Document:

Facility Agreement dated February 13, 2006

 Exhibit 10.5 
 DATED 13 February 2006 
 GREAT WONDERS, INVESTMENTS, LIMITED 
 as Borrower 
 MELCO PBL ENTERTAINMENT
(GREATER CHINA) LIMITED 
 as Guarantor 
 BANK OF CHINA LIMITED, MACAU BRANCH 
 BANCO NACIONAL ULTRAMARINO, S.A. 
 as Coordinating Lead Arrangers 
 BANCO
COMERCIAL DE MACAU, S.A. 
 INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA) 
 LIMITED 
 as Senior Managers 
 BANCO ESPÍRITO SANTO DO ORIENTE, S.A. 
 LIU CHONG HING BANK LIMITED, MACAU BRANCH 
 as Managers 
 -and- 
 BANK OF CHINA LIMITED, MACAU BRANCH 
 as Facility and Security Agent 
  

 FACILITY AGREEMENT 
 Relating to a 
 HKD1,280,000,000.00 Transferable Term Loan Facility 
  

 LEONEL ALBERTO ALVES

 MACAU 

 INDEX 
  

			
	CLAUSE ONE	  	13
	(Syndicated Credit Facilities)	  	13
	CLAUSE TWO	  	14
	(Principal)	  	14
	CLAUSE THREE	  	14
	(Purpose)	  	14
	CLAUSE FOUR	  	14
	(Utilisation of the Credit Facilities)	  	14
	CLAUSE FIVE	  	15
	(Purpose and utilisation)	  	15
	CLAUSE SIX	  	15
	(Availability Drawdown)	  	15
	CLAUSE SEVEN	  	17
	(Payments)	  	17
	CLAUSE EIGHT	  	17
	(Cost Overrun)	  	17
	CLAUSE NINE	  	19
	(Interest)	  	19
	CLAUSE TEN	  	20
	(Market Disruption)	  	20
	CLAUSE ELEVEN	  	23
	(Default Interest)	  	23
	CLAUSE TWELVE	  	23
	(Capitalisation)	  	23
	CLAUSE THIRTEEN	  	23
	(Fees)	  	23
	CLAUSE FOURTEEN	  	24
	(Repayment)	  	24
	CLAUSE FIFTEEN	  	25
	(Cancellation and Prepayments)	  	25
	CLAUSE SIXTEEN	  	26
	(Mandatory Prepayment)	  	26
	CLAUSE SEVENTEEN	  	31
	(Costs, Expenses and Charges)	  	31
	CLAUSE EIGHTEEN	  	32
	(Application of Payments)	  	32
	CLAUSE NINETEEN	  	33
	(Assumption of Compliance)	  	33
	CLAUSE TWENTY	  	34
	(Registration)	  	34
	CLAUSE TWENTY ONE	  	34
	(Changes of the Circumstances)	  	34
	CLAUSE TWENTY TWO	  	35
	(Security Documents)	  	35
	CLAUSE TWENTY THREE	  	40
	(Pari Passu)	  	40
	CLAUSE TWENTY FOUR	  	40
	(Debit Entries and Set-off)	  	40
	CLAUSE TWENTY FIVE	  	40
	(Pro Rata Reimbursement)	  	40
	CLAUSE TWENTY SIX	  	41
	(Obligations Several)	  	41
	CLAUSE TWENTY SEVEN	  	41
	(Events of Default)	  	41

  

			
	CLAUSE TWENTY EIGHT	  	47
	(Compulsory Prepayment)	  	47
	CLAUSE TWENTY NINE	  	48
	(Legal Proceedings)	  	48
	CLAUSE THIRTY	  	48
	(Inter-bank Relations)	  	48
	CLAUSE THIRTY ONE	  	49
	(Notices)	  	49
	CLAUSE THIRTY TWO	  	53
	(Conditions Precedent)	  	53
	CLAUSE THIRTY THREE	  	56
	(Covenants and Undertakings)	  	56
	CLAUSE THIRTY FOUR	  	62
	(Negative undertakings)	  	62
	CLAUSE THIRTY FIVE	  	66
	(Information Undertakings)	  	66
	CLAUSE THIRTY SIX	  	69
	(Taxation)	  	69
	CLAUSE THIRTY SEVEN	  	69
	(Transferability)	  	69
	CLAUSE THIRTY EIGHT	  	70
	(Waiver of immunity)	  	70
	CLAUSE THIRTY NINE	  	71
	(Representation and Warranties)	  	71
	CLAUSE FORTY	  	74
	(Agent)	  	74
	CLAUSE FORTY ONE	  	86
	(Governing Law)	  	86
	CLAUSE FORTY TWO	  	86
	(JURISDICTION)	  	86
	CLAUSE FORTY THREE	  	86
	(MISCELLANEOUS)	  	86
	CLAUSE FORTY FOUR	  	86
	(COPIES)	  	86
	ANNEX I	  	90
	DRAWDOWN NOTICE	  	90
	ANNEX II	  	92
	FORM OF TRANSFER CERTIFICATE	  	92
	THE SCHEDULE	  	94

 SYNDICATED CREDIT FACILITIES AGREEMENT 
 First Parties: 
 a) BANK OF CHINA LIMITED,
MACAU BRANCH [“BOC, MACAU”], with head office in Beijing, and Branch in Macau, located at Bank of China Building, Avenida Doutor Mário Soares no 323, represented by Mr. Cheong, Chi Sang, married,
whose professional domicile is at the aforementioned address, hereinafter designated as “Coordinating Lead Arranger”(See mandated letter), “Facility Agent”, “Security Agent”, “Agent” and/or “Lender”;

 b) BANCO NACIONAL ULTRAMARINO, S.A. [“BNU”], with registered office in Macau, at Avenida de Almeida Ribeiro, No.22,
represented by Mr. Kan Cheok Kuan and Mr. João de Brito Augusto, both married, whose professional domicile is at the aforementioned address, hereinafter designated as “Coordinating Lead Arranger”
and/or “Lender”; 
 c) BANCO COMERCIAL DE MACAU, S.A. [“BCM”], with registered office in Macau, at Avenida
da Praia Grande no 572, represented by Mr. Leonel Leonardo Guerreiro da Costa and Mr. Chan, Sou Chao, both married, whose professional domicile is at the aforementioned address, hereinafter designated as
“Lender”; 
 d) INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA) LIMITED [“ICBC(Asia)”], with registered office in
Hong Kong, at 33/F., ICBC Tower, 3 Garden Road, Central, represented by Mr. Leung, Kang Yui Marco and Mr. Yung, Lap Kay, both married, whose professional domicile is at the aforementioned address, hereinafter designated as
“Lender”. 

 e) BANCO ESPÍRITO SANTO DO ORIENTE, S.A. [“BESOR”], with registered office in
Macau, at 28/F., “A” and “E-F”, Bank of China Building, Avenida Doutor Mário Soares no 323, represented by Mr. José Manuel Trindade Morgado and Mr. Carlos José Nascimento
Magalhães Freire, both married, whose professional domicile is at the aforementioned address, hereinafter designated as “Lender”; 
 f) LIU CHONG HING BANK LIMITED, MACAU BRANCH [“LCH, Macau”], with registered office in Hong Kong, and Branch in Macau, at Avenida da Praia Grande, No. 693, Edifício Tai Wah, R/C, Loja
“A”, represented by Mr. Lam, Man King and Mr. Lee, Siu Kau, both married, whose professional domicile is at the aforementioned address, hereinafter designated as “Lender”. 
 The first parties are also designated in this agreement collectively as “Lenders”. 
 Second Party: 
 “GREAT WONDERS,
INVESTMENTS, LIMITED”, in portuguese “GRANDES MARAVILHAS, INVESTIMENTOS, S.A.”, in Chinese

, with registered office in Macau, at 19/F., Zhu Kuan Building, Avenida Xian Xing Hai, represented by Mr. Ho, Lawrence Yau Lung and Mr. Chung, Yuk Man, both married, whose professional
domicile is at the aforementioned address, hereinafter designated as “Borrower”. 
  

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 Third Party: 
 “MELCO PBL ENTERTAINMENT (GREATER CHINA) LIMITED”, with registered office in Cayman Islands, Walker House, Mary Street, PO Box 908GT, George Town, Grand Cayman and correspondence address
at 38/F., The Centrium, 60 Wyndham Street, Central, Hong Kong, represented by Mr. Ho, Lawrence Yau Lung and Mr. Chung, Yuk Man, both married, whose professional domicile is at the aforementioned address, hereinafter
designated as “Guarantor”; 
 In this Agreement, unless the context requires otherwise:- 
 “Advance” or “drawdown” means an advance under Tranche A or Tranche B. 
 “Agent-Related Persons” means all or any of the employees, officers and agent of the Agent in their exercise of any of powers, rights or
discretions of the Agent under any Finance Document. 
 “ Availability Period” means the period commencing on the date of
this Agreement up to whichever is the earlier of (i) the date falling twenty four (24) months from the date of this Agreement and (ii) the date falling three (3) months after the issuance of the Occupation Permit of the whole
Development Project. 
  

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 “Building Contracts” means the GMP Contract and any agreement with the
architect, any quantity surveyor or any other consultants engaged by the Borrower for the purposes of the Construction, performance bond(if any) and any contractor’s guarantee issued or to be issued (by any person) in favour of the Borrower in
connection with any of the foregoing, in each case including all bills of quantity, specifications, workflow charts and/or schedules and other technical information referred to in such contracts and agreements, as the same may be amended, modified,
supplemented or replaced from time to time. 
 “Business Day” means a day on which commercial banks are opened for business
in Macau and Hong Kong, which excludes Saturdays, Sundays, and Macau public holidays. 
 “Commitment” means:-

 a) in relation to an original Lender, the amount set opposite its name under the heading “Total Commitment” in Clause 1 and the
amount of other Commitment transferred to it under this Agreement; and 
 b) in relation to any other Lender, the amount of any Commitment
transferred to it under this Agreement, to the extent not cancelled, reduced or transferred by it under this Agreement. 
 “Competitor” means: 
 (a) Galaxy Casino S.A., Wynn Resorts (Macau), S.A., Venetian Macau, S.A., MGM-Pansy Ho JV or
any company(with the exception of SJM) to which has been or will be granted a gaming concession or sub-concession for the operation of Games of Fortune or Chance in Casino in Macau, 
  

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 (b) any individual or company which has direct or indirect shareholding in any of the companies referred
to in the foregoing paragraph (a) or in their group of companies; 
 (c) any of the subsidiaries, associated companies or group
companies of any of those companies or persons referred to in the foregoing paragraphs (a) or (b); and 
 (d) any junket promoters
authorized in Macau and operating exclusively in any casino operated by any of the companies referred to in the foregoing paragraphs (a) to (c). 
 “Construction” means the foundation work relating to the relevant part of the Property and the developing, constructing and fitting out of the Development Project and the Property. 
 “Contractors” means any person or firm appointed from time to time as a contractor by the Borrower to undertake construction works or
the supplying of materials, equipments, technologies or services pursuant to any Building Contracts. 
 “Cost
Overrun” shall have the meaning ascribed to it in Clause 8. 
 “Credit Facilities” means the loan
facility to be made available under this Agreement. 
  

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 “Development Project” means the development of the Property into a luxury hotel with
casino facilities. The total construction floor area of the proposed hotel is approximately 106,944 sq.m. (subject to a maximum 10% increase or decrease of the total construction floor area or any other increase or decrease of the total construction
floor area as may be approved by the Majority Lenders) and the breakdown construction floor area of Hotel shall be :- 
  

			
	Hotel Area	  	30,994 sq.m
	Casino Area	  	16,604 sq.m
		  	 
	Total	  	47,598 sq.m

 “Development Project Completion Date” has the meaning as ascribed thereto in
Clause 22.7. 
 “Final Maturity Date” means the date which falls seven (7) years from the date of this
Agreement. 
 “Finance Documents” means collectively, this Agreement, any Security Document and any other document
designated as such by the Agent and the Borrower and “Finance Document” means any one of them. 
 “Full
Payment” shall have the meaning ascribed to it in Clause 16.1. 
 “GMP Contract” means the guaranteed
maximum price contract entered into or to be entered into by the Borrower and Main Contractor in respect of the construction works of the Development Project. 
 “HIBOR” means, in relation to any relevant sum and any relevant period, the rate determined by the Agent to be the arithmetic 

  

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mean (rounded up if necessary to the nearest integral multiple of 1/16%) of:- 
 (a) the respective rates shown on the Reuters Monitor Screen as being the rate per annum at which Hong Kong Dollar deposits are offered for a period equal or comparable to such period at or about 11:00 a.m. (Hong Kong
time) on the Quotation Day; for this purpose “Reuters Monitor Screen” means the display designated as page “HIBOR1=R” on that system for the purpose of displaying offered rates for Hong Kong Dollar deposits; or 
 (b) if at or about such time on the Quotation Day less than two (2) such rates appear on the Reuters Monitor Screen, the arithmetic mean (rounded
upwards to 4 decimal places) of the rates notified to the Agent by each Reference Bank as being the rate per annum at which Hong Kong Dollar deposits in an amount comparable to such sum are quoted by that Reference Bank for such period to the
leading banks in the Hong Kong interbank market at or about 11:00 a.m. (Hong Kong time) on the Quotation Day provided that if any Reference Bank does not notify such a rate to the Agent for any relevant period HIBOR for such period shall be
determined on the basis of the rates notified by the other Reference Banks to the Agent. 
 “Hong Kong” means the Hong Kong
Special Administrative Region of the People’s Republic of China. 
  

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 “Hong Kong Dollars” and “HKD” mean the
lawful currency for the time being of Hong Kong. 
 “Hotel Management Agreement” means the hotel management
agreement (if any) to be entered into between the Borrower and such entity to be determined by the Borrower (the “Hotel Management Company”) in respect of the operation and management of the hotel in connection with the Hotel
Project. 
 “Hotel Project” means the construction works related exclusively to the hotel in respect of the
Property, not including the premises relating to casinos and/ or gaming activities. 
 “Interest Period” means
an interest period ascertained in accordance with Clause 9. 
 “Interest Payment Date” means the last day of an
Interest Period. 
 “Land Concession Agreement” means the land concession agreement between the Borrower and the
Government of Macau SAR in respect of the Property as constituted by an offer letter from the Government of Macau SAR dated 10 November 2005 with reference no. 140/DATSEA/2005 and a declaration of acceptance by the Borrower dated
28 November 2005. 
 “Lease Agreement” means the agreement entered or to be entered into between the
Borrower and SJM in respect of the operation and management of the casino in the Project. 
  

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 “Loan” means a loan made under Tranche A or Tranche B or the principal amount
outstanding for the time being of that Loan. 
 “Majority Lenders” means at any time Lenders whose aggregate Commitments in
the Credit Facilities (as determined by the table setting out the Commitments of the Lenders as at the date of this Agreement in Clause 1 but subject to any assignment or transfer of Commitments by any Lender in accordance with Clause 37 after the
date of this Agreement) are equal to or exceed 66% of the total Commitments. For the purpose of this definition, the Commitment of each Lender and the total Commitments of the Lenders shall not be reduced or cancelled by a drawdown of the
Credit Facilities or by the expiry of the Availability Period. 
 “Margin” has the meaning as ascribed thereto in Clause
9.1. 
 “Macau” means the Macau Special Administrative Region of the People’s Republic of China. 
 “Main Contractor” means Paul Y. Construction Company Limited or any person or firm appointed from time to time as the main contractor of
the Development Project by the Borrower (with the approval of the Majority Lenders whose approval shall not be unreasonably withheld or delayed) to undertake construction works or the supplying of materials, equipment, technology or services
pursuant to the GMP Contract. 
  

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 “Master Layout Plan” shall have the meaning ascribed to it in Clause 32.1(f).

 “Material Adverse Change” means any situation occurs which in the opinion of the Majority Lenders gives reasonable
grounds to believe that an event having a Material Adverse Effect has occurred. 
 “Material Adverse Effect” means in the
opinion of the Majority Lenders, a material adverse effect on:- 
  

	 	(a)	the ability of the Borrower or the Guarantor to perform its obligations under any of the Finance Documents to which it is or is to be a party; 

  

	 	(b)	the business, operations, assets or financial condition of the Borrower or the Guarantor and the subsidiaries of the Guarantor (as a whole); or 

  

	 	(c)	the validity or enforceability of any Finance Document or the rights or remedies of any finance party under the Finance Documents. 

 “Occupation Permit” means the certificate issued by the Government of Macau SAR to the Borrower confirming that the development of the
Property or part thereof has been duly completed and has been made fit for occupation. 
 “Participation” means in relation
to each Lender, in respect of any amount owing to the Lenders hereunder, the proportion of such amount which is owing to that Lender and, in respect of the Advance, the proportion of the amount to be advanced which is to be made available by that
Lender and “Participation in the Credit Facilities” shall be construed accordingly. 
  

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 “Patacas” and “MOP” mean the lawful currency for the time being of
Macau. 
 “Potential Event of Default” means any event or circumstance which with the giving of notice, the passage of time,
any determination of materiality or the satisfaction of any applicable condition (or any combination of them) would reasonably be expected to become an Event of Default. 
 “Project” means the construction works related exclusively to the part of the Property attributable to casino and/or gaming activities. 
 “Project Documents” means Building Contracts, the Lease Agreement, the Hotel Management Agreement, if any, and the Land Concession
Agreement. 
 “Property” shall have the meaning ascribed to it in Clause 3 (Purpose). 
 “Quantity Surveyor” means any person or firm appointed by the Borrower from time to time as the quantity surveyor of the Development
Project to provide services including cost estimating and cost management, production of bills of quantities and tender and contract documents, financial administration of building contracts and dispute mediation pursuant to any Building Contracts.

 “Quotation Day” means, in relation to any period for which an interest rate is to be determined, the first day of that
period. 
  

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 “Reference Bank(s)” means BOC, Macau, BNU, BCM and ICBC(Asia) or any substitute
reference bank(s) appointed by the Majority Lenders in agreement with the Borrower. 
 “Repayment Date” has the meaning
given to it in Clause 14. 
 “SJM” means Sociedade de Jogos de Macau, S.A. 
 “Security Documents” means the First Legal Mortgage and Assignment of Income, Power of Attorney, Promissory Note (Livrança),
Share Pledge Agreement, Repayment Guarantee given by the Borrower, Repayment Guarantee given by the Guarantor, Completion Guarantee, Funding Undertaking, First Legal Charge over the Banking Accounts, Assignment of Insurance Policies, Assignment of
Building Contracts, Subordination Agreement, Assignment of Hotel Management Agreement (if any), Assignment of SJM Lease Agreement, Floating Charge, and any other document executed from time to time by whatever person as a further guarantee of or
security for all or any part of the Borrower’s obligations under this Agreement, each capitalised term used in this definition of “Security Documents” shall have the meaning ascribed to it in Clause 22 (Security Documents).

 “Shareholders” shall mean the shareholders of the Borrower which are pledgors to the Share Pledge Agreement.

 “Subordinated Lenders” shall have the meaning ascribed to it in the Subordination Agreement. “Tranche
A” means the term loan facility to finance the Hotel Project, the principal amount of which is specified in Clause 4. 

  

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 “Tranche B” means the term loan facility to finance the Project, the principal amount
of which is specified in Clause 4. 
 “Transfer Certificate” means the certificate substantially in the form set out in
Annex II. 
 This Agreement is made, subject to the following terms and conditions which the parties hereto have committed to comply
with:- 
 CLAUSE ONE 
 (Syndicated Credit Facilities) 
 Through this Agreement, the Lenders give their Commitment to participate in the Credit
Facilities by means of different Tranches, named as “A” and “B” up to the following limits all in Hong Kong Dollars:- 
  

										
	 	  	 TRANCHE A
 [HKD]
	  	 TRANCHE B
 [HKD]
	  	 TOTAL Commitment
 [HKD]
	  	PRO-RATA	 
	 BOC, MACAU
	  	450,000,000.00	  	—  	  	450,000,000.00	  	35	%
	 BNU
	  	65,000,000.00	  	385,000,000.00	  	450,000,000.00	  	35	%
	 BCM
	  	75,000,000.00	  	75,000,000.00	  	150,000,000.00	  	12	%
	 ICBC(Asia)
	  	110,000,000.00	  	—  	  	110,000,000.00	  	9	%
	 BESOR
	  	70,000,000.00	  	—  	  	70,000,000.00	  	5	%
	 LCH, Macau
	  	50,000,000.00	  	—  	  	50,000,000.00	  	4	%

  

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 CLAUSE TWO 
 (Principal) 
 1. The Principal amount of the Credit Facilities is HKD1,280,000,000.00 (One Billion
Two Hundred and Eighty Million Hong Kong Dollars), equivalent for fiscal purposes to MOP1,317,120,000.00 (One Billion Three Hundred and Seventeen Million and One Hundred and Twenty Thousand Macau Patacas) (the “Facility
Amount”). 
 2. The respective Commitment of each Lender in the relevant portion is stated in Clause One (the “Participation
Percentage”). 
 CLAUSE THREE 
 (Purpose) 
 The purpose of the Credit Facilities is to provide the necessary funds to the Borrower to the construction costs
of the Development Project, situated in Site A1, Baixa da Taipa-Lote, BT17, Taipa, Macau, presently included under number described at the Lands Registry under no.21407, folio 125 of the Book B49 (the “Property”). 
 CLAUSE FOUR 
 (Utilisation of the
Credit Facilities) 
 The Credit Facilities shall be utilised in two different Tranches, as follows:- 
  

	 	•	 	Tranche “A”: HKD820,000,000.00 (Eight Hundred and Twenty Million Hong Kong Dollars). 

