Document:

Exhibit 10.1

Exhibit 10.1

NINTH MODIFICATION TO LOAN DOCUMENTS

THIS NINTH MODIFICATION TO LOAN DOCUMENTS (herein the “Modification”) is made and entered into
as of this 28th day of June, 2010, by and between Intelligent Systems Corporation, a Georgia
corporation (herein the “Borrower”), QS Technologies, Inc., a Georgia corporation, Newvisco, Inc.,
a Delaware corporation (formerly known as Visaer, Inc.), Corecard Software, Inc., a Delaware
corporation, and Chemfree Corporation, a Georgia corporation (the aforesaid four corporations being
individually and collectively referred to herein as the “Guarantors”), and Fidelity Bank, a Georgia
state chartered bank (f/k/a Fidelity National Bank ) (herein the “Lender”).

RECITALS:

WHEREAS, on October 1, 2003, Lender made a loan to Borrower in the original principal amount
of One Million Five Hundred Thousand and No/100 Dollars ($1,500,000.00) (the “Loan”) evidenced by
that certain Commercial Promissory Note dated October 1, 2003 executed by Borrower in favor of
Lender (herein the “Note”).

WHEREAS, the Loan and the Note are secured and evidenced by, among other instruments, the
following:

	 	(a)	 	Security Agreement from Borrower in favor of Lender dated of even date with the
Note (herein the “Security Agreement”);

	 
	 	(b)	 	Loan Agreement by and between Borrower and Lender dated of even date with the
Note (herein the “Loan Agreement”);

	 
	 	(c)	 	Financing Statement filed in Gwinnett County, Georgia records, File no.
067-2003-010805 (herein the “Borrower Financing Statement”).

	 
	 	(d)	 	Negative Pledge Agreement by and between Borrower and Lender dated of even date
with the Note (herein the “Negative Pledge Agreement”);

	 
	 	(e)	 	Assignment of Policy as Collateral Security from Borrower in favor of Lender
dated of even date with the Note (herein the “Life Insurance Assignment”); and

	 
	 	(f)	 	Subordination Agreements from Borrower and certain of the Guarantors in favor
of Lender dated of even date with the Note (herein “Subordination Agreements”).

The Security Agreement, the Loan Agreement, the Financing Statement, the Negative Pledge Agreement,
the Life Insurance Assignment and the Subordination Agreements are collectively referred to herein
as the “Loan Documents”.

WHEREAS, on October 1, 2003, each of the Guarantors executed a Guaranty in favor of Lender
whereby each of the Guarantors guaranteed all of the obligations of Borrower to Lender contained
under the Loan, Note and Loan Documents (herein collectively the “Guaranties”);

WHEREAS, in order to secure their obligations under the terms of the Guaranties, each of the
Guarantors executed in favor of Lender certain Security Agreements dated October 1, 2003 (herein
the “Guarantor Security Agreements”), which Guarantor Security Agreements are further evidenced by
a Financing Statement filed in Gwinnett County, Georgia Records File No. 067-2003-010805 and that
certain Financing Statement filed with the Delaware Department of State under Filing No.
20032749870 (herein collectively the “Guarantor Financing Statements”) (the Guaranties, the
Guarantor Security Agreements and the Guarantor Financing Statements are herein collectively
referred to herein as the “Guaranty Documents”);

 

 

 

WHEREAS, Lender, Borrower and the Guarantors entered into that certain First Modification of
Loan Documents dated as of September 1, 2004 for the purpose of extending the Maturity Date of the
Loan on the Note from September 1, 2004 to September 1, 2005 (all references to the Loan, Note,
Loan Documents and Guaranty shall be as amended by the aforesaid First Modification of Loan
Documents);

WHEREAS, Lender, Borrower and the Guarantors entered into that certain Second Modification of
Loan Documents dated as of September 1, 2005 for the purpose of extending the Maturity Date of the
Loan on the Note from September 1, 2005 to September 1, 2006 and to increase the maximum
availability under the Loan and the Note from $1,500,000 to $2,000,000 (all references to the Loan,
Note, Loan Documents and Guaranty shall be as amended by the aforesaid Second Modification of Loan
Documents);

WHEREAS, Borrower requested and Lender agreed to increase the maximum availability under the
Loan and the Note from $2,000,000 to $2,500,000 and Borrower, Guarantors and Lender entered into
that certain Third Modification of Loan Documents dated as of June 16, 2006 in order to modify and
ratify certain terms and provisions of the Note, the Loan Documents and the Guaranty Documents as
more particularly set forth therein (all references to the Loan, Note, Loan Documents and Guaranty
shall be as amended by the aforesaid Third Modification of Loan Documents);

WHEREAS, Borrower requested and Lender agreed to decrease the maximum availability under the
Loan and the Note from $2,500,000 to $2,000,000 and to further extend the Maturity Date of the Loan
and Note from September 1, 2006 to December 1, 2006, and Borrower, Guarantors and Lender entered
into that certain Fourth Modification of Loan Documents dated on or about August 9, 2006 in order
to modify and ratify certain terms and provisions of the Note, the Loan Documents and the Guaranty
Documents as more particularly set forth therein (all references to the Loan, Note, Loan Documents
and Guaranty shall be as amended by the aforesaid Fourth Modification of Loan Documents);

WHEREAS, Lender, Borrower and the Guarantors entered into that certain Fifth Modification of
Loan Documents dated as of December 1, 2006 for the purpose of extending the Maturity Date of the
Loan on the Note from December 1, 2006 to December 1, 2007 (all references to the Loan, Note, Loan
Documents and Guaranty shall be as amended by the aforesaid Fifth Modification of Loan Documents);

WHEREAS, Lender, Borrower and the Guarantors entered into that certain Sixth Modification of
Loan Documents dated as of December 1, 2007 for the purpose of extending the Maturity Date of the
Loan on the Note from December 1, 2007 to December 1, 2008 (all references to the Loan, Note, Loan
Documents and Guaranty shall be as amended by the aforesaid Sixth Modification of Loan Documents);

WHEREAS, Lender filed (i) a continuation statement in the UCC Records of Gwinnett County,
Georgia under File No. 067-2008-003877 on April 15, 2008, which continuation statement continued in
full force and effect both the Financing Statement and the Guarantor Financing Statement of record
naming Borrower, QS Technologies, Inc. and Chemfree Corporation as debtors, and (ii) a continuation
statement in the UCC Records of the Secretary of State of Delaware under File No. 20081731866 on
May 20, 2008, which continuation statement continued in full force and effect both the Guarantor
Financing Statement of record Visaer, Inc. and Corecard Software, Inc. as debtors.

WHEREAS, Lender, Borrower and the Guarantors entered into that certain Seventh Modification of
Loan Documents dated as of December 1, 2008 for the purpose of extending the Maturity Date of the
Loan on the Note from December 1, 2008 to June 30, 2009 (all references to the Loan, Note, Loan
Documents and Guaranty shall be as amended by the aforesaid Seventh Modification of Loan
Documents);

WHEREAS, Lender, Borrower and the Guarantors entered into that certain Eight Modification of
Loan Documents dated as of June 26, 2009 for the purpose of extending the Maturity Date of the Loan
on the Note from June 30, 2009 to June 30, 2010 and to provide for certain other modifications
with respect to the Loan (all references to the Loan, Note, Loan Documents and Guaranty shall be as
amended by the aforesaid Eight Modification of Loan Documents);

 

2

 

WHEREAS, Borrower has requested and Lender has agreed to further extend the maturity date of
the Loan and Note from June 30, 2010 to June 30, 2011, and Borrower, Guarantors and Lender desire
to enter into this Amendment in order to modify and ratify certain terms and provisions of the
Note, the Loan Documents and the Guaranty Documents as more particularly set forth herein.

NOW, THEREFORE, for and in consideration of Ten and No/100 Dollars ($10.00) and other good and
valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged,
Lender, Borrower and Guarantors hereby agree as follows:

1. Recitals. The foregoing recitals are true and correct and are incorporated herein
by this reference.

2. Capitalized Terms. All capitalized terms contained in this Modification shall have
the same meaning afforded to them in the Note, Loan Documents and Guaranty Documents.

3. Specific Modifications to Documents.

	 	a.	 	The Note, each of the Loan Documents and each of the
Guaranty Documents are hereby modified to reflect that the maximum
availability under the terms of the Loan shall be equal to $1,250,000.

	 
	 	b.	 	The Maturity Date of the Loan and the Note is hereby
extended from June 30, 2010 to June 30, 2011, and Section 11.1 of the
Loan Agreement is hereby modified to provide that the date set forth in
the third line of such Section 11.1 shall hereafter read “June 29, 2011”.

	 
	 	c.	 	The Note is hereby modified to provide that interest
shall continue to accrue thereunder at the greater of (i) the “prime
rate” of Lender (as defined on the face of the Note) plus one and one
half percent (1.5%) per annum, or (ii) six and one half percent (6.5%),
and shall be adjusted daily with changes in the prime rate during the
term of the Note in the event the prime rate of Lender shall be greater
than five percent (5.0%).

	 
	 	d.	 	In connection with the execution of this Modification, Borrower
shall pay to Lender a loan extension fee in the amount of $6,250.00.

	 
	 	e.	 	Section 7.11 of the Loan Agreement (which was added to the Loan
Agreement pursuant to the Eighth Modification of Loan Documents referenced in
the recitals hereinabove) is hereby modified to provide that the Borrower shall
maintain a minimum Tangible Net Worth of $4,800,000 as of the end of each
calendar quarter during the remaining term of the Loan. (i.e. June 30, 2010,
September 30, 2010, December 31, 2010 and March 31, 2011).

4. No Impairment. Borrower and Guarantors agree that the terms and provisions hereof
shall in no manner impair, limit, restrict or otherwise affect the obligations of Borrower and
Guarantors to Lender or the priority of any lien evidenced by the Note, the Loan Documents or the
Guaranty Documents, except as modified hereby.

5. No Defenses. Borrower and Guarantors acknowledge that they have no offsets,
claims, counterclaims or defenses against Lender or under any of their obligations contained in the
Note, the Loan Documents or the Guaranty Documents and to the extent any such offsets, claims,
counterclaims, or defenses exist, the same are hereby waived by the Borrower and Guarantors.

 

3

 

6. Ratification. Except as amended hereby, each and every term and provision of the
Note, the Loan Documents and the Guaranty Documents are hereby ratified and affirmed by Borrower
and Guarantors and shall remain in full force and effect. The Guarantors hereby specifically
acknowledge and consent to the extension of the Maturity Date from June 30, 2010 to June 30, 2011,
as well as the prior release by Lender of (i) all of Lender’s collateral interest with respect to
Borrower’s interest in Horizon Software International, LLC, (ii) all of Lender’s collateral
interest in certain of the primary assets of QS Technologies, Inc. and (iii) all of Lender’s
collateral interest and certain of the primary assets of Visaer, Inc.

7. No Novation. It is the intention of the parties hereto that the execution and
delivery of this Modification shall in no way constitute a novation or extinguishment of the debt
evidenced by the Note, Loan Documents or the Guaranty Documents.

8. Effect of Modification. In signing this Modification, the parties hereto expressly
certify and covenant that they have carefully read all provisions contained herein, have had an
opportunity to consult with legal counsel of their choosing and to consider the ramifications and
terms of this Modification, and they have voluntarily signed this Modification with the
understanding that it will be final and binding as to their interests and they have had a
sufficient opportunity to review the Modification and consult with counsel of their choice prior to
making such decision to execute this Modification. The parties hereby represent and warrant that
this Modification is executed without reliance on any statement or representation of the other,
except as expressly set forth in the within and foregoing Modification, and this Modification
constitutes the entire Modification between the parties hereto and that no promise or inducement or
consideration, other than that expressed in the within and foregoing Modification, has been offered
or accepted and all such prior inducements or considerations are deemed merged herein.

(REMAINDER OF PAGE INTENTIONALLY LEFT BLANK)

(SIGNATURE PAGE TO NINTH MODIFICATION TO LOAN DOCUMENTS TO FOLLOW)

 

4

 

IN WITNESS WHEREOF, Borrower, Guarantors and Lender have set their hands and seals to this
Ninth Modification as of the day and year first above-written.

	 	 	 	 	 
	 	BORROWER:

INTELLIGENT SYSTEMS CORPORATION,

a Georgia corporation

 	 
	 	By:  	/s/ J. Leland Strange
 	 
	 	Title:  

Attest:	President 

/s/ Bonnie L. Herron 
	 
	 	Title:  	
Secretary

[CORPORATE SEAL] 
	 
	 
	 	GUARANTORS:

QS TECHNOLOGIES, INC., a Georgia corporation

 	 
	 	By:  	/s/ J. Leland Strang
 	 
	 	Title:  

Attest: 	       President 

/s/ Bonnie L Herron 
	 
	 	Title:  	
Secretary

[CORPORATE SEAL] 
	 
	 
	 	NEWVISCO, INC., a Delaware corporation

(formerly known as Visaer, Inc.)

 	 
	 	By:  	/s/ J. Leland Strange
 	 
	 	Title:  

Attest:	       President 

/s/ Bonnie L. Herron 
	 
	 	Title:  	
Asst. Secretary

[CORPORATE SEAL] 
	 
	 
	 	CORECARD SOFTWARE, INC.,

a Delaware corporation

 	 
	 	By:  	/s/ Leland Strange
 	 
	 	Title:  

Attest:	       President 

/s/ Bonnie L. Herron 
	 
	 	Title:  	
Secretary

[CORPORATE SEAL] 
	 
	 
	 	CHEMFREE CORPORATION,

a Georgia corporation

 	 
	 	By:  	/s/ Francis A. Marks
 	 
	 	Title:  

Attest:	       President 

/s/ Bonnie L. Herron 
	 
	 	Title:  	
Secretary

[CORPORATE SEAL] 
	 

 

5

 

(SIGNATURE PAGE TO NINTH MODIFICATION TO LOAN DOCUMENTS)

	 	 	 	 	 
	 	LENDER:

FIDELITY BANK,

a Georgia state chartered bank

(f/k/a Fidelity National Bank)

 	 
	 	By:  	/s/ Raymond H. Zavacki
 	 
	 	Title: 	      Vice President 	 
	 	 	

(BANK SEAL) 	 

 

6exv4w1

Exhibit 4.1

EXECUTION VERSION

MCE FINANCE LIMITED

10.25% SENIOR NOTES DUE 2018

 

INDENTURE

Dated as of May 17, 2010

 

THE BANK OF NEW YORK MELLON

as Trustee and Collateral Agent

 

 

CROSS-REFERENCE TABLE*

	 	 	 
	Trust Indenture	 	 
	Act Section	 	Indenture Section
	310(a)(1)
	 	7.10
	(a)(2)
	 	7.10
	(a)(3)
	 	N.A.
	(a)(4)
	 	N.A.
	(a)(5)
	 	7.10
	(b)
	 	7.10
	(c)
	 	N.A.
	311(a)
	 	7.11
	(b)
	 	7.11
	(c)
	 	N.A.
	312(a)
	 	2.05
	(b)
	 	12.03
	(c)
	 	12.03
	313(a)
	 	7.06
	(b)(1)
	 	10.03
	(b)(2)
	 	7.06; 7.07
	(c)
	 	7.06; 12.02
	(d)
	 	7.06
	314(a)
	 	4.03;12.02; 12.05
	(b)
	 	10.02
	(c)(1)
	 	12.04
	(c)(2)
	 	12.04
	(c)(3)
	 	N.A.
	(d)
	 	10.03; 10.04; 10.05
	(e)
	 	12.05
	(f)
	 	N.A.
	315(a)
	 	7.01
	(b)
	 	7.05; 12.02
	(c)
	 	7.01
	(d)
	 	7.01
	(e)
	 	6.11
	316(a) (last sentence)
	 	2.09
	(a)(1)(A)
	 	6.05
	(a)(1)(B)
	 	6.04
	(a)(2)
	 	N.A.
	(b)
	 	6.07
	(c)
	 	2.12
	317(a)(1)
	 	6.08
	(a)(2)
	 	6.09
	(b)
	 	2.04
	318(a)
	 	12.01
	(b)
	 	N.A.
	(c)
	 	12.01

 

			
	N.A. means not applicable.
	 
	*	 	This Cross Reference Table is not part of this Indenture.

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE 1

DEFINITIONS AND INCORPORATION

BY REFERENCE

	 
	 	 	 	 
	Section 1.01 Definitions
	 	 	1	 
	Section 1.02 Other Definitions
	 	 	23	 
	Section 1.03 Incorporation by Reference of Trust Indenture Act
	 	 	24	 
	Section 1.04 Rules of Construction
	 	 	24	 
	 
	 	 	 	 
	ARTICLE 2

THE NOTES

	 
	 	 	 	 
	Section 2.01 Form and Dating
	 	 	25	 
	Section 2.02 Execution and Authentication
	 	 	25	 
	Section 2.03 Registrar and Paying Agent
	 	 	26	 
	Section 2.04 Paying Agent to Hold Money in Trust
	 	 	27	 
	Section 2.05 Holder Lists
	 	 	27	 
	Section 2.06 Transfer and Exchange
	 	 	27	 
	Section 2.07 Replacement Notes
	 	 	39	 
	Section 2.08 Outstanding Notes
	 	 	39	 
	Section 2.09 Treasury Notes
	 	 	39	 
	Section 2.10 Temporary Notes
	 	 	39	 
	Section 2.11 Cancellation
	 	 	40	 
	Section 2.12 Defaulted Interest
	 	 	40	 
	Section 2.13 Additional Amounts
	 	 	40	 
	 
	 	 	 	 
	ARTICLE 3

REDEMPTION AND PREPAYMENT

	 
	 	 	 	 
	Section 3.01 Notices to Trustee
	 	 	42	 
	Section 3.02 Selection of Notes to Be Redeemed or Purchased
	 	 	42	 
	Section 3.03 Notice of Redemption
	 	 	42	 
	Section 3.04 Effect of Notice of Redemption
	 	 	43	 
	Section 3.05 Deposit of Redemption or Purchase Price
	 	 	43	 
	Section 3.06 Notes Redeemed or Purchased in Part
	 	 	44	 
	Section 3.07 Optional Redemption
	 	 	44	 
	Section 3.08 Mandatory Redemption
	 	 	45	 
	Section 3.09 Offer to Purchase by Application of Excess Proceeds
	 	 	45	 
	Section 3.10 Redemption for Taxation Reasons
	 	 	46	 
	Section 3.11 Gaming Redemption
	 	 	47	 
	 
	 	 	 	 
	ARTICLE 4

COVENANTS

	 
	 	 	 	 
	Section 4.01 Payment of Notes
	 	 	48	 
	Section 4.02 Maintenance of Office or Agency
	 	 	48	 
	Section 4.03 Reports
	 	 	49	 
	Section 4.04 Compliance Certificate
	 	 	49	 
	Section 4.05 Taxes
	 	 	50	 
	Section 4.06 Stay, Extension and Usury Laws
	 	 	50	 

 

 

	 	 	 	 	 
	 	 	Page
	Section 4.07 Restricted Payments
	 	 	50	 
	Section 4.08 Dividend and Other Payment Restrictions Affecting Subsidiaries
	 	 	53	 
	Section 4.09 Incurrence of Indebtedness and Issuance of Preferred Stock
	 	 	54	 
	Section 4.10 Asset Sales
	 	 	57	 
	Section 4.11 Transactions with Affiliates
	 	 	59	 
	Section 4.12 Liens
	 	 	60	 
	Section 4.13 Business Activities
	 	 	60	 
	Section 4.14 Corporate Existence
	 	 	60	 
	Section 4.15 Offer to Repurchase upon Change of Control
	 	 	61	 
	Section 4.16 No Layering of Debt
	 	 	62	 
	Section 4.17 No Amendment to Subordination Provisions
	 	 	62	 
	Section 4.18 Payments for Consent
	 	 	63	 
	Section 4.19 Additional Note Guarantees
	 	 	63	 
	Section 4.20 Designation of Restricted and Unrestricted Subsidiaries
	 	 	63	 
	Section 4.21 Prepayment of Certain Amounts under Senior Credit Agreement
	 	 	64	 
	Section 4.22 Listing
	 	 	64	 
	Section 4.23 Future Subordination Rights in Favor of the Holders of the Notes
	 	 	64	 
	 
	 	 	 	 
	ARTICLE 5

SUCCESSORS

	 
	 	 	 	 
	Section 5.01 Merger, Consolidation, or Sale of Assets
	 	 	65	 
	Section 5.02 Successor Corporation Substituted
	 	 	67	 
	 
	 	 	 	 
	ARTICLE 6

DEFAULTS AND REMEDIES

	 
	 	 	 	 
	Section 6.01 Events of Default
	 	 	67	 
	Section 6.02 Acceleration
	 	 	69	 
	Section 6.03 Other Remedies
	 	 	70	 
	Section 6.04 Waiver of Past Defaults
	 	 	70	 
	Section 6.05 Control by Majority
	 	 	70	 
	Section 6.06 Limitation on Suits
	 	 	70	 
	Section 6.07 Rights of Holders of Notes to Receive Payment
	 	 	71	 
	Section 6.08 Collection Suit by Trustee
	 	 	71	 
	Section 6.09 Trustee May File Proofs of Claim
	 	 	71	 
	Section 6.10 Priorities
	 	 	72	 
	Section 6.11 Undertaking for Costs
	 	 	72	 
	 
	 	 	 	 
	ARTICLE 7

TRUSTEE

	 
	 	 	 	 
	Section 7.01 Duties of Trustee
	 	 	72	 
	Section 7.02 Rights of Trustee
	 	 	73	 
	Section 7.03 Limitation on Duty of Trustee and Collateral Agent in Respect of Collateral; Indemnification
	 	 	75	 
	Section 7.04 Individual Rights of Trustee
	 	 	75	 
	Section 7.05 Trustee’s Disclaimer
	 	 	76	 
	Section 7.06 Notice of Defaults
	 	 	76	 
	Section 7.07 Reports by Trustee to Holders of the Notes
	 	 	76	 
	Section 7.08 Compensation and Indemnity
	 	 	76	 
	Section 7.09 Replacement of Trustee
	 	 	77	 
	Section 7.10 Successor Trustee by Merger, etc.
	 	 	78	 

ii

 

	 	 	 	 	 
	 	 	Page
	Section 7.11 Eligibility; Disqualification
	 	 	78	 
	Section 7.12 Appointment of Co-Trustee
	 	 	78	 
	Section 7.13 Preferential Collection of Claims Against Company
	 	 	79	 
	Section 7.14 Rights of Trustee in other roles; Collateral Agent
	 	 	80	 
	 
	 	 	 	 
	ARTICLE 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

	 
	 	 	 	 
	Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance
	 	 	80	 
	Section 8.02 Legal Defeasance and Discharge
	 	 	80	 
	Section 8.03 Covenant Defeasance
	 	 	80	 
	Section 8.04 Conditions to Legal or Covenant Defeasance
	 	 	81	 
	Section 8.05 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions
	 	 	82	 
	Section 8.06 Repayment to Company
	 	 	83	 
	Section 8.07 Reinstatement
	 	 	83	 
	 
	 	 	 	 
	ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER

	 
	 	 	 	 
	Section 9.01 Without Consent of Holders of Notes
	 	 	83	 
	Section 9.02 With Consent of Holders of Notes
	 	 	84	 
	Section 9.03 Compliance with Trust Indenture Act
	 	 	86	 
	Section 9.04 Revocation and Effect of Consents
	 	 	86	 
	Section 9.05 Notation on or Exchange of Notes
	 	 	86	 
	Section 9.06 Trustee to Sign Amendments, etc.
	 	 	86	 
	 
	 	 	 	 
	ARTICLE 10

COLLATERAL AND SECURITY

	 
	 	 	 	 
	Section 10.01 Pledge of Intercompany Note
	 	 	87	 
	Section 10.02 Recording and Opinions
	 	 	87	 
	Section 10.03 Release of Collateral
	 	 	88	 
	Section 10.04. Certificates of the Company
	 	 	88	 
	Section 10.05. Certificates of the Trustee
	 	 	89	 
	Section 10.06. Authorization of Actions to Be Taken by the Trustee under the Pledge of Intercompany Note
	 	 	89	 
	Section 10.07. Authorization of Receipt of Funds by the Trustee under the Pledge of Intercompany Note
	 	 	89	 
	Section 10.08. Termination of Security Interest
	 	 	89	 
	 
	 	 	 	 
	ARTICLE 11

SATISFACTION AND DISCHARGE

	 
	 	 	 	 
	Section 11.01 Satisfaction and Discharge
	 	 	90	 
	Section 11.02 Application of Trust Money
	 	 	91	 
	 
	 	 	 	 
	ARTICLE 12

MISCELLANEOUS

	 
	 	 	 	 
	Section 12.01 Trust Indenture Act Controls
	 	 	91	 
	Section 12.02 Notices
	 	 	91	 
	Section 12.03 Communication by Holders of Notes with Other Holders of Notes
	 	 	92	 
	Section 12.04 Certificate and Opinion as to Conditions Precedent
	 	 	93	 
	Section 12.05 Statements Required in Certificate or Opinion
	 	 	93	 
	Section 12.06 Rules by Trustee and Agents
	 	 	93	 

iii

 

	 	 	 	 	 
	 	 	Page
	Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders
	 	 	93	 
	Section 12.08 Governing Law
	 	 	93	 
	Section 12.09 No Adverse Interpretation of Other Agreements
	 	 	94	 
	Section 12.10 Successors
	 	 	94	 
	Section 12.11 Severability
	 	 	94	 
	Section 12.12 Counterpart Originals
	 	 	94	 
	Section 12.13 Table of Contents, Headings, etc.
	 	 	94	 
	Section 12.14 Patriot Act
	 	 	94	 
	Section 12.15 Submission to Jurisdiction; Waiver of Jury Trial
	 	 	95	 
	 
	 	 	 	 
	EXHIBITS

	 
	 	 	 	 
	Exhibit A FORM OF NOTE
	 	 	A-1	 
	Exhibit B FORM OF CERTIFICATE OF TRANSFER
	 	 	B-1	 
	Exhibit C FORM OF CERTIFICATE OF EXCHANGE
	 	 	C-1	 

iv

 

     INDENTURE dated as of May 17, 2010 between MCE Finance Limited, an exempted company with
limited liability incorporated under the laws of the Cayman Islands, and The Bank of New York
Mellon, as Trustee and Collateral Agent.

     The Company and the Trustee agree as follows for the benefit of each other and for the equal
and ratable benefit of the Holders (as defined) of the 10.25% Senior Notes due 2018 (the “Notes”):

ARTICLE 1

DEFINITIONS AND INCORPORATION

BY REFERENCE

Section 1.01 Definitions.

     “144A Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing
the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and
registered in the name of, the Depositary or its nominee that will be issued in a denomination
equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A.

     “2007 Subordination Deed” means the subordination deed, dated September 13, 2007
among Melco Crown Gaming and others as subordinated creditors, Melco Crown Gaming and others as
obligors and DB Trustees (Hong Kong) Limited, as security agent, as amended or supplemented from
time to time.

     “Acquired Debt” means, with respect to any specified Person:

     (1) Indebtedness of any other Person existing at the time such other Person is merged
with or into or became a Subsidiary of such specified Person, whether or not such
Indebtedness is incurred in connection with, or in contemplation of, such other Person
merging with or into, or becoming a Restricted Subsidiary of, such specified Person; and

     (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified
Person.

     “Additional Notes” means additional Notes (other than the Initial Notes) issued under this
Indenture in accordance with Sections 2.02 and 4.09 hereof, as part of the same series as the
Initial Notes; provided that any Additional Notes that are not fungible with the Notes for U.S.
federal income tax purposes shall have a different CUSIP number than any previously issued Notes
but shall otherwise be treated as a single class with all other Notes issued under this Indenture.

     “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For
purposes of this definition, “control,” as used with respect to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise;
provided that beneficial ownership of 10% or more of the Voting Stock of a Person will be deemed to
be control. For purposes of this definition, the terms “controlling,” “controlled by” and “under
common control with” have correlative meanings.

     “Altira Macau Business” means the operation, ownership, leasing and/or management of a hotel,
entertainment and casino or gaming area as described in the Offering Memorandum.

     “Agent” means any Registrar, co-registrar, Paying Agent or additional paying agent.

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     “Applicable Premium” means, with respect to any Note on any redemption date, the greater of:

     (1) 1.0% of the principal amount of the Note; or

     (2) the excess of: (a) the present value at the redemption date of (i) the redemption
price of the Note at May 15, 2014, (such redemption price being set forth in the table
appearing in Section 3.07 hereof) plus (ii) all required interest payments due on the Note
through May 15, 2014, (excluding accrued but unpaid interest to the applicable redemption
date), computed using a discount rate equal to the Treasury Rate as of such redemption date
plus 50 basis points; over (b) the principal amount of the Note, if greater.

     “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial
interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream
that apply to such transfer or exchange.

     “Asset Sale” means:

     (1) the sale, lease, conveyance or other disposition of any assets or rights; provided
that the sale, lease, conveyance or other disposition of all or substantially all of the
assets of the Company and its Restricted Subsidiaries taken as a whole will be governed by
the provisions of this Indenture described in Section 4.15 hereof and/or the provisions
described in Section 5.01 hereof and not by the provisions of Section 4.10 hereof;

     (2) the issuance of Equity Interests in any of the Company’s Restricted Subsidiaries or
the sale of Equity Interests in any of its Subsidiaries; and

     (3) any Event of Loss.

     Notwithstanding the preceding, none of the following items will be deemed to be an Asset Sale:

     (1) any single transaction or series of related transactions that involves assets
having a Fair Market Value of less than US$5.0 million;

     (2) a transfer of assets between or among the Company and/or its Restricted
Subsidiaries;

     (3) an issuance of Equity Interests by a Restricted Subsidiary of the Company to the
Company or to a Restricted Subsidiary of the Company;

     (4) the sale, license, transfer, lease or other disposal of products, services or
accounts receivable in the ordinary course of business, and any sale or other disposition of
damaged, worn-out or obsolete assets in the ordinary course of business;

     (5) operating leases, licenses, right to use or equivalent interest under Macau law
entered into in the ordinary course of business in connection with the operation of a
Permitted Business;

     (6) the lease of, right to use or equivalent interest under Macau law of that portion
of real property granted to Melco Crown (COD) Developments Limited pursuant to the
applicable land concession granted by the government of the Macau SAR in connection with the

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development of an apart-hotel on such real property in accordance with such applicable
land concession;

     (7) the sale or other disposition of cash or Cash Equivalents; and

     (8) a Restricted Payment that does not violate the provisions of Section 4.07 hereof or
a Permitted Investment.

     “Attributable Debt” in respect of a sale and leaseback transaction means, at the time of
determination, the present value of the obligation of the lessee for net rental payments during the
remaining term of the lease included in such sale and leaseback transaction including any period
for which such lease has been extended or may, at the option of the lessor, be extended. Such
present value shall be calculated using a discount rate equal to the rate of interest implicit in
such transaction, determined in accordance with GAAP.

     “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief
of debtors.

     “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under
the Exchange Act, except that in calculating the beneficial ownership of any particular “person”
(as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to
have beneficial ownership of all securities that such “person” has the right to acquire by
conversion or exercise of other securities, whether such right is currently exercisable or is
exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned”
have a corresponding meaning.

     “Board of Directors” means:

     (1) with respect to a corporation, the board of directors of the corporation or any
committee thereof duly authorized to act on behalf of such board;

     (2) with respect to a partnership, the Board of Directors of the general partner of the
partnership;

     (3) with respect to a limited liability company, the managing member or members or any
controlling committee of managing members thereof; and

     (4) with respect to any other Person, the board or committee of such Person serving a
similar function.

