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Exhibit 10.79  

 
 
  FORM OF INTERCREDITOR AGREEMENT
  
  
  (FF&E)
  
  
DEUTSCHE BANK TRUST COMPANY AMERICAS,
  as Bank Agent,
  
  

WELLS FARGO BANK, NATIONAL ASSOCIATION,
  as Indenture Trustee
  
  
  and
  
  
WELLS FARGO BANK NEVADA, NATIONAL ASSOCIATION,
  as FF&E Agent,

  
  [                        ], 2002    

 
TABLE OF CONTENTS  

	 
	 	 
	 	 
	 	Page

	1.	 	Definitions and General Provisions.	 	2
	 	 	1.1	 	Definitions	 	2
	 	 	1.2	 	Interpretation	 	6
	2.	 	FF&E Collateral, Priority of Liens, Subordination and Release.	 	6
	 	 	2.1	 	Liens and Security Interests on the FF&E Collateral	 	6
	 	 	2.2	 	FF&E Proceeds Accounts Collateral and Aircraft Collateral Does Not Secure Bank Facility or Second Mortgage Note Holders	 	7
	 	 	2.3	 	Hotel/Casino Collateral Does Not Secure FF&E Facility	 	7
	 	 	2.4	 	Confirmation of Liens.	 	7
	 	 	2.5	 	Release of Liens.	 	8
	3.	 	Rights and Limitation of Actions With Respect to the FF&E Collateral.	 	8
	 	 	3.1	 	Rights and Limitations Applicable to the Project Credit Parties.	 	8
	 	 	3.2	 	Rights and Limitations Applicable to the FF&E Agent and the FF&E Lenders.	 	10
	 	 	3.3	 	Certain Waivers by the Project Secured Parties	 	12
	 	 	3.4	 	Notification of Events of Default	 	12
	 	 	3.5	 	FF&E Standstill Period.	 	12
	 	 	3.6	 	Limitation of Liability.	 	13
	 	 	3.7	 	Cooperation with Foreclosure Purchaser	 	14
	 	 	3.8	 	Obligations of Project Credit Parties Limited to their Capacities as Junior Lien Holders	 	14
	4.	 	Other Intercreditor Provisions.	 	14
	 	 	4.1	 	Waiver of Provisions Under Financing Agreements	 	14
	 	 	4.2	 	Amendments of Financing Agreements	 	14
	 	 	4.3	 	Provisions Relating to Events of Loss and Loss Proceeds.	 	15
	 	 	4.4	 	Responsibility for Staying Informed.	 	16
	5.	 	Insolvency or Liquidation Proceedings.	 	16
	 	 	5.1	 	Right to File Involuntary Bankruptcy	 	16
	 	 	5.2	 	Certain Agreements and Consents by the Project Credit Parties	 	16
	6.	 	Default Payoff Option	 	17
	7.	 	Representations and Warranties	 	17
	 	 	7.1	 	Organization	 	17
	 	 	7.2	 	Authorization	 	17
	 	 	7.3	 	Binding Agreement	 	17
	 	 	7.4	 	No Consent Required	 	17
	 	 	7.5	 	No Conflict	 	17
	8.	 	Miscellaneous Provisions.	 	18
	 	 	8.1	 	Notices; Addresses	 	18
	 	 	8.2	 	Further Assurances	 	19
	 	 	8.3	 	Waiver	 	19
	 	 	8.4	 	Entire Agreement	 	19
	 	 	8.5	 	Governing Law	 	19
	 	 	8.6	 	Severability	 	19
	 	 	8.7	 	Headings	 	19
	 	 	8.8	 	Limitations on Liability	 	19
	 	 	8.9	 	Consent to Jurisdiction	 	19
	 	 	8.10	 	Successors and Assigns	 	20
	 	 	8.11	 	Counterparts	 	20
	 	 	8.12	 	No Third Party Beneficiaries	 	20

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	 	 	8.13	 	Refinancing; Amendment for New Credit Parties	 	20
	 	 	8.14	 	Trust Indenture Act	 	20
	 	 	8.15	 	Reinstatement	 	20
	 	 	8.16	 	Interaction with Project Lenders Intercreditor Agreement	 	20
	 	 	8.17	 	Attorneys' Fees	 	21

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FORM OF INTERCREDITOR AGREEMENT
  (FF&E)    

        THIS INTERCREDITOR AGREEMENT (this "Agreement") is made as of  
[                        ], 2002 (the "Effective Date"), by
and among  DEUTSCHE BANK TRUST COMPANY AMERICAS, as the Administrative Agent acting on behalf of itself and the Bank Lenders pursuant to the Bank Credit Agreement
(in such capacity, the "Bank Agent"), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association in its capacity as Trustee under the Second
Mortgage Notes Indenture (in such capacity, the "Indenture Trustee") and WELLS FARGO BANK NEVADA, NATIONAL
ASSOCIATION, as the Collateral Agent acting on behalf of itself and the FF&E Lenders pursuant to the FF&E Facility Agreement (in such capacity, the
"FF&E Agent"). 

RECITALS:  

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

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

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

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

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

        (1)  the
Bank Credit Facility is secured (i) by a first priority lien on the Bank Proceeds Account Collateral and the Hotel/Casino Collateral, and (ii) by a
second priority lien on the FF&E Component Collateral, in each case, as more particularly described in Section 2 hereof; 

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

        (3)  the
FF&E Facility is secured by a first priority lien on (i) the FF&E Proceeds Account Collateral, (ii) the Aircraft Collateral and (iii) the FF&E
Component Collateral, in each case, as more particularly described in Section 2 hereof. 

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

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

        G.    Intercreditor Agreement (Project
Lenders).    The Project Credit Parties have entered into the Project Lenders Intercreditor Agreement in order to set forth certain provisions relating to their
respective rights in the Collateral (including the FF&E Component Collateral) securing the obligations of the Company Group to the Project Credit Parties, the exercise of remedies upon the occurrence
of an event of default, the application of proceeds of enforcement and certain other matters. 

        H.    Intercreditor Agreement (FF&E).    The
Bank Agent, the Indenture Trustee and the FF&E Agent desire to enter into this Agreement in order to set forth certain provisions relating to their respective rights in the FF&E Collateral, the
exercise of remedies with respect thereto upon the occurrence of an event of default, the application of proceeds of enforcement and certain other matters. 

AGREEMENT:  

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

1.    Definitions and General Provisions.  

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

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

        "Agreement" has the meaning given in the preamble to this Agreement. 

        "Aircraft Collateral" has the meaning given in the FF&E Facility Agreement. 

        "Aircraft Secured Obligations" means, from time to time, all of the FF&E Secured Obligations other than the FF&E Component Secured
Obligations. 

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

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

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

        "Bank Proceeds Account Collateral" means the Bank Proceeds Account and all amounts on deposit therein, any interest earned thereon, and
any investments of such amounts made pursuant to the Bank Company Collateral Account Agreement, and any proceeds of the foregoing exceptto the extent
such proceeds are deposited into another account pursuant to the terms of the Disbursement Agreement or the Bank Company Collateral Account Agreement. 

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

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

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

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

        "Credit Party" or "Credit Parties" means, as the context requires, any or all of the Bank
Agent, the Indenture Trustee and the FF&E Agent. 

        "Default Payoff Option" means the option granted to the Eligible Payor on behalf of the Project Secured Parties pursuant to  Section 6 hereof to pay off the FF&E
Component Secured Obligations. 

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

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

        "Discharge" means (a) in respect of the Bank Credit Facility, the termination of all commitments to extend credit under the Bank
Credit Facility, indefeasible payment in full in cash of the principal of and interest and premium (if any) on all Bank Secured Obligations, termination, cancellation or expiration of all letters of
credit issued under the Bank Credit Facility and indefeasible payment in full in cash of all other Bank Secured Obligations that are unpaid at the time the principal and interest are indefeasibly paid
in full in cash, (b) in respect of the Second Mortgage Notes, indefeasible payment in full in cash of the principal of and interest and premium (if any) on all Second Mortgage Notes Secured
Obligations and indefeasible payment in full in cash of all other Second Mortgage Notes Secured Obligations that are unpaid at the time the principal and interest are indefeasibly paid in full in cash
and (c) in respect of the FF&E Facility, the termination of all commitments to extend credit under the FF&E Facility Agreement, and either (i) the indefeasible payment in full in cash of
the principal of and interest and premium (if any) on all FF&E Component Secured Obligations and indefeasible payment in full in cash of all other FF&E Component Secured Obligations that are unpaid at
the time the principal and interest are indefeasibly paid in full in cash, in each case in accordance with the terms of this Agreement, or (ii) the indefeasible payment in full in cash of the
principal of and interest and premium (if any) on all FF&E Secured Obligations and indefeasible payment in full in cash of all other FF&E Secured Obligations that are unpaid at the time the principal
and interest are indefeasibly paid in full in cash, in each case in accordance with the terms of the FF&E Facility Agreement. 

        "Effective Date" has the meaning given in the preamble to this Agreement. 

        "Eligible Payor" means (a) from the date of the initial Advance under the Bank Credit Facility until the Discharge of the Bank
Secured Obligations, (i) the Bank Agent (acting on behalf of and, to the extent applicable, at the instruction of, the Bank Lenders in accordance with the Bank Financing Agreements) and
(ii) from and after the expiration of 180 days following the occurrence of the Event 

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of Default giving rise to the Default Payoff Option, any Person or Persons at any time or from time to time designated by holders of at least 25% in outstanding principal amount of the Second
Mortgage Notes, voting as a single class, as entitled to exercise the Default Payoff Option and (b) at any other time, any Person or Persons at any time or from time to time designated by the
holders of at least 25%
in outstanding principal amount of the Second Mortgage Notes, voting as a single class, as entitled to exercise the Default Payoff Option and, in each case, any nominee or designee of the foregoing. 

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

        "Exercise Remedies" or "Exercise of Remedies" shall mean, with respect to each Lender, the
taking of any action to enforce its rights or remedies against the Company Group following the occurrence of a Potential Default or Event of Default under its respective Financing Agreements,
including, without limitation, the termination of a commitment to lend, the acceleration of all or a portion of the Obligations under such Financing Agreements, the filing or initiation of an
Insolvency or Liquidation Proceeding against the Company or any other Person within the Company Group, the commencement of any foreclosure proceedings against any Collateral, the repossession of any
Collateral, or the appointment or institution of a receiver, custodian or similar official to take custody of any assets of the Company or other members of the Company Group; provided, however, that
the term "Exercise Remedies" shall specifically exclude (i) the issuance of any notice of default, (ii) any actions by a Credit Party to suspend (a) any disbursements from any
accounts of the Company Group in which such Credit Party has a security interest or (b) Advances under the particular Facility and (iii) the recording of a Notice of Default in the
County Recorder's Office of Clark County, Nevada. 

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

        "Facility Agreement" or "Facility Agreements" means, as the context requires, any or all
of the Bank Credit Agreement, the Second Mortgage Notes Indenture and the FF&E Facility Agreement. 

        "FF&E Agent" means Wells Fargo Bank Nevada, National Association or its successor or assignee in its capacity as Collateral Agent under
the FF&E Facility Agreement. 

        "FF&E Collateral" means the following unique and separate categories of property encumbered to secure all or a portion of the Obligations
of the Company Group to the applicable Secured Parties (in each case as set forth in Section 2): (a) the Aircraft Collateral,
(b) the FF&E Component Collateral and (c) the FF&E Proceeds Account Collateral; provided, however, that upon the release by the FF&E Agent
of its security interest in any portion of the FF&E Collateral, the FF&E Collateral shall exclude such released FF&E Collateral. 

        "FF&E Component Collateral" means from time to time, items consisting of the FF&E Component under the Disbursement Agreement (as more
specifically set forth from time to time in Exhibit T-3 to
the Disbursement Agreement) other than (a) the FF&E Proceeds Accounts Collateral and (b) the Aircraft Collateral. 

        "FF&E Component Secured Obligations" means, at any time and from time to time, the Allocated Equipment Value (as defined in the FF&E
Facility Agreement), plus all accrued but unpaid interest thereon in accordance with the FF&E Facility Agreement, plus the Applicable Administrative Charge (as defined in the FF&E Facility Agreement),
if any, allocable to such Allocated Equipment Value, plus any other accrued but unpaid fees or other amounts owed under the FF&E Financing Agreements and allocable to the Allocable Equipment Value. 

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

        "FF&E Proceeds Account Collateral" means the FF&E Proceeds Account and all amounts on deposit therein, any interest earned thereon, and
any investments of such amounts made pursuant to the applicable FF&E Collateral Account Agreement, and any proceeds of the foregoing except to the
extent such proceeds are deposited into another account pursuant to the terms of the Disbursement Agreement or the FF&E Collateral Account Agreement. 

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

        "Hotel/Casino Collateral" means all real and personal property encumbered to secure the Bank Secured Obligations under the Bank Security
Documents or the Second Mortgage Notes Secured Obligations under the Second Mortgage Notes Security Documents other than (a) the Separate
Proceeds Accounts Collateral and (b) the FF&E Collateral, provided, however, that upon the release by the Bank Agent and the Indenture Trustee of
their respective security interests in any portion of the Hotel/Casino Collateral, the Hotel/Casino Collateral shall exclude such released Hotel/Casino Collateral. 

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

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

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

        "Project Credit Party" or "Project Credit Parties" means, as the context requires, any or
both of the Bank Agent and the Indenture Trustee. 

        "Project Credit Party Agent" means (a) from the date of the initial Advance under the Bank Credit Agreement until the Discharge of
the Bank Secured Obligations, the Bank Agent (acting on behalf of, and to the extent applicable, at the instruction of, the Bank Lenders in accordance with the Bank Financing Agreements), and
(b) at any other time, the Indenture Trustee (acting on behalf of, and to the extent applicable, at the instruction of, the Second Mortgage Note Holders in accordance with the Second Mortgage
Notes Indenture). 

        "Second Mortgage Notes Financing Agreements" means the Second Mortgage Notes Indenture, the Second Mortgage Notes, the Disbursement
Agreement, the Project Lenders Intercreditor 

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

        "Second Mortgage Notes Proceeds Account Collateral" means the Second Mortgage Notes Proceeds Account and all amounts on deposit therein,
any interest earned thereon, and any investments of such amounts made pursuant to the applicable Second Mortgage Notes Company Collateral Account Agreement, and any proceeds of the foregoing  except to
the extent such proceeds are deposited into another account pursuant to the terms of the Disbursement Agreement or the Second Mortgage Notes
Company Collateral Account Agreement. 

        "Second Mortgage Notes Secured Obligations" means all Obligations of the Company Group under the Second Mortgage Notes Indenture, the
Second Mortgage Notes, the Second Mortgage Notes Security Documents and the other Second Mortgage Notes Financing Agreements. 

        "Secured Obligations" means, as the context requires, any or all of the Bank Secured Obligations, the Second Mortgage Notes Secured
Obligations and the FF&E Secured Obligations. 

        "Secured Party" or "Secured Parties" means, as the context requires, any or all of the
Project Secured Parties, the FF&E Agent and the FF&E Lenders. 

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

        "Separate Proceeds Accounts Collateral" means, as the context requires, any or all of the Second Mortgage Notes Proceeds Account
Collateral, the Bank Proceeds Account Collateral and the FF&E Proceeds Account Collateral. 

        "Standstill Period" has the meaning given in Section 3.5.1 of this Agreement. 

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

2.    FF&E Collateral, Priority of Liens, Subordination and Release.  

        2.1    Liens and Security Interests on the FF&E Collateral.    Each Credit Party agrees that the Secured Parties shall
have the benefit of the following liens on and security interests and relative priorities in the FF&E Collateral: 

        2.1.1    FF&E Collateral for the FF&E Secured Obligations.    Subject to the terms of this
Agreement, the FF&E Secured Obligations shall be secured by a first priority lien on and security interest in the (a) FF&E Proceeds Account Collateral, (b) the Aircraft Collateral and
(c) the FF&E Component Collateral. 

