Document:

exv4w4

Exhibit 4.4

EXECUTION VERSION

 

PLEDGE AGREEMENT

By

MCE FINANCE LIMITED

in favor of

THE BANK OF NEW YORK MELLON

as Collateral Agent

Dated as of May 17, 2010

 

 

 

Table of Contents

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 1.
	 	Pledge	 	 	1	 
	SECTION 2.
	 	Delivery of Pledged Collateral	 	 	1	 
	SECTION 3.
	 	Representations and Warranties	 	 	2	 
	SECTION 4.
	 	Further Assurances	 	 	3	 
	SECTION 5.
	 	Exercise of Rights, Payments on Pledged Debt	 	 	3	 
	SECTION 6.
	 	Covenants	 	 	4	 
	SECTION 7.
	 	Power of Attorney	 	 	4	 
	SECTION 8.
	 	Reasonable Care	 	 	6	 
	SECTION 9.
	 	Remedies upon Default	 	 	6	 
	SECTION 10.
	 	Legal Names; Type of Organization Jurisdiction of Organization; Chief	 	 	 	 
	 
	 	Executive Office; Organizational Identification Numbers; Changes Thereto; Etc	 	 	7	 
	SECTION 11.
	 	Collateral Agent Compensation and Indemnity	 	 	7	 
	SECTION 12.
	 	Replacement of Collateral Agent	 	 	8	 
	SECTION 13.
	 	Successor Collateral Agent by Merger, etc.	 	 	9	 
	SECTION 14.
	 	Notices, Etc	 	 	9	 
	SECTION 15.
	 	Amendments, Etc	 	 	10	 
	SECTION 16.
	 	Assignment	 	 	10	 
	SECTION 17.
	 	Continuing Agreement	 	 	10	 
	SECTION 18.
	 	Governing Law	 	 	11	 
	SECTION 19.
	 	WAIVER OF JURY TRIAL	 	 	11	 
	SECTION 20.
	 	Consent to Jurisdiction	 	 	11	 
	 
	 	 	 	 	 	 
	ANNEX A
	 	Schedule of Legal Names, Type of Organization (and Whether a Registered Organization), Jurisdiction of	 	 	 	 
	 
	 	Organization, Chief Executive Office and Organizational Identification Numbers	 	 	 	 
	 
	 	 	 	 	 	 
	EXHIBIT A
	 	Form of Intercompany Note	 	 	 	 

 i 

 

 

PLEDGE AGREEMENT

     PLEDGE AGREEMENT, dated as of May 17, 2010 (the “Agreement”), made by MCE FINANCE LIMITED, a
Cayman Islands limited liability company (the “Company”), in favor of The Bank of New York Mellon,
as collateral agent (the “Collateral Agent”) for The Bank of New York Mellon, as trustee (the
“Trustee”) for the noteholders under the Indenture, dated as of May 17, 2010 (the “Indenture”),
between the Company and the Trustee.

     The Company has entered into the Indenture pursuant to which it is issuing $600,000,000
aggregate principal amount of its 10.25% Senior Notes due 2018 (the “Senior Notes”). A portion of
the proceeds of the Senior Notes will be loaned by the Company to its subsidiary, MPEL Investments
Limited, a Cayman Islands limited liability company (“MPEL Investments”), to be repayable whenever
like amounts are repayable under the Senior Notes and to be evidenced by a promissory note (the
“Intercompany Note”) in the form of Exhibit A hereto. Capitalized terms used herein, unless
otherwise defined, have the meanings set forth in the Indenture or if not defined in the Indenture,
have the meanings given them in Article 9 of the Uniform Commercial Code in the State of New York
(the “Code”).

     In connection with issuance of the Senior Notes, the Company hereby agrees as follows:

     SECTION 1. Pledge. As security for the due and punctual payment and performance by
the Company of its obligations under this Agreement, the Senior Notes and the Indenture
(collectively, the “Secured Obligations”), the Company hereby pledges and grants to the Collateral
Agent for its benefit and the benefit of the Trustee and all holders of the Senior Notes, a
continuing first priority security interest in the Intercompany Note and all interest, cash,
Instruments and other Proceeds from time to time received, receivable or otherwise distributed in
respect of or in exchange for the Intercompany Note (collectively, the “Pledged Collateral”).

     SECTION 2. Delivery of Pledged Collateral. The Intercompany Note (i) shall be
delivered to the Collateral Agent in New York, New York, prior to the issuance of the Senior Notes
and held in the State of New York by or on behalf of the Collateral Agent pursuant hereto and
(ii) shall be in suitable form for transfer by delivery, or shall be accompanied by duly
executed instruments of transfer or assignment in blank. Any other certificates or instruments
representing or evidencing the Pledged Collateral from time to time (i) shall also be delivered to
the Collateral Agent in New York, New York and held in the State of New York by or on behalf of the
Collateral Agent pursuant hereto and (ii) shall be in suitable form for transfer by
delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank.
Prior to delivery to the

 

 

Collateral Agent, all such other certificates or instruments evidencing Pledged Collateral
shall be held in trust by the Company for the benefit of the Collateral Agent.

     SECTION 3. Representations and Warranties.

     The Company represents and warrants to the Collateral Agent, for the benefit of the Collateral
Agent, the Trustee and all holders of the Senior Notes, that so long as any of the Secured
Obligations remain outstanding:

          (a) it is the legal, beneficial and record owner of, and has good and marketable title to, all
of the Pledged Collateral and that it has sufficient interest in all of the Pledged Collateral in
which a security interest is purported to be created hereunder for such security interest to attach
(subject, in each case, to no Lien whatsoever, except the liens and security interests created by
this Agreement and Permitted Liens). There exists no “adverse claim” within the meaning of Section
8-102 of the Code with respect to the Pledged Collateral;

          (b) the pledge of the Pledged Collateral pursuant to this Agreement creates a legal, valid and
binding obligation of the Company and, upon delivery of the Pledged Collateral to the Collateral
Agent, a perfected security interest in favor of the Collateral Agent in such Pledged Collateral,
securing the payment of the Secured Obligations subject only to Permitted Liens. Except as set
forth in this Section 3(b), no action is necessary to perfect the Collateral Agent’s security
interest;

          (c) the Intercompany Note has been duly authorized by MPEL Investments and is the legal, valid
and binding obligation thereof. No authorization, approval or action by, and no notice of filing
with any governmental authority or third party is required for the issuance by MPEL Investments of
the Intercompany Note and the issuance of the Intercompany Note did not violate any law or
governmental regulation or any contractual restriction binding on or affecting MPEL Investments or
any of its property which could reasonably be expected to have a material adverse effect on the
business, property or assets of MPEL Investments and its subsidiaries taken as a whole or on the
ability of MPEL Investments to perform its obligations under the Intercompany Note;

          (d) “control” (as defined in Section 8-106 of the UCC) has been obtained by the Collateral
Agent over the Pledged Collateral with respect to which such “control” may be obtained pursuant to
Section 8-106 of the UCC;

          (e) neither the entry into this Agreement by the Company nor the exercise by the Collateral
Agent of its rights and remedies hereunder will violate any law or governmental regulation or any
contractual restriction binding on or affecting the Company or any of its property which could
reasonably be expected to have a material adverse effect on the business, property or assets of the
Company and its subsidiaries

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taken as a whole or on the ability of the Company to perform its obligations hereunder; and

          (f) no authorization, approval or action by, and, no notice or filing with any governmental
authority by MPEL Investments or a third party is required either (i) for the granting of the
security interest by the Company pursuant to this Agreement or (ii) for the exercise by the
Collateral Agent or the other Secured Parties of their rights and remedies hereunder.

     SECTION 4. Further Assurances.

          (a) The Company agrees that at any time and from time to time, at the expense of the Company,
the Company will promptly execute and deliver all further instruments and documents, and take all
further action, that may be necessary or desirable, or that the Collateral Agent may reasonably
request, in order to perfect and protect any security interest granted or purported to be granted
hereby (including any action to ensure that “control” of the Pledged Collateral (as defined in
Section 8-106 of the Code) is at all times maintained by the Collateral Agent) or to enable the
Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any
Pledged Collateral.

          (b) The Company shall from time to time cause appropriate financing statements (on appropriate
forms) under the Uniform Commercial Code as in effect in the District of Columbia, covering all
Pledged Collateral hereunder (with the form of such financing statements to be satisfactory to the
Collateral Agent), to be filed in the relevant filing offices so that at all times the Collateral
Agent’s security interest in all Pledged Collateral which can be perfected by the filing of such
financing statements (in each case to the maximum extent perfection by filing may be obtained under
the laws of the relevant States, including without limitation, Section 9-312(a) of the Code) is so
perfected.

     SECTION 5. Exercise of Rights, Payments on Pledged Debt.

          (a) Except as provided herein or in the Indenture, so long as neither a Default nor an Event
of Default shall have occurred and be continuing, the Company shall be entitled to (i)
exclusively exercise all of the rights of a holder of the Intercompany Note with respect to demands
for repayment of the principal thereof, (ii) exclusively exercise any and all voting and
other consensual rights pertaining to the Intercompany Note and to give consents, waivers or
ratifications in respect thereof and (iii) receive and retain any and all payments made in
respect of the Intercompany Note. The Collateral Agent shall execute and deliver (or cause to be
executed and delivered) to the Company all such instruments as the Company may reasonably request
for the purpose of enabling the Company to receive principal and interest payments which it is
authorized to receive and retain pursuant to this Section 5(a).

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          (b) Upon the occurrence and during the continuance of a Default or an Event of Default:

         (i) All rights of the Company to exercise rights with respect to the Pledged
Collateral which it would otherwise be entitled to exercise pursuant to Section
5(a) and to receive the principal and interest payments which it would otherwise be
authorized to receive and retain pursuant to Section 5(a) shall cease, and all such
rights shall thereupon become vested in the Collateral Agent who shall thereupon
have the sole right to exercise such rights and to receive and hold as Pledged
Collateral such principal and interest payments.

         (ii) All principal and interest payments that are received by the Company
contrary to the provisions of paragraph (i) of this Section 5(b) shall be received
in trust for the benefit of the Collateral Agent, shall be segregated from other
funds of the Company and shall be forthwith paid over to the Collateral Agent as
Pledged Collateral in the same form as so received (with any necessary
endorsement).

