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Exhibit 10.76  

 
 

FORM OF COMPLETION GUARANTY    
  

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

 
 

RECITALS    
  

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

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

        C.    Second Mortgage Notes Indenture.    Concurrently herewith, the Company, certain guarantors signatory thereto
(including Valvino and Wynn Resorts Holdings) and the Indenture Trustee have entered into the Second Mortgage Notes Indenture pursuant to which the Company will issue the Second Mortgage Notes in an
aggregate principal amount equal to $340,000,000 to finance Project Costs, as more particularly described therein. 

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

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

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

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

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

 
 

AGREEMENT    
  

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

        1.    Guaranty.    

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

        (b)  This
Guaranty is a primary obligation of Completion Guarantor and is an absolute, unconditional, continuing and irrevocable guaranty of payment and not of collectibility
and is in no way conditioned on or contingent upon any attempt to enforce in whole or in part the Company's 

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liabilities and obligations to the Funding Agents, the Lenders and the Disbursement Agent. Subject to the Liability Cap set forth in  Section 1(a) above, if the Company shall fail to pay any of the
Obligations as and when they are due, Completion Guarantor shall forthwith pay
such Obligations in immediately available funds. Each failure by the Company to pay any Obligations shall give rise to a separate cause of action herewith, and separate suits may be brought hereunder
as each cause of action arises. 

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

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

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

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

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

        2.    Completion Guaranty Deposit Account.    

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

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

        (i)    On
any date on which the Company is required to (but does not prior to 11:00 a.m. New York, New York time) deposit amounts in the Company's Funds Account or the
Disbursement Account, pursuant to Section 5.8.3 of the Disbursement Agreement, in an amount equal to the lesser of (A) the amount so
required to be deposited and (B) the greater of (x) the amount which is permitted to be withdrawn from the Completion Guaranty Deposit 

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Account on such date pursuant to Section 5.8.3 of the Disbursement Agreement and (y) from and after the initial Advance Under the Bank
Credit Facility, such greater amount as may be authorized by the Bank Agent; and 

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

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

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

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

        3.    Safekeeping of Completion Guaranty Deposit Account.    

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

        (b)  The
Indenture Trustee, the Bank Agent and the Disbursement Agent shall take such actions within their control that they customarily take in the conduct of their business
to protect the Completion Guaranty Deposit Account and all cash, funds and Permitted Investments from time to time deposited therein, as well as any proceeds therefrom (collectively, the
"Guaranty Collateral") and maintain the same free and clear of all liens, security interests, safekeeping or other charges, demands and claims of any
nature whatsoever now or hereafter arising in favor of any parties other than the Project Secured Parties (collectively, "Third Party Claims"); it being 

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understood, however, that the foregoing shall in no way be deemed to be a guaranty or other assurance by the Indenture Trustee, the Bank Agent or the Disbursement Agent that Third Party Claims will
not arise. 

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

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

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

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

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

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

        (e)  The
execution, delivery and performance of this Guaranty (i) do not and will not contravene any provisions of Completion Guarantor's certificate of incorporation
or bylaws; (ii) do not and will not contravene any law, rule, regulation, order, judgment or decree applicable to or binding on Completion Guarantor or any of its assets or properties;
(iii) do not and will not contravene, or result in any breach of or constitute any default under, any agreement or instrument to which Completion Guarantor is a party or by which Completion
Guarantor or any of its assets or properties may be bound or affected; and (iv) do not and will not require the consent of any Person under any existing law or agreement which has not already
been obtained. 

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

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

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

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

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

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

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

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

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

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

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

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

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

        6.    Waiver.    To the fullest extent permitted by law, Completion Guarantor hereby waives and relinquishes all
rights and remedies accorded by applicable law to sureties or guarantors and agrees not to assert or take advantage of any such rights or remedies, including without limitation (a) any right to
require the Funding Agents, the Lenders or the Disbursement Agent to proceed against the Company or any other person or to proceed against or exhaust any security held by the Funding Agents, the
Lenders or the Disbursement Agent at any time or to pursue any other remedy in the Funding Agents', the Lenders' or the Disbursement Agent's power before proceeding against Completion Guarantor,
(b) any defense that may arise by reason of the incapacity, lack of power or authority, death, dissolution, merger, termination or disability of the Company or any other Person or the failure
of the 

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Funding Agents, the Lenders or the Disbursement Agent to file or enforce a claim against the estate (in administration, bankruptcy or any other proceeding) of the Company or any other Person,
(c) demand, presentment, protest and notice of any kind, including without limitation notice of the existence, creation or incurring of any new or additional indebtedness or obligation or of
any action or non-action on the part of the Company, the Funding Agents, the Lenders, the Disbursement Agent, any endorser or creditor of the Company or Completion Guarantor or on the part
of any other person under this or any other instrument in connection with any obligation or evidence of indebtedness held by the Funding Agents, the Lenders or the Disbursement Agent as collateral or
in connection with any Obligations, (d) any defense based upon an election of remedies by the Funding Agents, the Lenders or the Disbursement Agent, including without limitation an election to
proceed by non-judicial rather than judicial foreclosure, which destroys or otherwise impairs any subrogation rights which Completion Guarantor may, notwithstanding the provisions of  Sections 7 and
8, have against the Company, any right which Completion Guarantor may, notwithstanding
the provisions of Sections 7 and 8, have to proceed against the Company for reimbursement, or both,
(e) any defense based on any offset against any amounts which may be owed by any Person to Completion Guarantor for any reason whatsoever, (f) any defense based on any act, failure to
act, delay or omission whatsoever on the part of the Company or the failure by the Company to do any act or thing or to observe or perform any covenant, condition or agreement to be observed or
performed by it under the Financing Agreements, (g) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in
other respects more burdensome than that of the principal provided, that, upon payment in full of the Obligations, this Guaranty shall no longer be of any force or effect, (h) any defense,
setoff or counterclaim which may at any time be available to or asserted by the Company against the Funding Agents, the Lenders, the Disbursement Agent, the Construction Consultant or any other Person
under any of the Financing Agreements, including in connection with the exercise of any judgment by the Disbursement Agent, the Construction Consultant or any other Person under the Disbursement
Agreement or by reason of the delay or failure by the Disbursement Agent or the Construction Consultant or any other Person to perform their duties thereunder, (i) any duty on the part of the
Funding Agents, the Lenders or the Disbursement Agent to disclose to Completion Guarantor any facts the Funding Agents, the Lenders or the Disbursement Agent may now or hereafter know about the
Company, regardless of whether the Funding Agents, the Lenders or the Disbursement Agent have reason to believe that any such facts materially increase the risk beyond that which Completion Guarantor
intends to assume, or have reason to believe that such facts are unknown
to Completion Guarantor, or have a reasonable opportunity to communicate such facts to Completion Guarantor, since Completion Guarantor acknowledges that Completion Guarantor is fully responsible for
being and keeping informed of the financial condition of the Company and of all circumstances bearing on the risk of non-payment of any obligations and liabilities hereby guaranteed,
(j) fact that Completion Guarantor may at any time in the future no longer be a subsidiary of Wynn Las Vegas, (k) any defense based on any change in the time, manner or place of any
payment under, or in any other term of, any Facility Agreement, the Disbursement Agreement (including the Relevant Provisions) or any other amendment, renewal, extension, acceleration, compromise or
waiver of or any consent or departure from the terms of any Facility Agreement, the Disbursement Agreement (including the Relevant Provisions) or any other Financing Agreement, (l) any defense
arising because of the any Funding Agents', any Lender's or the Disbursement Agent's election, in any proceeding instituted under the Federal Bankruptcy Code, of the application of
Section 1111(b)(2) of the Federal Bankruptcy Code, and (m) any defense based upon any borrowing or grant of a security interest under Section 364 of the Federal Bankruptcy Code. 

        7.    Subordination.    All existing and future indebtedness of the Company to Completion Guarantor is hereby
subordinated to all obligations and liabilities of all kinds and nature (including the "Obligations" (as defined in the Disbursement Agreement)) of the Company to the Lender Beneficiaries, including
the obligations and liabilities hereby guaranteed (collectively, the "Financing  

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

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

        9.    Bankruptcy.    

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

        (b)  So
long as any Financing Agreements Obligations are owed to the Lender Beneficiaries, to the extent of such Financing Agreements Obligations, Completion Guarantor shall
file, in any bankruptcy or other proceeding of or against the Company in which the filing of proofs of claims is required or permitted by law, all claims which Completion Guarantor may have against
the Company (but only to the extent) relating to any indebtedness of the Company to Completion Guarantor, and hereby assigns to the Bank Agent and the Indenture Trustee, on behalf of the Bank Lenders
and the Mortgage Note Holders, respectively, all rights of Completion Guarantor thereunder. If Completion Guarantor does not file any such claim, each of the Bank Agent and the Indenture Trustee as
attorney-in-fact for Completion Guarantor, is hereby authorized to do so in the name of Completion Guarantor or, in such Funding Agent's discretion, to assign the claim to a
nominee and to cause proofs of claim to be filed in the name of such nominee. The foregoing power of attorney is coupled with an interest and cannot be revoked. The Bank Agent and the Indenture
Trustee nominees shall have the sole right to accept or reject any plan proposed in any such proceeding and to take any other action which a party filing a claim is entitled to take. In all such
cases, whether in administration, bankruptcy or otherwise, the person authorized to pay such 

9

 

a claim shall pay the same to the Bank Agent and the Indenture Trustee to the extent of any Financing Agreements Obligations which then remain unpaid, and, to the full extent necessary for that
purpose, Completion Guarantor hereby assigns to the Bank Agent and the Indenture Trustee all of Completion Guarantor's rights to all such payments or distributions to which Completion Guarantor would
otherwise be entitled; provided, however, that Completion Guarantor's obligations hereunder shall not be satisfied except to the extent that the Bank Agent or the Indenture Trustee receives cash by
reason of any such payment or distribution. If the Bank Agent or the Indenture Trustee receives anything hereunder other than cash, the same shall be held as collateral for amounts due under this
Guaranty. 