        2.1.2    FF&E Collateral for the Bank Secured Obligations.    Subject to the terms of this
Agreement (and, as between the Bank Agent and the Trustee, the Project Lenders Intercreditor Agreement), the Bank Secured Obligations shall be secured by a second priority lien on and security
interest in the FF&E Component Collateral. 

        2.1.3    FF&E Collateral for Second Mortgage Notes Secured Obligations.    Subject to the
terms of this Agreement (and, as between the Bank Agent and the Trustee, the Project 

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Lenders Intercreditor Agreement), the Second Mortgage Notes Secured Obligations shall be secured by a third priority lien on and security interest in the FF&E Component Collateral. 

        2.2    FF&E Proceeds Accounts Collateral and Aircraft Collateral Does Not Secure Bank Facility or Second Mortgage Note
Holders.    The Bank Agent on behalf of the Bank Lenders and the Trustee on behalf of the Second Mortgage Note Holders acknowledge and agree that FF&E Proceeds
Account Collateral and the Aircraft Collateral secure only the FF&E Secured Obligations, and no Project Secured Party in its capacity as such (it being understood that any such party may also be an
FF&E Lender and shall, in its capacity as an FF&E Lender, enjoy all of the rights and protections provided to the FF&E Lenders hereunder and under the other Financing Agreements) shall have, or claim
to have, now or at any time hereafter any liens thereon or any security interest therein (other than a judgment lien obtained as an unsecured creditor). Except as provided in  Section 3.5, nothing
in this Agreement shall affect, limit or otherwise restrict the right and ability of the FF&E Agent and the FF&E Lenders to
exercise any remedy or enforce other rights (including foreclosure) upon the FF&E Proceeds Account Collateral and the Aircraft Collateral. 

        2.3    Hotel/Casino Collateral Does Not Secure FF&E Facility.    The FF&E Agent, on behalf of the FF&E Lenders,
acknowledges and agrees that the Project Credit Parties have liens on, and security interests in the Hotel/Casino Collateral and that neither the FF&E Agent nor any FF&E Lender in its capacity as such
(it being understood that any such party may also be a Project Secured Party, and shall, in its capacity as a Project Secured Party, enjoy all of the rights and protections provided to the Project
Secured Parties hereunder and under the other Financing Agreements) shall have or claim to have, now or at any time hereafter, a lien on, or other security interest in or with respect to, any
Collateral (other than the FF&E Collateral) referred to in this Agreement or described in the Bank Security Documents or the Second Mortgage Notes Security Documents (other than a judgment lien
obtained
as an unsecured creditor). Notwithstanding any other provision in any Financing Agreement to the contrary, other than insurance proceeds and proceeds from the sale or other disposition of the FF&E
Collateral received in accordance with the terms of this Agreement and the FF&E Security Documents, in no event whatsoever shall the liens and other security interests to be created and perfected by
the FF&E Security Documents evidencing and securing the FF&E Secured Obligations attach to any revenues, income, rents or other profits generated by the Project (including, without limitation, any
revenues, income, rents or other profits associated with the FF&E Collateral) (other than a judgment lien obtained as an unsecured creditor). Nothing in this Agreement shall affect, limit or otherwise
restrict the right and ability of the Bank Agent and the Bank Lenders and (subject to the Project Lenders Intercreditor Agreement) the Indenture Trustee and the Second Mortgage Note Holders to
exercise any remedy or enforce other rights (including foreclosure) upon any collateral other than the FF&E Collateral. 

        2.4    Confirmation of Liens.

        2.4.1    Each Credit Party hereto hereby confirms and agrees that the liens and security interests held by or for the benefit of
each Secured Party in the Collateral, as provided for in the preceding provisions of this Section 2 shall secure all Obligations of the Company
Group and any Person within the Company Group now or hereafter owing to such Secured Party under the applicable Facility throughout the term of this Agreement, in each case with the priority specified
in this Section 2, notwithstanding (a) the availability of any other collateral to any Secured Party, (b) the actual date and time
of execution, delivery, recording, filing and perfection of any of the Security Documents, or (c) the fact that any lien or security interest created by any of the Security Documents, or any
claim with respect thereto, is or may be subordinated, avoided or disallowed in whole or in part under any Bankruptcy Law. All provisions of this Agreement, including but not limited to, all matters
relating to the creation, validity, perfection, priority, subordination and release of the liens and security interests 

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intended to be created by the Security Documents and all provisions regarding the allocation and priority of payments with respect to any Facility shall survive any Insolvency or Liquidation
Proceeding and be fully enforceable by and against each Credit Party hereto during any such proceeding. 

        2.4.2    In the event of an Insolvency or Liquidation Proceeding, each Credit Party further confirms and agrees that
(i) the Obligations due and outstanding under and with respect to each Facility shall include all principal, additional advances permitted hereunder, Protective Advances made by such Credit
Party, interest, default interest, LIBOR breakage and swap breakage, post petition interest and all other amounts due thereunder, for periods before and for periods after the commencement of any such
proceedings, even if the claim for such amounts is disallowed pursuant to applicable law, and all proceeds from the sale or other disposition of any Collateral shall be paid to the applicable Secured
Party in the order and priority provided for in this Section 2 with respect to such Collateral notwithstanding the disallowance of any such claim
or the invalidity or subordination of any lien on or security interest in such Collateral under applicable law and (ii) it will not request judicial relief or take any other action that would
limit, invalidate, avoid or set aside the lien of any other Credit Party on the Collateral or any portion thereof or that would change the lien priorities described in  Section 2.1.

        2.5    Release of Liens.

        2.5.1    The FF&E Agent agrees to release its respective liens on and security interests in the FF&E Component Collateral on the
date on which the Discharge in respect of the FF&E Facility occurs in accordance with the terms of the FF&E Facility Agreement and this Agreement (including any Discharge of the FF&E Facility in
connection with the exercise by the Eligible Payor of the Default Payoff Option in accordance with Section 6 hereof). 

        2.5.2    The Bank Agent and the Indenture Trustee agree to release their respective liens on and security interests in the FF&E
Component Collateral in connection with (a) any foreclosure or similar sale of such FF&E Component Collateral in connection with the Exercise of Remedies by the FF&E Agent and the FF&E Lenders
or (b) any other sale of the FF&E Component Collateral that is permitted by the Bank Financing Agreements and the Second Mortgage Notes Financing Agreements. 

        2.5.3    The FF&E Agent, the Bank Agent and the Indenture Trustee agree to release their respective liens on and security
interests in the FF&E Component Collateral in connection with any replacement of such FF&E Component Collateral permitted under the FF&E Facility Agreement, the Bank Credit Agreement and the Second
Mortgage Notes Indenture. Any replacement items that are permitted under the FF&E Facility Agreement and the Bank Credit Agreement to constitute FF&E Component Collateral shall constitute FF&E
Collateral hereunder and shall be subject to the lien priorities set forth in Section 2.1 above. 

        2.5.4    In connection with any release described in this Section 2.5,  the FF&E Agent, the Bank Agent and/or the Indenture Trustee, as the
case may be, agree to execute and deliver any documentation reasonably requested by the other Credit Parties
to evidence such lien release. 

3.    Rights and Limitation of Actions With Respect to the FF&E Collateral.  

        3.1    Rights and Limitations Applicable to the Project Credit Parties.

        3.1.1    Subject to Section 3.1.2 below, neither the Bank Agent nor the Indenture Trustee shall,
nor shall either such Credit Party authorize or direct any Person acting for it, or any 

8

 

Bank Lender or Second Mortgage Note Holder to, exercise any right or remedy with respect to any FF&E Component Collateral (including any right of set-off) or take any action to enforce,
collect or realize upon any FF&E Component Collateral including, without limitation, any right, remedy or action to: 

	(a)
	remove
the FF&E Component Collateral (except as permitted under Section 3.7 below);

	(b)
	exercise
any collection rights in respect of the proceeds from the sale or other disposition of any FF&E Component Collateral;

	(c)
	exercise
any right of set-off against any property constituting FF&E Component Collateral;

	(d)
	initiate
any foreclosure or similar proceeding against any FF&E Component Collateral or take or accept any transfer of title in lieu of foreclosure upon any FF&E Component Collateral;

	(e)
	enforce
any claim to the proceeds of insurance upon any FF&E Component Collateral, other than in accordance with the provisions of Section 4.3  hereof;

	(f)
	deliver
any notice, claim or demand relating to the FF&E Component Collateral to any Person in the possession or control of any FF&E Component Collateral or acting as bailee,
custodian or agent for a Project Secured Party in respect of any FF&E Component Collateral;

	(g)
	otherwise
enforce any remedy available upon default for the enforcement of any lien upon the FF&E Component Collateral;

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

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

        3.1.2    Notwithstanding Section 3.1.1 above, any right or remedy set
forth in clauses (a) through (i) thereof may be exercised and any such action may be taken, authorized or instructed by the Bank Agent or the Indenture Trustee: 

	(a)
	after
Discharge of the FF&E Facility;

	(b)
	as
necessary, to deliver any notice or demand necessary to enforce any right to claim, take or receive proceeds of any FF&E Component Collateral remaining after the Discharge of the
FF&E Secured Obligations in the event of foreclosure or other enforcement of any lien securing the FF&E Secured Obligations, so long as, in any of the foregoing cases, any such actions are not adverse
to the grant, perfection, priority or enforcement of the liens upon the FF&E Component Collateral securing the FF&E Secured Obligations, the value of the FF&E Component Collateral or the rights of the
FF&E Agent and the FF&E Lenders in and to the FF&E Component Collateral;

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

	(d)
	subject
to all the other provisions of this Agreement, as necessary to prove (but not enforce) the liens securing the Bank Secured Obligations or the Second Mortgage Notes Obligations
upon the FF&E Component Collateral or as necessary to preserve or protect (but not enforce) such liens upon the FF&E Component Collateral (excluding any claim for adequate protection) in any manner
that is not adverse to the grant, perfection, priority or enforcement of liens upon the FF&E Component Collateral securing the FF&E Secured Obligations, the value of the FF&E Component Collateral or
the rights of the FF&E Agent and the FF&E Lenders in and to the FF&E Component Collateral; or 

9

  

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

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

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

	(b)
	affect
the relative rights of the Project Secured Parties and creditors of the Company (other than the FF&E Agent and the FF&E Lenders);

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

	(d)
	prevent
the Project Secured Parties from exercising any rights or remedies any of them may have against the Company or any Person within the Company Group, subject however, in all
cases, to the rights of the FF&E Agent and the FF&E Lenders in respect of the FF&E Collateral hereunder and the obligations of the Project Secured Parties hereunder. 

        3.2    Rights and Limitations Applicable to the FF&E Agent and the FF&E Lenders.

        3.2.1    Subject to Section 3.5 below, the FF&E Agent and the FF&E
Lenders shall have the exclusive right to manage, perform and enforce the terms of the FF&E Security Documents with respect to all FF&E Component Collateral and to exercise and enforce all privileges
and rights thereunder according to
their discretion and exercise of their business judgment, including, without limitation, the exclusive right to take the actions enumerated in clauses (a) through (i) of  Section 3.1.1 above. Without limiting the generality of the foregoing, if an Event of Default has occurred and is continuing under the FF&E
Facility, the FF&E Agent shall have the right to (i) enter the Project's real property for the purpose of inspecting, maintaining or protecting the FF&E Component Collateral and
(ii) without causing material damage the Hotel/Casino Collateral (other than any such material damage which has been repaired), remove the FF&E Component Collateral (including all records and
other documentation relating thereto) and take such additional steps as are reasonably necessary or appropriate to prepare such FF&E Component Collateral for a foreclosure sale or other exercise of
remedies with respect to such FF&E Component Collateral under the FF&E Facility Agreement. The FF&E Agent agrees to repair any damage caused to the Hotel/Casino Collateral in connection with its
removal of any FF&E Collateral. 

        In
connection with any of the actions taken by the FF&E Agent or the FF&E Lenders in accordance with this Section 3.2.1, subject to  Section 3.8, the Project Credit Parties waive any and all rights to affect the method or challenge the appropriateness of any action by the FF&E
Agent or the FF&E Lenders with respect to the FF&E Component Collateral and hereby consent to each of the FF&E Agent and the FF&E Lenders exercising or not exercising such rights and remedies as if no
lien upon the FF&E Component Collateral securing the Bank Secured Obligations or the Second Mortgage Notes Secured Obligations, as the case may be, existed, except only that the Project Credit Parties
reserve all rights granted by law (i) to request or receive notice of any sale of FF&E Component Collateral in foreclosure of any lien upon the FF&E Component Collateral securing the FF&E
Secured 

10

 

Obligations and (ii) after the Discharge of the FF&E Facility, to redeem any FF&E Component Collateral or enforce any right to claim, take or receive proceeds of FF&E Component Collateral then
remaining. 

        3.2.2    The FF&E Agent and the FF&E Lenders may at any time and from time to time, without the consent of or notice to the
Project Credit Parties but subject to any applicable Standstill Period and to the provisions of Section 4.2, without incurring any responsibility
or liability to such Project Credit Parties and without in any manner prejudicing, affecting or impairing the ranking or priority of the liens and the security interests in the FF&E Component
Collateral created by the FF&E Security Documents or the rights and obligations of the Credit Parties hereunder: 

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

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

	(c)
	increase
or reduce the amount of any FF&E Secured Obligation (subject to the provisions of the Bank Credit Agreement and the Second Mortgage Notes Indenture relating to the maximum
amount of indebtedness) or reduce the interest, premium, fees or other amounts payable in respect thereof;

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

	(e)
	take
or fail to take any first priority lien in any FF&E Component Collateral or take or fail to take any action which may be necessary or appropriate to ensure that any lien upon the
FF&E Component Collateral securing an FF&E Secured Obligation is duly enforceable or perfected or entitled to priority as against any other lien or to ensure that any proceeds of any FF&E Component
Collateral are applied to the payment of any FF&E Component Secured Obligation or any other obligation secured thereby;

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

	(g)
	exercise
or enforce, in any manner, order or sequence, or fail to exercise or enforce, any right or remedy against the Company or any guarantor or any FF&E Component Collateral or any
right or power under the FF&E Security Documents and hereunder and apply any payment or proceeds of collateral in any order of application; or

	(h)
	sell,
exchange, release, foreclose upon or otherwise deal with the FF&E Component Collateral. 

11

 

        3.2.3    Except for its gross negligence or willful misconduct, no (a) exercise, delay in exercising or failure to
exercise any right arising under the FF&E Security Documents or this Agreement, (b) act or omission of the FF&E Agent or any FF&E Lender in respect of the Company Group or any Person within the
Company Group or any other Person or FF&E Component Collateral or any right arising under the FF&E Security Documents and hereunder, (c) change, impairment, or suspension of any right or remedy
of the FF&E Agent or any FF&E Lender with respect to the FF&E Component Collateral,
or (d) other act, failure to act, circumstance, occurrence or event, including, without limitation, the acts listed in Section 3.2.2  above, which, but for this provision, would or could act as
a release or exoneration of the agreements or obligations of the Project Credit Parties hereunder shall in any way
affect, decrease, diminish or impair any of such agreements or obligations, including, without limitation, the lien subordination provisions set forth in Sections 2.1  and 3.1. 

        3.3    Certain Waivers by the Project Secured Parties.    To the fullest extent permitted by law, until Discharge of
the FF&E Secured Obligations, each Project Secured Party waives and agrees not to assert or enforce: 

	(a)
	any
right of subrogation to the rights or interests of the FF&E Agent or the FF&E Lenders in the FF&E Component Collateral or any claim or defense based upon impairment of any such
right of subrogation;

	(b)
	any
right of marshalling accorded to a junior lienholder in the FF&E Component Collateral, as against a priority lienholder in such Collateral, under equitable principles; and

	(c)
	any
statutory right of appraisal or valuation of the FF&E Component Collateral accorded to a junior lienholder in a proceeding to foreclose a senior lien, 

in
each case, that otherwise may be enforceable in respect of any lien upon the FF&E Component Collateral securing the Bank Secured Obligations or the Second Mortgage Notes Secured Obligations as
against the FF&E Agent or the FF&E Lenders; provided, however, that the foregoing shall not be construed as reducing or otherwise negating the obligation of the Company Group to pay, as part of the
Bank Secured Obligations and the Second Mortgage Notes Secured Obligations any amounts advanced by the Bank Lenders or the Secured Mortgage Note Holders to pay any portion of the FF&E Secured
Obligations. 