  

	 	•	 	Tranche “B”: HKD460,000,000.00 (Four Hundred and Sixty Million Hong Kong Dollars). 

  

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 CLAUSE FIVE 
 (Purpose and utilisation) 
 1. Tranche “A” is to be used to finance the construction costs
of the Hotel Project. 
 2. Tranche “B” is to be used to finance the construction costs of the Project. 
 CLAUSE SIX 
 (Availability Drawdown)

 1. Tranche “A” and Tranche “B” may be drawn in one or more drawdowns during the Availability Period. 

2. Each drawdown shall not be less than HKD10,000,000.00 (Ten Million Hong Kong Dollars) and shall be in integral multiples of HKD1,000,000.00 (One
Million Hong Kong Dollars). 
 3. Each drawdown notice (“Drawdown Notice”, a prescribed form of which is attached hereto as Annex
I) shall be accompanied by (a) a certificate of the Quantity Surveyor (i) certifying the amount then paid or payable for the construction cost (and in respect of professional fees or materials in connection with the Development Project,
copies of relevant fee, notes, invoices or other documentary evidence to such effect) since the date of the last certificate of the Quantity Surveyor and (ii) confirming that the proposed drawdown is in line with the construction progress and
the schedule stated in the GMP Contract; (b) a certificate as incorporated in the form of Drawdown Notice that to the best of the Borrower’s knowledge and belief, (i) whether or not there is any 

  

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Cost Overrun (as defined in Clause 8) and if there is Cost Overrun, the Cost Overrun does not exceed HKD50,000,000 (Fifty Million Hong Kong Dollars) and
(ii) the proceeds of the drawdown will only be used for the Hotel Project or Project, as applicable; and (c) if applicable, the documentary evidence of payment as referred to in Clause 7 (Payments) below. 
 4. All drawdowns shall be authorised upon delivery of documents specified in Clause 6(3) above and in the case of the first drawdown, the
conditions precedent documents set out in Clause 32 (Conditions Precedent) satisfactory to the Facility Agent and upon execution of this Agreement and always subject to the condition that no event of default or potential event of default has
occurred and is continuing, imputable to the Borrower. 
 5. All drawdowns must be made on a Business Day and shall be requested in writing
to the Facility Agent by the Borrower no later than five(5) Business Days prior to the date of the intended drawdown, unless a shorter period has been expressly agreed by all Lenders. 
 6. The Drawdown Notice once received shall be considered irrevocable. 
 7. Any amounts undrawn of Tranche “A” and Tranche “B” at the expiry of the Availability Period shall be cancelled. 
  

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 8. The Facility Agent shall notify each Lender at or before 5.00pm of the third Business Day prior to the
intended drawdown to make the necessary funding in accordance with their Participating Percentage in this Agreement, unless a shorter period has been expressly agreed by all Lenders. 
 CLAUSE SEVEN 
 (Payments) 
 All drawdowns must be made either to an account the Borrower has maintained with the Facility Agent or in a manner otherwise agreed by the Facility
Agent. The Borrower agrees that for all payment of construction costs or other costs of materials, equipment, technologies or services to complete the Development Project, such payment shall be made to the Main Contractor or if the circumstances
require, to the relevant Contractor directly. The Borrower shall provide documentary evidence reasonably satisfactory to the Facility Agent that payment referred to in the immediately foregoing sentence has been made upon the delivery of the next
Drawdown Notice or within any such longer period of time as may be agreed by the Facility Agent (acting reasonably). 
 CLAUSE EIGHT

 (Cost Overrun) 
 1.
Cost Overrun shall mean any amount by which, the aggregate of (i) the amount certified by the Quantity Surveyor as the 

  

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amount of construction costs of the Development Project so far spent and paid by the Borrower at any time and (ii) the Quantity Surveyor’s
estimated outstanding construction costs for the completion of the Development Project at that time in excess of HKD1,448,000,000.00. (One Thousand Four Hundred and Forty Eight Million Hong Kong Dollars) 
 2. The Borrower and/or the Guarantor shall be fully responsible for the payment of all Cost Overrun not covered by the “Facility Amount” in
accordance with the terms and conditions of the “Funding Undertaking”. 
 3. If at any time hereafter there is a Cost Overrun which
exceeds HKD50,000,000.00(Fifty Million Hong Kong Dollars), no further drawdowns can be made under any Tranche unless and until (a) the Facility Agent has received a Quantity Surveyor’s certificate or payment invoices or any other
satisfactory evidence that all such Cost Overrun, has been paid by the Borrower and/or Guarantor in full, if any such Cost Overrun has become due and payable, to the Main Contractor and/or other relevant parties in relation to the Development
Project or (b) if any such Cost Overrun (or any part thereof) has not yet become due and payable, the Borrower shall provide documentary evidence reasonably satisfactory to the Facility Agent that it has sufficient financial resources to meet
with such Cost Overrun. 
  

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 CLAUSE NINE 
 (Interest) 
 1. Interest rate applicable to the Tranches “A” and “B” shall be
2.2% per annum (“Margin”) over HIBOR. 
 2. Interests are calculated on a daily basis and based on the actual number of days
elapsed and a 365 days/year. 
 3. The interest period for each Loan (“Interest Period”) shall be 1, 3 or 6 months, as selected by
the Borrower in the Drawdown Notice or if the Loan has already been borrowed, in a written notice to the Facility Agent delivered at least five (5) Business Days before the expiry of the preceding Interest Period for that Loan provided that:-

 i) each successive Interest Period shall commence on the last day of the preceding Interest Period; 
 ii) if an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business
Day in that calendar month (if there is one) or the preceding Business Day (if there is not); 
 iii) any Interest Period that begins on the
last Business Day of a calendar month(or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day in the calendar month which it is to end; 

 

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 iv) no Interest Period with respect to any Loan shall extend beyond Final Maturity Date stated in this
Agreement and if any Interest Period would otherwise extend beyond a Repayment Date, it shall nevertheless end on that Repayment Date; 
 v)
Notwithstanding any other provision of this Agreement or any Drawdown Notice to the contrary, the first Interest Period for a Loan (other than the first Loan) shall end on the last day of the then current Interest Period of an existing Loan so that
all the Loans will be consolidated into, and treated as, a single Loan on the last day of such current Interest Period. 
 4. The Borrower
shall pay interest on each drawdown in respect of each Interest Period on the Interest Payment Date. 
 CLAUSE TEN 
 (Market Disruption) 
 1. If in relation
to any Interest Period:- 
 (a) at or about noon in Macau on the Quotation Day for the relevant Interest Period the Reuters Screen Rate is not
available or the Reuters Screen Rate is zero or negative and none or only one of the Reference Banks supplies a rate to the Agent to determine HIBOR for the relevant Interest Period; or 
 (b) before close of business in Macau on the Quotation Day for the relevant Interest Period, the Agent receives notifications from at least two Lenders
(whose participations in a Loan together exceed 35 per cent of that Loan) that the cost to them of obtaining matching deposits in Hong Kong interbank market would be in excess of HIBOR, 
  

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 the Facility Agent shall promptly notify the Borrower and the Lenders accordingly, and no further drawdowns can be made
under any Tranche unless and until an alternative basis is agreed in accordance with Clause 10.2. 
 2. Immediately following the
notification from the Facility Agent in accordance with Clause 10.1, the Borrower and the Facility Agent, in consultation with the Lenders, shall negotiate in good faith with a view to agreeing upon an alternative basis for funding the Loan
and determining the applicable interest rate, periods and payment dates. If an alternative basis is agreed in writing within a period of thirty (30) days after such notification or such longer period for discussion as the Borrower and the
Facility Agent and Lenders may agree, the alternative basis shall take effect in accordance with its terms. 
 3. If an alternative basis is
not so agreed and the Advance has been made, the Borrower shall pay interest to each Lender on its Participation in the Loan affected by the circumstances set out in Clause 10.1 for the relevant Interest Period at the rate per annum equal to
the aggregate of (a) the Margin and (b) the cost (expressed as an annual interest rate as set out in a certificate provided to the 

  

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Borrower through the Facility Agent showing reasonable details of such cost) to each respective Lender of funding its Participation in the Loan from whatever
source it may reasonably select during the relevant Interest Period. 
 4. If an alternative basis is not so agreed pursuant to Clause
10.2:- 
 (a) if no Advance has been made, the Credit Facilities shall be cancelled and all sums outstanding under this Agreement
shall be paid to the Facility Agent at the end of the period for negotiation ascertained in accordance with Clause 10.2; or 
 (b) if one or more Advances have been made, the Facility Agent may require the Borrower or the Borrower may request, to prepay the Loan(s), in each case, by giving written notice to the other specifying a prepayment date which is not less
than thirty (30) days after such notice is given. On the specified date the Credit Facilities shall be cancelled and the Borrower shall prepay the Loans in full together with interest thereon from the beginning of the relevant Interest Period
to the date of prepayment. For this purpose, the interest rate from time to time applicable to each Lender’s Participation in the Loan shall be the rate ascertained in accordance with Clause 10.3 in relation to the relevant Interest
Period. 
  

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 CLAUSE ELEVEN 
 (Default Interest) 
 If the Borrower fails to repay the principal and/or fees and other
charges under this Agreement when due and payable, it shall pay a default interest on the sums outstanding, such default interest shall be 3% per annum over the applicable interest rate as stated in Clause 9. So long as the unpaid
sum remains outstanding, interest accrued, including the default interest, on such unpaid sum shall be compounded at the end of each successive period of thirty (30) days. 
 CLAUSE TWELVE 
 (Capitalisation) 
 Fees and all other costs, charges and expenses provided for in this Agreement when due and not settled shall be converted into principal;
relevant interest periods shall be selected by the Facility Agent (acting reasonably).  
 CLAUSE THIRTEEN 
 (Fees) 
 1. The Borrower shall pay to
the Facility Agent (for the account of the Coordinating Lead Arrangers) an arranger fee in the amount and at the times agreed in the Mandate Letter signed between Borrower and the Coordinating Lead Arrangers on 18 October 2005. 
 2. The Borrower shall pay to the Facility Agent (for the account of the Facility Agent and the Security Agent) an agency fee in the amount and at the
times agreed in the Mandate Letter signed between Borrower and the Coordinating Lead Arrangers on 18 October 2005. 
  

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 3. The Borrower shall pay to the Facility Agent (for the account of all the Lenders in accordance with
the arrangements agreed by the Coordinating Lead Arrangers and the Lenders prior to the date of this Agreement) a management fee in the amount and at the times agreed in the Mandate Letter signed between Borrower and the Coordinating Lead Arrangers
on 18 October 2005. 
 4. The Borrower shall pay to the Facility Agent for the account of all the Lenders an “Undrawn Commitment
Fee” of 0.5% per annum payable on the daily undrawn and uncancelled balance of Tranche “A” and “B” facility amount, calculated on an actual/365-day basis during the Availability Period. The commitment fee shall be
payable in arrears on the last day of each successive period of three (3) months which ends during the Availability Period and on the last day of the Availability Period. 
 CLAUSE FOURTEEN 
 (Repayment) 
 1. All the Loans outstanding at the end of the Availability Period shall be repaid by the Borrower to the Lenders, through the Facility Agent, by twenty
(20) consecutive quarterly equal instalments commencing three(3) months after the last day of the Availability Period and on each succeeding day which falls three months thereafter (each a “Repayment Date”).

  

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 2. On the Final Maturity Date the Borrower shall pay all the then outstanding amounts under the Credit
Facilities together with all accrued interest, fees and other moneys owing by the Borrower under Tranche “A” and “B”. 
 CLAUSE FIFTEEN 
 (Cancellation and Prepayments) 
 1. Cancellation of the undrawn commitment during the Availability Period of Tranche “A” and Tranche “B” or voluntary prepayment of
any Loan of Tranches “A” and “B” shall be permitted, without penalty, with effect on the last day of the then current Interest Period in the case of voluntary prepayment, provided that written advice is given to the Facility
Agent by the Borrower no later than seven (7) Business Days prior to the date of the intended cancellation or intended prepayment (as applicable). 
 2. However, any Loan prepaid shall be subject to a penalty fee charge of 0.25% flat on the prepaid amount, which shall be distributed among the Lenders on pro-rata basis according to their Commitments, if the source
of such prepayment comes from the Borrower’s refinancing with any financial institution(s) other than the Lenders. 
 3. Each prepayment
(if in part) of a Loan shall not be less than HKD10,000,000.00 (Ten Million Hong Kong Dollars) and shall be in integral multiples of HKD10,000,000.00 (Ten Million Hong Kong Dollars). 
  

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 4. Amounts cancelled shall not be re-drawn and the amount prepaid cannot be re-borrowed. 
 CLAUSE SIXTEEN 
 (Mandatory
Prepayment) 
 1. Unless and until all the then outstanding amounts under the Credit Facilities together with all accrued interest, fees
and other moneys owing by the Borrower under Tranche “A” and “B” are paid or repaid in full (“Full Repayment”), all sums to be received by the Borrower from SJM and Hotel Management Company (if any) under the Lease
Agreement and Hotel Management Agreement (if any) and any other income received by the Borrower in connection with the Development Project shall be deposited into one or more than one interest-bearing account (the “Charged Account(s)”)
which is or is to be opened and maintained with the Facility Agent (subject to the right of the Borrower to withdraw any credit balance of the Charged Account(s) that exceeds in aggregate, HKD110,000,000 (One hundred and Ten million Hong Kong
Dollars) in accordance with Clauses 33.5 and 34.5 below). In addition, unless and until the Borrower and/ or the Guarantor has made the Full Repayment, all the following proceeds shall be deposited into the Charged Account upon receipt by the
Borrower and shall be applied towards prepayment of the Loans on the then next Interest Payment Date by the Facility Agent debiting the relevant prepayment amount from the relevant Charged Account on such next 

  

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Interest Payment Date:- 
 a) 100% of net
cash proceeds received by the Borrower as a result of any incurrence of borrowed money by the Borrower after the date of this Agreement other than the borrowed money by the Borrower permitted by Clause 34.2 or as otherwise agreed by all the
Lenders; 
 b) 100% of net cash proceeds of any equity issuance of the Borrower after the date of this Agreement other than equity
injection required for the construction or operation of the Hotel Project and the Project; 
 c) 100% of net cash proceeds received by the
Borrower in connection with any asset sale except for:- 
  

	 	(i)	any sale proceeds received from an asset being sold, transferred or disposed of but to be replaced by assets of a similar or better quality or condition; and

  

	 	(ii)	any sale proceeds other than as referred to in the above paragraph (i) where the aggregate amount of such sale proceeds does not exceed HKD8,000,000.00 (eight million Hong Kong
Dollars) (or its equivalent in any other currency(ies)) in any financial year of the Borrower. 

  

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 d) 100% of net cash proceeds or liquidated damages paid to or received by the Borrower as a result of a
default or breach under any of the Project Documents except for:- 
  

	 	(i)	any cash proceeds or liquidated damages that the Borrower certifies to the Agent that it will reinvest or apply those proceeds within six (6) months of such receipt to replace
or invest in investments that are permitted or not restricted under this Agreement; 

  

	 	(ii)	any cash proceeds or liquidated damages that are to meet liabilities payable to third parties in relation to the Development Project which liabilities were the subject of payment of
such cash proceeds or liquidated damages received or recovered. The Borrower shall notify the Facility Agent in writing of such receipt and provide documentary evidence thereof to the Facility Agent; and 

  

	 	(iii)	any individual receipts of cash proceeds or liquidated damages (other than as referred to in the above paragraphs (i) and (ii)) which, when aggregated with all other such cash
proceeds or liquidated damages received by the Borrower, do not exceed HKD8,000,000.00(Eight Million Hong Kong Dollars) (or its equivalent in any other currency(ies)) in any financial year of the Borrower. 

  

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 e) 100% of the net cash proceeds received by the Borrower under any insurance policy relating to the
Development Project except for:- 
  

	 	(i)	any cash insurance proceeds that the Borrower certifies to the Agent (with reasonable details as to the amount of cash insurance proceeds received and the estimate of the amount
required to carry out such replacement or reinstatement referred to in this sub-paragraph (i)) that it will use such proceeds to replace or reinstate the assets(s) or pay the liability (owing to a third party) to which such proceeds relate within
six (6) month of receipt; and 

  

	 	(ii)	any cash insurance proceeds (other than as referred to in the above paragraph (i) which, when aggregated with all other such cash insurance proceeds received by the Borrower,
do not exceed HKD8,000,000.00(eight million Hong Kong Dollars) (or its equivalent in any other currency(ies)) in any financial year of the Borrower, 

 for the avoidance of doubt, in the case of receipt in the Charged Account of any cash insurance proceeds in the circumstances set out in sub-paragraph (i) or (ii) of this paragraph (e), the Security Agent
shall permit withdrawal by the Borrower from the Charged Account of an amount not exceeding such cash insurance proceeds. 
  

 - 29 - 

 2. The expression “net cash proceeds” used in the above paragraphs a) to
e) means any cash proceeds received by the Borrower less any tax, fee, cost and expense incurred or payable by the Borrower in connection with the obtaining of such cash proceeds. 
 3. Any prepayment resulting from the no. 1 of this Clause will be applied to the then remaining principal outstanding of the Credit Facilities in inverse
chronological order of maturity of the instalments for repayment of Tranche “A” and Tranche “B”. 
 4. The Borrower and
the Guarantor undertake to maintain at all times the ratio of the total outstanding and any undrawn facility amount to the completed market value of Development Project as determined by the then latest independent valuation report delivered by the
Borrower pursuant to Clause 35.6 (“Loan-to-Value Ratio”) to be 60% or below. 
 5. If the Loan-to-Value Ratio exceeds 60% as
determined from time to time, the Borrower, failing which the Guarantor, undertakes to prepay the Loans within thirty (30) days from the date the Facility Agent has served notice to the Borrower, the prepayment amount of which shall not exceed
any amount required to reduce the said ratio to or not more than 60%. 
  

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 CLAUSE SEVENTEEN 
 (Costs, Expenses and Charges) 
 1. The Borrower and the Guarantor shall reimburse the Lenders, the
Facility Agent and the Security Agent for all reasonable expenses including legal, printing, signing and publicity and other out-of pocket expenses incurred in connection with the negotiation, syndication, preparation, drafting and execution of this
Agreement irrespective of whether or not the Facility is implemented, cancelled, unutilized or otherwise withdrawn, and any subsequent amendments, supplements, variations thereto or replacement thereof in connection with the Credit Facilities.

 2. The Borrower shall within five (5) Business Days of demand, pay all stamp and other similar duties and taxes (if any) to which
this Agreement or any Security Document may be subject. 
 3. The Borrower shall within five (5) Business Days of demand, pay to the
Lenders and the Facility Agent all costs, charges and expenses (including legal expenses) incurred by the Lenders and the Facility Agent in connection with the judicial or extra judicial enforcement of this Agreement. 
 4. The Borrower agrees to increase the amount of payment which is subject to a withholding or deduction on interest, fees and other income to be derived
from this Agreement and imposed by the Government of Macau. As a result of this increase the Lenders entitled to the payment will be entitled as well to receive the same amount it would have received if there had been no such withholding or
deduction. 
  

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 5. The Borrower shall, within five (5) Business Days of a demand of the Lender, indemnify the Lender
against any tax (excluding tax on overall income) incurred by that Lender as a result of:- 
  

	 	(a)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation after the date of this Agreement or 

 

	 	(b)	compliance with any law or regulation made after the date of this Agreement which affects a Lender to the extent that it is attributable to that Lender’s Participation or
funding or performing its obligations under this Agreement. 

 CLAUSE EIGHTEEN 
 (Application of Payments) 
 1. Unless
otherwise agreed in writing, if the Facility Agent receives a payment that is insufficient to discharge all the amounts then due and payable by the Borrower under this Agreement, such payment made by the Borrower shall be applied to discharge the
sums due and payable, under the Credit Facilities in the following order:- 
  

	 	a)	unpaid fees, penalties (including such penalties, if any, as mentioned in Clause 15.2), expenses, charges and indemnity, in each case payable but unpaid under this Agreement;

  

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	 	b)	Default interest due but unpaid; 

  

	 	c)	Contractual interest due but unpaid; 

  

	 	d)	Principal repayment. 

 2. Notwithstanding the foregoing,
any principal repayment under the Credit Facilities shall be applied towards repayment of any indebtedness under Tranche “A” and Tranche “B” on a pro-rata basis. 
 3. The amount so repaid under the Tranche “A” and Tranche “B” shall be in pro-rata basis to the Lenders in accordance with their
Participation Percentage as stated in or resulting from Clause 1. 
 CLAUSE NINETEEN 
 (Assumption of Compliance) 
 1. The
Facility Agent may assume that compliance of the obligation by each Lender for delivery of the funds to the Facility Agent corresponding to the pro-rata share of each Lender will be made promptly. However, the Facility Agent shall give to the
Lenders a prior written notice of not later than three (3) Business Days for the delivery of the funds. 
 2. The Facility Agent may
also assume that compliance by the Borrower of its payment obligation of fees, expenses, interest as well as repayment of principal and any other sum payable under this Agreement will be made on a timely basis. 
  