        10.    Successions or Assignments.    

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

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

        11.    Waivers.    

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

        (b)  COMPLETION
GUARANTOR HEREBY WAIVES ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS GUARANTY OR RELATING TO THE SUBJECT MATTER
OF THIS GUARANTY AND THE RELATIONSHIP BETWEEN COMPLETION GUARANTOR AND THE LENDER BENEFICIARIES AND THE DISBURSEMENT AGENT THAT IS BEING ESTABLISHED. COMPLETION GUARANTOR ACKNOWLEDGES THAT THIS WAIVER
IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT THE LENDER BENEFICIARIES AND THE DISBURSEMENT AGENT HAVE ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS GUARANTY, AND THAT THE
LENDER BENEFICIARIES AND THE DISBURSEMENT AGENT WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. COMPLETION GUARANTOR FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS
WAIVER WITH ITS LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 

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

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

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

10

 

        15.    Jurisdiction; Governing Law.    

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

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

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

        17.    Addresses.    

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

Wynn
Completion Guarantor, LLC

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attn: Ron Kramer

Telephone Number: (702) 733-4123

Telecopier Number: (702) 791-0167 

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

Deutsche
Bank Trust Company Americas

31 West 52nd Street

New York, New York 10019

Attn: George Reynolds

Telephone No.: (646) 324-2112

Telecopier No.: (646) 324-7450 

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

Wells
Fargo Bank, National Association

MAC: N9303-110

Sixth & Marquette

Minneapolis, MN 55479

Attention: Michael Slade

Telephone Number:

Telecopier Number: 

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

Deutsche
Bank Trust Company Americas

31 West 52nd Street

New York, New York 10019

Attention: Amy Sinensky

Telephone No.: (212) 469-4063

Telecopier No.: (212) 469-6091 

11

 

        18.    Interest; Collection Expenses.    Any amount required to be paid by Completion Guarantor pursuant to the terms
hereof shall bear interest at the highest default rate provided in the Financing Agreement or the maximum rate permitted by law, whichever is less, from the date due until paid in full. If the Lender
Beneficiaries or the Disbursement Agent are required to pursue any remedy against Completion Guarantor hereunder, Completion Guarantor shall pay to the Lender Beneficiaries or the Disbursement Agent,
as the case may be, upon demand, all reasonable attorneys' fees and expenses all other costs and expenses incurred by the Lender Beneficiaries or the Disbursement Agent in enforcing this Guaranty and
such amounts shall increase the Liability Cap as provided in Section 1(a). 

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

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

        21.    Disbursement Agent.    

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

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

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

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

        [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 

12

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

	 	 	 	 	WYNN COMPLETION GUARANTOR, LLC,
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	

	

Agreed and accepted:

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as the Bank Agent	
 	

 
	

By:	

    
	
 	

 
	 	Name:	        
	 	 
	 	Title:	        
	 	 
	 	 	 	 	 
	

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Indenture Trustee	
 	

 
	

By:	

    
	
 	

 
	 	Name:	        
	 	 
	 	Title:	        
	 	 
	 	 	 	 	 
	

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as the Disbursement Agent	
 	

 
	

By:	

    
	
 	

 
	 	Name:	        
	 	 
	 	Title:	        
	 	 

2

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FORM OF COMPLETION GUARANTY

RECITALS

AGREEMENTQuickLinks
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Exhibit 10.78  

 
 

FORM OF
  
    INTERCREDITOR AGREEMENT
  
    (Project Lenders)    

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Bank Agent  

and 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Indenture Trustee  

                        , 2002  

  

 
 

TABLE OF CONTENTS    
  

	1.	 	Definitions and General Provisions	 	S-2
	 	 	1.1	 	Definitions	 	S-2
	 	 	 	 	1.1.1	 	Other Terms	 	S-2
	 	 	1.2	 	Interpretation	 	S-5
	

2.	
 	

Collateral, Priority of Liens, Subordination and Release	
 	

S-6
	

 	
 	

2.1	
 	

Liens and Security Interests	
 	

S-6
	 	 	 	 	2.1.1	 	Collateral for Bank Secured Obligations	 	S-6
	 	 	 	 	2.1.2	 	Collateral for Second Mortgage Notes Secured Obligations	 	S-6
	 	 	2.2	 	FF&E Component Collateral	 	S-6
	 	 	2.3	 	Separate Proceeds Accounts Collateral	 	S-6
	 	 	2.4	 	Confirmation of Liens	 	S-6
	

3.	
 	

Rights and Limitation of Actions With Respect to Collateral	
 	

S-7
	

 	
 	

3.1	
 	

Rights and Limitations Applicable to Note Holders	
 	

S-7
	 	 	3.2	 	Rights and Limitations Applicable to the Banks	 	S-8
	 	 	3.3	 	Notification of Events of Default	 	S-10
	 	 	3.4	 	Certain Waivers by Note Holders	 	S-11
	

4.	
 	

Rights and Limitations with Respect to Amendments, Waivers and Other Actions Under Facility Agreements	
 	

S-11
	

 	
 	

4.1	
 	

Rights and Limitations Applicable to Note Holders	
 	

S-11
	 	 	4.2	 	Rights and Limitations Applicable to the Banks	 	S-11
	 	 	4.3	 	Waivers and Deferrals of Payments	 	S-12
	 	 	4.4	 	Waivers and Amendments Binding on Note Holders	 	S-13
	 	 	4.5	 	Limitation of Liability	 	S-13
	

5.	
 	

Insolvency or Liquidation Proceedings	
 	

S-14
	

 	
 	

5.1	
 	

Right to file Involuntary Bankruptcy	
 	

S-14
	 	 	5.2	 	Certain Agreements and Consents by Note Holders	 	S-14
	 	 	5.3	 	Avoidance of Bank Secured Obligations in Bankruptcy	 	S-17
	 	 	5.4	 	No Other Restrictions on Note Holders	 	S-17
	

6.	
 	

Default Purchase Option	
 	

S-17
	

7.	
 	

Representations and Warranties	
 	

S-18
	

 	
 	

7.1	
 	

Organization	
 	

S-18
	 	 	7.2	 	Authorization	 	S-18
	 	 	7.3	 	Binding Agreement	 	S-18
	 	 	7.4	 	No Consent Required	 	S-19
	 	 	7.5	 	No Conflict	 	S-19

i

 

	

8.	
 	

Miscellaneous Provisions	
 	

S-19
	

 	
 	

8.1	
 	

Notices; Addresses	
 	

S-19
	 	 	8.2	 	Further Assurances	 	S-20
	 	 	8.3	 	Waiver	 	S-20
	 	 	8.4	 	Entire Agreement	 	S-20
	 	 	8.5	 	Governing Law	 	S-20
	 	 	8.6	 	Severability	 	S-20
	 	 	8.7	 	Headings	 	S-20
	 	 	8.8	 	Limitations on Liability	 	S-20
	 	 	8.9	 	Consent of Jurisdiction	 	S-20
	 	 	8.10	 	Successors and Assigns	 	S-21
	 	 	8.11	 	Counterparts	 	S-21
	 	 	8.12	 	No Third Party Beneficiaries	 	S-21
	 	 	8.13	 	Amendment for New Project Credit Parties	 	S-21
	 	 	8.14	 	Trust Indenture Act	 	S-21
	 	 	8.15	 	Reinstatement	 	S-21
	 	 	8.16	 	Attorneys' Fees	 	S-22

ii

  

 
 

FORM OF INTERCREDITOR AGREEMENT
  
    (Project Lenders)    

        THIS INTERCREDITOR AGREEMENT is made as of                        , 2002, by and among
DEUTSCHE BANK TRUST COMPANY
AMERICAS, as the Administrative Agent acting on behalf of itself and the Bank Lenders pursuant to the Bank Credit Agreement (in such capacity, the "Bank
Agent"), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association in its capacity as Trustee under the Second Mortgage Note Indenture (in such capacity, the
"Indenture Trustee"). 