        3.4    Notification of Events of Default.    Each Credit Party hereby agrees, for the benefit of each other Credit
Party, to use its best efforts to provide or cause the Company to provide written notice to each other Credit Party as promptly as practicable after obtaining actual knowledge of the occurrence of an
Event of Default under its respective Facility. No Credit Party shall have any liability to another for failing to provide or cause to be provided any such notice, but such release from liability
shall not relieve the FF&E Agent's and the FF&E Lenders' obligation to restrain from the Exercise of Remedies until the expiration of the Standstill Period in accordance with and subject to the
provisions of Section 3.5. 

        3.5    FF&E Standstill Period.

        3.5.1    The delivery by the FF&E Agent or the Company to the Bank Agent and the Indenture Trustee of the notice referred to in  Section 3.4 with respect to the occurrence of an Event of Default under the FF&E Facility Agreement, which notice references the commencement of
the Standstill Period, shall, subject to the provisions of Section 3.5.3, commence a standstill period of 30 days (as may be extended
pursuant to the terms of Section 3.5.2 below, the "Standstill Period"). Until the expiration of
such Standstill Period: 

	(a)
	unless
otherwise agreed in writing by the Project Credit Party Agent, the FF&E Agent agrees not to Exercise Remedies (except and to the extent that such Exercise of Remedies is 

12

 

necessary
to prevent the expiration of any applicable statute of limitations) unless (x) the Bank Agent or the Indenture Trustee Exercises Remedies (except and to the extent that such Exercise
of Remedies is necessary to prevent the expiration of any applicable statute of limitations) or (y) an Insolvency or Liquidation Proceeding has commenced or been initiated with respect to the
Company or any other Loan Party; and 

	(b)
	if
(i) all Events of Default under the FF&E Facility Agreement are cured (or waived to the satisfaction of the FF&E Lenders), (ii) all Events of Default under the Bank
Credit Agreement are cured (or waived to the satisfaction of the Bank Lenders) and (iii) the Bank Agent notifies the FF&E Agent that the Bank Credit Agreement will be reinstated and that
funding under the Bank Credit Agreement will recommence, the FF&E Agent agrees to reinstate the FF&E Facility Agreement and recommence funding thereunder in accordance with the terms of such FF&E
Facility Agreement and the Disbursement Agreement. 

        3.5.2    So long as all interest, fees, indemnities and expenses of the FF&E Agent and the FF&E Lenders under the FF&E Financing
Agreements are brought current on or before the 15th day following the commencement of the Standstill Period and thereafter kept current through the expiration of the Standstill Period
(as may be extended pursuant to this paragraph), then (a) with respect to a Standstill Period commencing prior to the Completion of the Project, such Standstill Period shall be extended for a
period of 30 days from the date on which such Standstill Period was to expire and (b) with respect to a Standstill Period commencing after the Completion of the Project, such Standstill
Period shall be extended for a period of 15 days from the date on which such Standstill Period was to expire. 

        3.5.3    The provisions of this Section 3.5 shall apply only to
(a) the first Event of Default occurring under the FF&E Facility Agreement prior to the Completion of the Project in respect of which the Bank Agent and the Indenture Trustee receive a notice
commencing the Standstill Period and (b) the first Event of Default occurring under the FF&E Facility Agreement after the Completion of the Project in respect of which the Bank Agent and the
Indenture Trustee receive a notice commencing the Standstill Period; provided, however, that any Event of Default as to which, pursuant to the FF&E Facility Agreement and the vote of the applicable
FF&E Lenders thereunder, the FF&E Lenders will exercise remedies only against the Aircraft Collateral and accelerate only the Aircraft Secured Obligations, shall not be taken into account for purposes
of the foregoing. 

        3.6    Limitation of Liability.

        3.6.1    Except as expressly set forth herein, no Credit Party will have any duty, express or implied, fiduciary or otherwise,
to any other Credit Party. 

        3.6.2    To the maximum extent permitted by law, each Project Credit Party waives any claim it may have against the FF&E Agent
or any FF&E Lender with respect to or arising out of any action or failure to act or any error of judgment or negligence on the part of the FF&E Agent or such FF&E Lender or their respective
directors, officers, employees or agents with respect to any exercise of rights or remedies in respect of the FF&E Component Collateral or any transaction relating to the FF&E Component Collateral and
each Project Credit Party agrees that except as specifically provided herein the FF&E Agent and FF&E Lenders shall be entitled to manage and exercise their rights and remedies with respect to the FF&E
Collateral in the manner they deem appropriate; provided that the foregoing shall not exculpate the FF&E Agent or any FF&E Lender from any liability arising out of the gross negligence or willful
misconduct of the FF&E Agent or such FF&E Lender, as the case may be, or any of their respective directors, officers, employees or agents. Neither the FF&E Agent nor any FF&E Lender nor any of their
respective directors, officers, employees or agents will be liable for failure to demand, collect or realize upon any of the FF&E 

13

 

Component Collateral or for any delay in doing so; provided that the foregoing shall not exculpate the FF&E Agent or any FF&E Lender from any liability arising out of the gross negligence or willful
misconduct of the FF&E Agent or any such FF&E Lender, as the case may be, or any of their respective directors, officers, employees or agents, nor will the FF&E Agent or any FF&E Lender be under any
obligation to sell or otherwise dispose of any FF&E Component Collateral upon the request of any Person within the Company Group or upon the request of any Project Credit Party or any other Person or
to take any other action whatsoever with regard to the FF&E Component Collateral or any part thereof. 

        3.7    Cooperation with Foreclosure Purchaser.    Each of the Bank Agent and the Indenture Trustee agree to cooperate
with any Person that acquires the FF&E Component Collateral in a foreclosure proceeding or other sale proceeding to remove the FF&E Component Collateral from the Project. After any such foreclosure or
other sale proceeding and if the FF&E Agent or such other purchaser has not removed the FF&E Component Collateral within forty-five (45) days following such foreclosure or other
sale, then pending such removal by the FF&E Agent or such purchaser the Project Credit Party Agent may, at the cost and expense of the Secured Parties under its Facility, and in a manner reasonable
satisfactory to the FF&E Agent or such other purchaser, remove such FF&E Component Collateral from the Project and store and insure the same for the FF&E Agent or such other purchaser in a manner
reasonably satisfactory to such party. The FF&E Agent or such other purchase shall be required to pay the costs of such storage and insurance from and after the 91st day following such
foreclosure or other sale. 

        3.8    Obligations of Project Credit Parties Limited to their Capacities as Junior Lien Holders.    Each Credit Party
acknowledges and agrees that notwithstanding anything to the contrary in this Agreement
or the other Financing Agreements, the provisions of Section 3 and Section 5 of this
Agreement apply to the Bank Agent, the Bank Lenders, the Indenture Trustee and the Second Mortgage Note Holders solely in their respective capacities as holders of liens secured by the FF&E Component
Collateral. Nothing in Section 3 or Section 5 of this Agreement or the other Financing
Agreements shall prevent or preclude the Bank Agent, the Bank Lenders, the Indenture Trustee or the Second Mortgage Note Holders from taking any action or asserting rights or claims which such parties
may be entitled to take or assert in any other capacity (including, without limitation, any action or assertion of rights as holders of liens on and security interests in any Collateral pledged by any
Person within the Company Group to such Credit Parties (other than the FF&E Component Collateral) and as holders of unsecured claims against the Company or any Person within the Company Group). Except
as provided in Section 2 and Section 3.5 above, nothing in this Agreement or the other Financing Agreement shall prevent or preclude the
FF&E Agent from taking any action or asserting any rights or claims which it may be entitled to take or assert as the holder of unsecured claims against the Company or any Person within the Company
Group. 

4.    Other Intercreditor Provisions.  

        4.1    Waiver of Provisions Under Financing Agreements.    Any Credit Party may, without the consent of any other
Credit Party, defer any payments due under its Facility or waive any provisions thereof. 

        4.2    Amendments of Financing Agreements.    Each of the FF&E Agent and the FF&E Lenders, the Bank Agent and the Bank
Lenders and the Indenture Trustee and the Second Mortgage Note Holders (subject, in the case of the Indenture Trustee and the Second Mortgage Note Holders, to the Project Lenders Intercreditor
Agreement) shall be permitted to enter into amendments, modifications and supplements with the Company Group of their respective Financing Agreements without the consent of any other party, including
during any Standstill Period, except for amendments, modifications or supplements (i) increasing the applicable interest 

14

 

rate or fees, (ii) changing (to earlier or more frequent dates) the dates upon which payments of principal or interest are due thereon (iii) in the case of the FF&E Facility,
(a) readjusting the amortization schedules of the indebtedness as between FF&E Component Secured Obligations and the other FF&E Secured Obligation so as to reduce the amortization of the FF&E
Component Secured Obligations relative to the amortization of the other FF&E Secured Obligations or (b) permit to be prepaid or allocate to the FF&E Component Secured Obligations less than a
pro rata portion of any prepayment made under the FF&E Facility (except for (A) prepayments made with the proceeds from the sale, disposition or casualty event with respect to a portion of the
Collateral, which shall be used to prepay the obligations related to such Collateral and (B) refinancings permitted under the Financing Agreements and Section 8.13 hereof),
(iv) reducing the amount of the lending commitments thereunder at any time prior to Completion, (v) changing the redemption, prepayment, or defeasance provisions thereof,
(vi) amend Section 7.5(e) of the Bank Credit Agreement or Section 7.5(e) of the FF&E Facility Agreement so as to reduce the aggregate fair market value of Property which the
Company is permitted to dispose of in any Fiscal Year (as defined in each such Facility Agreement) or (vii) which (a) in the case of the Bank Credit Facility, have the effect of
prohibiting, limiting or restricting the
prepayments of the FF&E Facility allowed pursuant to Section 7.9(a) of the Bank Credit Agreement and (b) in the case of the FF&E Facility, have the effect of prohibiting, limiting or
restricting the prepayments of the Bank Credit Facility allowed pursuant to Section 7.9(a) of the FF&E Facility Agreement, each of which amendments, modifications or supplements described in
clauses (i) through (vi) above shall require the consent of the FF&E Agent and the Bank Agent. 

        4.3    Provisions Relating to Events of Loss and Loss Proceeds.

        4.3.1    Upon the occurrence of an Event of Loss, the FF&E Agent will have the sole right to adjust settlement of all insurance
claims and condemnation awards relating to FF&E Collateral and the Project Credit Party Agent will have the sole right to adjust settlement of all insurance claims and condemnation awards relating to
any Collateral other than FF&E Collateral. 

        4.3.2    Any Loss Proceeds received prior to Final Completion shall, to the extent permitted by the Disbursement Agreement, be
applied towards repair or restoration of the Project in accordance with the Disbursement Agreement. 

        4.3.3    The Credit Parties acknowledge that, from and after Final Completion, the Project Credit Party Agent is the loss payee
under the Company's and the other Loan Parties' insurance policies and will receive and hold all Loss Proceeds payable to the Company or the other Loan Parties. Each of the Bank Agent and the
Indenture Trustee hereby covenants and agrees, for so long as each such party is the Project Credit Party Agent, to hold any Loss Proceeds so received in accordance with the terms hereof and to apply
the same only as provided hereunder. 

        4.3.4    Any Loss Proceeds received prior to Final Completion which are not permitted to be applied towards repair or
restoration of the Project and any Loss Proceeds received after Final Completion shall be applied as follows: 

	(i)
	if
(A) all or any portion of such Loss Proceeds have been allocated by the payor thereof among the assets or property to which such Event of Loss
relates or (B) such Loss Proceeds result from an Event of Loss involving exclusively a specific category of Collateral (for example, the Aircraft Collateral, the FF&E Component Collateral or
the Hotel/Casino Collateral), such Loss Proceeds shall be paid over to the Credit Party with a prior lien priority in such assets or property as more specifically set forth in  Section 2 of this
Agreement; and 

15

 

	(ii)
	any
Loss Proceeds remaining after application of the preceding clause shall be allocated among the assets or property to which such Event of Loss
relates in proportion to the magnitude of the losses
(after giving effect to any allocation under clause (i) above) experienced by such assets or property based upon the diminution in value to such assets or property as a consequence of such
Event of Loss. Upon completion of such allocation, the applicable Loss Proceeds shall be paid over to the applicable Credit Party with a prior lien priority in such assets or property as more
specifically set forth in Section 2 of this Agreement. 

        4.3.5    To the extent the Company is allowed and elects to restore or replace any FF&E Component Collateral using Loss
Proceeds, only such restored or replacement items the cost of which is funded entirely with Loss Proceeds allocated to the FF&E Collateral in accordance with the principles of Section 4.3.4
above shall constitute FF&E Component Collateral hereunder and shall be subject to the lien priorities set forth in Section 2.1 above. 

        4.4    Responsibility for Staying Informed.    Each Credit Party and the Lenders on whose behalf it is acting shall be
responsible for keeping themselves informed of the financial condition of the Company Group and all other circumstances bearing upon the risk of nonpayment of the FF&E Secured Obligations, the Bank
Secured Obligations or the Second Mortgage Note Secured Obligations, as the case may be. Except as set forth in Section 3.4 and  3.5, no Credit Party
shall have any duty to advise any other Credit Party of information regarding such condition or circumstances or as to any other
matter. If any Credit Party or any Lender, in its sole discretion, undertakes at any time or from time to time to provide any such information to any other Credit Party or Lender it shall be under no
obligation to provide any similar information on any subsequent occasion, to provide any additional information, or undertake any investigation, or to disclose any information which, pursuant to
accepted or reasonable commercial finance practice, it wishes to maintain confidential. 

5.    Insolvency or Liquidation Proceedings.  

        5.1    Right to File Involuntary Bankruptcy.    Except as set forth in Section 3.5  with respect to the FF&E Agent and
the FF&E Lenders during any Standstill Period, any Secured Party shall be entitled, at any time and upon its sole discretion, to initiate or
join as a petitioning creditor in an involuntary Insolvency or Liquidation Proceeding against any Person within the Company Group. 

        5.2    Certain Agreements and Consents by the Project Credit Parties

        5.2.1    At no time shall the Project Credit Parties solely in their respective capacities as junior lienholders with respect to
the FF&E Component Collateral: 

	(a)
	oppose
or otherwise contest any motion for relief from the automatic stay or from any injunction against foreclosure or enforcement of a lien upon the FF&E Component Collateral
securing the FF&E Secured Obligations made by any holder of FF&E Secured Obligations in any Insolvency or Liquidation Proceeding;

	(b)
	oppose
or otherwise contest any exercise by any holder of FF&E Secured Obligations of the right to credit bid any portion of the FF&E Component Secured Obligations at any sale in
foreclosure of a lien upon the FF&E Component Collateral securing the FF&E Secured Obligations; or

	(c)
	oppose
or otherwise contest any other request for judicial relief made in any court by any holder of FF&E Component Secured Obligations relating to the enforcement of any lien upon
the FF&E Component Collateral securing such Obligations. 

16

 

        5.2.2    The Project Credit Parties will not assert or enforce any claim under §506(c) of the United States
Bankruptcy Code with respect to their liens upon the FF&E Component Collateral securing the FF&E Secured Obligations for costs or expenses of preserving or disposing of any FF&E Component Collateral. 