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 CLAUSE TWENTY 
 (Registration) 
 1. The Facility Agent shall maintain in its records control accounts showing all the
transactions and payments made under this Agreement. 
 2. Accurate entries made to the accounts or the records maintained in accordance with
the previous paragraph shall, in the absence of manifest error, be sufficient evidence of the existence and extent of the Borrower’s obligations appearing therein. 
 3. Balances shown in the control accounts kept by the Facility Agent shall, in the absence of manifest error, be binding and demandable on the relevant due dates. 
 CLAUSE TWENTY ONE 
 (Changes of the
Circumstances) 
 If the introduction of, or a change in, any applicable law or in the interpretation or application thereof by any
governmental or other regulatory authority charged with the administration thereof or a court of competent jurisdiction makes it unlawful for any Lender to give effect or maintain its obligations as contemplated by this Agreement, such Lender shall
forthwith notify the Borrower and the Facility Agent whereupon such Lender’s Commitment in relation to the Credit Facilities shall cease and the Borrower shall on 

  

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the next Interest Payment Date of each Loan occurring after such notification, or, if earlier, the latest date as shall be permitted by law, prepay (without
premium or penalty) to the Facility Agent for the account of such Lender the whole of the outstanding credit amount of such Lender’s participation in the Credit Facilities together with all interest accrued thereon and other moneys due to that
Lender to the date of such prepayment and that such Lender’s outstanding Commitment in the undrawn balance of the relevant Tranche(s) shall also be cancelled. 
 CLAUSE TWENTY TWO 
 (Security Documents) 
 For the repayment of the principal amount of HKD1,280,000,000.00 (One Billion Two Hundred and Eighty Million Hong Kong Dollars), interests without
limitation of time and all other moneys due or to become due from the Borrower to the Lenders under this Agreement, the Borrower undertakes to constitute the following securities in favour of the Security Agent (“Security Documents”):-

 1. First Legal Mortgage and Assignment of Income - First legal mortgage for HKD1,280,000,000.00(One Billion Two Hundred and Eighty
Million Hong Kong Dollars) over the right resulting from the leasehold of the Property, as well as all present and future constructions erected thereon and assignment of all operating incomes, rental proceeds, and all other income generated from the
Development Project. 
  

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 2. Power of Attorney - A Power of Attorney executed by the Borrower to the Security Agent
conferring the powers, inter alia, to handle the Property without prior consent of the Borrower, when an Event of Default occurs and continues and was not remedied within ninety (90) calendar days from the date of receipt of the notification in
this respect from the Agent and the Majority Lenders have agreed to accelerate the Credit Facilities pursuant to Clause 28.2., to complete the Development Project, to lease, alienate and otherwise dispose the Property, including the land
lease right of the Property. 
 3. Promissory Note (Livrança) - Legal notarized “Livrança” (promissory note)
issued by the Borrower and endorsed by the Guarantor, in the amount of HKD1,280,000,000.00(One Billion Two Hundred and Eighty Million Hong Kong Dollars), with the maturity date left in blank. The Security Agent is hereby authorised to fill in the
maturity date whenever there occurs and continues any Event of Default and the Lenders have agreed to accelerate the Credit Facilities under Clause 28.2. 
 4. Share Pledge Agreement - First legal charge over all the issued shares representing 100% of the Borrower’s capital by the Shareholders. 
 5. Repayment Guarantee by the Borrower – Unconditional and irrevocable repayment guarantee given by the Borrower of all principal, interest
and other moneys due in respect of the Facility. 
  

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 6. Repayment Guarantee by the Guarantor - Unconditional and irrevocable repayment guarantee given
by the Guarantor of all principal, interest and other moneys due in respect of the Credit Facilities. 
 7. Completion Guarantee - A
joint and several, unconditional and irrevocable undertaking of the Borrower and Guarantor to procure the completion of the Project and the Hotel Project on or before 30th November 2006 and 30th September 2007 respectively (the
“Development Project Completion Date”); the casino and hotel are to commence operations by no later than 30th January 2007 and 30th November 2007 respectively. “Completion of the Project and/or Hotel Project”
shall mean the issuance of the Occupation Permit for the relevant phase developments. 
 8. Funding Undertaking - A joint and several,
unconditional and irrevocable guarantee given by the Borrower and the Guarantor to guarantee that all Cost Overrun (actual and projected) if exceeds HKD50,000,000.00 (Fifty Million Hong Kong Dollars), in respect of the Development Project shall be,
as soon as reasonably practicable, funded by the Borrower and/or the Guarantor before any further drawdown may be made under the Credit Facilities. The obligations of the Guarantor under the Funding Undertaking will continue irrespective of whether
any Event of Default has occurred until the Credit Facilities are repaid in full. 
  

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 9. First legal charge over the banking account(s) (the “Charged Account(s)”) into which,
all operating incomes, sales and rental proceeds and all other income generated from the Development Project shall be deposited(subject to the exceptions set out in Clause 16). 
 10. Assignment of Insurance Policies - Assignment of the Borrower’s interests in insurance policies relating to the Development Project and
the original policies (if not available, certified copy by the insurance company thereof) shall be lodged with the Security Agent together with the premium receipt. 
 11. Assignment of Building Contracts - Assignment of the Building Contracts, contractor’s guarantee and other relevant contracts with the right to receive and use the copy of all the building plans and
specifications in relation to the Development Project. 
 12. Subordination Agreement - Assignment and subordination of all existing
and future loans and advances extended to the Borrower by the Guarantor, its subsidiaries, affiliates and their directors except for interest thereon and trade debts incurred by the Borrower in its ordinary course of business. The principal amount
of such subordinated indebtedness shall not be payable or repayable until the Facility is fully repaid. 
 13. Assignment of Hotel
Management Agreement - Assignment of the right and benefits of the Borrower in the Hotel 

  

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Management Agreement, if any, authorizing the Security Agent to take over the position of Borrower to enter into the Hotel Management Agreement with Hotel
Management Company, if any, without prior consent of the Borrower when an Event of Default has occurred and is continuing and the Majority Lenders have agreed to accelerate the Credit Facilities under Clause 28.2. 
 14. Assignment of SJM Lease Agreement - Assignment of the right and benefits of the Borrower in the Lease Agreement authorizing the Security Agent
to take over the position of Borrower (as landlord) under the Lease Agreement with SJM without prior consent of the Borrower when an Event of Default has occurred and is continuing and the Majority Lenders have agreed to accelerate the Credit
Facilities under Clause 28.2; provided that in such case, the Security Agent shall not be allowed to transfer or further assign the benefits and rights of the Lease Agreement to any party which is a Competitor. 
 15. Floating Charge – Floating charge over the Borrower’s chattels, receivables, equipment and other assets which are not subject to any
Security Documents referred to in the foregoing paragraphs of this Clause 22. 
 None of the Security Documents referred to in this
Clause 22 shall become enforceable or be enforced by the Lenders or the Security Agent on their behalf unless and until (a) an Event of Default has occurred and is continuing; and (b) the Majority Lenders have agreed to accelerate
the Credit Facilities pursuant to Clause 28.2. 
  

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 CLAUSE TWENTY THREE 
 (Pari Passu) 
 This Credit Facilities shall constitute direct, senior, unconditional and secured
obligations of the Borrower and the Guarantor and will at all rank pari passu with all other present and future senior, secured obligations of the Borrower and the Guarantor. 
 CLAUSE TWENTY FOUR 
 (Debit Entries and Set-off) 
 For payment of any unsettled sums due under this Agreement, the Facility Agent may following an Event of Default which is continuing debit any bank
account(s) held or co-held by the Borrower or the Guarantor with the Facility Agent as well as to set-off with any amount standing to the credit of the Borrower and the Guarantor, if any. 
 CLAUSE TWENTY FIVE 
 (Pro Rata Reimbursement) 
 All sums in cash received by the Facility Agent and/or the Lenders through legal proceedings or other means shall be distributed to the Lenders on pro
rata basis according to their respective Commitment as stated in or resulting from Clause 1. 
  

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 CLAUSE TWENTY SIX 
 (Obligations Several) 
 1. The obligation of each Lender under this Agreement and in particular, the
obligation of each Lender to participate in each drawdown, is several; and no Lender shall be in any way liable or responsible for any failure by any other Lender to meet any of its obligations under or pursuant to this Agreement. 
 2. The non-fulfilment by any Lender of the obligations assumed herein shall not relieve the remaining Lenders of their obligations under this Agreement.

 3. The non-fulfilment by any Lender shall not exempt the Borrower and the Guarantor to perform their own obligations under this Agreement
towards the remaining Lenders, or the responsibilities that they have already assumed towards such Lenders, if any. 
 4. Without prejudice
to the provisions of the previous paragraphs and subject always to Clause 40.4, any Lender may commence and institute legal proceedings or otherwise take any other actions that it deems as necessary so as to maintain and protect its own rights and
the rights of the other Lenders. 
 CLAUSE TWENTY SEVEN 
 (Events of Default) 
 1. The following circumstances or events shall constitute an Event of Default,
whether or not caused by a reason outside the control of the Borrower and the Guarantor: 

  

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 a) The Borrower and/or Guarantor fails to pay any principal, interest, fees or any other sum payable
under this Agreement on the day which the same is due and payable hereunder unless its failure to pay is caused by administrative or technical error acceptable to the Agent; or in the case of any sum expressed to be payable hereunder on demand, upon
any such demand for the payment thereof being made; 
 b) The Borrower and/or Guarantor fails to perform or observe any of its obligations
under this Agreement or any Security Document to which it is a party and such failure is not capable of remedy, or if it is capable of remedy, such failure continues for a period of or over sixty (60) days (or any other longer period as the
Lenders may agree) from the day of service by the Facility Agent on the Borrower of notice requiring the same to be remedied; or 
 c)
Misrepresentation in this Agreement or any Security Documents or other documents delivered by the Borrower in connection with the Credit Facilities which proves to have been incorrect or misleading in any material respect; or 
  

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 d) Cross default as stated below:- 
 i) Any financial indebtedness of Borrower or Guarantor is not paid when due nor within any originally applicable grace period. 
 ii) Any financial indebtedness of Borrower or Guarantor is declared to be or otherwise becomes due and payable prior to its specified maturity as a
result of an Event of Default. 
 iii) Any creditor of the Borrower or Guarantor becomes entitled to declare any financial indebtedness of
Borrower or Guarantor due and payable prior to its specified maturity as a result of an Event of Default. 
 iv) No Event of Default will
occur under this Clause if at any time, the aggregate amount of financial indebtedness falling within paragraph i) to iii) above is less than 10% of the total principal amount of the Credit Facilities mentioned in Clause 2; or 
 e) The Borrower is in breach of any term of the land title document of the Property in any material respect or the Government of Macau re-enters or
threatens to re-enter upon the Property or any part thereof; or 
 f)(i) any Building Contract is terminated or otherwise ceases to remain in
full force and effect for any reason due to any default on the part of the Borrower or the Guarantor, or 
 (ii) the Main Contractor ceases
to perform its essential duties and obligations under the GMP Contract, unless in any such case, within a period of sixty (60) days after such termination or cessation, the Borrower has appointed a substitute Contractor and has entered into a
new Building Contract and in the case of substituting the Main Contractor or the Quantity Surveyor, with the Majority Lenders’ prior written approval (which approval shall not be unreasonably withheld or delayed) and the Construction is
re-commenced as soon as practicable immediately thereafter; or 
  

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 g) The Property or any material part thereof is:- 
 (i) seized or expropriated by legal process, or 
 (ii) subject to compulsory purchase or acquisition whether subject to compensation or not, or 
 (iii) wholly or substantially
destroyed; or 
 h) Major construction work in connection with the Development Project has stopped for a continuous period of sixty
(60) days or more and it is not re-commenced as soon as practicable after the Facility Agent has served a written notice on the Borrower requiring the same to be remedied; or 
 i) It becomes impossible or unlawful for:- 
 (i) the Borrower or the Guarantor to fulfil any of undertakings or obligations in this Agreement or in any other Security Documents which has a Material Adverse Effect and the same is not removed or replaced by another undertaking or
obligation of the Borrower with substantially the same economic value, or 
  

 - 44 - 

 (ii) the Lenders to exercise any right vested in the Lenders under this Agreement or any other Security
Documents other than the circumstances referred to in Clause 21 (Change of the Circumstances); or 
 j) Anything is done or suffered
or omitted to be done by either the Borrower or the Guarantor which (in the reasonable opinion of the Majority Lenders after obtaining proper legal advice) materially adversely puts or would reasonably be expected to materially adversely put in
jeopardy the security created by any Security Document and which is either not waived by the Lenders in writing or is not remedied within 45 days after the Facility Agent has served a written notice requiring it to be remedied if it is capable of
being remedied; or 
 k) There occurs, in the reasonable opinion of the Majority Lenders, a material adverse change in the financial
condition of the Borrower or the Guarantor which materially and adversely affects or is reasonably be expected to materially and adversely affect its ability to perform its obligations under this Agreement and/or any other Security Document to which
it is a party; or 
 l) The commencement of legal proceedings or other extra-judicial dispute against the Borrower and/or the Guarantor which
materially and adversely affects or is reasonably be expected to adversely affect the Borrower and/or the Guarantor to perform their respective financial obligation under this Agreement; or 
  

 - 45 - 

 m) (i) Any order is made for the winding-up, insolvency or liquidation of any of the Borrower and
the Guarantor or for the appointment of a liquidator or receiver of the Borrower or the Guarantor over all or any substantial part of its business or assets or (ii) by reason of actual or anticipated financial difficulties, the Borrower or the
Guarantor (aa) stops or suspends payment to its creditors or any class of its creditors; or (bb) is unable or under applicable law is deemed to be unable or admits its inability to pay debts as they fall due, or (cc) seeks to enter into any
composition or other arrangement with its creditors or any class of creditors or (dd) commences any process for the relief of debtors, or is declared or becomes insolvent or bankrupt. 
 (n) Fail to register the Security Documents (where registration is necessary) within the prescribed deadline and fail to make good any such failure
within fourteen (14) days of notice from the Facility Agent or change its contents without approval by the Security Agent or revocation of the Power of Attorney or any other Security Documents which has a Material Adverse Effect. 
 2. The Borrower shall notify the Facility Agent promptly in writing of any occurrence of an Event of Default upon it becoming aware of its occurrence
unless the Borrower is aware that a notification of the same Default has already been provided by the Guarantor. 
  

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 CLAUSE TWENTY EIGHT 
 (Compulsory Prepayment) 
 1. Upon the occurrence of any of the events referred to in the Clauses
16.1 (a) to (e) and 16.5 (Mandatory Prepayment) and which is continuing, the Facility Agent may demand the immediate performance by the Borrower of the corresponding prepayment obligations stipulated therein. 
 2. Upon the occurrence of any Events of Default which is continuing, the Facility Agent shall, if so instructed by the Majority Lenders, give notice
(“Enforcement Notice”) of acceleration to the Borrower and the Guarantor and demand immediate repayment of all sums owing under the Credit Facilities. 
 3. Upon the occurrence of any Events of Default which determines the right of the Majority Lenders to demand compulsory prepayment and which is continuing, the following shall be observed:- 
 a) If the Majority Lenders do not decide to declare the Credit Facilities due and payable and not demand compulsory prepayment from the Borrower and the
Guarantor, no Lender may declare its own share in the Credit Facilities as due and payable and in such capacity. 
 Any Lender disagreeing
with such decision of the Majority Lenders not to accelerate shall immediately notify the Facility Agent 

  

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and Security Agent so that the Facility Agent and Security Agent shall notify the other Lenders of the decision of that Lender and inquire the interest of
the other Lenders to taking up, totally or in part, the respective Commitment of that Lender in this Agreement. 
 b) If the Majority Lenders
decide to declare the Credit Facilities as immediate due and payable, any Lender that intends to act otherwise manner with regards to the part corresponding to that Lender’s share in this Agreement and possibly to take up the Commitment of the
other Lenders, either in full or in part, shall give immediate notice to the Facility Agent of its decision, upon which the Facility Agent and the Security Agent shall accordingly give notice to the other Lenders so as to take the necessary actions.

 CLAUSE TWENTY NINE 
 (Legal Proceedings) 
 Without prejudice to the provisions of Clause 27 (Events of Default) but subject always to
Clause 28.2(Compulsory Prepayment), in the event of breach of this Agreement by the Borrower and/or the Guarantor, the Security Agent shall reserve the right to take legal action against the Borrower and the Guarantor, either jointly or separately.

 CLAUSE THIRTY 
 (Inter-bank Relations) 
 The Facility Agent and Security Agent shall act as the representative of the Lenders pursuant to
Clause 40 below. 
  

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 CLAUSE THIRTY ONE 
 (Notices) 
 1. Every notice or communication under this Agreement shall be given by way of letter,
fax or email and delivered to the following addresses:- 
 A) BORROWER:- 
 “GREAT WONDERS, INVESTMENTS, LIMITED”, 
 Registered office: 19/F., Zhu Kuan Building, Avenida Xian Xing Hai, Macau. 
 Fax: (853)755165 
  

			
	Email address:	  	clarencechung@melco.hk.cn
		
		  	stsang@melco.hk.cn

 B) Guarantor:- 
 MELCO PBL ENTERTAINMENT (GREATER CHINA) LIMITED 
 Correspondence address: 38/F., The Centrium, 60 Wyndham Street, Central, Hong Kong 
 Fax: (852)3162-3579 
  

			
	Email address:	  	clarencechung@melco.hk.cn
		
		  	stsang@melco.hk.cn

 C) Facility Agent:- 
 Bank of China Limited, Macau Branch 
  

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 Registered Office: Bank of China Building, Avenida Doutor Mário Soares no 323, Macau.

 Fax: (853) 792-1677, (853) 792-1659 
  

			
	Email address:	  	wong_wengtim@bocmacau.com
		  	ieong_chikuong@bocmacau.com
		  	ho_kuanleng@bocmacau.co
		  	iong_luisa@bocmacau.com

 D) Security Agent:- 
 Bank of China Limited, Macau Branch 
 Registered Office: Bank of China Building, Avenida Doutor Mário Soares no 323, Macau. 
 Fax: (853) 792-1677,
(853) 792-1659 
  

			
	Email address:	  	wong_wengtim@bocmacau.com
		  	ieong_chikuong@bocmacau.com
		  	ho_kuanleng@bocmacau.co
		  	iong_luisa@bocmacau.com

 E) Lenders:- 
 i. Bank of China Limited, Macau Branch 
 Registered Office: Bank of China Building, Avenida Doutor
Mário Soares no 323, Macau. 
 Fax: (853) 792-1677, (853) 792-1659 
  

			
	Email address:	  	wong_wengtim@bocmacau.com

  

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		  	ieong_chikuong@bocmacau.com
		  	 ho_kuanleng@bocmacau.co
 iong_luisa@bocmacau.com

 ii. Banco Nacional Ultramarino, S.A. 
 Registered Office: Avenida de Almeida Ribeiro, No. 22, Macau. 
  

			
	Fax: (853)355653	  	
		
	Email address:	  	jaugusto@bnu.com.mo
		  	rkan@bnu.com.mo
		  	vrosario@bnu.com.mo
		  	violetc@bnu.com.mo

 iii. Banco Comercial de Macau, S.A. 
 Registered Office: Avenida da Praia Grande, No. 572, Macau. 
 Fax: (853)791-0276 
  

			
	Email Address:	  	sam_tks@bcm.com.mo
		  	ida_cfk@bcm.com.mo

 iv. Industrial and Commercial Bank of China (Asia) Limited 
 Registered Office: 33/F., ICBC Tower, 3 Garden Road, Central, Hong Kong. 
 Fax: (852) 2588-1188 
  

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	Email Address:	  	marcoleungbcasia.com
		  	stanley.szeto@icbcasia.com

 v. Banco Espírito Santo do Oriente, S.A. 
 Registered Office: Avenida Doutor Mário Soares, 323, Ed. Banco da China, 28 Andar, “A” e “E-F”, Macau. 
 Fax: (853)785228 
  

			
	Email Address:	  	cfreire@besor.com.mo
		  	vilmaloi@besor.com.mo

 vi. Liu Chong Hing Bank Limited, Macau Branch 
 Avenida da Praia Grande, No. 693, Edifício Tai Wah, R/C, Loja “A”, Macau. 
 Fax: (853)339982 
 Email Address:
mklam@lchbank.com 
 2. The addresses mentioned above, including fax numbers and email address, may be changed by written notice to the other
parties (and if such written notice is given by the Borrower or the Guarantor, it shall be delivered to the Agent on behalf of the Lenders), however such changes shall only become effective after receipt of the concerned notification by the
respective addressees. 
 3. Communications and notices by fax shall be considered as and when a transmission report is received by the
person sending that fax; communications and notices by letters, shall be considered as received on the third day after they have been posted; and email shall be effective when actually received in readable form. 
  