     Without prejudicing the right of the Company to contest the Trustee’s determination that a
Default or Event of Default has occurred and is continuing, for purposes of this Agreement, the
Collateral Agent will be entitled to treat a notice by the Trustee to it to the effect that a
Default or Event of Default has occurred and is continuing as sufficient evidence of such Default
or Event of Default.

     SECTION 6. Covenants. The Company hereby covenants, that so long as any of the
Secured Obligations remain outstanding, the Company shall:

          (a) not (i) sell or otherwise dispose of, or grant any option with respect to, any of
the Pledged Collateral, or (ii) create or permit to exist any Lien upon or with respect to
any of the Pledged Collateral, except for Permitted Liens;

          (b) warrant and defend title to and ownership of the Pledged Collateral of the Company at its
own expense against the claims and demands of all other parties claiming an interest therein; and

          (c) not make or consent to any amendment or other modification or waiver with respect to the
Intercompany Note or any instrument or agreement that is part of the Pledged Collateral other than
in accordance with the terms of the Indenture.

     SECTION 7. Power of Attorney. In addition to other powers of attorney contained
herein, the Company hereby designates and appoints the Collateral Agent, on behalf of itself, the
Trustee and the holders of the Senior Notes, and each of its designees or agents as
attorney-in-fact of the Company, irrevocably and with power of substitution,

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with authority to take any or all of the following actions when permitted by Section 5(b) or
Section 9 of this Agreement upon the occurrence and during the continuation of a Default or an
Event of Default:

          (a) to demand, collect, settle, compromise, adjust and give discharges and releases concerning
the Pledged Collateral, all as the Collateral Agent may reasonably determine in respect of such
Pledged Collateral;

          (b) to commence and prosecute any actions at any court for the purposes of collecting any of
the Pledged Collateral and enforcing any other right in respect thereof;

          (c) to defend, settle, adjust or compromise any action, suit or proceeding brought with
respect to the Pledged Collateral and, in connection therewith, give such discharge or release as
the Collateral Agent may deem reasonably appropriate;

          (d) to pay or discharge taxes, Liens, security interests, or other encumbrances levied or
placed on or threatened against the Pledged Collateral;

          (e) to direct any parties liable for any payment under any of the Pledged Collateral to make
payment of any and all monies due and to become due thereunder directly to the Collateral Agent or
as the Collateral Agent shall direct;

          (f) to receive payment of and receipt for any and all monies, claims, and other amounts due
and to become due at any time in respect of or arising out of any Pledged Collateral;

          (g) to sign and endorse any drafts, assignments, proxies, stock powers, verifications, notices
and other documents relating to the Pledged Collateral;

          (h) to execute and deliver and/or file all assignments, conveyances, statements, financing
statements, continuation statements, pledge agreements, affidavits, notices and other agreements,
instruments and documents that the Collateral Agent may reasonably determine necessary in order to
perfect and maintain the security interests and Liens granted in this Pledge Agreement and in order
to fully consummate all of the transactions contemplated herein; and

          (i) to do and perform all such other acts and things as the Collateral Agent may reasonably
deem to be necessary, proper or convenient in connection with the Pledged Collateral.

This power of attorney is a power coupled with an interest and shall be irrevocable for so long as
any of the Secured Obligations remain outstanding. The Collateral Agent shall be under no duty to
exercise or withhold the exercise of any of the rights, powers, privileges

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and options expressly or implicitly granted to the Collateral Agent in this Pledge Agreement, and
shall not be liable for any failure to do so or any delay in doing so. The Collateral Agent shall
not be liable for any act or omission or for any error of judgment or any mistake of fact or law in
its individual capacity or its capacity as attorney-in-fact except acts or omissions resulting from
its gross negligence or willful misconduct. This power of attorney is conferred on the Collateral
Agent solely to protect, preserve and realize upon its security interest in the Pledged Collateral.

     SECTION 8. Reasonable Care. The Collateral Agent shall be deemed to have exercised
reasonable care in the custody and preservation of the Pledged Collateral in its possession if the
Pledged Collateral is accorded treatment substantially equal to that which the Collateral Agent
accords other pledged collateral of the same type.

     SECTION 9. Remedies upon Default. If any Event of Default shall have occurred and be
continuing and the obligation to repay the Senior Notes has been accelerated, the Collateral Agent
may:

          (a) transfer all or any part of the Pledged Collateral into the Collateral Agent’s name or the
name of its nominee or nominees;

          (b) accelerate the obligation of MPEL Investments to repay the Intercompany Note in accordance
with its terms, and take any other lawful action to collect upon the Intercompany Note (including,
without limitation, to make any demand for payment thereon);

          (c) exercise in respect of the Pledged Collateral, in addition to other rights and remedies
provided for herein or otherwise available to it, all the rights and remedies of a secured party
upon a default under the Code at that time, and the Collateral Agent may also, without notice
except as specified below, sell the Pledged Collateral or any part thereof in one or more parcels
at public or private sale, at any exchange, broker’s board or at any of the Collateral Agent’s
offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the
Collateral Agent may deem commercially reasonable. The Company agrees that, to the extent notice
of sale shall be required by law, at least ten days’ notice to the Collateral Agent of the time and
place of any public sale or the time after which any private sale is to be made shall constitute
reasonable notification. The Collateral Agent shall not be obligated to make any sale of Pledged
Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any
public or private sale from time to time by announcement at the time and place fixed therefor, and
such sale may, without further notice, be made at the time and place to which it was so adjourned;

          (d) hold 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 Pledged Collateral as collateral
for, and then or at any time thereafter transfer such amounts to the

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Trustee to be applied in whole or in part against, all or any part of the Secured Obligations
as provided in the Indenture. In the event that the proceeds of any sale, collection or
realization are insufficient to pay all amounts to which the Collateral Agent, Trustee or holders
of the Senior Notes are legally entitled, the Company shall be liable for the deficiency, together
with the costs of collection and the reasonable fees of any attorneys employed by the Collateral
Agent to collect such deficiency, until such time as such amounts are repaid by the Company. Any
surplus of such cash or cash proceeds held by the Collateral Agent and remaining after payment in
full of all the Secured Obligations shall be paid over to the Company or to whomsoever may be
lawfully entitled to receive such surplus.

     SECTION 10. Legal Names; Type of Organization Jurisdiction of Organization; Chief
Executive Office; Organizational Identification Numbers; Changes Thereto; Etc. The exact legal
name of the Company as of the date hereof, the type of organization, whether or not it is a
Registered Organization, its jurisdiction of organization, its chief executive office, and the
organizational identification number (if any) of the Company, is listed on Annex A hereto. The
Company shall not change its legal name, its type of organization, its status as a Registered
Organization (in the case of a Registered Organization), its jurisdiction of organization, its
chief executive office, or its organizational identification number (if any), except that any such
changes shall be permitted (so long as not in violation of the applicable requirements of the
Indenture) if (i) it shall have given to the Collateral Agent not less than 10 Business Days’ prior
written notice of each change to the information listed on Annex A, together with a supplement to
Annex A which shall correct all information contained therein, and (ii) in connection with any such
change or changes, it shall have taken all action reasonably requested by the Collateral Agent to
maintain the security interests of the Collateral Agent in the Pledged Collateral at all times
fully perfected and in full force and effect.

     SECTION 11. Collateral Agent Compensation and Indemnity.

          (a) The Company will pay to the Collateral Agent from time to time reasonable compensation for
its acceptance of the Pledged Collateral and services hereunder. The Company will reimburse the
Collateral Agent promptly upon request for all reasonable disbursements, advances and expenses
incurred or made by it in addition to the compensation for its services. Such expenses will
include the reasonable compensation, disbursements and expenses of the Collateral Agent’s agents
and counsel.

          (b) The Company will indemnify the Collateral Agent against any and all losses, liabilities or
expenses incurred by it arising out of or in connection with the acceptance or administration of
its duties under this Agreement, including the costs and expenses of enforcing this Agreement
against the Company (including this Section 11) and defending itself against any claim (whether
asserted by the Company, the Trustee, any holder of the Senior Notes or any other Person) or
liability in connection with the exercise or performance of any of its powers or duties hereunder,
except to the extent any

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such loss, liability or expense may be attributable to its gross negligence or bad faith. The
Collateral Agent will notify the Company promptly of any claim for which it may seek indemnity.
Failure by the Collateral Agent to so notify the Company will not relieve the Company of its
obligations hereunder. The Company will defend the claim and the Collateral Agent will cooperate
in the defense. The Collateral Agent may have separate counsel and the Company will pay the
reasonable fees and expenses of such counsel. The Company need not pay for any settlement made
without its consent, which consent will not be unreasonably withheld. All fees and all expenses
incurred by the Collateral Agent pursuant to this Agreement shall constitute Secured Obligations.

          (c) The obligations of the Company under this Section 11 will survive the termination of this
Agreement.

          (d) When the Collateral Agent incurs expenses or renders services after an Event of Default
specified in Section 6.01(9) or (10) of the Indenture occurs, the expenses and the compensation for
the services (including the fees and expenses of its agents and counsel) are intended to constitute
expenses of administration under any Bankruptcy Law.

          (e) The terms of Section 7 of the Indenture are incorporated herein by reference, mutatis
mutandis, and the parties hereto agree to such terms as if they were included herein.

     SECTION 12. Replacement of Collateral Agent.

          (a) A resignation or removal of the Collateral Agent and appointment of a successor Collateral
Agent will become effective only upon the successor Collateral Agent’s acceptance of appointment as
provided in this Section 12.

          (b) The Collateral Agent may resign in writing at any time and be discharged from the trust
hereby created by so notifying the Company. The Trustee may remove the Collateral Agent by so
notifying the Collateral Agent and the Company in writing. The Company may remove the Collateral
Agent if:

     (i) the Collateral Agent is adjudged a bankrupt or an insolvent or an order
for relief is entered with respect to the Collateral Agent under any Bankruptcy
Law;

     (ii) a custodian or public officer takes charge of the Collateral Agent or its
property; or

     (iii) the Collateral Agent becomes incapable of acting.

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          (c) If the Collateral Agent resigns or is removed or if a vacancy exists in the office of
Collateral Agent for any reason, the Company will promptly appoint an Eligible Person as a
successor Collateral Agent. An “Eligible Person” is a corporation organized and doing business
under the laws of the United States of America or of any state thereof that is authorized under
such laws to exercise corporate trustee power, that is subject to supervision or examination by
federal or state authorities and that has a combined capital and surplus of at least US$100 million
as set forth in its most recent published annual report of condition. Within one year after the
successor Collateral Agent takes office, the Trustee may appoint a successor Collateral Agent to
replace the successor Collateral Agent appointed by the Company.