6.    Default Payoff Option.  

        The FF&E Agent hereby grants the Eligible Payor the right (without any obligation) to pay off in cash, at any time when an Event of Default has occurred and is
continuing under the FF&E Facility Agreement, all, but not less than all, of the principal of and interest on all FF&E Component Secured Obligations outstanding at the time of payment. The pay off
amount shall be equal to 100% of the principal amount and accrued interest outstanding on the FF&E Component Secured Obligations on the date of payment (including fees and interest accruing after the
commencement of an Insolvency or Liquidation Proceeding at the rate provided for in the FF&E Facility Agreement (regardless of whether such item is an allowed claim under applicable law) and any costs
of collection) plus all other FF&E Component Secured Obligations (including any LIBOR breakage costs but excluding any prepayment or acceleration penalty or premium) then unpaid. Upon receipt of such
payment in cash, all commitments under the FF&E Facility shall terminate and the FF&E Agent and the FF&E Lenders shall release their liens on and security interests in the FF&E Component Collateral in
accordance with Section 2.5 above. 

7.    Representations and Warranties.  

        Each Credit Party represents and warrants to each other Credit Party as follows: 

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

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

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

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

        7.5    No Conflict.    None of the execution, delivery, and performance of this Agreement nor the consummation of the
transactions contemplated by this Agreement will (a) violate or conflict with any provision of the organizational or governing documents, if any, of such party; (b) to the best of its
knowledge, violate, conflict with, or result in the breach or termination of, or otherwise give any other contracting party the right to terminate, or constitute (or with notice or lapse of time, or
both, would constitute) a default under the terms of any contract, mortgage, lease, bond, indenture, agreement, or other instrument to which such party is a party or to which any of its properties are
subject; (c) to the best of its knowledge, result in the creation of any lien, charge, encumbrance, mortgage, lease, claim, security interest, or other right or interest upon the 

17

 

properties or assets of such party pursuant to the terms of any such contract, mortgage, lease, bond, indenture, agreement, franchise, or other instrument; (d) violate any judgment, order,
injunction, decree, or award of any court, arbitrator, administrative agency, or governmental or regulatory body of which it has knowledge against, or binding upon such party or upon any of the
securities, properties, assets, or business of such party; or (e) to the best of its knowledge, constitute a violation by such party of any statute, law, or regulation that is applicable to
such party. 

8.    Miscellaneous Provisions.  

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

	 	If to the Bank Agent:	 	Deutsche Bank Trust Company Americas

31 West 52nd Street

New York, New York 10019
	 	 	 	Attn:	 
	 	 	 	 	

	 	 	 	Phone:	(646) 324-2112
	 	 	 	Fax:	(646) 324-7450
	 	

If to the Indenture Trustee:	
 	

Wells Fargo Bank, National Association,

as Indenture Trustee

MAC: N303-121

Corporate Trust Operations

6th & Marquette Avenue

Minneapolis, MN 55479
	 	 	 	Attn:	Michael Slade
	 	 	 	Phone:	(612) 667-0266
	 	 	 	Fax:	(612) 667-2160
	 	

If to the FF&E Agent	
 	

Wells Fargo Bank Nevada, National Association

c/o Wells Fargo Bank Northwest, National Association

299 South Main Street, 12th Floor

Salt Lake City, Utah 94111
	 	 	 	Attn:	Corporate Trust Services

MAC: U1228-120
	 	 	 	Phone:	(801) 246-5630
	 	 	 	Fax:	(801) 246-5053

All
notices or other communications required or permitted to be given hereunder shall be in writing and shall be considered as properly given (a) if delivered in person, (b) if sent by
reputable overnight delivery service, (c) in the event overnight delivery services are not readily available, if mailed by first class mail, postage prepaid, registered or certified with return
receipt requested or (d) if sent by prepaid telex, or by telecopy with correct answer back received. Notice so given shall be effective upon receipt by the addressee, except that any
communication or notice so transmitted by telecopy or other direct written electronic means shall be deemed to have been validly and effectively given on the day (if a Banking Day and, if not, on the
next following Banking Day) on which it is validly transmitted if transmitted before 4 p.m., recipient's time, and if transmitted after that time, on the next following Banking Day;  provided, however, that if any notice is tendered to an addressee and the delivery thereof is refused by such addressee, such notice shall be effective
upon such tender. Any party shall have the right to change its address for notice hereunder to any other location by giving of no less than twenty (20) days' notice to the other parties in the
manner set forth hereinabove. 

18

 

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

        8.3    Waiver.    Any waiver, permit, consent or approval or any kind or character on the part of any of the Credit
Parties under this Agreement or any waiver on the part of any of the Credit Parties of any provision or condition of this Agreement must be in writing and shall be effective only to the extent in such
writing specifically set forth. 

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

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

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

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

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

        8.9    Consent to Jurisdiction.    Any legal action or proceeding arising out of this Agreement may be brought in or
removed to the courts of the State of New York, in and for the County of New York, or of the United States of America for the Southern District of New York. By execution and delivery of this
Agreement, each Credit Party, accepts, for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts for legal proceedings arising out of or in
connection with this Agreement and irrevocably consents to the appointment of the Prentice-Hall Corporation System Inc. as its agent to receive service of process in New York, New
York. Nothing herein shall affect the right to serve process in any other manner including judicial or non-judicial foreclosure of real property interests which are part of the 

19

 

Collateral. Each Credit Party hereby waives any right to stay or dismiss any action or proceeding under or in connection with any or all of the Project, this Agreement or any other operative document
brought before the foregoing courts on the basis of forum non-conveniens. 

        8.10    Successors and Assigns.    The provision of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns; provided, however, this Agreement shall terminate upon the earlier to occur of
(a) Discharge of both the Bank Facility and the Second Mortgage Notes and (b) the Discharge of the FF&E Facility. 

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

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

        8.13    Refinancing; Amendment for New Credit Parties.    Upon (a) any refinancing in whole or in part of any
Facility or (b) if any Credit Party deems necessary, the incurring of other Indebtedness of the Company (subject in each case to the terms of this Agreement and the rights of the existing
Credit Parties under their respective Financing Agreements with respect to any such refinancing or other Indebtedness), any such new lender shall be bound by the terms of this Agreement and each
Credit Party hereby agrees to execute and deliver an amendment to this Agreement with such new lender, or an agent or trustee on its behalf, to make such Person a Credit Party hereunder. No more than
one partial refinancing shall be permitted with respect to each Facility, it being understood however that once a Facility is partially refinanced, the foregoing limitation shall not apply to
refinancings in whole of the parts so refinanced. 

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

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

	(a)
	to
the fullest extent lawful, all claims for the payment of such amount as FF&E Component Secured Obligations and, to the extent securing such claims, all such liens upon such FF&E
Component Collateral granted under the FF&E Security Documents will be reinstated and entitled to the benefits hereof, and

	(b)
	if
a Discharge of the FF&E Facility became effective prior to such reinstatement, all obligations of the Project Credit Parties that were terminated as a result of such Discharge of
the FF&E Facility shall be concurrently reinstated to the extent such claims and liens upon the FF&E Component Collateral granted under the FF&E Security Documents are reinstated, beginning on such
date but prospectively only (and not retroactively), as though no FF&E Component Secured Obligations or liens upon such FF&E Component Collateral granted under the FF&E Security Documents had been
outstanding at any time prior to such date and will remain effective until the claims for such amount are paid in full in cash. 

        8.16    Interaction with Project Lenders Intercreditor Agreement.    As between the Bank Agent and the Indenture
Trustee, nothing in this Agreement shall reduce, relieve or otherwise 

20

 

discharge the obligations of the Indenture Trustee, the Second Mortgage Note Holders, the Bank Agent and the Bank Lenders under the Project Lenders Intercreditor Agreement. 

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

[Signature Page Follows]

21

 

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

	 	 	Bank Agent:
	

 	
 	

 	
DEUTSCHE BANK TRUST COMPANY AMERICAS,

a                         
	

 	
 	

 	

By:	

 	

 
	 	 	 	 	

	 	 	 	 	Name:	 
	 	 	 	 	 	

	 	 	 	 	Title:	 
	 	 	 	 	 	

	

 	
 	

Indenture Trustee:
	

 	
 	

 	
WELLS FARGO BANK, NATIONAL ASSOCIATION,

a national banking association
	

 	
 	

 	

By:	

 	

 
	 	 	 	 	

	 	 	 	 	Name:	 
	 	 	 	 	 	

	 	 	 	 	Title:	 
	 	 	 	 	 	

	

 	
 	

FF&E Agent:
	

 	
 	

 	
WELLS FARGO BANK NEVADA,

NATIONAL ASSOCIATION,

a national banking association
	

 	
 	

 	

By:	

 	

 
	 	 	 	 	

	 	 	 	 	Name:	 
	 	 	 	 	 	

	 	 	 	 	Title:	 
	 	 	 	 	 	

22

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Exhibit 10.80  

FORM
OF GUARANTEE AND COLLATERAL AGREEMENT 

made
by 

VALVINO
LAMORE, LLC, 

WYNN
LAS VEGAS CAPITAL CORP., 

PALO,
LLC, 

WYNN
RESORTS HOLDINGS, LLC, 

DESERT
INN WATER COMPANY, LLC, 

WYNN
DESIGN & DEVELOPMENT, LLC, 

WORLD
TRAVEL LLC, 

LAS
VEGAS JET, LLC, 

WYNN
LAS VEGAS, LLC 

and 

THE
OTHER GRANTORS FROM TIME TO TIME PARTY HERETO 

in
favor of 

DEUTSCHE
BANK TRUST COMPANY AMERICAS,

as Administrative Agent 

Dated
as of                        , 2002 

  

 
 

TABLE OF CONTENTS    
  

	 
	 	 
	 	Page

	

SECTION 1. DEFINED TERMS	
 	

1
	 	1.1.	 	Definitions.	 	1
	 	1.2.	 	Other Definitional Provisions.	 	6
	

SECTION 2. GUARANTEE	
 	

6
	 	2.1.	 	Guarantee.	 	6
	 	2.2.	 	Rights of Reimbursement, Contribution and Subrogation.	 	7
	 	2.3.	 	Amendments, etc. with respect to the Borrower Obligations.	 	9
	 	2.4.	 	Guarantee Absolute and Unconditional.	 	9
	 	2.5.	 	Reinstatement.	 	10
	 	2.6.	 	Payments.	 	10
	

SECTION 3. GRANT OF SECURITY INTEREST	
 	

10
	

SECTION 4. REPRESENTATIONS AND WARRANTIES	
 	

11
	 	4.1.	 	Representations in Credit Agreement; Guarantor Representations.	 	11
	 	4.2.	 	Title; No Other Liens.	 	11
	 	4.3.	 	Perfected First Priority Liens.	 	11
	 	4.4.	 	Name; Jurisdiction of Organization, etc.	 	12
	 	4.5.	 	Inventory, Equipment and Books and Records.	 	12
	 	4.6.	 	Farm Products.	 	12
	 	4.7.	 	Investment Property.	 	12
	 	4.8.	 	Receivables.	 	13
	 	4.9.	 	Contracts.	 	13
	 	4.10.	 	Intellectual Property.	 	14
	 	4.11.	 	Vehicles.	 	16
	

SECTION 5. COVENANTS	
 	

16
	 	5.1.	 	Covenants in Credit Agreement.	 	16
	 	5.2.	 	Delivery and Control of Instruments, Chattel Paper, Investment Property and Deposit Accounts.	 	16
	 	5.3.	 	[INTENTIONALLY OMITTED].	 	17
	 	5.4.	 	Payment of Obligations.	 	17
	 	5.5.	 	Maintenance of Perfected Security Interest; Further Documentation.	 	17
	 	5.6.	 	Changes in Locations, Name, Jurisdiction of Incorporation, etc.	 	17
	 	5.7.	 	Notices.	 	18
	 	5.8.	 	Investment Property.	 	18
	 	5.9.	 	Receivables.	 	19
	 	5.10.	 	Contracts.	 	19
	 	5.11.	 	Intellectual Property.	 	19
	 	5.12.	 	Vehicles.	 	21
	 	5.13.	 	Non-Deliverable Collateral	 	22
	

SECTION 6. REMEDIAL PROVISIONS	
 	

22
	 	6.1.	 	Nevada Gaming Laws and Intercreditor Agreements.	 	22
	 	6.2.	 	Certain Matters Relating to Receivables.	 	22
	 	6.3.	 	Communications with Obligors; Grantors Remain Liable.	 	22
	 	6.4.	 	Pledged Securities.	 	23
	 	6.5.	 	Proceeds to be Turned Over To Administrative Agent.	 	23

i

 

	 	6.6.	 	Application of Proceeds.	 	24
	 	6.7.	 	Code and Other Remedies.	 	24
	 	6.8.	 	Registration Rights.	 	25
	 	6.9.	 	Waiver; Deficiency.	 	26
	

SECTION 7. THE ADMINISTRATIVE AGENT	
 	

26
	 	7.1.	 	Administrative Agent's Appointment as Attorney-in-Fact, etc.	 	26
	 	7.2.	 	Duty of Administrative Agent.	 	28
	 	7.3.	 	Execution of Financing Statements.	 	28
	 	7.4.	 	Authority of Administrative Agent.	 	28
	 	7.5.	 	Appointment of Co-Collateral Agents.	 	29
	

SECTION 8. MISCELLANEOUS	
 	

29
	 	8.1.	 	Amendments in Writing.	 	29
	 	8.2.	 	Notices.	 	29
	 	8.3.	 	No Waiver by Course of Conduct; Cumulative Remedies.	 	29
	 	8.4.	 	Enforcement Expenses; Indemnification.	 	29
	 	8.5.	 	Successors and Assigns.	 	30
	 	8.6.	 	Set-Off.	 	30
	 	8.7.	 	Counterparts.	 	30
	 	8.8.	 	Severability.	 	30
	 	8.9.	 	Section Headings.	 	30
	 	8.10.	 	Integration.	 	30
	 	8.11.	 	GOVERNING LAW	 	30
	 	8.12.	 	Submission to Jurisdiction; Waivers.	 	31
	 	8.13.	 	Acknowledgments.	 	31
	 	8.14.	 	Additional Grantors.	 	31
	 	8.15.	 	Releases.	 	31
	 	8.16.	 	WAIVER OF JURY TRIAL	 	32
	 	8.17.	 	Regulatory Matters.	 	32

ii

 
 

GUARANTEE AND COLLATERAL AGREEMENT    
  

        This GUARANTEE AND COLLATERAL AGREEMENT, dated as
of                            , 2002, is made by each of the signatories hereto (together with any other
entity that may become a party hereto as provided herein, the "Grantors"), in favor of DEUTSCHE BANK TRUST COMPANY AMERICAS, as administrative agent (in
such capacity, the "Administrative Agent") for (i) the banks and other financial institutions or entities (the
"Lenders") from time to time parties to the Credit Agreement, dated as
of                            , 2002 (as amended, supplemented or otherwise
modified from time to time, the "Credit Agreement"), among Wynn Las Vegas, LLC, a Nevada limited liability company (the
"Borrower"), the Lenders, Deutsche Bank Securities Inc., as lead arranger and joint book running manager, Banc of America Securities LLC, as lead
arranger, joint book running manager and syndication agent, Bear, Stearns & Co. Inc., as arranger and joint book running manager, Bear Stearns Corporate Lending Inc., as joint
documentation agent, Dresdner Bank AG, New York Branch, as arranger and joint documentation agent, and the Administrative Agent and (ii) the other Secured Parties (as hereinafter defined). 

