the enforcement of remedies may be limited under
applicable bankruptcy and insolvency laws; 

        (ix)
no approval or consent or withholding of objections is required from any governmental authority or instrumentality or any other entity with respect to the entry into, or performance
by, World Travel of the this Security Agreement or the Aircraft Trust Agreement, except such as have already been obtained; and 

        (x)
the entry into and performance of the Aircraft Trust Agreement and this Security Agreement by World Travel will not violate the World Travel's organizational documents, or any
judgment, order, law or regulation applicable to World Travel, or result in any breach or constitute a default under, or result in the creation of, any lien, claim or encumbrance on any of World
Travel's property (except for liens in favor of the Company and the Collateral Agent) pursuant to, any indenture mortgage, deed of trust, bank loan, credit agreement, or other agreement or instrument
to which World Travel is a party. 

SECTION 4. COVENANTS WITH RESPECT TO THE AIRCRAFT COLLATERAL. 

        The
Owner and World Travel covenant and agree as follows: 

        Section 4.1.    Possession and Use of Aircraft; Compliance with Laws.    The Owner and World Travel agree that
the Aircraft will be used and operated in compliance with all applicable Requirements of Law. Neither the Owner nor World Travel shall use the Aircraft or any part thereof for any purpose or in any
manner that would materially adversely affect the Fair Market Value, the utility of the Aircraft as a passenger aircraft or the remaining useful life of such Aircraft, ordinary wear and tear and
depreciation excepted. The Owner and World Travel shall procure and maintain in effect airworthiness certificates related to Aircraft and all licenses, registrations, certificates, permits, approvals
and consents required by any Requirement of Law or by any Governmental Authority necessary for the ownership, delivery, installation, maintenance, repair, use and operation of the Aircraft. Neither
the Owner nor World Travel shall (a) use, operate, or maintain the Aircraft or any portion thereof in violation of Section 4.3 or any
Insurance Requirement; (b) lease, assign or otherwise permit the use of any of the Aircraft except as may be permitted by Section 4.2; or
(c) except as set forth in Section 4.2 or in the Loan Agreement, sell, assign or transfer any of its rights or in any of the Aircraft, or
directly or indirectly create, incur or suffer to exist any Lien on any of its rights hereunder or in any of the Aircraft, except for Permitted Liens. The Owner and World Travel agree that the
Aircraft will be operated at all times by a pilot whose certification is in compliance with all applicable Requirements of Law and any Insurance Requirement, including the necessary minimum "total
pilot hours" and the minimum "pilot-in command hours". 

        Notwithstanding
anything contained in the paragraph set forth immediately above, the Owner and World Travel hereby further agree not to (i) operate the Aircraft or permit the
Aircraft to be operated except in operations for which the Owner and World Travel (or any lessee or other Person permitted by the provisions of  Section 4.2 hereof to operate the Aircraft) is duly
authorized by the Federal Aviation Administration or other governmental authority having
jurisdiction over the Aircraft; (ii) use or permit the Aircraft to be used for a purpose for which the Aircraft is not designed or reasonably suitable; and (iii) operate, use or locate
the Aircraft, or suffer the Aircraft to be operated, used or located (A) and 

5

 

in any area excluded from coverage by any insurance required by the Insurance Requirements, (B) any country with which the United States shall not have full diplomatic relations, or
(C) in any recognized or threatened area of hostilities. The Owner and World Travel hereby further agree to operate the Aircraft, or permit the Aircraft to be operated, predominately for
business purposes. 

        Section 4.2.    Leases and Assignments.    Except for leases permitted by this  Section 4.2, neither the Owner nor World Travel may assign, lease, mortgage, pledge or otherwise transfer to any Person, at any time, in whole or
in part, any of its rights, title or interest in, or obligations to or under this Security Agreement, any other Loan Document or to any portion of the Aircraft. Each lease entered into in accordance
with this Section 4.2 shall be referred to as an "Aircraft Lease." The Owner and World Travel
may, so long as no Aircraft Event of Default exists, lease all or any portion of the Aircraft to one or more of World Travel's Affiliates. With respect to any Aircraft Lease permitted under this  Section 4.2, neither the Owner nor World Travel shall lease any portion of the Aircraft to any Person who shall then be engaged in any
proceedings for relief under any bankruptcy or insolvency law or laws relating to the relief of debtors. 

        No
Aircraft Lease hereunder will (a) discharge or diminish any of the Owner's or World Travel's obligations to Company hereunder or the Owner's or World Travel's obligations to
any other Person under any other Loan Document, and the Owner and World Travel shall remain directly and primarily liable under this Security Agreement and any other Loan Document to which it is a
party with respect to all of the Aircraft Collateral or (b) extend beyond the last day of the Loan Term. Each Aircraft Lease permitted hereby shall be made and shall expressly provide that it
is subject and subordinate to this Security Agreement and the rights of Company hereunder including, without limitation, the right of the Company to inspect and take possession of the Aircraft from
time to time, and shall expressly provide for the surrender of the Aircraft Collateral leased by the applicable lessee at the election of Company after an Aircraft Event of Default;  provided that the
Las Vegas Jet Lease shall be deemed to comply with the terms of this  Section 4.2 so long as Las Vegas Jet shall deliver a consent in form and substance satisfactory to the Collateral Agent.
Accordingly each lessee
shall (i) waive any right that it might have to any notice of the Company's (or its assignee's) intention to inspect, take possession of, or exercise any other right or remedy in respect of the
Aircraft under this Security Agreement, (ii) waive, as against the Company, all rights to any set-off, defense, counterclaim, or cross-claim that it may hold against the Company,
and (iii) acknowledge that, upon an Aircraft Event of Default it shall have no further rights in and to the Aircraft. 

6

  

        The Owner and World Travel shall give the Company and the Collateral Agent prompt, and in any event within 5 Business Days thereof, written notice of any Aircraft Lease permitted under
this Section 4.2, and shall promptly provide the Company and the Collateral Agent with a fully executed copy of each document evidencing such
Aircraft Lease, together with a Certificate of a Responsible Officer of the Owner that such Aircraft Lease complies with this Section 4.2. 

        Section 4.3.    Maintenance.    At all times, the Owner and World Travel shall, at its own cost and expense:

        (a)
keep, repair, maintain and preserve the Aircraft in good order and operating condition and repair as existing on the Initial Advance Date, ordinary wear and tear excepted, and in
conformance with (i) prudent industry maintenance and repair standards, (ii) such maintenance and repair standards used by the Owner, World Travel or any of World Travel's Affiliates for
similar property owned or leased by it, and (iii) all Requirements of Law and Insurance Requirements, and in the event that any Requirement of Law requires any alteration, replacement or
addition of or to any Aircraft Part, the Owner and World Travel will conform therewith at its own expense; 

        (b)
(i) conduct all scheduled maintenance of the Aircraft in conformity with the Owner's, World Travel's and World Travel's Affiliates' past practices, and prudent industry
maintenance and repair standards, (including, without limitation, the Owner's, World Travel's and World Travel's Affiliates' maintenance program for such equipment) and (ii) maintain such
Aircraft so as to preserve its remaining economic useful life, utility and residual value; and 

        (c)
cause the Aircraft to continue to have at all times the capacity and functional ability to perform, on a continuing basis (subject to normal interruption in the ordinary course of
business for maintenance, inspection, service, repair and testing) and in commercial operation, the functions for which it was specifically designed, other than any Casualty pursuant to which the
Company has paid the Casualty Amount or is causing the rebuilding the affected portion of the Aircraft pursuant to Section 7.1. 

