Document:

Registration Rights Agmt dtd July 7, 2003

 Exhibit 4.3 
  

REGISTRATION RIGHTS AGREEMENT 
  
 Dated as of July 7, 2003 
  
 among 
  
 Wynn Resorts, Limited, 
  
 Wynn Resorts Funding, LLC 
  
 and

  
 Deutsche Bank Securities Inc. 
  
 and 
  
 SG Cowen Securities Corporation 
  

 REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (the “Agreement”) is made and entered into this 7th day of July, 2003, among Wynn Resorts, Limited, a Nevada corporation (the “Company”), Wynn Resorts Funding,
LLC, a Nevada limited liability company (the “Guarantor”), and Deutsche Bank Securities Inc. and SG Cowen Securities Corporation (collectively, the “Initial Purchasers”). 
  
 This Agreement is made pursuant to that certain Purchase Agreement, dated
June 30, 2003, among the Company, the Guarantor and the Initial Purchasers (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of up to $250,000,000 aggregate principal amount (including
$50,000,000 aggregate principal amount of Debentures as to which the Initial Purchasers may exercise their option set forth in Section 2(b) of the Purchase Agreement) of the Company’s 6% Convertible Subordinated Debentures due 2015 (the
“Debentures”), guaranteed by the Guarantor (the “Subsidiary Guarantee”). The Company will also guarantee the Guarantor’s obligations under the Subsidiary Guarantee (together with the Subsidiary Guarantee, the
“Guarantee”). In order to induce the Initial Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the Initial Purchasers’ obligations thereunder, the Company and the Guarantor have agreed to
provide to the Initial Purchasers and their direct and indirect transferees and assigns the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement.

  
 In consideration of the foregoing, the parties hereto agree as
follows: 
  
 1. Definitions. 
  
 As used in this Agreement, the following capitalized defined terms shall have
the following meanings: 
  
 “1933 Act” shall mean
the Securities Act of 1933, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder. 
  
 “1934 Act” shall mean the Securities Exchange Act of l934, as amended from time to time, and the rules and regulations of the SEC
promulgated thereunder. 
  
 “Agreement” shall
have the meaning set forth in the preamble to this Agreement. 
  
 “Closing Date” shall mean the Closing Time as defined in the Purchase Agreement. 
  
 “Common Stock” shall mean common stock of the Company. 
  
 “Company” shall have the meaning set forth in the preamble to this Agreement and also includes the
Company’s successors. 
  
 “Debentures”
shall have the meaning set forth in the preamble to this Agreement. 

 “Depositary” shall mean The Depository Trust Company, or any other depositary appointed
by the Company; provided, however, that any such depositary must have an address in The Borough of Manhattan, The City of New York. 
  
 “Effectiveness Period” shall have the meaning set forth in Section 2.1(a) hereof. 
  
 “Effectiveness Target Date” shall mean the two hundred
fiftieth (250th) day after the Closing Date. 
  
 “Event Date” shall have the meaning set forth in Section 2.4 hereof. 
  
 “Filing Date” shall mean the one hundred sixtieth
(160th) day after the Closing Date. 
  
 “Guarantee” shall have the meaning set forth in the preamble to this agreement. 
  
 “Guarantor” shall have the meaning set forth in the preamble
to this agreement. 
  
 “Holder” shall mean an
Initial Purchaser, for so long as it owns any Registrable Securities, and each of its successors, assigns and direct and indirect transferees who become registered owners of Registrable Securities under the Indenture. 
  
 “Indenture” shall mean the Indenture relating to the
Securities, dated as of July 7, 2003, among the Company, the Guarantor and U.S. Bank, National Association, as trustee, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof.

  
 “Initial Purchasers” shall have the meaning
set forth in the preamble to this Agreement. 
  
 “Liquidated Damages” shall have the meaning set forth in Section 2.4 hereof. 
  
 “Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of Registrable Securities outstanding; provided
that, for purpose of this definition, a Holder of shares of Common Stock issued upon conversion of the Debentures that constitute Registrable Securities shall be deemed, for the purposes of this definition, to hold the aggregate principal amount of
Debentures from which such Common Stock was converted. 
  
 “NASD” shall mean the National Association of Securities Dealers, Inc. 
  
 “Person” shall mean an individual, partnership, corporation, limited liability company, joint venture, trust or unincorporated
organization, or a government or agency or political subdivision thereof. 
  
 “Prospectus” shall mean the prospectus included in any Registration Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus supplement,
with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement, and all other amendments and supplements to any such prospectus, including post-effective amendments, and in each case
including all material incorporated or deemed to be incorporated by reference therein. 
  

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 “Purchase Agreement” shall have the meaning set forth in the preamble to this Agreement.

  
 “Registrable Securities” shall mean the
Securities, until such securities have been converted or exchanged and, at all times subsequent to any conversion or exchange, any securities into which or for which such securities have been converted or exchanged, and any security with respect
thereto upon any stock dividend, split, merger or similar event; provided, however, that any Securities shall cease to be Registrable Securities when (i) a Registration Statement with respect to such Securities shall have been declared effective
under the 1933 Act and such Securities shall have been disposed of pursuant to such Registration Statement, (ii) such Securities shall have been sold to the public pursuant to Rule l44 (or any similar provision then in force, but not Rule 144A)
under the 1933 Act, (iii) the two-year anniversary of the Closing Date, or (iv) such Securities shall have ceased to be outstanding. 
  
 “Registration Default” shall have the meaning set forth in Section 2.4 hereof. 
  
 “Registration Expenses” shall mean any and all expenses
incident to performance of or compliance by the Company and the Guarantor with this Agreement, including without limitation: (i) all SEC, stock exchange or NASD registration and filing fees, (ii) all fees and expenses incurred in connection with
compliance with state or other securities or blue sky laws and compliance with the rules of the NASD (including fees and disbursements of counsel for any underwriters or Holders in connection with qualification of any Registrable Securities under
state or other securities or blue sky laws and any filing with and review by the NASD), (iii) all expenses of any Persons in preparing or assisting the Company and the Guarantor in preparing, word processing, printing and distributing any
Registration Statement, any Prospectus, any amendments or supplements thereto, any underwriting agreements, securities sales agreements, certificates representing the Securities and other documents relating to the performance of and compliance with
this Agreement, (iv) all fees and expenses incurred in connection with the listing, if any, of any of the Registrable Securities on any securities exchange or exchanges or on any quotation system, (v) all rating agency fees, (vi) all fees and
disbursements relating to the qualification of the Indenture under applicable securities laws, (vii) the fees and disbursements of counsel for the Company and the Guarantor and the fees and expenses of independent public accountants for the Company
and the Guarantor, including the expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance, (viii) the fees and expenses of a “qualified independent underwriter” as
defined by Conduct Rule 2720 of the NASD (if required by the NASD rules) and the fees and disbursements of its counsel, (ix) the fees and expenses of the Trustee, any registrar, any depositary, any paying agent, any escrow agent or any custodian, in
each case including their respective counsel, (x) the reasonable fees and disbursements of one law firm representing the Initial Purchasers and the Holders of Registrable Securities and (xi) any fees and disbursements of the underwriters customarily
paid by issuers or sellers of securities and the fees and expenses of any special experts retained by the Company and/or the Guarantor in connection with any Registration Statement, but excluding underwriting discounts and commissions and any
transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder. 
  
 “Registration Statement” shall mean any registration statement of the Company and the Guarantor pursuant to the provisions of Section 2
of this Agreement that covers all of the 
  

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Registrable Securities held by Holders that have provided the information required pursuant to the terms of Section 2.1(d) hereof on an appropriate form
under Rule 415 under the 1933 Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein,
all exhibits thereto and all material incorporated or deemed to be incorporated by reference therein. 
  
 “SEC” shall mean the United States Securities and Exchange Commission or any successor agency thereto. 
  
 “Securities” shall mean the Debentures, the Guarantee and
the shares of Common Stock issuable upon conversion of the Debentures. 
  
 “Shelf Registration” shall have the meaning set forth in Section 2.1(a) hereof. 
  
 “TIA” shall mean the Trust Indenture Act of 1939, as amended from time to time, and the rules and regulations of the SEC promulgated
thereunder. 
  
 “Trustee” shall mean the trustee
with respect to the Securities under the Indenture. 
  
 “Underwriter” shall have the meaning set forth in Section 4(a) hereof. 
  
 2. Registration Under the 1933 Act. 
  
 2.1 Shelf Registration. 
  
 (a) As promptly as practicable, but no later than the Filing Date, the Company and the Guarantor shall file with the SEC, a Registration Statement for an
offering to be made on a continuous basis pursuant to Rule 415 under the 1933 Act covering all of the Registrable Securities held by Holders that have provided the information required pursuant to the terms of Section 2.1(d) hereof (the
“Shelf Registration”). The Shelf Registration shall be on an appropriate form permitting registration of such Registrable Securities for resale by the Holders in the manner or manners reasonably designated by them (including,
without limitation, one or more underwritten offerings). Each of the Company and the Guarantor shall use its commercially reasonable best efforts to cause the Registration Statement to be declared effective by the SEC as promptly as practicable, but
no later than the Effectiveness Target Date, and to keep such Registration Statement continuously effective, supplemented and amended as required, in order to permit the Prospectus forming a part thereof to be useable by the Holders until the
earliest of (i) the date when the Holders are able to sell all of their Registrable Securities immediately without restriction pursuant to the volume limitation provisions of Rule 144 under the 1933 Act or otherwise, (ii) the date when all of the
Registrable Securities covered by the Registration Statement have been sold pursuant to the Registration Statement (iii) the two-year anniversary date of the Closing Date, and (iv) the date no Registrable Securities are outstanding (the
“Effectiveness Period”); provided, however, that the Effectiveness Period in respect of the Registration Statement shall be extended to the extent required to permit dealers to comply with the applicable prospectus delivery
requirements of Rule 174 under the 1933 Act and as otherwise provided herein. 
  

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 (b) Notwithstanding any other provisions hereof, each of the Company and the Guarantor shall use its
commercially reasonable best efforts to ensure that (i) any Registration Statement and any amendment thereto and any Prospectus forming a part thereof and any supplements thereto complies in all material respects with the 1933 Act, (ii) any
Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading and (iii) any Prospectus forming a part of any Registration Statement and any amendment or supplement to such Prospectus, does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading. 
  
 (c) The Company and the Guarantor further agree, if necessary, to supplement or amend the Registration Statement, as required by Section 3(b) below, and
to furnish to the Holders of Registrable Securities copies of any such supplement or amendment promptly after its being used or filed with the SEC. 
  
 (d) No Holder of Registrable Securities may include any of its Registrable Securities in the Registration Statement pursuant to this Agreement unless the
Holder furnishes to the Company in writing such information as the Company may reasonably request for use in connection with the Registration Statement or Prospectus included therein and in any application to be filed with or under state securities
laws (the form of questionnaire is attached as Annex A to the Offering Memorandum). Before the effectiveness of the Registration Statement, each Holder of Registrable Securities wishing to resell Registrable Securities pursuant to a Registration
Statement and related Prospectus agrees to furnish this information to the Company in writing at least five business days prior to any intended distribution of Registrable Securities under the Registration Statement and the Company and the Guarantor
agree to include this information in the Registration Statement in a manner so that upon effectiveness the Holders will be permitted to deliver the Prospectus to purchasers of the Holder’s Securities. From and after the date of the Registration
Statement is first declared effective, upon receipt of a completed questionnaire (in the form attached as Annex A to the Offering Memorandum), the Company and the Guarantor will, as promptly as practicable but in any event within 10 business days of
receipt, file any amendments or supplements to the Registration Statement necessary for Holders to be named as selling securityholders in the Prospectus contained therein to be permitted to deliver the Prospectus to purchasers of the Holder’s
Securities (subject to the right of the Company and the Guarantor to suspend the Registration Statement as described in Sections 3(e)(ii), 3(e)(iii), 3(e)(v) through 3(e)(vii) and 3(j)(C) below); provided, however, that the Company and
the Guarantor will not be obligated to file more than one such amendment or supplement to the Registration Statement in any 30-day period following the date the Registration Statement is declared effective for the purpose of naming Holders as
selling securityholders who were not named in the Registration Statement at the time of effectiveness. Holders that do not complete and deliver the questionnaire in a timely manner will not be named as selling securityholders in the Prospectus. Each
Holder as to which the Registration Statement is being effected agrees to furnish promptly to the Company all information required to be disclosed in order to make information previously furnished to the Company by the Holder not materially
misleading. 
  

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 2.2 Expenses. The Company shall pay all Registration Expenses in connection with the Shelf
Registration and any Registration Statement. Each Holder shall pay all fees and disbursements of its counsel (other than as set forth in the preceding sentence or in the definition of Registration Expenses) and all underwriting discounts and
commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to the Registration Statement. 
  

2.3 Effectiveness. The Registration Statement shall not be deemed to have become effective unless it has been declared effective by the SEC;
provided, however, that if, after it has been declared effective, the offering of Registrable Securities pursuant to the Registration Statement is interfered with by any stop order, injunction or other order or requirement of the SEC or any other
governmental agency or court, such Registration Statement shall be deemed not to have been effective during the period of such interference, until the offering of Registrable Securities pursuant to such Registration Statement may legally resume.