RECITALS:  

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

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

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

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

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

        (1)  the
Bank Credit Facility is secured (i) by a first priority lien on the Bank Proceeds Account Collateral and the Hotel/Casino Collateral, and (ii) by a
second priority lien on the FF&E Component Collateral as more particularly described in Section 2.1 and  Section 2.2 hereof; 

        (2)  the
Second Mortgage Note are secured (i) by a first priority lien on the Second Mortgage Note Proceeds Account Collateral, (ii) by a second priority lien
on Hotel/Casino Collateral and (iii) by a third priority lien on the FF&E Component Collateral, as more particularly described in Section 2.1  and Section 2.2
hereof; and 

        (3)  the
FF&E Facility is secured by a first priority lien on the FF&E Collateral as defined and more particularly described in the FF&E Intercreditor Agreement. 

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

S-1

 

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

                G.    Intercreditor Agreement.    The Project Credit Parties desire to enter into this Agreement in
order to set forth certain provisions relating to their respective rights in the Collateral, the exercise of remedies upon the occurrence of an event of default, the application of proceeds of
enforcement and certain other matters. 

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

1.    Definitions and General Provisions.  

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

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

                "Account Collateral" or "Accounts Collateral" means, collectively, all of
the Company Accounts (other than the FF&E Proceeds Account) and all amounts on deposit therein, any interest earned thereon, and any investments of such amounts made pursuant to the Collateral Account
Agreements and any proceeds of the foregoing. When the term "Collateral" is used in conjunction with any of the foregoing accounts (e.g., the "Second Mortgage Notes Proceeds Account Collateral"), said
Account Collateral means the specified account and all amounts on deposit therein, any interest earned thereon, and any investments of such amounts made pursuant to the applicable Collateral Account
Agreement, and any proceeds of the foregoing except to the extent such proceeds are deposited into another account pursuant to the terms of the
Disbursement Agreement or the Collateral Account Agreements. 

                "Agreement" has the meaning given in the preamble hereto. 

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

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

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

                "Bank Financing Period" means the period commencing on the date of the initial Advance under the Bank Credit Facility and
ending upon Discharge of the Bank Secured Obligations. 

                "Bank Lenders" means, collectively, (a) the Bank lenders pursuant to the Bank Credit Agreement and (b) the
counterparties to Interest Rate Agreements (as defined in the Bank Credit Agreement) that are permitted to be secured by the Bank Security Documents, in each case, or their successors or assignees in
such capacity as lenders or counterparties, as the case may be, under the Bank Credit Agreement. 

S-2

 

                "Bank Secured Obligations" means all Obligations of the Company Group to the Bank Agent and the Bank Lenders under the Bank
Credit Facility, the Bank Security Documents and the other Bank Financing Agreements, including, without limitation, amounts paid by the Bank Lenders pursuant to the Default Pay Off Option under the
FF&E Intercreditor Agreement and Obligations in respect of Interest Rate Agreements (as defined in the Bank Credit Agreement), but only to the extent that the Bank Credit Agreement permits such
Interest Rate Agreement Obligations to be secured by the Bank Security Documents. 

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

                "Blocking Event" means (a) the occurrence of an Event of Default under Section 8(a) of the Bank Facility
Agreement (Payment Default) or (b) that the Bank Secured Obligations have become due and payable in full (whether at maturity, upon acceleration or otherwise). 

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

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

                "Credit Bid Rights" means, in respect of any order relating to a sale of assets in any Insolvency or Liquidation Proceeding,
that: 

	(a)
	such
order grants the Second Mortgage Note Holders (individually and in any combination) the right to bid at the sale of such assets and the right to offset such Second Mortgage Note
Holders' claims secured by liens upon such assets against the purchase price of such assets if:

	(i)
	the
bid of such Second Mortgage Note Holders is the highest bid or otherwise determined by the court to be the best offer at the sale; and

	(ii)
	the
bid of such Second Mortgage Note Holders includes a cash purchase price component payable at the closing of the sale in an amount that would be
sufficient on the date of the closing of the sale to achieve the Discharge of the Bank Secured Obligations and to satisfy all liens entitled to priority over the liens securing the Bank Secured
Obligations that attach to the proceeds of the sale, if such amount were applied on the date of the sale to the payment in cash of: 
	(A)
	all
unpaid Bank Secured Obligations;

	(B)
	all
unpaid claims secured by any such liens entitled to priority over the liens securing the Bank Secured Obligations; and

	(C)
	all
claims and costs, including those incurred in connection with the sale by the Bank Agent or the Bank Lenders, required by such order to be paid from the proceeds of the sale in
priority over the Bank Secured Obligations, whether or not the order requires or permits such amount to be so applied; and 

	(b)
	such
order allows the claims of the Second Mortgage Note Holders in such Insolvency or Liquidation Proceeding to the extent required for the grant of such rights. 

                "Default Purchase Option" means the option granted to the Indenture Trustee on behalf of the Second Mortgage Note Holders
pursuant to Section 6 hereof to purchase the Bank Secured Obligations. 

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

S-3

 

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

                "Disbursement Agreement Default Date" the date upon which a Disbursement Agreement Default occurs. 

                "Discharge" means (a) in respect of the Bank Facility, the termination of all commitments to extend credit under the
Bank Credit Facility, indefeasible payment in full in cash of the principal of and interest and premium (if any) on all Bank Secured Obligations, termination, cancellation or expiration of all letters
of credit issued under the Bank Credit Facility and indefeasible payment in full in cash of all other Bank Secured Obligations that are unpaid at the time the principal and interest are indefeasibly
paid in full in cash and (b) in respect of the Second Mortgage Note, indefeasible payment in full in cash of the principal of and interest and premium (if any) on all Second Mortgage Note
Secured Obligations and indefeasible payment in full in cash of all other Second Mortgage Note Secured Obligations that are unpaid at the time the principal and interest are indefeasibly paid in full
in cash. 

                "Eligible Purchaser" means any Person or Persons at any time or from time to time designated by the holders of at least 25%
in outstanding principal amount of the Second Mortgage Note, voting as a single class, as entitled to exercise the Default Purchase Option. 

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

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

                "Facility Agreements" means, collectively, the Bank Credit Agreement and the Second Mortgage Note Indenture. 

                "FF&E Component Collateral" has the meaning given in the FF&E Intercreditor Agreement. 

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

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

                "Guarantor" shall have the meaning given in the Bank Credit Agreement. 

                "Hotel/Casino Collateral" means all real and personal property encumbered to secure the Bank Secured Obligations under the
Bank Security Documents and the Second Mortgage Notes Secured Obligations under the Second Mortgage Notes Security Documents other than (i) the
Separate Proceeds Accounts Collateral and (ii) the FF&E Collateral, provided, however, that after the release of any portion of the Hotel/Casino
Collateral in accordance with the Bank Credit Agreement and the Second Mortgage Notes Indenture, the Hotel/Casino Collateral shall exclude such released Collateral. 

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

S-4

 

                "Insolvency or Liquidation Proceeding" means (1) any case commenced by or against the Company Group or any Person
within the Company Group under any Bankruptcy Law, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of the Company Group or any
Person within the Company Group, any receivership or assignment for the benefit of creditors relating to the Company Group or any Person within the Company Group or any similar case or proceeding
relative to the Company Group or any Person within the Company Group or their creditors, as such, in each case whether or not voluntary; (2) any liquidation, dissolution, marshalling of assets
or liabilities or other winding up of or relating to the Company Group or any Person within the Company Group, in each case whether or not voluntary and whether or not involving bankruptcy or
insolvency; or (3) any other proceeding of any type or nature in which substantially all claims of creditors of the Company Group or any Person within the Company Group are determined and any
payment or distribution is or may be made on account of such claims. 

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

                "Project Credit Parties" means the Bank Agent and the Indenture Trustee. 

                "Second Mortgage Notes Financing Agreements" means the Second Mortgage Notes Indenture, the Second Mortgage Notes, the
Disbursement Agreement, the FF&E Intercreditor Agreement, this Agreement, the Second Mortgage Notes Security Documents and any other agreement, document or instrument entered into or delivered by a
member of the Company Group on, prior to or after the Closing Date with or to the Indenture Trustee or the Second Mortgage Note Holders in connection with the financing of the Project. 

                "Second Mortgage Notes Secured Obligations" means all Obligations of the Company Group under the Second Mortgage Notes
Indenture, the Second Mortgage Notes, the Second Mortgage Notes Security Documents and the other Second Mortgage Notes Financing Agreements, including, without limitation, amounts paid by any Second
Mortgage Note Holder pursuant to the Default Payoff Option under the FF&E Intercreditor Agreement. 

                "Secured Lenders" means the Bank Agent, the Bank Lenders, the Indenture Trustee and the Second Mortgage Note Holders. 

                "Secured Obligations" means the Bank Secured Obligations or the Second Mortgage Notes Secured Obligations, as the context
requires. 