        The
Owner and World Travel shall prepare and deliver to Company, with copies to the Collateral Agent, within 30 Business Days prior to the required date of filing (or, to the extent
permissible, file on behalf of Company) any and all material reports to be filed by Company with any Governmental Authority by reason of the security and World Travel interest of the Company in the
Aircraft Collateral. The Company agrees to inform the Owner and World Travel of any request for such reports received by it. The Owner and World Travel shall maintain or cause to be maintained, all
records, logs
and other materials required by any Governmental Authority (including, without limitation, each applicable Aeronautics Authority with respect to the Aircraft) having jurisdiction over the Aircraft.
The Owner and World Travel shall permit Company, the Collateral Agent and each Lender to inspect, during normal business hours and upon notice within 24 hours (so long as the Aircraft is not in
service at such time, in which event 5 Business Days notice shall be required), the Aircraft Collateral and any and all records, logs and other materials maintained by the Owner, World Travel or any
of World Travel's Affiliates in respect of the Aircraft Collateral; provided that from and after the occurrence of an Aircraft Event of Default, all
costs and expenses of Company, the Collateral Agent or any Lender in connection with such inspection shall be borne by the Owner and World Travel. The Owner and World Travel hereby waive any right now
or hereafter conferred by law to make repairs on the Aircraft Collateral at the expense of Company. 

        In
addition to the foregoing provisions of this Section 4.3 World Travel shall, at its own cost and expense, service, repair,
maintain and overhaul, test or cause the same to be done to the Airframe and each Engine (i) so as to keep the Airframe and Engines in such operating condition as may be necessary to enable the
airworthiness certification of the Aircraft to be maintained in good standing at all times under the applicable rules and regulations of the FAA, and (ii) in accordance with the FAA- 

7

 

approved maintenance program for corporate aircraft and BMW Rolls Royce engines. The Owner and World Travel shall maintain, or cause to be maintained, with respect to each Aircraft all records, logs
and other materials required by the Department of Transportation or the FAA or any other Aeronautics Authority having jurisdiction over the Aircraft to be maintained in respect of the Aircraft, all
such records, logs or materials to be in the English language, and shall promptly furnish to Company upon Company's request such information as may be required to enable Company to file any reports
required to be filed with any Authority because of Company's interest in the Aircraft. 

        Section 4.4.    Alterations, Modifications, Etc.    In case the Aircraft, or any item of equipment, part or
appliance therein (each, an "Aircraft Part") is required to be altered, added to, replaced or modified in order to comply with any Requirements of Law
(a "Required Aircraft Alteration") pursuant to Sections 4.1 or  4.3 hereof, the Owner and World Travel agree
to make such Required Aircraft Alteration at its own expense. The Owner and World Travel shall have the
right to make any modification, alteration or improvement to the Aircraft (herein referred to as a "Permitted Aircraft Modification"), or to remove any
Aircraft Part which has become worn out, broken or obsolete, provided in each case that the Owner and World Travel continue to be in compliance with  Sections 4.1 and 4.3 hereof and that such action will not, in the Owner's reasonable judgment,
materially decrease the economic value of the Aircraft or impair its originally intended use or function or decrease its economic useful life and in any event, will not decrease the Fair Market Value
of the Aircraft throughout the Loan Term. In the event any Permitted Aircraft Modification (i) is readily removable without impairing the value or use which the Aircraft would have had at such
time had such Aircraft Part not been affixed or placed to or on the Aircraft (a "Removable Aircraft Part"), (ii) is not a Required Aircraft
Alteration and (iii) is not an Aircraft Part which replaces any Aircraft Part originally incorporated or installed in or attached to such Aircraft Collateral on the date on which such Aircraft
Collateral became subject to this Security Agreement, or any Aircraft Part in replacement of or substitution for any such original Part (each an "Original Aircraft
Part"), any such Permitted Aircraft Modification, if no Aircraft Event of Default is continuing, shall be and remain the property of the Owner that is not subject to the Lien
of this Security Agreement and may be removed by the Owner (a "World Aircraft Part"). To the extent such Permitted Aircraft Modification is not a
Removable Aircraft Part, or is a Required Aircraft Alteration or an Original Aircraft Part, and, to the extent a Removable Aircraft Part is not the property of the
Owner that is not subject to the Lien of this Security Agreement because of the continuance of an Aircraft Event of Default, the same shall immediately and automatically be and become subject to the
Lien of this Security Agreement. Any Required Aircraft Alterations, and any Aircraft Parts installed or replacements made by the Owner upon any Aircraft Collateral pursuant to its obligation to
maintain and keep the Aircraft Collateral in good order, operating condition and repair under Section 4.3 (collectively,  "Replacement Aircraft Parts")
and all other Parts which become the property of the Owner shall be considered, in each case, accessions to such Aircraft
Collateral and a security interest therein shall be immediately and automatically vested in Company. All Replacement Aircraft Parts shall be free and clear of all Liens (other than Permitted Liens)
and shall be in as good an operating condition as, and shall have a value and utility at least equal to, the Aircraft Parts replaced, assuming such replaced Aircraft Parts and the Aircraft Collateral
were immediately prior to such replacement or the event or events necessitating such replacement in the condition and repair required to be maintained by the terms hereof. Any Aircraft Part at any
time removed from any of the Aircraft Collateral shall remain subject to the interests of Company under the Loan Documents, no matter where located, until such time as such Aircraft Part shall be
replaced by an Aircraft Part which has been incorporated or installed in or attached to the Aircraft and which meets the requirements for a Replacement Aircraft Part specified above. No later than
45 days after the end of each fiscal quarter of World Travel, the Owner and World Travel shall deliver to Company, an Aircraft Security Agreement Supplement evidencing the grant by the Owner
and World Travel of a security interest in such Replacement Aircraft Part to Company, for each Replacement Aircraft Part not previously evidenced by an Aircraft Security Agreement Supplement and such
other documents in 

8

 

respect of such Aircraft Part or Aircraft Parts and to the extent, as Company may reasonably request in order to confirm that a security interest to such Aircraft Part or Aircraft Parts has passed to
Company as hereinabove provided. Any such Replacement Aircraft Part, regardless of whether evidenced by an Aircraft Security Agreement Supplement, shall become subject to this Security Agreement and
shall be deemed part of the Aircraft Collateral, for all purposes hereof to the same extent as the Aircraft Parts originally incorporated or installed in the Aircraft, and a security interest to such
Replacement Aircraft Part shall thereupon vest in the Company. All replacements pursuant to this Section 4.4 shall be purchased by the Owner or
World Travel with its own funds. There shall be no obligation on the part of the Company to pay for or otherwise finance any such replacement. 

        Section 4.5.    Identifying Numbers and Registration; Legend; Changes; Inspection.    The Owner and World
Travel, each at its own expense, will (i) cause the Airframe and each Engine to be kept numbered with the identification numbers as shall be set forth on Schedule A to the applicable
Aircraft Security Agreement Supplement, and (ii) upon the Initial Advance Date, cause the Aircraft to be duly registered in the name of the Owner under the Federal Aviation Act and at all times
thereafter to remain so registered. Within 10 days after the Initial Advance Date, the Owner shall place in the cockpit of the Airframe in a location reasonably adjacent to the airworthiness
certificate of the Aircraft, and on each Engine, a metal nameplate identifying the security interest of the Company, as follows: 

 
 

"WYNN LAS VEGAS, LLC, as Secured Party,
  as further assigned to
WELLS FARGO BANK NEVADA, NATIONAL ASSOCIATION, as Collateral Agent"
  

        Neither
the Owner nor World Travel will allow the name or logo of any Person other than the Company or its successors or assigns, to be placed on the Aircraft or any Engine as a
designation that might be interpreted as a claim of ownership or of any interest therein, provided, however, that the name and/or logo of the Owner,
World Travel or any of World Travel's Affiliates may be placed on the Aircraft. 