 
 

RECITALS:    
  

        WHEREAS, pursuant to the Credit Agreement, the Lenders have severally agreed to make extensions of credit to the Borrower upon the terms and subject to the
conditions set forth therein; 

        WHEREAS,
the Borrower is a member of an affiliated group of companies that includes each other Grantor; 

        WHEREAS,
the proceeds of the extensions of credit under the Credit Agreement will be used in part to enable the Borrower to make valuable transfers to one or more of the other Grantors
in connection with the operation of their respective businesses; 

        WHEREAS,
the Borrower and the other Grantors are engaged in related businesses, and each Grantor will derive substantial direct and indirect benefit from the making of the extensions of
credit under the Credit Agreement; and 

        WHEREAS,
it is a condition precedent to the obligation of the Lenders to make their respective extensions of credit to the Borrower under the Credit Agreement that the Grantors shall
have executed
and delivered this Agreement to the Administrative Agent for the ratable benefit of the Secured Parties; 

        NOW,
THEREFORE, in consideration of the premises and to induce the Arrangers, the Managers, the Agents, including, without limitation, the Administrative Agent, and the Lenders to enter
into the Credit Agreement and to induce the Lenders to make their respective extensions of credit to the Borrower thereunder, each Grantor hereby agrees with the Administrative Agent, for the ratable
benefit of the Secured Parties, as follows: 

 
 

SECTION 1. DEFINED TERMS    
  

        1.1.    Definitions.    (a)  Any capitalized terms used in
this Agreement which are not otherwise defined herein shall have the respective meanings ascribed to such terms in the Disbursement Agreement (as defined below) and, if not defined therein, the
respective meanings ascribed to such terms in the Credit Agreement; provided, that (1) any such capitalized terms used in this Agreement which
are defined in both the Disbursement Agreement and the Credit Agreement shall have the respective meanings ascribed to such terms in the Disbursement Agreement, and (2) upon termination of the
Disbursement Agreement, any defined terms used herein having meanings given to such terms in the Disbursement Agreement shall continue to have the meanings given to such terms in the Disbursement
Agreement as amended and in effect immediately prior to such termination (provided that, following any such termination of the Disbursement Agreement, such terms and the meanings therefor may be
amended or modified in accordance with Section 10.1 of the Credit Agreement). The following terms which are defined in the Uniform Commercial Code in effect in the State of New York on the date
hereof are used herein as so defined: Accounts, Certificated Security, Chattel Paper, 

 

Commodity Account, Commodity Contract, Commodity Intermediary, Documents, Entitlement Order, Equipment, Farm Products, Financial Asset, Goods, Instruments, Inventory, Letters of Credit, Letter of
Credit Rights, Payment Intangible, Securities Account, Securities Intermediary, Security, Security Entitlement, Supporting Obligation and Uncertificated Security. 

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

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

        "Borrower Obligations": the collective reference to the Obligations (as defined in the Credit Agreement). 

        "Collateral": as defined in Section 3. 

        "Collateral Account": (i) any collateral account established by the Administrative Agent as provided in Section 6.2 or 6.5
or (ii) any cash collateral account established as provided in Sections 2.12(g) or 8 of the Credit Agreement. 

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

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

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

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

        "Disbursement Agreement": that certain Master Disbursement Agreement dated as of    , 2002 among the Borrower, the
Administrative Agent and the other parties signatory thereto, as the 

2

 

same may hereafter be amended or modified in accordance with its terms and the terms of the Credit Agreement. 

        "Excluded Assets": (i) the Aircraft and the Aircraft Note, (ii) the Company Accounts (it being understood that certain of
the Company Accounts have been pledged to the Administrative Agent pursuant to the Company Collateral Account Agreements), (iii) subject to Section 7.13(b) of the Credit Agreement, any
assets the acquisition of which was financed by Indebtedness permitted by Section 7.2(g) of the Credit Agreement, to the extent that the terms of such Indebtedness prohibit additional Liens on
such assets (but only to the extent and so long as so prohibited) and (iv) any Contract that prohibits the creation of a security interest therein or requires consent to such security interest
(other than to the extent that any such prohibition or consent requirement would be rendered ineffective pursuant to Section 9-406, 9-407, 9-408 or
9-409 of the New York UCC); provided, however, that the security interest shall attach immediately at such time as the restriction prohibiting assignment shall be removed or any condition
thereto shall be satisfied. 

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

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

        "Guarantors": the collective reference to the Grantors other than the Borrower. 

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

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

3

 

        "Intercompany Note": any promissory note evidencing loans made by any Grantor to Borrower or any of the other Grantors, including, without
limitation, the Subordinated Intercompany Note (but excluding the Aircraft Note). 

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

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

        "Nevada Gaming Authorities": as defined in the Credit Agreement. 

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

        "Non-Deliverable Collateral": as defined in Section 4.8(b). 

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

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

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

        "Permits": as defined in the Credit Agreement. 

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

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

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

4

 

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

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

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

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

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

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

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

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

        "Trademarks": (i) all trademarks, service marks, trade names, corporate names, company names, business names, trade dress, trade
styles, logos, or other indicia of origin or source identification, internet domain names, trademark and service mark registrations, and applications for trademark or service mark registrations and
any renewals thereof, including, without limitation, each registration and application identified in Schedule 6, (ii) the right to sue or
otherwise recover for any and all past, present and future infringements and misappropriations thereof, (iii) all income, royalties, damages and other payments now and hereafter due and/or
payable with respect thereto (including, without limitation, payments under all Trademark Licenses entered into in connection therewith, and damages and payments for past, present or future
infringements thereof), and (iv) all other rights of any kind whatsoever accruing thereunder or pertaining thereto, together in each case with the goodwill of the business connected with the
use of, and symbolized by, each of the above. 

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

        "Trade Secrets": (i) all trade secrets and all confidential and proprietary information, including know-how,
manufacturing and production processes and techniques, inventions, research and development information, technical data, financial, marketing and business data, pricing and cost information, business
and marketing plans, and customer and supplier lists and information, including, without limitation, any of the foregoing referred to in  Schedule 6, (ii) the right to sue or 

5

 

otherwise recover for any and all past, present and future infringements and misappropriations thereof, (iii) all income, royalties, damages and other payments now and hereafter due and/or
payable with respect thereto (including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for past, present or future infringements
thereof), and (iv) all other rights of any kind whatsoever of any Grantor accruing thereunder or pertaining thereto. 

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

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

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

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

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

 
 

SECTION 2. GUARANTEE    
  

        2.1.    Guarantee.    

        (a)  Each
of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to the Administrative Agent, for the ratable benefit of the Secured
Parties and their respective successors, indorsees, transferees and assigns, the prompt and complete payment and performance by the Borrower when due (whether at the stated maturity, by acceleration
or otherwise) of the Borrower Obligations. 

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

6

 

bankruptcy trustee of such Guarantor or other Person entitled, under such laws, to enforce the provisions thereof. 

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

        (d)  The
guarantee contained in this Section 2 shall remain in full force and effect until payment in full of all Obligations that do not arise under a Specified Hedge
Agreement, notwithstanding that from time to time during the term of the Credit Agreement the Borrower may be free from any Borrower Obligations. 

        (e)  No
payment made by the Borrower, any of the Guarantors, any other guarantor or any other Person or received or collected by any Secured Party from the Borrower, any of
the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction
of or in payment of the Borrower Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such payment
(other than any payment made by such Guarantor in respect of the Borrower Obligations or any payment received or collected from such Guarantor in respect of the Borrower Obligations), remain liable
for the Borrower Obligations up to the maximum liability of such Guarantor hereunder until the Borrower Obligations (other than Obligations in respect of any Specified Hedge Agreement) are paid in
full, no Letter of Credit shall be outstanding and the Commitments are terminated or have expired. 

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

        (a)  If
such payment is made by the Borrower or from its property, then, if and to the extent such payment is made on account of Obligations arising from or relating to a
Loan made to the Borrower or a Letter of Credit issued for account of the Borrower, the Borrower shall not be entitled (A) to demand or enforce reimbursement or contribution in respect of such
payment from any other Grantor or (B) to be subrogated to any claim, interest, right or remedy of any Secured Party against any other Person, including any other Grantor or its property; and 

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

7

  

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

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

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

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

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

8

 

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

        2.4.    Guarantee Absolute and Unconditional.    Each Guarantor waives
any and all notice of the creation, renewal, extension or accrual of any of the Borrower Obligations and notice of or proof of reliance by any Secured Party upon the guarantee contained in this
Section 2 or acceptance of the guarantee contained in this Section 2; the Borrower Obligations, and any of them, shall conclusively be deemed to have been created, contracted or
incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Section 2; and all dealings between the Borrower and any of the Guarantors, on the one hand,
and the Secured Parties, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2. Each Guarantor
waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Borrower or any of the Guarantors with respect to the Borrower Obligations. Each Guarantor
understands and agrees that the guarantee contained in this Section 2 shall be construed as a continuing, absolute and unconditional guarantee of payment and performance without regard to
(a) the validity or enforceability of the Credit Agreement or any other Loan Document, any of the Borrower Obligations or any other collateral security therefor or guarantee or
right of offset with respect thereto at any time or from time to time held by any Secured Party, (b) any defense, set-off or counterclaim (other than a defense of payment or
performance hereunder) which may at any time be available to or be asserted by the Borrower or any other Person against any Secured Party, or (c) any other circumstance whatsoever (with or
without notice to or knowledge of the Borrower or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Borrower for the Borrower Obligations,
or of such Guarantor under the guarantee contained in this Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies
hereunder against any Guarantor, any Secured Party may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against the Borrower,
any other Guarantor or any other Person or against any collateral security or guarantee for the Borrower Obligations or any right of offset with respect thereto, and any failure by any Secured Party
to make any such demand, to pursue such other rights or remedies or to collect any payments from the Borrower, any other Guarantor or any other Person or to realize upon any such collateral security
or guarantee or to exercise any such right of offset, or any release of the Borrower, any other Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall not
relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of any Secured Party
against any Guarantor. For the purposes hereof "demand" shall include the commencement and continuance of any legal proceedings. 

9

 

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

        2.6.    Payments.    Each Guarantor hereby guarantees that payments
hereunder will be paid to the Administrative Agent without set-off or counterclaim in Dollars in immediately available funds at the office of the Administrative Agent located at the
Payment Office specified in the Credit Agreement. 

 
 

SECTION 3. GRANT OF SECURITY INTEREST    
  

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

        (a)  all
Accounts; 

        (b)  all
Chattel Paper; 

        (c)  all
Contracts; 

        (d)  all
Deposit Accounts; 

        (e)  all
Documents; 

        (f)    all
Equipment; 

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

        (h)  all
Instruments; 

        (i)    all
Intellectual Property; 

        (j)    all
Inventory; 

        (k)  all
Investment Property; 

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

        (m)  all
money; 

        (n)  all
Vehicles; 

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

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

        (q)  all
books, records, ledger cards, files, correspondence, customer lists, blueprints, technical specifications, manuals, computer software, computer printouts, tapes,
disks and other electronic storage media and related data processing software and similar items that at any time evidence or 

10

 

contain information relating to any of the Collateral or are otherwise necessary or helpful in the collection thereof or realization thereupon.; 

        (r)  all
Permits; 

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

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

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

 
 

SECTION 4. REPRESENTATIONS AND WARRANTIES    
  

        To induce the Arrangers, the Agents, the Managers and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective extensions
of credit to the Borrower thereunder, each Grantor hereby represents and warrants to the Secured Parties that: 

        4.1.    Representations in Credit Agreement; Guarantor
Representations.    In the case of each Guarantor, the representations and warranties set forth in Section 4 of the Credit Agreement as they relate to such
Guarantor or to the Loan Documents to which such Guarantor is a party, each of which is hereby incorporated herein by reference and shall apply to each Guarantor mutatis
mutandis, are true and correct, and the Secured Parties shall be entitled to rely on each of them as if they were fully set forth herein,  provided that each reference in each
such representation and warranty to the Borrower's knowledge shall, for the purposes of this Section 4.l(a),
be deemed to be a reference to such Guarantor's knowledge. 

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

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

11

 

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

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

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

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

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

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

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

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

12

 

        (d)  Each
of the Pledged Notes issued to such Grantor constitutes the legal, valid and binding obligation of the obligor with respect thereto, enforceable in accordance with
its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors' rights generally, general
equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 

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

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

        4.8.    Receivables.    (a) No amount payable to such Grantor under or
in connection with any Receivable is evidenced by any Instrument or Chattel Paper which has not been delivered to the Administrative Agent (other than Receivables evidenced by Instruments representing
(i) extensions of credit by the Borrower to individual customers of its gaming operations in the ordinary course of business and (ii) loans to employees expressly permitted under
Section 7.8(d) of the Credit Agreement (collectively, the "Non-Deliverable Collateral")). 

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

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

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

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

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

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

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

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

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

13

  

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

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

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

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

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

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

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

        (g)  Except
as could not reasonably be expected to have a Material Adverse Effect, no action or proceeding is pending, or, to the knowledge of such Grantor, threatened, on
the date hereof (i) seeking to limit, cancel or question the validity of any Intellectual Property or such Grantor's ownership interest therein, (ii) alleging that any services provided
by, processes used by, or products manufactured or sold by such Grantor infringe any patent, trademark, copyright, or any other right of any third party, (iii) alleging that any material
Intellectual Property is being licensed, sublicensed or used in violation of any patent, trademark, copyright or any other right of any third party, or (iv) which, if adversely determined,
would have a material adverse effect on the value of any Intellectual Property. To the knowledge of such Grantor, no Person is engaging in any activity that infringes upon Grantor's material 

14

 

Intellectual Property or upon the rights of such Grantor therein, except (i) with respect to the Intellectual Property related to or otherwise associated with the Grantor's use of the "Le
Reve" name, such claims that, if determined adversely to a Grantor, could not reasonably be expected to have a material adverse effect on such Grantor's ability to use the "Le Reve" name in its
Permitted Businesses as currently used or contemplated to be used and (ii) with respect to all other Intellectual Property, as could not reasonably be expected to have a Material Adverse
Effect. Except as set forth in Schedule 6 hereto, such Grantor has not granted any material license, or any release, covenant not to sue,
non-assertion assurance, or other right to any person with respect to any part of the material Intellectual Property. The consummation of the transactions contemplated by this Agreement
will not result in the termination or impairment of any of the Intellectual Property. 

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

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

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

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

15

 

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

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

 
 

SECTION 5. COVENANTS    
  

        Each Grantor covenants and agrees with the Secured Parties that, from and after the date of this Agreement until the Obligations (other than unmatured contingent
reimbursement and indemnification Obligations, and Obligations in respect of any Specified Hedge Agreement) shall have been paid in full, no Letter of Credit shall be outstanding and the Commitments
shall have terminated or expired: 

        5.1.    Covenants in Credit Agreement.    Each Guarantor shall take,
or shall refrain from taking, as the case may be, each action that is necessary to be taken or not taken, as the case may be, so that no Default or Event of Default is caused by the failure to take
such action or to refrain from taking such action by such Guarantor or any of its Subsidiaries and each provision of the Credit Agreement that relates to such Guarantor (whether directly, indirectly,
through the Borrower's obligation to cause such Guarantor to take or not take actions or otherwise) is hereby incorporated herein by reference and shall apply to such Guarantor  mutatis mutandis to the
same extent as if the Credit Agreement had been executed by such Guarantor and such provisions had been made the direct
obligations of such Guarantor. 

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

        (b)  If
any of the Collateral shall be or become evidenced or represented by an Uncertificated Security, such Grantor shall cause, or with respect to any Issuer that is not
an Affiliate of any Grantor, use commercially reasonable efforts to cause, the Issuer thereof either (i) to register the Administrative Agent as the registered owner of such Uncertificated
Security, upon original issue or registration of transfer or (ii) to agree in writing with such Grantor and the Administrative Agent that such Issuer will comply with instructions with respect
to such Uncertificated Security originated by the Administrative Agent without further consent of such Grantor, such agreement to be in substantially the form of  Exhibit C. Notwithstanding the
foregoing, each Grantor covenants that (x) the representations and warranties contained in
Section 4.7(c) shall at all times be true and correct and (y) it will not issue or cause or permit its Subsidiaries to issue any Capital Stock in uncertificated form or seek to convert
all or any part of its existing Capital Stock into uncertificated form. 

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

        (d)  If
any of the Collateral shall be or become evidenced or represented by a Commodity Contract, such Grantor shall cause the Commodity Intermediary with respect to such
Commodity Contract to agree in writing with such Grantor and the Administrative Agent that such Commodity 

16

 

Intermediary will apply any value distributed on account of such Commodity Contract as directed by the Administrative Agent without further consent of such Grantor, such agreement to be in
substantially the form of Exhibit E or in such other form as may be satisfactory to the Administrative Agent. 