     “Broker-Dealer” has the meaning set forth in the Registration Rights Agreement.

     “Business Day” means any day other than a Legal Holiday.

     “Capital Lease Obligation” means, at the time any determination is to be made, the amount of
the liability in respect of a capital lease that would at that time be required to be capitalized
on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the
date of the last payment of rent or any other amount due under such lease prior to the first date
upon which such lease may be prepaid by the lessee without payment of a penalty.

     “Capital Stock” means:

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     (1) in the case of a corporation, corporate stock;

     (2) in the case of an association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated) of corporate stock;

     (3) in the case of a partnership or limited liability company, partnership interests
(whether general or limited) or membership interests; and

     (4) any other interest or participation that confers on a Person the right to receive a
share of the profits and losses of, or distributions of assets of, the issuing Person, but
excluding from all of the foregoing any debt securities convertible into Capital Stock,
whether or not such debt securities include any right of participation with Capital Stock.

     “Cash Equivalents” means:

     (1) U.S. dollars, Hong Kong dollars, Patacas, Australian dollars and Taiwan dollars;

     (2) securities issued or directly and fully guaranteed or insured by the United States
government or any agency or instrumentality of the United States government (provided that
the full faith and credit of the United States is pledged in support of those securities)
having maturities of not more than six months from the date of acquisition;

     (3) certificates of deposit and eurodollar time deposits with maturities of six months
or less from the date of acquisition, bankers’ acceptances with maturities not exceeding six
months and overnight bank deposits, in each case, with any commercial bank organized under
the laws of Macau, Hong Kong, a member state of the European Union or of the United States
of America or any state thereof having capital and surplus in excess of US$500.0 million (or
the foreign currency equivalent thereof as of the date of such investment) and whose
long-term debt is rated “A-3” or higher by Moody’s or “A-” or higher by S&P or the
equivalent rating category or another internationally recognized rating agency;

     (4) repurchase obligations with a term of not more than seven days for underlying
securities of the types described in clauses (2) and (3) above entered into with any
financial institution meeting the qualifications specified in clause (3) above;

     (5) commercial paper having one of the two highest ratings obtainable from Moody’s or
S&P and, in each case, maturing within six months after the date of acquisition; and

     (6) money market funds at least 95% of the assets of which constitute Cash Equivalents
of the kinds described in clauses (1) through (5) of this definition.

     “Casualty” means any casualty, loss, damage, destruction or other similar loss with respect to
real or personal property or improvements.

     “Change of Control” means the occurrence of any of the following:

     (1) the direct or indirect sale, lease, transfer, conveyance or other disposition
(other than by way of merger or consolidation), in one or a series of related transactions,
of all or substantially all of the properties or assets of the Company and its Subsidiaries
taken as a whole to any “person” (as that term is used in Section 13(d) of the Exchange Act)
(other than a Sponsor or a Related Party of a Sponsor);

4

 

     (2) the adoption of a plan relating to the liquidation or dissolution of the Company;

     (3) subject to the proviso below, the Sponsors cease collectively to beneficially own,
directly or indirectly, at least 51% of the outstanding Capital Stock of Melco Crown Gaming
(including any and all agreements, warrants, rights or options to acquire any Capital Stock)
(measured in each case, by both voting power and size of equity interests); or

     (4) the first day on which Parent ceases to own, directly or indirectly, 100% of the
outstanding Equity Interests of the Company,

     provided that clause (3) will only result in a Change of Control upon the occurrence of the
events set forth in clause (3) and a Ratings Decline.

     “City of Dreams Business” means the operation, ownership, leasing and/or management of hotel,
entertainment and casino or gaming area as described in the Offering Memorandum (and, for the
avoidance of doubt, shall not include the construction and development of any apartment hotel
tower).

     “Clearstream” means Clearstream Banking, S.A.

     “Collateral Agent” shall have the meaning set forth in the Pledge of Intercompany Note.

     “Company” means MCE Finance Limited, and any and all successors thereto.

     “Condemnation” means any taking by a Governmental Authority of assets or property, or any part
thereof or interest therein, for public or quasi-public use under the power of eminent domain, by
reason of any public improvement or condemnation or in any other manner.

     “Consolidated Cash Flow” means, with respect to any specified Person for any period, the
Consolidated Net Income of such Person for such period plus, without duplication,

     (1) an amount equal to any extraordinary loss plus any net loss realized by such Person
or any of its Restricted Subsidiaries in connection with an Asset Sale, to the extent such
losses were deducted in computing such Consolidated Net Income; plus

     (2) provision for taxes based on income or profits of such Person and its Restricted
Subsidiaries for such period, to the extent that such provision for taxes was deducted in
computing such Consolidated Net Income; plus

     (3) the Fixed Charges of such Person and its Restricted Subsidiaries for such period,
to the extent that such Fixed Charges were deducted in computing such Consolidated Net
Income; plus

     (4) depreciation, amortization (including amortization of intangibles but excluding
amortization of period cash expenses that were paid in a prior period) and other non-cash
expenses (excluding any such non-cash expense to the extent that it represents an accrual of
or reserve for cash expenses in any future period or amortization of a prepaid cash expense
that was paid in a prior period) of such Person and its Restricted Subsidiaries for such
period to the extent that such depreciation, amortization and other non-cash expenses were
deducted in computing such Consolidated Net Income; minus

5

 

     (5) non-cash items increasing such Consolidated Net Income for such period, other than
the accrual of revenue in the ordinary course of business,

in each case, on a consolidated basis and determined in accordance with GAAP.

     “Consolidated Net Income” means, with respect to any specified Person for any period, the
aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a
consolidated basis, determined in accordance with GAAP, provided that:

     (1) the Net Income (but not loss) of any Person that is not a Restricted Subsidiary or
that is accounted for by the equity method of accounting will be included only to the extent
of the amount of dividends or similar distributions paid in cash to the specified Person or
a Restricted Subsidiary of the Person;

     (2) the Net Income of any Restricted Subsidiary will be excluded to the extent that the
declaration or payment of dividends or similar distributions by that Restricted Subsidiary
of that Net Income is not at the date of determination permitted without any prior
governmental approval (that has not been obtained) or, directly or indirectly, by operation
of the terms of its charter or any agreement, instrument, judgment, decree, order, statute,
rule or governmental regulation applicable to that Restricted Subsidiary or its
stockholders;

     (3) the cumulative effect of a change in accounting principles will be excluded;

     (4) notwithstanding clause (1) above, the Net Income of any Unrestricted Subsidiary
will be excluded, whether or not distributed to the specified Person or one of its
Subsidiaries; and

     (5) the Net Income attributable to any Excluded Projects will be excluded, whether or
not distributed to the specified Person or one of its Subsidiaries.

     “Corporate Trust Office of the Trustee” will be at the address of the Trustee specified in
Section 12.02 hereof or such other address as to which the Trustee may give notice to the Company.

     “Credit Facilities” means one or more debt facilities (including, without limitation, the
Senior Credit Agreement) or commercial paper facilities, in each case, with banks or other
institutional lenders providing for revolving credit loans, term loans, receivables financing
(including through the sale of receivables to such lenders or to special purpose entities formed to
borrow from such lenders against such receivables) or letters of credit, in each case, as amended,
restated, modified, renewed, refunded, replaced (whether upon or after termination or otherwise) or
refinanced (including by means of sales of debt securities to institutional investors) in whole or
in part from time to time.

     “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any
successor entity thereto.

     “Default” means any event that is, or with the passage of time or the giving of notice or both
would be, an Event of Default.

     “Definitive Note” means a certificated Note registered in the name of the Holder thereof and
issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto,
except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of
Exchanges of Interests in the Global Note” attached thereto.

6

 

     “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global
form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and
any and all successors thereto appointed as depositary hereunder and having become such pursuant to
the applicable provision of this Indenture.

     “Designated Senior Indebtedness” means any Indebtedness outstanding under the (i) Senior
Credit Agreement, as amended from time to time, so long as the principal amount of Indebtedness
outstanding thereunder does not exceed (x) US$1,700 million for the period from the date of this
Indenture to the date that is six Hong Kong Business Days after the date of this Indenture and (y)
US$1,400 million thereafter, or (ii) Subconcession Bank Guarantee Facility Agreement, as amended,
so long as any such amendment does not increase the Obligations thereunder.

     “Designated Senior Indebtedness Documents” means the Senior Credit Agreement and the
Subconcession Bank Guarantee Facility Agreement.

     “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any
security into which it is convertible, or for which it is exchangeable, in each case at the option
of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the
holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the
date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock that
would constitute Disqualified Stock solely because the holders of the Capital Stock have the right
to require the Company to repurchase such Capital Stock upon the occurrence of a change of control
or an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock provide
that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions
unless such repurchase or redemption complies with Section 4.07 hereof. The amount of Disqualified
Stock deemed to be outstanding at any time for purposes of this Indenture will be the maximum
amount that the Company and its Restricted Subsidiaries may become obligated to pay upon the
maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock,
exclusive of accrued dividends.

     “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire
Capital Stock (but excluding any debt security that is convertible into, or exchangeable for,
Capital Stock).

     “Equity Offering” means any public sale or private issuance of Capital Stock (other than
Disqualified Stock) of (1) the Company or (2) a direct or indirect parent of the Company to the
extent the net proceeds from such issuance are contributed in cash to the common equity capital of
the Company (in each case other than pursuant to a registration statement on Form S-8 or otherwise
relating to equity securities issuable under any employee benefit plan of the Company).

     “Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.

     “Event of Loss” means, with respect to Melco Crown Gaming, Melco Crown (Cafe) Limited, Melco
Crown (COD) Hotels Limited, Melco Crown (COD) Developments Limited, Altira Hotel Limited, and
Altira Developments Limited or any Restricted Subsidiary that is a Significant Subsidiary, any
(1) Casualty, (2) Condemnation or seizure (other than pursuant to foreclosure) or (3) settlement in
lieu of clause (2) above, in each case having a fair market value in excess of US$10.0 million.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     “Exchange Notes” means the Notes issued in the Exchange Offer pursuant to Section 2.06(f)
hereof.

7

 

     “Exchange Offer” has the meaning set forth in the Registration Rights Agreement.

     “Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights
Agreement.

     “Excluded Projects” means projects designated as excluded projects by a Restricted Subsidiary
in accordance with the Senior Credit Agreement, including those described in the Offering
Memorandum.

     “Existing Indebtedness” means the Indebtedness of the Company and its Subsidiaries (other than
Indebtedness under the Senior Credit Agreement) in existence on the date of this Indenture.

     “Fair Market Value” means the value that would be paid by a willing buyer to an unaffiliated
willing seller in a transaction not involving distress or necessity of either party, determined in
good faith by the Board of Directors of the Company (unless otherwise provided in this Indenture).

     “Fitch” means Fitch, Inc., a subsidiary of Fimalac, S.A.

     “Fixed Charge Coverage Ratio” means with respect to any specified Person for any period, the
ratio of the Consolidated Cash Flow of such Person for such period to the Fixed Charges of such
Person for such period. In the event that the specified Person or any of its Restricted
Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise
discharges any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases
or redeems preferred stock subsequent to the commencement of the period for which the Fixed Charge
Coverage Ratio is being calculated and on or prior to the date on which the event for which the
calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed
Charge Coverage Ratio will be calculated giving pro forma effect to such incurrence, assumption,
Guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or
such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom,
as if the same had occurred at the beginning of the applicable four-quarter reference period.

In addition, for purposes of calculating the Fixed Charge Coverage Ratio:

     (1) acquisitions that have been made by the specified Person or any of its Restricted
Subsidiaries, including through mergers or consolidations, or any Person or any of its
Restricted Subsidiaries acquired by the specified Person or any of its Restricted
Subsidiaries, and including any related financing transactions and including increases in
ownership of Restricted Subsidiaries, during the four-quarter reference period or subsequent
to such reference period and on or prior to the Calculation Date will be given pro forma
effect (in accordance with Regulation S-X under the Securities Act) as if they had occurred
on the first day of the four-quarter reference period;

     (2) the Consolidated Cash Flow attributable to discontinued operations, as determined
in accordance with GAAP, and operations or businesses (and ownership interests therein)
disposed of prior to the Calculation Date, will be excluded;

     (3) the Fixed Charges attributable to discontinued operations, as determined in
accordance with GAAP, and operations or businesses (and ownership interests therein)
disposed of prior to the Calculation Date, will be excluded, but only to the extent that the
obligations giving rise to such Fixed Charges will not be obligations of the specified
Person or any of its Restricted Subsidiaries following the Calculation Date;

8

 

     (4) any Person that is a Restricted Subsidiary on the Calculation Date will be deemed
to have been a Restricted Subsidiary at all times during such four-quarter period;

     (5) any Person that is not a Restricted Subsidiary on the Calculation Date will be
deemed not to have been a Restricted Subsidiary at any time during such four-quarter period;
and

     (6) if any Indebtedness bears a floating rate of interest, the interest expense on such
Indebtedness will be calculated as if the rate in effect on the Calculation Date had been
the applicable rate for the entire period (taking into account any Hedging Obligation
applicable to such Indebtedness if such Hedging Obligation has a remaining term as at the
Calculation Date in excess of 12 months).

     “Fixed Charges” means, with respect to any specified Person for any period, the sum,
without duplication, of:

     (1) the consolidated interest expense of such Person and its Restricted Subsidiaries
for such period, whether paid or accrued, including, without limitation, amortization of
debt issuance costs and original issue discount, non-cash interest payments, the interest
component of any deferred payment obligations, the interest component of all payments
associated with Capital Lease Obligations, imputed interest with respect to Attributable
Debt, commissions, discounts and other fees and charges incurred in respect of letter of
credit or bankers’ acceptance financings, and net of the effect of all payments made or
received pursuant to Hedging Obligations in respect of interest rates; plus

     (2) the consolidated interest expense of such Person and its Restricted Subsidiaries
that was capitalized during such period; plus

     (3) any interest on Indebtedness of another Person that is guaranteed by such Person or
one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of
its Restricted Subsidiaries, whether or not such Guarantee or Lien is called upon; plus

     (4) the product of (a) all dividends, whether paid or accrued and whether or not in
cash, on any series of preferred stock of such Person or any of its Restricted Subsidiaries,
other than dividends on Equity Interests payable solely in Equity Interests of the Company
(other than Disqualified Stock) or to the Company or a Restricted Subsidiary of the Company,
times (b) a fraction, the numerator of which is one and the denominator of which is one
minus the then current combined federal, state and local statutory tax rate of such Person,
expressed as a decimal, in each case, determined on a consolidated basis in accordance with
GAAP.

     “Fourth Amendment Agreement” means the fourth amendment agreement to the Senior Credit
Agreement dated May 10, 2010 by, amongst others, Melco Crown Gaming, Deutsche Bank AG, Hong Kong
Branch, as Agent and DB Trustees (Hong Kong) Limited as Security Agent.

     “GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as have been approved by a significant segment of the
accounting profession, which are in effect from time to time.

9

 

     “Gaming License” means any license, concession, subconcession or other authorization from any
governmental authority required on the date of this Indenture or at any time thereafter to own or
operate casino games of fortune and chance by Melco Crown Gaming or any permitted transferee.

     “Global Note Legend” means the legend set forth in Section 2.06(g)(2) hereof, which is
required to be placed on all Global Notes issued under this Indenture.

     “Global Notes” means, individually and collectively, each of the Restricted Global Notes and
the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the
Depository or its nominee, substantially in the form of Exhibit A hereto and that bears the Global
Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached
thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(2) or 2.06(f)
hereof.

     “Government Securities” means direct obligations of, or obligations guaranteed by, the United
States of America, and the payment for which the United States pledges its full faith and credit.

     “Governmental Authority” means the government of the Macau SAR or any other nation, or of any
political subdivision thereof, whether state or local, and any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government (including
any supra-national bodies such as the European Union or the European Central Bank).

     “Guarantee” means a guarantee other than by endorsement of negotiable instruments for
collection in the ordinary course of business, direct or indirect, in any manner including, without
limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements
in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of
partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or
services, to take or pay or to maintain financial statement conditions or otherwise).

     “Guarantee Agreement” means the guarantee, dated as of the date of this Indenture, made by the
Guarantors in favor of the Trustee for the benefit of the Trustee and the Holders.

     “Guarantors” means each of:

     (1) Parent, MPEL International Limited, Melco Crown Gaming, MPEL Nominee One Limited,
MPEL Investments Limited, Altira Hotel Limited, Altira Developments Limited, Melco Crown
(COD) Hotels Limited, Melco Crown (COD) Developments Limited, Melco Crown (Cafe) Limited,
Golden Future (Management Services) Limited, MPEL (Delaware) LLC, Melco Crown Hospitality
and Services Limited, Melco Crown (COD) Retail Services Limited, Melco Crown (COD) Ventures
Limited, COD Theatre Limited, Melco Crown COD (HR) Hotel Limited, Melco Crown COD (CT) Hotel
Limited and Melco Crown COD (GH) Hotel Limited; and

     (2) any other Subsidiary of the Company that executes a Note Guarantee in accordance
with the provisions of the Guarantee Agreement,

     and their respective successors and assigns, in each case, until the Note Guarantee of such
Person has been released in accordance with the provisions of this Indenture and the Guarantee
Agreement.

     “Hedging Obligations” means, with respect to any specified Person, the obligations of such
Person under:

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     (1) interest rate swap agreements (whether from fixed to floating or from floating to
fixed), interest rate cap agreements and interest rate collar agreements;

     (2) other agreements or arrangements designed to manage interest rates or interest rate
risk; and

     (3) other agreements or arrangements designed to protect such Person against
fluctuations in currency exchange rates or commodity prices.

     “Holder” means a Person in whose name a Note is registered.

     “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person
(excluding accrued expenses and trade payables), whether or not contingent:

     (1) in respect of borrowed money;

     (2) evidenced by bonds, notes, debentures or similar instruments or letters of credit
(or reimbursement agreements in respect thereof);

     (3) in respect of banker’s acceptances;

     (4) representing Capital Lease Obligations;

     (5) representing the balance deferred and unpaid of the purchase price of any property
or services due more than six months after such property is acquired or such services are
completed; or

     (6) representing any Hedging Obligations,

     if and to the extent any of the preceding items (other than letters of credit, Attributable
Debt and Hedging Obligations) would appear as a liability upon a balance sheet of the specified
Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all
Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such
Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the
Guarantee by the specified Person of any Indebtedness of any other Person.

     “Indenture” means this Indenture, as amended or supplemented from time to time.

     “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through
a Participant.

     “Initial Notes” means the first US$600,000,000 aggregate principal amount of Notes issued
under this Indenture on the date hereof.

     “Initial Purchasers” means any of Deutsche Bank Securities Inc., Merrill Lynch International,
The Royal Bank of Scotland plc, ANZ Securities, Inc., Citigroup Global Markets Inc., Commerz
Markets LLC, Credit Agricole Corporate and Investment Bank, nabSecurities, LLC or UBS AG and any of
their respective subsidiaries or Affiliates.

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     “Intercompany Note” means any note dated as of the date of this Indenture representing the
on-lending of, or loan of, the gross proceeds from the issuance of the Notes on the date of this
Indenture advanced by the Company.

     “Investment Grade” means a rating of BBB- or better by S&P (or its equivalent under any
successor rating category of S&P), a rating of BBB- or better by Fitch (or its equivalent under any
successor rating category of Fitch), a rating of Baa3 or better by Moody’s (or its equivalent under
any successor rating category of Moody’s), and the equivalent ratings of any other “nationally
recognized statistical rating organization” that is registered as such pursuant to Section 15E of
the Exchange Act and Rule 17g thereunder selected by the Parent Guarantor as having been
substituted as a Rating Agency for S&P, Fitch or Moody’s, as the case may be.

     “Investments” means, with respect to any Person, all direct or indirect investments by such
Person in other Persons (including Affiliates) in the forms of loans (including Guarantees or other
obligations), advances or capital contributions (excluding commission, travel and similar advances
to officers and employees made in the ordinary course of business), purchases or other acquisitions
for consideration of Indebtedness, Equity Interests or other securities, together with all items
that are or would be classified as investments on a balance sheet prepared in accordance with GAAP.
If the Company or any Subsidiary of the Company sells or otherwise disposes of any Equity Interests
of any direct or indirect Subsidiary of the Company such that, after giving effect to any such sale
or disposition, such Person is no longer a Subsidiary of the Company, the Company will be deemed to
have made an Investment on the date of any such sale or disposition equal to the Fair Market Value
of the Company’s Investments in such Subsidiary that were not sold or disposed of in an amount
determined as provided in the final paragraph of Section 4.07 hereof. The acquisition by the
Company or any Subsidiary of the Company of a Person that holds an Investment in a third Person
will be deemed to be an Investment by the Company or such Subsidiary in such third Person in an
amount equal to the Fair Market Value of the Investments held by the acquired Person in such third
Person in an amount determined as provided in the final paragraph of Section 4.07 hereof. Except
as otherwise provided in this Indenture, the amount of an Investment will be determined at the time
the Investment is made and without giving effect to subsequent changes in value.

     “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City
of New York, Hong Kong or at a place of payment are authorized by law, regulation or executive
order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be
made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall
accrue on such payment for the intervening period.

     “Letter of Transmittal” means the letter of transmittal to be prepared by the Company and sent
to all Holders of the Notes for use by such Holders in connection with the Exchange Offer.

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

     “Liquidated Damages” means all liquidated damages then owing pursuant to the Registration
Rights Agreement.

     “Melco Crown Gaming” means Melco Crown Gaming (Macau) Limited.

12

 

     “Mocha Clubs Business” means the operation, ownership, leasing and/or management of the Mocha
Clubs as described in the Offering Memorandum.

     “Moody’s” means Moody’s Investors Service, Inc.

     “Net Income” means, with respect to any specified Person, the net income (loss) of such
Person, determined in accordance with GAAP and before any reduction in respect of preferred stock
dividends, excluding, however:

     (1) any gain (but not loss), together with any related provision for taxes on such gain
(but not loss), realized in connection with:

          (A) any Asset Sale; or

          (B) the disposition of any securities by such Person or any of its Restricted
Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its
Restricted Subsidiaries; and

     (2) any extraordinary gain (but not loss), together with any related provision for
taxes on such extraordinary gain (but not loss).

     “Net Proceeds” means the aggregate cash proceeds received by the Company or any of its
Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash
received upon the sale or other disposition of any non-cash consideration received in any Asset
Sale), net of the direct costs relating to such Asset Sale, including, without limitation, legal,
accounting and investment banking fees, and sales commissions, and any relocation expenses incurred
as a result of the Asset Sale, taxes paid or payable as a result of the Asset Sale, in each case,
after taking into account any available tax credits or deductions and any tax sharing arrangements
and any reserve for adjustment in respect of the sale price of such asset or assets established in
accordance with GAAP.

     “Non-Recourse Debt” means Indebtedness:

     (1) as to which neither the Company nor any of its Restricted Subsidiaries (a) provides
credit support of any kind (including any undertaking, agreement or instrument that would
constitute Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise,
or (c) constitutes the lender;

     (2) no default with respect to which (including any rights that the holders of the
Indebtedness may have to take enforcement action against an Unrestricted Subsidiary) would
permit upon notice, lapse of time or both any holder of any other Indebtedness of the
Company or any of its Restricted Subsidiaries to declare a default on such other
Indebtedness or cause the payment of the Indebtedness to be accelerated or payable prior to
its Stated Maturity; and

     (3) as to which the lenders have been notified in writing that they will not have any
recourse to the stock or assets of the Company or any of its Restricted Subsidiaries.

     “Non-U.S. Person” means a Person who is not a U.S. Person.

     “Note Guarantee” means the Guarantee by each Guarantor of the Company’s obligations under this
Indenture and the Notes, executed pursuant to the provisions of the Guarantee Agreement.

13

 

     “Notes” has the meaning assigned to it in the preamble to this Indenture. The Initial Notes
and the Additional Notes shall be treated as a single class for all purposes under this Indenture,
and unless the context otherwise requires, all references to the Notes shall include the Initial
Notes and any Additional Notes.

     “Obligations” means any principal, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation governing any
Indebtedness.

     “Offering Memorandum” means the offering memorandum dated May 12, 2010 in respect of the
Notes.

     “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive
Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer,
any Assistant Treasurer, the Controller, the Secretary, any Vice-President or any director of such
Person.

     “Officer’s Certificate” means a certificate signed on behalf of the Company by an Officer or a
director of the Company that meets the requirements of Section 12.05 hereof.

     “Opinion of Counsel” means an opinion which is reasonably acceptable to the Trustee, that
meets the requirements of Section 12.05 hereof. The counsel may be an employee of or counsel to
the Company or any Subsidiary of the Company.

     “Parent” means Melco Crown Entertainment Limited, an exempted company incorporated with
limited liability under the laws of the Cayman Islands.

     “Parent Guarantee” means the Guarantee provided by Parent.

     “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who
has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to
DTC, shall include Euroclear and Clearstream).

     “Patacas” means the lawful currency of the Macau SAR.

     “Permitted Business” means:

     (1) ownership, operation and management of casinos and gaming areas in accordance with
the Subconcession;

     (2) the City of Dreams Business, the Altira Macau Business and the Mocha Clubs
Business;

     (3) the Excluded Projects;

     (4) provision of credit to gaming patrons, food and beverage, spa, entertainment,
entertainment production, convention, advertising, marketing, retail, foreign exchange,
transportation, travel and outsourcing of in-house facilities and other businesses and
activities which are necessary for, incidental to, arising out of, supportive of or
connected to any Permitted Business; and

     (5) without limiting the foregoing, (a) owning the shares of any of the Company’s
Restricted Subsidiaries, (b) the making of any investments permitted by clause (1) of the

14

 

definition of “Permitted Investments,” or (c) the provision of administrative services
to the Company or any of its Restricted Subsidiaries, so long as such actions are otherwise
permitted by the terms of this Indenture.

     “Permitted Investments” means:

     (1) any Investment in the Company or in a Restricted Subsidiary of the Company that is
a Subsidiary Guarantor;

     (2) any Investment in Cash Equivalents;

     (3) any Investment by the Company or any Restricted Subsidiary of the Company in a
Person, if as a result of such Investment:

          (A) such Person becomes a Restricted Subsidiary of the Company and a Guarantor; or

          (B) such Person is merged, consolidated or amalgamated with or into, or transfers or
conveys substantially all of its assets to, or is liquidated into, the Company or a
Restricted Subsidiary of the Company that is a Guarantor;

     (4) any Investment made as a result of the receipt of non-cash consideration from an
Asset Sale that was made pursuant to and in compliance with Section 4.10 hereof;

     (5) any acquisition of assets or Capital Stock solely in exchange for the issuance of
Equity Interests (other than Disqualified Stock) of the Company;

     (6) any Investments received in compromise or resolution of (A) obligations of trade
creditors or customers that were incurred in the ordinary course of business of the Company
or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization or
similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or
(B) litigation, arbitration or other disputes with Persons who are not Affiliates;

     (7) Investments represented by Hedging Obligations;

     (8) loans or advances to employees made in the ordinary course of business of the
Company or any Restricted Subsidiary of the Company in an aggregate principal amount not to
exceed US$1.0 million at any one time outstanding;

     (9) repurchases of the Notes;

     (10) any Investments consisting of gaming credit extended to customers in the ordinary
course of business and consistent with applicable law; and

     (11) other Investments in any Person other than an Affiliate of the Company having an
aggregate Fair Market Value (measured on the date each such Investment was made and without
giving effect to subsequent changes in value), when taken together with all other
Investments made pursuant to this clause (11) that are at the time outstanding, not to
exceed US$5.0 million.

     “Permitted Liens” means:

15

 

     (1) Liens on assets of the Company or any of its Restricted Subsidiaries securing
Indebtedness incurred pursuant to clause (1) of Section 4.09(b) hereof;

     (2) Liens created by this Indenture and the Pledge of Intercompany Note with respect to
the Notes and Note Guarantees issued on the date of this Indenture and the Exchange Notes
and the related Note Guarantees to be issued pursuant to the Registration Rights Agreement;

     (3) Liens in favor of the Company or the Subsidiary Guarantors;

     (4) Liens on property of a Person existing at the time such Person is merged with or
into or consolidated with the Company or any Subsidiary of the Company; provided that such
Liens were in existence prior to the contemplation of such merger or consolidation and do
not extend to any assets other than those of the Person merged into or consolidated with the
Company or the Subsidiary;

     (5) Liens on property (including Capital Stock) existing at the time of acquisition of
the property by the Company or any Subsidiary of the Company; provided that such Liens were
in existence prior to, such acquisition, and not incurred in contemplation of, such
acquisition;

     (6) Liens to secure the performance of statutory obligations, surety or appeal bonds,
performance bonds or other obligations of a like nature incurred in the ordinary course of
business, any netting or set-off arrangement entered into by the Company or any Restricted
Subsidiary with Citibank, N.A., Banco Nacional Ultramarino, S.A. or Bank of China, Macau
Branch in the ordinary course of its banking arrangements for the purpose of netting debit
and credit balances of the Company or any Restricted Subsidiary but only so long as:
(i) such arrangement does not permit credit balances of the Company or the Restricted
Subsidiaries to be netted or set off against debit balances of persons which are other
Persons; and (ii) such arrangement does not give rise to other Liens over the assets of the
Company or any Restricted Subsidiary in support of liabilities of persons other than the
Company or its Restricted Subsidiaries;

     (7) Liens created in favor of a plaintiff or defendant in any proceedings as security
for costs or expenses;

     (8) Liens arising under any retention of title, hire purchase or conditional sale
arrangement or arrangements having similar effect in respect of goods supplied to the
Company or its Restricted Subsidiaries in the ordinary course of trading and on the
supplier’s standard or usual terms and not arising as a result of any default or omission by
the Company or its Restricted Subsidiaries provided that the aggregate value of all assets
subject to any such Liens shall not exceed US$5.0 million;

     (9) Liens to secure Indebtedness (including Capital Lease Obligations) permitted by
Section 4.09(b)(4) covering only the assets acquired with or financed by such Indebtedness;

     (10) Liens existing on the date of this Indenture (other than Liens securing the Senior
Credit Agreement);

     (11) Liens for taxes, assessments or governmental charges or claims that are not yet
delinquent or that are being contested in good faith by appropriate proceedings promptly
instituted and diligently concluded; provided that any reserve or other appropriate
provision as is required in conformity with GAAP has been made therefor;

16

 

     (12) Liens over goods, documents of title to goods and related documents and insurances
and their proceeds to secure liabilities of the Company or any of its Restricted
Subsidiaries in respect of letters of credit, trust receipts, import loans or shipping
guarantees issued or granted for all or part of the purchase price and costs of shipment,
insurance and storage of goods acquired by the Company or any of its Restricted Subsidiaries
in the ordinary course of business;

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

     (14) Liens or deposits in connection with workers’ compensation, unemployment insurance
and other social security legislation of all applicable laws provided that such Liens are
contested in good faith by appropriate measures and sufficient reserves in cash or other
liquid assets are available to discharge such Liens;

     (15) Liens on assets deemed to arise in connection with and solely as a result of the
execution, delivery or performance of contracts to sell such assets if such sale is
otherwise permitted under this Indenture;

     (16) Liens arising, subsisting or imposed by law, including but not limited to
carrier’s, warehousemen’s, landlord’s and mechanics’ Liens, in each case, incurred in the
ordinary course of business;

     (17) survey exceptions, easements or reservations of, or rights of others for,
licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other
similar purposes, or zoning or other restrictions as to the use of real property that were
not incurred in connection with Indebtedness and that do not in the aggregate materially
impair their use in the operation of the business of such Person;

     (18) Liens created for the benefit of (or to secure) the Notes or the Note Guarantees;

     (19) Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred
under this Indenture; provided, however, that:

          (A) the new Lien shall be limited to all or part of the same property and assets that
secured or, under the written agreements pursuant to which the original Lien arose, could
secure the original Lien (plus improvements and accessions to, such property or proceeds or
distributions thereof); and

          (B) the Indebtedness secured by the new Lien is not increased to any amount greater
than the sum of (x) the outstanding principal amount, or, if greater, committed amount, of
the Permitted Refinancing Indebtedness and (y) an amount necessary to pay any fees and
expenses, including premiums, related to such renewal, refunding, refinancing, replacement,
defeasance or discharge; and

     (20) Liens incurred in the ordinary course of business of the Company or any Subsidiary
of the Company with respect to obligations that do not exceed US$10.0 million at any one
time outstanding.