        Section 4.6.    Liens.    The Owner will not directly or indirectly create, incur, assume or suffer to exist
any Lien (other than Permitted Liens) on or with respect to the Aircraft Collateral or any Aircraft Part. The Owner and World Travel, each at its own expense, will promptly pay, satisfy and otherwise
take such actions as may be necessary to keep the Aircraft Collateral free and clear of, and to duly discharge or eliminate or bond in a manner satisfactory to Company, any such Lien not excepted
above if the same shall arise at any time. The Owner and World Travel will notify Company, the Collateral Agent and each Lender in writing within 5 Business Days upon becoming aware of any Tax or
other Lien (other than any Lien excepted above) that shall attach to the Aircraft Collateral, and of the full particulars thereof. Without limiting the foregoing, neither the Owner nor World Travel
shall assign or pledge any of its rights under any Lease to any Person other than Company. 

        Section 4.7.    Replacements and Substitutions.    (a) In addition to the rights of the Owner and World Travel
under Section 4.4, the Owner and World Travel shall have the option at any time to replace any Aircraft Part (a "Replaced
Aircraft Part" or "Replaced Aircraft Parts") with a substitute Aircraft Part (a "Substitute Aircraft
Part" or "Substitute Aircraft Parts"), subject to the following conditions: 

        (i)
no Aircraft Event of Default shall have occurred and be continuing; 

        (ii)
the Substitute Aircraft Part or Substitute Aircraft Parts shall be the same general type, year of construction (or a later year of construction), useful life, function, utility,
state of repair and operating condition as the portion of the Replaced Aircraft Part or Replaced Aircraft Parts, must have a Fair Market Value of not less than the Fair Market Value of the Replaced
Aircraft Part or Replaced Aircraft Parts and be free and clear of any Liens other than Permitted Liens, as described in the Appraisal delivered on the Initial Advance Date; and 

9

 

        (iii)
prior to the date of any such substitution, the Owner and World Travel shall replace such Replaced Aircraft Part or Replaced Aircraft Parts by complying with the terms of  Section 7.1 to the same
extent as if a Casualty or a series of Casualties had occurred with respect to such Replaced Aircraft Part or Replaced
Aircraft Parts, and the Company shall release its Lien on the Replaced Aircraft Part or Replaced Aircraft Parts in the same manner as provided in said  Section 7.1. 

        (b)
All replacements pursuant to Section 4.7(a) shall be purchased by the Owner or World Travel with its own funds. There shall be
no obligation on the part of the Company to pay for or otherwise finance any such replacement. No termination of this Security Agreement with respect to any Aircraft Part as contemplated by this  Section 4.7 shall result in any reduction of World Travel's obligation to pay the World Liabilities. 

        (c)
(i) In addition to the rights of the Owner under Section 4.4, the Owner shall have the option at any time to replace the
Aircraft with a substitute Aircraft (the "Replacement Aircraft"), subject to the following conditions: 

        (A)
no Aircraft Event of Default shall have occurred and be continuing; 

        (B)
the Replacement Aircraft shall be the same general type, year of construction (or a later year of construction), useful life, function, utility, state of repair and operating
condition as the Aircraft, must have a Fair Market Value of not less than the Allocated Aircraft Value and be free and clear of any Liens other than Permitted Liens, as described in the Appraisal
delivered on the Subsequent Aircraft Advance Date; and 

        (C)
prior to the date of any such substitution, the Owner shall replace the Aircraft by complying with the terms of Section 7.1 to
the same extent as if a Casualty or a series of Casualties had occurred with respect to the Aircraft, and the Company shall release its Lien on the Aircraft s in the same manner as provided in said  Section 7.1. 

        (ii)
All replacements pursuant to Section 4.7(c) shall be purchased by the Owner with (i) its or World Travel's own funds,
(ii) proceeds from the sale of the Aircraft and (iii) other sources of funds approved by the Lenders. No termination of this Security Agreement with respect to the Aircraft as
contemplated by this Section 4.7 shall result in any reduction of World Travel's obligation to pay the World Liabilities. 

        Section 4.8.    Amendments.    Neither the Owner nor World Travel will, without the prior written consent of
the Collateral Agent, directly or indirectly, agree to any amendment, waiver or termination of the Aircraft Operating Agreement or the Aircraft Trust. 

SECTION 5. CERTIFICATE, SCHEDULES AND REPORTS. 

        The
Owner and World Travel will from time to time, as the Company or any Lender may reasonably request, deliver to the Company, the Collateral Agent and the Lenders such schedules,
certificates and reports respecting all or any of the Aircraft Collateral at the time subject to the security interest
hereunder, and the items or amounts received by the Owner in full or partial payment or otherwise as proceeds of any of the Aircraft Collateral, all to such extent as the Company may request. Any such
schedule, certificate or report shall be executed by a duly authorized officer of the Owner and shall be in such form and detail as the Company, at the direction of the Required Lenders, may
reasonably specify. 

10

 

SECTION 6. ADDITIONAL AGREEMENTS OF THE OWNER AND WORLD TRAVEL. 

        The
Owner and World Travel agree, that, until all of the World Liabilities are paid in full, the Owner and World Travel will perform and fulfill each of the following agreements: 

        (a)
The Owner (1) will execute such financing statements, continuation statements or amendments thereof or supplements thereto and other documents (and pay the cost of filing or
recording the same in all public offices deemed necessary by the Company) and do such other acts and things, all as the Company may from time to time request, to establish and maintain a valid first
security interest in the Aircraft Collateral to secure the payment of the World Liabilities, including, without limitation, deposit with the Company of any certificate of title issuable with respect
to any of the Aircraft Collateral and notation thereon of the security interest hereunder (and any carbon, photographic or other reproduction of this Security Agreement or of any such financing
statement shall be sufficient for filing as a financing statement) and (2) will, at the Initial Advance Date, provide, or will cause to be provided, to the Company, the Lenders and the
Collateral Agent an opinion of counsel (which may be the opinion of the general counsel/chief legal officer of World Travel) stating that, in the opinion of such counsel, this Security Agreement and
the FAA and UCC filings and other agreements or documents executed in connection with this Security Agreement have been, and remain, properly recorded or filed for record so as to make effective of
record the lien intended to be created hereby and thereby. 

        (b)
The Owner will not change its name, change its organizational structure, resign as trustee under the Aircraft Trust Agreement or do business under any other names without at least
30 days' prior written notice thereof from World Travel shall have been delivered to the Company, Lenders and the Collateral Agent and will not change the location of their principal executive
offices or places of business, except for a change to another location within the continental limits of the United States of America and within a jurisdiction in which the UCC is in effect, of which
the Company, Lenders and the Collateral Agent shall have been given at least 30 days' prior written notice by World Travel. 

        (c)
World Travel will reimburse the Company, the Collateral Agent and Lenders upon demand for all reasonable costs and expenses, including reasonable attorney's fees and legal expenses
(including allocated costs of internal counsel), incurred by the Company or the Collateral Agent in seeking to collect or enforce any right under this Security Agreement or the Aircraft Collateral
and, in case of an Aircraft Event of Default, in seeking to collect payments of principal, premium, if any, and interest on the Intercompany Note and all other World Liabilities and to enforce rights
hereunder, including
expenses of any repairs to any realty or other property to which any of the Aircraft Collateral may be affixed or be a part. 