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

        5.3.    [INTENTIONALLY OMITTED].    

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

        5.5.    Maintenance of Perfected Security Interest; Further
Documentation.    (a) Such Grantor shall maintain the security interest created by this Agreement as a perfected security interest having at least the priority
described in Section 4.3 and shall defend such security interest against the claims and demands of all Persons whomsoever. 

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

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

        5.6.    Changes in Locations, Name, Jurisdiction of Incorporation,
etc.    Such Grantor will not, except upon 15 days' prior written notice to the Administrative Agent and delivery to the Administrative Agent of (a) all
additional executed financing statements and other documents reasonably requested by the Administrative Agent to maintain the validity, perfection and priority of the security interests provided for
herein and (b) if applicable, a written supplement to Schedule 5 showing any additional 

17

 

location at which Inventory or Equipment (other than mobile goods) or books and records pertaining to the Collateral shall be kept: 

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

        (ii)  without
limiting the prohibitions on mergers involving the Grantors contained in the Credit Agreement, change its legal name, jurisdiction of organization or the
location of its chief executive office or sole place of business from that referred to in Section 4.4; or 

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

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

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

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

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

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

18

 

Permitted Liens or (iv) enter into any agreement or undertaking restricting the right or ability of such Grantor or the Administrative Agent to sell, assign or transfer any of the Investment
Property or Proceeds thereof or any interest therein (except pursuant to a transaction expressly permitted by the Credit Agreement). 

        (c)  In
the case of each Grantor which is an Issuer, such Issuer agrees that (i) it will be bound by the terms of this Agreement relating to the Pledged Securities
issued by it and will comply with such terms insofar as such terms are applicable to it, (ii) it will notify the Administrative Agent promptly in writing of the occurrence of any of the events
described in Section 5.8(a) with respect to the Pledged Securities issued by it and (iii) the terms of Sections 6.3(c) and 6.7 shall apply to it, mutatis
mutandis, with respect to all actions that may be required of it pursuant to Section 6.4(c) or 6.8 with respect to the Pledged Securities issued by it. In addition, each
Grantor which is either an Issuer or an owner of any Pledged Security hereby consents to the grant by each other Grantor of the security interest hereunder in favor
of the Administrative Agent and to the transfer of any Pledged Security to the Administrative Agent or its nominee following an Event of Default and to the substitution of the Administrative Agent or
its nominee as a partner, member or shareholder of the Issuer of the related Pledged Security. 

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

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

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

        (b)  Such
Grantor will not amend, modify, cancel, terminate, waive or fail to enforce any provision of any Contract or suspend such Contract or the performance of work
thereunder, or agree to the sale, assignment or disposition by any counterparty to such Contract of any part of its interest therein (all of which powers are rested in the Administrative Agent),
except to the extent expressly permitted by the terms of the other Financing Agreements. 

        (c)  Such
Grantor will exercise promptly and diligently each and every material right which it may have under each Contract, except to the extent provided in any of the other
Financing Agreements. 

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

        (e)  In
the event that such Grantor enters into any new contract that would qualify as either [(i) a Material Project Document (as defined in the
Disbursement Agreement)] [or] [(ii) a Material
Contract (as defined in the Credit Agreement)], such Grantor shall provide the Administrative Agent promptly with an amended  Schedule 7 hereto and any such new contract shall be deemed for all
purposes to be a Contract hereunder. 

        5.11.    Intellectual Property.    (a) Such Grantor (either
itself or through licensees) will (i) continue to use each material Trademark on each and every trademark class of goods in order to maintain such 

19

 

Trademark (in the trademark classes of goods in which it is used) in full force free from any claim of abandonment for non-use, (ii) use such Trademark with the appropriate notice
of registration and all other notices and legends required by applicable Requirements of Law, (iii) not adopt or use any mark which is confusingly similar or a colorable imitation of such
Trademark unless the Administrative Agent, for the ratable benefit of the Secured Parties, shall obtain a perfected security interest in such mark pursuant to this Agreement and the Intellectual
Property Security Agreement, and (iv) not (and not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby such Trademark may become invalidated or
impaired in any way. 

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

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

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

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

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

        (g)  Whenever
such Grantor, either by itself or through any agent, employee, licensee or designee, shall file an application for the registration of any Intellectual Property
with the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in any other country or any political subdivision thereof, such Grantor shall
report such filing to the Administrative Agent within five Business Days after the last day of the fiscal quarter in which such filing occurs. Upon request of the Administrative Agent, such Grantor
shall execute and deliver, and have recorded, any and all agreements, instruments, documents, and papers as the Administrative Agent may request to evidence the Secured Parties' security interest in
any Copyright, Patent, Trademark or other Intellectual Property and the goodwill and general intangibles of such Grantor relating thereto or represented thereby. 

        (h)  Except
as could not reasonably be expected to have a Material Adverse Effect, such Grantor will take all reasonable and necessary steps, including, without limitation,
in any proceeding before the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in any other country or any political subdivision thereof, to
maintain and pursue each application (and to obtain the relevant registration) and to maintain each registration of material Intellectual Property, including, without limitation, the payment of
required fees and taxes, the filing of 

20

 

responses to office actions issued by the United States Patent and Trademark Office and the United States Copyright Office, the filing of applications for renewal or extension, the filing of
affidavits of use and affidavits of incontestability, the filing of divisional, continuation, continuation-in-part, reissue, and renewal applications or extensions, the payment
of maintenance fees, and the participation in interference, reexamination, opposition, cancellation, infringement and misappropriation proceedings. 

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

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

        (k)  Such
Grantor agrees that, should it obtain an ownership interest in any item of Intellectual Property which is not now a part of the Intellectual Property Collateral
(the "After-Acquired Intellectual
Property"), (i) the provisions of Section 3 shall automatically apply thereto, (ii) any such After-Acquired Intellectual Property, and in the case of
trademarks, the goodwill of the business connected therewith or symbolized thereby, shall automatically become part of the Intellectual Property Collateral, (iii) it shall give prompt (and, in
any event within five Business Days after the last day of the fiscal quarter in which such Grantor acquires such ownership interest in any material Intellectual Property) written notice thereof to the
Administrative Agent in accordance herewith, and (iv) it shall provide the Administrative Agent promptly (and, in any event within five Business Days after the last day of the fiscal quarter in
which such Grantor acquires such ownership interest in any material Intellectual Property) with an amended Schedule 6 hereto and take the actions
specified in 5.11(m). 

        (l)    Such
Grantor agrees to execute an Intellectual Property Security Agreement with respect to its Intellectual Property in substantially the form of  Exhibit B-1 in order to record the security interest
granted herein to the Administrative Agent for the ratable benefit of the
Secured Parties with the United States Patent and Trademark Office, the United States Copyright Office, and any other applicable Governmental Authority. 

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

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

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

        5.13.    Non-Deliverable Collateral.    At no time shall
any item of Non-Deliverable Collateral be delivered to or held by any Person (other than the Administrative Agent) as collateral security for any obligation of any Grantor. 

SECTION 6. REMEDIAL PROVISIONS  

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

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

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

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

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

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

        (c)  Anything
herein to the contrary notwithstanding, each Grantor shall remain liable under each of the Receivables and Contracts to observe and perform all the conditions
and obligations to be 

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

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

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

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

        6.5.    Proceeds to be Turned Over To Administrative Agent.    In
addition to the rights of the Secured Parties specified in Section 6.2, and subject to applicable provisions of Nevada Gaming Laws, with 

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respect to payments of Receivables, if an Event of Default shall occur and be continuing, all Proceeds received by any Grantor consisting of cash, Cash Equivalents, checks and other
near-cash items shall be held by such Grantor in trust for the Secured Parties, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned
over to the Administrative Agent in the exact form received by such Grantor (duly endorsed by such Grantor to the Administrative Agent, if required). All Proceeds received by the Administrative Agent
hereunder shall be held by the Administrative Agent in a Collateral Account maintained under its control. All Proceeds while held by the Administrative Agent in a Collateral Account (or by such
Grantor in trust for the Secured Parties)
shall continue to be held as collateral security for all the Obligations and shall not constitute payment thereof until applied as provided in Section 6.6. 

        6.6.    Application of Proceeds.    At such intervals as may be agreed
upon by the Borrower and the Administrative Agent in writing, or, if an Event of Default shall have occurred and be continuing, at any time at the Administrative Agent's election, the Administrative
Agent may, notwithstanding the provisions of Section 2.12 of the Credit Agreement, apply all or any part of Proceeds constituting Collateral realized through the exercise by the Administrative
Agent of its remedies hereunder, whether or not held in any Collateral Account, and any proceeds of the guarantee set forth in Section 2, in payment of the Obligations in the following order: 

        First, to the Administrative Agent, to pay incurred and unpaid fees and expenses of the Secured Parties under the Loan Documents; 

        Second, to the Administrative Agent, for application by it towards payment of amounts then due and owing and remaining unpaid in respect
of the Obligations, pro rata among the Lenders according to the amounts of the Obligations then due and owing and remaining unpaid to the Lenders; 

        Third, to the Administrative Agent, for application by it towards prepayment of the Obligations, pro rata among the Lenders according to
the amounts of the Obligations then held by the Lenders; and 

        Fourth, any balance of such Proceeds remaining after the Obligations (other than unmatured contingent reimbursement and indemnification
Obligations, and Obligations in respect of any Specified Hedge Agreement) shall have been paid in full, no Letters of Credit shall be outstanding and the Commitments shall have terminated or expired
shall be paid over to the Borrower or to whomsoever may be lawfully entitled to receive the same. 

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

24

 

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

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

        6.8.    Registration Rights.    (a) If the Administrative Agent
shall determine to exercise its right to sell any or all of the Pledged Stock pursuant to Section 6.7, and if in the opinion of the Administrative Agent it is necessary or advisable to have the
Pledged Stock, or that portion thereof to be sold, registered under the provisions of the Securities Act, the relevant Grantor will cause, or with respect to any Issuer that is not an Affiliate of any
Grantor, use commercially reasonable efforts to cause, the Issuer thereof to (i) execute and deliver, and cause the directors and officers of such Issuer to execute 

25

 

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

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

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

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

SECTION 7. THE ADMINISTRATIVE AGENT  

        7.1.    Administrative Agent's Appointment as Attorney-in-Fact,
etc.    (a) Subject to compliance with applicable Nevada Gaming Laws, each Grantor hereby irrevocably constitutes and appoints the Administrative Agent and any
officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such
Grantor and in the name of such Grantor or in its own name, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and
instruments which may be necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, each Grantor hereby gives the Administrative Agent 

26

 

the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any or all of the following: 

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

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

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

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

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

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

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

27

 

        (c)  The
expenses of the Administrative Agent incurred in connection with actions undertaken as provided in this Section 7.1, together with interest thereon at a rate
per annum equal to the rate per annum at which interest would then be payable on past due Revolving Credit Loans that are Base Rate Loans under the Credit Agreement, from the date of payment by the
Administrative Agent to the date reimbursed by the relevant Grantor, shall be payable by such Grantor to the Administrative Agent on demand. 

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

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

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

        7.4.    Authority of Administrative Agent.    Each Grantor
acknowledges that the rights and responsibilities of the Administrative Agent under this Agreement with respect to any action taken by the Administrative Agent or the exercise or
non-exercise by the Administrative Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as
between the Administrative Agent and the other Secured Parties, be governed by the Credit Agreement and by such other agreements with respect thereto as may exist from time to time among them, but, as
between the Administrative Agent and the Grantors, the Administrative Agent shall be conclusively presumed to be acting as agent for the Secured Parties with 

28

 

full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority. 

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

SECTION 8. MISCELLANEOUS  

        8.1.    Amendments in Writing.    None of the terms or provisions of
this Agreement may be waived, amended, supplemented or otherwise modified except in accordance with Section 10.1 of the Credit Agreement. 

        8.2.    Notices.    All notices, requests and demands to or upon the
Administrative Agent or any Grantor hereunder shall be effected in the manner provided for in Section 10.2 of the Credit Agreement; provided that
any such notice, request or demand to or upon any Guarantor shall be addressed to such Guarantor at its notice address set forth on Schedule 1. 

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

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

        (b)  Each
Grantor agrees to pay, and to save the Secured Parties harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all
stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this Agreement. 

        (c)  Each
Grantor agrees to pay, and to save the Secured Parties harmless from, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement to the extent the Borrower
would be required to do so pursuant to Section 10.5 of the Credit Agreement. 

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

29

 

        (e)  Each
Grantor agrees that the provisions of Section 2.20 of the Credit Agreement are hereby incorporated herein by reference, mutatis
mutandis, and each Secured Party shall be entitled to rely on each of them as if they were fully set forth herein. 

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

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

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

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

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

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

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

30

 

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

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

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

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

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

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

        8.13.    Acknowledgments.    Each Grantor hereby acknowledges that:

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

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

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

        8.14.    Additional Grantors.    Each Subsidiary of Valvino that is
required to become a party to this Agreement pursuant to Section 6.10(b) of the Credit Agreement shall become a Grantor for all purposes of this Agreement upon execution and delivery by such
Subsidiary of an Assumption Agreement in the form of Annex 1 hereto. 

        8.15.    Releases.    (a) At such time as the
Loans, the Reimbursement Obligations and the other Obligations (other than unmatured contingent reimbursement and indemnification Obligations, and
Obligations in respect of any Specified Hedge Agreement) shall have been paid in full, the Commitments have been terminated or expired and no Letters of Credit shall be outstanding, the Collateral
shall be released from the Liens created hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Grantor
hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Grantors. At the request and sole expense
of any Grantor following any such termination, the Administrative Agent shall deliver to such Grantor any of such Grantor's Collateral held by the Administrative Agent hereunder, and execute and
deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination. 

31

 

        (b)  If
any of the Collateral shall be Disposed of by any Grantor in a transaction permitted by the Credit Agreement, then the Administrative Agent, at the request and sole
expense of such Grantor, shall execute and deliver to such Grantor all releases or other documents reasonably necessary or desirable for the release of the Liens created hereby on such Collateral. At
the request and sole expense of the Borrower, a Guarantor shall be released from its obligations hereunder in the event that all the Capital Stock of such Guarantor shall be Disposed of in a
transaction permitted by the Credit Agreement; provided that the Borrower shall have delivered to the Administrative Agent, at least ten Business Days prior to the date of the proposed release, a
written request for release identifying the relevant Guarantor and the terms of the Disposition in reasonable detail, including the price thereof and any expenses in connection therewith, together
with a certification by the Borrower stating that such transaction is in compliance with the Credit Agreement and the other Loan Documents and that the Proceeds of such Disposition will be applied in
accordance therewith. 

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

        8.16.    WAIVER OF JURY
TRIAL.    EACH GRANTOR AND THE ADMINISTRATIVE AGENT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

        8.17.    Regulatory Matters.    The Administrative Agent, on behalf of
the Lenders, acknowledges and agrees that: 

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

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

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

        (d)  The
approval by the applicable Nevada Gaming Authorities of this Agreement shall not act or be construed as the approval, either express or implied, for a Secured Party
to take any actions or steps provided for in this Agreement for which prior approval of the Nevada Gaming 

32

 

Authorities is required, without first obtaining such prior and separate approval of the applicable Nevada Gaming Authorities to the extent then required applicable Nevada Gaming Laws. 