17

 

     “Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any of its
Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to renew,
refund, refinance, replace, defease or discharge other Indebtedness of the Company or any of its
Restricted Subsidiaries (other than intercompany Indebtedness); provided that:

     (1) the principal amount (or accreted value, if applicable) of such Permitted
Refinancing Indebtedness does not exceed the principal amount (or accreted value, if
applicable) of the Indebtedness renewed, refunded, refinanced, replaced, defeased or
discharged (plus all accrued interest on the Indebtedness and the amount of all fees and
expenses, including premiums, incurred in connection therewith);

     (2) such Permitted Refinancing Indebtedness has a final maturity date later than the
final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than
the Weighted Average Life to Maturity of, the Indebtedness being renewed, refunded,
refinanced, replaced, defeased or discharged;

     (3) if the Indebtedness being renewed, refunded, refinanced, replaced, defeased or
discharged is subordinated in right of payment to the Notes, such Permitted Refinancing
Indebtedness has a final maturity date later than the final maturity date of, and is
subordinated in right of payment to, the Notes with subordination terms at least as
favorable to the holders of Notes as those contained in the documentation governing the
Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; and

     (4) such Indebtedness is incurred either by the Company or by the Restricted Subsidiary
who is the obligor on the Indebtedness being renewed, refunded, refinanced, replaced,
defeased or discharged.

     “Person” means any individual, corporation, partnership, joint venture, association,
joint-stock company, trust, unincorporated organization, limited liability company or government or
other entity.

     “Pledge of Intercompany Note” means the Pledge of Intercompany Note executed by the Company
and the collateral agent on the date of this Indenture with respect to the Intercompany Note.

     “Pledged Collateral” shall have the meaning set forth in the Pledge of Intercompany Note.

     “Private Placement Legend” means the legend set forth in Section 2.06(g)(1) hereof to be
placed on all Notes issued under this Indenture except where otherwise permitted by the provisions
of this Indenture.

     “QIB” means a “qualified institutional buyer” as defined in Rule 144A.

     “Rating Agencies” means any of (i) S&P, (ii) Moody’s, (iii) Fitch or (iv) if any or all of
them shall not make a rating of the Notes publicly available, any other “nationally recognized
statistical rating organization” that is registered as such pursuant to Section 15E of the Exchange
Act and Rule 17g thereunder selected by Parent as a replacement agency.

     “Rating Category” means (1) with respect to S&P, any of the following categories: “AAA,” “AA,”
“A,” “BBB,” “BB,” “B,” “CCC,” “CC,” “C” and “D” (or equivalent successor categories); (2) with
respect to Moody’s, any of the following categories: “Aaa,” “Aa,” “A,” “Baa,” “Ba,” “B,” “Caa,”
“Ca,” “C” and “D” (or equivalent successor categories); (3) with respect to Fitch, any of the
following categories “AAA,” “AA,” “A,” “BBB,” “BB,” “B,” “CCC,” “CC,” “C” and “D” (or equivalent
successor

18

 

categories) and (4) the equivalent of any such category of S&P, Moody’s or Fitch used by
another Rating Agency. In determining whether the rating of the Notes has decreased by one or more
gradations, gradations within Rating Categories (“+” and “–” for S&P and Fitch; “1,” “2” and “3”
for Moody’s; or the equivalent gradations for another Rating Agency) shall be taken into account
(e.g., with respect to S&P, a decline in a rating from “BB+” to “BB,” as well as from “B+” to “B-,”
will constitute a decrease of one gradation).

     “Rating Date” means that date which is 90 days prior to the earlier of (x) a Change of Control
and (y) a public notice of the occurrence of a Change of Control or of the intention by Parent or
any other Person or Persons to effect a Change of Control.

     “Ratings Decline” means the occurrence on, or within six months after, the date, or public
notice of the occurrence of the events set forth in clause (3) of the definition of Change of
Control or the announcement by Parent or any other Person or Persons of the intention by Parent or
such other Person or Persons to effect a Change of Control (which period will be extended so long
as the rating of the Notes is under publicly announced consideration for possible downgrade by any
of the Rating Agencies) of any of the events listed below:

     (1) in the event either of the Notes or Parent is rated by two Rating Agencies on the
Rating Date as Investment Grade, such rating of the Notes or Parent by either such Rating
Agency shall be below Investment Grade;

     (2) in the event either of the Notes or Parent is rated by one, and only one, of the
Rating Agencies on the Rating Date as Investment Grade, such rating of the Notes or Parent
by such Rating Agency shall be below Investment Grade; or

     (3) in the event either of the Notes or Parent is rated below Investment Grade by any
two Rating Agencies on the Rating Date, such rating of the Notes or Parent by either Rating
Agency shall be decreased by one or more gradations (including gradations within Rating
Categories as well as between Rating Categories).

     “Registration Rights Agreement” means the Registration Rights Agreement, dated as of May 17,
2010, among the Company, and the other parties named on the signature pages thereof, as such
agreement may be amended, modified or supplemented from time to time and, with respect to any
Additional Notes, one or more registration rights agreements between the Company and the other
parties thereto, as such agreement(s) may be amended, modified or supplemented from time to time,
relating to rights given by the Company to the purchasers of Additional Notes to register such
Additional Notes under the Securities Act.

     “Regulation S” means Regulation S promulgated under the Securities Act.

     “Regulation S Global Note” means a Global Note substantially in the form of Exhibit A hereto
bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of
and registered in the name of the Depositary or its nominee, issued in a denomination equal to the
outstanding principal amount of the Notes sold in reliance on Rule 903 of Regulation S.

     “Related Party” means:

     (1) any controlling stockholder, 80% (or more) owned Subsidiary, or immediate family
member (in the case of an individual) of any Sponsor; or

19

 

     (2) any trust, corporation, partnership, limited liability company or other entity, the
beneficiaries, stockholders, partners, members, owners or Persons beneficially holding an
80% or more controlling interest of which consist of any one or more Sponsors and/or such
other Persons referred to in the immediately preceding clause (1).

     “Responsible Officer,” when used with respect to the Trustee, means any officer within the
Corporate Trust Office of the Trustee (or any successor group of the Trustee) or any other officer
of the Trustee customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his knowledge of and familiarity with the
particular subject.

     “Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend.

     “Restricted Global Note” means a Global Note bearing the Private Placement Legend.

     “Restricted Investment” means an Investment other than a Permitted Investment.

     “Restricted Period” means the 40-day distribution compliance period as defined in Regulation
S.

     “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an
Unrestricted Subsidiary.

     “Rule 144” means Rule 144 promulgated under the Securities Act.

     “Rule 144A” means Rule 144A promulgated under the Securities Act.

     “Rule 903” means Rule 903 promulgated under the Securities Act.

     “Rule 904” means Rule 904 promulgated under the Securities Act.

     “S&P” means Standard & Poor’s Ratings Group.

     “SEC” means the Securities and Exchange Commission.

     “Securities Act” means the Securities Act of 1933, as amended.

     “Senior Credit Agreement” means the Senior Credit Agreement, dated as of September 5, 2007, by
and among Melco Crown Gaming, as Original Borrower, arranged by Australia and New Zealand Banking
Group Limited, Bank of America Securities Asia Limited, Barclays Capital, Deutsche Bank AG, Hong
Kong Branch, and UBS AG Hong Kong Branch as Coordinating Lead Arrangers, with Deutsche Bank AG,
Hong Kong Branch acting as Agent and DB Trustees (Hong Kong) Limited acting as Security Agent, as
amended pursuant to a transfer agreement between, inter alios, the parties thereto dated October
17, 2007, a supplemental deed in respect of the deed of appointment between, inter alios, the
parties thereto, dated November 19, 2007, an amendment agreement between the parties thereto dated
December 7, 2007, a second amendment agreement between the parties thereto dated September 1, 2008,
a third amendment agreement between the parties thereto dated December 1, 2008, a letter agreement
between the parties thereto dated October 8, 2009, and as further amended pursuant to the Fourth
Amendment Agreement, providing for up to US$1,750,000,000 of revolving credit and term loan
borrowings, including any related notes, guarantees, collateral documents, instruments and
agreements executed in connection therewith.

20

 

     “Shareholders Subordinated Loans” means Indebtedness advanced by one or more of the Sponsor
Group Shareholders to a relevant obligor under the Senior Credit Agreement (as amended from time to
time so long as the principal amount of Indebtedness outstanding does not exceed (x) US$1,700
million for the period from the date of this Indenture to the date that is six Hong Kong Business
Days after the date of this Indenture and (y) US$1,400 million thereafter) and that is subordinated
in accordance with the terms provided for by the agreement governing such Shareholders Subordinated
Loan and any relevant subordination deed entered into pursuant to the Senior Credit Agreement.

     “Shelf Registration Statement” means the Shelf Registration Statement as defined in the
Registration Rights Agreement.

     “Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” as
defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as
such Regulation is in effect on the date of this Indenture.

     “Sponsors” means Melco International Development Limited and Crown Limited.

     “Sponsor Group Shareholder” means the Parent or any direct or indirect shareholder of MPEL
Nominee One Limited which is a Sponsor, a Subsidiary of a Sponsor or which would be a Subsidiary of
a Sponsor were the rights and interests of each Sponsor in respect thereof combined.

     “Stated Maturity” means, with respect to any installment of interest or principal on any
series of Indebtedness, the date on which the payment of interest or principal was scheduled to be
paid in the documentation governing such Indebtedness as of the date of this Indenture, and will
not include any contingent obligations to repay, redeem or repurchase any such interest or
principal prior to the date originally scheduled for the payment thereof.

     “Subconcession” means the trilateral agreement dated September 9, 2006 entered into between
the government of the Macau SAR, Wynn Resorts (Macau), S.A. (as concessionaire for the operation of
casino games of chance and other casino games in Macau, under the terms of the concession contract
dated June 24, 2002 between the government of the Macau SAR and Wynn Resorts (Macau), SA, and Melco
Crown Gaming.

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

     “Subordination Agreement” means the subordination agreement dated as of the date of this
Indenture among Parent, the Company, MPEL International Limited and The Bank of New York Mellon (or
a successor Subordination Agent (as defined therein)).

     “Subsidiary” means, with respect to any specified Person:

     (1) any corporation, association or other business entity of which more than 50% of the
total voting power of shares of Capital Stock entitled (without regard to the occurrence of
any contingency and after giving effect to any voting agreement or stockholders’ agreement
that effectively transfers voting power) to vote in the election of directors, managers or
trustees of the corporation, association or other business entity is at the time owned or
controlled, directly or

21

 

indirectly, by that Person or one or more of the other Subsidiaries of that Person (or
a combination thereof); and

     (2) any partnership (a) the sole general partner or the managing general partner of
which is such Person or a Subsidiary of such Person or (b) the only general partners of
which are that Person or one or more Subsidiaries of that Person (or any combination
thereof).

     “Subsidiary Guarantor” means a Guarantor that is a Subsidiary of the Company.

     “Subsidiary Group Guarantor” means each Subsidiary Guarantor that is a borrower or guarantor
under the Senior Credit Agreement.

     “Subsidiary Group Guarantor Senior Indebtedness” means any Indebtedness and Obligations with
respect thereto of a Subsidiary Group Guarantor, unless the instrument under which such
Indebtedness is incurred expressly provides that it is subordinated in right of payment to the Note
Guarantee of such Subsidiary Group Guarantor, other than:

     (1) any liability for federal, state, local or other taxes owed or owing by such
Subsidiary Group Guarantor;

     (2) any intercompany Indebtedness of Subsidiary Group Guarantor to the Company or any
other Subsidiary Guarantor; or

     (3) any trade payables.

     “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb).

     “Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption
date of United States Treasury securities with a constant maturity (as compiled and published in
the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available
at least two Business Days prior to the redemption date (or, if such Statistical Release is no
longer published, any publicly available source of similar market data)) most nearly equal to the
period from the redemption date to May 15, 2014; provided, however, that if the period from the
redemption date to May 15, 2014, is less than one year, the weekly average yield on actually traded
United States Treasury securities adjusted to a constant maturity of one year will be used.

     “Trustee” means The Bank of New York Mellon until a successor replaces it in accordance with
the applicable provisions of this Indenture and thereafter means the successor serving hereunder.

     “Unrestricted Definitive Note” means a Definitive Note that does not bear and is not required
to bear the Private Placement Legend.

     “Unrestricted Global Note” means a Global Note that does not bear and is not required to bear
the Private Placement Legend.

     “Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the Board
of Directors of the Company as an Unrestricted Subsidiary pursuant to a resolution of the Board of
Directors, but only to the extent that such Subsidiary:

     (1) has no Indebtedness other than Non-Recourse Debt;

22

 

     (2) except as permitted by Section 4.11 hereof, is not party to any agreement,
contract, arrangement or understanding with the Company or any Restricted Subsidiary of the
Company unless the terms of any such agreement, contract, arrangement or understanding are
no less favorable to the Company or such Restricted Subsidiary than those that might be
obtained at the time from Persons who are not Affiliates of the Company;

     (3) is a Person with respect to which neither the Company nor any of its Restricted
Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity
Interests or (b) to maintain or preserve such Person’s financial condition or to cause such
Person to achieve any specified levels of operating results; and

     (4) has not guaranteed or otherwise directly or indirectly provided credit support for
any Indebtedness of the Company or any of its Restricted Subsidiaries,

provided that, as of the date of this Indenture, the only Unrestricted Subsidiaries are
Melco Crown (Macau Peninsula) Hotel Limited and Melco Crown (Macau Peninsula) Developments
Limited.

     “U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities
Act.

     “Voting Stock” of any specified Person as of any date means the Capital Stock of such Person
that is at the time entitled to vote in the election of the Board of Directors of such Person.

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

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

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

Section 1.02 Other Definitions.

	 	 	 	 	 
	 	 	Defined in
	Term	 	Section
	“Additional Amounts”
	 	 	2.13	 
	“Affiliate Transaction”
	 	 	4.11	 
	“Asset Sale Offer”
	 	 	3.09	 
	“Authentication Order”
	 	 	2.02	 
	“Change of Control Offer”
	 	 	4.15	 
	“Change of Control Payment”
	 	 	4.15	 
	“Change of Control Payment Date”
	 	 	4.15	 
	“Covenant Defeasance”
	 	 	8.03	 
	“Credit Agreement Subordinated Indebtedness”
	 	 	4.17	 
	“DTC”
	 	 	2.03	 
	“Event of Default”
	 	 	6.01	 

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	 	 	Defined in
	Term	 	Section
	“Excess Proceeds”
	 	 	4.10	 
	“Investment Company Subsidiary”
	 	 	4.19	 
	“incur”
	 	 	4.09	 
	“Legal Defeasance”
	 	 	8.02	 
	“Offer Amount”
	 	 	3.09	 
	“Offer Period”
	 	 	3.09	 
	“Paying Agent”
	 	 	2.03	 
	“Permitted Debt”
	 	 	4.09	 
	“Payment Default”
	 	 	6.01	 
	“Purchase Date”
	 	 	3.09	 
	“Redemption Date”
	 	 	3.07	 
	“Registrar”
	 	 	2.03	 
	“Relevant Jurisdiction”
	 	 	2.13	 
	“Restricted Payments”
	 	 	4.07	 
	“Subordinated Security”
	 	 	4.23	 
	“Taxes”
	 	 	2.13	 

Section 1.03 Incorporation by Reference of Trust Indenture Act.

     Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by
reference in and made a part of this Indenture.

     The following TIA terms used in this Indenture have the following meanings:

     “indenture securities” means the Notes;

     “indenture security Holder” means a Holder of a Note;

     “indenture to be qualified” means this Indenture;

     “indenture trustee” or “institutional trustee” means the Trustee; and

     “obligor” on the Notes and the Note Guarantees means the Company and the Guarantors,
respectively, and any successor obligor under the Notes and the Note Guarantees, respectively.

     All other terms used in this Indenture that are defined by the TIA, defined by TIA reference
to another statute or defined by SEC rule under the TIA have the meanings so assigned to them.

Section 1.04 Rules of Construction.

     Unless the context otherwise requires:

     (1) a term has the meaning assigned to it;

     (2) an accounting term not otherwise defined has the meaning assigned to it in
accordance with GAAP;

     (3) “or” is not exclusive;

24

 

     (4) words in the singular include the plural, and in the plural include the singular;

     (5) “will” shall be interpreted to express a command;

     (6) provisions apply to successive events and transactions; and

     (7) references to sections of or rules under the Securities Act will be deemed to
include substitute, replacement of successor sections or rules adopted by the SEC from time
to time.

ARTICLE 2

THE NOTES

Section 2.01 Form and Dating.

     (a) General. The Notes and the Trustee’s certificate of authentication will be substantially
in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by
law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The
Notes shall be in denominations of US$2,000 and integral multiples of US$1,000 in excess thereof.

     The terms and provisions contained in the Notes will constitute, and are hereby expressly
made, a part of this Indenture and the Company and the Trustee, by their execution and delivery of
this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to
the extent any provision of any Note conflicts with the express provisions of this Indenture, the
provisions of this Indenture shall govern and be controlling.

     (b) Global Notes. Notes issued in global form will be substantially in the form of Exhibit A
hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the
Global Note” attached thereto). Notes issued in definitive form will be substantially in the form
of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule of
Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such
of the outstanding Notes as will be specified therein and each shall provide that it represents the
aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the
aggregate principal amount of outstanding Notes represented thereby may from time to time be
reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a
Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of
outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the
direction of the Trustee, in accordance with instructions given by the Holder thereof as required
by Section 2.06 hereof.

     (c) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating
Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the
“General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream will
be applicable to transfers of beneficial interests in the Regulation S Global Note that are held by
Participants through Euroclear or Clearstream.

Section 2.02 Execution and Authentication.

     At least one Officer must sign the Notes for the Company by manual or facsimile signature.

     If an Officer whose signature is on a Note no longer holds that office at the time a Note is
authenticated, the Note will nevertheless be valid.

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     A Note will not be valid until authenticated by the manual signature of the Trustee. The
signature will be conclusive evidence that the Note has been authenticated under this Indenture.

     As a condition precedent to authenticating the Notes, the Trustee shall be entitled to receive
an Officer’s Certificate complying with Sections 12.04 and 12.05 hereof and covering subparagraphs
(1) and (2) below, and an Opinion of Counsel which shall state:

     (1) that the form of such Notes has been established by a supplemental indenture or by
or pursuant to a resolution of the Board of Directors and in conformity with the provisions
of this Indenture;

     (2) that the terms of such Notes have been established in accordance with Section 2.01
and in conformity with the other provisions of this Indenture;

     (3) that such Notes, when authenticated and delivered by the Trustee and issued by the
Company in the manner and subject to any conditions specified in such Opinion of Counsel,
will constitute valid and legally binding obligations of the Company, enforceable in
accordance with their terms, subject to bankruptcy, insolvency, reorganization and other
laws of general applicability relating to or affecting the enforcement of creditors’ rights
and to general equity principles; and

     (4) that all laws, requirements and conditions in respect of the execution and delivery
by the Company by such Notes and authentication by the Trustee have been complied with.

     The Trustee will, upon receipt of a written order of the Company signed by an Officer or a
director (an “Authentication Order”), authenticate Notes for original issue that may be validly
issued under this Indenture, including any Additional Notes. The aggregate principal amount of
Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for
issuance by the Company pursuant to one or more Authentication Orders, except as provided in
Section 2.07 hereof.

     The Trustee may appoint an authenticating agent acceptable to the Company to authenticate
Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each
reference in this Indenture to authentication by the Trustee includes authentication by such agent.
An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of
the Company.

Section 2.03 Registrar and Paying Agent.

     The Company will maintain an office or agency where Notes may be presented for registration of
transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for
payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer
and exchange. The Company may appoint one or more co-registrars and one or more additional paying
agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any
additional paying agent. The Company may change any Paying Agent or Registrar without notice to
any Holder and shall so notify the Trustee and each Paying Agent thereof in writing of the name and
address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain
another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of
its Subsidiaries may act as Paying Agent or Registrar.

     The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with
respect to the Global Notes.

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     The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act
as Custodian with respect to the Global Notes.

Section 2.04 Paying Agent to Hold Money in Trust.

     The Company will require each Paying Agent other than the Trustee to agree in writing that the
Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the
Paying Agent for the payment of principal, premium, Additional Amounts or Liquidated Damages, if
any, or interest on the Notes, and will notify the Trustee of any default by the Company in making
any such payment. While any such default continues, the Trustee may require a Paying Agent to pay
all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all
money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than
the Company or a Subsidiary) will have no further liability for the money. If the Company or a
Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund for the
benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization
proceedings relating to the Company, the Trustee will serve as Paying Agent for the Notes.

Section 2.05 Holder Lists.

     The Trustee will preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of all Holders and shall otherwise comply with TIA
§ 312(a). If the Trustee is not the Registrar, the Company will furnish to the Trustee at least
seven Business Days before each interest payment date and at such other times as the Trustee may
request in writing, a list in such form and as of such date as the Trustee may reasonably require
of the names and addresses of the Holders of Notes and the Company shall otherwise comply with TIA
§ 312(a).

Section 2.06 Transfer and Exchange.

     (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a
whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the
Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged
by the Company for Definitive Notes if:

     (1) the Company delivers to the Trustee notice from the Depositary that it is unwilling
or unable to continue to act as Depositary or that it is no longer a clearing agency
registered under the Exchange Act and, in either case, a successor Depositary is not
appointed by the Company within 120 days after the date of such notice from the Depositary;

     (2) the Company in its sole discretion determines that the Global Notes (in whole but
not in part) should be exchanged for Definitive Notes and delivers a written notice to such
effect to the Trustee; or

     (3) there has occurred and is continuing a Default or Event of Default with respect to
the Notes.

     Upon the occurrence of either of the preceding events in (1) or (2) above, Definitive Notes
shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may
be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every
Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion
thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and
delivered in the form of, and shall be, a

27

 

Global Note. A Global Note may not be exchanged for another Note other than as provided in
this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and
exchanged as provided in Section 2.06(b), (c) or (f) hereof.

     (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and
exchange of beneficial interests in the Global Notes will be effected through the Depositary, in
accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial
interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to
those set forth herein to the extent required by the Securities Act. Transfers of beneficial
interests in the Global Notes also will require compliance with either subparagraph (1) or (2)
below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

     (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in
any Restricted Global Note may be transferred to Persons who take delivery thereof in the
form of a beneficial interest in the same Restricted Global Note in accordance with the
transfer restrictions set forth in the Private Placement Legend; provided, however, that
prior to the expiration of the Restricted Period, transfers of beneficial interests in the
Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a
U.S. Person (other than an Initial Purchaser). Beneficial interests in any Unrestricted
Global Note may be transferred to Persons who take delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note. No written orders or instructions shall
be required to be delivered to the Registrar to effect the transfers described in this
Section 2.06(b)(1).

     (2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In
connection with all transfers and exchanges of beneficial interests that are not subject to
Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the
Registrar either:

     (A) both:

     (i) a written order from a Participant or an Indirect Participant given
to the Depositary in accordance with the Applicable Procedures directing the
Depositary to credit or cause to be credited a beneficial interest in
another Global Note in an amount equal to the beneficial interest to be
transferred or exchanged; and

     (ii) instructions given in accordance with the Applicable Procedures
containing information regarding the Participant account to be credited with
such increase; or

     (B) both:

     (i) a written order from a Participant or an Indirect Participant given
to the Depositary in accordance with the Applicable Procedures directing the
Depositary to cause to be issued a Definitive Note in an amount equal to the
beneficial interest to be transferred or exchanged; and

     (ii) instructions given by the Depositary to the Registrar containing
information regarding the Person in whose name such Definitive Note shall be
registered to effect the transfer or exchange referred to in (1) above.

28

 

Upon consummation of an Exchange Offer by the Company in accordance with Section 2.06(f) hereof,
the requirements of this Section 2.06(b)(2) shall be deemed to have been satisfied upon receipt by
the Registrar of the instructions contained in the Letter of Transmittal delivered by the Holder of
such beneficial interests in the Restricted Global Notes. Upon satisfaction of all of the
requirements for transfer or exchange of beneficial interests in Global Notes contained in this
Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust
the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof.

     (3) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial
interest in any Restricted Global Note may be transferred to a Person who takes delivery
thereof in the form of a beneficial interest in another Restricted Global Note if the
transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar
receives the following:

     (A) if the transferee will take delivery in the form of a beneficial interest
in the 144A Global Note, then the transferor must deliver a certificate in the form
of Exhibit B hereto, including the certifications in item (1) thereof; and

     (B) if the transferee will take delivery in the form of a beneficial interest
in the Regulation S Global Note, then the transferor must deliver a certificate in
the form of Exhibit B hereto, including the certifications in item (2) thereof.

     (4) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for
Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any
Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest in
an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer
complies with the requirements of Section 2.06(b)(2) above and:

     (A) such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and the Holder of the beneficial
interest to be transferred, in the case of an exchange, or the transferee, in the
case of a transfer, certifies in the applicable Letter of Transmittal that it is not
(i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange
Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company;

     (B) such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the Registration Rights Agreement;

     (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights Agreement; or

     (D) the Registrar receives the following:

     (i) if the Holder of such beneficial interest in a Restricted Global
Note proposes to exchange such beneficial interest for a beneficial interest
in an Unrestricted Global Note, a certificate from such Holder in the form
of Exhibit C hereto, including the certifications in item (1)(a) thereof; or

     (ii) if the Holder of such beneficial interest in a Restricted Global
Note proposes to transfer such beneficial interest to a Person who shall
take delivery thereof in the form of a beneficial interest in an
Unrestricted Global

29

 

Note, a certificate from such Holder in the form of Exhibit B hereto,
including the certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or transfer
is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in order
to maintain compliance with the Securities Act.

     If any such transfer is effected pursuant to subparagraph (B) or (D) above at a time when an
Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an
Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or
more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal
amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above.

     Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to
Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global
Note.

     (c) Transfer or Exchange of Beneficial Interests for Definitive Notes.

     (1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If
any Holder of a beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest
to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then,
upon receipt by the Registrar of the following documentation:

     (A) if the Holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a Restricted Definitive Note, a
certificate from such Holder in the form of Exhibit C hereto, including the
certifications in item (2)(a) thereof;

     (B) if such beneficial interest is being transferred to a QIB in accordance
with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including
the certifications in item (1) thereof;

     (C) if such beneficial interest is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (2)
thereof;

     (D) if such beneficial interest is being transferred pursuant to an exemption
from the registration requirements of the Securities Act in accordance with Rule
144, a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (3)(a) thereof;

     (E) if such beneficial interest is being transferred to the Company or any of
its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto,
including the certifications in item (3)(b) thereof; or

30

 

     (F) if such beneficial interest is being transferred pursuant to an effective
registration statement under the Securities Act, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced
accordingly pursuant to Section 2.06(h) hereof, and the Company shall execute and the Trustee shall
authenticate and deliver to the Person designated in the instructions a Definitive Note in the
appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in
a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names
and in such authorized denomination or denominations as the Holder of such beneficial interest
shall instruct the Registrar through instructions from the Depositary and the Participant or
Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose
names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial
interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private
Placement Legend and shall be subject to all restrictions on transfer contained therein.

     (2) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes.
A Holder of a beneficial interest in a Restricted Global Note may exchange such beneficial
interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a
Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if:

     (A) such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and the Holder of such beneficial
interest, in the case of an exchange, or the transferee, in the case of a transfer,
certifies in the applicable Letter of Transmittal that it is not (i) a
Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes
or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company;

     (B) such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the Registration Rights Agreement;

     (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights Agreement; or

     (D) the Registrar receives the following:

     (i) if the Holder of such beneficial interest in a Restricted Global
Note proposes to exchange such beneficial interest for an Unrestricted
Definitive Note, a certificate from such Holder in the form of Exhibit C
hereto, including the certifications in item (1)(b) thereof; or

     (ii) if the Holder of such beneficial interest in a Restricted Global
Note proposes to transfer such beneficial interest to a Person who shall
take delivery thereof in the form of an Unrestricted Definitive Note, a
certificate from such Holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or transfer
is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the

31

 

Private Placement Legend are no longer required in order to maintain compliance with
the Securities Act.

     (3) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes.
If any Holder of a beneficial interest in an Unrestricted Global Note proposes to exchange
such beneficial interest for a Definitive Note or to transfer such beneficial interest to a
Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction
of the conditions set forth in Section 2.06(b)(2) hereof, the Trustee will cause the
aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant
to Section 2.06(h) hereof, and the Company will execute and the Trustee will authenticate
and deliver to the Person designated in the instructions a Definitive Note in the
appropriate principal amount. Any Definitive Note issued in exchange for a beneficial
interest pursuant to this Section 2.06(c)(3) will be registered in such name or names and in
such authorized denomination or denominations as the Holder of such beneficial interest
requests through instructions to the Registrar from or through the Depositary and the
Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the
Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange
for a beneficial interest pursuant to this Section 2.06(c)(3) will not bear the Private
Placement Legend.

     (d) Transfer and Exchange of Definitive Notes for Beneficial Interests.

     (1) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If
any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial
interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a
Person who takes delivery thereof in the form of a beneficial interest in a Restricted
Global Note, then, upon receipt by the Registrar of the following documentation:

     (A) if the Holder of such Restricted Definitive Note proposes to exchange such
Note for a beneficial interest in a Restricted Global Note, a certificate from such
Holder in the form of Exhibit C hereto, including the certifications in item (2)(b)
thereof;

     (B) if such Restricted Definitive Note is being transferred to a QIB in
accordance with Rule 144A, a certificate to the effect set forth in Exhibit B
hereto, including the certifications in item (1) thereof;

     (C) if such Restricted Definitive Note is being transferred to a Non-U.S.
Person in an offshore transaction in accordance with Rule 903 or Rule 904, a
certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (2) thereof;

     (D) if such Restricted Definitive Note is being transferred pursuant to an
exemption from the registration requirements of the Securities Act in accordance
with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including
the certifications in item (3)(a) thereof;

     (E) if such Restricted Definitive Note is being transferred to the Company or
any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto,
including the certifications in item (3)(b) thereof; or

     (F) if such Restricted Definitive Note is being transferred pursuant to an
effective registration statement under the Securities Act, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (3)(c)
thereof,

32

 

the Trustee will cancel the Restricted Definitive Note, increase or cause to be
increased the aggregate principal amount of the appropriate Restricted Global Note.