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 CLAUSE THIRTY TWO 
 (Conditions Precedent) 
 1. Before the first drawdown of any of the Tranches, the Borrower should
fulfil all of the following conditions:- 
 a) Delivery to the Security Agent certified copies of the Borrower’s constitutional documents
(Certificate of Registration in Macau Commercial Registry); 
 b) Delivery to the Security Agent of a copy of the resolution of the Board of
Directors of the Borrower approving and authorising the borrowing of the Credit Facilities under the provisions of this Agreement and the Security Documents to which it is a party and authorising its appropriate officers to execute this Agreement
and such Security Documents and to give all notices and take all other actions required by the Borrower under this Agreement and such Security Documents; 
 c) Legal opinion about the validity and effectiveness of this Agreement and the Security Documents and the enforceability of the Security Documents, according to the Laws of Macau S.A.R.; 
 d) Execution of this Agreement and all Security Documents satisfactory to the Lenders and their legal counsel(s); 
  

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 e) Delivery to the Facility Agent of a certified copy of the GMP Contract signed between the Borrower and
the Main Contractor, contents of which should include without limitation (1) the construction works progress schedule and (2) the estimated construction costs.; 
 f) Satisfactory evidence that the principal plans and specifications of the Development Project known as the master layout plan (the “Master Layout Plan”) has been approved by the Land, Public Works
and Transport Bureau of Macau S.A.R. and delivery to the Facility Agent of a true and complete copy of such Master Layout Plan certified by a Quantity Surveyor, currently being LEVETT & BAILEY CHARTERED QUANTITY SURVEYORS LTD. or the architect
of the Borrower, currently being OMAR YEUNG ARCHITECT & ASSOCIATES, or such other person or entity acceptable to the Facility Agent acting on behalf of the Lenders; 
 g) A certificate issued by Quantity Surveyor, currently being LEVETT & BAILEY CHARTERED QUANTITY SURVEYORS LTD or the architect of the Borrower, currently being OMAR YEUNG ARCHITECT & ASSOCIATES, or such other
person or entity acceptable to the Facility Agent acting on behalf of the Lenders, in form and substance satisfactory to the Agent acting on behalf of the Lenders confirming that (i) consents of all government departments (including the Land, Public
Works and Transport 

  

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Bureau of Macau S.A.R.) required for commencement of construction of the Hotel Project and Project have been duly obtained, (ii) all administrative fee
and premium (if any) payable for such consents have been duly paid in full, (iii) according to the approved Master Layout Plan, the Project when completed will comprise of those development set out in the Development Project; 
 h) Submission of certified true copies of service contracts/appointment letters (including supplements and amendments thereto) signed with the architect
and the Quantity Surveyor respectively. 
 i) Receipt of executed forms of the Project Documents (other than the GMP Contract) including but
not limited to the Lease Agreement and Land Concession Agreement; 
 j) The Borrower shall open and maintain the Charged Account (as
mentioned in Clauses 16.1 and 22.9) with the Facility Agent; and 
 k) No Event of Default or Potential Event of Default has occurred
and is continuing. 
 2. The Security Agent shall verify the conditions precedent and confirm its fulfilment to the Facility Agent.

  

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 CLAUSE THIRTY THREE 
 (Covenants and Undertakings) 
 The Borrower undertakes if requested by the Agent, as soon as
practicable after the execution of the relevant assignment, to inform the relevant counter-parties of all the assignments signed or to be signed pursuant to the provisions of this Agreement. For so long as any amount is outstanding under this
Agreement:- 
 1. The Borrower shall not carry on any business (or invest in any company) other than owning, developing, selling, leasing and
managing the Development Project, the Hotel Project and the Project and any other business incidental thereto and it shall conduct and carry on its business in a proper and efficient manner; 
 2. The appointments by the Borrower of the Main Contractor and Quantity Surveyor in respect of the Development Project and their replacement are subject
to the prior written consent of the Majority Lenders which shall not be unreasonably withheld or delayed; 
 3. The Borrower shall undertake
to achieve completion of the Hotel Project and Project on or before the relevant dates set out in Clause 22.7 (“Completion Guarantee ”); 
 4. As soon as reasonably practicable upon request and/or when the same is available, the Borrower shall deliver a copy of the latest Building Contract(s), construction time schedule, Master Layout Plan, foundation
plans and general building plans to the Facility Agent for review by the Lenders from time to time; 
  

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 5. All pre-sale of any asset, pre-let and sale/rental proceeds, rental deposits and other income from the
Development Project are to be deposited into the “Charged Account” maintained with the Facility Agent except that if the credit standing to the aggregate balance of all the Charged Account(s) at any time exceeds HKD110,000,000.00 (One
Hundred and Ten Million Hong Kong Dollars), the Borrower will be free to withdraw any excess amount for any purpose it sees fit except for the prepayment of principal of any shareholder’s loan as referred to in Clause 34.5., but in the event of
the occurrence of an Event of Default which is continuing, any amount, regardless of exceeding HKD110,000,000.00 (One Hundred and Ten Million Hong Kong Dollars) or not, is prohibited to be withdrawn from any Charged Account; 
 6. A Contractor’s all risk policy for HKD1, 370,000,000.00 (One Billion Three Hundred and Seventy Million Hong Kong Dollars) covering the
Development Project in-course-of Construction, issued by an insurance company approved by the Security Agent (such approval shall not be unreasonably withheld or delayed) and with the Security Agent interest as loss payee noted must continue to be
maintained and the original policy (if not available, certified copy by the insurance company thereof) should be lodged 

  

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with the Security Agent together with the premium receipt. This policy is to be replaced in due course by a fire and allied perils policy including landslip
and subsidence for the full replacement cost of the Development Project after the Occupation Permit for the entire Development Project is issued; 
 7. The Borrower shall at all times use its best commercial endeavours to keep and maintain the Development Project in a good and substantial state of repair and condition after Development Project Completion Date and upon request of the
Majority Lenders, allow the Security Agent to review the state of repair of the Development Project at reasonable time and after reasonable notice of appointment is given to the Borrower; 
 8. The Borrower undertakes to inform the Lenders as soon as practicable after it becoming aware of any increase in the estimated amount to be spent in
order to complete the Development Project, with particular reference to the latest architect’s/Quantity Surveyor’s estimated amount, if such increase is more than 10% of the total facility amount of the Credit Facilities; 
 9. In the event of occurrence of any Cost Overrun exceeding HKD50,000,000.00(Fifty Million Hong Kong Dollars), drawings under the Credit Facilities shall
be suspended until such Cost Overrun have been fully funded by the Borrower and/or the Guarantor. Subsequent drawings after the occurrence of such Cost Overrun referred to in the foregoing sentence shall be made against 

  

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(a) Quantity Surveyors’ Certificate(s) or payment invoice(s) acceptable to Facility Agent showing that such Cost Overrun has already been paid in full
if such Cost Overrun has become due and payable; and (b) if any such Cost Overrun (or any part thereof) has not yet become due and payable, documentary evidence reasonably satisfactory to the Facility Agent that the Borrower has sufficient
financial resources to meet with such Cost Overrun; 
 10. In case the actual Construction progress is more than One Hundred and Twenty
(120) calendar days behind the progress specified in the construction work progress schedule delivered to the Facility Agent pursuant to Clause 32.1(e) and the Borrower has failed to take reasonable measures to catch up with or minimize the
delay of such actual Construction progress, the Facility Agent at the instruction of Majority Lenders shall appoint a receiver to take over this Development Project; 
 11. Obtain the prior written approval of the Majority Lenders for any amendments, additions and waivers of the terms and conditions of the Lease Agreement and the Hotel Management Agreement (if any) and the Master
Layout Plan if such amendment, addition or waiver is materially adverse to the interest of the Borrower; 
 12. Promptly notify the Facility
Agent in writing of any litigation, arbitration or administrative proceedings which is current, 

  

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pending or threatened that it is aware of against the Borrower or any of its subsidiaries which would have a material adverse effect on the business, assets
or financial conditions of the Borrower; 
 13. Promptly notify the Facility Agent in writing as soon as it becomes aware of any occurrence
of event which has or would reasonably be expected to have any Material Adverse Effect; 
 14. Obtain and promptly renew, or procure the same
to be obtained and renewed, from time to time and comply with the terms of, all consents, licences, approvals or authorisations of all governmental agencies and authorities and courts, and register the same with such governmental agencies and
authorities and courts, required for the Borrower’s corporate existence, the holding by the Borrower of the land use right of the Property and the Development Project , the Construction by the Borrower, or the execution, delivery and
performance, legality, priority, validity, enforceability and admissibility in evidence of this Agreement and the Security Documents; 
 15.
Promptly pay or cause to be paid all taxes, rates, duties and other charges, whether imposed by governmental or other authorities, validly due and payable upon the Borrower or in respect of the Development Project except for any such taxes, rates,

  

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duties and other charges which are contested by the Borrower in good faith through appropriate measures and sufficient reserves in are available to pay those
amounts of taxes, rates, duties and other charges; 
 16. Melco International Development Limited and Publishing & Broadcasting
Limited shall, either directly or indirectly maintain in aggregate at least 51% shareholding interests in the Borrower; 
 17. Melco
International Development Limited shall, either directly or indirectly, maintain the single largest effective shareholding interests in the Borrower and maintain management control in the Borrower; 
 18. Melco PBL Entertainment (Greater China) Limited (the “Guarantor”) shall maintain at least 51% direct or indirect shareholding interests in
Mocha Slot Group Limited; 
 19. The Borrower shall use its reasonable endeavours to procure that the Lease Agreement made between the
Borrower and SJM shall not be terminated; 
 20. Without the Majority Lenders’ consent, the Borrower shall not amend, modify or agree to
any amendment or modification of the Hotel Management Agreement (if any) and the Lease Agreement or waive any of the terms and conditions thereof in any such manner which may have Material Adverse Effect; 
  

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 21. After the date falling Twelve (12) months after the Development Project Completion Date, the
Borrower will comply with the following financial covenants:- 
 i) Total assets minus total liabilities (excluding subordinated
shareholder’s loans) and intangible asset shall at least be HKD730,000,000.00 (Seven Hundred and Thirty Million Hong Kong dollars); 
 ii) Maintain a consolidated bank borrowing to earnings before interest, taxes, depreciation & amortization (“EBITDA”) Ratio not greater than 2:1; 
 iii) Maintain a consolidated bank borrowing to equity plus subordinated shareholder’s loan ratio not greater than 2:1. 
 CLAUSE THIRTY FOUR 
 (Negative
undertakings) 
 The Borrower also undertakes that for so long as any amount is outstanding under this Agreement:- 
 1. Not to make loans or advance moneys to or guarantee or indemnify the liability of any person, firm or company that have not been expressly authorized
by the Majority Lenders other than trade credits granted by the Borrower in the ordinary course of its business in the aggregate amount not exceeding HKD30,000,000.00 (Thirty Million Hong Kong Dollars) at any time; 
 2. No borrowings by the Borrower other than (i) this Credit Facilities; (ii) subordinated shareholders’ loans and any future shareholder
loans or loans from subsidiaries of the Guarantor or the Borrower and their affiliated companies and their directors to be 

  

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subordinated to the indebtedness of the Borrower under this Agreement in accordance with or pursuant to the Subordination Agreement; (iii) any
refinancing of this Credit Facilities (subject however to Clause 15.2 above) and (iv) other trade debts incurred during the ordinary course of business of the Borrower, but the aggregate amount of such trade debts cannot at any time,
exceed HKD50,000,000.00(fifty million Hong Kong Dollars); 
 3. Save as provided below, no further encumbrance shall be created over the
assets, property and undertakings of the Borrower. In particular, the Borrower shall not in any event create any mortgage or charge (save and except those created in favour of the Lenders for securing the Credit Facilities) over the Property and
buildings of the Development Project or any income of the Development Project or any money in the Charged Account(s). The foregoing provisions shall not apply to and the Borrower is permitted to create:- 
  

	 	(a)	any encumbrance created or contemplated to be created under or pursuant to any Project Document; 

  

	 	(b)	any netting or set-off arrangements entered into by the Borrower in the ordinary course of business of its banking arrangements for the purpose of netting debt and credit balances;

  

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	 	(c)	any encumbrance created in favour of a plaintiff or defendant in any proceedings as security for costs or expenses; 

  

	 	(d)	any encumbrance in connection with any hire-purchase or operating lease agreement in connection with any equipment acquired in the ordinary course of business of the Borrower;

  

	 	(e)	any encumbrance securing unpaid taxes which are being contested in good faith by appropriate measures and sufficient reserves in are available to pay the amount of those unpaid
taxes; 

  

	 	(f)	any encumbrance arising by operation of law; 

  

	 	(g)	any encumbrance arising out of retention of title provisions in a supplier’s conditions of supply in respect of the goods or materials acquired by the Borrower in its ordinary
course of business; 

  

	 	(h)	any finance lease arrangements or any encumbrance arising from any finance lease arrangements entered into in its ordinary course of business; 

  

	 	(i)	any encumbrance over goods, documents of title to goods and related documents and insurances and their proceeds to secure liabilities of the Borrower in respect of a letter of
credit, trust receipts, import loans or shipping guarantees issued or granted for all or part of the purchase price and cost of shipment, insurance and storage of goods acquired by the Borrower in its ordinary course of business;

  

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	 	(j)	any existing encumbrance and the replacement of the indebtedness so secured; or 

  

	 	(k)	any encumbrance created or permitted by the Security Documents; 

 4. Not to repay or redeem any of its share capital or total investment in the Borrower by the Guarantor. 
 5. No repayments on the
principal amount of the loans by the Borrower to its shareholders are allowed throughout the life of the Credit Facilities without consent from the Majority Lenders. For the avoidance of doubt, subject always to the foregoing restrictions, if the
aggregate credit standing to the balance of all the Charged Account(s) at any time exceeds HKD110,000,000.00(One Hundred and Ten Million Hong Kong Dollars), the Borrower will be free to withdraw any excess amount for any purpose it sees fit,
including but not limited to payments in the form of interest and/or dividend to its shareholders but not to prepay any principal amount of the shareholders’ loan, and for the avoidance of doubt, in the event of the occurrence of an Event of
Default which is continuing, any amount, regardless of exceeding HK$110,000,000.00 (One Hundred and Ten Million Hong Kong Dollars) or not, is prohibited to be withdrawn from any Charged Account; 

  

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 6. Not to terminate, cancel, amend the articles of association of the Borrower if any such amendment has
or would reasonably be expected to have a Material Adverse Effect; 
 7. Not to change the nature of its business, whether by a single
transaction or a number of related or unrelated transaction and whether at one time or over a period of time and whether by disposal, acquisition or otherwise and 
 8. Not to lease all or any part of the Property to any person (other than SJM under the Lease Agreement) without the consent of the Agent (such consent not to be unreasonably withheld or delayed). However, the Agent
will be deemed to have given its consent within 14 days after the Borrower has requested it unless consent is expressly refused by the Agent within that 14 days’ period. 
 CLAUSE THIRTY FIVE 
 (Information Undertakings) 
 The Borrower shall submit to the Facility Agent the following: 
 1. Before the issuance of the Occupation Permit of the entire Development Project, quarterly construction progress reports prepared by the Quantity Surveyor within two (2) months from the relevant quarter end
during the construction period, which shall incorporate a cost summary depicting:- 
 a) Actual percentage of work completed versus projected
percentage in the construction work progress schedule contained in the Building Contract with all major variances (if any) explained and showing the time schedule for completion. 
  

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 b) Actual cost incurred versus projected costs with all major variances (if any) explained. 

c) Any adjustment on the Quantity Surveyor’s estimated amount for completion of the Construction work. 
 2. Audited annual financial statements of the Borrower and audited annual consolidated financial statements of the Guarantor within one hundred and
eighty (180) days of its financial year-end, and unaudited half-yearly financial statements of the Borrower and unaudited consolidated half-yearly financial statements of the Guarantor within one hundred and twenty (120) days of half year;
and other relevant financial information which the Facility Agent may reasonably request from time to time. 
 3. When delivering any
financial statements under Clause 35.2 to the Agent after 12 months from the Development Project Completion Date, the Borrower shall at the same time deliver to the Agent the certificate of financial covenants compliance (signed by a director of the
Borrower) showing the Borrower’s compliance with those financial covenants required under Clause 

  

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33.21(Covenants and Undertakings). 
 4. The
Borrower undertakes to prepare and deliver to the Agent (within ten (10) days from the end of each of its financial years) a corporate structure chart (signed by a director of the Borrower) showing its ultimate shareholders’(Melco
International Development Limited and Publishing & Broadcasting Limited) shareholdings in it (direct and indirect). 
 5. The
Guarantor shall prepare and deliver to the Agent (within ten (10) days from the end of each of its financial years) corporate structure chart (signed by a director of the Guarantor) on its shareholdings in Mocha Slot Group Limited (direct and
indirect). 
 6. The Borrower shall deliver to the Facility Agent a valuation report of the Hotel Project prepared by an independent
professional valuer appointed by the Borrower and addressed to the Lenders in form and substance acceptable to the Facility Agent within sixty (60) days of the end of each financial year of the Borrower.  
 7. Acting on the instruction of the Majority Lenders, the Facility Agent shall have the right to instruct an independent appraiser acceptable to the
Majority Lenders to prepare an up to date valuation of the Development Project from time to time at the expense of the Borrower but, in each case, no more than twice per calendar year and the Borrower shall be (a) notified of such proposed
appointment and (b) consulted with the fee quote of the proposed appraiser before such appointment is made. 
  

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 CLAUSE THIRTY SIX 
 (Taxation) 
 All payments by the Borrower and/or the Guarantor shall be made free and clear of any
present and future taxes, duties, withholdings, levies, or other deductions of whatever nature. In the event that any such taxes and/or the Guarantor shall make additional payments (gross up) such that the receiving party shall receive the full
amount as if no such taxes and/or withholdings have been imposed. Stamp duties, if any, levied in connection with the Credit Facilities shall be for the account of the Borrower and/or the Guarantor. 
 CLAUSE THIRTY SEVEN 
 (Transferability) 
 Each Lender may, with prior written consent of the Borrower by delivery to the Facility Agent the
Transfer Certificate in the form set out in Annex II completed and executed by the Lender (the “Existing Lender”) and the proposed transferee (the “New Lender”) together with a fee
for the account of the Agent of HKD8,000.00 (Eight Thousand Hong Kong Dollars) (such consent not be unreasonably withheld or delayed where the transferee is a bank or other financial institution duly registered in the applicable jurisdiction),
assign or transfer its rights and obligations, or part thereof, under the Credit Facilities to other financial institutions. If (a) a Lender assigns or transfers any of its rights or obligations under this Agreement or changes its facility office
and (b) as a result 

  

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of the circumstances existing at the date the assignment, transfer or change occurs, the Borrower or the Guarantor would be obliged to make a payment to the
new Lender or Lender acting through its new facility office under Clause 36 (Taxation) or Clause 17.5, then the new Lender or the Lender acting through its new facility office is only entitled to receive payment under those Clauses to the same
extent as the existing Lender or Lender acting through its previous facility office would have been if the assignment, transfer or change had not occurred. 
 CLAUSE THIRTY EIGHT 
 (Waiver of immunity) 
 The Borrower irrevocably and unconditionally waives any immunity to which it or its property may at any time be or become entitled, whether characterized
as sovereign immunity or otherwise, from any set off or legal action in Hong Kong or elsewhere, including immunity from service of process, immunity from jurisdiction of any court or tribunal, and immunity of any of its property from attachment
prior to judgment or from execution of a judgment. 
  