        (d)
The Owner will remain a "citizen of the United States" pursuant to 49 U.S.C. Section 40102(a)(15). 

SECTION 7. RISK OF LOSS; INSURANCE. 

        Section 7.1.    Casualty.    Upon the occurrence of a Casualty with respect to the Airframe or an Engine, the
Owner shall give the Company, the Lenders and Collateral Agent prompt notice thereof (an "Aircraft Casualty Notice"). 

        The
Company, upon receipt of the Aircraft Casualty Notice, may specify whether it shall: 

        (a)
demand that the Owner pay to Company the Casualty Amount of the Airframe or Engines suffering such Casualty, together with all other Interest then due and owing and, if such amount
is paid on a date which is not a Payment Date, an amount equal to the Applicable Administrative Charge with respect to such Casualty Amount on the Casualty Settlement Date; or 

11

 

        (b)
permit the Owner to elect to replace the Airframe or an Engine with respect to which the Casualty has occurred pursuant to the following provisions of this  Section 7.1, provided that upon the occurrence and during the continuance of a Default or an
Aircraft Event of Default or in the event such Casualty is pursuant to the last sentence of the definition thereof, Company shall be obligated, at the option of the Required Lenders, to require the
payments referred to in clause (a) above and shall not be entitled to offer any right of election of replacement pursuant to this  clause (b).

        If
Company has elected, or is obligated, to demand payment of the Casualty Amount pursuant to clause (a) above, World Travel shall
continue to make all payments of interest due under the Intercompany Note until and including the Casualty Settlement Date. Upon payment of the Casualty Amount in respect of the Airframe or an Engine
suffering Casualty on such Casualty Settlement Date together with all Interest then due and owing and the application thereof pursuant to Section 3.8 of the Loan Agreement, the remaining
interest and principal under the Intercompany Note shall be reduced by an amount equal to the product of the scheduled amount of each such payment (determined in each
case prior to the receipt of such Casualty Amount), multiplied by the Item Value Fraction of the Airframe or Engine with respect to which the Casualty suffering such Casualty or series of Casualties. 

        Airframe
Replacements—If the Owner elects (by written notice delivered to the Company within 10 Business Days of the Casualty) to replace the Airframe suffering a Casualty,
and such replacement is permitted under the foregoing clause (b), the Owner may make subject to this Security Agreement, not later than the
Casualty Settlement Date with respect to such Airframe, a Replacement Airframe meeting the suitability standards set forth in Section 8.1 of the Loan Agreement. The Owner shall cause such
documents, opinions and deliveries as set forth in Section 8.1 of the Loan Agreement to be executed and delivered to Company in order to subject such Replacement Airframe to this Security
Agreement, and upon such execution and delivery and the receipt by Company, such Replacement Airframe shall be deemed an "Airframe" for all purposes
hereof. 

12

   
        Engine Replacements—If the Owner elects (by written notice delivered to the Company within 10 Business Days of the Casualty) to replace an Engine suffering a Casualty, and
such replacement is permitted under the foregoing clause (b), the Owner may make subject to this Security Agreement, not later than the Casualty
Settlement Date with respect to such Engine, a Replacement Engine meeting the suitability standards hereinafter set forth in Section 8.1 of the Loan Agreement. The Owner shall cause such
documents, opinions and deliveries as set forth in Section 8.1 of the Loan Agreement to be executed and delivered to Company in order to subject such Replacement Engine to this Security
Agreement, and upon such execution and delivery and the receipt by the Company, such Replacement Engine shall be deemed an "Engine" for all purposes
hereof. 

        Subject
to the terms of the Loan Agreement, if (i) the Company has received the amount payable with respect to the Casualty and all other amounts due, or (ii) the Airframe
or Engines have been substituted in accordance herewith, and, in each case, no Default or Aircraft Event of Default exists, the Owner shall be entitled to receive from the Company the proceeds of any
recovery in respect of the Airframe or Engines from insurance or otherwise, to the extent recovered by Company, subject to the rights of any insurer insuring the Airframe or Engines as provided
herein. In such event, the Company shall execute and deliver to the Owner, or to its assignee or nominee, a release for the Airframe or Engines, and such other documents as may be required to release
the Airframe or Engines from the terms of this Security Agreement, in such form as may reasonably be requested by the Owner. All fees, costs and expenses relating to a substitution as described herein
shall be borne by the Owner. Except as otherwise provided in this Section 7.1, the Owner shall not be released from its obligations hereunder in
the event of, and shall bear the risk of, any Casualty to any Airframe or Engine prior to or during the term of the Intercompany Note and thereafter until all of the Owner's obligations hereunder are
fully performed. 

        Subject
to the terms of the Loan Agreement, any payments (including, without limitation, insurance proceeds) received at any time by Company from any Authority or other party with
respect to any loss or damage to any Airframe or Engines not constituting a Casualty (i) up to $500,000, shall be paid to the Owner, so long as no Default or Aircraft Event of Default shall
have occurred and be continuing, for application to repair or replacement of property in accordance with Sections 7.1 and  4.3 or (ii) in excess of
$500,000, shall be held by Collateral Agent and applied directly in payment of repairs or for replacement of property in
accordance with the provisions of Sections 7.1 and 4.3, if not already paid by the Owner, or if already
paid by Company and no Default or Aircraft Event of Default shall have occurred and be continuing, shall be applied to reimburse the Owner for such payment, and any balance remaining after compliance
with said Sections with respect to such loss or damage shall be retained by or disbursed to (as applicable) the Owner. 

        THE
OWNER HEREBY ASSUMES ALL RISK OF LOSS, DAMAGE, THEFT, TAKING, DESTRUCTION, CONFISCATION, REQUISITION, COMMANDEERING, TAKING BY EMINENT DOMAIN OR CONDEMNATION, PARTIAL OR COMPLETE, OF
OR TO THE AIRFRAME AND ENGINES, HOWEVER CAUSED OR OCCASIONED, SUCH RISK TO BE BORNE BY THE OWNER WITH RESPECT TO THE AIRFRAME AND ENGINES. THE OWNER AND WORLD TRAVEL AGREE THAT NO OCCURRENCE SPECIFIED
IN THE PRECEDING SENTENCE SHALL IMPAIR, IN WHOLE OR IN PART, ANY OBLIGATION OF WORLD TRAVEL UNDER THE WORLD LIABILITIES. 

        Section 7.2.    Insurance Coverages.    To the extent not otherwise maintained by the Company pursuant to
Section 8.2 of the Loan Agreement, the Owner and World Travel shall at all times, at its expense, cause to be carried and maintained with financially sound and reputable insurers, insurance
against loss or damage to the Aircraft, of the kinds and in the amounts to be maintained with respect to the Aircraft pursuant to Section 8.2 of the Loan Agreement. 

13

 

        Nothing
in this Section 7.2 shall prohibit Lenders or Collateral Agent from obtaining insurance for its own account and at its own
expense and any proceeds payable thereunder shall be payable as provided in the insurance policy relating thereto, provided that no such insurance may
be obtained which would limit or otherwise adversely affect the coverage or payment of any insurance required to be obtained or maintained by Company pursuant to this  Section 7.2. 

        Section 7.3.    Insurance Certificates and Policies.    To the extent not performed by the Company pursuant to
the Loan Agreement, prior to the Initial Advance Date, and thereafter not less than 20 days prior to the expiration dates of the expiring policies theretofore delivered pursuant to  Section 7.2,
 the Owner and World Travel shall deliver to Collateral Agent and the Lenders certificates issued by the insurer(s) or insurance
broker(s) for the insurance maintained pursuant to Section 7.2 together with a copy of the insurance policies;  provided, however, that if the delivery of any certificate is delayed, Company shall not be deemed to be
in violation of the obligation to deliver such certificate if, within such 20 day period, Company delivers an executed binder with respect thereto and thereafter delivers the certificate upon
receipt thereof. 