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

                "Separate Proceeds Accounts Collateral" means, collectively, the Second Mortgage Notes Proceeds Account Collateral and the
Bank Proceeds Account Collateral. 

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

S-5

 

2.    Collateral, Priority of Liens, Subordination and Release.  

        2.1    Liens and Security Interests.    The Project Credit Parties agree that each Secured Lender shall have the
benefit of the following liens on and security interests in the Collateral: 

        2.1.1    Collateral for Bank Secured Obligations.    The Bank Secured Obligations shall be secured by (a) a
first priority lien on and security interest in the Bank Proceeds Account Collateral and the Hotel/Casino Collateral and (b) subject to the lien and security interest of the FF&E Agent and FF&E
Lenders in the FF&E Component Collateral, by a first priority lien on and security interest in the FF&E Component Collateral. 

        2.1.2    Collateral for Second Mortgage Notes Secured Obligations.    The Second Mortgage Notes Secured Obligations
shall be secured by (a) a first priority lien on and security interest in the Second Mortgage Notes Proceeds Account Collateral, (b) by a second priority lien on and security interest in
the Hotel/Casino Collateral and (c) subject to the lien and security interest of the FF&E Agent and the FF&E Lenders in the FF&E Component Collateral, by a second priority lien on and security
interest in the FF&E Component Collateral, which second priority liens and security interests described in clauses (b) and (c) above shall be subject and subordinate to the lien and
security interest in the Hotel/Casino Collateral and the FF&E Component Collateral securing the Bank Secured Obligations. 

        2.2    FF&E Component Collateral.    The Project Credit Parties acknowledge that pursuant to the FF&E Intercreditor
Agreement, and subject to the terms and conditions thereof, the FF&E Agent and the FF&E Lenders shall, from and after the initial Advance under the FF&E Facility, have a first priority lien on and
security interest in a portion or all of the FF&E Component Collateral. None of the rights or obligations of the FF&E Agent, the Bank Agent or the Indenture Trustee under the FF&E Intercreditor
Agreement shall affect or otherwise modify the rights and obligations of the Bank Agent or the Indenture Trustee hereunder. 

        2.3    Separate Proceeds Accounts Collateral.    The Second Mortgage Notes Proceeds Account Collateral secures only
the Second Mortgage Notes Secured Obligations, and no other Project Credit Party shall have any liens thereon or any security interest therein. The Bank Proceeds Account Collateral secures only the
Bank Secured Obligations, and no other Project Credit Party shall have any liens thereon or any security interest therein. 

        2.4    Confirmation of Liens.    Each Project Credit Party hereto hereby confirms and agrees that the liens and
security interests held by or for the benefit of each Secured Lender in the Collateral, as provided
for in the preceding provisions of this Section 2 shall secure all Obligations of the Company Group and any Person within the Company Group now
or hereafter owing to each Secured Lender in connection with the applicable Facility throughout the term of this Agreement, in each case with the priority specified in  Section 2.1, notwithstanding
(a) the availability of any other collateral to any Secured Lender, (b) the actual date and time of
execution, delivery, recording, filing and perfection of any of the Security Documents, or (c) the fact that any lien or security interest created by any of the Security Documents, or any claim
with respect thereto, is or may be subordinated, avoided or disallowed in whole or in part under any Bankruptcy Law. All provisions of this Agreement, including but not limited to, all matters
relating to the creation, validity, perfection, priority, subordination and release of the liens and security interests intended to be created by the Security Documents and all provisions regarding
the allocation and priority of payments with respect to any Facility shall survive Insolvency or Liquidation Proceeding and be fully enforceable by and against each Project Credit Party hereto during
any such proceeding. In the event of an Insolvency or Liquidation Proceeding, each Project Credit Party further confirms and agrees that the Obligations due and outstanding under and with respect to
each Facility shall include all principal, additional advances permitted hereunder, 

S-6

 

Protective Advances made by such Project Credit Party, interest, default interest, LIBOR breakage and swap breakage, post petition interest and all other amounts due thereunder, for periods before
and for periods after the commencement of any such proceedings, even if the claim for such amounts is disallowed pursuant to applicable law, and all proceeds from the sale or other disposition of the
Collateral shall be paid to the Secured Lenders in the order and priority provided for in this Section 2 notwithstanding the disallowance of any
such claim or the invalidity or subordination of any lien on or security interest in the Collateral under applicable law. 

3.    Rights and Limitation of Actions With Respect to Collateral.  

        3.1    Rights and Limitations Applicable to Note Holders.  

        3.1.1    Subject to Section 3.1.2 below, during the Bank Financing
Period, the Indenture Trustee shall not, and shall not authorize or direct any Person acting for it, or any Second Mortgage Note Holder to exercise any right or remedy with respect to any Collateral
(including any right of set-off) or take any action to enforce, collect or realize upon any Collateral, including, without limitation, any right, remedy or action to: 

	(a)
	take
possession of or control over any Collateral;

	(b)
	exercise
any collection rights in respect of any Collateral;

	(c)
	exercise
any right of set-off against any property subject to any lien securing the Bank Secured Obligations;

	(d)
	foreclose
upon any Collateral or take or accept any transfer of title in lieu of foreclosure upon any Collateral;

	(e)
	enforce
any claim to the proceeds of insurance upon any Collateral;

	(f)
	deliver
any notice, claim or demand relating to the Collateral to any Person (including any securities intermediary, depositary bank or landlord) in the possession or control of any
Collateral or acting as bailee, custodian or agent for the Bank Agent or any Bank Lender in respect of any Collateral;

	(g)
	otherwise
enforce any remedy available upon default for the enforcement of any lien upon the Collateral, including any Exercise of Remedies during the Standstill Period (each, as
defined in the FF&E Intercreditor Agreement);

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

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

	(j)
	subject
to Section 3.2.3 below, retain any proceeds of accounts and other obligations receivable paid to it directly by any
account debtor. 

S-7

  

        3.1.2    Notwithstanding Section 3.1.1 above, any right or remedy set
forth in clauses (a) through (j) thereof may be exercised and any such action may be taken, authorized or instructed: 

	(a)
	if
all the Bank Secured Obligations are purchased by a Person entitled to purchase the outstanding Bank Secured Obligations upon exercise of the Default Purchase Option;

	(b)
	as
necessary to redeem any Collateral in a creditor's redemption permitted by law or to deliver (subject to the prior Discharge of the Bank Secured Obligations) any notice or demand
necessary to enforce any right to claim, take or receive proceeds of Collateral remaining after the Discharge of the Bank Secured Obligations in the event of foreclosure or other enforcement of any
lien securing the Bank Secured Obligations, so long as the enforcement of any such lien securing the Bank Secured Obligations is not adversely affected or delayed;

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

	(d)
	subject
to all the other provisions of this Agreement, as necessary to prove (but not enforce) the liens securing the Second Mortgage Notes Secured Obligations or as necessary to
preserve or protect (but not enforce) the liens securing the Second Mortgage Notes Secured Obligations in any manner that is not adverse to the grant, perfection, priority or enforcement of liens
securing the Bank Secured Obligations and does not adversely affect or delay any exercise or enforcement of the rights and remedies of the Bank Agent and the Bank Lenders; or

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

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

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

	(b)
	affect
the relative rights of the Second Mortgage Note Holders and creditors of the Company (other than the Bank Agent and the Bank Lenders); or

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

	(d)
	prevent
the Indenture Trustee or any Second Mortgage Note Holder from exercising any rights or remedies they may have against the Company or any Person within the Company Group,
subject to the rights of the Bank Agent and the Bank Lenders hereunder and the Obligations of the Indenture Trustee and the Second Mortgage Note Holders hereunder. 

        3.2    Rights and Limitations Applicable to the Banks.

        3.2.1    Subject to Sections 3.2.2 and 3.2.3  below, at all times during the Bank Financing Period the
Bank Agent and the Bank Lenders shall have the exclusive right to manage, perform and enforce the terms of the Bank
Security Documents with respect to all Collateral and to exercise and enforce all privileges and rights thereunder according to their discretion 

S-8

 

and exercise of their business judgment, including, without limitation, the exclusive right to take the actions enumerated in clauses (a) through (j) of  Section 3.1.1 above. Without
limiting the generality of the foregoing, at all times during the Bank Financing Period: 

	(a)
	the
Bank Agent will have the sole right to adjust settlement of all insurance claims and condemnation awards in the event of any covered loss, theft or destruction or condemnation of
any Collateral and all claims under insurance constituting Collateral;

	(b)
	subject
to Section 5.21 of the Disbursement Agreement, all proceeds of insurance on or constituting Collateral and all
condemnation awards resulting from a taking of any Collateral will inure to the benefit of, and will be paid to, the Bank Agent and the Bank Lenders;

	(c)
	the
Bank Agent shall have the sole right to enforce the provisions of the FF&E Intercreditor Agreement against the FF&E Agent (provided that the Second Mortgage Note Holders or any of
them may exercise the Default Payoff Option as defined and subject to the terms of the FF&E Intercreditor Agreement); and

	(d)
	the
Indenture Trustee will cooperate, if necessary and as reasonably requested by the Bank Agent, in effecting the payment of insurance proceeds to the Bank Agent as described above. 