  
 2.4 Liquidated Damages. The Company, the Guarantor and
the Initial Purchasers agree that the Holders of Registrable Securities will suffer damages if the Company or the Guarantor fails to fulfill its obligations under Section 2.1 hereof and that it would not be feasible to ascertain the extent of such
damages with precision. Accordingly, each of the Company and the Guarantor, jointly and severally, agrees to pay, as liquidated damages and not as a penalty, on the Registrable Securities (“Liquidated Damages”) under the
circumstances and to the extent as set forth below. In the event that (a) the Registration Statement has not been filed with the SEC on or prior to the Filing Date, (b) the Registration Statement is not declared effective by the SEC on or prior to
the Effectiveness Target Date, (c) the Registration Statement has been declared effective by the SEC and such Registration Statement ceases to be effective or usable at any time during the Effectiveness Period for any reason (other than as a result
of the Company’s and the Guarantor’s exercise of their right to suspend the use of the Registration Statement and the Prospectus for a period not to exceed the period set forth in Section 2.4(d) below, as set forth in Section 3(j) hereof)
without being succeeded within five business days by a post-effective amendment to such Registration Statement or a report filed with the SEC pursuant to the 1934 Act that cures such failure or (d) the Company or the Guarantor suspends the use of
any Prospectus related to the Registration Statement for a period exceeding forty-five (45) days in any consecutive three-month period or exceeding an aggregate of ninety (90) days in any consecutive twelve-month period (each such event referred to
in clauses (a) through (d) above, a “Registration Default”), then the interest rate borne by the Debentures shall be increased as Liquidated Damages (x) by one-quarter of one percent (0.25%) per annum upon the occurrence of each
Registration Default up to and including the ninetieth (90th) day following such Registration Default and (y) by
one-half of one percent (0.50%) from and after the ninety-first (91st) day following the occurrence of such
Registration Default, provided that the aggregate increase in such interest rate will in no event exceed one half of one percent (0.50%) per annum. Upon the cure of such Registration Default, the accrual of Liquidated Damages will cease and the
interest rate will revert to the original rate so long as no other Registration Default shall have occurred and shall be continuing at such time; provided, however, that, if after any such reduction in interest rate, one or more
Registration Defaults shall again occur, the interest rate shall again be increased pursuant to the foregoing provisions. Notwithstanding the foregoing, no Liquidated Damages shall accrue as to any Debenture or as to any Common Stock issuable upon
the conversion of a Debenture from and after the earlier of (x) the date such security is no longer 
  

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a Registrable Security and (y) the expiration of the Effectiveness Period. The rate of accrual of the Liquidated Damages with respect to any period shall not
exceed the rate provided for in this Section 2.4 notwithstanding the occurrence of multiple concurrent Registration Defaults. A Registration Default under clause (a) above shall be cured on the date that the Shelf Registration is filed with the SEC;
a Registration Default under clause (b) above shall be cured on the date that the Shelf Registration is declared effective by the SEC; a Registration Default under clause (c) above shall be cured on the date the Shelf Registration is declared
effective or useable; and a Registration Default under clause (d) above shall be cured on the date the Prospectus is declared useable by the Company and the Guarantor. In the event of a Registration Default, the Company and the Guarantor shall pay
Liquidated Damages to (x) the holders of Debentures based on the aggregate principal amount held by such holders of Debentures and (y) the holders of Common Stock issued upon conversion of the Debentures based on the aggregate principal amount of
such Debentures from which such holders’ Common Stock was converted. 
  
 The Company shall notify the Trustee within three business days after each and every date on which a Registration Default occurs (an “Event Date”). Liquidated Damages shall be paid by the Company and
the Guarantor to the Holders of Debentures by depositing with the Trustee, in trust, for the benefit of the Holders of Debentures, on or before the applicable semiannual interest payment date, immediately available funds in sums sufficient to pay
the Liquidated Damages then due. Such Liquidated Damages due shall be payable on each interest payment date to the record Holder of Securities entitled to receive the interest payment to be paid on such date as set forth in the Indenture. Liquidated
Damages in respect of Common Stock issued upon conversion of Debentures shall be payable by the Company and the Guarantor to the holders of Common Stock issued upon conversion of such Debentures concurrently with the payment of Liquidated Damages to
the holders of Debentures. Each obligation to pay Liquidated Damages shall be deemed to accrue from and including the day following the applicable Event Date but excluding the day on which the Registration Default (or if more than one Registration
Default shall have occurred, the last Registration Default) is cured. When such Registration Default is cured, accrued and unpaid Liquidated Damages will be paid in cash to the record holder as of the date of such cure. 
  
 2.5 Specific Enforcement. Without limiting the remedies available to
the Initial Purchasers and the Holders, the Company and the Guarantor acknowledge that any failure by the Company or the Guarantor to comply with its obligations under this Section 2 may result in material irreparable injury to the Initial
Purchasers or the Holders for which there is no adequate remedy at law, that it would not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain such
relief as may be required to specifically enforce the obligations of the Company and Guarantor under this Section 2. 
  
 3. Registration Procedures. 
  
 In connection with the obligations of the Company and the Guarantor with respect to the Shelf Registration and the Registration Statement pursuant to
Section 2 hereof, each of the Company and the Guarantor agrees to: 
  

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 (a) prepare and file with the SEC by the Filing Date a Registration Statement within the period specified
in Section 2, on the appropriate form under the 1933 Act, which form (i) shall be selected by the Company and the Guarantor, (ii) shall be available for the sale of the Registrable Securities by the selling Holders thereof, and (iii) shall comply as
to form in all material respects with the requirements of the applicable form and include or incorporate by reference all financial statements required by the SEC to be filed therewith or incorporated by reference therein, and use its commercially
reasonable best efforts to cause such Registration Statement to become effective and remain effective in accordance with the terms of this Agreement (including, without limitation, Section 3(j) hereof); 
  
 (b) subject to Section 3(j) hereof, prepare and file with the SEC such
amendments and post-effective amendments to each Registration Statement as may be necessary under applicable law to keep such Registration Statement effective for the applicable period; cause each Prospectus to be supplemented by any required
prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provision then in force) under the 1933 Act; and use commercially reasonable best efforts to comply with the provisions of the 1933 Act and the 1934 Act
with respect to the disposition of all securities covered by a Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the selling Holders thereof; 
  
 (c) (i) notify each Holder of Registrable Securities, as promptly as
practicable, but in any event no less than five business days prior to filing, that a Registration Statement with respect to the Registrable Securities is being filed and advising such Holders that the distribution of Registrable Securities will be
made in accordance with the method elected by the Majority Holders; (ii) furnish to each Holder of Registrable Securities, to counsel for the Holders, to counsel for the Initial Purchasers and to each underwriter of an underwritten offering of
Registrable Securities, if any, without charge, as many copies of each Prospectus, including each preliminary Prospectus, and any amendment or supplement thereto and such other documents as such Holder, counsel or underwriter may reasonably request,
including financial statements and schedules and, if such Holder, counsel or underwriter so requests, all exhibits (including those incorporated by reference) in order to facilitate the public sale or other disposition of the Registrable Securities;
and (iii) subject to any notice by the Company or the Guarantor in accordance with Section 3(j) of the existence of any fact or event of the kind described in Section 3(e)(v) or 3(e)(vi), the Company and the Guarantor hereby consent to the use of
the Prospectus, including each preliminary Prospectus, or any amendment or supplement thereto by each of the Holders and underwriters of Registrable Securities in connection with the offering and sale of the Registrable Securities covered by any
Prospectus or any amendment or supplement thereto; 
  
 (d) prior
to any public offering of the Registrable Securities pursuant to a Registration Statement, use its commercially reasonable best efforts to register or qualify the Registrable Securities under all applicable state securities or “blue sky”
laws of such jurisdictions as any Holder of Registrable Securities covered by a Registration Statement and each underwriter of an underwritten offering of Registrable Securities shall request, to cooperate with the Holders and the underwriters of
any Registrable Securities in connection with any filings required to be made with the NASD, to keep each such registration or qualification effective during the period such Registration Statement is required to be effective, and do any and all
other acts and things which may be necessary or advisable to enable such Holder to 
  

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consummate the disposition in each such jurisdiction of such Registrable Securities owned by such Holder; provided, however, that neither the Company nor the
Guarantor shall be required to (x) qualify as a foreign corporation or as a dealer in securities in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d) or (y) take any action which would subject it to
general service of process or taxation in any such jurisdiction if it is not then so subject; 
  
 (e) notify each Holder of Registrable Securities and, if known, counsel for such Holder promptly and, if requested by such Holder or counsel, confirm such advice in writing promptly (i) when a Registration Statement
has become effective and when any post-effective amendments and supplements thereto become effective, (ii) of any request by the SEC or any state securities authority for post-effective amendments or supplements to a Registration Statement or
Prospectus or for additional information after a Registration Statement has become effective, (iii) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the
initiation of any proceedings for that purpose, (iv) if between the effective date of a Registration Statement and the closing of any sale of Registrable Securities covered thereby, the representations and warranties of the Company and/or the
Guarantor contained in any underwriting agreement, securities sales agreement or other similar agreement, if any, relating to such offering cease to be true and correct in all material respects, (v) that there has been an event or the discovery of
facts (without any specificity of the event or fact) during the period a Registration Statement is effective which makes any statement made in such Registration Statement or the related Prospectus untrue in any material respect or which constitutes
an omission to state a material fact in such Registration Statement or Prospectus or which requires the making of any changes in such Registration Statement or Prospectus in order to make the statements therein not misleading, (vi) of the receipt by
the Company or the Guarantor of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose and (vii) of any
determination by the Company and the Guarantor that a post-effective amendment to a Registration Statement would be appropriate; 
  
 (f) furnish counsel for the Holders of Registrable Securities and, if known, counsel for any underwriters of Registrable Securities copies of any comment
letters received from the SEC or any other request by the SEC or any state securities authority for amendments or supplements to a Registration Statement and Prospectus or for additional information; 
  
 (g) use its commercially reasonable best efforts to obtain the withdrawal of
any order suspending the effectiveness of a Registration Statement as soon as practicable and provide immediate notice to each Holder of the withdrawal of any such order; 
  
 (h) furnish to each Holder of Registrable Securities, and each underwriter, if any, without charge, at least one conformed
copy of each Registration Statement and any post-effective amendment thereto, including financial statements and schedules (without documents incorporated or deemed to be incorporated therein by reference or exhibits thereto, unless requested);

  

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 (i) cooperate with the selling Holders of Registrable Securities to facilitate the timely preparation and
delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and cause such Registrable Securities to be in such denominations (consistent with the provisions of the Indenture) and registered in
such names as the selling Holders or the underwriters, if any, request in writing at least three business days prior to the closing of any sale of Registrable Securities; 
  
 (j) upon (A) the occurrence of any event described in Section 3(e)(iii) hereof, (B) the occurrence of any event or the
discovery of any facts, each as contemplated by Sections 3(e)(v) and 3(e)(vi) hereof, or (C) the occurrence or existence of any corporate development that, in the reasonable discretion of the Company and the Guarantor, makes it appropriate to
suspend the availability of a Registration Statement and the related Prospectus, (1) in the case of the occurrence of any event or the discovery of any facts as contemplated by Section 3(e)(v), subject to the next sentence, as promptly as is
practicable after the occurrence of such an event, use its commercially reasonable best efforts to prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any document incorporated or deemed to be
incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities, neither such Registration Statement nor the related Prospectus will contain at the time of such
delivery any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, as thereafter delivered to the
purchasers of the Registrable Securities being sold thereunder, and, in the case of a post-effective amendment to a Registration Statement, subject to the next sentence, use commercially reasonable best efforts to cause it to be declared effective
as promptly as is practicable, and (2) give notice to the Holders of Registrable Securities that the availability of the Shelf Registration Statement is suspended (a “Deferral Notice”) and, upon receipt of any Deferral Notice, each
Holder agrees not to sell any Registrable Securities pursuant to the Registration Statement until such Holder’s receipt of copies of the supplemented or amended Prospectus provided for in clause (1), or until it is advised in writing by the
Company that the Prospectus may be used, and has received copies of any additional or supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus. Each of the Company and the Guarantor will use its commercially
reasonable best efforts to ensure that the use of the Prospectus may be resumed (x) in the case of clause (A) above, as promptly as is practicable, (y) in the case of clause (B) above, as soon as, in the reasonable judgment of the Company and the
Guarantor, if public disclosure of such event or fact would not be prejudicial to or contrary to the interests of the Company or, if necessary to avoid unreasonable burden or expense, as promptly as practicable thereafter, and (z) in the case of
clause (C) above, as soon as, in the reasonable discretion of the Company and the Guarantor, such suspension is no longer appropriate. If the period during which the availability of the Registration Statement and any Prospectus is suspended shall
exceed the time period specified in Section 2.4(d) hereof, the Company and the Guarantor shall pay Liquidated Damages pursuant to Section 2.4. 
  