SECTION 8. DEFAULTS AND REMEDIES. 

        Section 8.1.    Defaults.    (a) The occurrence, or the existence of any Event of Default under the Loan
Agreement, shall constitute an "Aircraft Event of Default" hereunder. 

        (b)    With
respect to the Aircraft Collateral, upon the occurrence and during the continuation of any Aircraft Event of Default hereunder, the Company shall have, in addition
to all other rights provided herein or by law, the rights and remedies of a secured party under the FAA or the UCC (regardless of whether the UCC is the law of the jurisdiction where the rights or
remedies are asserted and regardless of whether the UCC applies to the affected Aircraft Collateral), and further the Company may, without demand and without advertisement, notice, hearing or process
of law, all of which the Owner and World Travel hereby waive, at any time or times, sell and deliver any or all Aircraft Collateral held by or for it at public or private sale, for cash, upon credit
or otherwise, at such prices and upon such terms as the Company deems advisable, in its sole discretion, provided that said disposition complies with any and all Requirements of Law. In addition to
all other sums due the Company, the Collateral Agent or any Lender, World Travel shall pay the Company, the Collateral Agent and any Lender all costs and expenses incurred by the Company, the
Collateral Agent or such Lender, including a reasonable allowance for attorneys' fees and court costs, in obtaining, liquidating or enforcing payment of Aircraft Collateral or World Liabilities or in
the prosecution or defense of any action or proceeding by or against the Company, the Collateral Agent, such Lender or the Owner concerning any matter arising out of or connected with this Security
Agreement or the Aircraft Collateral or World Liabilities, including without limitation any of the foregoing arising in, arising under or related to a case under the United States Bankruptcy Code (or
any successor statute). Any requirement of reasonable notice shall be met if such notice is personally served on or mailed, postage prepaid, to the Owner in accordance with  Section 4 hereof at
least 10 days before the time of sale or other event giving rise to the requirement of such notice; however, no
notification need be given to the Owner if the Owner has signed, after an Aircraft Event of Default hereunder has occurred, a statement renouncing any right to notification of sale or other intended
disposition. The Company shall not be obligated to make any sale or other disposition of the Aircraft Collateral regardless of notice having been given. The Company, the Collateral Agent or any Lender
may be the purchaser at any such sale. To the extent permitted by applicable law, the Owner hereby waives all of its rights of redemption from any such sale. Subject to the provisions of applicable
law, the Company may postpone or cause the postponement of the sale of all or any portion of the Aircraft Collateral by announcement at the time and place of such sale, and such sale may, without
further notice, be made at the time and place to which the sale was postponed or the Company may further postpone such sale by announcement made at such time and place. 

14

 

        (c)    With
respect to all of the Aircraft Collateral, without in any way limiting the foregoing, the Company shall, upon the occurrence and during the continuation of any
Aircraft Event of Default hereunder, have the right, in addition to all other rights provided herein or by law, to take physical possession of any and all of the Aircraft Collateral and anything found
therein, the right for that purpose to enter without legal process any premises where such Aircraft Collateral may be found (provided such entry be done
lawfully), and the right to maintain such possession on the Owner's or World Travel's premises (the Owner and World Travel hereby agreeing to lease such premises without cost or expense to the Company
or its designee if the Company so requests) or to remove the Aircraft Collateral or any part thereof to such other places as the Company may desire. Upon the occurrence and during the continuation of
any Aircraft Event of Default hereunder, the Owner and World Travel shall, upon the Company's demand, assemble the Aircraft Collateral and make it available to the Company at a place designated by the
Company. If the Company exercises its right to take possession of the Aircraft Collateral, the Owner and World Travel shall also at its expense perform any and all other steps reasonably requested by
the Company to preserve and protect the security interest hereby granted in such Aircraft Collateral, such as placing and maintaining signs indicating the security interest of the Company, appointing
overseers for such Aircraft Collateral and maintaining inventory records. 

        (d)    Failure
by the Company to exercise any right, remedy or option under this Security Agreement or any other agreement between the Owner and the Company or provided by law,
or delay by the Company in exercising the same, shall not operate as a waiver; no waiver hereunder shall be effective unless it is in writing, signed by the party against whom such waiver is sought to
be enforced and then only to the extent specifically stated. Neither the Company nor any party acting as attorney for the Company shall be liable hereunder for any acts or omissions or for any error
of judgment or mistake of fact or law other than their gross negligence or willful misconduct. The rights and remedies of the Company and the Lenders under this Agreement shall be cumulative and not
exclusive of any other right or remedy which the Company or the Lenders may have. 

        Section 8.2.    Sale of Aircraft Collateral.    In addition to the remedies set forth in  Section 8.1, if any Aircraft Event of Default shall occur, Company may, but is not required to, sell the Aircraft Collateral in one or more
sales. Any Lender, the Collateral Agent or the Company may purchase all or any part of the Aircraft Collateral at such sale. The Owner acknowledges that sales for cash or on credit to a wholesaler,
retailer or user of such Aircraft Collateral, or at public or private auction, are all commercially reasonable. Any notice required by law of intended disposition by Company shall be deemed reasonably
and properly given if given at least 10 days before such disposition. 

        Section 8.3.    Application of Sale Proceeds.    All payments received and amounts held or realized by Company
at any time when an Aircraft Event of Default shall be continuing as well as all payments or amounts then held or thereafter received by Company and the proceeds of sale pursuant to  Section 8.2
shall be distributed to the Company for distribution in accordance with Section 3.8 of the Loan Agreement. 

        Section 8.4.    Power of Attorney.    The Owner unconditionally and irrevocably appoints Company as its true
and lawful attorney-in-fact, with full power of substitution, to the extent permitted by Requirements of Law, in its name and stead and on its behalf, solely for the purpose of
effectuating any sale, assignment, transfer or delivery under this Section 8, if an Aircraft Event of Default occurs and is continuing, whether
pursuant to foreclosure or power of sale or otherwise, and in connection therewith and during an Aircraft Event of Default to execute and deliver all such deeds, bills of sale, assignments, releases
(including releases of this Security Agreement on the records of any Authority) and other proper instruments as Company may reasonably consider necessary or appropriate. The Owner ratifies and
confirms all that such attorney or any substitute shall lawfully do by virtue hereof. If requested by Company or any purchaser, the Owner shall ratify and confirm any such lawful sale, assignment,
transfer or delivery by executing and delivering to Company or such purchaser, all deeds, 

15

 

bills of sale, assignments, releases and other proper instruments to effect such ratification and confirmation as may be designated in any such request. 

        Section 8.5.    Remedies Cumulative; Consents.    To the extent permitted by, and subject to the mandatory
requirements of any Requirements of Law, each and every right, power and remedy herein specifically given to Company or otherwise in this Agreement shall be cumulative and shall be in addition to
every other right, power and remedy herein specifically given or now or hereafter existing at law, in equity or
by statute, and each and every right, power and remedy whether specifically herein given or otherwise existing may be exercised from time to time and as often and in such order as may be deemed
expedient by Company, and the exercise or the beginning of the exercise of any power or remedy shall not be construed to be a waiver of the right to exercise at the same time or thereafter any right,
power or remedy. Company's or the Lender's consent to any request made by the Owner shall not be deemed to constitute or preclude the necessity for obtaining Company's or the Lenders' consent in the
future to all similar requests. To the extent permitted by any Requirements of Law, the Owner hereby waives any rights now or hereafter conferred by statute or otherwise that may require Company or
the Lenders to sell, lease or otherwise use the Aircraft or any part thereof in mitigation of Company's, or the Lenders' damages upon the occurrence of an Aircraft Event of Default or that may
otherwise limit or modify any of Company's or the Lenders' rights hereunder. 