                In
connection therewith, each of the Indenture Trustee and the Second Mortgage Note Holders waives any and all rights to affect the method or challenge the appropriateness
of any action by the Bank Agent and the Bank Lenders and subject to Sections 3.2.2. and 3.2.3 below,
hereby consents to each of the Bank Agent and the Bank Lenders exercising or not exercising such rights and remedies as if no lien securing the Second Mortgage Notes Secured Obligations existed,
except only that the Indenture Trustee and the Second Mortgage Note Holders reserve all rights granted by law (i) to request or receive notice of any sale of Collateral in foreclosure of any
Lien securing the Bank Secured Obligations and (ii) to redeem any Collateral or enforce any right to claim, take or receive proceeds of Collateral remaining after the Discharge of the Bank
Secured Obligations as provided in Section 3.1.2(b). 

        3.2.2    Notwithstanding Section 3.2.1 above, if (a) the Bank
Agent shall at any time record a Notice of Default in respect of an Event of Default under the Bank Credit Agreement and (b) on the date of such recordation the aggregate outstanding amount of
Bank Secured Obligations is no greater than $100,000,000, then neither the Bank Agent nor the Bank Lenders shall be entitled to complete a foreclosure against or other realization upon any portion of
the Collateral that is material or essential to the construction or operation of the Project earlier than 180 days after the Bank Agent provides to the Indenture Trustee the notice contemplated
in Section 3.3 in respect of such Event of Default. For purposes of the foregoing, the Project Credit Parties agree that neither the Phase II
Land nor the equity interests in any Person within the Company Group that have been pledged to secure the Bank Secured Obligations shall at any time be deemed to be material or essential to the
construction or operation of the Project. 

        3.2.3    (a) Notwithstanding Sections 3.1.1(c) and 3.2.1  above, the Indenture Trustee and the Second
Mortgage Notes Holders shall be permitted to receive and retain, free from any liens or security interests in favor of the Bank
Agent or the Bank Lenders, any and all payments made thereto by or on behalf of the Company Group or any Person within the Company Group, other than: 

	(i)
	payments
which are made during the Bank Financing Period in breach of any provision of the Bank Credit Agreement or Bank Security Documents; 

S-9

 

	(ii)
	Payment
of amounts during the Bank Financing Period which constitute proceeds from the sale, transfer or other disposition of any Collateral or
proceeds from any insurance policy or condemnation settlement or award, in each case, in respect of any Collateral;

	(iii)
	payments
obtained or received during the Bank Financing Period in connection with or as a result of any breach of  Section 3.1(a) through (i) above; and

	(iv)
	payments
obtained or received during the Bank Financing Period (A) at any time after the Indenture Trustee has received written notice (and
prior to the rescission of such notice) that a Blocking Event has occurred or (B) at any time after the commencement of an Insolvency or Liquidation Proceeding in respect of the Company Group
or any Person within the Company Group. 

Any
payment received by the Indenture Trustee or any Second Mortgage Note Holder (including, without limitation, payments and prepayments made for application against the Second Mortgage Notes Secured
Obligations and all other payments and deposits made pursuant to any provision of the Second Mortgage Notes Indenture or any Second Mortgage Notes Security Documents) during the Bank Financing Period
in violation of any of clauses (i) through (iv) above shall be held in trust for the benefit of the Bank Agent and the Bank Lenders and shall be turned over to the Bank Agent promptly
upon the Bank Agent's request. 

	(b)
	Notwithstanding
Section 3.2.1, from and after the occurrence of an Event of Default under the Bank Facility Agreement but so
long as a Blocking Event has not occurred, the Bank Agent may seize control of the Accounts and the Accounts Collateral and issue instructions to the Disbursement Agent or any Securities Intermediary
under any Collateral Account Agreement with respect to the Accounts and the Accounts Collateral (other than the Second Mortgage Notes Proceeds Collateral),  provided that in such circumstances the Bank
Agent (i) may not apply the Accounts Collateral against Bank Secured Obligations which have not
become due and payable and (ii) may not restrict or prohibit the Company (or the Disbursement Agent or Securities Intermediary acting at the request of the Company) from (A) using
Project revenues from and after the Opening Date to pay costs and expenses necessary or appropriate, in the reasonable judgment of the Bank Agent, to continue to operate the Project in the ordinary
course or (B) using Project revenues to pay scheduled debt service in respect of the Bank Secured Obligations, the Second Mortgage Notes Secured Obligations or the FF&E Secured Obligations.
None of the foregoing limitations on the Bank Agent's rights and remedies shall apply from and after the occurrence and during the continuance of a Blocking Event. In addition, in the event that
pursuant to Section 7.27 of the Bank Credit Agreement, amounts on deposit in the Project Liquidity Reserve Account are permitted to be used to pay Debt Service on the Second Mortgage Notes, the
Bank Agent shall upon receipt of a Note Debt Service Shortfall Notice from the Indenture Trustee, so long as no Blocking Event has occurred and is continuing, cause funds to be released from the
Project Liquidity Reserve Account and paid to the Indenture Trustee in the amount set forth in the Note Debt Service Shortfall Notice or, if less, the amount permitted to be used for such purpose
pursuant to Section 7.27 of the Bank Credit Agreement. 

        3.3    Notification of Events of Default.    Each Credit Party hereby agrees, for the benefit of the other Credit
Party, to use best efforts to provide written notice to such other Credit Party within 10 Business Days after obtaining actual knowledge of the occurrence or assertion of an Event of Default under
their respective Facilities. Neither Credit Party shall have any liability to the other for failing to provide any such notice, but such release from liability shall not affect the Bank Agent's and
the Bank Lenders' obligation under Section 3.2.2 above. 

S-10

 

        3.4    Certain Waivers by Note Holders.    To the fullest extent permitted by law, the Indenture Trustee and the
Second Mortgage Note Holders waive and agree not to assert or enforce at any time during the Bank Financing Period: 

	(a)
	any
right of subrogation to the rights or interests of the Bank Agent or the Bank Lenders or any claim or defense based upon impairment of any such right of subrogation;

	(b)
	any
right of marshalling accorded to a junior lienholder, as against a priority lienholder, under equitable principles; and

	(c)
	any
statutory right of appraisal or valuation accorded to a junior lienholder in a proceeding to foreclose a senior lien, 

in
each case, that otherwise may be enforceable in respect of any lien securing the Second Mortgage Notes Secured Obligations as against the Bank Agent or the Bank Lenders. 

4.    Rights and Limitations with Respect to Amendments, Waivers and Other Actions Under Facility Agreements.  

        4.1    Rights and Limitations Applicable to Note Holders.    Prior to the Discharge of the Bank Secured Obligations,
the Indenture Trustee will not enter into, and the Second Mortgage Note Holders will not authorize or direct, any amendment of or supplement to any Second Mortgage Notes Security Document relating to
any Collateral that would make such Second Mortgage Notes Security Document inconsistent in any material respect with the comparable provisions of the Bank Security Document upon such Collateral. No
such amendment or supplement will be enforceable. For purposes of the
foregoing, (a) no inconsistency reflected in the Second Mortgage Notes Security Documents delivered at the time of the issuance of the Second Mortgage Notes, as compared with the corresponding
provisions of the comparable Bank Security Document then in effect, will be subject to the provisions of this Section and (b) subject to clause (a) above, any provision granting rights
or powers to the Indenture Trustee or any Second Mortgage Note Holder that are not granted to the Bank Agent and the Banks will constitute a material inconsistency. 

        4.2    Rights and Limitations Applicable to the Banks.

        The
Bank Agent and the Bank Lenders may at any time and from time to time, without the consent of or notice to the Indenture Trustee or any Second Mortgage Note Holder, without incurring
any responsibility or liability to the Indenture Trustee or any Second Mortgage Note Holder and without in any manner prejudicing, affecting or impairing the ranking or priority of the liens and the
security interests in the Collateral created by the Bank Security Documents or the rights and obligations of the Project Credit Parties hereunder: 

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

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

S-11

 

any
Bank Secured Obligations or liens securing Bank Secured Obligations or any such agreement, guaranty, lien or obligation; provided that notwithstanding any other provision herein to the contrary,
the Bank Agent and the Bank Lenders may not amend Section 7.27 of the Bank Credit Agreement; 

	(c)
	increase
or reduce the amount of any Bank Secured Obligation (subject to the provisions of the Second Mortgage Notes Indenture relating to the maximum amount of the first priority
lien indebtedness) or the interest, premium, fees or other amounts payable in respect thereof;

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

	(e)
	take
or fail to take any first priority lien or any other collateral security for any Bank Secured Obligation or take or fail to take any action which may be necessary or appropriate
to ensure that any lien securing a Bank Secured Obligation or any other lien upon any property is duly enforceable or perfected or entitled to priority as against any other lien or to ensure that any
proceeds of any property subject to any lien are applied to the payment of any Bank Secured Obligation or any other obligation secured thereby;

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

	(g)
	exercise
or enforce, in any manner, order or sequence, or fail to exercise or enforce, any right or remedy against the Company or any Guarantor or any collateral security or any other
Person or property in respect of any Bank Secured Obligation or any lien securing any Bank Secured Obligation or any right or power under the Bank Security Documents and hereunder and apply any
payment or proceeds of collateral in any order of application; or

	(h)
	sell,
exchange, release, foreclose upon or otherwise deal with any property that may at any time be subject to any lien securing any Bank Secured Obligation. 