     (2) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.
A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in
an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note
only if:

     (A) such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and the Holder, in the case of an
exchange, or the transferee, in the case of a transfer, certifies in the applicable
Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person
participating in the distribution of the Exchange Notes or (iii) a Person who is an
affiliate (as defined in Rule 144) of the Company;

     (B) such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the Registration Rights Agreement;

     (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights Agreement; or

     (D) the Registrar receives the following:

     (i) if the Holder of such Definitive Notes proposes to exchange such
Notes for a beneficial interest in the Unrestricted Global Note, a
certificate from such Holder in the form of Exhibit C hereto, including the
certifications in item (1)(c) thereof; or

     (ii) if the Holder of such Definitive Notes proposes to transfer such
Notes to a Person who shall take delivery thereof in the form of a
beneficial interest in the Unrestricted Global Note, a certificate from such
Holder in the form of Exhibit B hereto, including the certifications in item
(4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or transfer
is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in order
to maintain compliance with the Securities Act.

     Upon satisfaction of the conditions of any of the subparagraphs in this Section
2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause to be
increased the aggregate principal amount of the Unrestricted Global Note.

     (3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.
A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial
interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note
at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will
cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the
aggregate principal amount of one of the Unrestricted Global Notes.

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     If any such exchange or transfer from a Definitive Note to a beneficial interest is
effected pursuant to subparagraphs (2)(B), (2)(D) or (3) above at a time when an
Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt
of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will
authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to
the principal amount of Definitive Notes so transferred.

     (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder
of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the
Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration
of transfer or exchange, the requesting Holder must present or surrender to the Registrar the
Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form
satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in
writing. In addition, the requesting Holder must provide any additional certifications, documents
and information, as applicable, required pursuant to the following provisions of this Section
2.06(e).

     (1) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted
Definitive Note may be transferred to and registered in the name of Persons who take
delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the
following:

     (A) if the transfer will be made pursuant to Rule 144A, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the
certifications in item (1) thereof;

     (B) if the transfer will be made pursuant to Rule 903 or Rule 904, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the
certifications in item (2) thereof; and

     (C) if the transfer will be made pursuant to any other exemption from the
registration requirements of the Securities Act, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications and
certificates required by item (3) thereof, if applicable.

     (2) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted
Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note
or transferred to a Person or Persons who take delivery thereof in the form of an
Unrestricted Definitive Note if:

     (A) such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and the Holder, in the case of an
exchange, or the transferee, in the case of a transfer, certifies in the applicable
Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person
participating in the distribution of the Exchange Notes or (iii) a Person who is an
affiliate (as defined in Rule 144) of the Company;

     (B) any such transfer is effected pursuant to the Shelf Registration Statement
in accordance with the Registration Rights Agreement;

     (C) any such transfer is effected by a Broker-Dealer pursuant to the Exchange
Offer Registration Statement in accordance with the Registration Rights Agreement;
or

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     (D) the Registrar receives the following:

     (i) if the Holder of such Restricted Definitive Notes proposes to
exchange such Notes for an Unrestricted Definitive Note, a certificate from
such Holder in the form of Exhibit C hereto, including the certifications in
item (1)(d) thereof; or

     (ii) if the Holder of such Restricted Definitive Notes proposes to
transfer such Notes to a Person who shall take delivery thereof in the form
of an Unrestricted Definitive Note, a certificate from such Holder in the
form of Exhibit B hereto, including the certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so
requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to
the effect that such exchange or transfer is in compliance with the Securities Act
and that the restrictions on transfer contained herein and in the Private Placement
Legend are no longer required in order to maintain compliance with the Securities
Act.

     (3) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of
Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof
in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such
a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the
instructions from the Holder thereof.

     (f) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the
Registration Rights Agreement, the Company will issue and, upon receipt of an Authentication Order
in accordance with Section 2.02 hereof, the Trustee will authenticate:

     (1) one or more Unrestricted Global Notes in an aggregate principal amount equal to the
principal amount of the beneficial interests in the Restricted Global Notes accepted for
exchange in the Exchange Offer by Persons that certify in the applicable Letters of
Transmittal that (A) they are not Broker-Dealers, (B) they are not participating in a
distribution of the Exchange Notes and (C) they are not affiliates (as defined in Rule 144)
of the Company; and

     (2) Unrestricted Definitive Notes in an aggregate principal amount equal to the
principal amount of the Restricted Definitive Notes accepted for exchange in the Exchange
Offer by Persons that certify in the applicable Letters of Transmittal that (A) they are not
Broker-Dealers, (B) they are not participating in a distribution of the Exchange Notes and
(C) they are not affiliates (as defined in Rule 144) of the Company.

     Concurrently with the issuance of such Notes, the Trustee will cause the aggregate principal
amount of the applicable Restricted Global Notes to be reduced accordingly, and the Company will
execute and the Trustee will authenticate and deliver to the Persons designated by the Holders of
Definitive Notes so accepted Unrestricted Definitive Notes in the appropriate principal amount.

     (g) Legends. The following legends will appear on the face of all Global Notes and Definitive
Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions
of this Indenture.

     (1) Private Placement Legend.

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     (A) Except as permitted by subparagraph (B) below, each Global Note and each
Definitive Note (and all Notes issued in exchange therefor or substitution thereof)
shall bear the legend in substantially the following form:

“THE NOTES HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THE NOTES NOR
ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION
IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

THE HOLDER OF THE NOTES, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY
INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED THE NOTES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH
NOTES, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF NOTES
ISSUED PURSUANT TO RULE 144A: ONE YEAR] [IN THE CASE OF NOTES ISSUED PURSUANT TO REGULATION S: 40
DAYS] AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR
ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THE NOTES (OR ANY PREDECESSOR OF THE NOTES), ONLY
(A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER
THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A
UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”
AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE
IN RELIANCE ON RULE 144A UNDER THE SECURITIES ACT, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR
OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR
(E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/
OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF
THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. [IN THE CASE OF NOTES ISSUED PURSUANT TO
REGULATION S: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON
NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THE NOTES IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.]

YOU REPRESENT THAT EITHER (I) NO PORTION OF THE ASSETS USED BY YOU TO ACQUIRE AND HOLD THE NOTES
CONSTITUTES ASSETS OF (A) ANY EMPLOYEE BENEFIT PLAN SUBJECT TO SECTION 406 OF THE U.S. EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), (B) ANY PLAN, ACCOUNT OR OTHER
ARRANGEMENT SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), (C) ANY ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED FOR PURPOSE OF ERISA OR THE CODE TO
INCLUDE “PLAN ASSETS” BY REASON OF SUCH PLAN INVESTMENT IN THE ENTITY, OR (D) ANY EMPLOYEE BENEFIT
PLAN SUBJECT TO ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR
TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, “SIMILAR LAWS”), OR (II) THE PURCHASE AND
HOLDING OF THE NOTES OR ANY

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INTERESTS THEREIN BY YOU WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406
OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION UNDER ANY APPLICABLE SIMILAR LAW.

     (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued
pursuant to subparagraphs (b)(4), (c)(2), (d)(2), (d)(3), (e)(2), (e)(3) or (f) of
this Section 2.06 (and all Notes issued in exchange therefor or substitution
thereof) will not bear the Private Placement Legend.

     (2) Global Note Legend. Each Global Note will bear a legend in substantially the
following form:

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR
ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO
ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE
DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE
COMPANY.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY
NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

     (h) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests
in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note
has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be
returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any
time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or
transferred to a Person who will take delivery thereof in the form of a beneficial interest in
another Global Note or for Definitive Notes, the principal amount of Notes represented by such
Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the
Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the
beneficial interest is being exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global Note, such other Global Note will be
increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the
Depositary at the direction of the Trustee to reflect such increase.

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     (i) General Provisions Relating to Transfers and Exchanges.

     (1) To permit registrations of transfers and exchanges, the Company will execute and
the Trustee will authenticate Global Notes and Definitive Notes upon receipt of an
Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request.

     (2) No service charge will be made to a Holder of a beneficial interest in a Global
Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but
the Company may require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than any such transfer taxes or
similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10,
3.06, 3.09, 4.10, 4.15 and 9.05 hereof).

     (3) The Registrar will not be required to register the transfer of or exchange of any
Note selected for redemption in whole or in part, except the unredeemed portion of any Note
being redeemed in part.

     (4) All Global Notes and Definitive Notes issued upon any registration of transfer or
exchange of Global Notes or Definitive Notes will be the valid obligations of the Company,
evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

     (5) Neither the Registrar nor the Company will be required:

     (A) to issue, to register the transfer of or to exchange any Notes during a
period beginning at the opening of business 15 days before the day of any selection
of Notes for redemption under Section 3.02 hereof and ending at the close of
business on the day of selection;

     (B) to register the transfer of or to exchange any Note selected for redemption
in whole or in part, except the unredeemed portion of any Note being redeemed in
part; or

     (C) to register the transfer of or to exchange a Note between a record date and
the next succeeding interest payment date.

     (6) Prior to due presentment for the registration of a transfer of any Note, the
Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is
registered as the absolute owner of such Note for the purpose of receiving payment of
principal of and interest on such Notes and for all other purposes, and none of the Trustee,
any Agent or the Company shall be affected by notice to the contrary.

     (7) The Trustee will authenticate Global Notes and Definitive Notes in accordance with
the provisions of Section 2.02 hereof.

     (8) All certifications, certificates and Opinions of Counsel required to be submitted
to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or
exchange may be submitted by facsimile.

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Section 2.07 Replacement Notes.

     If any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives
evidence to its satisfaction of the destruction, loss or theft of any Note, the Company will issue
and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if
the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond
must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to
protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of
them may suffer if a Note is replaced. The Company may charge for its expenses in replacing a
Note.

     Every replacement Note is an additional obligation of the Company and will be entitled to all
of the benefits of this Indenture equally and proportionately with all other Notes duly issued
hereunder.

Section 2.08 Outstanding Notes.

     The Notes outstanding at any time are all the Notes authenticated by the Trustee except for
those canceled by it, those delivered to it for cancellation, those reductions in the interest in a
Global Note effected by the Trustee in accordance with the provisions hereof, and those described
in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does
not cease to be outstanding because the Company or an Affiliate of the Company holds the Note;
however, Notes held by the Company or a Subsidiary of the Company shall not be deemed to be
outstanding for purposes of Section 3.07(a) hereof.

     If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the
Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser.

     If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to
be outstanding and interest on it ceases to accrue.

     If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof)
holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date,
then on and after that date such Notes will be deemed to be no longer outstanding and will cease to
accrue interest.

Section 2.09 Treasury Notes.

     In determining whether the Holders of the required principal amount of Notes have concurred in
any direction, waiver or consent, Notes owned by the Company or any Guarantor, or by any Person
directly or indirectly controlling or controlled by or under direct or indirect common control with
the Company or any Guarantor, will be considered as though not outstanding, except that for the
purposes of determining whether the Trustee will be protected in relying on any such direction,
waiver or consent, only Notes that the Trustee knows are so owned will be so disregarded.

Section 2.10 Temporary Notes.

     Until certificates representing Notes are ready for delivery, the Company may prepare and the
Trustee, upon receipt of an Authentication Order, will authenticate temporary Notes. Temporary
Notes will be substantially in the form of certificated Notes but may have variations that the
Company considers appropriate for temporary Notes and as may be reasonably acceptable to the
Trustee. Without unreasonable delay, the Company will prepare and the Trustee will authenticate
definitive Notes in exchange for temporary Notes.

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     Holders of temporary Notes will be entitled to all of the benefits of this Indenture.

Section 2.11 Cancellation.

     The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and
Paying Agent will forward to the Trustee any Notes surrendered to them for registration of
transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for
registration of transfer, exchange, payment, replacement or cancellation and will destroy canceled
Notes (subject to the record retention requirement of the Exchange Act). Certification of the
destruction of all canceled Notes will be delivered to the Company. The Company may not issue new
Notes to replace Notes that it has paid or that have been delivered to the Trustee for
cancellation.

Section 2.12 Defaulted Interest.

     If the Company defaults in a payment of interest on the Notes, it will pay the defaulted
interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted
interest, to the Persons who are Holders on a subsequent special record date, in each case at the
rate provided in the Notes and in Section 4.01 hereof. The Company will notify the Trustee in
writing of the amount of defaulted interest proposed to be paid on each Note and the date of the
proposed payment. The Company will fix or cause to be fixed each such special record date and
payment date; provided that no such special record date may be less than 10 days prior to the
related payment date for such defaulted interest. At least 15 days before the special record date,
the Company (or, upon the written request of the Company, the Trustee in the name and at the
expense of the Company) will mail or cause to be mailed to Holders a notice that states the special
record date, the related payment date and the amount of such interest to be paid.

Section 2.13 Additional Amounts.

     All payments by or on behalf of the Company of principal of, and premium (if any) and interest
on the Notes and all payments by or on behalf of any Guarantor under the Note Guarantees will be
made without withholding or deduction for, or on account of, any present or future taxes, duties,
assessments or governmental charges of whatever nature (“Taxes”) imposed or levied by the Cayman
Islands or Macau (or any political subdivision or taxing authority thereof or therein) (each, as
applicable, a “Relevant Jurisdiction”), unless such withholding or deduction is required by law. In
such event, the Company or the applicable Guarantor, as the case may be, will make such withholding
or deduction, make payment of the amount so withheld or deducted to the appropriate governmental
authority as required by applicable law and will pay such additional amounts (“Additional Amounts”)
as will result in receipt by the Holder of such amounts as would have been received by such Holder
had no such withholding or deduction been required, provided that no Additional Amounts will be
payable with respect to any Note or Note Guarantee:

     (a) for or on account of:

     (1) any Taxes that would not have been imposed but for:

          (A) the existence of any present or former connection between the Holder or beneficial
owner of such Note or Note Guarantee, as the case may be, and the Relevant Jurisdiction,
including without limitation, such Holder or beneficial owner being or having been a citizen
or resident of such Relevant Jurisdiction, being or having been treated as a resident of
such Relevant Jurisdiction, being or having been present or engaged in a trade or business
in such Relevant Jurisdiction or having or having had a permanent establishment in such
Relevant

40

 

Jurisdiction, other than merely holding such Note or the receipt of payments thereunder
or under the Note Guarantee;

          (B) the presentation of such Note (where presentation is required) more than 30 days
after the later of the date on which the payment of the principal of, premium (if any) or
interest on, such Note became due and payable pursuant to the terms thereof or was made or
duly provided for, except to the extent that the Holder thereof would have been entitled to
such Additional Amounts if it had presented such Note for payment on any date within such
30-day period;

          (C) the failure of the Holder or beneficial owner of such Note or Note Guarantee to
comply with a timely request of the Company or any Guarantor addressed to such Holder or
beneficial owner to provide information concerning such Holder’s or beneficial owner’s
nationality, residence, identity or connection with the Relevant Jurisdiction; or

          (D) the presentation of such Note (where presentation is required) for payment in the
Relevant Jurisdiction, unless such Note could not have been presented for payment elsewhere;

     (2) any estate, inheritance, gift, sale, transfer, excise, personal property, net
income or similar Tax;

     (3) any withholding or deduction where such withholding or deduction is imposed or
levied on a payment to an individual and is required to be made pursuant to European Council
Directive 2003/48/EC (or any amendment thereof) or any other Directive (or any amendment
thereof) implementing the conclusions of the ECOFIN Council meeting of November 26–27, 2000
on the taxation of savings income or any law implementing or complying with, or introduced
in order to conform to, such Directives or amendments;

     (4) any Taxes that are payable other than by withholding or deduction from payments of
principal of, or premium (if any) or interest on the Note or payments under the Note
Guarantees; or

     (5) any combination of Taxes referred to in the preceding clauses (1), (2), (3) and
(4); or

     (b) with respect to any payment of the principal of, or premium (if any) or interest on, such
Note or any payment under such Note Guarantee to or for the account of a fiduciary, partnership or
other fiscally transparent entity or any other person (other than the sole beneficial owner of such
payment) to the extent that a beneficiary or settlor with respect to that fiduciary, or a partner
or member of that partnership or fiscally transparent entity or a beneficial owner with respect to
such other person, as the case may be, who would not have been entitled to such Additional Amounts
had such beneficiary, settlor, partner, member or beneficial owner held directly the Note with
respect to which such payment was made.

     Whenever there is mentioned in any context the payment of principal of, and any premium or
interest, on any Note or under any Note Guarantee, such mention will be deemed to include payment
of Additional Amounts provided for in this Indenture to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof.

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ARTICLE 3

REDEMPTION AND PREPAYMENT

Section 3.01 Notices to Trustee.

     If the Company elects to redeem Notes pursuant to the optional redemption provisions of
Section 3.07 hereof, it must furnish to the Trustee, at least 45 days but not more than 60 days
before a redemption date, an Officer’s Certificate setting forth:

     (1) the clause of this Indenture pursuant to which the redemption shall occur;

     (2) the redemption date;

     (3) the principal amount of Notes to be redeemed; and

     (4) the redemption price.

Section 3.02 Selection of Notes to Be Redeemed or Purchased.

     If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any
time, the Trustee will select Notes for redemption or purchase on a pro rata basis unless otherwise
required by law, DTC, Euroclear, Clearstream, or applicable stock exchange requirements.

     In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or
purchased will be selected, unless otherwise provided herein, not less than 30 nor more than 60
days prior to the redemption or purchase date by the Trustee from the outstanding Notes not
previously called for redemption or purchase.

     The Trustee will promptly notify the Company in writing of the Notes selected for redemption
or purchase and, in the case of any Note selected for partial redemption or purchase, the principal
amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be in
amounts of US$2,000 or integral multiples of US$1,000 in excess thereof; except that if all of the
Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by
such Holder, even if not a multiple of US$1,000, shall be redeemed or purchased. Except as
provided in the preceding sentence, provisions of this Indenture that apply to Notes called for
redemption or purchase also apply to portions of Notes called for redemption or purchase.

Section 3.03 Notice of Redemption.

     Subject to the provisions of Section 3.09 hereof, at least 30 days but not more than 60 days
before a redemption date, the Company will mail or cause to be mailed, by first class mail, a
notice of redemption to each Holder whose Notes are to be redeemed at its registered address,
except that redemption notices may be mailed more than 60 days prior to a redemption date (with
prior notice to the Trustee) if the notice is issued in connection with a defeasance of the Notes
or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 11 hereof.

     The notice will identify the Notes to be redeemed and will state:

     (1) the redemption date;

     (2) the redemption price;

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     (3) if any Note is being redeemed in part, the portion of the principal amount of such
Note to be redeemed and that, after the redemption date upon surrender of such Note, a new
Note or Notes in principal amount equal to the unredeemed portion will be issued upon
cancellation of the original Note;

     (4) the name and address of the Paying Agent;

     (5) that Notes called for redemption must be surrendered to the Paying Agent to collect
the redemption price;

     (6) that, unless the Company defaults in making such redemption payment, interest on
Notes called for redemption ceases to accrue on and after the redemption date;

     (7) the paragraph of the Notes and/or Section of this Indenture pursuant to which the
Notes called for redemption are being redeemed; and

     (8) that no representation is made as to the correctness or accuracy of the CUSIP
number, if any, listed in such notice or printed on the Notes.

     At the Company’s request, the Trustee will give the notice of redemption in the Company’s name
and at its expense; provided, however, that the Company has delivered to the Trustee, at least 45
days prior to the redemption date, an Officer’s Certificate requesting that the Trustee give such
notice and setting forth the information to be stated in such notice as provided in the preceding
paragraph.

Section 3.04 Effect of Notice of Redemption.

     Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for
redemption become irrevocably due and payable on the redemption date at the redemption price. A
notice of redemption may not be conditional.

Section 3.05 Deposit of Redemption or Purchase Price.

     No later than 10 a.m. New York time two Business Days prior to the redemption or purchase
date, the Company will deposit with the Trustee or with the Paying Agent money sufficient to pay
the redemption or purchase price of and accrued interest, Additional Amounts and Liquidated
Damages, if any, on all Notes to be redeemed or purchased on that date. The Trustee or the Paying
Agent will promptly return to the Company any money deposited with the Trustee or the Paying Agent
by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and
accrued interest, Additional Amounts and Liquidated Damages, if any, on all Notes to be redeemed or
purchased.

     If the Company complies with the provisions of the preceding paragraph, on and after the
redemption or purchase date, interest will cease to accrue on the Notes or the portions of Notes
called for redemption or purchase. If a Note is redeemed or purchased on or after an interest
record date but on or prior to the related interest payment date, then any accrued and unpaid
interest shall be paid to the Person in whose name such Note was registered at the close of
business on such record date. If any Note called for redemption or purchase is not so paid upon
surrender for redemption or purchase because of the failure of the Company to comply with the
preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or
purchase date until such principal is paid, and to the extent lawful on any interest not paid on
such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof.

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Section 3.06 Notes Redeemed or Purchased in Part.

     Upon surrender of a Note that is redeemed or purchased in part, the Company will issue and,
upon receipt of an Authentication Order, the Trustee will authenticate for the Holder at the
expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased
portion of the Note surrendered.

Section 3.07 Optional Redemption.

     (a) At any time prior to May 15, 2013, the Company may on any one or more occasions redeem up
to 35% of the aggregate principal amount of Notes issued under this Indenture at a redemption price
of 110.25% of the principal amount thereof, plus accrued and unpaid interest, Additional Amounts
and Liquidated Damages, if any, to the redemption date, with the net cash proceeds of one or more
Equity Offerings; provided that:

     (1) at least 65% of the aggregate principal amount of Notes originally issued under
this Indenture (excluding Notes held by the Company and its Subsidiaries) remains
outstanding immediately after the occurrence of such redemption; and

     (2) the redemption occurs within 45 days of the date of the closing of such Equity
Offering.

     (b) At any time prior to May 15, 2014, the Company may also redeem all or a part of the Notes,
upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each
Holder’s registered address, at a redemption price equal to 100% of the principal amount of Notes
redeemed plus the Applicable Premium as of, and accrued and unpaid interest, Additional Amounts and
Liquidated Damages, if any, to the date of redemption, subject to the rights of Holders on the
relevant record date to receive interest due on the relevant interest payment date.

     (c) Except pursuant to the preceding paragraphs, the Notes will not be redeemable at the
Company’s option prior to May 15, 2014.

     (d) On or after May 15, 2014, the Company may redeem all or a part of the Notes upon not less
than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of
principal amount) set forth below plus accrued and unpaid interest, Additional Amounts and
Liquidated Damages, if any, on the Notes redeemed to the applicable redemption date, if redeemed
during the twelve-month period beginning on May 15 of the years indicated below, subject to the
rights of Holders on the relevant record date to receive interest on the relevant interest payment
date:

	 	 	 	 	 
	Year	 	Percentage
	2014
	 	 	105.125	%
	2015
	 	 	102.563	%
	2016 and thereafter
	 	 	100.000	%

     Unless the Company defaults in the payment of the redemption price, interest will cease to
accrue on the Notes or portions thereof called for redemption on the applicable redemption date.

     (e) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of
Sections 3.01 through 3.06 hereof.

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Section 3.08 Mandatory Redemption.

     The Company is not required to make mandatory redemption or sinking fund payments with respect
to the Notes.

Section 3.09 Offer to Purchase by Application of Excess Proceeds.

     In the event that, pursuant to Section 4.10 hereof, the Company is required to commence an
offer to all Holders to purchase Notes (an “Asset Sale Offer”), it will follow the procedures
specified below.

     The Asset Sale Offer shall be made to all Holders and all holders of other Indebtedness that
is pari passu with the Notes containing provisions similar to those set forth in this Indenture
with respect to offers to purchase or redeem with the proceeds of sales of assets. The Asset Sale
Offer will remain open for a period of at least 20 Business Days following its commencement and not
more than 30 Business Days, except to the extent that a longer period is required by applicable law
(the “Offer Period”). No later than three Business Days after the termination of the Offer Period
(the “Purchase Date”), the Company will apply all Excess Proceeds (the “Offer Amount”) to the
purchase of Notes and such other pari passu Indebtedness (on a pro rata basis, if applicable) or,
if less than the Offer Amount has been tendered, all Notes and other Indebtedness tendered in
response to the Asset Sale Offer. Payment for any Notes so purchased will be made in the same
manner as interest payments are made.

     If the Purchase Date is on or after an interest record date and on or before the related
interest payment date, any accrued and unpaid interest, Additional Amounts and Liquidated Damages,
if any, will be paid to the Person in whose name a Note is registered at the close of business on
such record date, and no additional interest will be payable to Holders who tender Notes pursuant
to the Asset Sale Offer.

     Upon the commencement of an Asset Sale Offer, the Company will send, by first class mail, a
notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice will contain
all instructions and materials necessary to enable such Holders to tender Notes pursuant to the
Asset Sale Offer. The notice, which will govern the terms of the Asset Sale Offer, will state:

     (1) that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section
4.10 hereof and the length of time the Asset Sale Offer will remain open;

     (2) the Offer Amount, the purchase price and the Purchase Date;

     (3) that any Note not tendered or accepted for payment will continue to accrue
interest;

     (4) that, unless the Company defaults in making such payment, any Note accepted for
payment pursuant to the Asset Sale Offer will cease to accrue interest after the Purchase
Date;

     (5) that Holders electing to have a Note purchased pursuant to an Asset Sale Offer may
elect to have Notes purchased in integral multiples of US$2,000 and integral multiples of
US$1,000 in excess thereof only;

     (6) that Holders electing to have Notes purchased pursuant to any Asset Sale Offer will
be required to surrender the Note, with the form entitled “Option of Holder to Elect
Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the
Company, a Depositary, if appointed by the Company, or a Paying Agent at the address
specified in the notice at least three days before the Purchase Date;

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     (7) that Holders will be entitled to withdraw their election if the Company, the
Depositary or the Paying Agent, as the case may be, receives, not later than the expiration
of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the
name of the Holder, the principal amount of the Note the Holder delivered for purchase and a
statement that such Holder is withdrawing his election to have such Note purchased;

     (8) that, if the aggregate principal amount of Notes and other pari passu Indebtedness
surrendered by holders thereof exceeds the Offer Amount, the Company will select the Notes
and other pari passu Indebtedness to be purchased on a pro rata basis based on the principal
amount of Notes and such other pari passu Indebtedness surrendered (with such adjustments as
may be deemed appropriate by the Company so that only Notes in denominations of US$2,000, or
integral multiples of US$1,000 in excess thereof, will be purchased); and

     (9) that Holders whose Notes were purchased only in part will be issued new Notes equal
in principal amount to the unpurchased portion of the Notes surrendered (or transferred by
book-entry transfer).

     On or before the Purchase Date, the Company will, to the extent lawful, accept for payment, on
a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered
pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes
tendered, and will deliver or cause to be delivered to the Trustee the Notes properly accepted
together with an Officer’s Certificate stating that such Notes or portions thereof were accepted
for payment by the Company in accordance with the terms of this Section 3.09. The Company, the
Depositary or the Paying Agent, as the case may be, will promptly (but in any case not later than
five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the
purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and
the Company will promptly issue a new Note, and the Trustee, upon written request from the Company,
will authenticate and mail or deliver (or cause to be transferred by book entry) such new Note to
such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any
Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof.
The Company will publicly announce the results of the Asset Sale Offer on the Purchase Date.

     Other than as specifically provided in this Section 3.09, any purchase pursuant to this
Section 3.09 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.

Section 3.10 Redemption for Taxation Reasons.

     The Notes may be redeemed, at the option of the Company, as a whole but not in part, upon
giving not less than 30 days’ nor more than 60 days’ notice to Holders (which notice will be
irrevocable), at a redemption price equal to 100% of the principal amount thereof, together with
accrued and unpaid interest (including any Additional Amounts), if any, to the date fixed by the
Company for redemption (the “Tax Redemption Date”) if, as a result of:

     (1) any change in, or amendment to, the laws (or any regulations or rulings promulgated
thereunder) of a Relevant Jurisdiction affecting taxation; or

     (2) any change in, or amendment to, an official position regarding the application or
interpretation of such laws, regulations or rulings (including a holding, judgment or order
by a court of competent jurisdiction),

46

 

     which change or amendment becomes effective on or after the date of this Indenture with
respect to any payment due or to become due under the Notes, this Indenture or a Note Guarantee,
the Company or a Guarantor, as the case may be, is, or on the next Interest Payment Date would be,
required to pay Additional Amounts, and such requirement cannot be avoided by the Company or a
Guarantor, as the case may be, taking reasonable measures available to it; provided that for the
avoidance of doubt changing the jurisdiction of the Company or a Guarantor is not a reasonable
measure for the purposes of this section 3.10; provided, further, that no such notice of redemption
will be given earlier than 90 days prior to the earliest date on which the Company or a Guarantor,
as the case may be, would be obligated to pay such Additional Amounts if a payment in respect of
the Notes were then due.

     Prior to the mailing of any notice of redemption of the Notes pursuant to the foregoing, the
Company will deliver to the Trustee:

     (1) an Officer’s Certificate stating that such change or amendment referred to in the
prior paragraph has occurred, and describing the facts related thereto and stating that such
requirement cannot be avoided by the Company or a Guarantor, as the case may be, taking
reasonable measures available to it; and

     (2) an Opinion of Counsel or an opinion of a tax consultant of recognized international
standing stating that the requirement to pay such Additional Amounts results from such
change or amendment referred to in the prior paragraph.

     The Trustee will accept such certificate and opinion as sufficient evidence of the
satisfaction of the conditions precedent described above, in which event it will be conclusive and
binding on the holders.

     Any Notes that are redeemed will be cancelled.

Section 3.11 Gaming Redemption.

     Each Holder, by accepting a Note, shall be deemed to have agreed that if the gaming authority
of any jurisdiction in which Parent, the Company or any of their respective Subsidiaries conducts
or proposes to conduct gaming requires that a person who is a Holder or the beneficial owner of
Notes be licensed, qualified or found suitable under applicable gaming laws, such Holder or
beneficial owner, as the case may be, shall apply for a license, qualification or a finding of
suitability within the required time period. If such Person fails to apply or become licensed or
qualified or is found unsuitable, the Company shall have the right, at its option:

     (1) to require such Person to dispose of its Notes or beneficial interest therein
within 30 days of receipt of notice of the Company’s election or such earlier date as may be
requested or prescribed by such gaming authority; or

     (2) to redeem such Notes, which redemption may be less than 30 days following the
notice of redemption if so requested or prescribed by the applicable gaming authority, at a
redemption price equal to:

          (A) the lesser of:

	 	(1)	 	the person’s cost, plus accrued and
unpaid interest, if any, to the earlier of the redemption date or
the date of the finding of unsuitability or failure to comply; and

47

 

	 	(2)	 	100% of the principal amount thereof,
plus accrued and unpaid interest, if any, to the earlier of the
redemption date or the date of the finding of unsuitability or
failure to comply; or

          (B) such other amount as may be required by applicable law or order of the applicable
gaming authority.

     The Company shall notify the Trustee in writing of any such redemption prior to notifying each
Holder pursuant to (1) and (2) of this subsection. The Company shall not be responsible for any
costs or expenses any Holder of Notes may incur in connection with its application for a license,
qualification or a finding of suitability.

ARTICLE 4

COVENANTS

Section 4.01 Payment of Notes.

     The Company will pay or cause to be paid the principal of, premium, if any, and interest,
Additional Amounts and Liquidated Damages, if any, on, the Notes on the dates and in the manner
provided in the Notes. Principal, premium, if any, and interest, Additional Amounts and Liquidated
Damages, if any, will be considered paid on the date due if the Paying Agent, if other than the
Company or a Subsidiary thereof, holds as of 10:00 a.m. New York Time two Business Days prior to
the due date money deposited by the Company in immediately available funds and designated for and
sufficient to pay all principal, premium, if any, and interest then due. The Company will pay all
Liquidated Damages, if any, in the same manner on the dates and in the amounts set forth in the
Registration Rights Agreement.