          (d) If a successor Collateral Agent does not take office within 60 days after the retiring
Collateral Agent resigns or is removed, the retiring Collateral Agent, the Company, or the Trustee
may petition any court of competent jurisdiction for the appointment of a successor Collateral
Agent.

          (e) A successor Collateral Agent will deliver a written acceptance of its appointment to the
retiring Collateral Agent and to the Company. Thereupon, the resignation or removal of the
retiring Collateral Agent will become effective, and the successor Collateral Agent will have all
the rights, powers and duties of the Collateral Agent under this Agreement. The successor
Collateral Agent will mail a notice of its succession to the Trustee. The retiring Collateral
Agent will promptly transfer all property held by it as Collateral Agent to the successor
Collateral Agent; provided all sums owing to the Collateral Agent hereunder have been paid and
subject to the Lien provided for in Section 11 hereof. Notwithstanding replacement of the
Collateral Agent pursuant to this Section 12, the Company’s obligations under Section 11 hereof
will continue for the benefit of the retiring Collateral Agent.

     SECTION 13. Successor Collateral Agent by Merger, etc.

          (a) If the Collateral Agent consolidates, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation, the successor
corporation without any further act will be the successor Collateral Agent.

     SECTION 14. Notices, Etc. Except as otherwise specified herein, all notices,
requests, demands or other communications to or upon the respective parties hereto shall be in
writing in the English language sent or delivered by mail, telecopy or courier service and all such
notices and communications shall not be effective until received. All notices and other
communications shall be in writing and addressed as follows:

	 	(a)	 	if to the Company, at:
	 
	 	 	 	Melco Crown Entertainment Limited

36th Floor, The Centrium

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	 	 	 	60 Wyndham Street

Central

Hong Kong

Facsimile No.: +852 2537 3618

Attention: Company Secretary
	 
	 	(b)	 	if to the Collateral Agent, at:
	 
	 	 	 	The Bank of New York Mellon

101 Barclay Street, Floor 4-E

New York, NY 10286

United States of America

Facsimile No.: (212)815-5366

Attention: International Corporate Trust
	 
	 	 	 	With a copy to:
	 
	 	 	 	The Bank of New York Mellon

Level 12

Three Pacific Place

1 Queens Road East

Hong Kong

Facsimile No.: 011 852 2295 3283

Attention: Corporate Trust

or at such other address or addressed to such other individual as shall have been furnished in
writing by any Person described above to the party required to give notice hereunder.

     SECTION 15. Amendments, Etc. No amendment or waiver of any provision of this
Agreement nor consent to any departure by the Company therefrom shall in any event be effective
unless the same shall be (a) in accordance with the terms of the Indenture and (b) in writing and
signed by or on behalf of the Collateral Agent.

     SECTION 16. Assignment. Upon notice to the Company, the acting Collateral Agent may
at any time assign all of its rights, duties and obligations hereunder to any other Person
appointed to replace it as Collateral Agent pursuant to the Indenture effective upon such notice
such holder shall succeed to all of the rights, duties and obligations of Collateral Agent
hereunder.

     SECTION 17. Continuing Agreement. This Agreement shall create a continuing security
interest in the Pledged Collateral and shall remain in full force and effect until full and final
payment and performance of the Secured Obligations (for purposes of this Section 17, payment in
full will include the legal defeasance or other satisfaction and discharge of the Senior Notes
under the Indenture) and payment in full of

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all unpaid fees, expenses, and indemnity obligations due and owing to the Trustee and the
Collateral Agent under the Indenture and hereunder. Upon the payment in full of the Secured
Obligations, the Company shall be entitled to the return, upon its request and at its expense, of
such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the
terms hereof. Following such payment in full, the Collateral Agent, at the request and sole
expense of the Company, will execute and deliver to the Company a proper instrument or instruments
(including UCC termination statements) acknowledging the satisfaction and termination of this
Agreement (including, without limitation, UCC termination statements and instruments of
satisfaction and discharge).

     This Agreement shall continue to be effective or be automatically reinstated, as the case may
be, if at any time payment, in whole or in part, of any of the Secured Obligations is rescinded or
must otherwise be restored or returned by the Collateral Agent, the Trustee or the holders of the
Senior Notes as a preference, fraudulent conveyance or otherwise under any bankruptcy, insolvency
or similar law, all as though such payment had not been made; provided that in the event
payment of all or any part of the Secured Obligations is rescinded or must be restored or returned,
all reasonable costs and expenses (including without limitation any reasonable legal fees and
disbursements) incurred by the Collateral Agent or the Trustee in defending and enforcing such
reinstatement shall be deemed to be included as a part of the Secured Obligations.

     SECTION 18. Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York, without giving effect to its principles or
rules of conflict of laws to the extent such principles or rules are not mandatorily applicable by
statute and would require or permit the application of the laws of another jurisdiction.

     SECTION 19. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

     SECTION 20. Consent to Jurisdiction. The Company hereby irrevocably submits to the
non-exclusive jurisdiction of any United States Federal or New York State court located in the
Borough of Manhattan, The City of New York in connection with any suit, action or proceeding
arising out of, or relating to this Agreement or any transaction contemplated thereby. The Company
irrevocably designates and appoints CT Corporation System, 111 Eight Avenue, 13th Floor,
New York, New York 10011, as its authorized agent for receipt of service of process in any such
suit, action or proceeding. In the event that such agent for service of process appointed pursuant
to this Section 20 is unable to act as agent for service of process or no longer maintains an
office in the State of New York, each Debtor and Creditor shall forthwith appoint a successor agent
located

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in the State of New York that will promptly provide to the Collateral Agent a letter affirming
such appointment.

     IN WITNESS WHEREOF, the Company and the Collateral Agent have caused this Agreement to be duly
executed and delivered by its officer thereunto duly authorized as of the date first above written.

	 	 	 	 	 
	 	MCE FINANCE LIMITED

 	 
	 	By:  	/s/ Simon Dewhurst
 	 
	 	 	Name:  	DEWHURST Simon Edward Thomas 	 
	 	 	Title:  	Authorized Signatory 	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON, as
 Collateral Agent

 	 
	 	By:  	/s/ Irene Ding
 	 
	 	 	Name:  	Irene Ding 	 
	 	 	Title:  	Vice President 	 
	 

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ANNEX A

SCHEDULE OF LEGAL NAMES, TYPE OF ORGANIZATION

(AND WHETHER A REGISTERED ORGANIZATION),

JURISDICTION OF ORGANIZATION,

CHIEF EXECUTIVE OFFICE AND

ORGANIZATIONAL IDENTIFICATION NUMBERS

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	New Pledgor’s
	 	 	 	 	 	 	 	 	Organization
	 	 	 	 	 	 	 	 	Identification
	Exact Legal	 	Registered	 	 	 	 	 	Number (or, if
	Name of the	 	Organization	 	Jurisdiction of	 	Chief Executive	 	it has none, so
	Company	 	(Yes/No)?	 	Organization	 	Office	 	indicate)
	MCE Finance Limited

	 	No
	 	Cayman Islands
	 	Walker House

87 Mary Street

George Town

Grand Cayman

KY1 9005

Cayman Islands
	 	 	168872	 

 

 

EXHIBIT A

Form of Intercompany Note

MPEL INVESTMENTS LIMITED

US$600,000,000

Hong Kong, China

May17, 2010

     FOR VALUE RECEIVED, MPEL Investments Limited (the “Borrower”), promises to pay to MCE Finance
Limited (the “Company”), or order, on May 15, 2018 the principal amount of SIX HUNDRED MILLION
DOLLARS (US$600,000,000, or so much thereof as may remain unpaid, and to pay interest (computed on
the basis of a 360-day year of twelve 30-day months) on the unpaid balance of such principal amount
from the date hereof at the rate of ten and one quarter per cent (10.25%) per annum, payable
semi-annually on the 15th of each May and November (an “Interest Payment Date”)
beginning November 15, 2010, until such unpaid balance shall be paid in full. Any Interest Payment
Date that would otherwise fall on a date that is not a Business Day (as defined in the Indenture
referred to below) shall be postponed to the next succeeding Business Day. If the Borrower fails
to pay when due all or any portion of the principal or interest of this Note, such unpaid principal
and (to the extent permitted by law) unpaid interest shall bear interest from each day from the
date it became so due until paid in full, payable on demand, at the rate of one percent (1%) per
annum in excess of the otherwise applicable interest rate. In the event that the Company enters
into interest rate swaps or other hedging arrangements in respect of interest (a “Rate Hedge”)
with respect to the Senior Notes referred to below, the amount of interest payable on each Interest
Payment Date will be (i) increased by the amounts payable by the Company under the Rate Hedge with
respect to the interest payment then due under the Senior Notes or (ii) decreased by the amount
received by the Company under such Rate Hedge with respect to such interest payment; provided that
in no event may the amounts payable under the Rate Hedge cause the rate of interest payable under
this Note to exceed 12% per annum. The Borrower shall, on demand by the Company, also pay to the
Company an amount equal to (i) any Liquidated Damages (as defined below) paid or then required to
be paid by the Company under the terms of the Senior Notes and (ii) any amounts required to be paid
by the Company to the Trustee under the Indenture or to the Collateral Agent under the Note Pledge
Agreement (as both such terms are defined below) and (iii) Additional Amounts (as defined in the
Indenture), if any. All payments of principal, interest and other amounts shall be made in lawful
money of the United States of America at the office of the Company, or at such other place as the
holder hereof shall have designated to the Borrower in writing.

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     On the date hereof, the Company has issued certain 10.25% Senior Notes (the “Senior Notes”)
pursuant to an Indenture dated as of May 17, 2010 (the “Indenture”) among itself, certain
guarantors and The Bank of New York Mellon, as trustee (the “Trustee”). The proceeds of the Senior
Notes have been lent by the Company to the Borrower and an amount, equivalent to the discounts and
commissions of the initial purchasers of the Senior Notes and estimated offering expenses payable
by the Company, has been paid therefrom by way of an upfront fee to the Company. This Note
evidences the Borrower’s obligation to repay such loan.