 (k) obtain CUSIP numbers for all Registrable Securities not later than the effective date of a Registration Statement, and provide the Trustee with
printed certificates for the Registrable Securities in a form eligible for deposit with the Depositary; 
  

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 (l) (i) cause the Indenture to be qualified under the TIA in connection with the registration of the
Registrable Securities, (ii) cooperate with the Trustee and the Holders to effect such changes, if any, to the Indenture as may be required for the Indenture to be so qualified in accordance with the terms of the TIA and (iii) execute, and use its
commercially reasonable best efforts to cause the Trustee to execute, all documents as may be required to effect such changes, if any, and all other forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in
a timely manner; 
  
 (m) enter into agreements (including
underwriting agreements) and take all other customary and appropriate actions in order to expedite or facilitate the disposition of such Registrable Securities and in such connection, whether or not an underwriting agreement is entered into and
whether or not the registration is an underwritten registration: 
  
 (i) make such representations and warranties to the Holders of such Registrable Securities and the underwriters, if any, in form, substance and scope as are customarily made by issuers to underwriters in similar underwritten offerings as
may be requested by such Holders and underwriters; 
  
 (ii) in
connection with any underwritten offering, seek to obtain opinions of counsel to the Company and Guarantor and updates thereof (which counsel and opinions (in form, scope and substance) shall be satisfactory to the managing underwriters, if any, and
the Holders of a majority in principal amount of the Registrable Securities being sold) addressed to each selling Holder and the underwriters, if any, covering the matters customarily covered in opinions requested in sales of securities or
underwritten offerings and such other matters as may be requested by such Holders and underwriters; 
  
 (iii) in connection with any underwritten offering, seek to obtain “comfort letters” and updates thereof with respect to such Registration
Statement and the Prospectus included therein, all amendments and supplements thereto and all documents incorporated or deemed to be incorporated by reference therein from the Company’s and Guarantor’s independent certified public
accountants and from the independent certified public accountants for any other Person or any business or assets whose financial statements are included or incorporated by reference in the Registration Statement or Prospectus, each addressed to the
underwriters, if any, and to have such letter addressed to the selling Holders of Registrable Securities, such letters to be in customary form and covering matters of the type customarily covered in “comfort letters” to underwriters in
connection with similar underwritten offerings; 
  
 (iv) enter
into securities sales agreements with the Holders and agents of the Holders providing for, among other things, the appointment of such agents for the selling Holders for the purpose of soliciting purchases of Registrable Securities, which agreements
shall be in form, substance and scope customary for similar offerings; 
  
 (v) if an underwriting agreement is entered into in the case of any underwritten offering, cause the same to set forth indemnification and contribution provisions and procedures substantially equivalent to the indemnification and
contribution provisions and procedures set forth in Section 4 hereof with respect to the underwriters and all other parties to 
  

 11 

 
be indemnified pursuant to Section 4 hereof or, at the request of any underwriters, in the form customarily provided to such underwriters in similar types of
transactions; and 
  
 (vi) deliver such other documents and
certificates as may be reasonably requested by, and as are customarily delivered in similar offerings to, the Holders of a majority in aggregate principal amount of the Registrable Securities being sold (with Holders of Common Stock issued upon
conversion of the Debentures deemed to be Holders, for the purposes of this section, of the aggregate principal amount of Debentures from which such Common Stock was converted) and the managing underwriters, if any. 
  
 The above shall be done at (i) the effectiveness of such Registration Statement (and, if
appropriate, each post-effective amendment thereto) and (ii) each closing under any underwriting or similar agreement as and to the extent required thereunder; 
  

(n) make available for inspection by representatives of the Holders of the Registrable Securities and any underwriters participating in any disposition
pursuant to a Registration Statement and any counsel or accountant retained by such Holders or underwriters, all financial and other records, documents and properties of the Company and the Guarantor reasonably requested by any such Persons, and
cause the respective officers, directors, employees, and any other agents of the Company and the Guarantor to supply all information reasonably requested by any such representative, underwriter, special counsel or accountant in connection with a
Registration Statement; 
  
 (o) a reasonable time prior to filing
any Registration Statement, any Prospectus forming a part thereof, any amendment to such Registration Statement or amendment or supplement to such Prospectus, provide copies of such document upon request to the Holders of Registrable Securities, to
the Initial Purchasers, to the underwriter or underwriters of an underwritten offering of Registrable Securities, if any, and, if known, to counsel for any such Holders, the Initial Purchasers or underwriters, and make such changes in any such
document prior to the filing thereof as the Holders of Registrable Securities, the Initial Purchasers, the counsel to the Holders or the underwriter or underwriters or any of their respective counsel may reasonably request; and shall not at any time
make any filing of any such document of which such Holders, the Initial Purchasers on behalf of such Holders, their counsel or any underwriter shall not have previously been advised and furnished a copy or to which the Majority Holders, the Initial
Purchasers on behalf of the Holders, their counsel or any underwriter shall reasonably object within a reasonable time period; 
  
 (p) use its commercially reasonable best efforts to cause all Registrable Securities to be listed on the principal securities exchange or inter-dealer
quotation system such as NASDAQ on which similar debt or equity securities issued by the Company are then listed, if any; 
  
 (q) otherwise comply with all applicable rules and regulations of the SEC and make available to its security holders, as soon as practicable, an earnings
statement covering at least twelve (12) months which shall satisfy the provisions of Section 11(a) of the 1933 Act and Rule 158 thereunder; and 
  

 12 

 (r) cooperate and assist in any filings required to be made with the NASD and in the performance of any
due diligence investigation by any underwriter and its counsel (including any “qualified independent underwriter” that is required to be retained in accordance with the rules and regulations of the NASD). 
  
 The Company and Guarantor may (as a condition to such Holder’s
participation in the Shelf Registration) require each Holder of Registrable Securities to furnish to the Company such information regarding such Holder and the proposed distribution by such Holder of such Registrable Securities as the Company or
Guarantor may from time to time reasonably request in writing. 
  
 Each Holder agrees that, upon receipt of any notice from the Company and Guarantor of the happening of any event or development or the discovery of any facts, each of the kind described in Sections 3(e)(ii), 3(e)(iii), 3(e)(v) through
3(e)(vii) or 3(j)(C) hereof, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to a Registration Statement until receipt by such Holder of (i) the copies of the supplemented or amended Prospectus contemplated by
Section 3(j) hereof or (ii) written notice from the Company that the Shelf Registration is once again effective or that no supplement or amendment is required. If so directed by the Company, such Holder will deliver to the Company (at the
Company’s expense) all copies in such Holder’s possession, other than permanent file copies then and to be held in such Holder’s possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such
notice. Nothing in this paragraph shall prevent the accrual of Liquidated Damages on any Securities in accordance with the terms herein. 
  
 If any of the Registrable Securities covered by any Registration Statement are to be sold in an underwritten offering, the underwriter or underwriters and
manager or managers that will manage such offering will be selected by the Majority Holders of such Registrable Securities included in such offering and shall be reasonably acceptable to the Company. No Holder of Registrable Securities may
participate in any underwritten registration hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such
arrangements, (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements and (c) provides the Company with the information
required in Section 2.1(d) above. 
  
 4. Indemnification and
Contribution. 
  
 (a) The Company and the Guarantor agree,
jointly and severally, to indemnify and hold harmless each Initial Purchaser, each Holder, each Person who participates as an underwriter (each, an “Underwriter”), the affiliates, as such term is defined in Rule 501(b) under the
1933 Act (each, an “Affiliate”), of any of the foregoing and each Person, if any, who controls any Initial Purchaser, Holder or Underwriter within the meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act as follows:

  
 (i) against any and all loss, liability, claim, damage and
expense whatsoever, as incurred, arising out of any untrue statement or alleged untrue statement of a material fact 
  

 13 

 
contained in any Registration Statement (or any amendment or supplement thereto) pursuant to which Registrable Securities were registered under the 1933 Act,
including all documents incorporated therein by reference, or any omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue
statement or alleged untrue statement of a material fact contained in any Prospectus (or any amendment or supplement thereto) or any omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading; 
  
 (ii) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body,
commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject to Section 4(d) below) any such settlement is effected with the written
consent of the Company; and 
  
 (iii) against any and all expense
whatsoever, as incurred (including the fees and disbursements of counsel chosen by any indemnified party), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under subparagraph (i) or (ii)
above; 
  
 provided, however, that this indemnity agreement shall
not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the
Company by any Initial Purchaser, any Holder or Underwriter expressly for use in a Registration Statement (or any amendment thereto) or any Prospectus (or any amendment or supplement thereto); provided, further, that as to any
preliminary Prospectus, this indemnity agreement shall not inure to the benefit of any indemnified party on account of any loss, claim, damage or liability arising from the sale of the Registrable Securities sold pursuant to the Registration
Statement to any person by such indemnified party if (x) that indemnified party failed to send or give a copy of the Prospectus, as the same may be amended or supplemented, to that person within the time required by the 1933 Act and (y) the untrue
statement or alleged untrue statement of a material fact or omission or alleged omission to state a material fact in such preliminary Prospectus was corrected in the Prospectus or a supplement or amendment thereto, as the case may be, unless in each
case, such failure resulted from noncompliance by the Company or the Guarantor with Section 3 hereof. 
  
 (b) Each Holder, severally but not jointly, agrees to indemnify and hold harmless the Company, the Guarantor, each Initial Purchaser, each Underwriter and
each selling Holder, the Affiliates of any of the foregoing, and each Person, if any, who controls the Company, such Initial Purchaser, any Underwriter or any other selling Holder within the meaning of Section 15 of the 1933 Act or Section 20 of the
1934 Act, against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section 4(a) hereof, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions,
made in the Registration Statement (or any amendment thereto) or any Prospectus included therein (or 
  

 14 

 
any amendment or supplement thereto) in reliance upon and in conformity with written information with respect to such Holder furnished to the Company and the
Guarantor by such Holder expressly for use in the Registration Statement (or any amendment thereto) or such Prospectus (or any amendment or supplement thereto); provided, however, that no such Holder shall be liable for any claims hereunder in
excess of the amount of net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement. 
  
 (c) Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action or proceeding commenced
against it in respect of which indemnity may be sought hereunder, but failure so to notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result thereof
and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. An indemnifying party may participate at its own expense in the defense of any such action; provided, however, that
counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no event shall the indemnifying party or parties be liable for the fees and expenses of more than one counsel
(in addition to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or
circumstances. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under this Section 4 (whether or not the indemnified parties are actual or potential parties thereto),
unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to or an
admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 
  
 (d) If at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any
settlement of the nature contemplated by Section 4(a)(ii) effected without its written consent if (i) such settlement is entered into more than forty-five (45) days after receipt by such indemnifying party of the aforesaid request, (ii) such
indemnifying party shall have received notice of the terms of such settlement at least thirty (30) days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with
such request prior to the date of such settlement; provided that, an indemnifying party shall not be liable for any such settlement effected without its consent if such indemnifying party, prior to the date of such settlement, (1) reimburses such
indemnified party in accordance with such request for the amount of such fees and expenses of counsel as the indemnifying party believes in good faith to be reasonable, and (2) provides written notice to the indemnified party that the indemnifying
party disputes in good faith the reasonableness of the unpaid balance of such fees and expenses. 
  
 (e) If the indemnification provided for in this Section 4 is for any reason unavailable to or insufficient to hold harmless an indemnified party in
respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to 
  

 15 

 
the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, (i) in such proportion as is
appropriate to reflect the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party or parties on the other hand from the offering of the Registrable Securities pursuant to the Shelf Registration, or
(ii) if the allocation provided for by the foregoing clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the
indemnifying party or parties on the one hand and of the indemnified party or parties on the other hand in connection with the statements or omissions that resulted in such losses, liabilities, claims, damages or expenses, as well as any other
relevant equitable considerations. 
  
 The relative fault of such
indemnifying party or parties on the one hand and the indemnified party or parties on the other hand shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or
alleged omission to state a material fact relates to information supplied by such indemnifying party or parties or such indemnified party or parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission. 
  
 (f) The Company, the
Guarantor, the Holders and the Initial Purchasers agree that it would not be just or equitable if contribution pursuant to this Section 4 were determined by pro rata allocation or by any other method of allocation that does not take account of the
equitable considerations referred to in paragraph (e) above. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 4 shall be deemed to include any legal or
other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever
based upon any such untrue or alleged untrue statement or omission or alleged omission. 
  
 Notwithstanding the provisions of this Section 4, no Initial Purchaser, Holder or Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which Registrable Securities
sold by it pursuant to a Registration Statement were offered exceeds the amount of any damages that such Initial Purchaser, Holder or Underwriter has otherwise been required to pay by reason of any such untrue or alleged untrue statement or omission
or alleged omission. 
  
 No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
  
 For purposes of this Section 4, each Person, if any, who controls an Initial Purchaser, Holder or Underwriter within the
meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, and the Affiliates of an Initial Purchaser, Holder or Underwriter, shall have the same rights to contribution as such Initial Purchaser, Holder or Underwriter, as the case may be,
and each director of the Company or the Guarantor, each officer of the Company or the Guarantor who signed the Registration Statement and each Person, if any, who controls the Company or the Guarantor within the meaning of Section 15 of the 1933 Act
or Section 20 of the 1934 Act, or 
  

 16 

 who is an Affiliate of the Company or the Guarantor, shall have the same rights to contribution as the Company or the
Guarantor, respectively. The respective obligations of the Initial Purchasers, Holders and Underwriters to contribute pursuant to this Section 4 are several in proportion to the principal amount of Securities sold by them pursuant to a Registration
Statement and not joint. 
  
 The indemnity and contribution
provisions contained in this Section 4 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Initial Purchaser, Holder or Underwriter or any Person
controlling any Initial Purchaser, Holder or Underwriter, or by or on behalf of the Company or the Guarantor, their respective officers, or directors or any Person controlling the Company or the Guarantor and (iii) any sale of Registrable Securities
pursuant to a Registration Statement. 
  
 5. Miscellaneous.

  
 5.1 Rule 144 and Rule 144A. If the Company ceases to
be subject to the reporting requirements of Section 13 or 15 of the 1934 Act, the Company and the Guarantor will upon the request of any Holder or beneficial owner of Registrable Securities (a) make publicly available such information (including,
without limitation, the information specified in Rule 144A(d)(4) under the 1933 Act) as is necessary to permit sales pursuant to Rule 144 under the 1933 Act, (b) deliver or cause to be delivered, promptly following a request by any Holder or
beneficial owner of Registrable Securities or any prospective purchaser or transferee designated by such Holder or beneficial owner, such information (including, without limitation, the information specified in Rule 144A(d)(4) under the 1933 Act) as
is necessary to permit sales pursuant to Rule 144A under the 1933 Act and it will take such further action as any Holder or beneficial owner of Registrable Securities may reasonably request, and (c) take such further action that is required from
time to time to enable such Holder to sell its Registrable Securities without registration under the 1933 Act within the limitation of the exemptions provided by (i) Rule 144 under the 1933 Act, as such Rule may be amended from time to time, (ii)
Rule 144A under the 1933 Act, as such Rule may be amended from time to time or (iii) any similar rules or regulations hereafter adopted by the SEC. Upon the request of any Holder or beneficial owner of Registrable Securities, the Company and the
Guarantor will deliver to such Holder a written statement as to whether it has complied with such requirements. 
  