        No
(a) exercise, delay in exercising or failure to exercise any right arising under the Bank Security Documents or this Agreement, (b) act or omission of the Bank Agent or
any Bank Lender in respect of the Company Group or any Person within the Company Group or any other Person or any collateral security for any Bank Secured Obligation or any right arising under the
Bank Security Documents and hereunder, (c) change, impairment, or suspension of any right or remedy of the Bank Agent or any Bank Lender, or (d) other act, failure to act, circumstance,
occurrence or event, including, without limitation, the acts listed in Section 4.2.1 above, which, but for this provision, would or could act as
a release or exoneration of the agreements or obligations of the Indenture Trustee or any Second Mortgage Note Holder hereunder shall in any way affect, decrease, diminish or impair any of such
agreements or obligations, including, without limitation, the lien subordination provisions and the standstill obligations set forth in Sections 2.1 and  3.1 hereof. 

        No
amendment, supplement, waiver or change otherwise permitted by the Second Mortgage Notes Indenture in respect of the Bank Security Documents will be prohibited or in any manner
restricted or affected by, or by reason of, the provisions of this Agreement. 

        4.3    Waivers and Deferrals of Payments.    Any Project Credit Party may, without the consent of the other Project
Credit Parties, defer any payments due under its Facility or waive any provisions thereof. 

S-12

  

        4.4    Waivers and Amendments Binding on Note Holders.

                The
Project Credit Parties agree that from and after the Initial Advance under the Bank Facility the Bank Agent shall have the exclusive right, without the consent of the
Indenture Trustee (but subject to any right of the FF&E Agent to consent to such amendment or waiver to the extent such consent is required under the Disbursement Agreement and/or the FF&E
Intercreditor Agreement), to amend the Disbursement Agreement or to waive any Default or Event of Default by or with respect to the Company or any Person within the Company Group under the
Disbursement Agreement (i.e., any Potential Event of Default or Disbursement Agreement Default), provided,
however, that without the consent of the holders of a majority (in aggregate principal amount) of the Second Mortgage Notes, (a) such waiver of a Disbursement Agreement
Default must be made not later than one hundred eighty (180) days following the applicable Disbursement Agreement Default Date, (b) the Bank Agent shall not waive any default or event of
default which otherwise independently (not by cross-default or cross-reference to another agreement) constitutes a default or event of default under the Second Mortgage Notes Indenture, (c) the
Bank Agent shall not amend the definition of or the conditions or circumstances requiring a Required Scope Change Approval and shall not waive any default or event of default resulting from, or any
condition relating to, implementation of a Scope Change for which a Required Scope Change Approval is required pursuant to Section 6.2.1 of the
Disbursement Agreement or (d) amend or waive any default or event of default under Sections 7.12 or 7.1.11 of the Disbursement Agreement ("in
balance" and "Project Completion Date") or amend or waive any provision so as to effect an amendment or waiver of such Sections. 

        The
Project Credit Parties agree that from and after the initial Advance under the Bank Facility, without the consent of any Indenture Trustee, any amendment, waiver or consent agreed
to, upon any terms and conditions, by, on the one hand, the Company Group or any Person within the Company Group that is party to a Bank Security Document and, on the other hand, the Bank Agent, in
respect of any provision of any Bank Security Document, will automatically apply, on the same terms and subject to the same conditions to the corresponding provision of the comparable Mortgage Note
Security Document. Such application to the Second Mortgage Notes Security Documents shall become effective upon the delivery by the Bank Agent of written notice of such amendment, waiver or consent,
and the terms and conditions thereof, to the Indenture Trustee, if the notice states that such amendment, waiver or consent has become effective as to such agreement and is, pursuant to this  Section 4.4.2 likewise effective as to the corresponding provision of the comparable Mortgage Note Security Document;  provided, however, that no amendment, waiver or consent of a Bank Security Document which
effects or relates to a release of lien shall apply to or
otherwise amend or affect any Second Mortgage Notes Security Document. Any such amendment, waiver or consent need not otherwise be confirmed by the Indenture Trustee or any Second Mortgage Note Holder
in order to be effective. 

        4.5    Limitation of Liability

        Except
as expressly set forth herein, none of the Bank Agent or any Bank Lender will have any duty, express or implied, fiduciary or otherwise, to the Indenture Trustee or any Second
Mortgage Note Holder. 

        To
the maximum extent permitted by law, each of the Indenture Trustee and each Second Mortgage Note Holder waives any claim it may have against the Bank Agent or any Bank Lender with
respect to or arising out of any action or failure to act or any error of judgment or negligence on the part of the Bank Agent or any Bank Lender or their respective directors, officers, employees or
agents with respect to any exercise of rights or remedies in respect of the Bank Secured Obligations or under the Bank Security Documents or any transaction relating to the Collateral. Neither the
Bank Agent nor any Bank Lender nor any of their respective directors, officers, employees or agents will be liable for failure to demand, collect or realize upon any of the 

S-13

 

Collateral or for any delay in doing so, except to the extent arising out of the gross negligence or willful misconduct of the Bank Agent or any such Bank Lender or any of their respective directors,
officers, employees or agents, or will be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Person within the Company Group or upon the request of any Second
Mortgage Note Holder or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. 

        The
Bank Agent and the Bank Lenders, on the one hand, and the Indenture Trustee and the Second Mortgage Note Holders, on the other hand, shall each be responsible for keeping themselves
informed of the financial condition of the Company Group and all other circumstances bearing upon the risk of nonpayment of the Bank Secured Obligation or Second Mortgage Notes Secured Obligations, as
the case may be. Except as set forth in Section 3.3, the Bank Agent and the Bank Lenders shall have no duty to advise the Indenture Trustee or
any Second Mortgage Note Holder of information regarding such condition or circumstances or as to any other matter. If the Bank Agent or any Bank Lender, in its sole discretion, undertakes at any time
or from time to time to provide any such information to the Indenture Trustee or any Second Mortgage Note Holder it shall be under no obligation to provide any similar information on any subsequent
occasion, to provide any additional information, or undertake any investigation, or to disclose any information which, pursuant to accepted or reasonable commercial finance practice, it wishes to
maintain confidential. 

5.    Insolvency or Liquidation Proceedings  

        5.1    Right to file Involuntary Bankruptcy.    Notwithstanding any other provision of this Agreement to the contrary,
any Secured Lender shall be entitled, at any time and upon its sole discretion, to initiate or join as a petitioning creditor in an involuntary Insolvency or Liquidation Proceeding against any Person
within the Company Group. 

        5.2    Certain Agreements and Consents by Note Holders.

                At
no time during the Bank Financing Period shall the Indenture Trustee or any Second Mortgage Note Holder: 

	(a)
	request
judicial relief in an Insolvency or Liquidation Proceeding or in any other court, that would hinder, delay, limit or prohibit the exercise or enforcement of any right or
remedy otherwise available to the holders of Bank Secured Obligations that would limit, invalidate, avoid or set aside any lien securing the Bank Secured Obligations or Bank Security Document or
subordinate the lien securing the Bank Secured Obligations to the liens securing the Second Mortgage Notes Secured Obligations or grant the lien securing the Second Mortgage Notes Secured Obligations
equal ranking to the liens securing the Bank Secured Obligations;

	(b)
	oppose
or otherwise contest any motion for relief from the automatic stay or from any injunction against foreclosure or enforcement of lien securing the Bank Secured Obligations made
by any holder of Bank Secured Obligations in any Insolvency or Liquidation Proceeding;

	(c)
	oppose
or otherwise contest any exercise by any holder of Bank Secured Obligations of the right to credit bid Bank Secured Obligations at any sale in foreclosure of lien securing the
Bank Secured Obligations; or

	(d)
	oppose
or otherwise contest any other request for judicial relief made in any court by any holder of Bank Secured Obligations relating to the enforcement of any lien securing the Bank
Secured Obligations. 