     The Company will pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal at the rate equal to 1% per annum in excess of the then
applicable interest rate on the Notes to the extent lawful; it will pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest, Additional Amounts and Liquidated Damages (without regard to any applicable grace period)
at the same rate to the extent lawful.

Section 4.02 Maintenance of Office or Agency.

     The Company will maintain in the Borough of Manhattan, the City of New York, an office or
agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or
co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where
notices and demands to or upon the Company in respect of the Notes and this Indenture may be
served. The Company will give prompt written notice to the Trustee of the location, and any change
in the location, of such office or agency. If at any time the Company fails to maintain any such
required office or agency or fails to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office
of the Trustee.

     The Company may also from time to time designate one or more other offices or agencies where
the Notes may be presented or surrendered for any or all such purposes and may from time to time
rescind such designations; provided, however, that no such designation or rescission will in any
manner relieve the Company of its obligation to maintain an office or agency in the Borough of
Manhattan, the City of New York for such purposes. The Company will give prompt written notice to
the Trustee of any such designation or rescission and of any change in the location of any such
other office or agency.

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     The Company hereby designates the Corporate Trust Office of the Trustee as one such office or
agency of the Company in accordance with Section 2.03 hereof.

Section 4.03 Reports.

     (a) Whether or not required by the rules and regulations of the SEC, so long as any Notes are
outstanding, the Company will furnish to the Holders of Notes or cause the Trustee to furnish to
the Holders of Notes:

     (1) within 120 days after the end of each fiscal year, copies of its financial
statements (on a consolidated basis) in respect of such financial year (including a
statement of income, balance sheet and cash flow statement) audited by a member firm of an
internationally-recognized firm of independent accountants; and

     (2) within 60 days after the end of each of the first three fiscal quarters of each
fiscal year, copies of its unaudited financial statements (on a consolidated basis) in
respect of such quarterly period (including a statement of income, balance sheet and cash
flow statement).

     (b) If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries, then
the quarterly and annual financial information required by the preceding paragraphs will include a
reasonably detailed presentation, either on the face of the financial statements or in the
footnotes thereto of the financial condition and results of operations of the Company and its
Restricted Subsidiaries separate from the financial condition and results of operations of the
Unrestricted Subsidiaries of the Company.

     (c) In addition, the Company and the Guarantors agree that, for so long as any Notes remain
outstanding, they will furnish to the Holders and to securities analysts and prospective investors,
upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act.

Section 4.04 Compliance Certificate.

     (a) The Company shall deliver to the Trustee, (x) within 90 days after the end of each fiscal
year and (y) within five Business Days of receipt of a written request from the Trustee, an
Officer’s Certificate stating that a review of the activities of the Company and its Subsidiaries
during the preceding fiscal year has been made under the supervision of the signing Officers with a
view to determining whether the Company has kept, observed, performed and fulfilled its obligations
under this Indenture, the Pledge of Intercompany Note, and the Guarantee Agreement, and further
stating, as to each such Officer signing such certificate, that to the best of his or her knowledge
the Company has kept, observed, performed and fulfilled each and every covenant contained in this
Indenture, the Pledge of Intercompany Note and the Guarantee Agreement and is not in default in the
performance or observance of any of the terms, provisions and conditions of this Indenture, the
Pledge of Intercompany Note or the Guarantee Agreement (or, if a Default or Event of Default has
occurred, describing all such Defaults or Events of Default of which he or she may have knowledge
and what action the Company is taking or proposes to take with respect thereto) and that to the
best of his or her knowledge no event has occurred and remains in existence by reason of which
payments on account of the principal of or interest, if any, on the Notes is prohibited or if such
event has occurred, a description of the event and what action the Company is taking or proposes to
take with respect thereto.

     (b) So long as not contrary to the then current recommendations of the American Institute of
Certified Public Accountants, the year-end financial statements delivered pursuant to Section 4.03
above

49

 

shall be accompanied by a written statement of the Company’s independent public accountants
(who shall be a firm of established national reputation) that in making the examination necessary
for certification of such financial statements, nothing has come to their attention that would lead
them to believe that the Company has violated any provisions of Article 4 or Article 5 hereof or,
if any such violation has occurred, specifying the nature and period of existence thereof, it being
understood that such accountants shall not be liable directly or indirectly to any Person for any
failure to obtain knowledge of any such violation.

     (c) So long as any of the Notes are outstanding, the Company will deliver to the Trustee, as
soon as possible and in any event within five days after the Company becomes aware of any Default
or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and what
action the Company is taking or proposes to take with respect thereto. The Trustee shall not be
deemed to have a duty to monitor compliance by the Company, nor to have knowledge of a Ratings
Decline or Default or Event of Default (other than a payment default on a scheduled interest
payment date) unless a Responsible Officer of the Trustee receives written notice thereof, stating
that it is a notice of default and referencing the applicable section of this Indenture.

Section 4.05 Taxes.

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

Section 4.06 Stay, Extension and Usury Laws.

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

Section 4.07 Restricted Payments.

     (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly
or indirectly:

     (1) declare or pay any dividend or make any other payment or distribution on account of
the Company’s or any of its Restricted Subsidiaries’ Equity Interests (including, without
limitation, any payment in connection with any merger or consolidation involving the Company
or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Company’s
or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other
than dividends or distributions payable in Equity Interests (other than Disqualified Stock)
of the Company and other than dividends or distributions payable to the Company or a
Restricted Subsidiary of the Company);

     (2) purchase, redeem or otherwise acquire or retire for value (including, without
limitation, in connection with any merger or consolidation involving the Company) any Equity
Interests of the Company or any direct or indirect parent of the Company;

50

 

     (3) make any payment on or with respect to, or purchase, redeem, defease or otherwise
acquire or retire for value any Indebtedness of the Company or any Guarantor that is
contractually subordinated to the Notes or to any Note Guarantee (excluding any intercompany
Indebtedness between or among the Company and/or any of its Restricted Subsidiaries), except
a payment of interest or principal at the Stated Maturity thereof; or

     (4) make any Restricted Investment

     (all such payments and other actions set forth in these clauses (1) through (4) above being
collectively referred to as “Restricted Payments”),

     unless, at the time of and after giving effect to such Restricted Payment:

     (1) no Default or Event of Default has occurred and is continuing or would occur as a
consequence of such Restricted Payment;

     (2) the Company would, at the time of such Restricted Payment and after giving pro
forma effect thereto as if such Restricted Payment had been made at the beginning of the
applicable four-quarter period, have been permitted to incur at least US$1.00 of additional
Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a)
hereof; and

     (3) such Restricted Payment, together with the aggregate amount of all other Restricted
Payments made by the Company and its Restricted Subsidiaries since the date of this
Indenture (excluding Restricted Payments permitted by clauses (2), (3), (4), (6), (7) and
(8) of paragraph (b) of this Section 4.07), is less than the sum, without duplication, of:

     (A) 75% of the Consolidated Cash Flow of the Company less 2.25 times Fixed
Charges for the period (taken as one accounting period) from the beginning of the
first fiscal quarter commencing after the date of this Indenture to the end of the
Company’s most recently ended fiscal quarter for which internal financial statements
are available at the time of such Restricted Payment (or, if such Consolidated Cash
Flow for such period is a deficit, less 100% of such deficit); plus

     (B) 100% of the aggregate net cash proceeds received by the Company since the
date of this Indenture as a contribution to its common equity capital or from the
issue or sale of Equity Interests of the Company (other than Disqualified Stock) or
from the issue or sale of convertible or exchangeable Disqualified Stock or
convertible or exchangeable debt securities of the Company that have been converted
into or exchanged for such Equity Interests (other than Equity Interests (or
Disqualified Stock or debt securities) sold to a Subsidiary of the Company); plus

     (C) to the extent that any Restricted Investment that was made after the date
of this Indenture is sold for cash or otherwise liquidated or repaid for cash, the
lesser of (i) the cash return of capital with respect to such Restricted Investment
(less the cost of disposition, if any) and (ii) the initial amount of such
Restricted Investment; plus

     (D) to the extent that any Unrestricted Subsidiary of the Company designated as
such after the date of this Indenture is redesignated as a Restricted Subsidiary
after the date of this Indenture, the lesser of (i) the Fair Market Value of the
Company’s Investment in such Subsidiary as of the date of such redesignation or
(ii) such Fair

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Market Value as of the date on which such Subsidiary was originally designated
as an Unrestricted Subsidiary after the date of this Indenture; plus

     (E) 50% of any dividends received by the Company or a wholly-owned Restricted
Subsidiary of the Company that is a Guarantor after the date of this Indenture from
an Unrestricted Subsidiary of the Company, to the extent that such dividends were
not otherwise included in the Consolidated Cash Flow of the Company for such period.

     (b) So long as no Default has occurred and is continuing or would be caused thereby, the
preceding provisions of Section 4.07(a) hereof will not prohibit:

     (1) the payment of any dividend or the consummation of any irrevocable redemption
within 60 days after the date of declaration of the dividend or giving of the redemption
notice, as the case may be, if at the date of declaration or notice, the dividend or
redemption payment would have complied with the provisions of this Indenture;

     (2) the making of any Restricted Payment in exchange for, or out of the net cash
proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company)
of, Equity Interests of the Company (other than Disqualified Stock) or from the
substantially concurrent contribution of common equity capital to the Company; provided that
the amount of any such net cash proceeds that are utilized for any such Restricted Payment
will be excluded from clause (3)(B) of Section 4.07(a) hereof;

     (3) the repurchase, redemption, defeasance or other acquisition or retirement for value
of Indebtedness of the Company or any Guarantor that is contractually subordinated to the
Notes or to any Note Guarantee with the net cash proceeds from a substantially concurrent
incurrence of Permitted Refinancing Indebtedness;

     (4) the payment of any dividend (or, in the case of any partnership or limited
liability company, any similar distribution) by a Restricted Subsidiary of the Company to
the holders of its Equity Interests on a pro rata basis;

     (5) the repurchase, redemption or other acquisition or retirement for value of any
Equity Interests of the Company or any Restricted Subsidiary of the Company held by any
current or former officer, director or employee of the Company or any of its Restricted
Subsidiaries pursuant to any equity subscription agreement, stock option agreement,
shareholders’ agreement or similar agreement; provided that the aggregate price paid for all
such repurchased, redeemed, acquired or retired Equity Interests may not exceed US$1.0
million in any twelve-month period;

     (6) the repurchase of Equity Interests deemed to occur upon the exercise of stock
options to the extent such Equity Interests represent a portion of the exercise price of
those stock options;

     (7) the declaration and payment of regularly scheduled or accrued dividends to holders
of any class or series of Disqualified Stock of the Company or any Restricted Subsidiary of
the Company issued on or after the date of this Indenture in accordance with the Fixed
Charge Coverage test described in Section 4.09 hereof;

     (8) any Restricted Payment made from net revenues or receipts derived from Excluded
Projects; and

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     (9) any other Restricted Payments in an aggregate amount, when taken together with all
other Restricted Payments made pursuant to this clause (9), not to exceed US$15.0 million.

     The amount of all Restricted Payments (other than cash) will be the Fair Market Value on the
date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued
by the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted
Payment. The Fair Market Value of any assets or securities that are required to be valued by this
Section 4.07 will be determined by the Board of Directors of the Company whose resolution with
respect thereto will be delivered to the Trustee. The Board of Directors’ determination must be
based upon an opinion or appraisal issued by an accounting, appraisal or investment banking firm of
national standing if the Fair Market Value exceeds US$30.0 million.

Section 4.08 Dividend and Other Payment Restrictions Affecting Subsidiaries.

     (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly
or indirectly, create or permit to exist or become effective any consensual encumbrance or
restriction on the ability of any Restricted Subsidiary to:

     (1) pay dividends or make any other distributions on its Capital Stock to the Company
or any of its Restricted Subsidiaries or with respect to any other interest or participation
in, or measured by, its profits, or pay any indebtedness owed to the Company or any of its
Restricted Subsidiaries;

     (2) make loans or advances to the Company or any of its Restricted Subsidiaries; or

     (3) sell, lease or transfer any of its properties or assets to the Company or any of
its Restricted Subsidiaries.

     (b) The restrictions in Section 4.08(a) hereof will not apply to encumbrances or restrictions
existing under or by reason of:

     (1) agreements governing Existing Indebtedness and Credit Facilities as in effect on
the date of this Indenture and any amendments, restatements, modifications, renewals,
supplements, refundings, replacements or refinancings of those agreements; provided that the
amendments, restatements, modifications, renewals, supplements, refundings, replacements or
refinancings are not materially more restrictive, taken as a whole, with respect to such
dividend and other payment restrictions than those contained in those agreements on the date
of this Indenture;

     (2) this Indenture, the Notes, the Exchange Notes, the Note Guarantees, the
Subordination Agreement and the Pledge of Intercompany Note;

     (3) applicable law, rule, regulation or order;

     (4) any instrument governing Indebtedness or Capital Stock of a Person acquired by the
Company or any of its Restricted Subsidiaries as in effect at the time of such acquisition
(except to the extent such Indebtedness or Capital Stock was incurred in connection with or
in contemplation of such acquisition), which encumbrance or restriction is not applicable to
any Person, or the properties or assets of any Person, other than the Person, or the
property or assets of the Person, so acquired; provided that, in the case of Indebtedness,
such Indebtedness was permitted by the terms of this Indenture to be incurred;

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     (5) customary non-assignment provisions in contracts and licenses entered into in the
ordinary course of business;

     (6) purchase money obligations for property acquired in the ordinary course of business
and Capital Lease Obligations that impose restrictions on the property purchased or leased
of the nature described in clause (3) of Section 4.08(a) hereof;

     (7) any agreement for the sale or other disposition of a Restricted Subsidiary that
restricts distributions by that Restricted Subsidiary pending the sale or other disposition;

     (8) Permitted Refinancing Indebtedness; provided that the restrictions contained in the
agreements governing such Permitted Refinancing Indebtedness are not materially more
restrictive, taken as a whole, than those contained in the agreements governing the
Indebtedness being refinanced;

     (9) Liens permitted to be incurred under the provisions of Section 4.12 hereof that
limit the right of the debtor to dispose of the assets subject to such Liens;

     (10) provisions limiting the disposition or distribution of assets or property in joint
venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements
and other similar agreements entered into with the approval of the Company’s Board of
Directors, which limitation is applicable only to the assets that are the subject of such
agreements; and

     (11) restrictions on cash or other deposits or net worth imposed by customers under
contracts entered into in the ordinary course of business.

Section 4.09 Incurrence of Indebtedness and Issuance of Preferred Stock.

     (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly
or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly
liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness
(including Acquired Debt), and the Company will not issue any Disqualified Stock and will not
permit any of its Restricted Subsidiaries to issue any shares of preferred stock; provided,
however, that the Company may incur Indebtedness (including Acquired Debt) or issue Disqualified
Stock, and any Subsidiary Guarantor may incur Indebtedness (including Acquired Debt) or issue
preferred stock, if the Fixed Charge Coverage Ratio for the Company’s most recently ended four full
fiscal quarters for which internal financial statements are available immediately preceding the
date on which such additional Indebtedness is incurred or such Disqualified Stock or such preferred
stock is issued, as the case may be, would have been at least 2.25 to 1, determined on a pro forma
basis (including a pro forma application of the net proceeds therefrom), as if the additional
Indebtedness had been incurred or the Disqualified Stock or the preferred stock had been issued, as
the case may be, at the beginning of such four-quarter period.

     (b) The provisions of Section 4.09(a) hereof will not prohibit the incurrence of any of the
following items of Indebtedness (collectively, “Permitted Debt”):

     (1) the incurrence by the Company and any Subsidiary Guarantor of additional
Indebtedness and letters of credit under Credit Facilities in an aggregate principal amount
at any one time outstanding under this clause (1) (with letters of credit being deemed to
have a principal amount equal to the maximum potential liability of the Company and its
Restricted Subsidiaries thereunder) not to exceed US$1,400.0 million less the aggregate
amount of all Net Proceeds of Asset Sales applied by the Company or any of its Restricted
Subsidiaries since the date of this

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Indenture to repay any term Indebtedness incurred pursuant to this clause (1) or to
repay any revolving credit indebtedness incurred under this clause (1) and effect a
corresponding commitment reduction thereunder pursuant to Section 4.10 hereof;
notwithstanding the foregoing, for the period from the date of this Indenture to the date
that is six Hong Kong Business Days after the date of this Indenture, the aggregate
principal amount outstanding under Credit Facilities under this clause (1) will not exceed
US$1,700.0 million;

     (2) the incurrence by the Company and its Restricted Subsidiaries of Existing
Indebtedness;

     (3) the incurrence by the Company and the Subsidiary Guarantors of Indebtedness
represented by the Notes and the related Note Guarantees to be issued on the date of this
Indenture and the Exchange Notes and the related Note Guarantees to be issued pursuant to
the Registration Rights Agreement;

     (4) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness
represented by Capital Lease Obligations, mortgage financings or purchase money obligations,
in each case, incurred for the purpose of financing all or any part of the purchase price or
cost of design, construction, installation or improvement of property, plant or equipment
used in the business of the Company or any of its Restricted Subsidiaries, in an aggregate
principal amount, including all Permitted Refinancing Indebtedness incurred to renew,
refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this
clause (4), not to exceed US$25.0 million at any time outstanding;

     (5) the incurrence by the Company or any of its Restricted Subsidiaries of Permitted
Refinancing Indebtedness in exchange for, or the net proceeds of which are used to renew,
refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany
Indebtedness) that was permitted by this Indenture to be incurred under Section 4.09(a)
hereof or clauses (2), (3), (4), (5) or (12) of this Section 4.09(b);

     (6) the incurrence by the Company or any of its Restricted Subsidiaries of intercompany
Indebtedness between or among the Company and/or any of its Restricted Subsidiaries;
provided, however, that:

     (A) if the Company or any Subsidiary Guarantor is the obligor on such
Indebtedness and the payee is not the Company or a Subsidiary Guarantor, such
Indebtedness must be expressly subordinated to the prior payment in full in cash of
all Obligations then due with respect to the Notes, in the case of the Company, or
the Note Guarantee, in the case of a Subsidiary Guarantor; and

     (B) (1) any subsequent issuance or transfer of Equity Interests that results in
any such Indebtedness being held by a Person other than the Company or a Restricted
Subsidiary of the Company and (2) any sale or other transfer of any such
Indebtedness to a Person that is not either the Company or a Restricted Subsidiary
of the Company, will be deemed, in each case, to constitute an incurrence of such
Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that
was not permitted by this clause (6);

     (7) the issuance by any of the Company’s Restricted Subsidiaries to the Company or to
any of its Restricted Subsidiaries of shares of preferred stock; provided, however, that:

55

 

     (A) any subsequent issuance or transfer of Equity Interests that results in any
such preferred stock being held by a Person other than the Company or a Restricted
Subsidiary of the Company; and

     (B) any sale or other transfer of any such preferred stock to a Person that is
not either the Company or a Restricted Subsidiary of the Company,

	 	 	will be deemed, in each case, to constitute an issuance of such preferred stock by such
Restricted Subsidiary that was not permitted by this clause (7);

     (8) the incurrence by the Company or any of its Restricted Subsidiaries of Hedging
Obligations in the ordinary course of business and not for speculative purposes;

     (9) the guarantee by the Company or any of the Subsidiary Guarantors of Indebtedness of
the Company or a Restricted Subsidiary of the Company that was permitted to be incurred by
another provision of this Section 4.09; provided that if the Indebtedness being guaranteed
is subordinated to or pari passu with the Notes, then the Guarantee shall be subordinated or
pari passu, as applicable, to the same extent as the Indebtedness guaranteed;

     (10) the incurrence by the Company or any of its Restricted Subsidiaries of
Indebtedness in respect of workers’ compensation claims, self-insurance obligations,
bankers’ acceptances, performance and surety bonds in the ordinary course of business;

     (11) the incurrence by the Company or any of its Restricted Subsidiaries of
Indebtedness arising from the honoring by a bank or other financial institution of a check,
draft or similar instrument inadvertently drawn against insufficient funds, so long as such
Indebtedness is covered within five Business Days; and

     (12) the incurrence by the Company or the Subsidiary Guarantors of additional
Indebtedness in an aggregate principal amount (or accreted value, as applicable) at any time
outstanding, including all Permitted Refinancing Indebtedness incurred to renew, refund,
refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause
(12), not to exceed US$50.0 million.

     Other than Shareholders Subordinated Loans or other Indebtedness to which the 2007
Subordination Deed applies, the Company will not incur, and will not permit any Subsidiary
Guarantor to incur, any Indebtedness (including Permitted Debt) that is contractually subordinated
in right of payment to any other Indebtedness of the Company or such Subsidiary Guarantor unless
such Indebtedness is also contractually subordinated in right of payment to the Notes and the
applicable Note Guarantee on substantially identical terms; provided, however, that no Indebtedness
will be deemed to be contractually subordinated in right of payment to any other Indebtedness of
the Company solely by virtue of being unsecured or by virtue of being secured on a first or junior
Lien basis.

     For purposes of determining compliance with this Section 4.09, in the event that an item of
proposed Indebtedness meets the criteria of more than one of the categories of Permitted Debt
described in clauses (1) through (12) above, or is entitled to be incurred pursuant to Section
4.09(a) hereof, the Company will be permitted to classify such item of Indebtedness on the date of
its incurrence, or later reclassify all or a portion of such item of Indebtedness, in any manner
that complies with this Section 4.09. Indebtedness under Credit Facilities outstanding on the date
on which Notes are first issued and authenticated under this Indenture will initially be deemed to
have been incurred on such date in reliance on the exception provided by clause (1) of the
definition of Permitted Debt, other than Indebtedness under

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the Subconcession Bank Guarantee Facility which will be deemed to be incurred under clause (2)
of the definition of Permitted Debt.. The accrual of interest, the accretion or amortization of
original issue discount, the payment of interest on any Indebtedness in the form of additional
Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness due to a
change in accounting principles, and the payment of dividends on Disqualified Stock in the form of
additional shares of the same class of Disqualified Stock will not be deemed to be an incurrence of
Indebtedness or an issuance of Disqualified Stock for purposes of this Section 4.09; provided, in
each such case, that the amount of any such accrual, accretion or payment is included in Fixed
Charges of the Company as accrued. Notwithstanding any other provision of this Section 4.09, the
maximum amount of Indebtedness that the Company or any Restricted Subsidiary may incur pursuant to
this Section 4.09 shall not be deemed to be exceeded solely as a result of fluctuations in exchange
rates or currency values.

     The amount of any Indebtedness outstanding as of any date will be:

     (1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with
original issue discount;

     (2) the principal amount of the Indebtedness, in the case of any other Indebtedness;
and

     (3) in respect of Indebtedness of another Person secured by a Lien on the assets of the
specified Person, the lesser of:

     (A) the Fair Market Value of such assets at the date of determination; and

     (B) the amount of the Indebtedness of the other Person.

Section 4.10 Asset Sales.

     The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an
Asset Sale unless:

     (1) the Company (or the Restricted Subsidiary, as the case may be) receives
consideration at the time of the Asset Sale at least equal to the Fair Market Value of the
assets or Equity Interests issued or sold or otherwise disposed of; and

     (2) at least 75% of the consideration received in the Asset Sale by the Company or such
Restricted Subsidiary is in the form of cash. For purposes of this provision, each of the
following will be deemed to be cash:

     (A) any liabilities, as shown on the Company’s most recent consolidated balance
sheet, of the Company or any Restricted Subsidiary (other than contingent
liabilities and liabilities that are by their terms subordinated to the Notes or any
Note Guarantee) that are assumed by the transferee of any such assets pursuant to a
customary novation agreement that releases the Company or such Restricted Subsidiary
from further liability;

     (B) any securities, notes or other obligations received by the Company or any
such Restricted Subsidiary from such transferee that are contemporaneously, subject
to ordinary settlement periods, converted by the Company or such Restricted
Subsidiary into cash, to the extent of the cash received in that conversion; and

57

 

     (C) any stock or assets of the kind referred to in clauses (2) or (4) of the
next paragraph of this Section 4.10.

     The preceding paragraph will not apply to any Asset Sale pursuant to clause (3) of the
definition of Asset Sale.

     Within 360 days after the receipt of any Net Proceeds from an Asset Sale, the Company (or the
applicable Restricted Subsidiary, as the case may be) may apply such Net Proceeds:

     (1) to repay (i) Indebtedness incurred under clause (1) of Section 4.09(b) hereof,
(ii) other Indebtedness of the Company or a Subsidiary Guarantor secured by the asset that
is the subject of such Asset Sale or (iii) Indebtedness of a Restricted Subsidiary that is
not a Subsidiary Guarantor, and in each case if the Indebtedness repaid is revolving credit
Indebtedness, to correspondingly reduce commitments with respect thereto;

     (2) to acquire all or substantially all of the assets of, or any Capital Stock of, a
Person undertaking another Permitted Business, if, after giving effect to any such
acquisition of Capital Stock, the Permitted Business is or becomes a Restricted Subsidiary
of the Company (provided that (i) such acquisition funded with any proceeds from an Event of
Loss occurs within the date that is 545 days after receipt of the Net Proceeds from the
relevant Event of Loss to the extent that a binding agreement to acquire such assets or
Capital Stock is entered into on or prior to the date that is 360 days after receipt of the
Net Proceeds from the relevant Event of Loss, and (ii) if such acquisition is not
consummated within the period set forth in clause (i), the Net Proceeds not so applied will
be deemed to be Excess Proceeds);

     (3) to make a capital expenditure (provided that (i) such capital expenditure funded
with any proceeds from an Event of Loss occurs within the date that is 545 days after
receipt of the Net Proceeds from the relevant Event of Loss to the extent that filings with
the relevant Macau authorities have been made within 360 days of such Event of Loss, and
(ii) if such capital expenditure is not commenced in the time period set forth in clause
(i), the Net Proceeds not so applied will be deemed to be Excess Proceeds); or

     (4) to acquire other assets that are not classified as current assets under GAAP and
that are used or useful in a Permitted Business (provided that (i) such acquisition funded
from an Event of Loss occurs within the date that is 545 days after receipt of the Net
Proceeds from the relevant Event of Loss to the extent that a binding agreement to acquire
such assets is entered into on or prior to the date that is 360 days after receipt of the
Net Proceeds from the relevant Event of Loss, and (ii) if such acquisition is not
consummated within the period set forth in clause (i), the Net Proceeds not so applied will
be deemed to be Excess Proceeds).

     Pending the final application of any Net Proceeds, the Company may temporarily reduce
revolving credit borrowings or otherwise invest the Net Proceeds in any manner that is not
prohibited by this Indenture.

     Any Net Proceeds from Asset Sales that are not applied or invested as provided in the second
paragraph of this Section 4.10 will constitute “Excess Proceeds.” When the aggregate amount of
Excess Proceeds exceeds US$5.0 million, within five days thereof, the Company will make an Asset
Sale Offer to all Holders and all holders of other Indebtedness that is pari passu with the Notes
containing provisions similar to those set forth in this Indenture with respect to offers to
purchase or redeem with the proceeds of sales of assets to purchase the maximum principal amount of
Notes and such other pari passu Indebtedness that may be purchased out of the Excess Proceeds. The
offer price in any Asset Sale Offer

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will be equal to 100% of the principal amount plus accrued and unpaid interest, Additional
Amounts and Liquidated Damages, if any, to the date of purchase, and will be payable in cash. If
any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use those
Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate
principal amount of Notes and other pari passu Indebtedness tendered into such Asset Sale Offer
exceeds the amount of Excess Proceeds, the Trustee pursuant to a written direction from the Company
will select the Notes and such other pari passu Indebtedness to be purchased on a pro rata basis.
Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero.

     The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent those laws and regulations are
applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer. To the
extent that the provisions of any securities laws or regulations conflict with the Asset Sale
provisions of Section 3.09 hereof or this Section 4.10, the Company will comply with the comply
with applicable securities laws and regulations and will not be deemed to have breached its
obligations under Section 3.09 hereof or this Section 4.10 by virtue of such compliance.

Section 4.11 Transactions with Affiliates.

     (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, make any
payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or
purchase any property or assets from, or enter into or make or amend any transaction, contract,
agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of
the Company (each an “Affiliate Transaction”), unless:

     (1) the Affiliate Transaction is on terms that are no less favorable to the Company or
the relevant Restricted Subsidiary than those that would have been obtained in a comparable
transaction by the Company or such Restricted Subsidiary with an unrelated Person; and

     (2) the Company delivers to the Trustee:

     (A) with respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate consideration in excess of US$30.0 million, a
resolution of the Board of Directors of the Company set forth in an Officer’s
Certificate certifying that such Affiliate Transaction complies with clause (1) of
this Section 4.11(a) and that such Affiliate Transaction has been approved by a
majority of the disinterested members of the Board of Directors of the Company; and

     (B) with respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate consideration in excess of US$45.0 million, an
opinion as to the fairness to the Company or such Subsidiary of such Affiliate
Transaction from a financial point of view issued by an accounting, appraisal or
investment banking firm of national standing.

     (b) The following items will not be deemed to be Affiliate Transactions and, therefore, will
not be subject to the provisions of Section 4.11(a) hereof:

     (1) any employment agreement, employee benefit plan, officer or director
indemnification agreement or any similar arrangement entered into by the Company or any of
its Restricted Subsidiaries in the ordinary course of business and payments pursuant
thereto;

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     (2) transactions between or among the Company and/or its Restricted Subsidiaries;

     (3) transactions with a Person (other than an Unrestricted Subsidiary of the Company)
that is an Affiliate of the Company solely because the Company owns, directly or through a
Restricted Subsidiary, an Equity Interest in, or controls, such Person;

     (4) payment of reasonable directors’ fees to Persons who are not otherwise Affiliates
of the Company;

     (5) any issuance of Equity Interests (other than Disqualified Stock) of the Company to
Affiliates of the Company;

     (6) Restricted Payments that do not violate Section 4.07 hereof;

     (7) the grant of a lease of, the right to use or equivalent interest under Macau law of
that portion of real property granted to Melco Crown (COD) Developments Limited pursuant to
the applicable land concession granted by the government of the Macau SAR in connection with
the development of an apart-hotel on such real property in accordance with such applicable
land concession to an Affiliate;

     (8) transactions or arrangements pursuant to any services agreements in effect as of
the date of this Indenture as disclosed in the Offering Memorandum; and

     (9) loans or advances to employees in the ordinary course of business not to exceed
US$1.0 million in the aggregate at any one time outstanding.

Section 4.12 Liens.

     The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly create, incur, assume or suffer to exist any Lien of any kind on any asset now owned or
hereafter acquired, except Permitted Liens.

Section 4.13 Business Activities.

     The Company will not, and will not permit any of its Restricted Subsidiaries to, engage in any
business other than Permitted Businesses, except to such extent as would not be material to the
Company and its Restricted Subsidiaries taken as a whole.

Section 4.14 Corporate Existence.

     Subject to Article 5 hereof, the Company shall do or cause to be done all things necessary to
preserve and keep in full force and effect:

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

     (2) the rights (charter and statutory), licenses and franchises of the Company and its
Subsidiaries; provided, however, that the Company shall not be required to preserve any such
right, license or franchise, or the corporate, partnership or other existence of any of its
Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no
longer

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desirable in the conduct of the business of the Company and its Subsidiaries, taken as
a whole, and that the loss thereof is not adverse in any material respect to the Holders of
the Notes.