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 CLAUSE THIRTY NINE 
 (Representation and Warranties) 
 1. Each of the Borrower and Guarantor makes the following
representation and warranties:- 
 a) It has the power to enter into and perform, and has taken all necessary actions to authorise the entry
into, performance and delivery of this Agreement. 
 b) Subject to the provisions of any legal opinion delivered to the Facility Agent in
accordance with Clause 32.1(c), this Agreement constitutes its legal, valid and binding obligations enforceable. 
 c) All authorisations
required in connection with the entry into, performance, validity and enforceability of this agreement have been obtained and are in full force and effect. 
 2. The entry into and performance by its agreement do not and will not:- 
 a) Conflict with any law and
regulation or judicial or official order binding on it; 
 b) Conflict the constitutional documents of the Borrower. 
 3. No litigation, arbitration or administrative proceeding which has a Material Adverse Effect is currently taking place or pending or, to the knowledge
of the Borrower, threatened against the Borrower or its assets or revenues; 
  

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 4. The Borrower and the Guarantor are not in default under any law, regulation, judgement, order,
authorization, agreement or obligation applicable to it or its assets or revenues, in each case, the consequences of which default have or would reasonably be expected to have a Material Adverse Effect, and no Event of Default is continuing;

 5. No encumbrance exists over all or any part of the property, assets or revenues of the Borrower except as created by the Security
Documents or as previously disclosed in writing to the Security Agent or as permitted under Clause 34.3; 
 6. The Borrower has no
indebtedness to any party except (a) indebtedness arising in the ordinary course of its business or (b) as previously disclosed in writing to the Facility Agent or (c) as permitted by Clause 34(2) or (d) under any other Finance
Documents; 
 7. The most recent audited financial statements of the Borrower for the time being (including the audited profit and loss
account and balance sheet) were prepared in accordance with applicable laws and regulations of Macau and generally accepted accounting principles and if applicable, policies consistently applied and show a true and fair view of the financial
position and the operations of the Borrower as at the end of, the relevant financial period to which they relate and, as at the end of such period the Borrower did not have any significant liabilities (contingent or otherwise) or any unrealized or
anticipated losses which are in each case, not disclosed 

  

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by or reserved against in such financial statements, and there has been no Material Adverse Change in the business or financial condition of the Borrower
since the date of such then most recent financial statements; 
 8. All factual information provided by the Borrower in connection with the
Credit Facilities is true and accurate in all material respects and all forecasts and projections contained therein were arrived at after due and careful consideration on the part of the Borrower and were, in its considered opinion, fair and
reasonable when made; the Borrower is not aware of any fact which has not been disclosed in writing to the Agent which would reasonably be expected to have a Material Adverse Effect on any such information given; 
 9. The Borrower is generally subject to civil and commercial law and to legal proceedings and neither the Borrower nor any of its assets or revenues is
entitled to any immunity or privilege (sovereign or otherwise) from any set-off, judgement, execution, attachment or other legal process; 
 10. The representation and warranties set out in this Clauses 39.1(a), (b), 39.3, 39.6 to 39.8 are made on the date of this Agreement and are deemed to be repeated by the Borrower on each drawdown date and the first day of each Interest
Period during the 

  

 - 73 - 

 
subsistence of this Agreement and/ or the Security Documents with reference to the facts and circumstances then existing and in the case of Clause 39.8, with
reference to the latest audited financial statements of the Borrower delivered under Clause 35.2. 
 CLAUSE FORTY 
 (Agent) 
 1. Each Lender irrevocably
appoints the Facility Agent and Security Agent as its facility agent and security agent respectively for the purposes of this Agreement and authorises the Facility Agent and Security Agent (whether or not by or through employees or agents) to take
such action on such Lender’s behalf and to exercise such rights, remedies, powers and discretions as are specifically delegated to the Facility Agent or (as the case may be) Security Agent by this Agreement and the relevant Security Documents,
together with such powers and discretions incidental thereto. Each of the Facility Agent and Security Agent does not have any duties, obligations or liabilities to the Lenders beyond those expressly stated in this Agreement or the Security Documents
and specifically (but without prejudice to the generality of the foregoing) the Facility Agent and Security Agent shall not be obliged to take any action or exercise any rights, remedies, powers or discretions under or pursuant to this Agreement
beyond those which the Majority Lenders 

  

 - 74 - 

 
or (as the case may be)all the Lenders shall specifically instruct the Facility Agent and Security Agent in writing to take as provided in Clause 40.3 and
then only to the extent stated in such specific written instructions. 
 2. Each of the Lenders hereby expressly authorises the Security
Agent to enter into and execute all the other Security Documents and to hold the same for itself and as agent for each Lender in the manner contemplated by this Agreement. 
 3.(a) Subject to this Clause 40.3(b) and other relevant provisions in this Agreement, the Agent may, with the consent of the Majority Lenders or (as the
case may be) all the Lenders amend, modify or otherwise vary or waive breaches of, or defaults under, or otherwise excuse performance of, any provision of this Agreement and the Security Documents. Any such action so authorised and effected by the
Agent shall be promptly notified to the Lenders by such Agent and shall be binding on all the Lenders. 
 (b) Except with the prior written
consent of the Majority Lenders, the Agent shall not have authority on behalf of the Lenders to waive any breach of, or default by, any party, or otherwise excuse performance of any party’s obligations to the Lenders under, or agree to amend,
those provisions of the Security Documents which expressly provide for any matter to be determined by reference to 

  

 - 75 - 

 
approval, consent, opinion or instruction of the Majority Lenders or waive any Event of Default under, or agree to amend, under any Clause of this Agreement.
Subject to the foregoing provisions of this sub-clause (b) and subject as hereinafter provided, except with the prior written consent of the Majority Lenders, the Agent shall not have authority on behalf of the Lenders to waive any other breach
of, or other default by, any party, or otherwise excuse performance, of any of its non-payment obligations to the Lenders or any of them under this Agreement and the Security Documents. Except with the consent of all the Lenders, neither Agent shall
have authority on behalf of the Lenders to waive or excuse performance by either the Borrower of its payment obligations (whether in respect of principal, interest or otherwise) or to agree with either Borrower any amendment to this Agreement which
would (i) reduce the Margin, (ii) extend the due date or reduce the amount of any payment of principal, interest or other amount payable to the Lenders under this Agreement, (iii) change the currency in which any amount is payable
under this Agreement, (iv) increase any Lender’s Commitments, (v) extend the period within which any Advance may be made under the Credit Facilities, (vi) change the definition of “Majority Lenders” in this Agreement,
(vii) change this Clause 40.3, (viii) release the Guarantor from its guarantee or other payment 

  

 - 76 - 

 
obligations under the Repayment Guarantee, (ix) change Clause 25 or (x) any other provisions which expressly require the consent of all the
Lenders. 
 4. None of the Lenders shall have any independent power to enforce the Security Documents or to exercise any rights, discretions
or powers or to grant any consents or releases under or pursuant to the Security Documents or otherwise have any direct recourse to the Security Documents except acting through the Agent. Subject to its being indemnified to its satisfaction, the
Agent shall take such action (including, without limitation, the exercise of all rights, discretions or powers and the granting of consents or releases) or, as the case may be, refrain from taking such action under or pursuant to the Security
Documents as the Majority Lenders shall specifically direct the Agent in writing (and so that only the Majority Lenders shall be entitled to give any such directions to the Agent) but unless there is evidence to the contrary, the Borrower, the
Guarantor, the Shareholders and the Subordinated Lenders may assume that such directions have been given to the Agent. Unless and until the Agent shall have received such directions, the Agent shall not take any action under the Security Documents.

  

 - 77 - 

 5. With respect to its own Commitments and participation (if any) in any Advance as a Lender, the Agent
(in its capacity as a Lender) shall have the same rights and powers under this Agreement as in the case of any other Lender and may exercise the same as though it were not performing the duties and functions delegated to it as the Agent under this
Agreement and the term “Lenders” shall, unless the context clearly otherwise indicates, include the Agent in its separate capacity as a Lender. This Agreement shall not and shall not be construed so as to constitute a partnership between
the parties or any of them. 
 6. Neither the Agent nor the Agent-Related Persons shall:- 
 (a) be obliged to request any certificate, valuation or opinion under Clause 35 (Information Undertakings) or to make any enquiry as to the use of the
proceeds of the Credit Facilities unless so required in writing by the Majority Lenders, in which case the Agent shall promptly make the appropriate request to the Borrower, or be obliged to make any enquiry as to any default by the Borrower in the
performance or observance of any of the provisions of the Security Documents or as to the existence of an Event of Default or Potential Event of Default unless the Agent has actual knowledge thereof or has been notified in writing thereof by a

  

 - 78 - 

 
Lender, in which case the Agent shall promptly notify the Lenders of the relevant event or circumstance; or 
 (b) be liable to any Lender for any action taken or omitted by it under or in connection with the Security Documents (or any of them) or the Credit
Facilities unless caused by its gross negligence or wilful misconduct. 
 For the purposes of this Clause 40.6, the Agent shall not be
treated as having actual knowledge of any matter of which the corporate finance or any other division outside the corporate lending or loan administration departments of the person for the time being acting as the Agent may become aware in the
context of corporate finance or advisory activities from time to time undertaken by the Agent for the Borrower, the Guarantor, the Shareholders, the Subordinated Lenders or any of their respective Subsidiaries or associated companies. 
 7.(a) The Agent shall promptly notify each Lender of the contents of each notice, certificate or other document received by the Agent from the Borrower
under or pursuant to Clause 33 (Covenants and Undertakings) or from the Agent who in turn receives it from the Guarantor under or pursuant to the Repayment Guarantee or from any other security party under the other Security Documents. 
  

 - 79 - 

 (b) The Agent shall (subject to its being indemnified to its satisfaction) take such action or, as the
case may be, refrain from taking such action with respect to any Event of Default or Potential Event of Default of which the Agent has actual knowledge as the Majority Lenders may direct. 
 8. The Agent may deem and treat (i) each Lender as the person entitled to the benefit in respect of its participation in the Loans as a Lender for
all purposes of this Agreement unless and until a Transfer Certificate signed by the transferor Lender and the transferee has been delivered to the Agent and (ii) the office set opposite the name of each Lender in Clause 1 or, as the case may
be, in any relevant Transfer Certificate as such Lender’s facility office unless and until a written notice of change of facility office shall have been received by the Agent; and the Agent may act upon any such notice unless and until the same
is superseded by such further notice. 
 9. The Agent and the Agent-Related Persons shall be entitled to rely on any written communication,
instrument or document believed by it to be genuine and correct and appropriately signed or sent by the proper person and shall be entitled to rely as to legal or other professional matters on opinions and statements of any legal or other
professional advisers selected or approved by it. 
  

 - 80 - 

 10. Each Lender acknowledges that it has not relied on any statement, opinion, forecast or other
representation made by the Coordinating Lead Arrangers, the Agent, or the Agent-Related Persons to induce it to enter into this Agreement or any other Finance Document to which it is party and that it has made and will continue to make, without
reliance on the Coordinating Lead Arrangers, the Agent, or the Agent-Related Persons and based on such documents as it considers appropriate, its own appraisal of the creditworthiness of the Borrower, the Guarantor and its Subsidiaries, the
Shareholders and the Subordinated Lenders and its own independent investigation of the financial condition and affairs of the Borrower, the Guarantor, the Shareholders, the Subordinated Lenders or the value of the securities given in connection with
the making and continuation of the Credit Facilities under this Agreement. Neither the Coordinating Lead Arrangers, the Agent nor the Agent-Related Persons shall have any duty or responsibility, either initially or on a continuing basis to provide
any Lender with any credit or other information with respect to the Borrower, the Guarantor, the Shareholders, the Subordinated Lenders or any of their respective Subsidiaries whether coming into their or its possession before the making of any
Advance or at any time or times thereafter, other than as provided in this Clause 40.7(a). 
  

 - 81 - 

 11. Neither the Coordinating Lead Arrangers, the Agent nor the Agent-Related Persons shall have
any responsibility to any Lender on account of the failure of the Borrower, the Guarantor, the Shareholders and/or the Subordinated Lenders to perform its/their obligations under the Security Documents to which it is a party (or any of them) or for
the financial or other condition of the Borrower, the Guarantor, the Shareholders, the Subordinated Lenders or any of their respective Subsidiaries, or for the completeness or accuracy of any statements, representations or warranties in the Security
Documents to which it is a party (or any of them) or any document delivered under the Security Documents (or any of them) or for the execution, effectiveness, adequacy, genuineness, validity, enforceability or admissibility in evidence of the
Security Documents (or any of them) or of any certificate, report or other document executed or delivered under the Security Documents (or any of them) or otherwise in connection with the Credit Facilities or their negotiation or for acting (or, as
the case may be, refraining from acting), in each case, in good faith in accordance with the instructions of the Majority Lenders.  
 12. Each of the Coordinating Lead Arrangers, the Agent and the Agent-Related Persons may, without any liability to account to 

  

 - 82 - 

 
the Lenders, accept deposits from, lend money to, and generally engage in any kind of banking or trust business with, the Borrower, the Guarantor, the
Shareholders, Subordinated Lenders or any of their respective Subsidiaries or associated companies or any of the Lenders as if it were not the Coordinating Lead Arrangers, the Agent or the Agent-Related Persons as the case may be. 
 13. Each Lender shall reimburse the Agent and the Agent-Related Persons (rateably in accordance with its Commitments or participation in the Loans), to
the extent the Agent and the Agent-Related Persons are not reimbursed by the Borrower, the Guarantor for the reasonable charges and expenses incurred by the Agent and the Agent-Related Persons in connection with, the enforcement of, or the
preservation of any rights under, or in carrying out its duties under, the Security Documents (or any of them) including (in each case) the fees and expenses of legal or other professional advisers incidental thereto. Each Lender shall indemnify the
Agent and the Agent-Related Persons (rateably in accordance with its Commitments or participation in the Loans) against all liabilities, damages, costs and claims whatsoever incurred by the Agent and the Agent-Related Persons in connection with the
performance of its duties in accordance with the provisions of the Security Documents (or any of them) or any action taken by the Agent and the Agent-Related 

  

 - 83 - 

 
Persons in accordance with the provisions of the Security Documents, unless such liabilities, damages, costs or claims arise from the Agent’s or the
Agent-Related Persons’ own gross negligence or wilful misconduct. 
 14. (a) Either the Agent may retire from its appointment as
Agent under this Agreement and the Security Documents after having given to the Borrower and each Lender not less than 30 days’ notice of its intention to do so, provided that no such retirement shall take effect unless there has been appointed
by the Lenders as a successor agent which is either:- 
 (i) a Lender in Macau as nominated by the Majority Lenders in consultation with the
Borrower or, failing such a nomination after 30 days from the date of such notice, 
 (ii) any reputable and experienced bank or financial
institution with an office in Macau nominated by the Agent after consultation with the Borrower. 
 Provided that the Agent may in its notice
of resignation nominate (and accordingly appoint) any of its Affiliates as successor Agent without the consent of any other party. 
 (b)
Upon any such successor as aforesaid being appointed, the retiring Agent shall be discharged from any further obligation 

  

 - 84 - 

 
under this Agreement and the Security Documents and its successor and each of the other parties to this Agreement and the Security Documents shall have the
same rights and obligations among themselves as they would have had if such successor had been a party to this Agreement and the Security Documents in place of the retiring Agent. 
 15. A Reference Bank who is also a Lender under this Agreement may retire from its appointment as Reference Bank under this Agreement after having given
to the Agent and the Borrower not less than 30 days’ prior written notice of its intention to do so. 
 16. If a Reference Bank who is
also a Lender under this Agreement retires as Reference Bank under this Agreement or where such Reference Bank which is also a Lender novates and transfers all its rights and obligations under this Agreement or if all the Commitment of any such
Reference Bank (where such Reference Bank is a Lender) is cancelled pursuant to the terms of this Agreement and all its participation in the Loan are prepaid under Clause 21, it shall be replaced as a Reference Bank by such bank or financial
institution as the Agent (after consultation with the Borrower) shall designate by notice to the Borrower and the Lenders. 
 Except as
specifically provided in this Agreement, the Coordinating Lead Arrangers have no obligations of any kind to any other party to this Agreement under or in connection with this Agreement. 
  

 - 85 - 

 CLAUSE FORTY ONE 
 (Governing Law) 
 This Agreement shall be governed by and constructed in accordance with the laws of
the Macau Special Administrative Region. 
 CLAUSE FORTY TWO 
 (JURISDICTION) 
 The Parties hereto agree that any legal action or proceedings
in connection with this Agreement are subordinated to the non-exclusive jurisdiction of the Courts of the Macau Special Administrative Region. 
 CLAUSE FORTY THREE 
 (MISCELLANEOUS) 
 The Parties hereto agree that, notwithstanding the provisions of any other Finance Document or other agreement which may exist between any of them, in the case of any inconsistency between this Agreement and any other
Finance Documents, the terms of this Agreement shall always prevail. 
 CLAUSE FORTY FOUR 
 (COPIES) 
 This Agreement is made in
five copies, one for the Security Agent, one for ICBC (Asia), one for the Borrower, one for the Guarantor and the fifth copy shall be filed with the office of Dr. Leonel Alberto Alves, Lawyer. 
  

 - 86 - 

	
	Macau, 13 February, 2006
	
	First Parties:
	
	BANK OF CHINA LIMITED, MACAU BRANCH
	
	Mr. Cheong, Chi Sang
	
	 /s/

	BANCO NACIONAL ULTRAMARINO, S.A.
	
	Mr. Kan Cheok Kuan
	
	 /s/

	Mr. João de Brito Augusto
	
	 /s/

	BANCO COMERCIAL DE MACAU, S.A.
	
	Mr. Leonel Leonardo Guerreiro da Costa
	
	 /s/

	Mr. Chan, Sou Chao
	
	 /s/

	INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA) LIMITED
	
	Mr. Leung, Kang Yui Marco

  

 - 87 - 

	
	 /s/

	Mr. Yung, Lap Kay
	
	 /s/

	BANCO ESPÍRITO SANTO DO ORIENTE, S.A.
	
	Mr. José Manuel Trindade Morgado
	
	 /s/

	Mr. Carlos José Nascimento Magalhães Freire
	
	 /s/

	LIU CHONG HING BANK LIMITED, MACAU BRANCH
	
	Mr. Lam, Man King
	
	 /s/

	Mr. Lee, Siu Kau
	
	 /s/

	Second Party:
	
	GREAT WONDERS, INVESTMENTS, LIMITED

  

 - 88 - 

			
	Mr. Ho, Lawrence Yau Lung
		
	 /s/                                      
  
	 	[company chop]
	Mr. Chung, Yuk Man	 	
		
	 /s/                                      
  
	 	
	Third Parties:	 	
	
	MELCO PBL ENTERTAINMENT (GREATER CHINA) LIMITED
		
	Mr. Ho, Lawrence Yau Lung	 	
		
	 /s/                                      
  
	 	[company chop]
	Mr. Chung, Yuk Man	 	
		
	 /s/                                      
  
	 	
	WITNESS BY:	 	
	
	LEONEL ALBERTO ALVES
		
	Lawyer	 	
		
	 /s/                                      
  
	 	[firm’s chop]

  

 - 89 - 

 ANNEX I 
 DRAWDOWN NOTICE 
 To: BANK OF CHINA LIMITED 
 Macau Branch 
 Facility Agent 
 16/F, Bank of China Building, Avenida Doutor Mário Soares no 323, Macau. 
 Ref: Syndicated Credit Facilities Agreement of HKD1,280,000,000.00 (One Billion Two Hundred and Eighty Million Hong Kong Dollars) 
 Referring to the Syndicated Credit Facilities Agreement signed on 13 February 2006 (hereinafter the “Agreement”) between our company (Great Wonders, Investments, Limited) and the Lenders, we hereby:

 1. Notify the Facility Agent for the drawdown of HKD. . . . referring to the Tranche . . . 
 2. Declare that the above amount shall be destinated for use in the [Hotel Project] [Project]; 
 3. Certify that [there is no Cost Overrun for the Development Project] [there is Cost Overrun in the amount of HK[ · ] and such Cost Overrun does not exceed HK$50,000,000.00] 
 4. Confirm
that at present, there is no Event of Default or Potential Event of Default as stipulated in the Agreement continuing. 
  

 - 90 - 

	
	Macau, . . . . .
	  
  

	Great Wonders, Investments, Limited

  

 - 91 - 

 ANNEX II 
 FORM OF TRANSFER CERTIFICATE 
  

	To:	BANK OF CHINA LIMITED, MACAU BRANCH 

 16/F., Bank of China
Building 
 Avenida Doutor Mário Soares,no 323 
 Macau 
 For the attention of: 
  

	From:	[The Existing Lender] (the “Existing Lender”) and [The New Lender] (the “New Lender”)

 Dated: 
 Great Wonders, Investments, Limited 
 – HKD1,280,000,000.00 Facility Agreement dated 13
 February 2006 
 (the “Facility
Agreement”) 
  

	1.	We refer to the Facility Agreement. This is a Transfer Certificate. Terms defined in the Facility Agreement shall have the same meaning in this Transfer Certificate.

  

	2.	We refer to Clause 37 (Transferability):- 

  

	 	(a)	The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all or part of the Existing Lender’s Commitment, rights and
obligations referred to in the Schedule in accordance with Clause 37 (Transferability). 

  

	 	(b)	The proposed transfer date is [                    ].

  

	 	(c)	The facility office and address, fax number and attention details for notices of the New Lender are set out in the Schedule. 

  

	 	(d)	The Existing Lender hereby assigns, with effect from the transfer date specified in paragraph (c) above, a portion of the rights held by it (in its capacity as Lender) under or
in connection with the Finance Documents (other than the Facility Agreement) which correspond to the rights and obligations under the Facility Agreement transferred pursuant hereto. 

  

 - 92 - 

	 	3.	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in Clause 26. 

  

	 	4.	This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on all counterparts were on a single copy of this Transfer
Certificate. 