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

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

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

33

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

	WYNN LAS VEGAS, LLC,

a Nevada limited liability company,	 
	

By:	
 	

Wynn Resorts Holdings, LLC,

a Nevada limited liability company,

its sole member	

 
	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	

 
	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	

 
	

 	
 	

 	
 	

 	
 	

By:	
 	

 	

 
	 	 	 	 	 	 	 	 	
	 
	 	 	 	 	 	 	Name:	 	 	 
	 	 	 	 	 	 	 	 	
	 
	 	 	 	 	 	 	Title:	 	 	 
	 	 	 	 	 	 	 	 	
	 
	

VALVINO LAMORE, LLC,

a Nevada limited liability company,	

 
	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	

 
	

 	
 	

 	
 	

By:	
 	

 	
 	

 	

 
	 	 	 	 	 	 	
	 
	 	 	 	 	Name:	 	 	 	 	 
	 	 	 	 	 	 	
	 
	 	 	 	 	Title:	 	 	 	 	 
	 	 	 	 	 	 	
	 
	

WYNN LAS VEGAS CAPITAL CORP.,

a Nevada corporation,	

 
	

 	
 	

 	
 	

By:	
 	

 	
 	

 	

 
	 	 	 	 	 	 	
	 
	 	 	 	 	Name:	 	 	 	 	 
	 	 	 	 	 	 	
	 
	 	 	 	 	Title:	 	 	 	 	 
	 	 	 	 	 	 	
	 

34

 

	

PALO, LLC,

a Delaware limited liability company,	

 
	

By:	
 	

Wynn Resorts Holdings, LLC,

a Nevada limited liability company,

its sole member	

 
	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	

 
	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	

 
	

 	
 	

 	
 	

 	
 	

By:	
 	

 	

 
	 	 	 	 	 	 	 	 	
	 
	 	 	 	 	 	 	Name:	 	 	 
	 	 	 	 	 	 	 	 	
	 
	 	 	 	 	 	 	Title:	 	 	 
	 	 	 	 	 	 	 	 	
	 
	

DESERT INN WATER COMPANY, LLC,

a Nevada limited liability company,	

 
	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	

 
	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	

 
	

 	
 	

 	
 	

By:	
 	

 	
 	

 	

 
	 	 	 	 	 	 	
	 
	 	 	 	 	Name:	 	 	 	 	 
	 	 	 	 	 	 	
	 
	 	 	 	 	Title:	 	 	 	 	 
	 	 	 	 	 	 	
	 
	

WYNN RESORTS HOLDINGS, LLC,

a Nevada limited liability company,	

 
	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	

 
	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	

 
	

 	
 	

 	
 	

By:	
 	

 	
 	

 	

 
	 	 	 	 	 	 	
	 
	 	 	 	 	Name:	 	 	 	 	 
	 	 	 	 	 	 	
	 
	 	 	 	 	Title:	 	 	 	 	 
	 	 	 	 	 	 	
	 

35

 

	

WYNN DESIGN & DEVELOPMENT, LLC,

a Nevada limited liability company,	

 
	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	

 
	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	

 
	

 	
 	

 	
 	

By:	
 	

 	
 	

 	

 
	 	 	 	 	 	 	
	 
	 	 	 	 	Name:	 	 	 	 	 
	 	 	 	 	 	 	
	 
	 	 	 	 	Title:	 	 	 	 	 
	 	 	 	 	 	 	
	 

	WORLD TRAVEL, LLC,

a Nevada limited liability company,	 
	

By:	
 	

Wynn Las Vegas LLC,

a Nevada limited liability company,

its sole member	

 
	

 	
 	

By:	
 	

Wynn Resorts Holdings, LLC,

a Nevada limited liability company,

its sole member	

 
	

 	
 	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	

 
	

 	
 	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	

 
	

 	
 	

 	
 	

 	
 	

 	
 	

By:	
 	

 	

 
	 	 	 	 	 	 	 	 	 	 	
	 
	 	 	 	 	 	 	 	 	Name:	 	 	 
	 	 	 	 	 	 	 	 	 	 	
	 
	 	 	 	 	 	 	 	 	Title:	 	 	 
	 	 	 	 	 	 	 	 	 	 	
	 

36

 

	

LAS VEGAS JET, LLC,

a Nevada limited liability company,	

 
	

By:	
 	

Wynn Las Vegas LLC,

a Nevada limited liability company,

its sole member	

 
	

 	
 	

By:	
 	

Wynn Resorts Holdings, LLC,

a Nevada limited liability company,

its sole member	

 
	

 	
 	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	

 
	

 	
 	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	

 
	

 	
 	

 	
 	

 	
 	

 	
 	

By:	
 	

 	

 
	 	 	 	 	 	 	 	 	 	 	
	 
	 	 	 	 	 	 	 	 	Name:	 	 	 
	 	 	 	 	 	 	 	 	 	 	
	 
	 	 	 	 	 	 	 	 	Title:	 	 	 
	 	 	 	 	 	 	 	 	 	 	
	 

	DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Administrative Agent
	

By:	
 	

 	

 
	 	 	
	 
	Name:	 	 	 
	 	 	
	 
	Title:	 	 	 
	 	 	
	 

37

  

Schedule 1

 
 

NOTICE ADDRESSES OF GUARANTORS    
  

1-1

  

Schedule 2

 
 

DESCRIPTION OF PLEDGED INVESTMENT PROPERTY    
  

Pledged Stock:  

	Issuer
 
	 	Issuer's Jurisdiction

Under New York UCC Section

9-305(a)(2)
	 	Class of Stock or other

equity interest
	 	Stock or Membership

Interest Certificate No.
	 	Percentage of Shares
	 	No. of Shares

	

    	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 

Pledged Notes:  

	Issuer
 
	 	Payee
	 	Principal Amount

	

    	
 	

 	
 	

 

Pledged Debt Securities:  

	Issuer
 
	 	Issuer's Jurisdiction Under New York UCC

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

	

    	
 	

 	
 	

 	
 	

 

Pledged Security Entitlements:  

	Issuer of Financial

Asset
	 	Description of Financial

Asset
	 	Securities Intermediary (Name

and Address)
	 	Securities Account (Number and

Location)
	 	Securities Intermediary's Jurisdiction Under

New York UCC Section 9-305(a)(3)
	 	 

	

    	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 

Pledged Commodity Contracts:  

	Description of Commodity Contract
 
	 	Commodity Intermediary (Name and

Address)
	 	Commodity Account (Number and Location)
	 	Commodity Intermediary's Jurisdiction

Under New York UCC Section 9-305(a)(4)
	 	 
	 	 

	

    	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 

2-1

  

Schedule 3

 
 

FILINGS AND OTHER ACTIONS
  REQUIRED TO PERFECT SECURITY INTERESTS    
  

Uniform Commercial Code Filings  

Copyright, Patent and Trademark Filings  

Actions with respect to Investment Property  

Other Actions  

3-1

  

Schedule 4

 
 

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

	Grantor
	 	Location

	        	 	 

4-1

  

Schedule 5  

 
  LOCATION OF INVENTORY AND EQUIPMENT    
  

	Grantor
	 	Locations

5-1

   Schedule 6  

COPYRIGHTS  

 PATENTS  

 TRADEMARKS  

 TRADE SECRETS  

 INTELLECTUAL PROPERTY LICENSES  

 OTHER INTELLECTUAL PROPERTY  

6-1

  

Schedule 7  

 
  CONTRACTS    
  

7-1

  

Schedule 8

 
 

VEHICLES    
  

8-1

  

Exhibit A to

Guarantee and Collateral Agreement  

 
 

FORM OF ACKNOWLEDGMENT AND CONSENT    
  

        The undersigned hereby acknowledges receipt of a copy of the Guarantee and Collateral Agreement dated as
of                , 2002 (the
"Agreement"), made by the Grantors parties thereto for the benefit of Deutsche Bank Trust Company Americas, as administrative agent (in such capacity
the "Administrative Agent"); capitalized terms used but not defined herein have the meanings given such terms therein. The undersigned agrees for the
benefit of the Administrative Agent and the Lenders as follows: 

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

        2.    The
undersigned confirms the statements made in the Agreement with respect to the undersigned including, without limitation, in Section 4.7 and Schedule 2. 

        3.    The
undersigned will notify the Administrative Agent promptly in writing of the occurrence of any of the events described in Section 5.8(a) of the Agreement. 

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

	 	 	[NAME OF ISSUER]
	

 	
 	

By:	

	 	 	 	Name:
	 	 	 	Title:
	

 	
 	

Address for Notices:
	

 	
 	

	

 	
 	

	

 	
 	

Fax:	

A-1

  

Exhibit B-1 to

Guarantee and Collateral Agreement 

 
 

FORM OF INTELLECTUAL PROPERTY SECURITY AGREEMENT    
  

        This INTELLECTUAL PROPERTY SECURITY AGREEMENT, dated as of                , 2002 (as amended, supplemented
or otherwise modified from time to time,
the "Intellectual Property Security Agreement"), is made by each of the signatories hereto (collectively, the
"Grantors") in favor of Deutsche Bank Trust Company Americas, as administrative agent (in such capacity, the "Administrative
Agent") for the Secured Parties (as defined in the Credit Agreement referred to below). 

        WHEREAS,
Wynn Las Vegas, LLC, a Nevada limited liability company (the "Borrower"), has entered into a Credit Agreement, dated as of
                , 2002 (as amended, supplemented, replaced or otherwise modified from time to time, the "Credit Agreement"),
 with the
banks and other financial institutions and entities from time to time party thereto, Deutsche Bank Trust Company Americas, as administrative agent and swing line lender, Deutsche Bank
Securities Inc., as lead arranger and joint book running manager, Banc of America Securities LLC, as lead arranger, joint book running manager and syndication agent, Bear, Stearns &
Co. Inc., as arranger and joint book running manager, Bear Stearns Corporate Lending Inc., as joint documentation agent, and Dresdner Bank AG, New York Branch, as arranger and joint
documentation agent. Capitalized terms used and not defined herein have the meanings given such terms in the Credit Agreement. 

        WHEREAS,
it is a condition precedent to the obligation of the Lenders to make their respective extensions of credit to the Borrower under the Credit Agreement that the Grantors shall
have executed and delivered that certain Guarantee and Collateral Agreement, dated as
of                            , 2002, in favor of the Administrative Agent (as amended, supplemented, replaced
or otherwise modified from time to time, the "Guarantee and Collateral Agreement"). 

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

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

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

        (a)  (i) all
trademarks, service marks, trade names, corporate names, company names, business names, trade dress, trade styles, logos, or other indicia of origin or
source identification, internet domain names, trademark and service mark registrations, and applications for trademark or service mark registrations and any new renewals thereof, including, without
limitation, each registration and application identified in Schedule 1, (ii) the right to sue or otherwise recover for any and all past, present and future infringements and
misappropriations thereof, (iii) all income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all
licenses entered into in connection therewith, and damages and payments for past, present or future infringements thereof), and (iv) all other 

B-1

 

rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto, together in each case with the goodwill of the business connected with the use of, and symbolized by, each of
the above (collectively, the "Trademarks"); 

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

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

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

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

B-2-2

 

and damages and payments for past, present or future infringements thereof), and (iv) all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto; and 

        (f)    any
and all proceeds of the foregoing. 

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

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

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

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

B-2-3

 

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

	WYNN LAS VEGAS, LLC,

a Nevada limited liability company,	 	 
	

By:	
 	

Wynn Resorts Holdings, LLC,

a Nevada limited liability company,

its sole member	
 	

 
	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	
 	

 
	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	
 	

 
	

 	
 	

 	
 	

 	
 	

By:	
 	

 	

 	
 	

 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Name:	 	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Title:	 	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	

VALVINO LAMORE, LLC,

a Nevada limited liability company,	
 	

 
	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	
 	

 
	

 	
 	

 	
 	

By:	
 	

 	
 	

 	

 	
 	

 
	 	 	 	 	 	 	
	 	 
	 	 	 	 	Name:	 	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 
	 	 	 	 	Title:	 	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 
	

WYNN LAS VEGAS CAPITAL CORP.,

a Nevada corporation,	
 	

 
	

 	
 	

 	
 	

By:	
 	

 	
 	

 	

 	
 	

 
	 	 	 	 	 	 	
	 	 
	 	 	 	 	Name:	 	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 
	 	 	 	 	Title:	 	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 

B-2-4

 

	

PALO, LLC,

a Delaware limited liability company,	
 	

 
	

By:	
 	

Wynn Resorts Holdings, LLC,

a Nevada limited liability company,

its sole member	
 	

 
	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	
 	

 
	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	
 	

 
	

 	
 	

 	
 	

 	
 	

By:	
 	

 	

 	
 	

 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Name:	 	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Title:	 	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	

DESERT INN WATER COMPANY, LLC,

a Nevada limited liability company,	
 	

 
	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	
 	

 
	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	
 	

 
	

 	
 	

 	
 	

By:	
 	

 	
 	

 	

 	
 	

 
	 	 	 	 	 	 	
	 	 
	 	 	 	 	Name:	 	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 
	 	 	 	 	Title:	 	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 
	

WYNN RESORTS HOLDINGS, LLC,

a Nevada limited liability company,	
 	

 
	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	
 	

 
	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	
 	

 
	

 	
 	

 	
 	

 	
 	

By:	
 	

 	

 	
 	

 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Name:	 	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Title:	 	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 

B-2-5

 

	

WYNN DESIGN & DEVELOPMENT, LLC,

a Nevada limited liability company,	
 	

 
	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	
 	

 
	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	
 	

 
	

 	
 	

 	
 	

 	
 	

By:	
 	

 	

 	
 	

 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Name:	 	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Title:	 	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	

WORLD TRAVEL, LLC,

a Nevada limited liability company,	
 	

 
	

By:	
 	

Wynn Las Vegas LLC,

a Nevada limited liability company,

its sole member	
 	

 
	

 	
 	

By:	
 	

Wynn Resorts Holdings, LLC,

a Nevada limited liability company,

its sole member	
 	

 
	

 	
 	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	
 	

 
	

 	
 	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	
 	

 
	

 	
 	

 	
 	

 	
 	

 	
 	

By:	

 	
 	

 
	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	 	 	Name:	 	 	 
	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	 	 	Title:	 	 	 
	 	 	 	 	 	 	 	 	 	
	 	 

B-2-6

 

	

LAS VEGAS JET, LLC,

a Nevada limited liability company,	
 	

 
	

By:	
 	

Wynn Las Vegas LLC,

a Nevada limited liability company,

its sole member	
 	

 
	

 	
 	

By:	
 	

Wynn Resorts Holdings, LLC,

a Nevada limited liability company,

its sole member	
 	

 
	

 	
 	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	
 	

 
	

 	
 	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	
 	

 
	

 	
 	

 	
 	

 	
 	

 	
 	

By:	

 	
 	

 
	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	 	 	Name:	 	 	 
	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	 	 	Title:	 	 	 
	 	 	 	 	 	 	 	 	 	
	 	 

B-2-7

Schedule 1  

 
 

COPYRIGHTS    
    
    PATENTS    
    
    TRADEMARKS    
    
    TRADE SECRETS    
    
    INTELLECTUAL PROPERTY LICENSES    
  

 
Exhibit B-2 to

Guarantee and Collateral Agreement  

 
 

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

        This INTELLECTUAL PROPERTY SECURITY AGREEMENT (FIRST SUPPLEMENTAL FILING), dated as
of                        , 200    (as amended, supplemented or otherwise
modified from time to time, the "First Supplemental Intellectual Property Security Agreement"), is made by each of the signatories hereto (collectively,
the "Grantors") in favor of Deutsche Bank Trust Company Americas, as administrative agent (in such capacity, the "Administrative
Agent") for the Secured Parties (as defined in the Credit Agreement referred to below). 

        WHEREAS,
Wynn Las Vegas, LLC, a Nevada limited liability company (the "Borrower"), has entered into a Credit Agreement, dated as of
                        , 2002 (as amended, supplemented, replaced or otherwise modified from time to time, the "Credit Agreement"), with the banks and other
financial institutions and entities from time to time party thereto, Deutsche Bank Trust Company Americas, as administrative agent and swing line lender, Deutsche Bank Securities Inc., as lead
arranger and joint book running manager, Banc of America Securities LLC, as lead arranger, joint book running manager and syndication agent, Bear, Stearns & Co. Inc., as arranger and
joint book running manager, Bear Stearns Corporate Lending Inc., as joint documentation agent, and Dresdner Bank AG, New York Branch, as arranger and joint documentation agent. Capitalized
terms used and not defined herein have the meanings given such terms in the Credit Agreement. 