 5.2 No Inconsistent Agreements. Neither the Company nor the Guarantor has entered into nor will the Company nor the Guarantor on or after the date
of this Agreement enter into any agreement with respect to their respective securities that conflicts with the rights granted to the Holders of Registrable Securities in this Agreement. The rights granted to the Holders hereunder do not conflict in
any material respect with rights granted to the holders of any of the Company’s or the Guarantor’s other issued and outstanding securities under any other agreements entered into by the Company or the Guarantor or any of their subsidiaries
that are in effect on the date hereof. 
  
 5.3 Amendments and
Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Company and
Guarantor have obtained the written consent of Holders of at least a majority in aggregate 
  

 17 

 
principal amount of the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or departure (with Holders of Common
stock issued upon conversion of the Debentures deemed to be Holders, for the purposes of this section, of the aggregate principal amount of Debentures from which such Common Stock was converted). 
  
 5.4 Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, registered first-class mail, telecopier or any courier guaranteeing overnight delivery (a) if to a Holder (other than the Initial Purchasers), at the most current address set forth on
the records of the registrar under the Indenture, (b) if to an Initial Purchaser, at the most current address given by such Initial Purchaser to the Company by means of a notice given in accordance with the provisions of this Section 5.4, which
address initially is the address set forth in the Purchase Agreement with respect to Deutsche Bank Securities Inc., and (c) if to the Company or Guarantor, initially at the Company’s address set forth in the Purchase Agreement, and thereafter
at such other address of which notice is given in accordance with the provisions of this Section 5.4. 
  
 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; two business days
after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if telecopied; and on the next business day if timely delivered to an air courier guaranteeing overnight delivery. 
  
 Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee, at the address specified in the Indenture. 
  
 5.5 Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each of the
parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided, that (a) this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the
extent such successor or assign acquires Registrable Securities from a Holder and (b) nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms hereof or of the
Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities, in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all of the terms of this
Agreement, and by taking and holding such Registrable Securities, such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement, including the restrictions on resale set forth
in this Agreement and, if applicable, the Purchase Agreement, and such person shall be entitled to receive the benefits hereof. 
  
 5.6 Third Party Beneficiaries. Each Initial Purchaser (even if such Initial Purchaser is not a Holder of Registrable Securities) shall be a third
party beneficiary of the agreements made hereunder between the Company and the Guarantor, on the one hand, and the Holders, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement
necessary or advisable to protect its rights or the rights of Holders hereunder. Each Holder of Registrable Securities shall be a third party beneficiary to the agreements made hereunder between the Company and the Guarantor, on the one hand, and
the Initial Purchasers, 
  

 18 

 
on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its
rights hereunder. 
  
 5.7 Headings. The headings in this
Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
  
 5.8 Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 
  
 5.9 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
  
 5.10 Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, 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. 
  
  

 19 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

	WYNN RESORTS, LIMITED
		
	 By:
	 	 /s/    JOHN STRZEMP

	 	 	 Name:  John Strzemp
 Title:  Executive Vice President and Chief
  Financial Officer

  

	 WYNN RESORTS FUNDING, LLC

		
	 BY:
	 	 Wynn Resorts, Limited,
 its
sole member and control manager

				
	 	 	By:	 	 	 	 /s/    JOHN STRZEMP

	 	 	 	 	 	 	 Name:  John Strzemp
 Title:  Executive Vice President and
            Chief  Financial
Officer

  
 Confirmed and accepted as of the
date first above written: 
  
 Deutsche Bank Securities Inc. 
 As Representative of the Initial 
 Purchasers listed on Schedule II

 of the Purchase Agreement 
  

		
	 By:
	 	 /s/    A. DREW GOLDMAN

	 	 	 Name:  A. Drew Goldman
 Title:  Director

  

		
	 By:
	 	 /s/    PAUL WHYTE

	 	 	 Name:  Paul Whyte
 Title:  Managing DirectorCollateral Pledge/Sec Agmt dtd July 7, 2003

 Exhibit 4.4 
  
 COLLATERAL PLEDGE 
 AND SECURITY AGREEMENT 
  
 between 
  
 WYNN RESORTS FUNDING, LLC, 
 (as the Pledgor) 
  
 and 
  
 U.S.
BANK NATIONAL ASSOCIATION, 
 (as the Collateral Agent, the Trustee and the Securities Intermediary) 
  

 Dated as of July 7, 2003

  

 COLLATERAL PLEDGE AND SECURITY AGREEMENT 
  
 This COLLATERAL PLEDGE AND SECURITY AGREEMENT (as amended, restated,
supplemented or otherwise modified from time to time, this “Pledge Agreement”) is made and entered into as of July 7, 2003 between Wynn Resorts Funding, LLC, a Nevada limited liability company (the “Pledgor”), and
U.S. Bank National Association as (i) the trustee (in such capacity, the “Trustee”) for the Holders of the Debentures issued by Wynn Resorts, Limited, a Nevada corporation (“Wynn Resorts”), under the Indenture, (ii)
the collateral agent for the Trustee and the Holders (in such capacity, the “Collateral Agent”) and (iii) the “securities intermediary” (as such term is defined in Section 8-102(a)(14) of the UCC or, in respect of any
Book-Entry Security, in the Federal Book-Entry Regulations (in such capacity, the “Securities Intermediary”) (all capitalized terms used but not defined in this preamble are defined below). 
  
 W I T N E S S E T H: 
  
 WHEREAS, Wynn Resorts, Deutsche Bank Securities Inc. and SG Cowen Securities
Corporation (Deutsche Bank Securities Inc. and SG Cowen Securities Corporation together the “Initial Purchasers”) are parties to a Purchase Agreement dated June 30, 2003 (the “Purchase Agreement”), pursuant to which
Wynn Resorts will issue and sell to the Initial Purchasers $200,000,000 aggregate principal amount of Convertible Subordinated Debentures due 2015 (plus an additional $50,000,000 aggregate principal amount if the Initial Purchasers exercise in full
their purchase option set forth in Section 2(b) of the Purchase Agreement) (collectively, the “Debentures”); 
  
 WHEREAS, Wynn Resorts, the Pledgor and the Trustee have entered into that certain indenture dated as of the date hereof (as amended, restated,
supplemented or otherwise modified from time to time, the “Indenture”), pursuant to which, among other things, Wynn Resorts is issuing the Debentures on the date hereof and the Pledgor is guaranteeing the Debentures on a senior
secured basis; 
  
 WHEREAS, pursuant to and subject to the terms
of the Indenture, as of the Closing Time or the relevant Date of Delivery, as the case may be, the Pledgor is required, with proceeds of the Debentures contributed to the Pledgor by Wynn Resorts, to purchase, or cause the purchase of, and pledge to
the Collateral Agent for the benefit of the Trustee and the holders (the “Holders”) of the Debentures, U.S. Government Obligations in such amount that will be sufficient, accounting for scheduled interest and principal payments of
such U.S. Government Obligations, to provide for cash payment in full when due of the first six scheduled interest payments on the Debentures (i.e., sufficient to provide for cash payment in full when due of scheduled interest payments due on the
Debentures during the period from Closing Time up to and including July 15, 2006)(the “Collateralized Obligations”); 
  
 WHEREAS, the Pledgor and the Securities Intermediary have established account number 33543801 at the Securities Intermediary’s office at 180 East 5th
Street, St. Paul, Minnesota 55101 in the name of the Pledgor, designated as “Wynn Resorts Funding, LLC Collateral Account, subject to the security interest of U.S. Bank National Association, as the Collateral Agent” (together with any
successor accounts, the “Collateral Account”); and 

 WHEREAS, it is a condition to the purchase of the Debentures by the Initial Purchasers that the Pledgor
purchase, or cause the purchase of, the Pledged Securities and deposit such Pledged Securities into the Collateral Account to be held therein subject to the terms of this Pledge Agreement and grant the security interest contemplated by this Pledge
Agreement. 
  
 NOW, THEREFORE, in consideration of the premises
herein contained, and to induce the Initial Purchasers to purchase the Debentures, the Pledgor, the Trustee, the Securities Intermediary and the Collateral Agent hereby agree, for the benefit of the Initial Purchasers and for the ratable benefit of
the Trustee and the Holders, as follows: 
  
 SECTION 1.
Definitions; Appointment; Deposit and Investment. 
  
 1.1
Definitions. 
  
 (a) Unless otherwise defined in this
Pledge Agreement, terms defined or referenced in the Indenture are used in this Pledge Agreement as such terms are defined or referenced therein. 
  
 (b) Unless otherwise defined in the Indenture or in this Pledge Agreement, terms defined in the UCC and/or the Federal Book-Entry Regulations are used in
this Pledge Agreement as such terms are defined in the UCC or the Federal Book-Entry Regulations, as applicable. 
  
 (c) In this Pledge Agreement, the following terms have the following meanings (such meanings to be equally applicable to both the singular and plural
forms of the terms defined): 
  
 “Additional Pledged
Securities” has the meaning specified in Section 1.3. 
  
 “Book-Entry Security” has the meaning specified in the applicable Federal Book-Entry Regulation for “book-entry securities”. 
  
 “Closing Time” has the meaning specified in Section 2(c) of the Purchase Agreement. 
  
 “Collateral” has the meaning specified in Section 1.3.

  
 “Collateral Account” has the meaning
specified in the recitals hereto. 
  
 “Collateral
Agent” has the meaning specified in the preamble hereto. 
  
 “Collateralized Obligations” has the meaning specified in the recitals hereto. 
  
 “Date of Delivery” has the meaning specified in Section 2(b) of the Purchase Agreement. 
  
 “Debentures” has the meaning specified in the recitals
hereto. 
  
 “Entitlement Holder” has the meaning
specified in Section 8-102(a)(7) of the UCC or, in respect of any Book-Entry Security, the meaning specified for “Entitlement Holder” in the Federal Book-Entry Regulations. 
  

 2 

 “Entitlement Order” has the meaning specified in Section 8-102(a)(8) of the UCC.

  
 “Federal Book-Entry Regulations” means (i)
with respect to securities issued by the United States Department of the Treasury, the federal regulations contained in 31 CFR Part 357 and (ii) with respect to any other U.S. Government Obligations, the applicable federal regulations governing the
transfer and pledge thereof. 
  
 “Financial
Asset” has the meaning specified in Section 8-102(a)(9) of the UCC. 
  
 “FRB” means the Federal Reserve Bank or, as applicable, a branch thereof. 
  
 “FRB Account” means the FRB Member Securities Account maintained in the name of the Securities Intermediary by the FRB. 
  
 “FRB Member” means any Person that is eligible to maintain
(and that maintains) with the FRB one or more FRB Member Securities Accounts in such Person’s name. 
  
 “FRB Member Securities Account” means, in respect of any Person, the Participant’s Securities Account maintained in the name of such
Person at the FRB, to which account U.S. Government Obligations held for such Person are or may be credited. 
  
 “Holders” has the meaning specified in the recitals hereto. 
  
 “Initial Pledged Securities” has the meaning specified in Section 1.3. 
  
 “Initial Purchasers” has the meaning specified in the
recitals hereto. 
  
 “Person” has the meaning
specified in Section 1.1 of the Indenture. 
  
 “Pledge
Agreement” has the meaning specified in the preamble hereto. 
  
 “Purchase Agreement” has the meaning specified in the recitals hereto. 
  
 “Pledged Securities” has the meaning specified in Section 1.3. 
  
 “Pledgor” has the meaning specified in the preamble hereto. 
  
 “Secured Obligations” all obligations and liabilities of the
Pledgor which may arise under or in connection with this Pledge Agreement, the Indenture or any other instrument, document or agreement related thereto. 
  
 “Securities Account” has the meaning specified in Section 8-501(a) of the UCC. 
  
 “Securities Intermediary” has the meaning specified in the
preamble hereto. 
  
 “Security Entitlement” has
the meaning specified in Section 8-102(a)(17) of the UCC or, in respect of any Book-Entry Security, has the meaning specified for “Security Entitlement” in the Federal Book-Entry Regulations. 
  

 3 

 “Settlement Date” means, as to any U.S. Government Obligations, the date on which the
purchase of such U.S. Government Obligations shall have been settled. 
  
 “Supplement” has the meaning specified in Section 1.3. 
  
 “Termination Date” means the earlier of (a) the payment in full in cash of the Collateralized Obligations in accordance with the Indenture and the Debentures and (b) if the Wynn Resorts Obligations
are accelerated prior to the payment in full in cash of the Collateralized Obligations pursuant to the Indenture and the Debentures, the payment in full in cash of all Wynn Resorts Obligations.  
  
 “Trustee” has the meaning specified in the preamble hereto.

  
 “UCC” means the Uniform Commercial Code as
the same may, from time to time, be in effect in the State of New York; provided, however, that in the event that, by reason of mandatory provisions of law, any or all of the perfection or priority of the security interest in any
Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the
provisions hereof relating to such perfection or priority and for purposes of definitions related to such provisions. 
  
 “U.S. Government Obligations” means securities that are (i) direct obligations of the United States of America, the payment of which its
full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by or acting as an agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof at any time prior to the stated maturity thereof. 
  