  

	 	5.	This Transfer Certificate is governed by the law of Macau Special Administrative Region. 

  

 - 93 - 

 THE SCHEDULE 
 Commitment/rights and obligations to be transferred 
 Transfer Details: 
  

	Nature:	Great Wonders, Investments, Limited – a HKD1,280,000,000.00 term loan facility 

 Final Maturity:
                                [        ]

  

					
	 Participation Transferred
	  	            Tranche A            	 	            Tranche B            
	 Commitment Transferred:
	  	[        ]	 	[        ]
	 Loan Transferred:
	  	[        ]	 	[        ]
			
	Administration Details:	  		 	
	 New Lender’s Receiving Account:
	  	[        ]	 	
	 Address:
	  	[        ]	 	
	 Telephone:
	  	[        ]	 	
	 Facsimile:
	  	[        ]	 	
	 Attn/Ref:
	  	[        ]	 	

  

			
	 [Existing Lender]
	  	 [New Lender]

	By:	  	By:

 This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as
[                    ]. 
 BANK OF CHINA
LIMITED, MACAU BRANCH (as Facility Agent) 
  

	
	By:

  

 - 94 -Facility Agreement dated September 4

			
	

	 	

 Exhibit 10.7 
 FACILITY AGREEMENT 
 dated 4 September 2006 
 for 
 PBL ENTERTAINMENT (MACAU) LIMITED

 as Borrower 
 arranged by

 AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED, 
 BANC OF AMERICA SECURITIES ASIA LIMITED, 
 BARCLAYS CAPITAL and DEUTSCHE BANK AG, HONG KONG
BRANCH 
 as Coordinating Lead Arrangers 
 with 
 AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 
 acting as Agent 
 and 
 ANZ FIDUCIARY SERVICES PTY LIMITED 
 acting as Security Trustee 
 and 
 BANK OF AMERICA N.A., HONG KONG BRANCH as Account Bank 
  

 SUBCONCESSION FACILITY 
  

 CONTENTS 
  

					
	Clause	 	 	  	Page
	1.	 	Definitions and Interpretation	  	1
			
	2.	 	The Facility	  	18
			
	3.	 	Purpose	  	18
			
	4.	 	Conditions of Utilisation	  	18
			
	5.	 	Utilisation	  	20
			
	6.	 	Repayment	  	22
			
	7.	 	Prepayment and Cancellation	  	23
			
	8.	 	Interest	  	26
			
	9.	 	Interest Periods	  	27
			
	10.	 	Changes to the Calculation of Interest	  	27
			
	11.	 	Fees	  	28
			
	12.	 	Tax Gross Up and Indemnities	  	30
			
	13.	 	Increased Costs	  	32
			
	14.	 	Other Indemnities	  	33
			
	15.	 	Mitigation by the Lenders	  	34
			
	16.	 	Costs and Expenses	  	35
			
	17.	 	Representations	  	36
			
	18.	 	Information Undertakings	  	38
			
	19.	 	General Undertakings	  	40
			
	20.	 	Events of Default	  	46
			
	21.	 	Changes to the Lenders	  	51
			
	22.	 	Changes to the Obligors	  	54
			
	23.	 	Role Of The Security Trustee and the Account Bank	  	55
			
	24.	 	Role of the Agent and the Arrangers	  	62
			
	25.	 	Conduct of Business by the Finance Parties	  	67
			
	26.	 	Sharing Among the Finance Parties	  	68
			
	27.	 	Payment Mechanics	  	70
			
	28.	 	Set-Off	  	71
			
	29.	 	Notices	  	72
			
	30.	 	Calculations and Certificates	  	74
			
	31.	 	Partial Invalidity	  	74
			
	32.	 	Remedies and Waivers	  	74

					
	33.	  	Amendments and Waivers	  	74
			
	34.	  	Counterparts	  	75
			
	35.	  	Governing Law	  	76
			
	36.	  	Enforcement	  	76

					
			
	SCHEDULE 1	  	The Original Lenders	  	77
		
	SCHEDULE 2	  	78
			
	        Part I	  	Conditions precedent to Utilisation	  	78
	        Part II	  	Closing Declaration/Certificate	  	80
	        Part III	  	Conditions Subsequent	  	82
			
	SCHEDULE 3	  	Requests	  	84
			
	        Part I	  	Utilisation Request	  	84
	        Part II	  	Selection Notice	  	85
			
	SCHEDULE 4	  	Form of Transfer Certificate	  	86
			
	SCHEDULE 5	  	APLMA Form of Confidentiality Undertaking	  	88

 THIS AGREEMENT is dated 4 September 2006 and made between: 
  

	(1)	PBL ENTERTAINMENT (MACAU) LIMITED (the “Borrower”); 

  

	(2)	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED, BANC OF AMERICA SECURITIES ASIA LIMITED, BARCLAYS CAPITAL and DEUTSCHE BANK AG, HONG KONG BRANCH as coordinating lead
arrangers (whether acting individually or together the “Arrangers”); 

  

	(3)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 (The Original Lenders) as lenders (the “Original Lenders”); 

  

	(4)	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED as agent of the other Finance Parties (the “Agent”); 

  

	(5)	ANZ FIDUCIARY SERVICES PTY LIMITED as security trustee for the Finance Parties (the “Security Trustee”); and 

  

	(6)	BANK OF AMERICA N.A., HONG KONG BRANCH as account bank (the “Account Bank”). 

 IT IS AGREED as follows: 
 SECTION 1 
 INTERPRETATION 
 1. DEFINITIONS AND INTERPRETATION 
 1.1 Definitions 
 In this Agreement: 
 “Affiliate” means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company. 
 “APLMA” means the Asia Pacific Loan Market Association. 
 “Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration. 
 “Availability Period” means the period from and including the date of this Agreement to and including the date falling 30 days
thereafter. 
 “Available Commitment” means, prior to the making of the Utilisation Request, a Lender’s Commitment or,
thereafter, zero. 
 “Available Facility” means the aggregate for the time being of each Lender’s Available Commitment.

 “Bank Guarantees” means the guarantees procured by the Sponsors to be granted by a bank or other financial institution
pursuant to and maintained in accordance with Clause 19.13 (Sponsor Guarantees). 
 “Bank Guarantor” means the grantor
of a Bank Guarantee. 
  

 - 1 - 

 “Borrowings” means, (without double counting) at any time, the outstanding principal,
capital or nominal amount and any fixed or minimum premium payable on prepayment or redemption of any indebtedness for or in respect of: 
  

	 	(a)	moneys borrowed; 

  

	 	(b)	any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; 

  

	 	(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

  

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a finance or capital lease;

  

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	 	(f)	any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution
(excluding any given in respect of trade credit arising in the ordinary course of business and otherwise not exceeding, in aggregate, $5,000,000 or its equivalent); 

  

	 	(g)	any amount raised by the issue of redeemable shares which are redeemable before the Final Maturity Date; 

  

	 	(h)	any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary reasons behind the entry into the agreement is to raise finance or
(ii) the agreement is in respect of the supply of assets or services and payment is due more than 90 days after the date of supply; 

  

	 	(i)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; and 

  

	 	(j)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (i) above. 

 “Break Costs” means the amount (if any) by which: 
  

	 	(a)	the interest which a Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or Unpaid Sum to the last day of the
current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period; 

  

 - 2 - 

 exceeds: 
  

	 	(b)	the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the Relevant
Interbank Market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period, 

 provided that Break Costs shall not include any loss of margin. 
 “Business Day”
means a day (other than a Saturday or Sunday) on which banks are open for general business in the Macau SAR, the Hong Kong SAR, London, Melbourne, Sydney and New York City. 
 “Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a
corporation, any and all classes of membership interests in a limited liability company, any and all classes of partnership interests in a partnership, any and all equivalent ownership interests in a person and any and all agreements, warrants,
rights or options to acquire any of the foregoing. 
 “Change of Control” means, save to the extent set out in and
contemplated by the Corporate Restructuring Memorandum, the occurrence of any of the following: 
  

	 	(a)	the Sponsors cease collectively to beneficially own, directly or indirectly in the aggregate, (i) prior to any Permitted Public Offering, 90% (measured by voting power) and 90%
(measured by size of equity interest) of the outstanding Capital Stock of the Borrower, (ii) after any Permitted Public Offering, at least 65% (measured by voting power) and at least 65% (measured by size of equity interest) of the outstanding
Capital Stock of the Borrower, or (iii) at any time PBL ceases to own at least 50% of the Sponsors’ combined percentage of the outstanding Capital Stock of the Borrower; 

  

	 	(b)	prior to any Permitted Public Offering, the Sponsors cease collectively to have, directly or indirectly, the power to direct the management and operations of the Borrower, including
the power to appoint or remove all, or the majority, of the board of directors of the Borrower; or 

  

	 	(c)	there ceases to be a majority of directors on the board of the Borrower who were elected with the approval of a majority of the directors of Melco PBL Entertainment whose election
to the board of Melco PBL Entertainment was in turn approved by the Sponsors collectively (or by directors whose election was approved by the Sponsors collectively), 

 provided that for the purposes of this definition, PBL shall be treated as owning 100% of the Capital Stock of Mancon Nominees Pty Limited so long
as PBL owns at least 99.99% of the Capital Stock of Mancon Nominees Pty Limited and this definition and the criteria set out in this definition shall be read and construed accordingly. 
 “Closing Certificate” means the certificate to be delivered by PBL pursuant to Clause 5.6 (Closing Conditions and Conditions
Subsequent). 
  

 - 3 - 

 “Closing Declaration” means the declaration to be delivered by the Borrower pursuant to
Clause 5.6 (Closing Conditions and Conditions Subsequent). 
 “Closing Date” means the date upon which Completion
occurs. 
 “Commitment” means: 
  

	 	(a)	in relation to an Original Lender, the amount set opposite its name under the heading “Commitment” in Schedule 1 (The Original Lenders) and the amount of any
other Commitment transferred to it under this Agreement; and 

  

	 	(b)	in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement, 

 to the extent not cancelled, reduced or transferred by it under this Agreement. 
 “Commitment Letter” means the letter dated 4 September 2006 between the Sponsors, the Borrower and the Arrangers. 
 “Completion” means the satisfaction of each of the conditions specified in article V of the Wynn Agreement, the closing of the Grant of
Subconcession in accordance with article III of the Wynn Agreement and the issue of the Subconcession to the Borrower, the execution and delivery of the Subconcession Contract by all parties thereto and the occurrence of the effective date specified
in article 108 thereof. 
 “Confidentiality Undertaking” means a confidentiality undertaking substantially in a recommended
form of the APLMA as set out in Schedule 5 (APLMA Form of Confidentiality Undertaking) or in any other form agreed between the Borrower and the Agent. 
 “Constitutional Documents” means, collectively, in relation to any person, any certificate of incorporation, memorandum and articles of association, bylaws, shareholders’ agreement, certificate
of formation, limited liability company agreement, partnership agreement and any other formation or constituent documents applicable to such person. 
 “Corporate Restructuring” means the implementation and completion of the transactions set out in and contemplated by the Corporate Restructuring Memorandum. 
 “Corporate Restructuring Memorandum” means the corporate restructuring paper entitled “PBL Entertainment (Macau) Limited - Corporate
Restructuring Memorandum” in an agreed form, prepared by PBL and dated 31 August 2006, describing the ownership structure of the Group and its key assets (including the Subconcession, the Project and the Mocha Slot Business) and Great
Wonders and its key assets (including the Crown Macau Project) as at the date hereof and following the transfer of ownership in the Borrower upon the approval of the government of the Macau SAR which is expected to occur following the acquisition of
the Subconcession by the Borrower. 
 “Crown Macau Project” means the design, development, construction, ownership and
maintenance of a hotel and casino in Taipa, Macau SAR by Great Wonders, the operation of the hotel by Great Wonders or Melco PBL Hotel (Crown Macau) Limited), its Affiliate which at the date hereof is a Subsidiary of Melco PBL Entertainment (Greater
China) Limited, and the 

  

 - 4 - 

 
leasing and operation of the casino in accordance with the Subconcession and the documentation entered into by, inter alia, Great Wonders in
connection with the foregoing and in connection with its financing. 
 “Default” means an Event of Default or any event or
circumstance specified in Clause 20 (Events of Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event
of Default. 
 “Delegate” means any delegate, agent, attorney or co-trustee appointed by the Security Trustee. 
 “Disbursement Account” means the account referred to in Clause 5.5 (Limitations on Utilisations) 
 “EBITDA” means the profits of the Borrower, on an unconsolidated basis, from ordinary activities before taxation: 
  

	 	(a)	before deducting any Finance Charges; 

  

	 	(b)	before deducting any amount attributable to the amortisation of intangible assets or the depreciation of tangible assets; 

  

	 	(c)	before taking into account any items treated as exceptional or extraordinary items (other than, for the avoidance of doubt, any such item arising as a consequence of any
delay in the opening of the Crown Macau Project); 

  

	 	(d)	before taking into account any realised and unrealised exchange gains and losses including those arising on translation of currency debt; and 

  

	 	(e)	before taking into account any gain or loss arising from an upward or downward revaluation of any asset, 

 in each case, to the extent added, deducted or taken into account, as the case may be, for the purposes of determining profits of the Borrower from
ordinary activities before taxation. 
 “Equity” means, at any time, the aggregate of: 
  

	 	(a)	the amounts paid up by each Sponsor Group Shareholder by way of subscription for shares in the Borrower; and 

  

	 	(b)	the amounts advanced to the Borrower and outstanding at such time by way of Sponsor Group Loans. 

 “Event of Default” means any event or circumstance specified as such in Clause 20 (Events of Default). 
 “Facility” means the term loan facility made available under this Agreement as described in Clause 2 (The Facility). 

 

 - 5 - 

 “Facility Office” means the office or offices notified by a Lender to the Agent in
writing on or before the date it becomes a Lender (or, following that date, by not less than five Business Days’ written notice) as the office or offices through which it will perform its obligations under this Agreement. 
 “Fee Letter” means any letter or letters dated on or about the date of this Agreement between the Arrangers and the Borrower (or the
Agent and the Borrower or the Security Trustee and the Borrower) setting out any of the fees referred to in Clause 11 (Fees). 
 “Final Maturity Date” means the fifteenth Repayment Date. 
 “Finance Charges” means, for any
period, the aggregate amount of the accrued interest, commission, fees, discounts, prepayment penalties or premiums and other finance payments in respect of Borrowings whether paid, payable or capitalised by the Borrower in respect of that period:

  

	 	(a)	including the interest element of leasing and hire purchase payments; 

  

	 	(b)	including any accrued commission, fees, discounts and other finance payments payable by the Borrower under any interest rate hedging arrangement; 

  

	 	(c)	deducting any accrued commission, fees, discounts and other finance payments owing to the Borrower under any interest rate hedging instrument; 

  

	 	(d)	deducting any accrued interest owing to the Borrower on any deposit or bank account; 

  

	 	(e)	including an amount equal to interest (paid, payable or capitalised) in respect of the Notes (whether by the Borrower or Melco PBL International, but without including the
same amount twice); and 

  

	 	(f)	excluding any other interest (capitalised or otherwise) in respect of any Subordinated Debt, 

 together with the amount of any cash dividends or distributions paid or made by the Borrower in respect of that period. 
 “Finance Document” means this Agreement, the Sponsor Guarantees, the Bank Guarantees, the Commitment Letter, any Fee Letter, any document
to be entered into in connection with the satisfaction of the Subconcession Facility Extension Conditions and any other document designated as such by the Agent and the Borrower. 
 “Finance Party” means the Agent, an Arranger, the Security Trustee, the Account Bank or a Lender. 
 “Financial Indebtedness” means (without double counting, where relevant) any indebtedness for or in respect of: 
  

	 	(a)	moneys borrowed; 

  

	 	(b)	any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; 

  

 - 6 - 

	 	(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

  

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a finance or capital lease;

  

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	 	(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

  

	 	(g)	any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative
transaction, only the marked to market value shall be taken into account); 

  

	 	(h)	any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution
(excluding any given in respect of trade credit arising in the ordinary course of business and otherwise not exceeding, in aggregate, $5,000,000 or its equivalent); 

  

	 	(i)	any amount raised by the issue of redeemable shares which are redeemable before the Final Maturity Date; 

  

	 	(j)	any amount of any liability under an advance or deferred purchase agreement if one of the primary reasons behind the entry into this agreement is to raise finance; and

  

	 	(k)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (j) above. 

 “First Repayment Date” means 31 December 2007. 
 “Funds Flow Memorandum” means the memorandum setting out the flow of funds to be utilised for payment of the Premium Price in the agreed form. 
 “GAAP” means, in relation to the Borrower, generally accepted accounting principles in the United States, in relation to Melco, generally
accepted accounting principles in Hong Kong and, in relation to PBL, generally accepted accounting principles in Australia. 
 “Governmental Authority” means, as to any person, the government of the Macau SAR, any other national, state, provincial or local government (whether domestic or foreign), any political subdivision thereof or any other
governmental, quasi-governmental, judicial, public or statutory instrumentality, authority, body, agency, bureau or entity, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to
government, in each case having jurisdiction over such person, or any arbitrator with authority to bind such person at law. 
  

 - 7 - 

 “Grant of Subconcession” means the grant of the Subconcession to the Borrower on the
terms of the Wynn Agreement. 
 “Great Wonders” means Great Wonders, Investments, Limited. 
 “Group” means the Borrower, its Subsidiaries and the Sponsor Group Shareholders. 
 “Holding Company” means, in relation to a company or corporation, any other company or corporation in respect of which it is a
Subsidiary. 
 “Hong Kong SAR” means the Hong Kong Special Administrative Region. 
 “Intercreditor Agreement” means the intercreditor agreement contemplated by the Term Sheet. 
 “Interest Period” means, in relation to the Loan, each period determined in accordance with Clause 9 (Interest
Periods) and in relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 (Default Interest). 
 “Land Concession Performance Bond” means the performance bond issued or to be issued to Macau SAR to secure Melco Hotel’s obligations under the land concession contract to be entered into in respect of the Project.

 “Legal Requirements” means all laws, statutes, orders, decrees, injunctions, licenses, permits, approvals, agreements and
regulations of any Governmental Authority having jurisdiction over the matter in question. 
 “Legal Reservations” means any
general principles of law or equity or their equivalent in any relevant jurisdiction which limit the obligations of the Borrower and are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation).

 “Lender” means: 
  

	 	(a)	any Original Lender; and 

  

	 	(b)	any bank, financial institution, trust, fund or other entity which has become a Party in accordance with Clause 21 (Changes to the Lenders), 

 which in each case has not ceased to be a Party in accordance with the terms of this Agreement. 
 “Leverage” means with respect to any Quarter Date the ratio of Total Debt on such Quarter Date to EBITDA in respect of any twelve month
period ending on such Quarter Date. 
 “LIBOR” means, in relation to the Loan: 
  

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for US dollars or the Interest Period of that Loan) the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the
Agent at its request quoted by the Reference Banks to leading banks in the London interbank market, 

 at or about 11:00 a.m.
(London time) on the Quotation Day for the offering of deposits in US dollars for a period comparable to the Interest Period for the Loan. 
  

 - 8 - 

 “Loan” means the loan made or to be made under the Facility or the principal amount
outstanding for the time being of that loan. 
 “Macau SAR” means the Macau Special Administrative Region. 
 “Majority Lenders” means: 
  

	 	(a)	if there is no Loan then outstanding, a Lender or Lenders whose Commitments aggregate more than 662/3% of the Total
Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 662/3% of the Total Commitments immediately prior to the reduction); or 

  

	 	(b)	at any other time, a Lender or Lenders whose participations in the Loan then outstanding aggregate more than 662/3% of the Loan.

 “Margin” means 3 per cent. per annum. 
 “Material Adverse Effect” means a material adverse effect on: 
  

	 	(a)	the business, operations, property, condition (financial or otherwise) of the Borrower or the prospects of the Group taken as a whole; 

  

	 	(b)	the ability of the Borrower to perform its obligations under the Finance Documents; or 

  

	 	(c)	the validity or enforceability of the Finance Documents or the rights or remedies of any Finance Party under the Finance Documents. 

 “Melco” means Melco International Development Limited. 
 “Melco Hotels” means Melco Hotels and Resorts (Macau) Limited. 
 “Melco PBL
Entertainment” means Melco PBL Entertainment (Macau) Limited. 
 “Melco PBL International” means Melco PBL
International Limited. 
 “Mocha Slot Business” means the assets comprised in the Mocha Slot electronic gaming machine lounge
business carried on at the date hereof by the Mocha Slot Group. 
 “Mocha Slot Group” means Mocha Slot Group Limited, Mocha
Slot Management Limited and Mocha Café Limited. 
 “Month” means a period starting on one day in a calendar month and
ending on the numerically corresponding day in the next calendar month, except that: 
  

	 	(a)	(subject to paragraph (c) below) if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that
period is to end if there is one, or if there is not, on the immediately preceding Business Day; 

  

 - 9 - 

	 	(b)	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and

  

	 	(c)	if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest
Period is to end. 

 The above rules will only apply to the last Month of any period. 
 “Moody’s” means Moody’s Investors Service, Inc or its successor. 
 “Notes” means the USD600 million (or such other amount as may be agreed) notes proposed to be issued by Melco PBL International, or any
other alternative debt issued as referred to in footnote 24 of the Term Sheet. 
 “Other Security” shall have the meaning
given to it in Clause 23.1 (Trust). 
 “Party” means a party to this Agreement. 
 “PBL” means Publishing and Broadcasting Limited. 
 “Permitted Public Offering” means the proposed initial primary offering to the public of ordinary shares in Melco PBL Entertainment and the listing thereof on the NASDAQ Stock Market and any
subsequent primary or secondary offering to the public of ordinary shares in Melco PBL Entertainment which, in aggregate, including the initial offering, will, following allotment, comprise no more than 35% of the then outstanding Capital Stock of
Melco PBL Entertainment. 
 “Premium Price” means the premium payable to Wynn Macau for the grant of the Subconcession under
the Wynn Agreement. 
 “Project” means the design, development, construction, ownership, operation, management and
maintenance of the “City of Dreams” hotel and casino complex by Melco Hotels and, in respect of the operation and management of any casino or gaming areas therein, the Borrower, as contemplated in the Term Sheet and in accordance with the
Subconcession. 
 “Project CP Satisfaction Date” means the date on which all conditions precedent to the initial utilisation
of the Project Facilities contemplated by the Term Sheet have been satisfied. 
 “Project Facilities” means the “Project
Facilities” referred to in the Term Sheet to be provided to the Borrower and others. 
 “Quarter Date” means each of
31 March, 30 June, 30 September and 31 December. 
 “Quotation Day” means, in relation to any period for which
an interest rate is to be determined, two Business Days before the first day of that period. 
  