        Section 8.6.    Allocation of Aircraft Collateral.    All cash proceeds received by the Company in respect of
any sale of, collection from, or other realization upon all or any part of the Aircraft Collateral shall be held by the Company, and shall be promptly paid over by the Company to the Collateral Agent
to be distributed in accordance with the terms of Section 3.8 of the Loan Agreement. 

SECTION 9. GENERAL PROVISIONS. 

        Section 9.1.    Document.    This Security Agreement and the Intercompany Note are executed pursuant to the
Loan Agreement and shall (unless otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions the Loan Agreement. 

        Section 9.2.    Amendments; Etc.    No amendment to or waiver of any provision of this Security Agreement nor
consent to any departure by the Owner or World Travel herefrom, shall in any event be effective unless the same shall be in writing and signed by the Company, with the consent of the Required Lenders,
and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 

        Section 9.3.    Notices.    All notices and other communications provided for hereunder shall be in writing
(including telegraphic and facsimile communication) and, if to the Collateral Agent or the Lenders, delivered in accordance with Section 13.6 of the Loan Agreement, or in the case of the
Company the Owner or World Travel, delivered to the respective addresses as set forth beneath each party's name on the signature pages hereto. 

        Section 9.4.    Section Captions.    Section captions used in this Security Agreement are for convenience of
reference only, and shall not affect the construction of this Security Agreement. 

        Section 9.5.    Severability; No Waiver.    Wherever possible each provision of this Security Agreement shall
be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Security Agreement shall be prohibited by or invalid under such law, such provision shall
be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Security Agreement. No delay on the part of the
Company in the exercise of any right or remedy shall operate as a waiver thereof, and no single or partial exercise by the Company of any right or remedy shall preclude other or further exercise
thereof or the exercise of any other right or remedy. 

16

 

        Section 9.6.    Governing Law.    THIS SECURITY AGREEMENT SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE
THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. 

        Section 9.7.    Counterparts.    This Security Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original, and all of which shall together constitute but one and the same agreement. 

        Section 9.8.    Risk of Loss.    AS BETWEEN THE OWNER AND THE COLLATERAL AGENT, AS
ASSIGNEE OF THE COMPANY, THE OWNER HEREBY ASSUMES ALL RISK OF LOSS, DAMAGE, THEFT, TAKING, DESTRUCTION, CONFISCATION, REQUISITION, COMMANDEERING, TAKING BY EMINENT DOMAIN OR CONDEMNATION, PARTIAL OR
COMPLETE, OF OR TO THE AIRFRAME AND EACH ENGINE, HOWEVER CAUSED OR OCCASIONED, SUCH RISK TO BE BORNE BY THE OWNER WITH RESPECT TO THE AIRFRAME AND EACH ENGINE. THE OWNER AGREES THAT NO OCCURRENCE
SPECIFIED IN THE PRECEDING SENTENCE SHALL IMPAIR, IN WHOLE OR IN PART, ANY OBLIGATION OF THE OWNER UNDER THIS SECURITY AGREEMENT. 

        Section 9.9.    Principal Waivers.    All signers and endorsers hereof are to be regarded as principals
hereunder, jointly and severally, if more than one. Nothing contained herein shall require the Company or the Collateral Agent, as assignee of the Company, as a condition to exercising and of its
rights or remedies hereunder, to first seek or exhaust any remedy against World Travel, its successors or assigns, or any other person obligated with respect to the World Liabilities, or to first
foreclose, or exhaust or proceed against any other collateral or security which may be given to secure any of the World Liabilities. The Owner agrees that its liabilities and obligations under this
and any other Loan Documents are unconditional, irrespective of and unaffected by any of the following actions or circumstances (regardless of any notice to or consent of the Owner or the Collateral
Agent): (i) any extension, renewal, amendment, change, waiver, or other modification of any of the Loan Documents or the Intercompany Note, (ii) the absence of, or delay in, any action
to enforce the terms of any Loan Document, the Intercompany Note or this Security Agreement, (iii) the Company's or the Collateral Agent's failure or delay in obtaining any guaranty or other
collateral securing the World Liabilities, (iv) the release of, or extension of time for payment or performance by, or any other indulgence granted to World Travel or any other person with
respect to the World Liabilities, by operation of law or otherwise, (v) the existence, value, condition, loss, subordination, or release (with or without
substitution) of, or failure to have title to or perfect and maintain a security interest in, any other collateral, or the time, place and manner of any sale or other disposition of any other
collateral given in connection with the World Liabilities, (vi) World Travel's voluntary or involuntary bankruptcy, assignment for the benefit of creditors, reorganization, or similar
proceedings affecting World Travel or its assets, or (vii) any other action or circumstances which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor.
The Owner warrants that it has adequate means to obtain from World Travel on a continuing basis financial data and other information regarding World Travel and is not relying upon the Company or the
Collateral Agent to provide any such data or other information. Except as expressly provided herein, the Owner waives presentment, demand for payment, notice of nonpayment, protest, notice of protest,
and notice of dishonor of the Intercompany Note or of any of the World Liabilities secured hereby. 

[Signature
Pages Begin on Next Page] 

17

 

        IN WITNESS WHEREOF, this Security Agreement has been duly executed as of the day and year first above written. 

	 	 	WELLS FARGO BANK NORTHWEST, NATIONAL

    ASSOCIATION, not in its individual capacity, except as

    expressly set forth herein, but solely as trustee
	

 	
 	

By:	

 	

 
	 	 	 	Name:	 
	 	 	 	 	

	 	 	 	Title:	 
	 	 	 	 	

	

 	
 	

Notice Address:
	

 	
 	

Attention:

Telephone:

Telefacsimile:

18

  

	

 	
 	
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

	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	

	 	 	 	 	Name:	 	 
	 	 	 	 	 	 	

	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	

	

 	
 	

Notice Address:
	

 	
 	

Attention:
	 	 	Telephone:
	 	 	Telefacsimile:

19

 

ACCEPTED AS OF THE DATE FIRST WRITTEN ABOVE

	

 	
 	
WYNN LAS VEGAS, LLC,

    a Nevada limited liability company,

    as the Borrower
	

 	
 	

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:
	

 	
 	

Notice Address:
	

 	
 	

Attention:
	 	 	Telephone:
	 	 	Telefacsimile:

20

SCHEDULE A TO

SECURITY AGREEMENT  

 
 

DESCRIPTION OF AIRCRAFT COLLATERAL    
  

EXHIBIT A TO

SECURITY AGREEMENT  

 
 

FORM OF AIRCRAFT SECURITY AGREEMENT SUPPLEMENT    
  

        Security Agreement Supplement No.            (this "Security Agreement Supplement
No.    ") dated
                        , 20    , by Wells Fargo Bank Northwest, National Association, not in its individual
capacity, but solely as Trustee of that certain trust created under the Trust Agreement
dated as of May 10, 2002 with World Travel, LLC, a Nevada limited liability company, ("World Travel"), as Trustor (in such capacity, the  "Owner") and
World Travel, in favor of Wynn Las Vegas, LLC, a Nevada limited liability company (being referred to herein, together with any successor(s)
thereto in such capacity, as the "Company"). Capitalized terms used herein and not otherwise defined shall have the meanings given to such terms in the
Security Agreement dated as of October    , 2002, among the Owner, World Travel and the Company, a copy of which is attached hereto. 