 “Wynn Resorts” has the meaning specified in the recitals hereto. 
  
 “Wynn Resorts Obligations” means the obligation of Wynn
Resorts to repay the principal, premium, if any, interest, fees, expenses or otherwise on the Debentures and each other obligation and liability of Wynn Resorts which may arise under or in connection with the Indenture, the Debentures or any other
instrument, document or agreement related thereto. 
  
 1.2
Appointment of the Collateral Agent. The Trustee, on behalf of the Holders, hereby appoints the Collateral Agent as its agent for purposes hereof, and authorizes the Collateral Agent to take such actions and to exercise such powers, on the
Trustee’s behalf, as are delegated to the Collateral Agent, together with such actions and powers as are reasonably incidental thereto, all in accordance with the terms and conditions set forth herein, and the Collateral Agent hereby accepts
such appointment. 
  
 1.3 Pledge and Grant of Security
Interest. As security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Secured Obligations, the Pledgor hereby grants to the Collateral Agent for the benefit of
the Trustee and the ratable benefit of the Holders a lien on and security interest in all of the Pledgor’s right, title and interest in, to and under the following property: (a) (i) the U.S. Government Obligations identified by CUSIP No. in
Schedule I to this Pledge Agreement (the 

  

 4 

 
“Initial Pledged Securities”) and (ii) the U.S. Government Obligations, if any, identified by CUSIP No. in a supplement or supplements to
this Pledge Agreement substantially in the form of Exhibit A hereto (each, a “Supplement”) (the “Additional Pledged Securities” and, together with the Initial Pledged Securities, the “Pledged
Securities”) and, in each case, the certificates, if any, representing the Pledged Securities and the scheduled payments of principal and interest thereon, (b) the Collateral Account, all Security Entitlements from time to time credited or
related to the Collateral Account, all funds held therein and all certificates and instruments, if any, from time to time representing or evidencing the foregoing, (c) all other U.S. Government Obligations purchased from time to time in accordance
with this Pledge Agreement (whether pursuant to Section 4 or otherwise) and all certificates and instruments, if any, representing or evidencing such U.S. Government Obligations, and any and all Security Entitlements to such U.S. Government
Obligations, (d) all notes, certificates of deposit, deposit accounts, checks and other instruments, if any, from time to time hereafter delivered to or otherwise possessed by the Collateral Agent for or on behalf of the Pledgor, (e) all interest,
dividends, cash, instruments and other property, if any, from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the then existing Collateral and (f) all proceeds of any and all of the foregoing
Collateral (including, without limitation, proceeds that constitute property of the types described in clauses (a) through (e) of this Section 1.3) and, to the extent not otherwise included, all (i) payments under insurance (whether or not the
Trustee or the Collateral Agent is the loss payee thereof) or any indemnity, warranty or guaranty, payable by reason of loss or damage to or otherwise with respect to any of the foregoing Collateral and (ii) cash proceeds of any and all of the
foregoing Collateral (such property described in clauses (a) through (f) of this Section 1.3 being collectively referred to herein as the “Collateral”). Without limiting the generality of the foregoing, this Pledge Agreement secures
the payment of all amounts that constitute part of the Secured Obligations notwithstanding the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving the Pledgor.

  
 SECTION 2. Establishment, Maintenance and Control of
Collateral Account and Security Entitlements. 
  
 (a) Prior
to or concurrently with the execution and delivery hereof, the Securities Intermediary shall establish the Collateral Account on its books as a separate account segregated from all other custodial or collateral accounts, at its office at 180 East
5th Street, St. Paul, Minnesota 55101. The parties hereto agree that the Collateral Account constitutes a Securities Account and the Pledgor and the Securities Intermediary will maintain the Collateral Account as a Securities Account. The following
provisions shall apply to the establishment, maintenance and control of the Collateral Account and the Financial Assets and Security Entitlements credited or related thereto: 
  

	 	(i)	 	The Securities Intermediary shall cause the Collateral Account to be, and the Collateral Account shall be, separate from all other accounts maintained by the Securities
Intermediary. 

  

	 	(ii)	 	 If at any time the Securities Intermediary receives an Entitlement Order from the Collateral Agent relating to the Collateral Account or any Financial Asset or
Security Entitlement credited or related to the Collateral 

  

 5 

	 	    	 	Account, the Securities Intermediary will comply with such Entitlement Order without further consent by the Pledgor or any other Person. Subject to Sections 2(d), 4 and 5,
Securities Intermediary shall not comply with any Entitlement Orders relating to the Collateral Account or any Financial Asset or Security Entitlement credited or related to the Collateral Account from any Person (including, without limitation, the
Pledgor) other than the Collateral Agent. If the Pledgor is otherwise entitled to issue Entitlement Orders with respect to the Collateral Account or any Financial Asset or Security Entitlement credited or related to the Collateral Account pursuant
to this Pledge Agreement and such Entitlement Orders conflict with any Entitlement Order issued by the Collateral Agent, the Securities Intermediary will follow the Entitlement Orders issued by the Collateral Agent. Until this Pledge Agreement shall
terminate in accordance with the terms hereof, Collateral Agent shall have “control” (within the meaning of Section 8-106 of the UCC, including, without limitation, subsection (d)(2) thereof) of the Collateral Account, the Security
Entitlements with respect to the Collateral Account and the Financial Assets credited to the Collateral Account. 

  

	 	(iii)	 	Each of the Pledgor and the Securities Intermediary agrees that it has not and will not execute and deliver, or otherwise become bound by, any agreement under which it agrees with
any Person other than Collateral Agent to comply with Entitlement Orders originated by such Person relating to the Collateral Account or any Financial Asset or Security Entitlement credited or related to the Collateral Account. Except for the claims
and interests of the Collateral Agent and the Pledgor in the Collateral Account and the Financial Assets and Security Entitlements credited or related to the Collateral Account, neither the Securities Intermediary nor the Pledgor knows of any claim
to, or interest in, the Collateral Account or any Financial Asset or Security Entitlement credited or related to the Collateral Account. If either the Securities Intermediary or the Pledgor obtains knowledge that any Person has asserted a Lien,
encumbrance or adverse claim against the Collateral Account or any Financial Asset or Security Entitlement credited or related to the Collateral Account, such party will promptly notify the Collateral Agent thereof. In the event that the Securities
Intermediary has or subsequently obtains by agreement, operation of law or otherwise a Lien or security interest in the Collateral Account or any Financial Asset or Security Entitlement credited or related to the Collateral Account, the Securities
Intermediary agrees that such Lien or security interest shall be subordinate to the Lien and security interest of the Collateral Agent. The Collateral Account and the Financial Assets and Security Entitlements credited or related to the Collateral
Account will not be subject to deduction, set-off, banker’s lien or any other right, and the Securities Intermediary shall not grant, permit or consent to any other right or interest in the Collateral, in favor of any Person (including itself)
other than the Collateral Agent. 

  

 6 

	 	(iv)	 	All property, including, without limitation, the Pledged Securities and other U.S. Government Obligations purchased in accordance with this Pledge Agreement (whether pursuant to
Section 4 or otherwise), delivered to the Securities Intermediary pursuant to this Pledge Agreement shall be promptly credited to the Collateral Account. All securities or other property underlying any Financial Assets credited to the Collateral
Account shall be registered in the name of, payable to or to the order of, the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another Securities Account maintained in the name of the Securities
Intermediary and in no case will any Financial Asset credited to the Collateral Account be registered in the name of the Pledgor, payable to the order of the Pledgor or specially indorsed to the Pledgor except to the extent the foregoing have been
specially indorsed to the Securities Intermediary or in blank. Each item of property (including cash, a security, security entitlement, investment property, instrument or obligation, share, participation, interest or other property whatsoever)
credited to the Collateral Account shall be treated as a Financial Asset. 

  
 (b) On or prior to (i) the Closing Time and (ii) the relevant Date of Delivery, if any, the Pledgor shall transfer, or cause to be transferred, to the Securities Intermediary, or otherwise purchase, in each case for
credit to the Collateral Account, (A) in the case of the Closing Time, the Initial Pledged Securities or (B) in the case of a Date of Delivery, an additional amount in cash to be set forth in the relevant Supplement, which amount shall be sufficient
for the Securities Intermediary to purchase the Additional Pledged Securities. 
  
 (c) As soon as practicable after receipt of amounts pursuant to Section 2(b)(ii) (and not later than the business day following the relevant Date of Delivery) the Collateral Agent shall instruct the Securities
Intermediary to apply such amounts to the purchase of the U.S. Government Obligations listed on the relevant Supplement and credit such U.S. Government Obligations to the Collateral Account as Collateral hereunder. The Securities Intermediary shall
ensure that, on any Settlement Date of U.S. Government Obligations, the FRB indicates by book-entry that such U.S. Government Obligations being settled on such date are credited to the FRB Account. 
  
 (d) The Securities Intermediary will, from time to time in accordance with
Section 4, reinvest the proceeds of Collateral that may mature or be sold as permitted by this Pledge Agreement in such U.S. Government Obligations as it will be directed in writing by the Pledgor, and cause such U.S. Government Obligations to be
credited to the Collateral Account as Collateral hereunder. Any such proceeds not so reinvested in U.S. Government Obligations shall be held in cash in the Collateral Account. 
  

 7 

 SECTION 3. Filing Authorization. Pledgor hereby irrevocably authorizes the Collateral Agent at any
time and from time to time to file in the Office of the Secretary of State of Nevada and any other filing office in the United States any initial financing statements and amendments thereto that (a) contain a description of collateral of an equal or
lesser scope as the Collateral described in this Pledge Agreement or any Supplement, but such description may contain greater detail than is contained in this Pledge Agreement or any such Supplement, and (b) contain any other information required by
Part 5 of Article 9 of the Uniform Commercial Code as in effect in any applicable jurisdiction for the sufficiency or filing office acceptance of any financing statement or amendment therein, including whether the Pledgor is an organization, the
type of organization and any organization identification number issued to the Pledgor. The Pledgor agrees to furnish any such information to the Collateral Agent promptly upon request. The Pledgor also ratifies its authorization for the Collateral
Agent to have filed in any Uniform Commercial Code jurisdiction any initial financing statements or amendments thereto if filed prior to the date hereof. A photocopy or other reproduction of this Pledge Agreement or any financing statement covering
the Collateral or any part thereof shall be sufficient as a financing statement where permitted by law. 
  
 SECTION 4. Investing of Amounts in the Collateral Account. The Securities Intermediary shall advise the Collateral Agent and the Pledgor if, at any
time, any amounts shall exist in the Collateral Account uninvested, and if directed in writing by the Pledgor, the Securities Intermediary will, subject to the provisions of Section 5 and Section 12; 
  
 (a) invest such amounts on deposit in the Collateral Account in such U.S.
Government Obligations as the Pledgor may select; and 
  
 (b)
invest interest paid on the U.S. Government Obligations referred to in clause (a) above, and reinvest other proceeds of any such U.S. Government Obligations that may mature or be sold, in each case in such U.S. Government Obligations as the Pledgor
may select. Interest and proceeds that are not invested or reinvested in U.S. Government Obligations as provided above shall be deposited in cash and held in the Collateral Account. Except as otherwise provided in Section 11, neither the Securities
Intermediary nor the Collateral Agent shall be liable for any loss in the investment or reinvestment of amounts held in the Collateral Account. Neither the Securities Intermediary nor the Collateral Agent is at any time under any duty to advise or
make any recommendation for the purchase, sale, retention or disposition of U.S. Government Obligations. In no event will any investment be made in any U.S. Government Obligations that the Securities Intermediary is unable or unwilling to credit to
the Collateral Account. 
  
 Notwithstanding the foregoing, after the purchase of
any U.S. Government Obligations at the Closing Time or a Date of Delivery, as the case may be, as required by the Indenture, any U.S. Government Obligations thereafter purchased pursuant to this Section 4 shall have maturities consistent with the
scheduled interest payment(s) on the Debentures to which the invested proceeds relate. 
  
 SECTION 5. Disbursements. The Securities Intermediary shall hold the Collateral in the Collateral Account and release the same, or a portion thereof, only as follows: 
  

 8 

 (a) Immediately prior to the interest payment date under the Indenture and the Debentures prior to the
Termination Date, the Securities Intermediary shall release from the Collateral Account and pay to the Trustee for the benefit of, and payment to, the Holders in accordance with the provisions of the Indenture an amount in cash sufficient to pay the
interest due on the Debentures on the applicable interest payment date, and will take any action necessary to provide for the cash payment of the interest on the Debentures to the Holders in accordance with the payment provisions of the Indenture
from (and to the extent of) proceeds of such released portion of the Collateral. Nothing in this Section 5 shall affect the Collateral Agent’s rights to apply the Collateral to the payments of amounts due on the Debentures upon acceleration
thereof. On the Termination Date, any Collateral remaining in the Collateral Account shall be released hereunder and returned to the Pledgor, in accordance with the terms and provisions hereof. 
  
 (b) If, prior to the Termination Date: 
  

	 	(i)	 	an Event of Default under the Indenture occurs and is continuing and 

  

	 	(ii)	 	the Trustee or the Holders of 25% in aggregate principal amount of the Debentures accelerate the Debentures by declaring the principal amount of the Debentures to be immediately due
and payable in accordance with the provisions of the Indenture, except for the occurrence and continuance of an Event of Default under clause (7) of Section 8.1 of the Indenture, upon which the Debentures will be accelerated automatically pursuant
to the Indenture, 

  
 then the Securities Intermediary, upon
instruction by the Collateral Agent, shall promptly release the Collateral from the Collateral Account and transfer the Collateral to the Trustee for the benefit of, and payment to, the Holders of the Debentures as directed by the Collateral Agent
in accordance with the provisions of the Indenture. Distributions from the Collateral Account shall be applied, for the ratable benefit of the Holders, as follows: 
  

	 	(x)	 	first, to any accrued and unpaid interest on the Debentures and 

  

	 	(y)	 	second, to the extent available, to the repayment of the remaining Wynn Resort Obligations, including the principal amount of the Debentures. 