     This Note may be prepaid, in whole or in part, at any time, provided that the principal amount
outstanding under this Note shall at all times be not less than the principal amount outstanding
under the Senior Notes. Any such prepayment shall be made together with accrued and unpaid
interest hereon plus, on demand by the Company, to the extent applicable, the Borrower shall also
pay premium and Liquidated Damages (as defined below), in each case, in the amount equal to any
premium or Liquidated Damages paid or then required to be paid by the terms of the Senior Notes in
connection with any like prepayment of the Senior Notes. “Liquidated Damages” means liquidated
damages payable under any registration rights agreement entered into by the Company in connection
with the offering of the Senior Notes. In addition, should the Company elect to prepay, or be
required by the terms of the Senior Notes to prepay, all or a portion of such Senior Notes on any
day, the Borrower shall on demand by the Company, prepay a like principal amount of the principal
of this Note, together with accrued and unpaid interest, plus an amount equal to any premium or
Liquidated Damages paid or then due by the Company under the Senior Notes. Should the Company be
required at any time to pay any Additional Amounts (as defined in the Indenture) in connection with
any withholding or deduction for or on account of taxes, duties, assessments or governmental
charges of whatever nature under the terms of the Senior Notes, the Borrower shall also pay to the
Company as additional interest hereunder, the amount of such Additional Amounts then due under the
Senior Notes. Notwithstanding any provision to the contrary hereunder, the amounts of principal
and interest due and payable hereunder shall at all times be not less than the amounts due and
payable under the Senior Notes.

     Upon the earlier to occur of (x) the commencement by or against the Borrower of any case or
other proceeding seeking liquidation, reorganization or other relief with respect to the Borrower
or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of
it or any substantial part of its property or (y) any exercise of remedies pursuant to Article 6 of
the Indenture or Section 9 of the Pledge Agreement, the unpaid principal amount hereof shall become
immediately due and payable without presentment, demand, protest or notice of any kind, all of
which are hereby waived by the Borrower.

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     No failure to exercise and no delay in exercising, on the part of the Company of this Note,
any right, remedy, power or privilege hereunder 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 privilege herein provided are cumulative and not exclusive of any
rights, remedies, power and privileges provided by law.

     This Note shall be governed by and construed in accordance with the laws of the State of New
York, without giving effect to its principles or rules of conflict of laws to the extent such
principles or rules are not mandatorily applicable by statute and would require or permit the
application of the laws of another jurisdiction.

     This Note may be executed manually or by facsimile or electronically transmitted signature,
and any such signature shall be for all purposes as an original.

     This Note is being pledged to The Bank of New York Mellon as collateral agent (the “Collateral
Agent”) for the benefit of the Trustee and the holders of the Senior Notes pursuant to that certain
Pledge Agreement (the “Note Pledge Agreement”) dated as of May 17, 2010 between the Company and the
Collateral Agent to secure the Company’s obligations under the Indenture and the Senior Notes. The
Borrower agrees not to take any actions, make any payments or accept any instructions from the
Company that conflict with the Collateral Agent’s rights under the Note Pledge Agreement until the
Secured Obligations (as defined in the Note Pledge Agreement) have been performed and paid in full.

     IN WITNESS WHEREOF, the Borrower has caused its duly authorized officer to execute and deliver
this Note as of the day and year first above written.

(Signature page follows)

3

 

	 	 	 	 	 
	 	MPEL INVESTMENTS LIMITED

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

4exv4w5

Exhibit 4.5

EXECUTION VERSION

NOTE GUARANTEE

          NOTE GUARANTEE, dated as of May 17, 2010 (this “Guarantee”), made by each of the
companies that are signatories hereto (the “Guarantors”), in favor of The Bank of New York
Mellon, as trustee (in such capacity, the “Trustee”) for the Trustee and the Holders (as
defined in the Indenture (as hereafter defined)).

W I T N E S S E T H:

          WHEREAS, MCE Finance Limited (the “Issuer”), is party to an Indenture, dated as of the
date hereof (as the same may be amended, supplemented or otherwise modified from time to time, the
“Indenture”), among the Issuer, the Trustee and The Bank of New York Mellon, as collateral
agent (in such capacity, the “Collateral Agent”), pursuant to which the Issuer has issued
US$600 million principal amount of 10.25% Senior Notes due 2018;

          WHEREAS, the Issuer and the other Guarantors are engaged in related businesses, and each
Guarantor will derive substantial direct and indirect benefit from the proceeds of the Notes; and

          NOW, THEREFORE, in consideration of the premises and to induce the Holders to purchase the
Notes, the Guarantors hereby agree with and for the benefit of the Trustee and the Holders as
follows:

          1. Defined Terms. As used in this Guarantee, terms defined in the Indenture or in the
preamble or recitals hereto are used herein as therein defined, and the following terms shall have
the following meaning:

     “Guarantee Designated Senior Indebtedness” means any Indebtedness outstanding
under the Senior Credit Agreement or the Subconcession Bank Guarantee Facility Agreement
each as may be amended from time to time (except for any amendment which increases the
maximum principal which can be advanced or, as the case may be, guaranteed under the Senior
Credit Agreement or Subconcession Bank Guarantee Facility Agreement).

     “Representative” or “Representatives” means the Agent (as defined in
the Senior Credit Agreement), in the case of Obligations under the Senior Credit Agreement
and the Subconcession Bank Guarantor, in the case of Obligations under the Subconcession
Bank Guarantee Facility Agreement.

     “Senior Credit Agreement” means the Senior Credit Agreement, dated as of
September 5, 2007, by and among Melco Crown Gaming (Macau) Limited, as Original Borrower,
arranged by Australia and New Zealand Banking Group Limited, Bank of America Securities Asia
Limited, Barclays Capital, Deutsche Bank AG, Hong Kong Branch, and UBS AG Hong Kong Branch
as Coordinating Lead Arrangers, with Deutsche Bank AG, Hong Kong Branch acting as Agent and
DB Trustees (Hong Kong) Limited acting as Security Agent, as amended pursuant to a transfer
agreement between, inter alios, the parties thereto dated October 17, 2007, a Supplemental
Deed in respect of

 

 

the Deed of Appointment between, inter alios, the parties thereto, dated November 19,
2007, an amendment agreement between the parties thereto dated December 7, 2007, a second
amendment agreement between the parties thereto dated September 1, 2008, a third amendment
agreement between the parties thereto dated December 1, 2008, a letter agreement between the
parties thereto dated October 8, 2009, and as further amended pursuant to a fourth amendment
agreement between the parties thereto dated on or before the date of the Indenture,
providing for up to US$1,750,000,000 of revolving credit and term loan borrowings, including
any related notes, guarantees, collateral documents, instruments and agreements executed in
connection therewith.

     “Subconcession Bank Guarantee Facility Agreement” means the
subconcession bank guarantee request letter, dated September 1, 2006, issued by Melco Crown
Gaming (Macau) Limited and the bank guarantee number 269/2006, dated September 6, 2006,
extended by Banco Nacional Ultramarino, S.A. in favor of the government of the Macau SAR at
the request of Melco Crown Gaming (Macau) Limtied, including any related notes, guarantees,
collateral documents, instruments and agreements executed in connection thereunder.

     “Subconcession Bank Guarantor” means Banco Nacional Ultramarino, S.A.

          2. Guarantee. (a) Subject to this Guarantee, each of the Guarantors hereby, jointly
and severally, unconditionally guarantees to each Holder of a Note authenticated and delivered by
the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and
enforceability of the Indenture, the Notes or the obligations of the Issuer hereunder or
thereunder, that:

     (1) the principal of and interest on, and premium, Additional Amounts and Liquidated
Damages, if any, on the Notes will be promptly paid in full when due, whether at maturity,
by acceleration, redemption or otherwise, and interest on the overdue principal of and
interest on the Notes, if any, if lawful, and all other obligations of the Issuer to the
Holders or the Trustee hereunder or under the Indenture and the Notes will be promptly paid
in full or performed, all in accordance with the terms hereof and thereof; and

     (2) in case of any extension of time of payment or renewal of any Notes or any of such
other obligations, that same will be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at stated maturity, by
acceleration or otherwise.

     Failing payment when due of any amount so guaranteed or any performance so guaranteed for
whatever reason, the Guarantors will be jointly and severally obligated to pay the same
immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of
collection.

          (b) The Guarantors hereby agree that their obligations hereunder are unconditional,
irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the
absence of any action to enforce the same, any waiver or consent by any Holder of

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the Notes with respect to any provisions hereof or thereof, the recovery of any judgment
against the Issuer, any action to enforce the same or any other circumstance which might otherwise
constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives
diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency
or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest,
notice and all demands whatsoever and covenant that this Guarantee will not be discharged except by
complete performance of the obligations contained in the Notes and the Indenture. The Guarantors
obligations hereunder survive termination of the Indenture and the resignation or removal of the
Trustee.

          (c) If any Holder or the Trustee is required by any court or otherwise to return to the
Issuer, the Guarantors or any custodian, trustee, liquidator or other similar official acting in
relation to either the Issuer or the Guarantors, any amount paid by any of them to the Trustee or
such Holder, this Guarantee, to the extent theretofore discharged, will be reinstated in full force
and effect.

          (d) Each Guarantor agrees that it will not be entitled to any right of subrogation in relation
to the Holders in respect of any obligations guaranteed hereby until payment in full of all
obligations guaranteed hereby. If any Guarantor has made a payment pursuant to this Guarantee and
all of the obligations guaranteed hereby have been paid in full then such Guarantor shall have a
right of subrogation in relation to the Holders to the extent of the pro rata payment so made by
such Guarantor. Each Guarantor further agrees that, as between the Guarantors, on the one hand,
and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed
hereby may be accelerated as provided in Article 6.02 of the Indenture for the purposes of this
Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of
acceleration of such obligations as provided in Article 6.02 of the Indenture such obligations
(whether or not due and payable) will forthwith become due and payable by the Guarantors for the
purpose of this Guarantee. The Guarantors will have the right to seek contribution from any
non-paying Guarantor so long as the exercise of such right does not impair the rights of the
Holders or the Trustee under this Guarantee.

          (e) Each Guarantor agrees that the Obligations may at any time and from time to time exceed
the amount of the liability of such Guarantor hereunder without impairing this Guarantee or
affecting the rights of the Trustee or any Holder hereunder.