Section 4.15 Offer to Repurchase upon Change of Control.

     (a) Upon the occurrence of a Change of Control, the Company will make an offer (a “Change of
Control Offer”) to each Holder to repurchase all or any part (equal to US$2,000 or an integral
multiple of US$1,000 in excess thereof) of that Holder’s Notes at a purchase price in cash equal to
101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest,
Additional Amounts and Liquidated Damages, if any, on the Notes repurchased to the date of
purchase, subject to the rights of Holders on the relevant record date to receive interest due on
the relevant interest payment date (the “Change of Control Payment”). Within ten days following any
Change of Control, the Company will mail a notice to each Holder describing the transaction or
transactions that constitute the Change of Control and stating:

     (1) that the Change of Control Offer is being made pursuant to this Section 4.15 and
that all Notes tendered will be accepted for payment;

     (2) the purchase price and the purchase date, which shall be no earlier than 30 days
and no later than 60 days from the date such notice is mailed (the “Change of Control
Payment Date”);

     (3) that any Note not tendered will continue to accrue interest;

     (4) that, unless the Company defaults in the payment of the Change of Control Payment,
all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue
interest after the Change of Control Payment Date;

     (5) that Holders electing to have any Notes purchased pursuant to a Change of Control
Offer will be required to surrender the Notes, with the form entitled “Option of Holder to
Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the
Paying Agent at the address specified in the notice prior to the close of business on the
third Business Day preceding the Change of Control Payment Date;

     (6) that Holders will be entitled to withdraw their election if the Paying Agent
receives, not later than the close of business on the second Business Day preceding the
Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting
forth the name of the Holder, the principal amount of Notes delivered for purchase, and a
statement that such Holder is withdrawing his election to have the Notes purchased; and

     (7) that Holders whose Notes are being purchased only in part will be issued new Notes
equal in principal amount to the unpurchased portion of the Notes surrendered, which
unpurchased portion must be equal to US$2,000 in principal amount or an integral multiple of
US$1,000 in excess thereof.

     The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent those laws and regulations are
applicable in connection with the repurchase of the Notes as a result of a Change in Control. To
the extent that the provisions of any securities laws or regulations conflict with the provisions
of Sections 3.09 or 4.15 hereof, the Company will comply with the applicable securities laws and
regulations and will not be

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deemed to have breached its obligations under Section 3.09 hereof or this Section 4.15 by
virtue of such compliance.

     (b) On the Change of Control Payment Date, the Company will, to the extent lawful:

     (1) accept for payment all Notes or portions of Notes properly tendered pursuant to the
Change of Control Offer;

     (2) deposit with the Paying Agent an amount equal to the Change of Control Payment in
respect of all Notes or portions of Notes properly tendered; and

     (3) deliver or cause to be delivered to the Trustee the Notes properly accepted
together with an Officer’s Certificate stating the aggregate principal amount of Notes or
portions of Notes being purchased by the Company.

     The Paying Agent will promptly mail (but in any case not later than five days after the Change
of Control Payment Date) to each Holder of Notes properly tendered the Change of Control Payment
for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by
book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the
Notes surrendered, if any. The Company will publicly announce the results of the Change of Control
Offer on or as soon as practicable after the Change of Control Payment Date.

     (c) Notwithstanding anything to the contrary in this Section 4.15, the Company will not be
required to make a Change of Control Offer upon a Change of Control if (1) a third party makes the
Change of Control Offer in the manner, at the times and otherwise in compliance with the
requirements set forth in this Section 4.15 and Section 3.09 hereof and purchases all Notes
properly tendered and not withdrawn under the Change of Control Offer, or (2) notice of redemption
has been given pursuant to Section 3.07 hereof, unless and until there is a default in payment of
the applicable redemption price.

Section 4.16 No Layering of Debt.

     The Company will not permit any Subsidiary Group Guarantor to incur, create, issue, assume,
guarantee or otherwise become liable for any Subsidiary Group Guarantor Senior Indebtedness (other
than (i) Designated Senior Indebtedness or (ii) Permitted Debt that is equal in right of payment to
the Notes), unless such Subsidiary Group Guarantor Senior Indebtedness is subordinated to the
Designated Senior Indebtedness on substantially identical terms that the Note Guarantee of such
Subsidiary Group Guarantor is subordinated to the Designated Senior Indebtedness.

Section 4.17 No Amendment to Subordination Provisions.

     Without the consent of the Holders of at least a majority in aggregate principal amount of the
Notes then outstanding, none of the Company or any its Restricted Subsidiaries will amend, modify
or alter any Shareholders Subordinated Loan or the subordination deed governing Indebtedness
subordinated to the Senior Credit Agreement (“Credit Agreement Subordinated Indebtedness”) in any
way to:

     (1) add any additional creditors (other than a Sponsor, the Parent, the Company, any
Guarantors or any Finance Party (as defined in the Senior Credit Agreement)); or

     (2) amend the subordination provisions of any Shareholders Subordinated Loan or the
2007 Subordination Deed or any equivalent article of any future subordination deed

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governing any Credit Agreement Subordinated Indebtedness in a manner that adversely
affects the ranking of Notes or the Note Guarantees.

Section 4.18 Payments for Consent.

     The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder of Notes
for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of
this Indenture or the Notes unless such consideration is offered to be paid and is paid to all
Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the
solicitation documents relating to such consent, waiver or agreement.

Section 4.19 Additional Note Guarantees.

     If the Company or any of its Restricted Subsidiaries acquires or creates another Restricted
Subsidiary after the date of this Indenture, the Company will cause that newly acquired or created
Restricted Subsidiary to become a Guarantor and execute a guarantee in the form attached as Exhibit
B to the Guarantee Agreement and deliver an Opinion of Counsel satisfactory to the Trustee within
10 Business Days of the date on which it was acquired or created; provided that this Section 4.19
will not apply to a Restricted Subsidiary that is an “investment company” (an “Investment Company
Subsidiary”) as such term is defined in the Investment Company Act of 1940 so long as, at the time
such Restricted Subsidiary is acquired or created, the aggregate assets of all Investment Company
Subsidiaries do not exceed of 5% of the assets of the Company and its Restricted Subsidiaries.

Section 4.20 Designation of Restricted and Unrestricted Subsidiaries.

     The Board of Directors of the Company may designate any Restricted Subsidiary to be an
Unrestricted Subsidiary if that designation would not cause a Default. If a Restricted Subsidiary
is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding
Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as
Unrestricted will be deemed to be an Investment made as of the time of the designation and will
reduce the amount available for Restricted Payments under Section 4.07 hereof or under one or more
clauses of the definition of Permitted Investments, as determined by the Company. That designation
will only be permitted if the Investment would be permitted at that time and if the Restricted
Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Board of Directors of
the Company may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if that
redesignation would not cause a Default.

     Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced
to the Trustee by filing with the Trustee a certified copy of a resolution of the Board of
Directors giving effect to such designation and an Officer’s Certificate certifying that such
designation complied with the preceding conditions and was permitted by Section 4.07 hereof. If,
at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an
Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of
this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a
Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to
be incurred as of such date under Section 4.09 hereof, the Company will be in default of such
covenant. The Board of Directors of the Company may at any time designate any Unrestricted
Subsidiary to be a Restricted Subsidiary; provided that such designation will be deemed to be an
incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding
Indebtedness of such Unrestricted Subsidiary and such designation will only be permitted if (1)
such Indebtedness is permitted under Section 4.09 hereof, calculated on a pro forma basis as if
such

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designation had occurred at the beginning of the reference period; and (2) no Default or Event
of Default would be in existence following such designation.

Section 4.21 Prepayment of Certain Amounts under Senior Credit Agreement.

     On the date of this Indenture the Company will, or will cause its relevant Restricted
Subsidiary to, provide the Trustee with evidence that the Fourth Amendment Agreement has become
effective and will, or will cause such relevant Restricted Subsidiary to, comply with its
obligations in relation to the application of Bond Proceeds under (and as defined in) the Fourth
Amendment Agreement and (i) apply the net proceeds as set forth in the “Use of Proceeds” section of
the Offering Memorandum and (ii) within six Hong Kong Business Days of the date of this Indenture,
prepay the amounts and cancel the commitments under the Senior Credit Agreement, in each case
pursuant to the Fourth Amendment Agreement.

Section 4.22 Listing.

     The Company will use its commercially reasonable efforts to list and maintain the listing and
quotation of the Notes on the Official List of the Singapore Exchange Securities Trading Limited or
another comparable exchange.

Section 4.23 Future Subordination Rights in Favor of the Holders of the Notes.

     Notwithstanding any other provision of this Indenture, to the extent that the Company or any
Restricted Subsidiary incurs (i) any Indebtedness under Section 4.09(b)(1) (other than the Senior
Credit Agreement) or (ii) any Indebtedness to refinance the Subconcession Bank Guarantee Facility,
the Company will, and will cause any relevant Restricted Subsidiary to, procure that the creditors
of such Indebtedness accede to the Subordination Agreement or to an agreement providing for such
Indebtedness and the Notes and Note Guarantees to rank pari passu in right of payment and that any
Indebtedness of the Company or the relevant Restricted Subsidiary subordinated to the Indebtedness
in (i) or (ii) above is subordinated on substantially identical terms (including, to the extent
such terms so provide, sharing in any assignment by way of security of the subordinated
Indebtedness, the “Subordinated Security”) to the Notes and the Note Guarantees.

     Upon the receipt by the Trustee of an Opinion of Counsel and an Officer’s Certificate stating
that the conditions of this Section 4.23 have been satisfied in respect thereof (including, inter
alia, that (a) such Indebtedness and the Notes and Note Guarantees rank pari passu in right of
payment, (b) any Indebtedness of the Company or the relevant Restricted Subsidiary subordinated to
the Indebtedness in (i) or (ii) above is subordinated to the Notes and the Note Guarantee on
substantially identical terms and (c) the amendment, modification or agreement does not require the
Trustee to assume any obligations additional to those assumed by it under the Subordination
Agreement) and such other documentation the Trustee may reasonably require to confirm the
conditions of this Section 4.23 have been satisfied, the Trustee, on behalf of the Holders of the
Notes, agrees to enter into any amendment or modification to the Subordination Agreement or enter
into or accede to any other agreement solely in order to give effect to the arrangements
contemplated in this Section 4.23. Nothing contained herein shall require the Trustee to enter into
any document that would otherwise adversely affect the ranking of the Notes without first obtaining
the consent of the Holders of the Notes required in Section 9.02 herein. Further, the Trustee shall
not be required to enter into any amendment, modification or other agreement other than, subject to
the Trustee’s reasonable satisfaction, in accordance with Section 12.14 herein.

     For the avoidance of doubt, (x) nothing in this provision will prohibit the Trustee, on behalf
of the Holders of the Notes, from becoming, and the Trustee (on a non-recourse hold harmless basis)
may so

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become, a party to the 2007 Subordination Deed on a pari passu basis with the Subconcession
Bank Guarantor (or any successor guarantor) and/or any creditors of Indebtedness referred to in (i)
or (ii) above pursuant to any amendment, restatement, supplement or accession deed in relation to
the 2007 Subordination Deed; (y) no Indebtedness will be deemed to be subordinated to any other
Indebtedness by virtue solely of one being unsecured or by virtue of one having a first lien and
the other having a junior lien; and (z) nothing in this Section 4.23 will require the creation,
granting, incurring, taking or sharing of any Lien or other security for any Indebtedness (except
in relation to the Subordinated Security, if any).

ARTICLE 5

SUCCESSORS

Section 5.01 Merger, Consolidation, or Sale of Assets.

     (a) The Company will not, directly or indirectly: (1) consolidate or merge with or into
another Person (whether or not the Company is the surviving corporation); or (2) sell, assign,
transfer, convey or otherwise dispose of all or substantially all of the properties or assets of
the Company and its Restricted Subsidiaries taken as a whole, in one or more related transactions,
to another Person, unless:

     (1) either:

     (A) the Company is the surviving corporation; or

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

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

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

     (4) the Company or the Person formed by or surviving any such consolidation or merger
(if other than the Company), or to which such sale, assignment, transfer, conveyance or
other disposition has been made, would, on the date of such transaction after giving pro
forma effect thereto and any related financing transactions as if the same had occurred at
the beginning of the applicable four-quarter period, be permitted to incur at least US$1.00
of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in
Section 4.09(a) hereof.

     (b) Parent will not, directly or indirectly: (1) consolidate or merge with or into another
Person (whether or not Parent is the surviving corporation); or (2) sell, assign, transfer, convey
or otherwise dispose of all or substantially all of the properties or assets of Parent in one or
more related transactions, to another Person, unless:

     (1) either:

     (A) Parent is the surviving corporation; or

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

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

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

     (c) The Company will not permit any Subsidiary Guarantor that is a Significant Subsidiary to,
directly or indirectly: (1) consolidate or merge with or into another Person (whether or not such
Subsidiary Guarantor is the surviving corporation); or (2) sell, assign, transfer, convey or
otherwise dispose of all or substantially all of the properties or assets of such Subsidiary
Guarantor in one or more related transactions, to another Person, unless:

     (1) either:

     (A) such Subsidiary Guarantor is the surviving corporation; or

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

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

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

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

     provided, however, that the provisions of this Section 5.01(c) shall not apply if such
Subsidiary Guarantor is released from its Note Guarantee pursuant to the Guarantee Agreement as a
result of such consolidation, merger, sale or other disposition.

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     This Section 5.01 will not apply to:

     (1) a merger of the Company or a Guarantor, as the case may be, with an Affiliate
solely for the purpose of reincorporating or reorganizing the Company or a Guarantor, as the
case may be, in another jurisdiction, provided such jurisdiction is a jurisdiction listed in
clause (1) of the preceding paragraph; or

     (2) any consolidation or merger, or any sale, assignment, transfer, conveyance, lease
or other disposition of assets between or among the Company and the Guarantors or between or
among Guarantors.

Section 5.02 Successor Corporation Substituted.

     Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or
other disposition of all or substantially all of the properties or assets of the Company in a
transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the
successor Person formed by such consolidation or into or with which the Company is merged or to
which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed
to, and be substituted for (so that from and after the date of such consolidation, merger, sale,
assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture
referring to the “Company” shall refer instead to the successor Person and not to the Company), and
may exercise every right and power of the Company under this Indenture with the same effect as if
such successor Person had been named as the Company herein; provided, however, that the predecessor
Company shall not be relieved from the obligation to pay the principal of and interest on the Notes
except in the case of a sale of all of the Company’s assets in a transaction that is subject to,
and that complies with the provisions of, Section 5.01 hereof.

ARTICLE 6

DEFAULTS AND REMEDIES

Section 6.01 Events of Default.

     Each of the following is an “Event of Default”:

     (1) default for 30 days in the payment when due of interest on, or Additional Amounts
or Liquidated Damages, if any, with respect to, the Notes, whether or not prohibited by the
subordination provisions of this Indenture;

     (2) default in the payment when due (at maturity, upon redemption or otherwise) of the
principal of, or premium, if any, on, the Notes, whether or not prohibited by the
subordination provisions of this Indenture;

     (3) failure by the Company or any of its Restricted Subsidiaries to comply with its
obligations under the provisions of Sections 3.09, 4.09, 4.10, 4.15 or 5.01 hereof;

     (4) failure by the Company or any of its Restricted Subsidiaries for 60 days after
notice to the Company by the Trustee or the Holders of at least 25% in aggregate principal
amount of the Notes then outstanding voting as a single class to comply with any of the
other agreements in this Indenture, the Guarantee Agreement, the Intercompany Note, the
Pledge of Intercompany Note or the Subordination Agreement;

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     (5) default under any mortgage, indenture or instrument (other than the Designated
Senior Indebtedness Documents) under which there may be issued or by which there may be
secured or evidenced any Indebtedness for money borrowed by the Company or any of its
Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its
Restricted Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created
after the date of this Indenture, if that default:

     (A) is caused by a failure to pay principal of, or interest or premium, if any,
on, such Indebtedness prior to the expiration of the grace period provided in such
Indebtedness on the date of such default (a “Payment Default”); or

     (B) results in the acceleration of such Indebtedness prior to its express
maturity,

and, in each case, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness or the maturity of which has been so
accelerated, aggregates US$10.0 million or more;

     (6) default under the Designated Senior Indebtedness Documents that results in the
acceleration thereof prior to the final maturity thereof;

     (7) any direct or indirect parent of Melco Crown Gaming becomes an obligor under any
Designated Senior Indebtedness (other than any such parent that is an obligor under any
Designated Senior Indebtedness on the date of this Indenture or that is required become an
obligor under the Designated Senior Indebtedness, as such Indebtedness is in effect on the
date of this Indenture);

     (8) failure by the Company or any of its Restricted Subsidiaries to pay final judgments
entered by a court or courts of competent jurisdiction aggregating in excess of US$10.0
million, which judgments are not paid, discharged or stayed for a period of 60 days;

     (9) the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary
or any group of Restricted Subsidiaries of the Company that, taken together, would
constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law:

     (A) commences a voluntary case,

     (B) consents to the entry of an order for relief against it in an involuntary
case,

     (C) consents to the appointment of a custodian of it or for all or
substantially all of its property,

     (D) makes a general assignment for the benefit of its creditors, or

     (E) generally is not paying its debts as they become due;

     (10) a court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that:

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     (A) is for relief against the Company or any of its Restricted Subsidiaries
that is a Significant Subsidiary or any group of Restricted Subsidiaries of the
Company that, taken together, would constitute a Significant Subsidiary in an
involuntary case;

     (B) appoints a custodian of the Company or any of its Restricted Subsidiaries
that is a Significant Subsidiary or any group of Restricted Subsidiaries of the
Company that, taken together, would constitute a Significant Subsidiary or for all
or substantially all of the property of the Company or any of its Restricted
Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Significant
Subsidiary; or

     (C) orders the liquidation of the Company or any of its Restricted Subsidiaries
that is a Significant Subsidiary or any group of Restricted Subsidiaries of the
Company that, taken together, would constitute a Significant Subsidiary;

     and the order or decree remains unstayed and in effect for 60 consecutive days; or

     (11) breach by the Company of any representation or warranty or agreement in the Pledge
of Intercompany Note, the repudiation by the Company of any of its obligations under the
Pledge of Intercompany Note or the unenforceability of the Pledge of Intercompany Note
against the Company for any reason;

     (12) except as permitted by this Indenture or the Guarantee Agreement, any Note
Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases for
any reason to be in full force and effect, or any Guarantor, or any Person acting on behalf
of any Guarantor, denies or disaffirms its obligations under its Note Guarantee; and

     (13) revocation, termination, temporary administrative intervention or other cessation
of effectiveness of any Gaming License.

Section 6.02 Acceleration.

     In the case of an Event of Default specified in clause (9) or (10) of Section 6.01 hereof,
with respect to the Company, any Restricted Subsidiary of the Company that is a Significant
Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would
constitute a Significant Subsidiary, all outstanding Notes will become due and payable immediately
without further action or notice. If any other Event of Default occurs and is continuing, the
Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes
may declare all the Notes to be due and payable immediately.

     Upon any such declaration, the Notes shall become due and payable immediately.

     The Holders of a majority in aggregate principal amount of the then outstanding Notes by
written notice to the Trustee may, on behalf of all of the Holders, rescind an acceleration and its
consequences, if the rescission would not conflict with any judgment or decree and if all existing
Events of Default (except nonpayment of principal, interest or premium, Additional Amounts or
Liquidated Damages, if any, that has become due solely because of the acceleration) have been cured
or waived.

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Section 6.03 Other Remedies.

     If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy
to collect the payment of principal, premium, Additional Amounts and Liquidated Damages, if any,
and interest on the Notes or to enforce the performance of any provision of the Notes, this
Indenture, the Note Guarantee, the Pledge of the Intercompany Note and the Subordination Agreement.

     The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note
in exercising any right or remedy accruing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law.

Section 6.04 Waiver of Past Defaults.

     Holders of not less than a majority in aggregate principal amount of the then outstanding
Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive an existing
Default or Event of Default and its consequences hereunder, except a continuing Default or Event of
Default in the payment of the principal of, premium, Additional Amounts and Liquidated Damages, if
any, or interest on, the Notes (including in connection with an offer to purchase); provided,
however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes
may rescind an acceleration and its consequences, including any related payment default that
resulted from such acceleration. Upon any such waiver, such Default shall cease to exist, and any
Event of Default arising therefrom shall be deemed to have been cured for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right
consequent thereon.

Section 6.05 Control by Majority.

     Holders of a majority in aggregate principal amount of the then outstanding Notes may direct
the time, method and place of conducting any proceeding for exercising any remedy available to the
Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to
follow any direction that conflicts with law or this Indenture that the Trustee determines may be
unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee in
personal liability.

Section 6.06 Limitation on Suits.

     (a) Subject to the provisions of this Indenture relating to the duties of the Trustee, in case
an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise
any of the rights or powers under this Indenture at the request or direction of any holders of
Notes unless such holders have offered to the Trustee reasonable indemnity or security against any
loss, liability or expense. The Collateral Agent is also not required to take any action unless it
is indemnified or offered security to its satisfaction in its sole discretion, against any loss,
liability or expense. Except to enforce the right to receive payment of principal, premium, if
any, or interest, Additional Amounts or Liquidated Damages, if any, when due, a Holder may pursue a
remedy with respect to this Indenture or the Notes only if:

     (1) such Holder has previously given the Trustee written notice that an Event of
Default is continuing;

     (2) Holders of at least 25% in aggregate principal amount of the then outstanding Notes
have made a written request to the Trustee to pursue the remedy;

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     (3) such Holder or Holders offer and, if requested, provide to the Trustee security or
indemnity reasonably satisfactory to the Trustee against any loss, liability or expense;

     (4) the Trustee has not complied with the request within 60 days after receipt of the
request and the offer of security or indemnity; and

     (5) during such 60-day period, Holders of a majority in aggregate principal amount of
the then outstanding Notes do not give the Trustee a direction inconsistent with such
request.

     (b) A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of
a Note or to obtain a preference or priority over another Holder of a Note.

Section 6.07 Rights of Holders of Notes to Receive Payment.

     Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to
receive payment of principal, premium, Additional Amounts and Liquidated Damages, if any, and
interest on the Note, on or after the respective due dates expressed in the Note (including in
connection with an offer to purchase), or to bring suit for the enforcement of any such payment on
or after such respective dates, shall not be impaired or affected without the consent of such
Holder; provided that a Holder shall not have the right to institute any such suit for the
enforcement of payment if and to the extent that the institution or prosecution thereof or the
entry of judgment therein would, under applicable law, result in the surrender, impairment, waiver
or loss of the Lien of this Indenture upon any property subject to such Lien.

Section 6.08 Collection Suit by Trustee.

     If an Event of Default specified in Section 6.01(1) or (2) hereof occurs and is continuing,
the Trustee is authorized to recover judgment in its own name and as trustee of an express trust
against the Company for the whole amount of principal of, premium, Additional Amounts and
Liquidated Damages, if any, and interest remaining unpaid on, the Notes and interest on overdue
principal and, to the extent lawful, interest and such further amount as shall be sufficient to
cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel.

Section 6.09 Trustee May File Proofs of Claim.

     The Trustee is authorized to file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company
(or any other obligor upon the Notes), its creditors or its property and shall be entitled and
empowered to collect, receive and distribute any money or other property payable or deliverable on
any such claims and any custodian in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel, and any other amounts due the Trustee under Section 7.08 hereof. To the extent that the
payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 7.08 hereof out of the estate in
any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien
on, and shall be paid out of, any and all distributions, dividends, money, securities and other
properties that the Holders may be entitled to receive in such proceeding whether in liquidation or

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under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall
be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder
in any such proceeding.

Section 6.10 Priorities.

     If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in
the following order:

     First: to the Trustee, its agents and attorneys for amounts due under Section 7.08
hereof, including payment of all compensation, expenses and liabilities incurred, and all
advances made, by the Trustee and the costs and expenses of collection;

     Second: to Holders of Notes for amounts due and unpaid on the Notes for principal,
premium, Additional Amounts and Liquidated Damages, if any, and interest, ratably, without
preference or priority of any kind, according to the amounts due and payable on the Notes
for principal, premium, Additional Amounts and Liquidated Damages, if any, and interest,
respectively; and

     Third: to the Company or to such party as a court of competent jurisdiction shall
direct.

     The Trustee may fix a record date and payment date for any payment to Holders of Notes
pursuant to this Section 6.10.

Section 6.11 Undertaking for Costs.

     In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the
suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits and good faith of the
claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the
Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more
than 10% in aggregate principal amount of the then outstanding Notes.

ARTICLE 7

TRUSTEE

Section 7.01 Duties of Trustee.

     (a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of
the rights and powers vested in it by this Indenture, and use the same degree of care and skill in
its exercise, as a prudent person would exercise or use under the circumstances in the conduct of
such person’s own affairs.

     (b) Except during the continuance of an Event of Default:

     (1) the duties of the Trustee will be determined solely by the express provisions of
this Indenture and the Trustee need perform only those duties that are specifically set
forth in this

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Indenture and no others, and no implied covenants or obligations shall be read into
this Indenture against the Trustee; and

     (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture. However, the Trustee will examine the certificates and opinions to determine
whether or not they conform to the requirements of this Indenture.

     (3) other than with respect to a payment default, the Trustee shall not be charged with
knowledge of any Default or Event of Default unless written notice has been delivered to a
Responsible Officer at the Corporate Trust Office of the Trustee referencing the applicable
provision of this Indenture.

     (c) The Trustee may not be relieved from liabilities for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that:

     (1) this paragraph does not limit the effect of paragraph (b) of this Section 7.01;

     (2) the Trustee will not be liable for any error of judgment made in good faith by a
Responsible Officer; and

     (3) the Trustee will not be liable with respect to any action it takes or omits to take
in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof.

     (d) Whether or not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01.

     (e) No provision of this Indenture will require the Trustee to expend or risk its own funds or
incur any liability. The Trustee will be under no obligation to exercise any of its rights and
powers under this Indenture at the request of any Holders, unless such Holder has offered to the
Trustee security and indemnity satisfactory to it in its reasonable discretion against any loss,
liability or expense.

     (f) The Trustee will not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law.

Section 7.02 Rights of Trustee.

     (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to
have been signed or presented by the proper Person. The Trustee need not investigate any fact or
matter stated in the document.

     (b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate
or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits
to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee
may engage and consult with professional advisors and counsel selected by it at the reasonable
expense of the Company and the Trustee may rely conclusively upon advice of such professional
advisors and counsel or any Opinion of Counsel will be full and complete authorization and
protection from liability in respect of any action taken, suffered or omitted by it hereunder in
good faith and in reliance thereon by the Trustee and any of its directors, officers, employees or
agents duly appointed.

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     (c) The Trustee may act through its attorneys and agents and will not be responsible for the
misconduct or negligence of any agent appointed with due care. The Trustee shall have no duty to
monitor the performance of such agents.

     (d) The Trustee will not be liable for any action it takes or omits to take in good faith that
it believes to be authorized or within the rights or powers conferred upon it by this Indenture.
The Trustee shall not be required to take action at the direction of the Company or Holders which
conflicts with the requirements of this Indenture, or for which it is not indemnified to its
satisfaction, or which involves undue risk or would be contrary to applicable law or regulation.

     (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction
or notice from the Company will be sufficient if signed by an Officer or a director of the Company.

     (f) The Trustee will be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request or direction of any of the Holders unless such Holders have
offered to the Trustee indemnity and/or security satisfactory to the Trustee in its sole discretion
against the losses, liabilities and expenses that might be incurred by it in compliance with such
request or direction.

     (g) In no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts
of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and
hardware) services; it being understood that the Trustee shall use reasonable efforts which are
consistent with accepted practices in the banking industry to resume performance as soon as
practicable under the circumstances.

     (h) The recitals contained herein and in the Notes are made by the Company and not by the
Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes
no representation as to the validity or sufficiency of this Indenture, the Notes, the Pledge of
Intercompany Note, the Subordination Agreement, any Intercompany Note, any Pledged Collateral or
the Note Guarantee.

     (i) The Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records, and premises of the Company,
personally or by agent or attorney at the sole cost of the Company and shall incur no liability or
additional liability of any kind by reason of such inquiry or investigation.

     (j) In no event shall the Trustee be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit)
irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action.

     (k) The rights, privileges, indemnity, protections, immunities and benefits given to the
Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Trustee in each of its capacities hereunder, and the Collateral Agent, and each
agent, custodian and other Person employed to act hereunder and shall be incorporated by reference
and made a

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part of the Pledge of Intercompany Note, the Note Guarantee and the Subordination Agreement,
provided, however the Collateral Agent and any such agent or custodian shall not be deemed to be a
fiduciary;

     (l) The Trustee may request that the Company deliver a certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to
this Indenture;

     (m) In the event that the Trustee and Agents shall be uncertain as to their respective duties
or rights hereunder or shall receive instructions, claims or demands from the Company, which in
their opinion, conflict with any of the provisions of this Indenture, they shall be entitled to
refrain from taking action until directed in writing by a final order or judgment of a court of
competent jurisdiction; and

     (n) So long as any of the Notes remains outstanding, the Company shall provide the
Agents with a sufficient number of copies of the Indenture and each of the documents sent to the
Trustee or which are required to be made available by stock exchange regulations or stated in the
Offering Memorandum relating to the Notes, to be available and, subject to being provided with such
copies, each of the Agents will procure that such copies shall be available at its specified office
during normal office hours for examination by Noteholders and that copies thereof will be furnished
to Noteholders upon written request at their own expense.

Section 7.03 Limitation on Duty of Trustee and Collateral Agent in Respect of Collateral;
Indemnification

     (a) Beyond the exercise of reasonable care in the custody thereof, the Trustee and Collateral
Agent shall have no duty as to any Collateral in its possession or control or in the possession or
control of any agent or bailee or any income thereon or as to preservation of rights against prior
parties or any other rights pertaining thereto and the Trustee and Collateral Agent shall not be
responsible for filing any financing or continuation statements or recording any documents or
instruments in any public office at any time or times or otherwise perfecting or maintaining the
perfection of any security interest in the Collateral. The Trustee and Collateral Agent shall be
deemed to have exercised reasonable care in the custody of the Collateral in its possession if the
Collateral is accorded treatment substantially equal to that which it accords other collateral and
shall not be liable or responsible for any loss or diminution in the value of any of the
Collateral, by reason of the act or omission of any carrier, forwarding agency or other agent or
bailee selected by the Trustee or Collateral Agent in good faith.

     (b) The Trustee and Collateral Agent shall not be responsible for the existence, genuineness
or value of any of the Collateral or for the validity, perfection, priority of enforceability of
the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action
or omission to act on its part hereunder, except to the extent such action or omission constitutes
gross negligence, bad faith or willful misconduct on the part of the Trustee and Collateral Agent,
for the validity or sufficiency of the Collateral or any agreement or assignment contained therein,
for the validity or sufficiency of the Collateral or any agreement or assignment contained therein,
for the validity of the title of the Company to the Collateral, for insuring the Collateral or
otherwise as to the maintenance of the Collateral. The Trustee and Collateral Agent shall have no
duty to ascertain or inquire as to the performance or observance of any of the terms of this
Indenture, the Pledge of Intercompany Note by the Company, or the Guarantors.

Section 7.04 Individual Rights of Trustee.