  
 Any surplus of such proceeds held by the Collateral Agent and remaining after
payment in full of all of the Secured Obligations shall be paid over to the Pledgor. 
  
 (c) If at any time value of the Collateral held in the Collateral Account is less than 100% of the amount sufficient, as calculated by the Pledgor and verified in writing by a nationally recognized firm of independent
public accountants selected by the Pledgor, to provide for cash payment in full of the Collateralized Obligations outstanding at such time, the Pledgor shall deposit cash into the Collateral Account in the amount of such deficiency promptly after
receipt of such accounts’ written verification. 
  
 (d) If at
any time the value of the Collateral held in the Collateral Account exceeds 100% of the amount sufficient, as calculated by the Pledgor and verified in writing by a 

  

 9 

 
nationally recognized firm of independent public accountants selected by the Pledgor, to provide for cash payment in full of the Collateralized Obligations
outstanding at such time, the Securities Intermediary shall promptly release to the Pledgor, at the Pledgor’s written request, accompanied by the written verification prepared by such nationally recognized firm of independent public
accountants, any such excess Collateral. 
  
 (e) Upon the release
of any Collateral from the Collateral Account in accordance with the terms of this Pledge Agreement, the security interest and lien evidenced by this Pledge Agreement in such released Collateral will automatically terminate and be of no further
force or effect, and the Collateral Agent shall take such actions as the Pledgor deems necessary or advisable to evidence the release of the Collateral Agent’s security interest in such released portion of the Collateral, at the Pledgor’s
expense; provided, that the foregoing shall not affect the security interest and lien on any Collateral not so released. 
  
 (f) Except as expressly provided in this Section 5, nothing contained in this Pledge Agreement shall (i) afford the Pledgor any right to issue Entitlement
Orders with respect to any Security Entitlement related to the Collateral Account or any Financial Assets credited thereto, or otherwise afford the Pledgor control of any such Security Entitlement or Financial Asset or (ii) otherwise give rise to
any rights of the Pledgor with respect to such Security Entitlements, the Collateral Account or any Financial Asset credited thereto, other than the Pledgor’s rights under this Pledge Agreement as the beneficial owner of Collateral pledged to
and subject to the “control” (within the meaning of Sections 8-106 and 9-106 of the UCC) of the Collateral Agent. 
  
 SECTION 6. Representations and Warranties. The Pledgor hereby represents and warrants to the other parties hereto, as of the date hereof, that:

  
 (a) The execution and delivery by the Pledgor of, and the
performance by the Pledgor of its obligations under, this Pledge Agreement will not contravene any provision of applicable law or the articles of organization, operating agreement or equivalent organizational instruments of the Pledgor or any
agreement or other instrument binding upon the Pledgor or any of its subsidiaries or any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Pledgor or any of its subsidiaries, or result in the creation
or imposition of any lien on any assets of the Pledgor, except for the lien and security interests granted under this Pledge Agreement. No consent, approval, authorization or order of, or qualification with, and no notice to or filing with, any
governmental body or agency or other third party is required (i) for the performance by the Pledgor of its obligations under this Pledge Agreement, (ii) for the pledge by the Pledgor of the Collateral pursuant to this Pledge Agreement or for the
execution, delivery or performance of this Pledge Agreement by the Pledgor, (iii) for the perfection or maintenance of the security interest created hereby (including the first priority nature of such security interest), except for the filing of
financing and continuation statements under the Uniform Commercial Code of applicable jurisdictions, which financing statements have been delivered pursuant to Section 3 hereof, and the making of any book entries under the Federal Book-Entry
Regulations or (iv) except for any such consents, approvals, authorizations or orders required to be obtained by the Collateral Agent (or the Holders) for reasons other than the consummation of this transaction, for the exercise by the Collateral
Agent of the rights provided for in this Pledge Agreement or the remedies in respect of the Collateral pursuant to this Pledge Agreement. 
  

 10 

 (b) The Pledgor is the legal and beneficial owner of the Collateral, free and clear of any Liens or
claims of any Person (except for the lien and security interests granted under this Pledge Agreement). No effective financing statement or other instrument similar in effect covering all or any part of the Collateral is on file in any public office
appropriate for such filings other than the financing statements, if any, to be filed pursuant to this Pledge Agreement. 
  
 (c) This Pledge Agreement has been duly authorized, validly executed and delivered by the Pledgor and (assuming the due authorization and valid execution
and delivery of this Pledge Agreement by each of the other parties hereto and enforceability of this Pledge Agreement against each of the other parties hereto in accordance with its terms) constitutes a valid and binding agreement of the Pledgor,
enforceable against the Pledgor in accordance with its terms, except as (i) the enforceability hereof may be limited by bankruptcy, insolvency, fraudulent conveyance, preference, reorganization, moratorium or similar laws now or hereafter in effect
relating to or affecting the rights or remedies of creditors generally, (ii) the availability of equitable remedies may be limited by equitable principles of general applicability and the discretion of the court before which any proceeding therefor
may be brought, (iii) the exculpation provisions and rights to indemnification hereunder may be limited by U.S. federal and state securities laws and public policy considerations and (iv) the waiver of rights and defenses contained in Sections 17.11
and 17.15 hereof may be limited by applicable law. 
  
 (d) Upon
the execution of this Pledge Agreement by all parties hereto, the delivery to the Securities Intermediary of the Collateral in accordance with the terms hereof, and the making of any book entries required under the Federal Book-Entry Regulations,
the grant of a security interest in the Collateral securing the payment of the Secured Obligations for the benefit of the Trustee and the Holders will constitute a valid, first priority, perfected security interest in such Collateral (except, with
respect to proceeds, only to the extent permitted by Section 9-315 of the UCC), enforceable as such against all creditors of the Pledgor and any Persons purporting to purchase any of the Collateral from the Pledgor other than as permitted by the
Indenture. 
  
 (e) There are no legal or governmental proceedings
pending or, to the best of the Pledgor’s knowledge, threatened to which the Pledgor or any of its subsidiaries is a party or to which any of the properties of the Pledgor or any of its subsidiaries is subject that would adversely affect the
power or ability of the Pledgor to perform its obligations under this Pledge Agreement or to consummate the transactions contemplated hereby. 
  
 (f) The pledge of the Collateral pursuant to this Pledge Agreement is not prohibited by law or governmental regulation (including, without limitation,
Regulations T, U and X of the Board of Governors of the Federal Reserve System) applicable to the Pledgor. 
  
 (g) No Event of Default exists. 
  
 (h) The Pledgor is a limited liability company duly organized and validly existing under the laws of the State of Nevada and the Pledgor is not organized
under the laws of any other jurisdiction. The Pledgor’s name as it appears in official filings in the State of Nevada is “Wynn Resorts Funding, LLC”. The Pledgor’s organizational identification number issued by the State of
Nevada is LLC9574-03. 
  

 11 

 SECTION 7. Further Assurances. The Pledgor will, promptly upon the request by the Collateral Agent
(which request the Collateral Agent may submit at the direction of the Trustee), execute and deliver or cause to be executed and delivered, or use commercially reasonable efforts to procure, all assignments, instruments and other documents, deliver
any instruments to the Collateral Agent and take any other actions that are necessary or desirable to perfect, continue the perfection of, or protect the first priority of the Collateral Agent’s security interest in and to the Collateral, to
protect the Collateral against the rights, claims or interests of third Persons (other than any such rights, claims or interests created by or arising through the Collateral Agent) or to effect the purposes of this Pledge Agreement. The Pledgor will
promptly pay all costs incurred in connection with any of the foregoing within 45 days of receipt of an invoice therefor. The Pledgor also agrees, whether or not requested by the Collateral Agent, to use commercially reasonable efforts to perfect or
continue the perfection of, or to protect the first priority of, the Collateral Agent’s security interest in and to the Collateral, and to protect the Collateral against the rights, claims or interests of third Persons (other than any such
rights, claims or interests created by or arising through the Collateral Agent). 
  
 SECTION 8. Covenants. The Pledgor covenants and agrees with the Collateral Agent, Trustee and the Holders that from and after the date of this Pledge Agreement until the Termination Date: 
  
 (a) it will not (i) (and will not purport to) sell or otherwise dispose of,
or grant any option or warrant with respect to, any of the Collateral or (ii) create or permit to exist any Lien on or with respect to any of the Collateral (except for the liens and security interests granted under this Pledge Agreement) and at all
times will be the sole beneficial owner of the Collateral; 
  
 (b)
it will not (i) enter into any agreement or understanding that restricts or inhibits or purports to restrict or inhibit the Trustee’s or the Collateral Agent’s rights or remedies hereunder, including, without limitation, the Collateral
Agent’s right to sell or otherwise dispose of the Collateral or (ii) fail to pay or discharge any tax, assessment or levy of any nature with respect to its beneficial interest in the Collateral not later than three business days prior to the
date of any proposed sale under any judgment, writ or warrant of attachment with respect to the Collateral; 
  
 (c) it will maintain its jurisdiction of organization in the State of Nevada, or upon 30 days’ prior written notice to the Collateral Agent, in
another jurisdiction where all actions required by Sections 3 and 7 have been taken with respect to the Collateral; 
  
 (d) it will execute and deliver on or prior to any Date of Delivery, a Supplement to this Pledge Agreement, and take such other actions as shall be
necessary to grant to the Collateral Agent, for the benefit of the Trustee and the ratable benefit of the Holders, a valid security interest in the Additional Pledged Securities and the related Security Entitlements; and 
  
 (e) it will not, and acknowledges that it is not authorized to, file any
financing statement or amendment or termination statement with respect to any financing statement in connection with the Collateral without the prior written consent of Collateral Agent, subject to the Pledgor’s rights under Section 9-509(d)(2)
of the UCC. 
  
 SECTION 9. Power of Attorney; Agent May
Perform. 
  

 12 

 (a) Subject to the terms of this Pledge Agreement, the Pledgor hereby appoints and constitutes the
Collateral Agent as the Pledgor’s attorney-in-fact (with full power of substitution) to exercise to the fullest extent permitted by law all of the following powers upon and at any time after the occurrence and during the continuance of an Event
of Default: 
  

	 	(i)	 	collection of proceeds of any Collateral; 

  

	 	(ii)	 	conveyance of any item of Collateral to any purchaser thereof; 

  

	 	(iii)	 	giving of any notices or recording of any liens hereunder; and 

  

	 	(iv)	 	paying or discharging taxes or liens levied or placed upon the Collateral, the legality or validity thereof and the amounts necessary to discharge the same to be determined by the
Collateral Agent in its sole reasonable discretion, and such payments made by the Collateral Agent to become part of the Obligations secured hereby, due and payable immediately upon demand. The Collateral Agent’s authority under this Section 9
shall include, without limitation, the authority to endorse and negotiate any checks or instruments representing proceeds of Collateral in the name of the Pledgor, execute and give receipt for any certificate of ownership or any document
constituting Collateral, transfer title to any item of Collateral, sign the Pledgor’s name on all financing statements (to the extent permitted by applicable law) or any other documents necessary or appropriate to preserve, protect or perfect
the security interest in the Collateral and to file the same, prepare, file and sign the Pledgor’s name on any notice of lien (to the extent permitted by applicable law), and to take any other actions arising from or necessarily incident to the
powers granted to the Trustee or the Collateral Agent in this Pledge Agreement. This power of attorney is coupled with an interest and is irrevocable by the Pledgor. 

  
 (b) If the Pledgor fails to perform any agreement contained herein, the Collateral Agent may, but is not obligated to, after
providing to the Pledgor notice of such failure and five business days to effect such performance, itself perform, or cause performance of, such agreement, and the expenses of the Collateral Agent incurred in connection therewith shall be payable by
the Pledgor under Section 13. 
  
 SECTION 10. No Assumption of
Duties; Reasonable Care. The rights and powers granted to the Collateral Agent and the Securities Intermediary hereunder are being granted in order to preserve and protect the security interest of the Collateral Agent for the benefit of the
Trustee and the Holders in and to the Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on, the Collateral Agent or the Securities Intermediary in connection therewith other than those expressly provided
herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the Collateral Agent and the Securities Intermediary shall be deemed to have exercised reasonable care in the custody and preservation of the
Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Collateral Agent or the Securities Intermediary, as 

  

 13 

 
applicable, accords similar property held by the Collateral Agent or the Securities Intermediary for similar accounts, it being understood that the
Collateral Agent and the Securities Intermediary: 
  
 (a) may
consult with counsel of its selection and the advice of such counsel or any opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon; and 
  
 (b) shall not have any responsibility
for 
  

	 	(i)	 	ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Collateral Agent or the
Securities Intermediary has or is deemed to have knowledge of such matters, 

  

	 	(ii)	 	taking any necessary steps for the existence, enforceability or perfection of any security interest of the Collateral Agent or to preserve rights against any parties with respect to
any Collateral or 

  

	 	(iii)	 	except as otherwise set forth in Section 4, investing or reinvesting any of the Collateral. 

  
 Notwithstanding anything to the contrary contained in this Agreement, the Indenture, the Debentures or any other document,
instrument or agreement related thereto, in no event shall the Collateral Agent or the Securities Intermediary be liable for the existence, validity, enforceability or perfection of any security interest of the Collateral Agent, or for special
indirect or consequential damages or lost profits or loss of business, arising in connection with this Pledge Agreement. 
  