          (f) No payment or payments made by any of the Issuer, the other Guarantors, any other
guarantor or any other Person or received or collected by the Trustee or any Holder from any
Issuer, the other 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 shall, notwithstanding any such
payment or payments other than payments made by such Guarantor in respect of the Obligations or
payments 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 Obligations are
paid in full or the release of such Guarantor in accordance with Section 7 hereof.

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          (g) Each Guarantor agrees that whenever, at any time, or from time to time, it shall make any
payment to the Trustee, the Collateral Agent or any Holder on account of its liability hereunder,
it will notify the Trustee in writing in advance that such payment is made under this Guarantee for
such purpose, and shall inform the Trustee of the amount of the payment and the date wire payment
will be made.

          3. Form of Guarantee. Each Guarantor hereby agrees that evidence of its Guarantee
substantially in the appropriate form for such Guarantor attached as Exhibit B will be endorsed by
an Officer of such Guarantor and affixed to each Note authenticated and delivered by the Trustee.
Each Guarantor hereby agrees that its Guarantee set forth in this Guarantee will remain in full
force and effect notwithstanding any failure to affix to each Note such evidence of Guarantee. If
an Officer whose signature is on this Guarantee no longer holds that office at the time the Trustee
authenticates the Note on which the evidence of such Guarantee is affixed, the Guarantee will be
valid nevertheless.

          4. Limitation on Guarantor Liability. Each Guarantor, and by its acceptance of Notes,
each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of
such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law,
the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal
or state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the
Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such
Guarantor will be limited to the maximum amount that will, after giving effect to such maximum
amount and all other contingent and fixed liabilities of such Guarantor that are relevant under
such laws, and after giving effect to any collections from, rights to receive contribution from or
payments made by or on behalf of any other Guarantor in respect of the obligations of such other
Guarantor under this Guarantee, result in the obligations of such Guarantor under its Guarantee not
constituting a fraudulent transfer or conveyance.

          5. Amendments, etc. with respect to the Obligations; Waiver of Rights. 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 Obligations made by the Trustee or any Holder may be rescinded by such party and any of
the Obligations continued, and the Obligations, or the liability of any other party 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, extended, amended, modified,
accelerated, compromised, waived, surrendered or released by the Trustee, the Collateral Agent or
the Holders pursuant to the provisions of the Indenture and the Notes, this Guarantee, the Pledge
of Intercompany Note or other guarantee or document in connection therewith may be amended,
modified, supplemented or terminated, in whole or in part, pursuant to the provisions of the
Indenture, and any collateral security, guarantee or right of offset at any time held by the
Trustee or the Collateral Agent for the payment of the Obligations may be sold, exchanged, waived,
surrendered or released. Neither the Trustee nor the Collateral Agent shall have any obligation to
protect, secure, perfect or insure any Lien at any time held by it as security for the Obligations
or for this Guarantee or any property subject thereto. When making any demand hereunder against
any particular Guarantor, the Trustee or, subject to Sections 6.06 and 6.07 of the Indenture, any
Holder may, but shall be under no obligation to, make a similar demand on any other Guarantor or
guarantor, and any

4

 

failure by the Trustee or, subject to Sections 6.06 and 6.07 of the Indenture, such Holder to
make any such demand or to collect any payments from any such other Guarantor or guarantor or any
release of any such other Guarantor or guarantor shall not relieve such Guarantor in respect of
which a demand or collection is not made or any of the Guarantors not so released of their several
obligations or liabilities hereunder, and shall not impair or affect the rights and remedies,
express or implied, or as a matter of law, of the Trustee or any Holder against any of the
Guarantors. For the purposes hereof “demand” shall include the commencement and continuance of any
legal proceedings.

          6. Guarantors May Consolidate, etc., on Certain Terms. (a) The Parent Guarantor will
not, directly or indirectly sell, assign, transfer, convey or otherwise dispose of all or
substantially all of its properties or assets in one or more related transactions to, or
consolidate or merge with or into (whether or not the Parent Guarantor is the surviving Person)
another Person, unless:

     (1) either: (a) the Parent Guarantor is the surviving corporation; or (b) the Person
formed by or surviving any such consolidation or merger (if other than the Parent Guarantor)
or to which such sale, assignment, transfer, conveyance or other disposition has been made
is a corporation organized or existing under the laws of the Cayman Islands, the European
Union, Singapore, the United States, any state of the United States or the District of
Columbia;

     (2) the Person formed by or surviving any such consolidation or merger (if other than
the Parent Guarantor) or the Person to which such sale, assignment, transfer, conveyance or
other disposition has been made assumes all the obligations of the Parent Guarantor under
the Notes, the Indenture, the Guarantee, the Registration Rights Agreement and the
Subordination Agreement pursuant to agreements reasonably satisfactory to the Trustee; and

     (3) immediately after such transaction, no Default or Event of Default exists;

          (b) Except as otherwise provided in Section 7 hereof, no Subsidiary Guarantor that is a
Significant Subsidiary will, and the Issuer will not permit any Subsidiary Guarantor that is a
Significant Subsidiary to, directly or indirectly: (1) consolidate or merge with or into another
Person (whether or not such Subsidiary Guarantor is the surviving corporation); or (2) sell,
assign, transfer, convey or otherwise dispose of all or substantially all of the properties or
assets of such Subsidiary Guarantor in one or more related transactions, to another Person, unless:

     (1) either: (a) such Subsidiary Guarantor is the surviving corporation; or (b) the
Person formed by or surviving any such consolidation or merger (if other than such
Subsidiary Guarantor) or to which such sale, assignment, transfer, conveyance or other
disposition has been made is a corporation organized or existing under the laws of the
Cayman Islands, Hong Kong, Macau, Singapore, the United States, any state of the United
States or the District of Columbia;

     (2) the Person formed by or surviving any such consolidation or merger (if other than
such Subsidiary Guarantor) or the Person to which such sale, assignment, transfer,

5

 

conveyance or other disposition has been made assumes all the obligations of such
Subsidiary Guarantor under the Notes, the Indenture, the Guarantee, the Registration Rights
Agreement, the Subordination Agreement and the Pledge of Intercompany Note pursuant to
agreements reasonably satisfactory to the Trustee;

     (3) immediately after such transaction, no Default or Event of Default exists; and

     (4) with respect to the consolidation, or merger of, or the sale, assignment, transfer,
conveyance or other disposition of all or substantially all of the properties or assets of a
Subsidiary Guarantor that is a Significant Subsidiary, the Issuer would, on the date of such
transaction after giving pro forma effect thereto and any related financing transactions as
if the same had occurred at the beginning of the applicable four-quarter period, be
permitted to incur at least US$1.00 of additional Indebtedness pursuant to Section 4.09 of
the Indenture;

     provided, however that the provisions of this Section 6 shall not apply if such Subsidiary
Guarantor is released from its Guarantee pursuant to Section 7 hereof as a result of such
consolidation, merger, sale or other disposition.

          (c) In case of any such consolidation, merger, sale or conveyance and upon the assumption by
the successor Person, by agreements, executed and delivered to the Trustee and satisfactory in form
to the Trustee, of this Guarantee endorsed upon the Notes and the due and punctual performance of
all of the covenants and conditions of the Indenture to be performed by the Guarantor, such
successor Person will succeed to and be substituted for the Guarantor with the same effect as if it
had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any
or all of the Note Guarantees to be endorsed upon all of the Notes issuable hereunder which
theretofore shall not have been signed by the Issuer and delivered to the Trustee. All the Note
Guarantees so issued will in all respects have the same legal rank and benefit under the Indenture
as the Note Guarantees theretofore and thereafter issued in accordance with the terms of the
Indenture as though all of such Note Guarantees had been issued at the date of the execution
hereof.

          Except as set forth in Articles 4 and 5 of the Indenture, and notwithstanding clauses (a) and
(b) above, nothing contained in the Indenture, the Guarantee or in any of the Notes will prevent
(1) a merger of the Issuer or a Guarantor, as the case may be, with an Affiliate solely for the
purpose of reincorporating or reorganizing the Issuer or a Guarantor, as the case may be, in
another jurisdiction, provided such jurisdiction is a jurisdiction listed in Section 6(b)(1)
hereof, or (2) any consolidation or merger, or any sale, assignment, transfer, conveyance, lease or
other disposition of assets between or among the Issuer and the Guarantors or between or among the
Guarantors.

          7. Release of Guarantor. (a) In the event of any sale or other disposition of all or
substantially all of the assets of any Subsidiary Guarantor, by way of merger, consolidation or
otherwise, or a sale or other disposition of all of the Capital Stock of any Subsidiary Guarantor,
in each case to a Person that is not (either before or after giving effect to such transactions)
the Issuer or a Restricted Subsidiary of the Issuer, then such Subsidiary Guarantor (in the event
of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the Capital

6

 

Stock of such Subsidiary Guarantor) or the corporation acquiring the property (in the event of
a sale or other disposition of all or substantially all of the assets of such Subsidiary Guarantor)
will be released and relieved of any obligations under its Guarantee; provided that the Net
Proceeds of such sale or other disposition are applied in accordance with the applicable provisions
of the Indenture, including without limitation Section 4.10 of the Indenture.

          (b) Upon designation of any Restricted Subsidiary that is a Subsidiary Guarantor as an
Unrestricted Subsidiary in accordance with the terms of the Indenture (which shall include written
notice to the Trustee), such Subsidiary Guarantor will be released and relieved of any obligations
under its Guarantee.

          (c) Upon Legal Defeasance in accordance with Article 8 of the Indenture or satisfaction and
discharge of the Indenture in accordance with Article 11 of the Indenture, each Subsidiary
Guarantor will be released and relieved of any obligations under its Guarantee.

          (d) Any Subsidiary Guarantor not released from its obligations under its Guarantee as provided
in this Section 7 will remain liable for the full amount of principal of and interest and premium
and Additional Amounts and Liquidated Damages, if any, on the Notes and for the other obligations
of any Guarantor under the Indenture as provided in this Guarantee.

          Upon delivery by the Issuer to the Trustee of an Officers’ Certificate and an Opinion of
Counsel to the effect that such sale or other disposition was made by the Issuer in accordance with
the provisions of the Indenture, including without limitation Section 4.10 of the Indenture, the
Trustee will execute such documents as are reasonably required in order to evidence the release of
any Subsidiary Guarantor from its obligations under its Guarantee.