S-14

 

        If,
in any Insolvency or Liquidation Proceeding during the Bank Financing Period, the Bank Agent and the Bank Lenders: 

	(a)
	consent
to any order for use of cash collateral for payment (i) of expenses reasonably necessary or appropriate for the conduct of the Project or for the preservation of the
Collateral, (ii) debt secured by
liens upon the Collateral that are senior to the liens securing the Second Mortgage Notes Secured Obligations or (iii) administrative expenses arising in connection with the Insolvency or
Liquidation Proceeding;

	(b)
	consent
to any order granting any priming lien, replacement lien, cash payment or other relief on account of Bank Secured Obligations as adequate protection (or its equivalent) for
the interests of the Bank Agent and the Bank Lenders in property subject to the liens securing the Bank Secured Obligations in connection with any order for use of cash collateral; or

	(c)
	consent
to any order relating to any sale of assets of any Person within the Company Group and providing, to the extent the sale is to be free and clear of liens, that all such liens
shall attach to the proceeds of the sale, and, in connection therewith, consent to and support before the court any request for Credit Bid Rights made by the Indenture Trustee or any Second Mortgage
Note Holder (except that the Bank Agent and Bank Lenders need not admit, consent to or support any valuation of the Collateral alleged in support of the allowance of any secured claim based upon the
liens securing the Second Mortgage Notes Secured Obligations), 

then,
so long as the Bank Agent and the Bank Lenders do not oppose or otherwise contest any request made by the Indenture Trustee or any Second Mortgage Note Holder (which may be made only if,
pursuant to any such order, the Bank Agent and the Bank Lenders are, or are to be, granted a lien upon any property) for the grant to the Indenture Trustee, for the benefit of the Second Mortgage Note
Holders and as adequate protection (or its equivalent) for the Indenture Trustee's interest in the Collateral pursuant to the liens securing the Second Mortgage Notes Secured Obligations of a junior
lien upon such property that is co-extensive in all respects with, but subordinated (as set forth herein) in all respects to, all liens securing the Bank Secured Obligations upon such
property and any such lien granted to the Bank Agent and the Bank Lenders pursuant to such order, 

        the
Indenture Trustee and the Second Mortgage Note Holders will not oppose or otherwise contest the entry of such order, except that any such order relating to a sale of assets may be
opposed or otherwise contested by them (x) as necessary to secure the grant of Credit Bid Rights or (y) based on any ground that may be asserted by a holder of unsecured claims (but not
except for Credit Bid Rights, on any grounds arising from or relating to any lien securing the Second Mortgage Notes Secured Obligations or any secured claim or secured creditor rights based on any
lien securing the Second Mortgage Notes Secured Obligations). 

        If,
in any Liquidation or Insolvency Proceeding, debt obligations of the reorganized debtor secured by liens upon any property of the reorganized debtor are distributed pursuant to a
plan of reorganization or similar dispositive restructuring plan, both on account of the Bank Secured Obligations and on account of the Second Mortgage Notes Secured Obligations, then, to the extent
the debt obligations distributed on account of the Bank Secured Obligations and on account of the Second Mortgage Notes Secured Obligations are secured by liens upon the same property, the provisions
of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the liens securing such debt obligations. 

        The
Indenture Trustee and the Second Mortgage Note Holders will not assert or enforce, at any time during the Bank Financing Period, any claim under §506(c) of the United
States 

S-15

 

Bankruptcy Code with respect to the liens securing the Bank Secured Obligations for costs or expenses of preserving or disposing of any Collateral. 

        If,
for purposes of valuation of the secured claims of the Bank Agent and Bank Lenders in any Insolvency or Liquidation Proceeding, the Bank Agent and Bank Lenders determine, and the
Bank Agent notifies the Indenture Trustee, that the Collateral should be valued as of any particular time in the period from the date of commencement of such Insolvency or Liquidation Proceeding to
the date of confirmation of any plan of reorganization or other dispositive restructuring plan therein, then the Indenture Trustee and the Second Mortgage Note Holders shall not oppose or otherwise
contest that the date as of which such secured claims should be valued is the date chosen by the Bank Agent and Bank Lenders, but the Indenture Trustee and the Second Mortgage Note Holders shall
remain free (a) to contest without any restriction any valuation claimed or asserted by the Bank Agent or the Bank Lenders as of such date and (b) to assert and seek relief determining
that the Collateral should be valued at another date if a valuation at the other date would have the effect of placing a higher value upon the Collateral, taken as a whole. Notwithstanding the
foregoing; the Indenture Trustee and the Second Mortgage Note Holders shall not have the right to assert the lack of adequate protection of their liens or the collateral securing the Second Mortgage
Notes as a basis for opposing a motion or other relief sought in any Insolvency or Liquidation Proceeding and approved by the Bank Lenders. 

        If,
in connection with the approval by creditors of any plan of reorganization or other dispositive restructuring plan in any Insolvency or Liquidation Proceeding, either: 

	(a)
	secured
claims based upon the Second Mortgage Notes Secured Obligations and secured claims based upon the Bank Secured Obligations are classified in the same class of secured claims;
or

	(b)
	secured
claims based upon the Second Mortgage Notes Secured Obligations are classified in a separate class from secured claims based upon the Bank Secured Obligations and are treated
under such plan as an impaired secured class, and such plan could not lawfully be confirmed or approved by the court in such Insolvency or Liquidation Proceeding unless the class of secured claims
based upon the Second Mortgage Notes Secured Obligations votes, as a class, to accept such plan, 

then
the holders of secured claims based upon the Second Mortgage Notes Secured Obligations shall not vote such secured claims to accept such plan if: (i) the Bank Agent notifies the holders of
such secured claims (in such manner and to such Person at such addresses as the Indenture Trustee may direct), at least 10 Business Days before ballots are due in the voting on such plan, that fewer
than the holders of two-thirds in amount of secured claims based upon the Bank Secured Obligations will vote, as a separate class (or as if they were a separate class), to accept such
plan, (ii) such notice is not
withdrawn by the Bank Agent by written notice to the Indenture Trustee or the Second Mortgage Note Holders and (iii) such plan is not accepted by the holders of secured claims based upon the
Bank Secured Obligations voting as a separate class (or as if they were a separate class). 

        The
Indenture Trustee shall provide the Bank Agent with such information as may be available to the Indenture Trustee as to the names and notice addresses of the holders of secured
claims based upon the Second Mortgage Notes. The notice described in clause (i) of the preceding paragraph shall be conclusively deemed sufficiently given if mailed by ordinary mail, postage
prepaid, to such names and addresses. No ballot voting a secured claim based upon the Second Mortgage Notes Secured Obligations shall be delivered in respect of any such plan by any holder of secured
claims based upon the Second Mortgage Notes Secured Obligations prior to the last date on which the notice described in clause (i) may be given by the Bank Agent. Any ballot cast in violation
of this section will be invalid. 

S-16

 

        5.3    Avoidance of Bank Secured Obligations in Bankruptcy.    If (a) any lien securing a Bank Secured
Obligation is avoided in any Insolvency or Liquidation Proceeding, (b) by reason of such avoidance, there is a resultant reduction (a "Bank Secured Claim
Reduction") in the amount of the secured claims (without regard to unsecured claims) that, but for such avoidance, would have been allowed in such Insolvency or Liquidation
Proceeding on account of claims based upon Bank Secured Obligations, and (c) a distribution is made in such Insolvency or Liquidation Proceeding on account of secured claims (without regard to
any unsecured claims) based upon Second Mortgage Notes Secured Obligations, whether such distribution is made in cash, securities or otherwise, or the Indenture Trustee receives any proceeds from the
foreclosure or other enforcement of the liens securing the Second Mortgage Notes Secured Obligations (such distribution or receipt, a "Mortgage Note
Recovery"), then a portion of such Mortgage Note Recovery (the "Shareable Recovery") determined by multiplying: 

	(i)
	a
percentage by dividing (A) the aggregate amount allowed in such Insolvency or Liquidation Proceeding on account of all unsecured claims based
upon Bank Secured Obligations (after giving effect to such avoidance) by (B) the aggregate amount allowed in such Insolvency or Liquidation Proceeding on account of all unsecured claims based
upon Bank Secured Obligations (after giving effect to such avoidance) and all secured and unsecured claims based upon Second Mortgage Notes Secured Obligations;  by

	(ii)
	the
lesser of (A) the amount of such Bank Secured Claim Reduction and (B) the amount of such Mortgage Note Recovery, 

shall
be received and held by the Indenture Trustee subject to an option, exercisable solely by the Bank Agent by written notice delivered to the Indenture Trustee no later than the 20th
Business Day after the latest of: 

	(1)
	the
date on which such Mortgage Note Recovery is received;

	(2)
	the
date on which the amount (if any) of secured claims and unsecured claims based on the Bank Secured Obligations and the Second Mortgage Notes Secured Obligations are allowed in
such Insolvency or Liquidation Proceeding; and

	(3)
	the
date on which the amount of such Bank Secured Claim Reduction is determined, 

to
exchange the Shareable Recovery (in the form received, with any interest accrued thereon) for an equivalent amount (net of any such accrued interest) of unsecured claims allowed in such Insolvency
or Liquidation Proceeding based upon Bank Secured Obligations or for any substantially contemporaneous distribution (exchanged in the form received, with any interest accrued thereon) made in such
Insolvency or Liquidation Proceeding on account of such equivalent amount of unsecured claims based upon Bank Secured Obligations. Such exchange shall be made by each party thereto without any
recourse, representation, warranty or liability whatsoever. 