WITNESSETH:  

        The Loan Agreement and Security Agreement provides for the execution and delivery from time to time of supplements to the Security Agreement substantially in the
form hereof which shall particularly describe the Aircraft Collateral and shall specifically grant a security interest in the Aircraft Collateral to the Company. 

        The
Security Agreement relates to the Aircraft Collateral described in Schedule A thereto, Schedule A to the Security Agreement and each Schedule A attached to each
other Security Agreement Supplement attached to the attached Security Agreement. 

        The
Owner hereby assigns and pledges to the Company, and hereby grants to the Company, a lien and security interest in and to all of the Aircraft Collateral, whether now or hereafter
existing or acquired, including the Aircraft Collateral more particularly described in Schedule A hereto. 

        TO
HAVE AND TO HOLD the aforesaid property unto the Company, its successors and assigns forever, upon the terms and conditions set forth in the Security Agreement to secure the payment
of the World Liabilities. 

        This
Supplement shall be construed in connection with and as part of the Security Agreement and all terms, conditions and covenants contained in the Security Agreement, except as herein
modified, shall be and remain in full force and effect. 

        Any
and all notices, requests, certificates and other instruments executed and delivered after the execution and delivery of this Security Agreement Supplement No.            may
refer to the "Security Agreement" without making specific reference to this Security Agreement Supplement No.            , but nevertheless all such references shall be deemed to include
this
Security Agreement Supplement No.    unless the context shall otherwise require. 

 

        Section 1.1.    Counterparts.    This Supplement No.       may be executed and
delivered in any
number of counterparts, each of such counterparts constituting an original but all together only one Supplement. 

        Section 1.2.    Governing Law.    THIS SECURITY SUPPLEMENT NO.       AGREEMENT
SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF
SUCH STATE THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. 

        Section 1.3.    Headings.    Any headings or captions preceding the text of the several sections hereof are
intended solely for convenience of reference and shall not constitute a part of this Supplement No.            nor shall they affect its meaning, construction or effect. 

        Section 1.4.    The Company.    The Company shall not be responsible in any manner whatsoever for or in respect
of the validity or sufficiency of this Security Agreement Supplement or for or in respect of the recitals contained herein, all of which are made solely by the Owner. 

[Signature
Pages Begin on Next Page] 

2

   
        IN WITNESS WHEREOF, Grantor has caused this Security Agreement Supplement No.            to be duly executed and delivered by its officer
thereunto duly authorized as of the date
first above written. 

	 	 	WELLS FARGO BANK NORTHWEST, NATIONAL

    ASSOCIATION, not in its individual capacity,

    except as expressly set forth herein, but

    solely as trustee
	

 	
 	

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

	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	

	 	 	 	 	Name:	 	 
	 	 	 	 	 	 	

	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	

	

 	
 	

Notice Address:
	

 	
 	

Attention:
	 	 	Telephone:
	 	 	Telefacsimile:

3

 

Accepted
by 

	

 	
 	
WYNN LAS VEGAS, LLC,

    a Nevada limited liability company,

    as the Borrower
	

 	
 	

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:

Notice
Address: 

Attention:

Telephone:

Telefacsimile: 

4

EXHIBIT A TO

SECURITY AGREEMENT SUPPLEMENT  

 
 

DESCRIPTION OF AIRCRAFT COLLATERAL    
  

        One Bombardier Inc. model BD-700-1A10 Global Express aircraft bearing manufacturer's serial number 9065 and Federal Aviation
Administration Registration Number N711SW (pending change to N711SQ, and formerly N789TP), including two BMW Rolls Royce BR 710A2-20/01 engines bearing manufacturer's serial numbers 12243
and 12244. 

Exhibit L  

 
 

ASSIGNMENT AND ASSUMPTION AGREEMENT    
  

        This ASSIGNMENT AND ASSUMPTION AGREEMENT (this "Assignment") entered into by and between WYNN LAS VEGAS, LLC, a
Nevada limited liability company, as assignor (the "Assignor"), and WELLS FARGO BANK NEVEDA, NATIONAL ASSOCIATION, not in its individual capacity but
solely as Collateral Agent, as assignee (together with its permitted successors and assigns, the "Assignee"), dated as of October    , 2002. 

        WHEREAS,
the Assignor and the Assignee are parties to that certain Loan Agreement, dated as of even date herewith (as the same may be amended, supplemented or otherwise modified from
time to time, the "Loan Agreement"), among the Assignor, as Borrower; the Assignee, as Collateral Agent for the benefit of the Lenders; and the Persons
listed on Schedule 1A1 thereto, as Lenders. Capitalized terms not otherwise defined herein shall have the meanings assigned thereto in the Loan Agreement; 

        WHEREAS,
pursuant to the Loan Agreement, the Assignor is obtaining Loans from the Lenders, the proceeds of which are being used, in part, by the Assignor to make an intercompany loan to
World Travel, LLC, a Nevada limited liability company ("World Travel") evidenced by that certain intercompany note (the  "Intercompany Note"); 

        WHEREAS,
pursuant to the Trust Agreement dated as of May 10, 2002, World Travel contributed, and WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, not in its individual capacity,
but solely as Trustee of that certain trust created under the Trust Agreement dated as of May 10, 2002 with World Travel as Trustor (in such capacity, the  "Owner") became the owner of, the Aircraft
more particularly described in Annex I hereto; 

        WHEREAS,
pursuant to the Loan Agreement and the Intercompany Note, World Travel will use the proceeds of the Intercompany Note to refinance obligations secured by such Aircraft; 

        WHEREAS,
the Owner and World Travel has executed and delivered that certain Aircraft Security Agreement, dated as of October    , 2002 (as more particularly described in  Annex I attached
hereto, the "Security Agreement"; the Security Agreement and the Intercompany Note
shall be hereinafter referred to collectively, as the "Assigned Agreements") in favor of the Assignor, which Security Agreement relates to the Aircraft
as more particularly described in Annex I hereto; 

        WHEREAS,
as a condition precedent to the Lenders making their loans to the Assignor, the Lenders have required that the Assignor fully assign to the Assignee all of the Assignor's rights
and obligations under the Assigned Agreements; 

        WHEREAS,
the Assignor desires to assign to the Assignee all of its rights, interests, duties, obligations and liabilities in, to and under the Assigned Agreements and the Assignee
desires to accept the assignment of all of the Assignor's rights, interests, duties, obligations and liabilities in, to and under the Assigned Agreements, to the same extent as if the Assignee had
executed the Assigned Agreements; and 

        WHEREAS,
it is in the best interests of the Assignor that the Document Closing Date and the Overall Transaction occur and the Assignor has duly authorized the execution, delivery and
performance of this Assignment. 

        NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in order to induce the Lenders to enter into the Overall Transaction
as set forth in the Loan Agreement, the parties hereto hereby agree as follows: 

SECTION 1. ASSIGNMENT OF ASSIGNED AGREEMENTS. 

        The
Assignor does hereby irrevocably and unconditionally quitclaim, assign, transfer, convey and set over unto the Assignee all of the Assignor's rights, title, interests, duties,
obligations and liabilities in, to and under the Assigned Agreements. Notwithstanding the foregoing, the Assignee agrees that 

 

unless an Event of Default shall exist under the Loan Agreement, the Assignee shall not exercise the right of the Assignor to demand payment under the Intercompany Note. 

SECTION 2. ACCEPTANCE AND REPRESENTATIONS. 