          8. Subordination. (a) Each Subsidiary Group Guarantor agrees, and each Holder by
accepting a Note agrees, that the Obligations of each Subsidiary Group Guarantor hereunder will be
subordinated in right of payment, to the extent and in the manner provided in this Section 8, to
the prior payment in full in cash of all Guarantee Designated Senior Indebtedness, and that the
subordination is for the benefit of the holders of the Guarantee Designated Senior Indebtedness.

          (b) Upon any distribution to creditors of a Subsidiary Group Guarantor in a liquidation or
dissolution of such Subsidiary Group Guarantor or in a bankruptcy, reorganization, insolvency,
receivership or similar proceeding relating to such Subsidiary Group Guarantor or its property, in
an assignment for the benefit of creditors of such Subsidiary Group Guarantor, or any marshaling of
such Subsidiary Group Guarantor’s assets and liabilities (or equivalent proceeding under relevant
local law, if any):

     (1) holders of Guarantee Designated Senior Indebtedness will be entitled to receive
payment in full of all Obligations due in respect of such Guarantee Designated Senior
Indebtedness (including interest after the commencement of any bankruptcy proceeding at the
rate specified in the applicable Guarantee Designated Senior Indebtedness) before the
Holders of Notes will be entitled to receive any payment with respect to a Guarantee
provided by a Subsidiary Group Guarantor (except that Holders of Notes may receive and
retain payments made from any defeasance trust created pursuant

7

 

to Section 8.01 of the Indenture to the extent such trusts have been funded otherwise
than by the Subsidiary Group Guarantors); and

     (2) until all Obligations with respect to Guarantee Designated Senior Indebtedness (as
provided in clause (1) above) are paid in full, any distribution to which Holders would be
entitled but for this Section 8 will be made to holders of Guarantee Designated Senior
Indebtedness (except that Holders of Notes may receive and retain payments made from any
defeasance trust created pursuant to Section 8.01 of the Indenture to the extent such trusts
have been funded otherwise than by the Subsidiary Group Guarantors), as their interests may
appear.

          (c) In the event that the Trustee or any Holder receives any payment of any Obligations with
respect to this Guarantee of a Subsidiary Group Guarantor (other than payments made from any
defeasance trust created pursuant to Section 8.01 of the Indenture to the extent such trusts have
been funded otherwise than by the Subsidiary Group Guarantors) at a time when the payment is
prohibited by this Section 8 and a Responsible Officer of the Trustee or such Holder, as
applicable, has received written notice that such payment is prohibited by this Section 8, such
payment will be held by the Trustee or such Holder, in trust for the benefit of, and will be paid
forthwith over and delivered, upon written request, to the Security Agent (as defined under the
relevant Guarantee Designated Senior Indebtedness document) for application to the payment of all
Obligations with respect to the Guarantee Designated Senior Indebtedness remaining unpaid to the
extent necessary to pay such Obligations in full in accordance with its terms.

          With respect to the holders of Guarantee Designated Senior Indebtedness, the Trustee
undertakes to perform only those obligations on the part of the Trustee as are specifically set
forth in this Section 8, and no implied covenants or obligations with respect to the holders of
Guarantee Designated Senior Indebtedness will be read into the Indenture against the Trustee. The
Trustee will not be deemed to owe any fiduciary duty to the holders of Guarantee Designated Senior
Indebtedness, and will not be liable to any such holders if the Trustee pays over or distributes to
or on behalf of Holders or any Subsidiary Group Guarantor or any other Person money or assets to
which any holders of Guarantee Designated Senior Indebtedness are then entitled by virtue of this
Section 8, except if such payment is made as a result of the willful misconduct or gross negligence
of the Trustee.

          (d) Each Subsidiary Group Guarantor will promptly notify the Trustee and the Paying Agent of
any facts known to such Subsidiary Group Guarantor that would cause a payment of any Obligations
with respect to its Guarantee to violate this Guarantee, but failure to give such notice will not
affect the subordination of this Guarantee to the Guarantee Designated Senior Indebtedness as
provided in this Guarantee.

          (e) After all Guarantee Designated Senior Indebtedness is paid in full and until the Notes are
paid in full, Holders of Notes will be subrogated (equally and ratably with all other Indebtedness
pari passu with the Guarantee of each Subsidiary Group Guarantor) to the rights of holders of
Guarantee Designated Senior Indebtedness to receive distributions applicable to Guarantee
Designated Senior Indebtedness to the extent that distributions otherwise payable to the Holders of
Notes have been applied to the payment of Guarantee Designated Senior Indebtedness. A distribution
made under this Guarantee to holders of Guarantee Designated

8

 

Senior Indebtedness that otherwise would have been made to Holders of Notes is not, as between
the Subsidiary Group Guarantors and Holders, a payment by the Subsidiary Group Guarantors under
this Guarantee.

          (f) This Guarantee defines the relative rights of Holders of Notes and holders of Guarantee
Designated Senior Indebtedness. Nothing in the Indenture will:

     (1) impair, as between the Subsidiary Group Guarantors and Holders of Notes, the
obligation of the Subsidiary Group Guarantors, which is absolute and unconditional, to pay
principal of, premium and interest and Additional Amounts and Liquidated Damages, if any,
on, the Guarantees in accordance with the terms herein;

     (2) affect the relative rights of Holders of Notes and creditors of the Subsidiary
Group Guarantors other than their rights in relation to holders of Guarantee Designated
Senior Indebtedness; or

     (3) prevent the Trustee or any Holder of Notes from exercising its available remedies
upon a Default or Event of Default, subject to the rights of holders and owners of Guarantee
Designated Senior Indebtedness to receive distributions and payments otherwise payable to
Holders of Notes.

          If a Subsidiary Group Guarantor fails because of this Section 8 to pay principal of, premium
or interest or Additional Amounts and Liquidated Damages, if any, on, a Guarantee on the due date,
the failure is still a Default or Event of Default.

          (g) No right of any holder of Guarantee Designated Senior Indebtedness to enforce the
subordination of the Indebtedness evidenced by the Guarantee of a Subsidiary Group Guarantor may be
impaired by any act or failure to act by such Subsidiary Group Guarantor or any Holder or by the
failure of a Subsidiary Group Guarantor or any Holder to comply with the Indenture.

          (h) Whenever a distribution is to be made or a notice given to holders of Guarantee Designated
Senior Indebtedness, the distribution may be made and the notice given to the Representatives.

          Upon any payment or distribution of assets of a Subsidiary Group Guarantor referred to in this
Section 8, the Trustee and the Holders of Notes will be entitled to rely upon any order or decree
made by any court of competent jurisdiction or upon any certificate of the Representatives, or of
the liquidating trustee or agent or other Person making any distribution to the Trustee or to the
Holders of Notes for the purpose of ascertaining the Persons entitled to participate in such
distribution, the holders of the Guarantee Designated Senior Indebtedness and other Indebtedness of
such Subsidiary Group Guarantor, the amount thereof or payable thereon, the amount or amounts paid
or distributed thereon and all other facts pertinent thereto or to this Section 8.

          (i) Notwithstanding the provisions of this Section 8 or any other provision of the Indenture,
the Trustee will not be charged with knowledge of the existence of any facts that would prohibit
the making of any payment or distribution by the Trustee, and the Trustee and the

9

 

Paying Agent may continue to make payments on the Notes, unless a Responsible Officer of the
Trustee has received at its Corporate Trust Office at least ten Business Days prior to the date of
such payment written notice referencing this Guarantee and stating facts that would cause the
payment of any Obligations with respect to a Guarantee issued by a Subsidiary Group Guarantor to
violate this Section 8. Only a Subsidiary Group Guarantor or a Representative identifying itself
as such may give the notice. Nothing in this Section 8 will impair the claims of, or payments to,
the Trustee under or pursuant to Section 7.07 of the Indenture.

          The Trustee in its individual or any other capacity may hold Guarantee Designated Senior
Indebtedness with the same rights it would have if it were not Trustee. Any Agent may do the same
with like rights.

          (j) Each Holder of Notes, by the Holder’s acceptance thereof, authorizes and directs the
Trustee on such Holder’s behalf to take such action as may be necessary or appropriate to
effectuate the subordination as provided in this Guarantee, and appoints the Trustee to act as such
Holder’s attorney-in-fact for any and all such purposes. If the Trustee does not file a proper
proof of claim or proof of debt in the form required in any proceeding referred to in Section 6.09
of the Indenture at least 30 days before the expiration of the time to file such claim, the
Representatives are hereby authorized to file an appropriate claim for and on behalf of the Holders
of the Notes, and the Trustee shall be held harmless with respect thereto.

          9. Reinstatement. This Guarantee shall continue to be effective, or be reinstated, as
the case may be, if at any time payment, or any part thereof, of the Obligations is rescinded or
must otherwise be restored or returned by the Trustee, the Collateral Agent or any Holder upon the
insolvency, bankruptcy, dissolution, liquidation or reorganization of the Issuer or of any other
Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of,
or trustee or similar officer for, the Issuer or any other Guarantor or any substantial part of its
property, or otherwise, all as though such payments had not been made.

          10. Payments. Each Guarantor hereby guarantees that payments hereunder will be paid
in Dollars to the Trustee on behalf of the Holders without set-off or counterclaim at the office of
the Trustee set forth in Section 12.02 of the Indenture, or at such other office as the Trustee may
notify to the Guarantor in accordance with Section 18 hereof.