 SECTION 11. Indemnity; Limitation of Liability. 
  
 (a) No claim shall be made by the Pledgor against the Collateral Agent, the Securities Intermediary, the Trustee or the Holders or any of their
Affiliates, directors, employees, attorneys or agents for any loss of profits, business or anticipated savings, special or punitive damages or any indirect or consequential loss whatsoever in respect of any breach or wrongful conduct (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 Pledge Agreement, the Indenture or any other instrument, document or agreement
related thereto or any act or omission or event occurring in connection therewith and the Pledgor hereby waives, releases and agrees not to sue upon any such claim for any such damages, whether or not accrued and whether or not known or suspected to
exist in its favor. 
  
 (b) The Pledgor shall fully indemnify,
hold harmless and defend the Collateral Agent and the Securities Intermediary and their respective directors and officers from and against any and all claims, losses, actions, obligations, liabilities and expenses, including reasonable defense
costs, reasonable investigative fees and costs, and reasonable legal fees, expenses, and damages arising from the Collateral Agent’s appointment and performance as Collateral Agent under this Pledge Agreement or the Securities
Intermediary’s appointment and performance as Securities 

  

 14 

 
Intermediary under this Pledge Agreement, as applicable, except to the extent that such claim, action, obligation, liability or expense is directly caused by
the bad faith, gross negligence or willful misconduct of such indemnified person. The provisions of this Section 11 shall survive termination of this Pledge Agreement and the resignation and removal of the Collateral Agent or the Securities
Intermediary. 
  
 SECTION 12. Remedies upon Event of
Default. Subject to Section 5(b), if any Event of Default under the Indenture shall have occurred and be continuing and the Debentures shall have been accelerated in accordance with the provisions of the Indenture: 
  
 (a) The Collateral Agent shall have, in addition to all other rights given
by applicable law or in equity or by this Pledge Agreement or the Indenture, all of the rights and remedies with respect to the Collateral of a secured party upon default under the UCC (whether or not the UCC applies to the affected Collateral) at
that time. In addition, with respect to any Collateral that shall then be in or shall thereafter come into the possession or custody of the Collateral Agent, the Collateral Agent may, and at the written direction of the Trustee shall, appoint a
broker or other expert to sell or cause the same to be sold at any broker’s board or at public or private sale, in one or more sales or lots, at such price or prices such broker or other expert may deem commercially reasonable, for cash or on
credit or for future delivery. The purchaser of any or all Collateral so sold shall thereafter hold the same absolutely, free from any claim, encumbrance or right of any kind whatsoever created by or through the Pledgor. Any sale of the Collateral
conducted in conformity with reasonable commercial practices of banks, insurance companies, commercial finance companies, or other financial institutions disposing of property similar to the Collateral shall be deemed to be commercially reasonable.
Any requirements of reasonable notice shall be met if notice of the time and place of any public sale or the time after which any private sale is to be made is given to the Pledgor as provided in Section 17.1 hereof at least ten days before the time
of the sale or disposition. The Collateral Agent or any Holder may, in its own name or in the name of a designee or nominee, buy any of the Collateral at any public sale and, if permitted by applicable law, at any private sale. The Collateral Agent
shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale
may, without further notice, be made at the time and place to which it was so adjourned. All expenses (including court costs and reasonable attorneys’ fees, expenses and disbursements) of, or incident to, the enforcement of any of the
provisions hereof shall be recoverable from the proceeds of the sale or other disposition of the Collateral. 
  
 (b) The Pledgor agrees to use its reasonable 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 Collateral pursuant to this Section 12 valid and binding and in compliance with any and all other applicable requirements of law. The Pledgor further agrees that a breach of any of the covenants contained in this Section 12
will cause irreparable injury to the Trustee and the Holders, that the Trustee and the Holders have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section 12 shall be
specifically enforceable against the Pledgor, and the Pledgor 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. 
  

 15 

 (c) All cash proceeds received by the Collateral Agent in respect of any sale of, collection from, or
other realization upon all or any part of the Collateral may, in the discretion of the Collateral Agent, be held by the Collateral Agent as collateral for, and/or then or at any time thereafter applied (after payment of any amounts payable to the
Collateral Agent or the Trustee pursuant to Section 13) by the Collateral Agent for the ratable benefit of the Holders first against any accrued and unpaid interest on the Debentures and thereafter against the remaining Secured Obligations. Any
surplus of such cash or cash proceeds held by the Collateral Agent and remaining after payment in full in cash of all of the Secured Obligations shall be paid over to the Pledgor. 
  
 (d) The Collateral Agent may, but is not obligated to, exercise any and all rights and remedies of the Pledgor in respect of
the Collateral. 
  
 (e) Subject to and in accordance with the
terms of this Pledge Agreement, all payments received by the Pledgor in respect of the Collateral shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of the Pledgor and shall be forthwith paid
over to the Collateral Agent in the same form as so received (with any necessary endorsement). 
  
 (f) The Collateral Agent may, without notice to the Pledgor except as required by law and at any time or from time to time, charge, set-off and otherwise apply all or any part of the Secured Obligations against the
Collateral Account or any part thereof. 
  
 (g) The Pledgor shall
cease to be entitled to direct the investment of amounts held in the Collateral Account under Section 4 hereof and the Securities Intermediary shall not accept any direction from the Pledgor to invest amounts held in the Collateral Account.

  
 SECTION 13. Fees and Expenses. The Pledgor agrees to
pay to the Collateral Agent the fees as may be agreed upon from time to time in writing. The Pledgor will promptly upon demand pay to the Trustee and the Collateral Agent the amount of any and all expenses, including, without limitation, the
reasonable fees, expenses and disbursements of counsel, experts and agents retained by the Trustee and the Collateral Agent, that the Trustee and the Collateral Agent may incur in connection with 
  
 (a) the review, negotiation and administration of this Pledge Agreement;

  
 (b) the custody or preservation of, or the sale of, collection
from, or other realization upon, any of the Collateral; 
  
 (c)
the exercise or enforcement of any of the rights of the Collateral Agent, the Trustee and the Holders hereunder; or 
  
 (d) the failure by the Pledgor to perform or observe any of the provisions hereof. 
  
 SECTION 14. Security Interest Absolute. All rights of the Collateral Agent, the Trustee and the Holders hereunder,
and all obligations of the Pledgor hereunder, shall be absolute and unconditional irrespective of: 
  

 16 

 (a) any lack of validity or enforceability of the Indenture or any other agreement or instrument relating
thereto; 
  
 (b) any change in the time, manner or place of
payment of, or in any other term of, all or any of the Secured Obligations or the Wynn Resorts Obligations, or any other amendment or waiver of or any consent to any departure from the Indenture; 
  
 (c) any exchange, surrender, release or non-perfection of any Liens on any
other collateral for all or any of the Secured Obligations or the Wynn Resorts Obligations; 
  
 (d) any change, restructuring or termination of the limited liability company structure or the existence of the Pledgor or any of its subsidiaries; 
  
 (e) to the extent permitted by applicable law, any other circumstance that might otherwise constitute a defense available
to, or a discharge of, the Pledgor in respect of the Secured Obligations or of this Pledge Agreement (other than payment in full of the Secured Obligations); or 
  

(f) any manner of application of other collateral, or proceeds thereof, to all or any item of the Secured Obligations or the Wynn Resorts Obligations,
or any manner of sale or other disposition of any item of Collateral for all or any of the Secured Obligations or the Wynn Resorts Obligations. 
  
 SECTION 15. Securities Intermediary’s Representations, Warranties and Covenants. The Securities Intermediary represents and warrants that it
is as of the date hereof, and it agrees that for so long as it maintains the Collateral Account pursuant to this Pledge Agreement, it shall be a “securities intermediary” (as such term is defined in Section 8-102(a)(14) of the UCC or, in
respect of any Book-Entry Security, in the Federal Book-Entry Regulations) and a FRB Member. In furtherance of the foregoing, the Securities Intermediary hereby: 
  
 (a) represents and warrants that it is a commercial bank that in the ordinary course of its business maintains Securities
Accounts for others and is acting in that capacity hereunder and with respect to the Collateral Account and the Financial Assets and Security Entitlements credited or related thereto; 
  
 (b) represents and warrants that it maintains the FRB Account with the FRB; 
  
 (c) agrees that the Collateral Account shall be an account to which Financial
Assets may be credited, and undertakes to treat the Pledgor as the Entitlement Holder in respect of the Collateral Account and the Financial Assets and Security Entitlements credited or related thereto and shall so note in its records pertaining to
the Collateral Account and such Financial Assets and Security Entitlements; 
  
 (d) represents that, subject to applicable law, it has not granted, and covenants that so long as it acts as a Securities Intermediary hereunder it shall not grant, control (including without limitation, securities
control) over or with respect to any Collateral credited to the Collateral Account from time to time to any other Person other than the Collateral Agent; 
  

 17 

 (e) covenants that it shall not, subject to applicable law, knowingly take any action inconsistent with,
and represents and covenants that it is not and so long as this Pledge Agreement remains in effect will not knowingly become, party to any agreement the terms of which are inconsistent with, the provisions of this Pledge Agreement; 
  
 (f) agrees that any item of property credited to the Collateral Account shall
be treated as a Financial Asset; 
  
 (g) agrees that any item of
Collateral credited to the Collateral Account shall not be subject to any security interest, lien or right of set-off in favor of Securities Intermediary, except as may be expressly permitted under the Indenture and this Pledge Agreement; and

  
 (h) agrees to maintain the Collateral Account as a Securities
Account and maintain appropriate books and records in respect thereof in accordance with its usual procedures and subject to the terms of this Pledge Agreement. 
  

SECTION 16. Securities Intermediary’s Jurisdiction. The parties hereby agree that the Securities Intermediary’s jurisdiction as
“securities intermediary” for purposes of Section 8-110(e) of the UCC and Section 357.11 of the Federal Book-Entry Regulations as they pertain to this Pledge Agreement, the Collateral Account and the Security Entitlements relating thereto,
shall be the State of New York. 
  
 SECTION 17. Miscellaneous
Provisions. 
  
 17.1 Notices. All notices required or
permitted under the terms and provisions hereof shall be in writing, and any such notice shall be effective if given in accordance with the provisions of Section 14.2 of the Indenture. Notices to the Pledgor or the Trustee may be given at the
address set forth in Section 14.2 of the Indenture. Notices to the Collateral Agent or the Securities Intermediary may be given at the same address as set forth in Section 14.2 of the Indenture with respect to the Trustee. 
  
 17.2 No Adverse Interpretation of Other Agreements. This Pledge
Agreement may not be used to interpret another pledge, security or debt agreement of the Pledgor or any subsidiary thereof. No such pledge, security or debt agreement (other than the Indenture) may be used to interpret this Pledge Agreement.

  
 17.3 Severability. The provisions of this Pledge
Agreement are severable, and if any clause or provision shall be held invalid, illegal or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect in that jurisdiction only such clause or
provision, or part thereof, and shall not in any manner affect such clause or provision in any other jurisdiction or any other clause or provision of this Pledge Agreement in any jurisdiction. 
  
 17.4 Headings. The headings in this Pledge Agreement have been
inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 
  

 18 

 17.5 Counterpart Originals. This Pledge Agreement may be signed in two or more counterparts, each
of which shall be deemed an original, but all of which shall together constitute one and the same agreement. 
  
 17.6 Benefits of Pledge Agreement. Nothing in this Pledge Agreement, express or implied, shall give to any Person, other than the parties hereto
and their successors hereunder, and the Holders, any benefit or any legal or equitable right, remedy or claim under this Pledge Agreement. 
  
 17.7 Amendments, Waivers and Consents. Any amendment or waiver of any provision of this Pledge Agreement and any consent to any departure by any
party hereto or from any provision of this Pledge Agreement shall be effective only if made or duly given in compliance with all of the terms and provisions of the Indenture, and no party hereto shall be deemed, by any act, delay, indulgence,
omission or otherwise, to have waived any right or remedy hereunder or to have acquiesced in any default or Event of Default or in any breach of any of the terms and conditions hereof. Failure by any party hereto to exercise, or delay in exercising,
any right, power or privilege hereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by any party hereto of any right or remedy hereunder on any one occasion shall not be
construed as a bar to any right or remedy that such party would otherwise have on any future occasion. The Collateral Agent and the Trustee may refuse to sign any amendment hereof authorized or permitted pursuant to Article 13 of the Indenture if
such amendment adversely affects their rights, duties, liabilities or immunities. In signing or refusing to sign such amendment, the Collateral Agent and the Trustee shall be entitled to receive and, subject to Section 10 and 17.12, shall be fully
protected in relying upon, an opinion of counsel stating that such amendment is authorized or permitted by the Indenture. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any
rights or remedies provided by law. 
  