     The Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Company or any Affiliate of the Company with the same rights it
would

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have if it were not Trustee. However, in the event that the Trustee acquires any conflicting
interest under the TIA it must eliminate such conflict within 90 days, apply to the SEC for
permission to continue as Trustee (if this Indenture has been qualified under the TIA) or resign.
The Trustee is also subject to Sections 7.11 and 7.13 hereof.

Section 7.05 Trustee’s Disclaimer.

     The Trustee will not be responsible for and makes no representation as to the validity or
adequacy of this Indenture, the Guarantee Agreement, the Pledge of Intercompany Note, the
Subordination Agreement or the Notes, it shall not be accountable for the Company’s use of the
proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any
provision of this Indenture, it will not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it will not be responsible for any
statement or recital herein or any statement in the Notes or any other document in connection with
the sale of the Notes or pursuant to this Indenture other than its certificate of authentication.
The Trustee shall not be deemed to be required to calculate any Fixed Charges, Treasury Rates,
Additional Amounts, Liquidated Damages, any make-whole amount, any Fixed Charge Coverage Ratio or
other coverage ratio, or otherwise.

Section 7.06 Notice of Defaults.

     If a Default or Event of Default occurs and is continuing and if it is known to the Trustee,
the Trustee will mail to Holders of Notes a notice of the Default or Event of Default within 90
days after it occurs. Except in the case of a Default or Event of Default in payment of principal
of, premium, Additional Amounts or Liquidated Damages, if any, or interest on, any Note, the
Trustee shall not be deemed to have such actual knowledge and may withhold the notice if and so
long as a committee of its Responsible Officers in good faith determines that withholding the
notice is in the interests of the Holders of the Notes.

Section 7.07 Reports by Trustee to Holders of the Notes.

     (a) Within 60 days after each May 15 beginning with the May 15 following the date of this
Indenture, and for so long as Notes remain outstanding, the Trustee will mail to the Holders of the
Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no
event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date,
no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee
will also transmit by mail all reports as required by TIA § 313(c).

     (b) A copy of each report at the time of its mailing to the Holders of Notes will be mailed by
the Trustee to the Company and filed by the Trustee with the SEC and each stock exchange on which
the Notes are listed in accordance with TIA § 313(d). The Company will promptly notify the Trustee
when the Notes are listed on any stock exchange.

Section 7.08 Compensation and Indemnity.

     (a) The Company will pay to the Trustee from time to time reasonable compensation for its
acceptance of this Indenture and services hereunder pursuant to a written fee agreement executed by
the Trustee and the Company. The Trustee’s compensation will not be limited by any law on
compensation of a trustee of an express trust. The Company will reimburse the Trustee promptly
upon request for all reasonable disbursements, advances and expenses incurred or made by it in
addition to the compensation for its services. Such expenses will include the reasonable
compensation, disbursements and expenses of the Trustee’s agents and counsel.

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     (b) The Company will indemnify the Trustee (which for purposes of this Section 7.08, shall be
deemed to include its officers, directors, employees and agents) against any and all losses,
liabilities or expenses (including the fees and expenses of counsel) incurred by it arising out of
or in connection with the acceptance or administration of its duties under this Indenture,
including the costs and expenses of enforcing this Indenture against the Company (including this
Section 7.08) and defending itself against any claim (whether asserted by the Company, any Holder
or any other Person) or liability in connection with the exercise or performance of any of its
powers or duties hereunder, except to the extent any such loss, liability or expense may be
attributable solely to its negligence or willful default or fraud by a court of competent
jurisdiction in a final non-appealable order. The Trustee will notify the Company promptly of any
claim for which it may seek indemnity. Failure by the Trustee to so notify the Company will not
relieve the Company of its obligations hereunder. The Company will defend the claim and the
Trustee will cooperate in the defense. The Trustee may have separate counsel and the Company will
pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement
made without its consent, which consent will not be unreasonably withheld.

     (c) The obligations of the Company under this Section 7.08 will survive the satisfaction and
discharge of this Indenture, and the resignation or removal of the Trustee and/or Collateral Agent.

     (d) To secure the Company’s payment obligations in this Section 7.08, the Trustee will have a
Lien prior to the Notes on all money or property held or collected by the Trustee, except that held
in trust to pay principal and interest on particular Notes. Such Lien will survive the
satisfaction and discharge of this Indenture.

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

     (f) The Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable.

     (g) The Collateral Agent and The Bank of New York Mellon when acting as Subordination
Agent shall have the same rights to compensation and indemnity as the Trustee hereunder. For
purposes of this Section 7.07 “hereunder” shall be deemed to include this Indenture, the Notes the
Pledge of Intercompany Note, the Guarantee Agreement and the Subordination Agreement.

Section 7.09 Replacement of Trustee.

     (a) A resignation or removal of the Trustee and appointment of a successor Trustee will become
effective only upon the successor Trustee’s acceptance of appointment as provided in this Section
7.09.

     (b) The Trustee may resign in writing at any time and be discharged from the trust hereby
created by so notifying the Company. The Holders of a majority in aggregate principal amount of
the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in
writing. The Company may remove the Trustee if:

     (1) the Trustee fails to comply with Section 7.11 hereof;

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

     (3) a custodian or public officer takes charge of the Trustee or its property; or

     (4) the Trustee becomes incapable of acting.

     (c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for
any reason, the Company will promptly appoint a successor Trustee. Within one year after the
successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then
outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Company.

     (d) If a successor Trustee does not take office within 60 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Company, or the Holders of at least 10% in
aggregate principal amount of the then outstanding Notes may petition any court of competent
jurisdiction for the appointment of a successor Trustee at the sole expense of the Company.

     (e) If the Trustee, after written request by any Holder who has been a Holder for at least six
months, fails to comply with Section 7.11 hereof, such Holder may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

     (f) A successor Trustee will deliver a written acceptance of its appointment to the retiring
Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee will
become effective, and the successor Trustee will have all the rights, powers and duties of the
Trustee under this Indenture. The successor Trustee will mail a notice of its succession to
Holders. The retiring Trustee will promptly transfer all property held by it as Trustee to the
successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to
the Lien provided for in Section 7.08 hereof. Notwithstanding replacement of the Trustee pursuant
to this Section 7.09, the Company’s obligations under Section 7.08 hereof will continue for the
benefit of the retiring Trustee.

Section 7.10 Successor Trustee by Merger, etc.

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

Section 7.11 Eligibility; Disqualification.

     There will at all times be a Trustee hereunder that is a corporation organized and doing
business under the laws of the United States of America or of any state thereof that is authorized
under such laws to exercise corporate trustee power, that is subject to supervision or examination
by federal or state authorities and that has a combined capital and surplus of at least US$100.0
million as set forth in its most recent published annual report of condition.

     This Indenture will always have a Trustee who satisfies the requirements of TIA § 310(a)(1),
(2) and (5). The Trustee is subject to TIA § 310(b).

Section 7.12 Appointment of Co-Trustee.

     (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of
meeting any legal requirement of any jurisdiction or otherwise, the Trustee shall have the power
and may

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execute and deliver all instruments necessary to appoint one or more Persons to act as a
co-trustee or co-trustees, or separate trustees, of all or any part of this Indenture, and to vest
in such Person or Persons, in such capacity and for the benefit of the Noteholders, such powers,
duties, obligations, rights and trusts as the Trustee may consider necessary or desirable. No
co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a
successor trustee under Section 7.09 and no notice to Noteholders of the appointment of any
co-trustee or separate trustee shall be required.

     (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed
and act subject to the following provisions and conditions:

     (1) All rights, powers, duties and obligations conferred or imposed upon the Trustee
shall be conferred or imposed upon and exercised or performed by the Trustee and such
separate trustee or co-trustee jointly (it being understood that such separate trustee or
co-trustee is not authorized to act separately without the Trustee joining in such act),
except to the extent that under any law of any jurisdiction in which any particular act or
acts are to be performed the Trustee shall be incompetent or unqualified to perform such act
or acts, in which event such rights, powers, duties and obligations shall be exercised and
performed singly by such separate trustee or co-trustee, but solely at the direction of the
Trustee.

     (2) No trustee hereunder shall be personally liable by reason of any act or omission of
any other trustee hereunder; and

     (3) The Trustee may at any time accept the resignation of or remove any separate
trustee or co-trustee.

     (c) Any notice, request or other writing given to the Trustee shall be deemed to have been
given to each of the then separate trustees and co-trustees, as effectively as if given to each of
them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture
and the conditions of this Section 7.12. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified in its instrument
of appointment, either jointly with the Trustee or separately, as may be provided therein, subject
to all the provisions of this Indenture, specifically including every provision of this Indenture
relating to the conduct of, affecting the liability of, or affording protection or rights
(including the rights to compensation, reimbursement and indemnification hereunder) to, the
Trustee. Every such instrument shall be filed with the Trustee.

     (d) Any separate trustee or co-trustee may at any time constitute the Trustee its agent or
attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any
lawful act under or in respect of this Indenture on its behalf and in its name. If any separate
trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its
estates, properties, rights, remedies, and trusts shall vest in and be exercised by the Trustee, to
the extent permitted by law, without the appointment of a new or successor trustee.

Section 7.13 Preferential Collection of Claims Against Company.

     The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA
§ 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the
extent indicated therein.

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Section 7.14 Rights of Trustee in other roles; Collateral Agent.

     All rights, powers and indemnities contained in this Article 7 shall apply to the Trustee in
its other roles hereunder and to the Collateral Agent, provided, however, that the Collateral Agent
is an agent and not a fiduciary.

ARTICLE 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance.

     The Company may at any time, at the option of its Board of Directors evidenced by a resolution
set forth in an Officer’s Certificate, elect to have either Section 8.02 or 8.03 hereof be applied
to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.

Section 8.02 Legal Defeasance and Discharge.

     Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section
8.02, the Company and each of the Guarantors will, subject to the satisfaction of the conditions
set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with
respect to all outstanding Notes (including the Note Guarantees) on the date the conditions set
forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance
means that the Company and the Guarantors will be deemed to have paid and discharged the entire
Indebtedness represented by the outstanding Notes (including the Note Guarantees), which will
thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other
Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all
their other obligations under such Notes, the Note Guarantees and this Indenture (and the Trustee,
on demand of and at the expense of the Company, shall execute proper instruments acknowledging the
same), except for the following provisions which will survive until otherwise terminated or
discharged hereunder:

     (1) the rights of Holders of outstanding Notes to receive payments in respect of the
principal of, or interest or premium, Additional Amounts and Liquidated Damages, if any, on,
such Notes when such payments are due from the trust referred to in Section 8.04 hereof;

     (2) the Company’s obligations with respect to such Notes under Article 2 and Section
4.02 hereof;

     (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Company’s and the Guarantors’ obligations in connection therewith; and

     (4) this Article 8.

     Subject to compliance with this Article 8, the Company may exercise its option under this
Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof.

Section 8.03 Covenant Defeasance.

     Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section
8.03, the Company and each of the Guarantors will, subject to the satisfaction of the conditions
set forth in Section 8.04 hereof, be released from each of their obligations under the covenants
contained in Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15, 4.16, 4.17, 4.18, 4.19, 4.20,
4.22 and 4.23 hereof

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and clauses (a)(4) and (c)(4) of Section 5.01 hereof with respect to the outstanding Notes on
and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter,
“Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes
of any direction, waiver, consent or declaration or act of Holders (and the consequences of any
thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all
other purposes hereunder (it being understood that such Notes will not be deemed outstanding for
accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the
outstanding Notes and Note Guarantees, the Company and the Guarantors may omit to comply with and
will have no liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such covenant to any other provision herein or in any
other document and such omission to comply will not constitute a Default or an Event of Default
under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such
Notes and Note Guarantees will be unaffected thereby. In addition, upon the Company’s exercise
under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3) through 6.01(5)
hereof will not constitute Events of Default.

Section 8.04 Conditions to Legal or Covenant Defeasance.

     In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02
or 8.03 hereof:

     (1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of
the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination
thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized
investment bank, appraisal firm, or firm of independent public accountants, to pay the
principal of, or interest and premium, Additional Amounts and Liquidated Damages, if any, on
the outstanding Notes on the stated date for payment thereof or on the applicable redemption
date, as the case may be, and the Company must specify whether the Notes are being defeased
to such stated date for payment or to a particular redemption date;

     (2) in the case of an election under Section 8.02 hereof, the Company must deliver to
the Trustee an Opinion of Counsel confirming that:

     (A) the Company has received from, or there has been published by, the U.S.
Internal Revenue Service a ruling; or

     (B) since the date of this Indenture, there has been a change in the applicable
U.S. federal income tax law,

in either case to the effect that, and based thereon such Opinion of Counsel shall
confirm that, the Holders of the outstanding Notes will not recognize income, gain
or loss for U.S. federal income tax purposes as a result of such Legal Defeasance
and will be subject to U.S. federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such Legal Defeasance
had not occurred;

     (3) in the case of an election under Section 8.03 hereof, the Company must deliver to
the Trustee an Opinion of Counsel confirming that the Holders of the outstanding Notes will
not recognize income, gain or loss for U.S. federal income tax purposes as a result of such
Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in
the same

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manner and at the same times as would have been the case if such Covenant Defeasance
had not occurred;

     (4) no Default or Event of Default shall have occurred and be continuing on the date of
such deposit (other than a Default or Event of Default resulting from the borrowing of funds
to be applied to such deposit) and the deposit will not result in a breach or violation of,
or constitute a default under, any other instrument to which the Company or any Guarantor is
a party or by which the Company or any Guarantor is bound;

     (5) such Legal Defeasance or Covenant Defeasance will not result in a breach or
violation of, or constitute a default under, any material agreement or instrument (other
than this Indenture) to which the Company or any of its Subsidiaries is a party or by which
the Company or any of its Subsidiaries is bound;

     (6) the Company must deliver to the Trustee an Officer’s Certificate stating that the
deposit was not made by the Company with the intent of preferring the Holders of Notes over
the other creditors of the Company with the intent of defeating, hindering, delaying or
defrauding any creditors of the Company or others; and

     (7) the Company must deliver to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the
Covenant Defeasance have been complied with.

     (8) The Trustee shall be entitled to its usual fees and, in addition, any fees and
expenses incurred or charged by the Trustee and its counsel in connection with defeasance,
satisfaction and discharge, and investment or custody services provided hereunder.

Section 8.05 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous
Provisions.

     Subject to Section 8.06 hereof, all money and non-callable Government Securities (including
the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for
purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the
outstanding Notes will be held in trust and applied by the Trustee, in accordance with the
provisions of such Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders
of such Notes of all sums due and to become due thereon in respect of principal, premium,
Additional Amounts and Liquidated Damages, if any, and interest, but such money need not be
segregated from other funds except to the extent required by law.

     The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on
or assessed against the cash or non-callable Government Securities deposited pursuant to Section
8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders of the outstanding Notes.

     Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to
the Company from time to time upon the request of the Company any money or non-callable Government
Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in
excess of the amount thereof that would then be required to be deposited to effect an equivalent
Legal Defeasance or Covenant Defeasance.

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Section 8.06 Repayment to Company.

     Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of, premium, Additional Amounts or Liquidated Damages, if
any, or interest on, any Note and remaining unclaimed for two years after such principal, premium,
Additional Amounts or Liquidated Damages, if any, or interest has become due and payable shall be
paid to the Company on its request or (if then held by the Company) will be discharged from such
trust; and the Holder of such Note will thereafter be permitted to look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, will thereupon cease; provided,
however, that the Trustee or such Paying Agent, before being required to make any such repayment,
may at the expense of the Company cause to be published once, in the New York Times and The Wall
Street Journal (national edition), notice that such money remains unclaimed and that, after a date
specified therein, which will not be less than 30 days from the date of such notification or
publication, any unclaimed balance of such money then remaining will be repaid to the Company.

Section 8.07 Reinstatement.

     If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government
Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Company’s and the Guarantors’ obligations under this
Indenture and the Notes and the Note Guarantees will be revived and reinstated as though no deposit
had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent
is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case
may be; provided, however, that, if the Company makes any payment of principal of, premium,
Additional Amounts or Liquidated Damages, if any, or interest on, any Note following the
reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of
such Notes to receive such payment from the money held by the Trustee or Paying Agent.

ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01 Without Consent of Holders of Notes.

     Notwithstanding Section 9.02 of this Indenture, the Company, the Guarantors, the Trustee and
the Collateral Agent, as the case may be, may amend or supplement this Indenture, the Notes, the
Guarantee Agreement, the Note Guarantees, the Intercompany Note, the Pledge of Intercompany Note,
or the Subordination Agreement without the consent of any Holder of Notes:

     (1) to cure any ambiguity, defect or inconsistency;

     (2) to provide for uncertificated Notes in addition to or in place of certificated
Notes;

     (3) to provide for the assumption of the Company’s or a Guarantor’s obligations to
Holders of Notes and Note Guarantees by a successor to the Company pursuant to Article 5
hereof;

     (4) to make any change that would provide any additional rights or benefits to Holders
of Notes or that does not adversely affect the legal rights hereunder of any Holder;

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     (5) to comply with requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the TIA;

     (6) to conform the text of this Indenture, the Note Guarantees, the Guarantee
Agreement, the Subordination Agreement, the Intercompany Note, the Pledge of Intercompany
Note or the Notes to any provision of the “Description of Notes” section of the Offering
Memorandum, to the extent that such provision in that “Description of Notes” was intended to
be a verbatim recitation of a provision of this Indenture, the Note Guarantees, the
Guarantee Agreement, the Subordination Agreement, the Intercompany Note, the Pledge of
Intercompany Note or the Notes;

     (7) to provide for the issuance of Additional Notes in accordance with the limitations
set forth in this Indenture as of the date hereof; or

     (8) to allow any Guarantor to execute a supplemental indenture and/or a Note Guarantee
with respect to the Notes.

     Upon the request of the Company accompanied by a resolution of its Board of Directors
authorizing the execution of any such amended or supplemental indenture, and upon receipt by the
Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company
in the execution of any amended or supplemental indenture authorized or permitted by the terms of
this Indenture and to make any further appropriate agreements and stipulations that may be therein
contained, but the Trustee will not be obligated to enter into such amended or supplemental
indenture that affects its own rights, duties or immunities under this Indenture or otherwise.

Section 9.02 With Consent of Holders of Notes.

     Except as provided below in this Section 9.02, the Company and the Trustee may amend or
supplement this Indenture (including, without limitation, Section 3.09, 4.10 and 4.15 hereof) and
the Notes, and the Company, the Guarantors, the Trustee and the Collateral Agent, as the case may
be, may amend or supplement the Note Guarantees, the Guarantee Agreement, the Subordination
Agreement, the Intercompany Note or the Pledge of Intercompany Note with the consent of the Holders
of at least a majority in aggregate principal amount of the then outstanding Notes (including,
without limitation, Additional Notes, if any) voting as a single class (including, without
limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase
of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of
Default (other than a Default or Event of Default in the payment of the principal of, premium,
Additional Amounts or Liquidated Damages, if any, or interest on, the Notes, except a payment
default resulting from an acceleration that has been rescinded) or compliance with any provision of
this Indenture, the Notes, the Note Guarantees, the Subordination Agreement, the Intercompany Note
or the Pledge of Intercompany Note may be waived with the consent of the Holders of a majority in
aggregate principal amount of the then outstanding Notes (including, without limitation, Additional
Notes, if any) voting as a single class (including, without limitation, consents obtained in
connection with a tender offer or exchange offer for, or purchase of, the Notes).

     Notwithstanding anything contained in Sections 9.01 or 9.02 hereof, any amendment to, or
waiver of, the provisions of this Indenture or the Pledge of Intercompany Note that has the effect
of (i) releasing all or substantially all of the Pledged Collateral or (ii) making any changes to
the priority of the Liens created under the Pledge of Intercompany Note that would adversely affect
the holders of the Notes will require the consent of the holders of
at least
662/3% in aggregate
principal amount of the Notes then outstanding. Section 2.08 hereof shall determine which Notes
are considered to be “outstanding” for purposes of this Section 9.02.

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     Upon the request of the Company accompanied by a resolution of its Board of Directors
authorizing the execution of any such amended or supplemental indenture, and upon the filing with
the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as
aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02, 9.06, 12.04
and 12.05 hereof, the Trustee will join with the Company in the execution of such amended or
supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may
in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture.

     It is not be necessary for the consent of the Holders of Notes under this Section 9.02 to
approve the particular form of any proposed amendment, supplement or waiver, but it is sufficient
if such consent approves the substance thereof.

     After an amendment, supplement or waiver under this Section 9.02 becomes effective, the
Company will mail to the Holders of Notes affected thereby a notice briefly describing the
amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect
therein, will not, however, in any way impair or affect the validity of any such amended or
supplemental indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a
majority in aggregate principal amount of the Notes then outstanding voting as a single class may
waive compliance in a particular instance by the Company with any provision of this Indenture, or
the Notes or the Guarantee Agreement. However, without the consent of each Holder affected, an
amendment, supplement or waiver under this Section 9.02 may not (with respect to any Notes held by
a non-consenting Holder):

     (1) reduce the principal amount of Notes whose Holders must consent to an amendment,
supplement or waiver;

     (2) reduce the principal of or change the fixed maturity of any Note or alter or waive
any of the provisions with respect to the redemption of the Notes (except as provided above
with respect to Sections 3.09, 4.10 and 4.15 hereof);

     (3) reduce the rate of or change the time for payment of interest, including default
interest, on any Note;

     (4) waive a Default or Event of Default in the payment of principal of, or interest,
premium, Additional Amounts or Liquidated Damages, if any, on the Notes (except a rescission
of acceleration of the Notes by the Holders of at least a majority in aggregate principal
amount of the then outstanding Notes and a waiver of the payment default that resulted from
such acceleration);

     (5) make any Note payable in money other than that stated in the Notes;

     (6) make any change in the provisions of this Indenture relating to waivers of past
Defaults or the rights of Holders of Notes to receive payments of principal of, or interest
or premium, Additional Amounts or Liquidated Damages, if any, on, the Notes;

     (7) waive a redemption payment with respect to any Note (other than a payment required
by Sections 3.09, 4.10 or 4.15 hereof);

     (8) make any change in the subordination provisions of the Guarantee Agreement or the
Note Guarantee in a manner adverse to the Holders of Notes or to the Subordination Agreement
in a manner that adversely affects the ranking of the Notes or the Note Guarantees;

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     (9) release any Guarantor from any of its obligations under the Guarantee Agreement or
its Note Guarantee or this Indenture, or release the Company or any relevant Guarantor from
its obligations under the Pledge of Intercompany Note or the Subordination Agreement, except
in accordance with the terms of this Indenture and the Guarantee Agreement; or

     (10) make any change in the preceding amendment and waiver provisions.

Section 9.03 Compliance with Trust Indenture Act.

     Every amendment or supplement to this Indenture or the Notes will be set forth in an amended
or supplemental indenture that complies with the TIA as then in effect.

Section 9.04 Revocation and Effect of Consents.

     Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a
Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or
portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of
the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if the Trustee receives written notice of revocation
before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or
waiver becomes effective in accordance with its terms and thereafter binds every Holder.

Section 9.05 Notation on or Exchange of Notes.

     The Trustee may place an appropriate notation about an amendment, supplement or waiver on any
Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee
shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver.

     Failure to make the appropriate notation or issue a new Note will not affect the validity and
effect of such amendment, supplement or waiver.

Section 9.06 Trustee to Sign Amendments, etc.

     The Trustee will sign any amended or supplemental indenture authorized pursuant to this
Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities
or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until
the Board of Directors of the Company approves it. In executing any amended or supplemental
indenture, the Trustee will be entitled to receive security and/or indemnity deemed satisfactory to
it in its reasonable discretion and (subject to Section 7.01 hereof) will be fully protected in
relying upon, in addition to the documents required by Section 12.04 hereof, an Officer’s
Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental
indenture is authorized or permitted by this Indenture, that the supplemental indenture is legal,
valid, binding and enforceable against the Company in accordance with its terms, complies with the
TIA and such other matters as the Trustee may request. The Trustee may, but shall not be obligated
to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise.

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ARTICLE 10

COLLATERAL AND SECURITY

Section 10.01 Pledge of Intercompany Note.

     The due and punctual payment of the principal of and interest, Additional Amounts and
Liquidated Damages, if any, on the Notes when and as the same shall be due and payable, whether on
an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, and
interest on the overdue principal of and interest, Additional Amounts and Liquidated Damages (to
the extent permitted by law), if any, on the Notes and performance of all other obligations of the
Company to the Holders of Notes and the Trustee under this Indenture and the Notes, according to
the terms hereunder or thereunder, are secured as provided in the Pledge of Intercompany Note which
the Company has entered into simultaneously with the execution of this Indenture. Each Holder of
Notes, by its acceptance thereof, consents and agrees to the terms of the Pledge of Intercompany
Note (including, without limitation, the provisions providing for foreclosure and release of
Pledged Collateral) as the same may be in effect or may be amended from time to time in accordance
with its terms and authorizes and directs the Collateral Agent to enter into the Pledge of
Intercompany Note and to perform its obligations and exercise its rights thereunder in accordance
therewith. The Company will deliver to the Trustee copies of all documents delivered to the
Collateral Agent pursuant to the Pledge of Intercompany Note, and will do or cause to be done all
such acts and things as may be necessary or proper, or as may be required by the provisions of the
Pledge of Intercompany Note, to assure and confirm to the Trustee and the Collateral Agent the
security interest in the Pledged Collateral contemplated hereby, by the Pledge of Intercompany Note
or any part thereof, as from time to time constituted, so as to render the same available for the
security and benefit of this Indenture and of the Notes secured hereby, according to the intent and
purposes herein expressed. The Company will take, and will cause its Subsidiaries to take,
including upon request of the Trustee or Collateral Agent, any and all actions reasonably required
to cause the Pledge of Intercompany Note to create and maintain, as security for the Obligations of
the Company hereunder, a valid and enforceable perfected first priority Lien in and on all the
Pledged Collateral, in favor of the Collateral Agent for the benefit of the Holders of Notes and
the Trustee, superior to and prior to the rights of all third Persons and subject to no other Liens
than Permitted Liens.

Section 10.02 Recording and Opinions.

     (a) The Company will furnish to the Trustee simultaneously with the execution and delivery of
this Indenture an Opinion of Counsel either:

     (1) stating, in the opinion of such counsel, the action or actions to be taken under
the laws of the State of New York in order to make effective the Lien intended to be created
by the Pledge of Intercompany Note, and reciting, with respect to the security interests in
the Pledged Collateral, the details of such action; or

     (2) stating that, in the opinion of such counsel, no such action or actions is or are
necessary to make such Lien effective.

     (b) The Company will furnish to the Collateral Agent and the Trustee on May 15 of each year
beginning with May 15, 2011, an Opinion of Counsel, dated as of such date, either:

     (1) (A) stating that, in the opinion of such counsel, action has been taken with
respect to the recording, registering, filing, re-recording, re-registering and re-filing of
all supplemental indentures, financing statements, continuation statements or other
instruments of further assurance as is necessary to maintain the Lien of the Pledge of
Intercompany Note and

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reciting with respect to the security interests in the Pledged Collateral the details
of such action or referring to prior Opinions of Counsel in which such details are given,
and (B) stating that, in the opinion of such counsel, based on relevant laws as in effect on
the date of such Opinion of Counsel, all financing statements and continuation statements
have been executed and filed that are necessary as of such date and during the succeeding 12
months fully to preserve and protect, to the extent such protection and preservation are
possible by filing, the rights of the Holders of Notes and the Collateral Agent and the
Trustee hereunder and under the Pledge of Intercompany Note with respect to the security
interests in the Pledged Collateral; or

     (2) stating that, in the opinion of such counsel, no such action is necessary to
maintain such Lien under the laws of the State of New York so long as the Intercompany Note
is in the custody of the Collateral Agent in the State of New York.

     (c) The Company will otherwise comply with the provisions of TIA §314(b).

Section 10.03 Release of Collateral.

     (a) Subject to subsections (b) and (c) of this Section 10.03, Pledged Collateral may be
released from the Lien and security interest created by the Pledge of Intercompany Note at any time
or from time to time in accordance with the provisions of the Pledge of Intercompany Note and this
Indenture.

     (b) At any time when an Event of Default has occurred and is continuing and the maturity of
the Notes has been accelerated (whether by declaration or otherwise) and the Trustee has delivered
a notice of acceleration to the Collateral Agent, no release of Pledged Collateral pursuant to the
provisions of the Pledge of Intercompany Note will be effective as against the Holders of Notes or
the Trustee or Collateral Agent.

     (c) The release of any Pledged Collateral from the terms of this Indenture and the Pledge of
Intercompany Note will not be deemed to impair the security under this Indenture in contravention
of the provisions hereof if and to the extent the Pledged Collateral is released pursuant to the
terms of the Pledge of Intercompany Note. To the extent applicable, the Company will cause TIA
§ 313(b), relating to reports, and TIA § 314(d), relating to the release of property or securities
from the Lien and security interest of the Pledge of Intercompany Note and relating to the
substitution therefor of any property or securities to be subjected to the Lien and security
interest of the Pledge of Intercompany Note, to be complied with. Any certificate or opinion
required by TIA § 314(d) may be made by an Officer of the Company except in cases where TIA
§ 314(d) requires that such certificate or opinion be made by an independent Person, which Person
will be an independent engineer, appraiser or other expert selected or approved by the Trustee and
the Collateral Agent in the exercise of reasonable care. Notwithstanding anything to the contrary
in this paragraph or this Article 10, the Company will not be required to comply with all or any
portion of TIA §314(d) if it determines, in good faith based on an Opinion of Counsel, that under
the terms of TIA §314(d) and/or any interpretation or guidance as to the meaning thereof of the SEC
and its staff, including “no action” letters or exemptive orders, all or any portion of TIA §314(d)
is inapplicable to one or a series of released collateral.

Section 10.04. Certificates of the Company.

     The Company will furnish to the Trustee and the Collateral Agent, prior to each proposed
release of Pledged Collateral pursuant to the Pledge of Intercompany Note:

     (1) all documents required by TIA §314(d); and

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     (2) an Opinion of Counsel, which may be rendered by internal counsel to the Company, to
the effect that such accompanying documents constitute all documents required by TIA
§314(d).

     The Trustee may, to the extent permitted by Sections 7.01 and 7.02 hereof, accept as
conclusive evidence of compliance with the foregoing provisions the appropriate statements
contained in such documents and such Opinion of Counsel.

Section 10.05. Certificates of the Trustee.

     In the event that the Company wishes to release Pledged Collateral in accordance with the
Pledge of Intercompany Note and has delivered the certificates and documents required by the Pledge
of Intercompany Note and Section 10.04 hereof, the Trustee will determine whether it has received
all documentation required by TIA § 314(d) in connection with such release and, based on such
determination and the Opinion of Counsel delivered pursuant to Section 10.04(2) hereof, will
deliver a certificate to the Collateral Agent setting forth such determination.

Section 10.06. Authorization of Actions to Be Taken by the Trustee under the Pledge of Intercompany
Note.

     Subject to the provisions of Section 7.01 and 7.02 hereof, the Trustee may, in its sole
discretion and without the consent of the Holders of Notes, direct, on behalf of the Holders of
Notes, the Collateral Agent to, take all actions it deems necessary or appropriate in order to:

     (1) enforce any of the terms of the Pledge of Intercompany Note; and

     (2) collect and receive any and all amounts payable in respect of the Obligations of
the Company hereunder.