 - 10 - 

 “Reference Banks” means the principal London offices of Australia and New Zealand
Banking Group Limited, Bank of America, N.A., Barclays Bank PLC and Deutsche Bank AG or such other banks as may be appointed by the Agent in consultation with the Borrower. 
 “Relevant Interbank Market” means the London interbank market. 
 “Repayment Date” means: 
  

	 	(a)	the First Repayment Date; and 

  

	 	(b)	each Quarter Date thereafter, 

 but if any such date is not
a Business Day, then that Repayment Date shall be deemed to be the immediately succeeding Business Day. 
 “Repayment
Instalment” means each instalment for repayment of the Loan referred to in Clause 6.1 (Repayment of Loan). 
 “Repeating Representations” means each of the representations set out in Clauses 17.1 (Status) to 17.6 (Governing law and enforcement), Clause 17.9(a) (No default), Clause 17.10 (No misleading
information), Clause 17.11 (Pari passu ranking) and Clause 17.12 (No proceedings pending or threatened). 
 “Screen
Rate” means the British Bankers’ Association Interest Settlement Rate for dollars for the relevant period, displayed on the appropriate page of the Reuters screen. If the agreed page is replaced or service ceases to be available, the
Agent may specify another page or service displaying the appropriate rate after consultation with the Borrower and the Lenders. 
 “Security” means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect. 
 “Selection Notice” means a notice substantially in the form set out in Part II of Schedule 3 (Requests) given in accordance with
Clause 9 (Interest Periods). 
 “SJM” means Sociedade de Jogos de Macau, S.A. 
 “Sponsor Group Loans” means Financial Indebtedness advanced by one or more of the Sponsor Group Shareholders directly or indirectly to
the Borrower. 
 “Sponsor Group Shareholder” means any direct or indirect shareholder of the Borrower which is a Sponsor, a
Subsidiary of a Sponsor or which would be a Subsidiary of a Sponsor were the rights and interests of each Sponsor in respect thereof combined. 
 “Sponsor Guarantees” means the guarantees granted or to be granted by the Sponsor Group Shareholders, in the case of PBL pursuant to paragraph 3(b) of Schedule 2, Part I (Conditions precedent to initial
Utilisation), and maintained in accordance with Clause 19.13 (Sponsor Guarantees). 
 “Sponsor Guarantor” means
the grantor of a Sponsor Guarantee. 
  

 - 11 - 

 “Sponsors” means Melco and PBL and “Sponsor” means each of them.

 “Standard & Poor’s” or “S&P” means Standard & Poor’s Ratings Services, a
division of The McGraw-Hill Companies, Inc., or its successor. 
 “Subconcession” means the binding trilateral agreement to
be entered into by and between Macau SAR, Wynn Macau (as concessionaire for the operation of casino games of chance and other casino games in the Macau SAR, under the terms of the 24th June 2002 concession contract by and between the Macau SAR and Wynn Macau) and the Borrower, comprising a set of instruments from which shall flow an
integrated web of rights, duties and obligations by and for all and each of the Macau SAR, Wynn Macau and the Borrower (the nominative administrative contract known as the subconcession contract for the operation of casino games of chance and other
casino games in the Macau SAR, executed by Wynn Macau and the Borrower, to be the most significant instrument thereof), pursuant to the terms of which the Borrower shall be entitled to operate casino games of chance and other casino games in the
Macau SAR as an autonomous subconcessionaire in relation to Wynn Macau. 
 “Subconcession Bank Guarantee” means the bank
guarantee to be provided under article 61 of the Subconcession Contract in the form required by the Macau SAR. 
 “Subconcession Bank
Guarantee Facility” means the facility extended or to be extended to the Borrower by the Subconcession Bank Guarantor in accordance with the terms of the Subconcession Bank Guarantee Facility Agreement for the issuance of the Subconcession
Bank Guarantee. 
 “Subconcession Bank Guarantee Facility Agreement” means the agreement in the form of the letter of request
signed or to be signed by the Borrower and addressed to the Subconcession Bank Guarantor. 
 “Subconcession Bank Guarantor”
means Banco Nacional Ultramarino, S.A. 
 “Subconcession Contract” means the nominative administrative contract for the
operation of games of chance and other casino games in the Macau SAR to be executed by Wynn Macau and the Borrower together with the following letters to be entered into: (i) letter from the Government of the Macau SAR to be
addressed to the Borrower and copied to Wynn Macau, with regard to the confirmation by the Government of the Macau SAR of the nominative administrative contract referred to above; (ii) letter from the Borrower to be addressed to
the Government of the Macau SAR, with regard to the confirmation of the rights and obligations of the Borrower towards the Government of the Macau SAR, and (iii) letter from the Government of the Macau SAR to be
addressed to the Borrower, with regard to the confirmation of the rights and obligations of the Government of the Macau SAR towards the Borrower. 
 “Subconcession Facility Extension Conditions” means the issue of confirmation by the Agent to the Borrower in writing that it has received in form and substance acceptable to it, evidence: 

 

	 	(a)	that Leverage on at least two consecutive Quarter Dates is less than 4.00:1 based on the quarterly financial statements delivered pursuant to Clause 18.1 (Financial
statements) together with an auditor’s certificate in relation to such calculation; 

  

 - 12 - 

	 	(b)	of the execution and delivery of such documents and the taking of all other such actions as the Agent may reasonably require in connection with the creation, granting and perfection
of the guarantees and Security (except any such guarantees and Security that relate to assets of the Project which did not come into existence in circumstances where the Project CP Satisfaction Date has not occurred) referred to in the Term Sheet in
favour of the Finance Parties, including the receipt of satisfactory legal opinions; 

  

	 	(c)	that the Borrower, the Sponsors and the Lenders have agreed, done and implemented such amendments, supplements and further acts and other things as the Agent reasonably considers
consequential upon the failure to achieve the Project CP Satisfaction Date (including without limitation to ensure satisfaction of the Investment Plans (as defined in the annex to the Subconcession Contract) under the Subconcession Contract) and the
implementation (other than in connection with any guarantees or Security that relate to assets of the Project which did not come into existence in circumstances where the Project CP Satisfaction Date has not occurred) of the acts, matters and other
things contemplated by the Term Sheet (including the entry into, satisfaction of conditions under and compliance with the further “Finance Documents” as defined, and on the terms and by the parties contemplated, therein (other than in
connection with any guarantees or Security that relate to assets of the Project which did not come into existence in circumstances where the Project CP Satisfaction Date has not occurred) and including the entry into of such financial and other
covenants as the Agent may reasonably require and the adjustment of the provisions of this Agreement including without limitation Clauses 19.3, 19.4, 19.10, 19.11 and 19.12 as the Borrower may reasonably require and the Agent, acting reasonably, may
agree, taking into account, in addition to the matters specified above, the consequence and effect of the failure to achieve the Project CP Satisfaction Date on the operations of the Borrower and its Subsidiaries thereafter); and

  

	 	(d)	that the conditions subsequent referred to in paragraph (b) of Clause 5.6 (Closing Conditions and Conditions Subsequent) have been satisfied, the legal opinions in
paragraphs 3(a) and (b) of Schedule 2, Part III (Conditions Subsequent) in relation to the Subconcession Contract have been updated at such time and the matters referred to in Clause 19.14 (Corporate Restructuring and SJM
agreements) have been completed. 

 “Subconcession Facility Trigger Date” means 31 December 2007.

 “Subordinated Debt” means Financial Indebtedness owed by the Borrower that is fully subordinated, on terms reasonably
acceptable to the Agent, to the claims of the Finance Parties hereunder. 
  

 - 13 - 

 “Subsidiary” means, in relation to any company or corporation, a company or corporation:

  

	 	(a)	which is controlled, directly or indirectly, by the first mentioned company or corporation; 

  

	 	(b)	more than half the issued share capital of which is beneficially owned, directly or indirectly, by the first mentioned company or corporation; or 

  

	 	(c)	which is a Subsidiary of another Subsidiary of the first mentioned company or corporation, 

 and for this purpose, a company or corporation shall be treated as being controlled by another if that other company or corporation is able to direct its
affairs and/or to control the composition of its board of directors or equivalent body. 
 “Tax” means any tax, levy, impost,
duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). 
 “Term Sheet” means the term sheet attached to the Commitment Letter (including and taking into account the footnotes therein as the terms
in such term sheet are varied by agreement in writing between the parties to the Commitment Letter from time to time). 
 “Total
Commitments” means the aggregate of the Commitments, being $500,000,000 at the date of this Agreement. 
 “Total
Debt” means, at any time, the aggregate amount of all obligations of the Borrower for or in respect of Borrowings but: 
  

	 	(a)	excluding any such obligations in respect of Subordinated Debt (but including any such obligations in respect of the Notes and, if such obligations would not otherwise
be included herein, all obligations of Melco PBL International in respect of the Notes), the Subconcession Bank Guarantee Facility, Land Concession Performance Bond and any Sponsor Group Loans referred to in paragraph (x) of Schedule 2, Part II
(Closing Declaration/Certificate) made pursuant to the Funds Flow Memorandum; and 

  

	 	(b)	including, in the case of finance leases, only the capitalised value therefor, 

 and so that no amount shall be included or excluded more than once. 
 “Transaction
Documents” means the Wynn Agreement, the Subconcession Contract and the Finance Documents. 
 “Transfer Certificate”
means a certificate substantially in the form set out in Schedule 4 (Form of Transfer Certificate) or any other form agreed between the Agent and the Borrower. 
 “Transfer Date” means, in relation to a transfer, the later of: 
  

	 	(a)	the proposed Transfer Date specified in the Transfer Certificate; and 

  

 - 14 - 

	 	(b)	the date on which the Agent executes the Transfer Certificate. 

 “Unpaid Sum” means any sum due and payable but unpaid by the Borrower under the Finance Documents. 
 “Utilisation” means the utilisation of the Facility. 
 “Utilisation Date” means the date of the
Utilisation, being the date on which the Loan is to be made. 
 “Utilisation Request” means a notice substantially in the
form set out in Part I of Schedule 3 (Requests). 
 “Wynn Agreement” means the Agreement dated 4 March 2006
relating to the grant by Wynn Macau (subject to the approval of the Government of Macau SAR) of the Subconcession to the Borrower and made between Wynn Resorts, Limited, Wynn Macau and PBL, as amended or supplemented by an amendment agreement
between the same parties dated 1 June 2006 and the side letter from Wynn Resorts, Limited to PBL dated 1 June 2006. 
 “Wynn
Macau” means Wynn Resorts (Macau) S.A. 
 1.2 Construction 
  

	 	(a)	Unless a contrary indication appears any reference in this Agreement to: 

  

	 	(i)	The “Agent”, an “Arranger”, the “Security Trustee”, the “Account Bank”, any “Finance Party”, any
“Lender”, any “Sponsor Guarantor” or any “Party” shall be construed so as to include its successors in title, permitted assigns and permitted transferees and, in the case of the Security Trustee,
any person for the time being appointed as Security Trustee in accordance with this Agreement; 

  

	 	(ii)	a document in “agreed form” is a document: 

  

	 	(1)	in a form initialled by or on behalf of the Borrower and the Agent on or before the signing of this Agreement for the purposes of identification; or 

  

	 	(2)	if not falling within paragraph (1) above, in form and substance satisfactory to the Agent and the Borrower (each acting reasonably) and initialled by or on behalf of the Agent
and the Borrower for the purposes of identification; 

  

	 	(iii)	“assets” includes present and future properties, revenues and rights of every description (including any part thereof); 

  

	 	(iv)	“Barclays Capital” means Barclays Capital, the investment banking division of Barclays Bank PLC; 

  

	 	(v)	a “Finance Document” or a “Transaction Document” or any other agreement or instrument is a reference to that Finance Document or Transaction
Document or other agreement or instrument as amended, novated, supplemented, extended, replaced or restated; 

  

 - 15 - 

	 	(vi)	“guarantee” means any written guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct or indirect, actual or
contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation is assumed in order to maintain or assist the ability of such
person to meet its indebtedness; 

  

	 	(vii)	“indebtedness” includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or
contingent; 

  

	 	(viii)	a “person” includes any person, firm, company, corporation, government, state or agency of a state or any association, trust or partnership (whether or not having
separate legal personality) of two or more of the foregoing; 

  

	 	(ix)	a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental,
intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

  

	 	(x)	a provision of law is a reference to that provision as amended or re-enacted; and 

  

	 	(xi)	a time of day is a reference to Hong Kong time. 

  

	 	(b)	Section, Clause and Schedule headings are for ease of reference only. 

  

	 	(c)	Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that
Finance Document or notice as in this Agreement. 

  

	 	(d)	A Default is “continuing” if it has not been remedied or waived. 

  

	 	(e)	In the event of any conflict between this Agreement and the Commitment Letter and Term Sheet with respect to the Subconcession Facility (as defined in the Commitment Letter), the
terms of this Agreement shall prevail. 

 1.3 Currency Symbols and Definitions 
 “$” and “dollars” denote lawful currency of the United States of America. 
 1.4 Third party rights 
  

	 	(a)	Unless expressly provided to the contrary in a Finance Document, a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the “Third
Parties Act”) to enforce or to enjoy the benefit of any term of this Agreement. 

  

 - 16 - 

	 	(b)	Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time.

  

 - 17 - 

 SECTION 2 
 THE FACILITY 
 2. THE FACILITY 
 2.1 The Facility 
 Subject to the terms of this Agreement, the Lenders make available to the
Borrower a dollar term loan facility in an aggregate amount equal to the Total Commitments. 
 2.2 Finance Parties’ rights and obligations

  

	 	(a)	The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the
obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents. 

  

	 	(b)	The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance
Party from the Borrower shall be a separate and independent debt. 

  

	 	(c)	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents. 

 3. PURPOSE 
 3.1 Purpose 
 The Borrower shall apply all amounts borrowed by it under the Facility towards payment to Wynn Macau of the Premium Price under the Wynn Agreement.

 3.2 Monitoring 
 No Finance
Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement. 
 4. CONDITIONS OF UTILISATION

 4.1 Initial conditions precedent 
 The Borrower may not deliver a Utilisation Request unless the Agent has received all of the documents and other evidence listed in Schedule 2, Part I (Conditions precedent to Utilisation) in form and substance satisfactory to the
Agent. The Agent shall notify the Borrower and the Lenders promptly upon being so satisfied. 
 4.2 Further conditions precedent 
 The Lenders will only be obliged to comply with Clause 5.4 (Lenders’ participation) if on the date of the Utilisation Request and on the
proposed Utilisation Date: 
  

	 	(a)	no Default is continuing or would result from the proposed Loan; and 

  

	 	(b)	the Repeating Representations to be made by the Borrower are true in all material respects by reference to the facts and circumstances then existing. 

  

 - 18 - 

 4.3 Maximum number of Loans 
 The Borrower may not request that a Loan be divided. 
  

 - 19 - 

 SECTION 3 
 UTILISATION 
 5. UTILISATION 
 5.1 Delivery of a Utilisation Request 
 The Borrower may utilise the Facility by delivery to
the Agent of a duly completed Utilisation Request not later than noon on the proposed Utilisation Date. 
 5.2 Completion of a Utilisation Request

  

	 	(a)	The Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: 

  

	 	(i)	the proposed Utilisation Date is a Business Day within the Availability Period; 

  

	 	(ii)	the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount); and 

  

	 	(iii)	the proposed Interest Period complies with Clause 9 (Interest Periods). 

  

	 	(b)	Only one Loan may be requested in the Utilisation Request. 

 5.3
Currency and amount 
  

	 	(a)	The currency specified in the Utilisation Request must be dollars. 

  

	 	(b)	The amount of the proposed Loan must be $500,000,000 or if less, the Available Facility. 

 5.4 Lenders’ participation 
  

	 	(a)	If the conditions set out in this Agreement have been met each Lender shall make its participation in the Loan available by the Utilisation Date through its Facility Office directly
into the Disbursement Account. 

  

	 	(b)	The amount of each Lender’s participation in the Loan will be equal to the proportion borne by its Available Commitment to the Available Facility immediately prior to making
the Loan. 

  

	 	(c)	The Agent shall promptly (and in any event no later than 3:00 p.m. on the Utilisation Date) notify each Lender of the amount of the Loan and the amount of its participation in the
Loan. 

 5.5 Limitations on Utilisations 
 The Facility may only be utilised once. Such Utilisation shall be made on or prior to the Closing Date provided that, pending disbursement to Wynn Macau, the proceeds thereof are held in an interest bearing
account in the name of the Borrower with the Account Bank in the Hong Kong SAR in accordance with the Funds Flow Memorandum on terms, notwithstanding anything to the contrary in any account opening documentation, that: 
  

	 	(a)	they are only repayable to the Borrower by way of disbursement to Wynn Macau and application towards payment of the Premium Price under the Wynn Agreement in accordance with the
Funds Flow Memorandum upon receipt by the Account Bank of the Closing Certificate and the Closing Declaration; and 

  

 - 20 - 

	 	(b)	if the Closing Date does not occur and such disbursement is not made within 20 Business Days of the Utilisation Date, the Borrower shall immediately prepay the Loan and all other
amounts outstanding under this Agreement and the Fee Letters (and the Account Bank shall transfer the amount standing to the credit of the account to the Agent for application accordingly) and all outstanding Available Commitments shall be
cancelled. 

 5.6 Closing Conditions and Conditions Subsequent 
  

	 	(a)	On the Closing Date, the Borrower and PBL shall deliver to the Agent and the Account Bank a declaration and a certificate respectively each in the form required by Schedule 2, Part
II (Closing Declaration/Certificate) and delivery of such declaration or certificate (as the case may be) shall be a condition to the release of funds from the Disbursement Account pursuant to paragraph (a) of Clause 5.5 (Limitations
on Utilisations). 

  

	 	(b)    (i)	Within 45 days after the Closing Date, the Borrower shall deliver to the Agent the documents and evidence listed in paragraphs 1(a), (b) and (c) and paragraphs 3 and 4 of
Schedule 2, Part III (Conditions Subsequent) each in form and substance satisfactory to the Agent (acting on the instructions of all Lenders). 

  

	 	(ii)	By the date falling 4 months after the Closing Date, the Borrower shall deliver to the Agent the document listed in paragraphs 1(d) and 2 of Schedule 2, Part III (Conditions
Subsequent) in form and substance satisfactory to the Agent (acting on the instructions of all Lenders). 

  

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 SECTION 4 
 REPAYMENT, PREPAYMENT AND CANCELLATION 
 6. REPAYMENT 
 6.1 Repayment of Loan 
  

	 	(a)	The Borrower shall repay the Loan made to it: 

  

	 	(i)	in full on the date of initial utilisation of the Project Facilities; or 

  

	 	(ii)	if the date of initial utilisation of the Project Facilities does not occur on or before the Subconcession Facility Trigger Date, in instalments by repaying on each Repayment Date
an amount which reduces the amount of the outstanding Loan by an amount equal to the relevant percentage of the amount of the Loan borrowed by the Borrower as at the close of business in Hong Kong on the last day of the Availability Period as set
out in the table below: 

  

				
	 Repayment Date
	  	Repayment
Instalment	 
		
	 First Repayment Date
	  	3.00	%
	 Second Repayment Date
	  	3.00	%
	 Third Repayment Date
	  	5.50	%
	 Fourth Repayment Date
	  	5.50	%
	 Fifth Repayment Date
	  	5.50	%
	 Sixth Repayment Date
	  	5.50	%
	 Seventh Repayment Date
	  	6.00	%
	 Eighth Repayment Date
	  	6.00	%
	 Ninth Repayment Date
	  	6.00	%
	 Tenth Repayment Date
	  	6.00	%
	 Eleventh Repayment Date
	  	8.00	%
	 Twelfth Repayment Date
	  	8.00	%
	 Thirteenth Repayment Date
	  	8.00	%
	 Fourteenth Repayment Date
	  	8.00	%
	 Fifteenth Repayment Date
	  	16.00	%
		  	 	 
		  	100.00	%

 provided that the Borrower shall repay the full amount of the remaining balance of the Loan
on the date of initial utilisation of the Project Facilities. 
  

 - 22 - 

	 	(b)	The Borrower may not reborrow any part of the Facility which is repaid. 

 7. PREPAYMENT AND CANCELLATION 
 7.1 Illegality 
 If, at any time, it becomes unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to
fund or maintain its participation in the Loan: 
  

	 	(a)	that Lender shall promptly notify the Agent upon becoming aware of that event; 

  

	 	(b)	upon the Agent notifying the Borrower, the Commitment of that Lender will be immediately cancelled; 

  

	 	(c)	the Borrower shall repay that Lender’s participation in the Loan on the last day of the Interest Period occurring after the Agent has notified the Borrower or, if earlier, the
date specified by the Lender in the notice delivered to the Agent; and 

  

	 	(d)	The amount of the Repayment Instalment (if there is more than one) for each Repayment Date falling after such prepayment shall be reduced pro rata by the amount prepaid.

 7.2 Voluntary cancellation 
 The Borrower may, if it gives the Agent not less than 14 Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole (but not part) of the Available Facility.

 7.3 Voluntary prepayment of Loan 
  

	 	(a)	The Borrower may, if it gives the Agent not less than 14 Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of
the Loan (but, if in part, being an amount that reduces the amount of the Loan by a minimum amount of $5 million). 

  

	 	(b)	The Loan may only be prepaid after the last day of the Availability Period (or, if earlier, the day on which the Available Facility is zero). 

  

	 	(c)	The amount of the Repayment Instalment (if there is more than one) for each Repayment Date falling after such prepayment shall be reduced pro rata by the amount prepaid.