        5.4    No Other Restrictions on Note Holders.    Notwithstanding any other provision of this Agreement to the
contrary, except as expressly provided herein the Second Mortgage Note Holders shall not, in any Insolvency or Liquidation Proceeding, be restricted in voting any secured claims based upon the Second
Mortgage Notes Secured Obligations and will not be in any respect restricted in voting any unsecured claims based upon the Obligations outstanding under the Second Mortgage Notes. 

6.    Default Purchase Option.    The Bank Agent hereby grants the Indenture Trustee the right (without any obligation) to purchase,
at any time during the period that begins when all commitments to extend credit constituting all Bank Secured Obligations have terminated and all Bank Secured Obligations have matured (whether at the
stated maturity, upon acceleration or otherwise, including by virtue of 

S-17

 

the commencement of an Insolvency or Liquidation Proceeding) and ends on the 45th day after receipt by the Indenture Trustee of written notice of such maturity from the Bank Agent, all,
but not less than all, of the principal of and interest on and all prepayment or acceleration penalties and premiums in respect of all Bank Secured Obligations outstanding at the time of purchase and
all other Bank Secured Obligations then outstanding, together with all liens securing such Bank Secured Obligations and all guarantees and other supporting obligations relating to such Bank Secured
Obligations: 

	(a)
	for
a purchase price equal to 100% of the principal amount and accrued interest outstanding on the Bank Secured Obligations on the date of purchase (including fees and interest
accruing after the commencement of a Liquidation or Insolvency Proceeding at the rate provided for in the Bank Credit Agreement (regardless of whether such item is an allowed claim under applicable
law) and any costs of
collection) plus all other Bank Secured Obligations (including any LIBOR breakage costs but excluding any prepayment or acceleration penalty or premium) then unpaid;

	(b)
	with
such purchase price payable in cash on the date of purchase against transfer to an Eligible Purchaser or its nominee or transferee (without recourse and without any
representation or warranty whatsoever, whether as to the enforceability of any Bank Secured Obligations or the validity, enforceability, perfection, priority or sufficiency of any lien securing or
guarantee or other supporting obligation for any Bank Secured Obligations or as to any other matter whatsoever, except only the representation and warranty that the transferor is transferring free and
clear of all liens and encumbrances (other than that will be satisfied and discharged concurrently with the closing of the purchase from the proceeds of the purchase price), and has good right to
convey, whatever claims and interests it purports to have in respect of Bank Secured Obligations and any such liens, guarantees and supporting obligations pursuant to the Bank Financing Agreements);

	(c)
	with
such purchase accompanied by a deposit of cash collateral under the dominion and control of the Bank Agent in an amount equal to 105% of the undrawn amount of each letter of
credit then outstanding as Bank Secured Obligations, as security for the additional obligation of the purchaser to purchase, at par plus accrued interest, the reimbursement obligation in respect of
such letter of credit as and when such letter of credit is funded and to pay all Bank Secured Obligations then outstanding relating to such letter of credit; and

	(d)
	pursuant
to an Assignment and Assumption Agreement in the form of Exhibit E to the Bank Credit Agreement and otherwise consistent with this Section. 

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

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

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

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

S-18

 

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

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

8.    Miscellaneous Provisions.  

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

	If to the Bank Agent:	 	Deutsche Bank Trust Company Americas

31 West 52nd Street

New York, New York 10019
	 	 	 	Attn:	    

	 	 	 	Phone:	(      )	    

	 	 	 	Fax:	(      )	    

	If to the Indenture Trustee:	 	Wells Fargo Bank, National Association,

as Indenture Trustee,

MAC: N303-121

Corporate Trust Operations

6th & Marquette Avenue

Minneapolis, MN 55479
	 	 	 	Attn:

Phone:

Fax:	Michael Slade

(612) 667-0266

(612) 667-2160

All
notices or other communications required or permitted to be given hereunder shall be in writing and shall be considered as properly given (a) if delivered in person, (b) if sent by
reputable overnight delivery service, (c) in the event overnight delivery services are not readily available, if mailed by first class mail, postage prepaid, registered or certified with return
receipt requested or (d) if sent by prepaid telex, or by telecopy with correct answer back received. Notice so given shall be effective upon receipt by the addressee, except that any
communication or notice so transmitted by telecopy or other direct written electronic means shall be deemed to have been validly and effectively given on the day (if a Banking Day and, if not, on the
next following Banking Day) on 

S-19

 

which it is validly transmitted if transmitted before 4 p.m., recipient's time, and if transmitted after that time, on the next following Banking Day;  provided, however,
 that if any notice is tendered to an addressee and the delivery thereof is refused by
such addressee, such notice shall be effective upon such tender. Any party shall have the right to change its address for notice hereunder to any other location by giving of no less than twenty
(20) days' notice to the other parties in the manner set forth hereinabove. 

S-20

  

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

        8.3    Waiver.    Any waiver, permit, consent or approval or any kind or character on the part of any of the Project
Credit Parties, the Disbursement Agent or the Securities Intermediary of any Potential Event of Default, Event of Default or other breach or default under this Agreement, any Security Document or any
other Financing Agreement, or any waiver on the part of any of the Project Credit Parties, the Disbursement Agent or the Securities Intermediary, of any provision or condition of this Agreement or any
other operative document, must be in writing and shall be effective only to the extent in such writing specifically set forth. 

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

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

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

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

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

        8.9    Consent of Jurisdiction.    Any legal action or proceeding arising out of this Agreement may be brought in or
removed to the courts of the State of New York, in and for the County of New York, or of the United States of America for the Southern District of New York. By execution and delivery of this
Agreement, each Project Credit Party, accepts, for its and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts for legal 

S-20

 

proceedings arising out of or in connection with this Agreement and irrevocably consents to the appointment of the Prentice-Hall Corporation System Inc. as its agent to receive
service of process in New York, New York. Nothing herein shall affect the right to serve process in any other manner including judicial or non-judicial foreclosure of real property
interests which are part of the Collateral. Each Project Credit Party hereby waives any right to stay or dismiss any action or proceeding under or in connection with any or all of the Project, this
Agreement or any other operative document brought before the foregoing courts on the basis of forum non-conveniens. 

        8.10    Successors and Assigns.    The provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns; provided, however, this Agreement shall terminate upon the earlier to occur of
(i) Discharge of the Bank Secured Obligation and (ii) Discharge of the Second Mortgage Notes Secured Obligations. Upon Discharge of the Bank Secured Obligation, the Bank Agent agrees to
deliver any and all Collateral of which it has possession, either directly or through an agent, custodian or other representative to the Indenture Trustee and to notify each Securities Intermediary,
each counterparty to a Consent and such other Persons as the Indenture Trustee may reasonably request that the Bank Credit Facility has been terminated and discharged in full. 

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

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

        8.13    Amendment for New Project Credit Parties.    Upon any refinancing of any Facility, or the incurring of other
Indebtedness of the Company (subject to the rights of the existing Project Credit Parties under their respective Financing Agreements with respect to any such refinancing or other Indebtedness), the
applicable lender shall be bound by the terms of this Agreement and such lender, or an agent or trustee on its behalf, and the Project Credit Parties shall execute and deliver an amendment to this
Agreement to make such Person a Credit Party hereunder. 

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

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

	(a)
	to
the fullest extent lawful, all claims for the payment of such amount as Bank Secured Obligations and, to the extent securing such claims, all such liens under the Bank Security
Documents will be reinstated and entitled to the benefits hereof, and

	(b)
	if
a Discharge of Bank Secured Obligations became effective prior to such reinstatement, all obligations of the Indenture Trustee and the Second Mortgage Note Holders that were
terminated as a result of such Discharge of Bank Secured Obligations shall be concurrently reinstated to the extent such claims and liens under the Bank Security Documents are reinstated, beginning on
such date but prospectively only (and not retroactively), as though no Bank Secured Obligations or liens under the Bank Security 

S-21

 

Documents
had been outstanding at any time prior to such date and will remain effective until the claims for such amount are paid in full in cash. 

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

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

	 	 	Bank Agent:
	

 	
 	

 	
 	
DEUTSCHE BANK TRUST COMPANY AMERICAS,
	

 	
 	

 	
 	

By:	
 	

 	

 
	 	 	 	 	 	 	
 Name:

Title:
	 	 	Indenture Trustee:
	

 	
 	

 	
 	

WELLS FARGO BANK, NATIONAL ASSOCIATION
	

 	
 	

 	
 	

By:	
 	

 	

 
	 	 	 	 	 	 	

	 	 	 	 	 	 	Name:	 
	 	 	 	 	 	 	 	

	 	 	 	 	 	 	Title:	 
	 	 	 	 	 	 	 	

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FORM OF INTERCREDITOR AGREEMENT (Project Lenders)

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FORM OF INTERCREDITOR AGREEMENT (Project Lenders)

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