        Section 2.1. The Assignee hereby accepts the assignment contained in  Section 1, and shall have all the rights and privileges, of the Assignor in, to and under
the Assigned Agreements to the same extent as if the
Assignee had executed the Assigned Agreements. The Assignee accepts all of the Assignor's rights, interests, duties, obligations and liabilities thereunder. 

        Section 2.2. The Assignor shall have no rights or privileges, under the Assigned Agreements. 

        Section 2.3. This Assignment is a present, unconditional, irrevocable and absolute assignment. The Assignor hereby represents and
warrants to Assignee as follows: 

        (A)  attached
hereto as Exhibit A is a true, correct and complete copy of the Security Agreement and all supplements
thereto; 

        (B)  attached
hereto as Exhibit B is a true, correct and complete copy of the Intercompany Note; 

        (C)  (i) the
Security Agreement is in full force and effect and constitutes the entire agreement executed by the Owner and World Travel in favor of the Assignor
regarding the subject matter therein and (ii) the Intercompany Note is in full force and effect and constitutes the entire agreement executed by World Travel in favor of the Assignor regarding
the subject matter therein; 

        (D)  no
Default or Event of Default has occurred under the Assigned Agreements; 

        (E)  the
Assignor has not previously assigned, hypothecated or otherwise created or allowed to exist any lien or other claim on the Assigned Agreements and has the full legal
right to enter into this Assignment; and 

        (F)  upon
execution hereof by the Assignor, the Assignee shall succeed to all of the Assignor's right title and interest in and to each Assigned Agreement, free and clear of
any liens or other competing claims of any kind. 

SECTION 3. GOVERNING LAW. 

        This
Assignment shall be governed by, and construed under, the laws of New York without regard to conflicts of law principles (other than Title 14 of Article V of the New York
General Obligations Law). 

SECTION 4. COUNTERPARTS. 

        This
Assignment may be executed in several counterparts, each of which shall be deemed an original, and all such counterparts shall constitute one and the same instrument. 

SECTION 5. BINDING NATURE. 

        This
Assignment shall be binding upon, and inure to the benefit of, the parties hereto and their respective permitted successors and assigns. 

SECTION 6. TERMINATION. 

        Upon
the final indefeasible payment in full and immediately available funds of all Obligations of the Assignor, the Assignee shall, at the written request of the Assignor,
re-convey the Intercompany Note and release all of its right, title and interest therein, and take such other actions at the Assignor's expense as the Assignor may request to evidence such
release, including without limitation the return of any other assets pledged as Collateral and the execution and delivery of related instruments of transfer, lien releases, termination statements and
similar documents and instruments. 

[SIGNATURE
PAGE FOLLOWS] 

2

 

        IN
WITNESS WHEREOF, the parties hereto have duly executed this Assignment as of the date first set forth above. 

	ASSIGNOR:	 	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:	 
	 	 	 	 	 	 	 	

	

ASSIGNEE:	
 	
WELLS FARGO BANK NEVEDA, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity, but solely as Collateral Agent
	

 	
 	

By:	
 	

 	
 	

 	

 
	 	 	 	 	

	 	 	 	 	Name:	 
	 	 	 	 	 	 	 	

	 	 	 	 	Title:	 
	 	 	 	 	 	 	 	

3

 
 

ANNEX I
  DESCRIPTION OF ASSIGNED AGREEMENTS    
  

        Aircraft Security Agreement, dated as of October     , 2002 between Wells Fargo Bank Northwest, National Association, not in its individual
capacity, but solely as Trustee and Wynn Las Vegas, LLC, a Nevada limited liability company. 

        Intercompany
Note dated October     , 2002 from World Travel LLC, a Nevada limited liability company, to the order of Wynn Las Vegas, LLC, a Nevada limited liability
company. 

 
 

DESCRIPTION OF AIRCRAFT    
  

        One Bombardier Inc. model BD-700-1A10 Global Express aircraft bearing manufacturer's serial number 9065 and Federal Aviation
Administration Registration Number N711SW (pending change to N711SQ, and formerly N789TP), including two BMW Rolls Royce BR 710A2-20/01 engines bearing manufacturer's serial numbers 12243
and 12244. 

 
 

EXHIBIT A
  SECURITY AGREEMENT    
  

 
 

EXHIBIT B
  INTERCOMPANY NOTE    
  

QuickLinks

FORM OF LOAN AGREEMENT by and among WYNN LAS VEGAS, LLC, AS BORROWER, WELLS FARGO BANK NEVADA, NATIONAL ASSOCIATION, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS COLLATERAL AGENT, and THE PERSONS LISTED ON
SCHEDULE IA HERETO, AS LENDERS dated as of October , 2002

Table of Contents

FORM OF WYNN LAS VEGAS, LLC LOAN AGREEMENT

SCHEDULE IA1 TO LOAN AGREEMENT DATED AS OF OCTOBER , 2002 LENDERS' COMMITMENT PERCENTAGE

SCHEDULE IA2 TO LOAN AGREEMENT DATED AS OF OCTOBER , 2002 LENDERS' ALLOCATED COMMITMENT AMOUNT

SCHEDULE IB TO LOAN AGREEMENT DATED AS OF OCTOBER , 2002 ADDRESS FOR NOTICE AND PAYMENT

SCHEDULE II TO LOAN AGREEMENT DATED AS OF OCTOBER , 2002 REQUIRED PREPAYMENTS

EXHIBIT A TO LOAN AGREEMENT FORM OF PROMISSORY NOTE

WYNN LAS VEGAS, LLC

GRID ATTACHED TO NOTE DATED , OF WYNN LAS VEGAS, LLC PAYABLE TO THE ORDER OF [ ]

APPENDIX I TO LOAN AGREEMENT (WYNN LAS VEGAS, LLC, AS BORROWER)

FORM OF INTERCOMPANY NOTE

EXHIBIT I TO LOAN AGREEMENT FORM OF FF&E GUARANTY

GUARANTY 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 and THE OTHER GUARANTORS FROM TIME TO TIME PARTY HERETO in favor of SECURED PARTIES (as defined herein) Dated as of October , 2002

TABLE OF CONTENTS

RECITALS

NOTICE ADDRESSES OF GUARANTORS

RECITALS

BORROWER SECURITY AGREEMENT Dated as of October , 2002 Between WYNN LAS VEGAS, LLC, as Borrower and WELLS FARGO BANK NEVADA, NATIONAL ASSOCIATION, as Collateral Agent for the Lenders

TABLE OF CONTENTS

BORROWER SECURITY AGREEMENT

WITNESSETH

DESCRIPTION OF THE BORROWER COLLATERAL

FORM OF THE BORROWER SECURITY AGREEMENT SUPPLEMENT

WITNESSETH

SCHEDULE A DESCRIPTION OF THE BORROWER COLLATERAL

TABLE OF CONTENTS

AIRCRAFT SECURITY AGREEMENT

W I T N E S S E T H

" WYNN LAS VEGAS, LLC, as Secured Party, as further assigned to WELLS FARGO BANK NEVADA, NATIONAL ASSOCIATION, as Collateral Agent"

DESCRIPTION OF AIRCRAFT COLLATERAL

FORM OF AIRCRAFT SECURITY AGREEMENT SUPPLEMENT

DESCRIPTION OF AIRCRAFT COLLATERAL

ASSIGNMENT AND ASSUMPTION AGREEMENT

ANNEX I DESCRIPTION OF ASSIGNED AGREEMENTS

DESCRIPTION OF AIRCRAFT

EXHIBIT A SECURITY AGREEMENT

EXHIBIT B INTERCOMPANY NOTE

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