        WHEREAS,
it is a condition precedent to the obligation of the Lenders to make their respective extensions of credit to the Borrower under the Credit Agreement that the Grantors shall
have executed and delivered that certain Guarantee and Collateral Agreement, dated as of                        , 2002, in favor
of the Administrative Agent (as amended, supplemented, replaced or otherwise
modified from time to time, the "Guarantee and Collateral Agreement"). 

        WHEREAS,
under the terms of the Guarantee and Collateral Agreement, the Grantors have granted a security interest in certain Property, including, without limitation, certain Intellectual
Property, including but not limited to After-Acquired Intellectual Property of the Grantors, to the Administrative Agent for the ratable benefit of the Secured Parties, and have agreed as a condition
thereof to execute an After-Acquired Intellectual Property Security Agreement for recording with the United States Patent and Trademark Office, the United States Copyright Office, and other applicable
Governmental Authorities. 

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

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

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

        (a)  (i) all
trademarks, service marks, trade names, corporate names, company names, business names, trade dress, trade styles, logos, or other indicia of origin or
source identification, internet 

B-2-1

 

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

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

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

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

        (e)  (i) all
licenses or agreements, whether written or oral, providing for the grant by or to any Grantor of: (A) any right to use any Trademark or Trade
Secret, (B) any right under any Patent, and (C) any right under any Copyright, (ii) the right to sue or otherwise recover for any and all past, present and future infringements
and misappropriations of any of the foregoing, 

B-2-2

 

(iii) all income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all licenses entered into in
connection therewith, and damages and payments for past, present or future infringements thereof), and (iv) all other rights of any kind whatsoever of such Grantor accruing thereunder or
pertaining thereto; and 

        (f)    any
and all proceeds of the foregoing. 

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

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

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

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

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

	 	[NAME OF GRANTOR]
	 	 	 	 
	

 	

By:	
 	

 
	 	 	 	
 Name:

Title:

B-2-3

Schedule 1

 
 

COPYRIGHTS
  
    PATENTS
  
    TRADEMARKS
  
    TRADE SECRETS
  
    INTELLECTUAL PROPERTY LICENSES    
  

 
Exhibit C to

Guarantee and Collateral Agreement 

 
 

FORM OF CONTROL AGREEMENT    
  

        This CONTROL AGREEMENT (as amended, supplemented or otherwise modified from time to time, the "Control Agreement")
dated as of                , 200    , is made by and
among                        ,
a                        (the "Grantor"), Deutsche Bank
Trust Company Americas, as administrative agent (in such capacity, the "Administrative Agent") for the Secured Parties (as defined in the Guarantee and
Collateral Agreement referred to below), and                        ,
a                        (the "Issuer"). 

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

        WHEREAS,
the following terms which are defined in Articles 8 and 9 of the Uniform Commercial Code in effect in the State of New York on the date hereof (the
"UCC") are used herein as so defined: Adverse Claim, Control, Instruction, Proceeds and Uncertificated Security. Capitalized terms used and not defined
herein have the meanings given such terms in that certain Credit Agreement dated as of                , 2002 among Wynn Las Vegas, LLC, a Nevada limited liability company,
 the
Administrative Agent and the banks and other financial institutions and entities from time to time party thereto. 

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

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

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

        SECTION 13. Control.    The Issuer hereby agrees, upon written direction from
the Administrative Agent and without further consent from the Grantor, (a) to comply with all instructions and directions of any
kind originated by the Administrative Agent concerning the Collateral, to liquidate or otherwise dispose of the Collateral as and to the extent directed by the Administrative Agent and to pay over to 

C-1

 

the Administrative Agent all proceeds without any setoff or deduction, and (b) except as otherwise directed by the Administrative Agent, not to comply with the instructions or directions of
any kind originated by the Grantor or any other person at any time after the Issuer has received notice from the Administrative Agent that an Event of Default exists and is continuing (and thereafter
not until such time as the Administrative Agent sends written notice to the Issuer that such Event of Default has been cured or waived). 

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

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

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

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

[Name
of Issuer]

[Address of Issuer]

Attention:                        

Telephone: (    )     -        

Telecopy: (    )     -         

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

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

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

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

C-2

 

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

        SECTION 23. WAIVER OF JURY TRIAL.    EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR
PROCEEDING RELATING TO THIS CONTROL AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

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

	 	 	[NAME OF GRANTOR]
	

 	
 	

By:	

 
	 	 	 	

	 	 	 	Name:
	 	 	 	Title:
	

 	
 	

DEUTSCHE BANK TRUST COMPANY

AMERICAS, as Administrative Agent
	

 	
 	

By:	

 
	 	 	 	

	 	 	 	Name:
	 	 	 	Title:
	

 	
 	

[NAME OF ISSUER]
	

 	
 	

By:	

 
	 	 	 	

	 	 	 	Name:
	 	 	 	Title:

C-3

Exhibit D to

Guarantee and Collateral Agreement  

 
 

FORM OF CONTROL AGREEMENT    
  

        This CONTROL AGREEMENT (as amended, supplemented or otherwise modified from time to time, the "Control Agreement")
dated as of                        , 200  ,
among                        (the "Grantor"), Deutsche Bank Trust Company Americas, as administrative agent
(the "Secured Party") for the secured parties under the Guarantee and Collateral Agreement (as defined below)
and                        in its capacity as a
"securities intermediary" (as defined in Section 8-102 of the UCC and a "bank" as defined in Section 9-102 of the UCC (in such capacities, the
"Financial Institution"). Capitalized terms used but not defined herein shall have the meaning assigned in the Credit Agreement dated as of
            , 2002 among Wynn Las Vegas, LLC, a Nevada limited liability company, the Administrative Agent and the banks and other financial institutions and entities from time to time party
thereto. All references herein to the "UCC" shall mean the Uniform Commercial Code as from time to time in effect in the State of New York. 

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

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

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

        SECTION 1.    Establishment and Maintenance of Collateral
Accounts.    

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

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

        (c)  The
Financial Institution covenants and agrees that: (i) all securities or other property underlying any financial assets credited to any Securities Account shall
be registered in the name of the Financial Institution, indorsed to the Financial Institution or indorsed in blank or credited to another securities account maintained in the name of the Financial
Institution and in no case will any financial asset credited to any Securities Account be registered in the name of the Grantor, payable to the order of the Grantor or specially indorsed to the
Grantor except to the extent the foregoing have been specially indorsed to the Financial Institution or in blank; and (ii) all property delivered to the 

 

Financial Institution pursuant to the Guarantee and Collateral Agreement will be promptly credited to one of the Pledged Accounts. 

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

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

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

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

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

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

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

        (b)  It
has not entered into, and until the termination of the this agreement will not enter into, any agreement with any other person relating the Pledged Accounts and/or
any financial assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in 

D-2

 

Section 8-102(a)(8) of the UCC) or instructions (within the meaning of Section 9-104 of the UCC) of such other person. 

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

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

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

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

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

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

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

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

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

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

D-3

 

costs, charges, counsel fees and other expenses of every nature and character arising by reason of the same, until the termination of this Control Agreement. 

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

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

[Name
of Bank]

[Address of Bank]

Attention:

Telephone: (    )

Telecopy: (    ) 

Deutsche
Bank Trust Company Americas

31 West 52nd Street

New York, New York 10019

Attention:

Telephone: (    )

Telecopy: (    ) 

[Name
of Grantor]

[Address]

Attention:

Telephone: (    )

Telecopy: (    )                        . 

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

        SECTION 15.    Termination.    The obligations of the Financial
Institution to the Secured Party pursuant to this Control Agreement shall continue in effect until the security interests of the Secured Party in each of the Pledged Accounts have been terminated
pursuant to the terms of the Guarantee and Collateral Agreement and the Secured Party has notified the Financial Institution of such termination in writing. The Secured Party agrees to provide Notice
of Termination in substantially the form of Exhibit B hereto to the Financial Institution upon the request of the Grantor on or after the termination of the Secured Party's security interest in
the Pledged Accounts pursuant to the terms of the Guarantee and Collateral Agreement. The termination of this Control Agreement shall not terminate the Pledged Accounts or alter the obligations of the
Financial Institution to the Grantor pursuant to any other agreement with respect to the Pledged Accounts. 

D-4

 

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

	 	 	[NAME OF GRANTOR]
	

 	
 	

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Administrative Agent
	

 	
 	

 	

 
	 	 	By:	    
 Name:

Title:
	

 	
 	

 	

 
	 	 	NAME OF INSTITUTION SERVING AS FINANCIAL INSTITUTION
	

 	
 	

 	

 
	 	 	By:	    
 Name:

Title:

D-5

 
SCHEDULE 1  

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

	Exact Name of Account
 
	 	Account Number

	 	 	 
	 	 	 
	 	 	 
	 	 	 

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

	Exact Name of Account
 
	 	Account Number

	 	 	 
	 	 	 
	 	 	 
	 	 	 

D-6

 
Exhibit A  

 
 

Permitted Investments    
  

D-7

 
Exhibit B  

DEUTSCHE BANK TRUST COMPANY AMERICAS

31 West 52nd Street

New York, New York 10019  

[Date]

[Name
and Address of Financial Institution] 

Attention:

	Re:
	Termination of Control Agreement  

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

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

	 	 	Very truly yours,
	

 	
 	

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Administrative Agent
	

 	
 	

 	

 
	 	 	By:	    
 Name:

Title:

D-8

  

Exhibit E to

Guarantee and Collateral Agreement  

 
 

FORM OF CONTROL AGREEMENT    
  

        This CONTROL AGREEMENT (as amended, supplemented or otherwise modified from time to time, the "Control Agreement")
dated as of                , 2002, is made by and
among                        ,
a                        (the "Grantor"), Deutsche Bank Trust Company
Americas, as administrative agent (in such capacity, the "Administrative Agent") for the Secured Parties (as defined in the Guarantee and Collateral
Agreement referred to below), and                        ,
a                        (the "Broker"). 

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

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

        WHEREAS,
the following terms which are defined in Articles 8 and 9 of the Uniform Commercial Code in effect in the State of New York on the date hereof (the
"UCC") are used herein as so defined: Commodity Account, Commodity Contract, Commodity Intermediary's Jurisdiction, Control and Proceeds. Capitalized
terms used and not defined herein have the meanings given such terms in that certain Credit Agreement dated as of                , 2002 among Wynn Las Vegas, LLC, a
Nevada limited
liability company, the Administrative Agent and the banks and other financial institutions and entities from time to time party thereto. 

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

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

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

        (b)  The
Broker hereby represents and warrants to, and agrees with the Grantor and the Administrative Agent that (i) the Broker is a commodity intermediary with
respect to the Grantor and the Pledged Account is a commodity account, (ii) the commodity intermediary's jurisdiction (within the meaning of Section 9305(b) of the UCC) is, and during
the term of this Control Agreement shall for all purposes of this Control Agreement remain, the State of New York, (iii) Schedule 1  contains a true and complete statement of the Pledged
Account and the commodity contracts and any free credit balance carried therein as of the date hereof, and (iv) the
Pledged Account is and shall remain a cash account, and the Broker will not extend, directly or indirectly, any "purpose credit" (within the 

E-1

 

meaning of such term under Regulation T of the Board of Governors of the Federal Reserve System of the United States) to the Grantor in respect of the Pledged Account. 

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

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

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

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

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

        SECTION 7.    Waiver; Priority of Administrative Agent's
Interests.    Other than with respect to its fees and customary commissions with respect to the Pledged Account, the Broker hereby waives its right to set off any
obligations of the Grantor to the Broker against any or all of the Collateral, and hereby agrees that any and all liens, encumbrances, claims or security interests which the Broker may have against
the Collateral, either now or in the future in connection with the Pledged Account are and shall be subordinate and junior to the prior payment in full in immediately available funds of all
obligations of the Grantor now or hereafter existing under the Credit Agreement, the Guarantee and 

E-2

 

Collateral Agreement, and all other documents related thereto, whether for principal, interest (including, without limitation, interest as provided in the Credit Agreement, whether or not such
interest accrues after the filing of such petition for purposes of the federal Bankruptcy Code or is an allowed claim in such proceeding), indemnities, fees, premiums, expenses or otherwise. Except
for the foregoing and claims and interests of the Administrative Agent and the Grantor in the Collateral, the Broker does not know of any claim to or security interest or other interest in the
Collateral. 

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

[Name
of Broker]

[Address of Broker]

Attention:

Telephone: (      )      -      

Telecopy: (      )      -        

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

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

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

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

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

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

E-3

 

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

	 	 	[NAME OF GRANTOR]
	

 	
 	

By:	
 	

    
 Name:

Title:
	

 	
 	

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Administrative Agent
	

 	
 	

By:	
 	

    
 Name:

Title:
	

 	
 	

[NAME OF BROKER]
	

 	
 	

By:	
 	

    
 Name:

Title:

E-4

Annex 1 to
  Guarantee and Collateral Agreement  

        ASSUMPTION
AGREEMENT, dated as of                        , 200    , made
by                        ,
a                        (the "Additional
Grantor"), in favor of Deutsche Bank Trust Company Americas, as administrative agent (in such capacity, the "Administrative
Agent") for (i) the banks and other financial institutions and entities (the "Lenders") parties to the Credit Agreement
referred to below, and (ii) the other Secured Parties (as defined in the Guarantee and Collateral Agreement (as hereinafter defined)). All capitalized terms not defined herein shall have the
meaning ascribed to them in such Credit Agreement. 

 
 

RECITALS:    
  

        WHEREAS, Wynn Las Vegas, LLC (the "Borrower"), the Lenders, Deutsche Bank Securities Inc., as lead arranger and joint book running manager, Banc of America
Securities LLC, as lead arranger, joint book running manager and syndication agent, Bear, Stearns & Co. Inc., as arranger and joint book running manager, Bear Stearns Corporate
Lending Inc., as joint documentation agent, Dresdner Bank AG, New York Branch, as arranger and joint documentation agent, and the Administrative Agent have entered into a Credit Agreement,
dated as of                                    , 2002 (as amended,
supplemented, replaced or otherwise modified from time to time, the "Credit Agreement");
 

        WHEREAS,
in connection with the Credit Agreement, the Borrower and certain of its Affiliates (other than the Additional Grantor) have entered into the Guarantee and Collateral Agreement,
dated as of                                    , 2002 (as amended,
supplemented or otherwise modified from time to time, the "Guarantee and Collateral
Agreement") in favor of the Administrative Agent for the benefit of the Secured Parties; 

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

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

        NOW,
THEREFORE, IT IS AGREED: 

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

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

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

	 	 	[ADDITIONAL GRANTOR]
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:

QuickLinks

TABLE OF CONTENTS

GUARANTEE AND COLLATERAL AGREEMENT

RECITALS

SECTION 1. DEFINED TERMS

SECTION 2. GUARANTEE

SECTION 3. GRANT OF SECURITY INTEREST

SECTION 4. REPRESENTATIONS AND WARRANTIES

SECTION 5. COVENANTS

NOTICE ADDRESSES OF GUARANTORS

DESCRIPTION OF PLEDGED INVESTMENT PROPERTY

FILINGS AND OTHER ACTIONS REQUIRED TO PERFECT SECURITY INTERESTS

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

LOCATION OF INVENTORY AND EQUIPMENT

CONTRACTS

VEHICLES

FORM OF ACKNOWLEDGMENT AND CONSENT

FORM OF INTELLECTUAL PROPERTY SECURITY AGREEMENT

COPYRIGHTS PATENTS TRADEMARKS TRADE SECRETS INTELLECTUAL PROPERTY LICENSES

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

COPYRIGHTS PATENTS TRADEMARKS TRADE SECRETS INTELLECTUAL PROPERTY LICENSES

FORM OF CONTROL AGREEMENT

FORM OF CONTROL AGREEMENT

Permitted Investments

FORM OF CONTROL AGREEMENT

RECITALS

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