     The Trustee will have power to institute and maintain such suits and proceedings as it may
deem expedient to prevent any impairment of the Pledged Collateral by any acts that may be unlawful
or in violation of the Pledge of Intercompany Note or this Indenture, and such suits and
proceedings as the Trustee may deem expedient to preserve or protect its interests and the
interests of the Holders of Notes in the Pledged Collateral (including power to institute and
maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or
other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if
the enforcement of, or compliance with, such enactment, rule or order would impair the security
interest hereunder or be prejudicial to the interests of the Holders of Notes or of the Trustee).

Section 10.07. Authorization of Receipt of Funds by the Trustee under the Pledge of Intercompany
Note.

     The Trustee is authorized to receive any funds for the benefit of the Holders of Notes
distributed under the Pledge of Intercompany Note, and to make further distributions of such funds
to the Holders of Notes according to the provisions of this Indenture.

Section 10.08. Termination of Security Interest.

     The Trustee shall, at the request of the Company (having provided the Trustee all documents
required to be delivered pursuant to Section 10.04 hereof), deliver a certificate to the Collateral
Agent in compliance with Section 10.05 hereof and stating that such Obligations have been paid in
full, and

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instruct the Collateral Agent to release the Liens pursuant to this Indenture and the Pledge
of Intercompany Note:

          (1) upon the full and final payment and performance of all Obligations of the Company under
this Indenture, the Pledge of Intercompany Note, the Guarantee Agreement, the Subordination
Agreement and the Notes; or

          (2) upon a Legal Defeasance or Covenant Defeasance as provided for in Article 8 hereof or
satisfaction and discharge of this Indenture pursuant to Article 11 hereof.

ARTICLE 11

SATISFACTION AND DISCHARGE

Section 11.01 Satisfaction and Discharge.

     This Indenture will be discharged and will cease to be of further effect as to all Notes
issued hereunder, when:

     (1) either:

          (A) all Notes that have been authenticated, except lost, stolen or destroyed Notes that
have been replaced or paid and Notes for whose payment money has theretofore been deposited
in trust and thereafter repaid to the Company, have been delivered to the Trustee for
cancellation; or

          (B) all Notes that have not been delivered to the Trustee for cancellation have become
due and payable by reason of the mailing of a notice of redemption or otherwise or will
become due and payable within one year and the Company or any Guarantor has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust solely for the
benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a
combination thereof, in such amounts as will be sufficient, without consideration of any
reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not
delivered to the Trustee for cancellation for principal, premium, Additional Amounts and
Liquidated Damages, if any, and accrued interest to the date of maturity or redemption;

     (2) no Default or Event of Default has occurred and is continuing on the date of such
deposit (other than a Default or Event of Default resulting from the borrowing of funds to
be applied to such deposit) and the deposit will not result in a breach or violation of, or
constitute a default under, any other instrument to which the Company or any Guarantor is a
party or by which the Company or any Guarantor is bound;

     (3) the Company or any Guarantor has paid or caused to be paid all sums payable by it
under this Indenture; and

     (4) the Company has delivered irrevocable instructions to the Trustee under this
Indenture to apply the deposited money toward the payment of the Notes at maturity or on the
redemption date, as the case may be.

In addition, the Company must deliver an Officer’s Certificate and an Opinion of Counsel to the
Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

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     Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited
with the Trustee pursuant to subclause (b) of clause (1) of this Section 11.01, the provisions of
Sections 11.02 and 8.06 hereof will survive. In addition, nothing in this Section 11.01 will be
deemed to discharge those provisions of Section 7.07 hereof, that, by their terms, survive the
satisfaction and discharge of this Indenture.

Section 11.02 Application of Trust Money.

     Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee
pursuant to Section 11.01 hereof shall be held in trust and applied by it, in accordance with the
provisions of the Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the
Persons entitled thereto, of the principal (and premium, Additional Amounts and Liquidated Damages,
if any) and interest for whose payment such money has been deposited with the Trustee; but such
money need not be segregated from other funds except to the extent required by law.

     If the Trustee or Paying Agent is unable to apply any money or Government Securities in
accordance with Section 11.01 hereof by reason of any legal proceeding or by reason of any order or
judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Company’s obligations under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to Section 11.01 hereof; provided that if the
Company has made any payment of principal of, premium, Additional Amounts or Liquidated Damages, if
any, or interest on, any Notes because of the reinstatement of its obligations, the Company shall
be subrogated to the rights of the Holders of such Notes to receive such payment from the money or
Government Securities held by the Trustee or Paying Agent.

ARTICLE 12

MISCELLANEOUS

Section 12.01 Trust Indenture Act Controls.

     If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by
TIA §318(c), the imposed duties will control.

Section 12.02 Notices.

     Any notice or communication by the Company or the Trustee to the others is duly given if in
writing, in the English language, and delivered in Person or by first class mail (registered or
certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing
next day delivery, to the others’ address:

If to the Company:

Melco Crown Entertainment Limited

36th Floor, The Centrium

60 Wyndham Street

Central

Hong Kong

Facsimile No.: +852 2230 9438

Attention: Company Secretary

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With a copy to:

Debevoise & Plimpton LLP

13/F Entertainment Building

30 Queen’s Road Central

Hong Kong

Facsimile No.: +852 2810 9828

Attention: Thomas M. Britt III

If to the Trustee or Collateral Agent:

The Bank of New York Mellon

101 Barclay Street, Floor 4-E

New York, N.Y. 10286

United States of America

Facsimile No.: +1 212 815 5366

Attention: International Corporate Trust

With a copy to:

The Bank of New York Mellon

Level 12

Three Pacific Place

1 Queen’s Road East

Hong Kong

Facsimile No.: (852) 2295 3283

Attention: Corporate Trust

     The Company or the Trustee, by notice to the others, may designate additional or different
addresses for subsequent notices or communications.

     All notices and communications (other than those sent to Holders) will be deemed to have been
duly given: at the time delivered by hand, if personally delivered; five Business Days after being
deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by
facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next day delivery.

     Any notice or communication to a Holder will be mailed by first class mail, certified or
registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to
its address shown on the register kept by the Registrar. Any notice or communication will also be
so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to
mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with
respect to other Holders.

     If a notice or communication is mailed in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it.

     If the Company mails a notice or communication to Holders, it will mail a copy to the Trustee
and each Agent at the same time.

Section 12.03 Communication by Holders of Notes with Other Holders of Notes.

     Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their
rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else
shall have the protection of TIA § 312(c).

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Section 12.04 Certificate and Opinion as to Conditions Precedent.

     Upon any request or application by the Company to the Trustee to take any action under this
Indenture, the Company shall furnish to the Trustee:

     (1) an Officer’s Certificate in form and substance reasonably satisfactory to the
Trustee (which must include the statements set forth in Section 12.05 hereof) stating that,
in the opinion of the signers, all conditions precedent and covenants, if any, provided for
in this Indenture relating to the proposed action have been satisfied; and

     (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
(which must include the statements set forth in Section 12.05 hereof) stating that, in the
opinion of such counsel, all such conditions precedent and covenants have been satisfied.

Section 12.05 Statements Required in Certificate or Opinion.

     Each certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) must comply
with the provisions of TIA § 314(e) and must include:

     (1) a statement that the Person making such certificate or opinion has read such
covenant or condition;

     (2) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;

     (3) a statement that, in the opinion of such Person, he or she has made such
examination or investigation as is necessary to enable him or her to express an informed
opinion as to whether or not such covenant or condition has been satisfied; and

     (4) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been satisfied.

Section 12.06 Rules by Trustee and Agents.

     The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar
or Paying Agent may make reasonable rules and set reasonable requirements for its functions.

Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders.

     No past, present or future director, officer, employee, incorporator or stockholder of the
Company, as such, will have any liability for any obligations of the Company under the Notes, this
Indenture, the Subordination Agreement, the Pledge of Intercompany Note or for any claim based on,
in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by
accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. The waiver may not be effective to waive liabilities
under the federal securities laws.

Section 12.08 Governing Law.

     THE LAWS OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE
NOTES WITHOUT GIVING EFFECT TO APPLICABLE

93

 

PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY.

Section 12.09 No Adverse Interpretation of Other Agreements.

     This Indenture may not be used to interpret any other indenture, loan or debt agreement of the
Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may
not be used to interpret this Indenture.

Section 12.10 Successors.

     All agreements of the Company in this Indenture and the Notes will bind its successors. All
agreements of the Trustee in this Indenture will bind its successors.

Section 12.11 Severability.

     In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions will not in any way be
affected or impaired thereby.

Section 12.12 Counterpart Originals.

     The parties may sign any number of copies of this Indenture. Each signed copy will be an
original, but all of them together represent the same agreement.

Section 12.13 Table of Contents, Headings, etc.

     The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not to be considered a part of
this Indenture and will in no way modify or restrict any of the terms or provisions hereof.

Section 12.14 Patriot Act

     The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act
The Bank of New York Mellon, like all financial institutions and in order to help fight the funding
of terrorism and money laundering, is required to obtain, verify, and record information that
identifies each person or legal entity that establishes a relationship or opens an account with The
Bank of New York Mellon. The parties to this Agreement agree that they will provide The Bank of
New York Mellon with such information as it may request in order for The Bank of New York Mellon to
satisfy the requirements of the USA Patriot Act. The parties agree that the Bank of New York Mellon
may take and instruct any delegate to take any action which in their sole discretion considers
appropriate so as to comply with any applicable law, regulation, request of a public or regulatory
authority or any policy of The Bank of New York Mellon which relates to the prevention of fraud,
money laundering, terrorism or other criminal activities or the provision of financial and other
services to sanctioned persons or entities. Such action may include but is not limited to the
interception and investigation of transactions on the Company’s accounts (particularly those
involving the international transfer of funds) including the source of the intended recipient of
funds paid into or out of the Company’s accounts. In certain circumstances, such action may delay
or prevent the processing of the Company’s instructions, the settlement of transactions over the
Company’s accounts or The Bank of New York Mellon’s performance of its obligations under this
Agreement, the Senior Notes, the Guarantee Agreement, the Pledge of Intercompany Note and the
Subordination Agreement. Where possible, The Bank of New York Mellon will endeavor to notify the

94

 

Company of the existence of such circumstances. Neither The Bank of New York Mellon nor any
delegate will be liable for any loss (whether direct or consequential and including, without
limitation, loss of profit or interest) caused in whole or in part by any actions which are taken
by The Bank of New York Mellon or any delegate pursuant to this Section 12.14.

Section 12.15 Submission to Jurisdiction; Waiver of Jury Trial

     THE COMPANY HEREBY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE COURTS
IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN ANY SUIT OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. THE COMPANY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS INDENTURE, THE NOTE GUARANTEES, THE NOTES AND ANY OF THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY IN FEDERAL AND STATE COURTS IN THE BOROUGH OF MANHATTAN IN THE CITY
OF NEW YORK AND IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH
COURT THAT ANY SUCH SUIT OR PROCEEDING IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.
NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE TRUSTEE OR ANY HOLDER OF THE NOTES TO SERVE PROCESS
IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST
THE COMPANY IN ANY OTHER JURISDICTION. THE COMPANY IRREVOCABLY APPOINTS CT CORPORATION SYSTEM, 111
EIGHTH AVENUE, NEW YORK, NEW YORK, 10011, AS ITS AUTHORIZED AGENT IN THE BOROUGH OF MANHATTAN IN
THE CITY OF NEW YORK UPON WHICH PROCESS MAY BE SERVED IN ANY SUCH SUIT OR PROCEEDING, AND AGREES
THAT SERVICE OF PROCESS UPON SUCH AGENT, AND WRITTEN NOTICE OF SAID SERVICE TO THE COMPANY BY THE
PERSON SERVING THE SAME TO THE ADDRESS PROVIDED IN SECTION 12.02, SHALL BE DEEMED IN EVERY RESPECT
EFFECTIVE SERVICE OF PROCESS UPON THE COMPANY IN ANY SUCH SUIT OR PROCEEDING. THE COMPANY FURTHER
AGREES TO TAKE ANY AND ALL ACTION AS MAY BE NECESSARY TO MAINTAIN SUCH DESIGNATION AND APPOINTMENT
OF SUCH AGENT IN FULL FORCE AND EFFECT FOR A PERIOD OF NINE YEARS FROM THE DATE OF THIS INDENTURE.

     EACH PARTY HERETO HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF THIS INDENTURE, THE NOTES, THE NOTE GUARANTEES, OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY
AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS
TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS,
AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION 12.15 HAS BEEN FULLY DISCUSSED BY EACH
OF THE PARTIES HERETO AND THESE PROVISIONS SHALL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY
HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS
LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING
CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED
EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, SUPPLEMENTS
OR MODIFICATIONS TO (OR ASSIGNMENTS OF) THIS INDENTURE. IN THE

95

 

EVENT OF LITIGATION, THIS INDENTURE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL (WITHOUT A
JURY) BY THE COURT.

[Signatures on following page]

96

 

SIGNATURES

Dated as of May 17, 2010

	 	 	 	 	 
	 	MCE FINANCE LIMITED

 	 
	 	By:  	/s/ Simon Dewhurst
 	 
	 	 	Name:  	DEWHURST Simon Edward Thomas 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	THE BANK OF NEW YORK MELLON,

   as Trustee and Collateral Agent

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

 

 

[Face of Note]

 

[Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture]

[Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture]

	 	 	 

	 

	 	CUSIP:
	 

	 	ISIN:
	 

	 	COMMON CODE:

10.25% Senior Notes due 2018

			
	 	 	 
	No.      
	 	US$[•]

MCE FINANCE LIMITED

Promises to pay to The Depository Trust Company or its registered assigns, the principal sum of [•]
[NUMBER IN WORDS] U.S. DOLLARS on                     , 20     .

Interest Payment Dates:                      and                     

Record Dates:                      and                     

Dated:                     , 20     

A-1

 

     IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by
the duly authorized officers referred to below.

Dated:                     , 20     

	 	 	 	 	 
	 	MCE FINANCE LIMITED, as Issuer

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

A-2

 

Certificate of Authentication

This is one of the Notes referred to in the within-mentioned Indenture.

Dated:                     , 20     

THE BANK OF NEW YORK MELLON, as Trustee

By:                                        

Name:

Title:

A-3

 

[Back of Note]

MCE FINANCE LIMITED

10.25% Senior Notes due 2018

     Capitalized terms used herein have the meanings assigned to them in the Indenture referred to
below unless otherwise indicated.

     (1) Interest. MCE Finance Limited, an exempted company with limited
liability incorporated under the laws of the Cayman Islands (the “Company”), promises to pay
interest on the principal amount of this Note at 10.25% per annum from                     ,
20___ until maturity and shall pay Additional Amounts and the Liquidated Damages, if any,
payable pursuant to Section 4 of the Registration Rights Agreement. The Company will pay
interest, Additional Amounts and Liquidated Damages, if any, semi-annually in arrears on May
15 and November 15 of each year, or if any such day is not a Business Day, on the next
succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will
accrue from the most recent date to which interest has been paid or, if no interest has been
paid, from the date of issuance; provided that if there is no existing Default in the
payment of interest, and if this Note is authenticated between a record date referred to on
the face hereof and the next succeeding Interest Payment Date, interest shall accrue from
such next succeeding Interest Payment Date; provided further that the first Interest Payment
Date shall be                     , 20     . The Company will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if
any, from time to time on demand at a rate that is 1% per annum in excess of the rate then
in effect to the extent lawful; it will pay interest (including post-petition interest in
any proceeding under any Bankruptcy Law) on overdue installments of interest, Additional
Amounts and Liquidated Damages, if any, (without regard to any applicable grace periods)
from time to time on demand at the same rate to the extent lawful. Interest will be
computed on the basis of a 360-day year of twelve 30-day months.

     (2) Method of Payment. The Company will pay interest on the Notes
(except defaulted interest), Additional Amounts and Liquidated Damages, if any, to the
Persons who are registered Holders of Notes at the close of business on the May 1 or
November 1 next preceding the Interest Payment Date, even if such Notes are canceled after
such record date and on or before such Interest Payment Date, except as provided in Section
2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to
principal, premium, Additional Amounts and Liquidated Damages, if any, and interest at the
office or agency of the Company maintained for such purpose within or without the City and
State of New York, or, at the option of the Company, payment of interest, Additional Amounts
and Liquidated Damages, if any, may be made by check mailed to the Holders at their
addresses set forth in the register of Holders; provided that payment by wire transfer of
immediately available funds will be required with respect to principal of and interest,
premium, Additional Amounts and Liquidated Damages, if any, on, all Global Notes and all
other Notes, the Holders of which will have provided wire transfer instructions to the
Company or the Paying Agent, and shall so notify the Trustee and each Paying Agent thereof.
Such payment will be in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts.

     (3) Paying Agent and Registrar. Initially, The Bank of New York
Mellon, the Trustee under the Indenture, will act as Paying Agent and Registrar. The
Company may change any Paying Agent or Registrar without notice to any Holder. The Company
or any of its Subsidiaries may act in any such capacity.

A-4

 

     (4) Indenture and Pledge of Intercompany Note. The Company issued
the Notes under an Indenture dated as of May 17, 2010 (the “Indenture”) between the Company
and the Trustee. The terms of the Notes include those stated in the Indenture and those
made part of the Indenture by reference to the TIA. The Notes are subject to all such
terms, and Holders are referred to the Indenture and such Act for a statement of such terms.
To the extent any provision of this Note conflicts with the express provisions of the
Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are
secured by a pledge of the Intercompany Note pursuant to the Pledge of Intercompany Note
referred to in the Indenture. The Indenture does not limit the aggregate principal amount
of Notes that may be issued thereunder.

     (5) Optional Redemption.

          (a) Except as set forth in subparagraphs (b) and (c) of this Paragraph 5, the Company
will not have the option to redeem the Notes prior to May 15, 2014. On or after May 15,
2014, the Company will have the option to redeem all or a part of the Notes upon not less
than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of
principal amount) set forth below plus accrued and unpaid interest, Additional Amounts and
Liquidated Damages, if any, on the Notes redeemed to the applicable redemption date, if
redeemed during the twelve-month period beginning on May 15 of the years indicated below,
subject to the rights of Holders on the relevant record date to receive interest on the
relevant interest payment date:

	 	 	 	 	 
	Year	 	Percentage
	2014
	 	 	105.125	%
	2015
	 	 	102.563	%
	2016 and thereafter
	 	 	100.000	%

          Unless the Company defaults in the payment of the redemption price, interest will cease
to accrue on the Notes or portions thereof called for redemption on the applicable
redemption date.

          (b) Notwithstanding the provisions of subparagraph (a) of this Paragraph 5, at any time
prior to May 15, 2013, the Company may on any one or more occasions redeem up to 35% of the
aggregate principal amount of Notes issued under the Indenture with the net cash proceeds of
one or more Equity Offerings at a redemption price equal to 110.25% of the principal amount
thereof, and accrued and unpaid interest, Additional Amounts and Liquidated Damages, if any
to the redemption date; provided that at least 65% in aggregate principal amount of the
Notes originally issued under the Indenture (excluding Notes held by the Company and its
Subsidiaries) remains outstanding immediately after the occurrence of such redemption and
that such redemption occurs within 45 days of the date of the closing of such Equity
Offering.

          (c) At any time prior to May 15, 2014, the Company may also redeem all or a part of the
Notes, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail
to each Holder’s registered address, at a redemption price equal to 100% of the principal
amount of Notes redeemed plus the Applicable Premium as of, and accrued an unpaid interest,
Additional Amounts and Liquidated Damages, if any, to the date of redemption, subject to the
rights of Holders on the relevant record date to receive interest due on the relevant
interest payment date.

          (d) The Notes may also be redeemed in the circumstances described in Section 3.10 and
3.11 of the Indenture.

A-5

 

     (6) Mandatory Redemption. The Company is not required to make
mandatory redemption or sinking fund payments with respect to the Notes.

     (7) Repurchase at the Option of Holder.

          (A) The Notes may be subject to a Change of Control Offer or an Asset Sale Offer, as
further described in Sections 3.09, 4.10 and 4.15 of the Indenture.

     (8) Notice of Redemption. Notice of redemption will be mailed at
least 30 days but not more than 60 days before the redemption date to each Holder whose
Notes are to be redeemed at its registered address, except that redemption notices may be
mailed more than 60 days prior to a redemption date if the notice is issued in connection
with a defeasance of the Notes or a satisfaction or discharge of the Indenture. Notes in
denominations larger than US$2,000 may be redeemed in part but only in integral multiples of
US$1,000, unless all of the Notes held by a Holder are to be redeemed.

     (9) Denominations, Transfer, Exchange. The Notes are in registered
form without coupons in denominations of US$2,000 and integral multiples of US$1,000 in
excess thereof. The transfer of Notes may be registered and Notes may be exchanged as
provided in the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and the Company may
require a Holder to pay any taxes and fees required by law or permitted by the Indenture.
The Company need not exchange or register the transfer of any Note or portion of a Note
selected for redemption, except for the unredeemed portion of any Note being redeemed in
part. Also, the Company need not exchange or register the transfer of any Notes for a
period of 15 days before a selection of Notes to be redeemed or during the period between a
record date and the corresponding Interest Payment Date.

     (10) Persons Deemed Owners. The registered Holder of a Note may be
treated as its owner for all purposes.

     (11) Amendment, Supplement and Waiver. The Indenture, the Notes, and
the Pledge of Intercompany Note may be amended as set forth in the Indenture.

     (12) Defaults and Remedies. The events listed in Section 6.01 of the
Indenture shall constitute “Events of Default” for the purpose of this Note.

     (13) Trustee Dealings with Company. The Trustee, in its individual
or any other capacity, may make loans to, accept deposits from, and perform services for the
Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if
it were not the Trustee.

     (14) No Recourse Against Others. A director, officer, employee,
incorporator or stockholder of the Company, as such, will not have any liability for any
obligations of the Company under the Notes or the Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder by accepting a
Note waives and releases all such liability. The waiver and release are part of the
consideration for the issuance of the Notes.

     (15) Authentication. This Note will not be valid until authenticated
by the manual signature of the Trustee or an authenticating agent.

A-6

 

     (16) Abbreviations. Customary abbreviations may be used in the name
of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by
the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in
common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

     (17) Additional Rights of Holders of Restricted Global Notes and
Restricted Definitive Notes. In addition to the rights provided to Holders of Notes
under the Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes will
have all the rights set forth in the Registration Rights Agreement.

     (18) CUSIP Numbers. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused CUSIP
numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of
redemption as a convenience to Holders. No representation is made as to the accuracy of
such numbers either as printed on the Notes or as contained in any notice of redemption, and
reliance may be placed only on the other identification numbers placed thereon.

     (19) GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK WILL GOVERN
AND BE USED TO CONSTRUE THE INDENTURE AND THIS NOTE WITHOUT GIVING EFFECT TO APPLICABLE
PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY.

     The Company will furnish to any Holder upon written request and without charge a copy of the
Indenture and/or the Registration Rights Agreement. Requests may be made to:

Melco Crown Entertainment Limited

36th Floor, The Centrium

60 Wyndham Street

Central

Hong Kong

Attention: Company Secretary

A-7

 

Assignment Form

     To assign this Note, fill in the form below:

	 	 	 

	(I) or (we) assign and transfer this Note to:
	 	 
	 

	 	 
	 

	 	(Insert assignee’s legal name)

 

(Insert assignee’s soc. sec. or tax I.D. no.)

 

 

 

 

(Print or type assignee’s name, address and zip code)

and irrevocably appoint                                        
to transfer this Note on the books of the Company. The agent may substitute another to act for
him.

Date:                     

	 	 	 	 	 

	 

	 	Your Signature:	 	 
	 

	 	 	 	 
	 	 	(Sign exactly as your name appears on the face of this Note)

Signature Guarantee*:                     

 

			
	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee).

A-8

 

Option of Holder to Elect Purchase

     If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or
4.15 of the Indenture, check the appropriate box below:

o Section 4.10                    o Section 4.15

     If you want to elect to have only part of the Note purchased by the Company pursuant to
Section 4.10 or Section 4.15 of the Indenture, state the amount you elect to have purchased:

US$                    

Date:                     

	 	 	 	 	 

	 

	 	Your Signature:	 	 
	 

	 	 	 	 
	 	 	          (Sign exactly as your name appears on the face of this Note)

	 

	 	Tax Identification No.:
	 	 	 

Signature Guarantee*:                     

 

			
	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee).

A-9

 

Schedule of Exchanges of Interests in the Global Note

     The following exchanges of a part of this Global Note for an interest in another Global
Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for
an interest in this Global Note, have been made:

	 	 	 	 	 	 	 	 	 

	 
	 	 	 	 	 	Principal Amount	 	 
	 
	 	 	 	 	 	of this Global Note	 	 
	 
	 	Amount of decrease in
	 	Amount of increase in
	 	following such
	 	Signature of authorized
	 
	 	Principal Amount of
	 	Principal Amount of
	 	decrease
	 	officer of Trustee or
	Date of Exchange
	 	this Global Note
	 	this Global Note
	 	(or increase)
	 	Custodian
	 
	 	 
	 	 
	 	 
	 	 

A-10

 

EXHIBIT B

FORM OF CERTIFICATE OF TRANSFER

[Company address block]

[Registrar address block]

     Re: 10.25% Senior Notes due 2018 of MCE Finance Limited

     Reference is hereby made to the Indenture, dated as of May 17, 2010 (the “Indenture”), between
MCE Finance Limited, as issuer (the “Company”) and The Bank of New York Mellon, as trustee.
Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture.

                         , (the “Transferor”) owns and proposes to transfer the Note[s] or interest
in such Note[s] specified in Annex A hereto, in the principal amount of US$                     in such
Note[s] or interests (the “Transfer”), to                      (the “Transferee”), as
further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby
certifies that:

[CHECK ALL THAT APPLY]

     1. o Check if Transferee will take delivery of a beneficial interest in the 144A
Global Note or a Restricted Definitive Note pursuant to Rule 144A. The Transfer is being
effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended
(the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the
beneficial interest or Definitive Note is being transferred to a Person that the Transferor
reasonably believes is purchasing the beneficial interest or Definitive Note for its own account,
or for one or more accounts with respect to which such Person exercises sole investment discretion,
and such Person and each such account is a “qualified institutional buyer” within the meaning of
Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in
compliance with any applicable blue sky securities laws of any state of the United States. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted
Definitive Note and in the Indenture and the Securities Act.

     2. o Check if Transferee will take delivery of a beneficial interest in the
Regulation S Global Note or a Restricted Definitive Note pursuant to Regulation S. The
Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is
not being made to a Person in the United States and (x) at the time the buy order was originated,
the Transferee was outside the United States or such Transferor and any Person acting on its behalf
reasonably believed and believes that the Transferee was outside the United States or (y) the
transaction was executed in, on or through the facilities of a designated offshore securities
market and neither such Transferor nor any Person acting on its behalf knows that the transaction
was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made
in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the
Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the
expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the
account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the
proposed transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the
Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive
Note and in the Indenture and the Securities Act.

B-1

 

     3. o Check and complete if Transferee will take delivery of a beneficial interest
in a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule
144A or Regulation S. The Transfer is being effected in compliance with the transfer
restrictions applicable to beneficial interests in Restricted Global Notes and Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue
sky securities laws of any state of the United States, and accordingly the Transferor hereby
further certifies that (check one):

     (a) o such Transfer is being effected pursuant to and in accordance with Rule
144 under the Securities Act;

or

     (b) o such Transfer is being effected to the Company or a subsidiary thereof;

or

     (c) o such Transfer is being effected pursuant to an effective registration
statement under the Securities Act and in compliance with the prospectus delivery
requirements of the Securities Act.

     4. o Check if Transferee will take delivery of a beneficial interest in an
Unrestricted Global Note or of an Unrestricted Definitive Note.

     (a) o Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected
pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the
transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any
state of the United States and (ii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with the Securities Act.
Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on
Restricted Definitive Notes and in the Indenture.

     (b) o Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being
effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in
compliance with the transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any state of the United States and (ii) the restrictions on transfer contained
in the Indenture and the Private Placement Legend are not required in order to maintain compliance
with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms
of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject
to the restrictions on transfer enumerated in the Private Placement Legend printed on the
Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

     (c) o Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being
effected pursuant to and in compliance with an exemption from the registration requirements of the
Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any State of
the United States and (ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will not

B-2

 

be subject to the restrictions on transfer enumerated in the Private Placement Legend printed
on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

     This certificate and the statements contained herein are made for your benefit and the benefit
of the Company.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 
	 

	 	 	 	[Insert Name of Transferor]
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

     Dated:                                         

B-3

 

ANNEX A TO CERTIFICATE OF TRANSFER

	1.	 	The Transferor owns and proposes to transfer the following:

[CHECK ONE OF (a) OR (b)]

	 	(a) 	 	o a beneficial interest in the:

	 	(i)  	 	o 144A Global Note (CUSIP                     ), or
	 
	 	(ii)  	 	o Regulation S Global Note (CUSIP                     ); or

	 	(b)  	 	o a Restricted Definitive Note.

	2.	 	After the Transfer the Transferee will hold:

[CHECK ONE]

	 	(a) 	 	o a beneficial interest in the:

	 	(i)  	 	o 144A Global Note (CUSIP                     ), or
	 
	 	(ii)  	 	o Regulation S Global Note (CUSIP                     ), or
	 
	 	(iii)  	 	o Unrestricted Global Note (CUSIP                     ); or

	 	(b)  	 	o a Restricted Definitive Note; or
	 
	 	(c)  	 	o an Unrestricted Definitive Note,

in accordance with the terms of the Indenture.

B-4

 

EXHIBIT C

FORM OF CERTIFICATE OF EXCHANGE

[Company address block]

[Registrar address block]

     Re: 10.25% Senior Notes due 2018 of MCE Finance Limited

(CUSIP                     )

     Reference is hereby made to the Indenture, dated as of May 17, 2010 (the “Indenture”), between
MCE Finance Limited, as issuer (the “Company”) and The Bank of New York Mellon, as trustee.
Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture.

                         , (the “Owner”) owns and proposes to exchange the Note[s] or
interest in such Note[s] specified herein, in the principal amount of US$                     in such
Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies
that:

     1. Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global
Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note

     (a) o Check if Exchange is from beneficial interest in a Restricted Global Note to
beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global
Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in
accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the beneficial interest
in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States.

     (b) o Check if Exchange is from beneficial interest in a Restricted Global Note to
Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest
in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the
Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to the Restricted Global
Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

     (c) o Check if Exchange is from Restricted Definitive Note to beneficial interest in an
Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note
for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions
on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act and

C-1

 

(iv) the beneficial interest is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States.

     (d) o Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive
Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted
Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain compliance with the
Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States.

     2. Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global
Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes

     (a) o Check if Exchange is from beneficial interest in a Restricted Global Note to
Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in
a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner
hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account
without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the
Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and
in the Indenture and the Securities Act.

     (b) o Check if Exchange is from Restricted Definitive Note to beneficial interest in a
Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note
for a beneficial interest in the [CHECK ONE]  ̈ 144A Global Note,  ̈ Regulation S Global
Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is
being acquired for the Owner’s own account without transfer and (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and
pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue
sky securities laws of any state of the United States. Upon consummation of the proposed Exchange
in accordance with the terms of the Indenture, the beneficial interest issued will be subject to
the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant
Restricted Global Note and in the Indenture and the Securities Act.

     This certificate and the statements contained herein are made for your benefit and the benefit
of the Company.

	 	 	 	 	 	 	 
	 
	 

	 	 	 	 	 	 
	 

	 	 	 	[Insert Name of Transferor]
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

Dated:                     
                    

C-2

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