 17.8 Amendments of
Obligations. If the Collateral Agent, the Trustee or the Holders shall at any time or from time to time, with or without the consent of, or notice to, the Pledgor: 
  
 (a) change or extend the manner, place or terms of payment of, or renew or alter all or any portion of, the Secured
Obligations or the Wynn Resorts Obligations; 
  
 (b) take any
action under or in respect of the Indenture, the Debentures or the other agreements, documents and instruments related thereto in the exercise of any remedy, power or privilege contained therein or available at law, equity or otherwise, or waive or
refrain from exercising any such remedies, power or privileges; 
  
 (c) amend or modify, in any manner whatsoever, the Indenture, the Debentures or the other agreements, documents and instruments related thereto; 
  
 (d) extend or waive the time for Wynn Resorts’ or any other Person’s performance of, or compliance with, any term, covenant or agreement on its
part to be performed or observed under the Indenture, the Debentures or the other agreements, documents and instruments related thereto, or waive such performance or compliance or consent to a failure of, or departure from, such performance or
compliance; 
  

 19 

 (e) take and hold security or collateral for the payment of the Secured Obligations or the Wynn Resorts
Obligations, or sell, exchange, release, dispose of, or otherwise deal with, any property pledged, mortgaged or conveyed, or in which the Collateral Agent has been granted a lien, to secure any indebtedness of Wynn Resorts, the Pledgor or any other
Person party to the Indenture, the Debentures or the other agreements, documents and instruments related thereto to the Collateral Agent; 
  
 (f) release or limit the liability of anyone who may be liable in any manner for the payment of any amounts owed by Wynn Resorts, the Pledgor or any other
Person party to the Indenture, the Debentures or the other agreements, documents and instruments related thereto to Collateral Agent; 
  
 (g) modify or terminate the terms of any intercreditor or subordination agreement pursuant to which claims of other creditors of Wynn Resorts, the Pledgor
or any other Person party to the Indenture, the Debentures or the other agreements, documents and instruments related thereto are subordinated to the claims of the Collateral Agent; or 
  
 (h) apply any sums by whomever paid or however realized to any amounts owing by Wynn Resorts, the Pledgor or any other
Person party to the Indenture, the Debentures or the other agreements, documents and instruments related thereto to the Collateral Agent in such manner as the Collateral Agent shall determine in its discretion; 
  
 then, neither the Collateral Agent nor the Trustee nor any Holder shall incur any liability
to the Pledgor pursuant hereto as a result thereof and no such action shall impair or release the obligations of the Pledgor under this Pledge Agreement. 
  
 17.9 Continuing Security Interest; Termination. 
  
 (a) This Pledge Agreement shall create a continuing first priority perfected security interest in and to the Collateral and shall, unless otherwise
provided in the Indenture or in this Pledge Agreement, remain in full force and effect until the Termination Date. This Pledge Agreement shall be binding on the parties hereto and their respective transferees, successors and assigns, and shall
inure, together with the rights and remedies of the Trustee and the Collateral Agent hereunder, to the benefit of the parties hereto and their respective successors, transferees and assigns. Without limiting the generality of the foregoing, the
Holders may assign or otherwise transfer the Debentures or other evidence of indebtedness held by them to any other Person to the extent permitted by the Indenture, and such other Person shall thereupon become vested with all or an appropriate part
of the benefits in respect thereof granted to the Holders herein or otherwise. 
  
 (b) On the Termination Date, the security interest granted hereby shall terminate and all rights to the Collateral shall revert to the Pledgor. At such time, the Securities Intermediary shall act in accordance with
the Pledgor’s instructions with respect to the Collateral hereunder that has not been sold, disposed of, retained or applied by the Collateral Agent in accordance with the terms of this Pledge Agreement and the Indenture and execute and deliver
to the Pledgor such documents as the Pledgor shall reasonably request to evidence such termination. Any such actions requested by the Pledgor shall be without warranty by or recourse to the Collateral 

  

 20 

 
Agent, the Securities Intermediary or the Trustee, except as to the absence of any liens on the Collateral created by or arising through the Collateral
Agent, the Securities Intermediary or the Trustee, and shall be at the reasonable expense of the Pledgor. 
  
 17.10 Survival Provisions. All representations, warranties and covenants contained herein shall survive the execution and delivery of this Pledge
Agreement, and shall terminate only upon the termination of this Pledge Agreement. The obligations of the Pledgor under Sections 11 and 13 and the obligations of the Collateral Agent and the Securities Intermediary under Section 17.9(b) hereof shall
survive the termination of this Pledge Agreement. 
  
 17.11
Waivers. The Pledgor waives presentment and demand for payment of any of the Secured Obligations, protest and notice of dishonor or default with respect to any of the Secured Obligations, and all other notices to which the Pledgor might
otherwise be entitled, except as otherwise expressly provided herein or in the Indenture. 
  
 17.12 Authority of the Collateral Agent. 
  
 (a) The Collateral Agent shall have and be entitled to exercise all powers hereunder that are specifically granted to the Collateral Agent by the terms hereof, together with such powers as are reasonably incidental
thereto. The Collateral Agent may perform any of its duties hereunder or in connection with the Collateral by or through agents or attorneys, shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder and shall be entitled to retain counsel and to act in reliance upon the advice of counsel concerning all such matters. Except as otherwise expressly provided in this Pledge Agreement or the Indenture, neither the
Collateral Agent nor any director, officer, employee, attorney or agent of the Collateral Agent shall be liable to the Pledgor for any action taken or omitted to be taken by the Collateral Agent hereunder, except for its own bad faith, gross
negligence or willful misconduct, and the Collateral Agent shall not be responsible for the validity, effectiveness or sufficiency hereof or of any document or security furnished pursuant hereto. The Collateral Agent and its directors, officers,
employees, attorneys and agents shall be entitled to rely conclusively on any communication, instrument or document believed by it or them to be genuine and correct and to have been signed or sent by the proper Person or Persons. The Collateral
Agent shall have no duty to cause any financing statement or continuation statement to be filed in respect of the Collateral. 
  
 (b) The Pledgor acknowledges that the rights and responsibilities of the Collateral Agent under this Pledge Agreement with respect to any action taken by
the Collateral Agent or the exercise or non-exercise by the Collateral Agent of any option, right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Pledge Agreement shall, as between the Collateral
Agent and the Holders, be governed by the Indenture and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Collateral Agent and the Pledgor, the Collateral Agent shall be conclusively
presumed to be acting as agent for the Trustee and the Holders with full and valid authority so to act or refrain from acting, and the Pledgor shall not be obligated or entitled to make any inquiry respecting such authority. 
  

 21 

 17.13 Final Expression. This Pledge Agreement, together with the Indenture and any other agreement
executed among the parties to this Agreement in connection herewith, is intended by the parties as a final expression of this Pledge Agreement and is intended as a complete and exclusive statement of the terms and conditions thereof. 
  
 17.14 Rights of Holders. No Holder shall have any independent rights
hereunder other than those rights granted to individual Holders pursuant to the Indenture; provided, that nothing in this subsection shall limit any rights granted to the Trustee under the Debentures or the Indenture. 
  
 17.15 GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL;
WAIVER OF DAMAGES. 
  
 (a) THIS PLEDGE AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THEREOF (OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), EXCEPT TO THE EXTENT THAT
THE VALIDITY OR PERFECTION OF THE SECURITY INTEREST GRANTED HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK, AND ANY DISPUTE ARISING OUT OF,
CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THE PLEDGOR, THE TRUSTEE, THE COLLATERAL AGENT AND THE SECURITIES INTERMEDIARY IN CONNECTION WITH THIS PLEDGE AGREEMENT, WHETHER ARISING IN CONTRACT, TORT, EQUITY OR
OTHERWISE, SHALL BE RESOLVED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK EXCEPT TO THE EXTENT, IF ANY, OTHERWISE PROVIDED IN THE APPLICABLE FEDERAL BOOK-ENTRY REGULATIONS. NOTWITHSTANDING THE FOREGOING, THE MATTERS IDENTIFIED IN SECTION
9-305(a)(3) OF THE UCC WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THEREOF (OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
  
 (b) THE PLEDGOR HEREBY WAIVES PERSONAL SERVICE OF PROCESS IN ANY SUIT, ACTION
OR PROCEEDING WITH RESPECT TO THIS PLEDGE AGREEMENT AND FOR ACTIONS BROUGHT UNDER THE U.S. FEDERAL OR STATE SECURITIES LAWS BROUGHT IN ANY FEDERAL OR STATE COURT LOCATED IN THE CITY OF NEW YORK (EACH A “NEW YORK COURT”) AND CONSENTS
THAT ALL SERVICE OF PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING SHALL BE MADE BY REGISTERED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO THE PLEDGOR AT THE ADDRESS INDICATED IN SECTION 17.1. EACH OF THE PARTIES HERETO SUBMITS TO THE JURISDICTION
OF ANY NEW YORK COURT AND TO THE COURTS OF ITS CORPORATE DOMICILE WITH RESPECT TO ANY ACTIONS BROUGHT AGAINST IT AS DEFENDANT IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED
AMONG THE PLEDGOR, THE TRUSTEE, THE 

  

 22 

 
COLLATERAL AGENT AND THE SECURITIES INTERMEDIARY IN CONNECTION WITH THIS PLEDGE AGREEMENT, AND EACH OF THE PARTIES HERETO WAIVES ANY OBJECTION THAT IT MAY
HAVE TO THE LAYING OF VENUE, INCLUDING ANY PLEADING OF FORUM NON CONVENIENS, WITH RESPECT TO ANY SUCH ACTION AND WAIVES ANY RIGHT TO WHICH IT MAY BE ENTITLED ON ACCOUNT OF PLACE OF RESIDENCE OR DOMICILE. 
  
 (c) THE PLEDGOR AGREES THAT THE COLLATERAL AGENT SHALL, IN THE NAME AND ON
BEHALF OF THE TRUSTEE OR ANY HOLDER, HAVE THE RIGHT, TO THE EXTENT PERMITTED BY APPLICABLE LAW, TO PROCEED AGAINST THE PLEDGOR OR THE COLLATERAL IN A COURT IN ANY LOCATION REASONABLY SELECTED IN GOOD FAITH (AND HAVING PERSONAL OR IN REM JURISDICTION
OVER THE PLEDGOR OR THE COLLATERAL, AS THE CASE MAY BE) TO ENABLE THE COLLATERAL AGENT TO REALIZE ON SUCH COLLATERAL, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER ENTERED IN FAVOR OF THE TRUSTEE. THE PLEDGOR AGREES THAT IT WILL NOT ASSERT ANY
COUNTERCLAIMS, SETOFFS OR CROSSCLAIMS IN ANY PROCEEDING BROUGHT BY THE COLLATERAL AGENT TO REALIZE ON SUCH PROPERTY OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE COLLATERAL AGENT, EXCEPT FOR SUCH COUNTERCLAIMS, SETOFFS OR CROSSCLAIMS
WHICH, IF NOT ASSERTED IN ANY SUCH PROCEEDING, COULD NOT OTHERWISE BE BROUGHT OR ASSERTED. 
  
 (d) THE PLEDGOR AGREES THAT NEITHER ANY HOLDER NOR (EXCEPT AS OTHERWISE PROVIDED IN THIS PLEDGE AGREEMENT OR THE INDENTURE) ANY OTHER PARTY TO THIS PLEDGE AGREEMENT SHALL HAVE ANY LIABILITY TO THE PLEDGOR (WHETHER
ARISING IN TORT, CONTRACT OR OTHERWISE) FOR LOSSES SUFFERED BY THE PLEDGOR IN CONNECTION WITH, ARISING OUT OF, OR IN ANY WAY RELATED TO, THE TRANSACTIONS CONTEMPLATED AND THE RELATIONSHIP ESTABLISHED BY THIS PLEDGE AGREEMENT, OR ANY ACT, OMISSION OR
EVENT OCCURRING IN CONNECTION THEREWITH, UNLESS IT IS DETERMINED BY A FINAL AND NONAPPEALABLE JUDGMENT OF A COURT THAT IS BINDING ON SUCH PERSON THAT SUCH LOSSES WERE THE RESULT OF ACTS OR OMISSIONS ON THE PART OF SUCH PERSON CONSTITUTING BAD FAITH,
GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 
  
 (e) TO THE EXTENT
PERMITTED BY APPLICABLE LAW, THE PLEDGOR WAIVES THE POSTING OF ANY BOND OTHERWISE REQUIRED OF THE TRUSTEE, THE COLLATERAL AGENT OR ANY HOLDER IN CONNECTION WITH ANY JUDICIAL PROCESS OR PROCEEDING TO ENFORCE ANY JUDGMENT OR OTHER COURT ORDER
PERTAINING TO THIS PLEDGE AGREEMENT OR ANY RELATED AGREEMENT OR DOCUMENT ENTERED IN FAVOR OF THE TRUSTEE, THE COLLATERAL AGENT OR ANY HOLDER, OR TO ENFORCE BY SPECIFIC PERFORMANCE, TEMPORARY RESTRAINING ORDER OR PRELIMINARY OR PERMANENT INJUNCTION,
THIS PLEDGE AGREEMENT OR ANY RELATED AGREEMENT OR DOCUMENT BETWEEN THE PLEDGOR, ON THE ONE HAND, AND 

  

 23 

 
THE TRUSTEE, THE COLLATERAL AGENT AND/OR THE HOLDERS, ON THE OTHER HAND. 
  
 17.16 Effectiveness. This Pledge Agreement shall become effective upon the effectiveness of the Indenture.

  

 24 

 IN WITNESS WHEREOF, the Pledgor, the Trustee, the Securities Intermediary and the Collateral Agent have
each caused this Pledge Agreement to be duly executed and delivered as of the date first above written. 
  

	 WYNN RESORTS FUNDING, LLC,

	 a Nevada limited liability company, as the Pledgor

		
	 By:
	 	 Wynn Resorts, Limited, a Nevada

 Corporation, its sole member and control
 manager

		
	 By:
	 	 /s/    RONALD J. KRAMER

	 	 	 Name: Ronald J. Kramer

	 	 	 Title: President

	
	 U.S. BANK NATIONAL ASSOCIATION,
as the Trustee, the Collateral Agent and the
Securities
Intermediary

		
	 By:
	 	 /s/    FRANK P. LESLIE III

	 	 	 Name:  Frank P. Leslie III

	 	 	 Title:  Vice President

  

 [Signature Page – Collateral Pledge and Security Agreement]

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