          11. Covenants. Each Guarantor hereby covenants and agrees with the Trustee and the
Holders that, from and after the date of this Guarantee until the Obligations are paid in full or
the release of such Guarantor in accordance with Section 7 hereof, it shall:

          (a) (to the extent that such Guarantor is so required under the TIA) deliver to the Trustee,
within 90 days after the end of each fiscal year, an Officers’ Certificate stating that a review of
the activities of the Guarantor and its subsidiaries during the preceding fiscal year has been made
under the supervision of the signing Officers with a view to determining whether the Issuer has
kept, observed, performed and fulfilled its obligations under this Guarantee, and further stating,
as to each such Officer signing such certificate, that to the best of his or her knowledge the
Guarantor has kept, observed, performed and fulfilled each and every covenant contained in this
Guarantee and is not in default in the performance or observance of any of the terms, provisions
and conditions of this Guarantee (or, if a Default or Event of Default has

10

 

occurred, describing all such Defaults or Events of Default of which he or she may have
knowledge and what action the Guarantor is taking or proposes to take with respect thereto) and
that to the best of his or her knowledge no event has occurred and remains in existence by reason
of which payments on account of the principal of or interest, if any, on the Notes is prohibited or
if such event has occurred, a description of the event and what action the Guarantor is taking or
proposes to take with respect thereto;

          (b) (to the extent that it may lawfully do so) not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law
wherever enacted, now or at any time hereafter in force, that may affect the covenants or the
performance of this Guarantee; and each of the Guarantors (to the extent that it may lawfully do
so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will
not, by resort to any such law, hinder, delay or impede the execution of any power herein granted
to the Trustee, but will suffer and permit the execution of every such power as though no such law
has been enacted;

          (c) Subject to Section 6 hereof, do or cause to be done all things necessary to preserve and
keep in full force and effect:

     (1) its corporate existence, and the corporate, partnership or other existence of each
of its subsidiaries, in accordance with the respective organizational documents (as the same
may be amended from time to time) of such Guarantor or any such subsidiary; and

     (2) the rights (charter and statutory), licenses and franchises of the Guarantor and
its subsidiaries; provided, however, that the Guarantor shall not be required to preserve
any such right, license or franchise, or the corporate, partnership or other existence of
any of its Subsidiaries, if the Board of Directors shall determine that the preservation
thereof is no longer desirable in the conduct of the business of the Guarantor and its
subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material
respect to the Holders of the Notes.

          (d) pay, and will cause each of its subsidiaries to pay, prior to delinquency, all material
taxes, assessments, and governmental levies except such as are contested in good faith and by
appropriate proceedings or where the failure to effect such payment is not adverse in any material
respect to the Holders of the Notes.

          12. Indemnification. (a) The Guarantors, jointly and severally, will indemnify the
Trustee (which shall be deemed to include its officers, directors, employees and agents) against
any and all losses, liabilities or expenses (including the reasonable fees and expenses of counsel)
incurred by it arising out of or in connection with the acceptance or administration of its duties
under this Guarantee, including the costs and expenses of enforcing this Guarantee against the
Guarantors and defending itself against any claim (whether asserted by the Guarantor, any Holder or
any other Person) or liability in connection with the exercise or performance of any of its powers
or duties hereunder, except to the extent any such loss, liability or expense may be attributable
solely to its negligence or bad faith by a court of competent jurisdiction in a final
non-appealable order. The Trustee will notify the relevant Guarantor promptly of any claim for

11

 

which it may seek indemnity. Failure by the Trustee to so notify the Guarantors will not
relieve the Guarantors of their obligations hereunder. The relevant Guarantor will defend the
claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the
Guarantor will pay the reasonable fees and expenses of such counsel. The Guarantor need not pay
for any settlement made without its consent, which consent will not be unreasonably withheld.

          (b) The obligations of the Guarantors under this Section 12 will survive the satisfaction and
discharge of this Guarantee, and the resignation or removal of the Trustee.

          (c) Subject to Section 8 hereof, to secure the Guarantor’s payment obligations in this Section
12, the Trustee will have a Lien prior to the Guarantees on all money or property held or collected
by the Trustee, except that held in trust to pay principal and interest on the Notes. Such Lien
will survive the satisfaction and discharge of this Indenture.

          13. Notice of Acceleration. If payment of the Notes is accelerated because of an
Event of Default, the Issuer will promptly notify the Representatives.

          14. Severability. Any provision of this Guarantee 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.

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

          16. No Waiver; Cumulative Remedies. Neither the Trustee nor any Holder shall by any
act (except by a written instrument pursuant to Section 17 hereof), 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 under any of the Indenture, the Notes, the Intercompany Note, the
Pledge of Intercompany Note or the Subordination Agreement or in any breach of any of the terms and
conditions hereof. No failure to exercise, nor any delay in exercising, on the part of the Trustee
or any Holder, 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 the
Trustee or any Holder of any right or remedy hereunder on any one occasion shall not be construed
as a bar to any right or remedy which the Trustee or such Holder 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 rights or remedies provided by law.

          17. Integration; Waivers and Amendments; Successors and Assigns. This Guarantee
represents the entire agreement of each Guarantor with respect to the subject matter hereof and
there are no promises or representations by the Trustee or any Holder relative to the subject
matter hereof not reflected herein or in the Indenture, the Notes, the Intercompany Note,

12

 

the Pledge of Intercompany Note or the Subordination Agreement. None of the terms or
provisions of this Guarantee may be waived, amended, supplemented or otherwise modified except as
set forth in Article 9 of the Indenture, provided however, that until payment in full of all
Guarantee Designated Senior Indebtedness the provisions of Section 8 hereof may not be amended or
modified in a manner adverse to the holders of Guarantee Designated Senior Indebtedness without the
written consent of the Representatives. This Guarantee shall be binding upon the successors and
assigns of each Guarantor and shall inure to the benefit of the Trustee, the Collateral Agent and
the Holders and their respective successors and assigns.

          18. Notices. All notices, requests and demands to or upon each Guarantor or the
Trustee or any Holder to be effective shall be in writing in the English language, addressed to a
party at the address provided for such party in the Indenture or Schedule I hereto, as the
case may be, or to such other address as may be hereafter notified to the parties hereto, or by
telecopy (in each case, subject to the last paragraph of Section 12.02 of the Indenture) and,
unless otherwise expressly provided herein, shall be deemed to have been duly given or made when
delivered by hand, or, in the case of mail, three days after deposit in the postal system, first
class postage pre-paid, or, in the case of telecopy notice, confirmation of receipt received.

          19. Counterparts. This Guarantee may be executed by one or more of the parties hereto
on any number of separate counterparts (including facsimile and electronic transmission
counterparts) and all of said counterparts taken together shall be deemed to constitute one and the
same instrument.

          20. Authority of Trustee. Each Guarantor acknowledges that the rights and
responsibilities of the Trustee under this Guarantee are as set forth in the Indenture, including,
without limitation, Articles 6 and 7 thereof.

          21. Additional Guarantors. Each Person that is required to become a party to this
Guarantee pursuant to Section 4.16 of the Indenture shall become a Guarantor for all purposes of
this Guarantee and shall execute and deliver a joinder to this Guarantee in the form of Exhibit
A hereto.

          22. Indenture Controls. All parties agree that, in the event of a conflict between or
among the terms of this Guarantee and the Indenture, the Indenture shall control.

          23. English Language. This Agreement shall be in the English language, except as
required by applicable Law (in which event certified English translations thereof shall be provided
by the Issuer to the Trustee and the Collateral Agent). All documents, certificates, reports or
notices to be delivered or communications to be given or made by any party thereto pursuant to the
terms of this Agreement, the Indenture, the Notes, the Intercompany Note, the Pledge of the
Intercompany Note or the Subordination Agreement shall be in the English language or, if originally
written in another language, shall be accompanied by an accurate English translation upon which the
parties thereto shall have the right to rely for all purposes of this Guarantee, the Indenture, the
Notes, the Intercompany Note, the Pledge of Intercompany Note or the Subordination Agreement.

13

 

          24. Waiver of Jury Trial. EACH OF THE ISSUER, THE GUARANTORS AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTEE OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

          25. Governing Law. THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT
OF LAWS PRINCIPLES THEREOF SHALL GOVERN AND BE USED TO CONSTRUE THIS GUARANTEE.

          26. Consent to Jurisdiction. Each Guarantor irrevocably (1) submits to the
non-exclusive jurisdiction of any United States Federal or New York State court located in the
Borough of Manhattan, The City of New York in connection with any suit, action or proceeding
arising out of, or relating to this Guarantee or any transaction contemplated thereby and (2)
designates and appoints CT Corporation System, 111 Eighth Avenue, 13th Floor, New York, New York,
10011, as its authorized agent for receipt of service of process in any such suit, action or
proceeding. In the event that such agent for service of process appointed pursuant to this Section
24 is unable to act as agent for service of process or no longer maintains an office in the State
of New York, each such Guarantor shall forthwith appoint a successor agent located in the State of
New York that will promptly provide to the Trustee a letter affirming such appointment.

[Signature pages follow.]

14

 

     IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee to be duly executed and
delivered by its duly authorized officer as of the day and year first above written.

	 	 	 	 	 	 	 

	 	 	The Issuer	 	 
	 
	 	 	 	 	 	 
	 	 	MCE FINANCE LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Simon Dewhurst
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Name: DEWHURST Simon Edward Thomas	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	The Parent Guarantor	 	 
	 
	 	 	 	 	 	 
	 	 	MELCO CROWN ENTERTAINMENT LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Simon Dewhurst
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Name: DEWHURST Simon Edward Thomas	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Executive Vice President and Chief
Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	The Subsidiary Guarantors	 	 
	 
	 	 	 	 	 	 
	 	 	MELCO CROWN (GAMING) MACAU LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Simon Dewhurst
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Name: DEWHURST Simon Edward Thomas	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	MPEL NOMINEE ONE LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Simon Dewhurst
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Name: DEWHURST Simon Edward Thomas	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Authorized Signatory	 	 

 

 

	 	 	 	 	 	 	 

	 	 	MPEL INTERNATIONAL LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Simon Dewhurst
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Name: DEWHURST Simon Edward Thomas	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	MPEL INVESTMENTS LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Simon Dewhurst
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Name: DEWHURST Simon Edward Thomas	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	ALTIRA HOTEL LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Simon Dewhurst
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Name: DEWHURST Simon Edward Thomas	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	ALTIRA DEVELOPMENTS LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Simon Dewhurst
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Name: DEWHURST Simon Edward Thomas	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Authorized Signatory	 	 

 

 

	 	 	 	 	 	 	 

	 	 	MELCO CROWN (COD) HOTELS LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Simon Dewhurst
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Name: DEWHURST Simon Edward Thomas	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	MELCO CROWN (COD) DEVELOPMENTS LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Simon Dewhurst
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Name: DEWHURST Simon Edward Thomas	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	MELCO CROWN (CAFE) LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Simon Dewhurst
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Name: DEWHURST Simon Edward Thomas	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	GOLDEN FUTURE (MANAGEMENT SERVICES) LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Simon Dewhurst
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Name: DEWHURST Simon Edward Thomas	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Authorized Signatory	 	 

 

 

	 	 	 	 	 	 	 

	 	 	MELCO CROWN HOSPITALITY AND SERVICES LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Simon Dewhurst
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Name: DEWHURST Simon Edward Thomas	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	MELCO CROWN (COD) RETAIL SERVICES LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Simon Dewhurst
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Name: DEWHURST Simon Edward Thomas	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	MELCO CROWN (COD) VENTURES LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Simon Dewhurst
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Name: DEWHURST Simon Edward Thomas	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	COD THEATRE LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Simon Dewhurst
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Name: DEWHURST Simon Edward Thomas	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Authorized Signatory	 	 

 

 

	 	 	 	 	 	 	 

	 	 	MELCO CROWN COD (HR) HOTEL LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Simon Dewhurst
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Name: DEWHURST Simon Edward Thomas	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	MELCO CROWN COD (CT) HOTEL LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Simon Dewhurst
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Name: DEWHURST Simon Edward Thomas	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	MELCO CROWN COD (GH) HOTEL LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Simon Dewhurst
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Name: DEWHURST Simon Edward Thomas	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	MPEL (DELAWARE) LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Simon Dewhurst
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Name: DEWHURST Simon Edward Thomas	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Authorized Signatory	 	 

 

 

	 	 	 	 	 

	Accepted and agreed to:	 	 
	 
	THE BANK OF NEW YORK MELLON as Trustee	 	 
	 
	 	 	 	 
	By:

	 	/s/ Irene Ding
 

Name: Irene Ding
	 	 
	 

	 	Title: Vice President	 	 

 

 

     SCHEDULE I to

Guarantee

ADDRESS OF GUARANTORS

To the following address on behalf of any of the Guarantors:

Melco Crown Entertainment Limited

36th Floor

The Centrium

60 Wyndham Street

Central, Hong Kong

Telephone : +852 2598 3600

Attention: Company Secretary

Facsimile: +852 2537 3618

With a copy to:

Debevoise & Plimpton LLP

13/F Entertainment Building

30 Queen’s Road Central

Hong Kong

Attention: Thomas M. Britt III

 

 

EXHIBIT A

FORM OF JOINDER TO NOTE GUARANTEE

     This JOINDER (this “Agreement”), dated as of                      ___, 20___, is made by MCE
Finance Limited (the “Issuer”),                     , the trustee under the Indenture (as defined
below) and                                           (the “New Guarantor”).

PRELIMINARY STATEMENT

     A. The Issuer is party to an Indenture, dated as of May 17, 2010 (the “Indenture”), by
and among the Issuer and The Bank of New York Mellon, as trustee (in such capacity, the
“Trustee”) and collateral agent (in such capacity, the “Collateral Agent”),
pursuant to which the Issuer has issued US$600,000,000 principal amount of 10.25% Senior Notes due
2018 (the “Notes”). Capitalized terms used herein but not otherwise defined shall have the
meanings assigned to them in the Indenture.

     B. Section 4.19 of the Indenture provides that under certain circumstances, the New Guarantor
shall execute and deliver to the Trustee a joinder to the Note Guarantee pursuant to which it shall
unconditionally guaranty all of the Issuer’s obligations under the Notes and the Indenture and
agree to perform the obligations of a Guarantor under the Note Guarantee.

     C. The Issuer and the New Guarantor have agreed to this and execute this Agreement for the
purpose of evidencing such agreement.

     NOW THEREFORE, in consideration of the premises and the mutual covenants herein contained, the
Issuer and the New Guarantor hereby agree for the benefit of the Trustee, the Collateral Agent and
the Holders as follows:

     1. Joinder to the Note Guarantee. The New Guarantor hereby agrees that, upon its
execution hereof, it will become a Guarantor under the Note Guarantee and will be bound by the
terms, conditions and other provisions applicable to a Guarantor under the Guarantee, and the
Indenture. Without limitation of the foregoing, and in furtherance thereof, the New Guarantor
unconditionally guarantees the due and punctual payment and performance when due of all Obligations
(on the same basis as the other Guarantors under the Note Guarantee).

     2. Reliance. All parties hereto acknowledge that the Trustee and the Holders are
relying on this Agreement, the accuracy of the statements herein contained and the performance of
the conditions placed upon the New Guarantor hereunder. Each of the Issuer and the New Guarantor
shall execute such further documents and undertake any such measure as may be necessary to effect
and carry out the terms of this Agreement and the implementation thereof.

     3. Indenture Controls. All parties agree that, in the event of a conflict between or
among the terms of this Agreement and the Note Guarantee, on the one hand, and the Indenture on the
other hand, the Indenture shall control.

     4. Notice. Any notice delivered hereunder shall be delivered as described for the
delivery of notices in the Note Guarantee and, if delivered to the New Guarantor, to:

 

 

                                        

                                        

                                        

Telecopy:                                        

With a copy to:

                                        

                                        

                                        

Telecopy:                                        

     5. Counterparts. This Agreement may be executed by one or more of the parties hereto
on any number of separate counterparts and all of said counterparts taken together shall be deemed
to constitute one and the same instrument.

     6. 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.

     7. English Language. This Agreement shall be in the English language, except as
required by applicable Law (in which event certified English translations thereof shall be provided
by the Issuer to the Trustee and the Collateral Agent). All documents, certificates, reports or
notices to be delivered or communications to be given or made by any party thereto pursuant to the
terms of this Agreement or any other Indenture Document shall be in the English language or, if
originally written in another language, shall be accompanied by an accurate English translation
upon which the parties thereto shall have the right to rely for all purposes of this Agreement and
the other Notes, this Guarantee, the Pledge of Intercompany Note.

     8. Waiver of Jury Trial. EACH OF THE ISSUER, THE NEW GUARANTOR AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

     9. Governing Law. THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF
LAWS PRINCIPLES THEREOF SHALL GOVERN AND BE USED TO CONSTRUE THIS AGREEMENT.

     10. Consent to Jurisdiction. The New Guarantor irrevocably submits to the
non-exclusive jurisdiction of any United States Federal or New York State court located in the
Borough of Manhattan, The City of New York in connection with any suit, action or proceeding
arising out of, or relating to this Agreement or any transaction contemplated thereby. The New
Guarantor irrevocably designates and appoints [•], as its authorized agent for receipt of service
of process in any such suit, action or proceeding. In the event that such agent for service of
process appointed pursuant to this Section 10 is unable to act as agent for service of process or
no longer maintains an office in the State of New York, the New Guarantor shall forthwith

 

 

appoint a successor agent located in the State of New York that will promptly provide to the
Trustee a letter affirming such appointment.

[Signature pages follow]

 

 

EXECUTED to be effective as of the date first written above.

	 	 	 	 	 	 	 

	 	 	ISSUER:	 	 
	 
	 	 	 	 	 	 
	 	 	MCE FINANCE LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	NEW GUARANTOR:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

ACCEPTED AND AGREED TO:

THE BANK OF NEW YORK MELLON, as Trustee

	 	 	 	 	 

	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:
	 	 	 	 

 

 

EXHIBIT B

[FORM OF EVIDENCE OF SENIOR GUARANTEE]

     For value received, each Guarantor (which term includes any successor Person under the
Indenture dated as of May 17, 2010 (the “Indenture”) among MCE Finance Limited (the “Company”) and
The Bank of New York Mellon, as trustee (the “Trustee”) or the Guarantee (as defined below)) has,
jointly and severally, unconditionally guaranteed, to the extent set forth in the Note Guarantee
dated as of May 17, 2010 (the “Guarantee”) made by each of the companies signatories thereto in
favor of the Trustee, (a) the due and punctual payment of the principal of, premium and Additional
Amounts and Liquidated Damages, if any, and interest on, the Notes, whether at maturity, by
acceleration, redemption or otherwise, the due and punctual payment of interest on the overdue
principal of and interest on the Notes, if any, if lawful, and the due and punctual performance of
all other obligations of the Company to the Holders or the Trustee hereunder or thereunder, all in
accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment
or renewal of any Notes or any of such other obligations, that the same will be promptly paid in
full when due or performed in accordance with the terms of the extension or renewal, whether at
stated maturity, by acceleration or otherwise. The obligations of the Guarantors to the Holders of
Notes and to the Trustee pursuant to the Guarantee are expressly set forth in the Guarantee and
reference is hereby made to the Guarantee for the precise terms of the Guarantee. Each Holder of a
Note, by accepting the same agrees to and shall be bound by such provisions.

     Capitalized terms used but not defined herein have the meanings given to them in the
Indenture.

	 	 	 	 	 
	 	[Name of Non-Subsidiary Group Guarantor(s)]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

[FORM OF EVIDENCE OF SENIOR SUBORDINATED GUARANTEE]

     For value received, each Guarantor (which term includes any successor Person under the
Indenture dated as of May 17, 2010 (the “Indenture”) among MCE Finance Limited (the “Company”) and
The Bank of New York Mellon, as trustee (the “Trustee”) or the Guarantee (as defined below)) has,
jointly and severally, unconditionally guaranteed, to the extent set forth in the Note Guarantee
dated as of May 17, 2010 (the “Guarantee”) made by each of the companies signatories thereto in
favor of the Trustee, (a) the due and punctual payment of the principal of, premium and Additional
Amounts and Liquidated Damages, if any, and interest on, the Notes, whether at maturity, by
acceleration, redemption or otherwise, the due and punctual payment of interest on the overdue
principal of and interest on the Notes, if any, if lawful, and the due and punctual performance of
all other obligations of the Company to the Holders or the Trustee hereunder or thereunder, all in
accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment
or renewal of any Notes or any of such other obligations, that the same will be promptly paid in
full when due or performed in accordance with the terms of the extension or renewal, whether at
stated maturity, by acceleration or otherwise. The obligations of the Guarantors to the Holders of
Notes and to the Trustee pursuant to the Guarantee are expressly set forth in the Guarantee and
reference is hereby made to the Guarantee for the precise terms of the Guarantee. Each Holder of a
Note, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes
and directs the Trustee, on behalf of such Holder, to take such action as may be necessary or
appropriate to effectuate the subordination as provided in the Guarantee and (c) appoints the
Trustee attorney-in-fact of such Holder for such purpose; provided, however, that the Indebtedness
evidenced by the Guarantee shall cease to be so subordinated and subject in right of payment upon
any defeasance of this Note in accordance with the provisions of the Indenture.

     Capitalized terms used but not defined herein have the meanings given to them in the
Indenture.

	 	 	 	 	 
	 	[Name of Subsidiary Group Guarantor(s)]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:

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