 7.4 Right of repayment and cancellation in relation to a single Lender 
  

	 	(a)	If: 

  

	 	(i)	any sum payable to any Lender by the Borrower is required to be increased under paragraph (c) of Clause 12.2 (Tax gross-up); or 

  

	 	(ii)	any Lender claims indemnification from the Borrower under Clause 12.3 (Tax indemnity) or Clause 13 (Increased costs), 

 the Borrower may, whilst the circumstance giving rise to the requirement or indemnification continues, give the Agent notice of cancellation of the
Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Loan. 
  

 - 23 - 

	 	(b)	On receipt of a notice referred to in paragraph (a) above, the Commitment of that Lender shall immediately be reduced to zero. 

  

	 	(c)	On the last day of the Interest Period which ends after the Borrower has given notice under paragraph (a) above (or, if earlier, the date specified by the Borrower in that
notice), the Borrower shall repay that Lender’s participation in the Loan. 

  

	 	(d)	The amount of the Repayment Instalment (if there is more than one) for each Repayment Date falling after such prepayment shall be reduced pro rata by the amount prepaid.

 7.5 Failure to achieve Project CP Satisfaction Date or satisfy Subconcession Facility Extension Conditions 
 If the Project CP Satisfaction Date does not occur by the Subconcession Facility Trigger Date, then unless the Subconcession Facility Extension Conditions
have been satisfied, the Majority Lenders may thereafter determine that the repayment schedule for the Facility be reviewed and the Borrower and the Agent shall thereafter enter into good faith discussions concerning the review. If, within three
months after the Subconcession Facility Trigger Date, a rescheduling has not been agreed and any necessary amendments made to the Finance Documents in accordance with the terms thereof, any Lender may at any time after the expiry of such three month
period, require the Agent to demand repayment of its participation in the Loan in full. Upon such demand to the Borrower, such participation, together with accrued interest and all other amounts accrued under the Finance Documents in respect
thereof, shall become immediately due and payable. The amount of the Repayment Instalment (if there is more than one) for each Repayment Date falling after such prepayment shall be reduced pro rata by the amount prepaid. 
 7.6 Non-committed debt 
 If, whether in breach
of the Commitment Letter or otherwise, any of the persons referred to in paragraph 6 thereof (other than the Excluded Subsidiaries (as defined in the Term Sheet)) raise Financial Indebtedness referred to (and subject to the exclusions) in
sub-paragraph (a) or (b) of such paragraph 6, the Loan, together with accrued interest and all other amounts outstanding under the Finance Documents, shall become immediately due and payable. 
 7.7 Restrictions 
  

	 	(a)	Any notice of cancellation or prepayment given by any Party under this Clause 7 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify
the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 

  

	 	(b)	Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs, without premium or penalty.

  

	 	(c)	The Borrower may not reborrow any part of the Facility which is prepaid. 

  

 - 24 - 

	 	(d)	The Borrower shall not repay or prepay all or any part of the Loan or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this
Agreement. 

  

	 	(e)	No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated. 

  

	 	(f)	If the Agent receives a notice under this Clause 7 it shall promptly forward a copy of that notice to either the Borrower or the affected Lender, as appropriate.

  

 - 25 - 

 SECTION 5 
 COSTS OF UTILISATION 
 8. INTEREST 
 8.1 Calculation of interest 
  

	 	(a)	The rate of interest on the Loan for each Interest Period (other than the first Interest Period) is the percentage rate per annum which is the aggregate of the applicable:

  

	 	(i)	Margin; and 

  

	 	(ii)	LIBOR. 

  

	 	(b)	The rate of interest on the Loan for the first Interest Period is the percentage rate per annum which is the aggregate of: 

  

	 	(i)	the Margin; and 

  

	 	(ii)	the average of the rates as notified to the Agent and the Borrower by each Lender as soon as practicable and in any event before interest is due to be paid in respect of the first
Interest Period to be that which expresses as a percentage rate per annum the cost to each Lender of funding its participation in the Loan from whatever source it may reasonably select. 

 8.2 Payment of interest 
 The Borrower shall
pay accrued interest on the Loan on the last day of each Interest Period. 
 8.3 Default interest 
  

	 	(a)	If the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of
actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below is 2.00 per cent higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a
Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by the Borrower on demand by the
Agent. 

  

	 	(b)	If any overdue amount consists of all or part of the Loan which became due on a day which was not the last day of an Interest Period: 

  

	 	(i)	the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to the Loan; and

  

	 	(ii)	the rate of interest applying to the overdue amount during that first Interest Period shall be 2.00 per cent. higher than the rate which would have applied if the overdue
amount had not become due. 

  

 - 26 - 

	 	(c)	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will
remain immediately due and payable. 

 8.4 Notification of rates of interest 
 The Agent shall promptly notify the Lenders and the Borrower of the determination of a rate of interest under this Agreement. 
 9. INTEREST PERIODS 
 9.1 Selection of Interest
Periods 
  

	 	(a)	The Borrower may select an Interest Period for the Loan in the Utilisation Request or (if the Loan has already been borrowed) in a Selection Notice. 

  

	 	(b)	Each Selection Notice is irrevocable and must be delivered to the Agent by the Borrower not later than noon on the third Business Day prior to the commencement of the next Interest
Period. 

  

	 	(c)	If the Borrower fails to deliver a Selection Notice to the Agent in accordance with paragraph (b) above, the relevant Interest Period will be one Month.

  

	 	(d)	Subject to this Clause 9, the Borrower may select an Interest Period of one, two or three Months or any other period agreed between the Borrower and the Agent (acting on the
instructions of all the Lenders). 

  

	 	(e)	An Interest Period shall not extend beyond a Repayment Date. 

  

	 	(f)	Each Interest Period shall start on the Utilisation Date or (if already made) on the last day of its preceding Interest Period. 

 9.2 Non-Business Days 
 If an Interest Period
would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 
 10. CHANGES TO THE CALCULATION OF INTEREST 
 10.1
Absence of quotations 
 Subject to Clause 10.2 (Market disruption), if LIBOR is to be determined by reference to the Reference
Banks but a Reference Bank does not supply a quotation by the Specified Time on the Quotation Day, the applicable LIBOR shall be determined on the basis of the quotations of the remaining Reference Banks. 
 10.2 Market disruption 
  

	 	(a)	If a Market Disruption Event occurs in relation to the Loan for any Interest Period, then the rate of interest on each Lender’s share of the Loan for the Interest Period shall
be the percentage rate per annum which is the sum of: 

  

	 	(i)	the Margin; and 

  

	 	(ii)	the rate notified to the Agent by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period, to be that which
expresses as a percentage rate per annum the cost to that Lender of funding its participation in the Loan from whatever source it may reasonably select. 

  

 - 27 - 

	 	(b)	In this Agreement “Market Disruption Event” means: 

  

	 	(i)	at or about noon on the Quotation Day for the relevant Interest Period the Screen Rate is not available and none or only one of the Reference Banks supplies a rate to the Agent to
determine LIBOR for dollars and the relevant Interest Period; or 

  

	 	(ii)	before close of business in London on the Quotation Day for the relevant Interest Period, the Agent receives notifications from a Lender or Lenders (whose participations in the Loan
exceed 50 per cent. of the Loan) that the cost to it of obtaining matching deposits in the Relevant Interbank Market would be in excess of LIBOR. 

 10.3 Alternative basis of interest or funding 
  

	 	(a)	If a Market Disruption Event occurs and the Agent or the Borrower so requires, the Agent and the Borrower shall enter into negotiations (for a period of not more than thirty days)
with a view to agreeing a substitute basis for determining the rate of interest. 

  

	 	(b)	Any alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of all the Lenders and the Borrower, be binding on all Parties.

 10.4 Break Costs 
  

	 	(a)	The Borrower shall, within seven days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of the Loan or Unpaid Sum being paid by
the Borrower on a day other than the last day of an Interest Period for the Loan or Unpaid Sum. 

  

	 	(b)	Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in which
they accrue. 

 11. FEES 
 11.1 Commitment fee 
  

	 	(a)	If Utilisation of the Facility is not made within seven days of the date of this Agreement, the Borrower shall pay to the Agent (for the account of each Lender) a fee in dollars
computed at the rate of 1.5 per cent. per annum on that Lender’s Available Commitment for the Availability Period. 

  

	 	(b)	The accrued commitment fee is payable on the last day of the Availability Period and, if cancelled in full, on the cancelled amount of the relevant Lender’s Commitment at the
time the cancellation is effective. 

 11.2 Arrangement fee 
 The Borrower shall pay to the Arrangers an arrangement fee in the amounts and at the times agreed in a Fee Letter. 
  

 - 28 - 

 11.3 Agency fee 
 The Borrower shall pay to the Agent (for its own account) an agency fee in the amounts and at the times agreed in a Fee Letter. 
 11.4 Security Agent fee 
 The Borrower shall pay to the Security Trustee (for its own account) the Security Trustee
fee in the amounts and at the times agreed in a Fee Letter. 
  

 - 29 - 

 SECTION 6 
 ADDITIONAL PAYMENT OBLIGATIONS 
 12. TAX GROSS UP AND INDEMNITIES 
 12.1 Definitions 
  

	 	(a)	In this Agreement: 

 “Protected Party”
means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under
a Finance Document. 
 “Tax Credit” means a credit against, relief or remission for, or repayment of any Tax. 
 “Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under a Finance Document. 
 “Tax Payment” means either the increase in a payment made by the Borrower to a Finance Party under Clause 12.2 (Tax gross-up) or a
payment under Clause 12.3 (Tax indemnity). 
  

	 	(b)	Unless a contrary indication appears, in this Clause 12 a reference to “determines” or “determined” means a determination made in the absolute
discretion of the person making the determination. 

 12.2 Tax gross-up 
  

	 	(a)	The Borrower shall make all payments to be made by it under the Finance Documents without any Tax Deduction, unless a Tax Deduction is required by law. 

  

	 	(b)	The Borrower shall promptly upon becoming aware that it must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Agent
accordingly. Similarly, a Lender shall notify the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall notify the Borrower. 

  

	 	(c)	If a Tax Deduction is required by law to be made by the Borrower, the amount of the payment due from the Borrower shall be increased to an amount which (after making any Tax
Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. 

  

	 	(d)	If the Borrower is required to make a Tax Deduction, it shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in
the minimum amount required by law. 

  

	 	(e)	 Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Borrower shall deliver to the Agent for the
Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing 

  

 - 30 - 

	 	 
authority (provided that the Borrower shall not be obliged to provide any such evidence from a Governmental Authority to the extent that such
Governmental Authority does not provide it). 

 12.3 Tax indemnity 
  

	 	(a)	The Borrower shall (within seven days of demand by the Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be
or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document. 

  

	 	(b)	Paragraph (a) above shall not apply: 

  

	 	(i)	with respect to any Tax assessed on a Finance Party: 

  

	 	(A)	under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as
resident for tax purposes; or 

  

	 	(B)	under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts received or receivable in that jurisdiction,

 if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be
received or receivable) by that Finance Party; or 
  

	 	(ii)	to the extent a loss, liability or cost: 

  

	 	(A)	is compensated for by an increased payment under Clause 12.2 (Tax gross-up); or 

  

	 	(B)	would have been compensated for by an increased payment under Clause 12.2 (Tax gross-up) but was not so compensated solely because one of the exclusions in paragraph
(d) of Clause 12.2 (Tax gross-up) applied. 

  

	 	(c)	A Protected Party making, or intending to make a claim under paragraph (a) above shall promptly notify the Agent of the event which will give, or has given, rise to the claim,
following which the Agent shall notify the Borrower. 

  

	 	(d)	A Protected Party shall, on receiving a payment from the Borrower under this Clause 12.3, notify the Agent. 

  

	 	(e)	A Protected Party shall, as soon as practicable after a request from the Agent, provide a certificate confirming the amount of the loss, liability or cost referred to in paragraph
(a) above and the basis thereof. 

 12.4 Tax Credit 
 If the Borrower makes a Tax Payment and the relevant Finance Party determines that: 
  

 - 31 - 

	 	(a)	a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part, or to that Tax Payment; and 

  

	 	(b)	that Finance Party has obtained, utilised and retained that Tax Credit, 

 the Finance Party shall pay an amount to the Borrower which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been
required to be made by the Borrower. 
 12.5 Stamp taxes 
 The Borrower shall pay and, within seven days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes
payable in respect of any Finance Document. 
 13. INCREASED COSTS 
 13.1 Increased costs 
  

	 	(a)	Subject to Clause 13.3 (Exceptions) the Borrower shall, within seven days of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased Costs
incurred by that Finance Party or any of its Affiliates as a result of: 

  

	 	(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation; or 

  

	 	(ii)	compliance with any law or regulation, 

 made after the
date of this Agreement. 
  

	 	(b)	In this Agreement “Increased Costs” means: 

  

	 	(i)	a reduction in the rate of return from the Facility or on a Finance Party’s (or its Affiliate’s) overall capital; 

  

	 	(ii)	an additional or increased cost; or 

  

	 	(iii)	a reduction of any amount due and payable under any Finance Document, 

 which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under
any Finance Document. 
 13.2 Increased cost claims 
  

	 	(a)	A Finance Party intending to make a claim pursuant to Clause 13.1 (Increased costs) shall notify the Agent of the event giving rise to the claim, following which the Agent
shall promptly notify the Borrower. 

  

	 	(b)	Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs. 

  

 - 32 - 

 13.3 Exceptions 
  

	 	(a)	Clause 13.1 (Increased costs) does not apply to the extent any Increased Cost is: 

  

	 	(i)	attributable to a Tax Deduction required by law to be made by the Borrower; 

  

	 	(ii)	compensated for by Clause 12.3 (Tax indemnity) (or would have been compensated for under Clause 12.3 (Tax indemnity) but was not so compensated solely because any of
the exclusions in paragraph (b) of Clause 12.3 (Tax indemnity) applied); or 

  

	 	(iii)	attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation. 

  

	 	(b)	In this Clause 13.3, a reference to a “Tax Deduction” has the same meaning given to the term in Clause 12.1 (Definitions). 

 14. OTHER INDEMNITIES 
 14.1 Currency indemnity

  

	 	(a)	If any sum due from the Borrower under the Finance Documents (a “Sum”), or any order, judgment or award given or made in relation to a Sum, has to be converted from
the currency (the “First Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose of: 

  

	 	(i)	making or filing a claim or proof against the Borrower; 

  

	 	(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, 

 the Borrower shall as an independent obligation, within seven days of demand, indemnify each Finance Party to whom that Sum is due against any cost, loss
or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange
available to that person at the time of its receipt of that Sum. 
  

	 	(b)	The Borrower waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed
to be payable. 

 14.2 Other indemnities 
 The Borrower shall, within seven days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as a result of: 
  

	 	(a)	the occurrence of any Event of Default; 

  

	 	(b)	a failure by the Borrower, a Sponsor Guarantor or a Bank Guarantor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or
liability arising as a result of Clause 26 (Sharing among the Finance Parties); 

  

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	 	(c)	funding, or making arrangements to fund, its participation in the Loan requested by the Borrower in a Utilisation Request but not made by reason of the operation of any one or more
of the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone); or 

  

	 	(d)	the Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment given by the Borrower. 

 14.3 Indemnity to the Agent 
 The Borrower
shall within seven days of demand indemnify the Agent against any cost, loss or liability incurred by the Agent (acting reasonably) as a result of: 
  

	 	(a)	investigating any event which it reasonably believes is a Default; or 

  

	 	(b)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised. 

 14.4 Indemnity to the Security Trustee 
 The
Borrower shall within seven days of demand indemnify the Security Trustee and any Delegate against any cost, loss or liability incurred by any of them as a result of: 
  

	 	(a)	the taking, holding, protection or enforcement of the Sponsor Guarantees or any Other Security; and 

  

	 	(b)	the exercise of any of the rights, powers, discretions and remedies vested in the Security Trustee or the Delegate by the Finance Documents, any Other Security or by law.

 15. MITIGATION BY THE LENDERS 
 15.1 Mitigation 
  

	 	(a)	Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming
payable under or pursuant to, or cancelled pursuant to, any of Clause 7.1 (Illegality), Clause 12 (Tax gross-up and indemnities) or Clause 13 (Increased costs) including (but not limited to) transferring its rights and
obligations under the Finance Documents to another Affiliate or Facility Office. 

  

	 	(b)	Paragraph (a) above does not in any way limit the obligations of the Borrower under the Finance Documents. 

 15.2 Limitation of liability 
  

	 	(a)	The Borrower shall indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 15.1
(Mitigation). 

  

	 	(b)	A Finance Party is not obliged to take any steps under Clause 15.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to
it. 

  

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 16. COSTS AND EXPENSES 
 16.1 Transaction expenses 
 The Borrower shall promptly on demand pay the Agent, the Arrangers and the Security
Trustee the amount of all costs and expenses (including legal fees) reasonably incurred by any of them (and, in the case of the Security Trustee, by any Delegate) in connection with the negotiation, preparation, printing, execution, syndication and
perfection of the Finance Documents and any other documents referred to in this Agreement. 
 16.2 Amendment costs 
 If the Borrower or a Sponsor Guarantor requests an amendment, waiver or consent the Borrower shall, within seven days of demand, reimburse the Agent and
the Security Trustee for the amount of all costs and expenses (including legal fees) reasonably incurred by the Agent and the Security Trustee (and, in the case of the Security Trustee, by any Delegate) in responding to, evaluating, negotiating or
complying with that request or requirement. 
 16.3 Security Trustee’s ongoing costs 
  

	 	(a)	In the event of (i) a Default or (ii) the Security Trustee considering it necessary or expedient or (iii) the Security Trustee being requested by the Borrower or the
Majority Lenders to undertake duties which the Security Trustee and the Borrower agree to be of an exceptional nature and/or outside the scope of the normal duties of the Security Trustee under the Finance Documents, the Borrower shall pay to the
Security Trustee any additional remuneration that may be agreed between them. 

  

	 	(b)	If the Security Trustee and the Borrower fail to agree upon the nature of the duties or upon any additional remuneration, that dispute shall be determined by an investment bank
(acting as an expert and not as an arbitrator) selected by the Security Trustee and approved by the Borrower or, failing approval, nominated (on the application of the Security Trustee) by the President for the time being of the Law Society of
England and Wales (the costs of the nomination and of the investment bank being payable by the Borrower) and the determination of any investment bank shall be final and binding upon the parties to this Agreement. 

 16.4 Enforcement costs and preservation costs 
 The Borrower shall, within seven days of demand, pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by that Finance Party in connection with the enforcement of, or the preservation of any rights
under, any Finance Document. 
  

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 SECTION 7 
 REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT 
 17. REPRESENTATIONS 
 The Borrower makes the representations and warranties set out in this Clause 17 to each Finance Party on the date of this Agreement. 
 17.1 Status 
  

	 	(a)	It is a corporation, duly incorporated and validly existing under the law of its jurisdiction of incorporation. 

  

	 	(b)	It has the power to own its assets and carry on its business as it is being conducted. 

 17.2 Binding obligations 
 The obligations expressed to be assumed by it in each Finance
Document to which it is a party are, subject to Legal Reservations, legal, valid, binding and enforceable obligations. 
 17.3 Non-conflict with
other obligations 
 The entry into and performance by it of, and the transactions contemplated by, the Finance Documents to which it is a
party do not and will not conflict with: 
  

	 	(a)	any law or regulation applicable to it; 

  

	 	(b)	its constitutional documents; or 

  

	 	(c)	any agreement or instrument binding upon it or any of its or assets in any way which might reasonably be expected to have a Material Adverse Effect. 

 17.4 Power and authority 
 It has the power to
enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Finance Documents to which it is a party and the transactions contemplated by those Finance Documents. 
 17.5 Validity and admissibility in evidence 
 All Authorisations required or desirable: 
  

	 	(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Finance Documents to which it is a party; and 

  

	 	(b)	to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation, 

 have been obtained or effected and are in full force and effect or will be by the Closing Date. 
  

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 17.6 Governing law and enforcement 
 Subject to Legal Reservations: 
  

	 	(a)	the choice of English law as the governing law of the Finance Documents to which it is a party will be recognised and enforced in its jurisdiction of incorporation; and

  

	 	(b)	any judgment obtained in England in relation to a Finance Document to which it is a party will be recognised and enforced in its jurisdiction of incorporation.

 17.7 Deduction of Tax 
 Subject to Legal Reservations, it is not required to make any deduction for or on account of Tax in its jurisdiction of incorporation or where it is resident for Tax purposes from any payment it may make under any Finance Document to which
it is a party. 
 17.8 No filing or stamp taxes 
 Subject to Legal Reservations, under the law of its jurisdiction of incorporation it is not necessary that the Finance Documents to which it is a party be filed, recorded or enrolled with any court or other authority
in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents to which it is a party or the transactions contemplated by the Finance Documents to which it is a party. 
 17.9 No default 
  

	 	(a)	No Event of Default is continuing or might reasonably be expected to result from the making of the Utilisation. 

  

	 	(b)	No other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding on it or to which its assets are subject which
might have a Material Adverse Effect. 

 17.10 No misleading information 
  

	 	(a)	All written factual information supplied by the Borrower or any Sponsor Group Shareholder to the Finance Parties was true and accurate in all material respects as at either the date
it was given or the date it was stated and was not at such date misleading in any material respect. 

  

	 	(b)	The Wynn Agreement contains all the terms of the Grant of Subconcession. 

 17.11 Pari passu ranking 
 Its payment obligations under the Finance Documents to which it is a party rank at least
pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 
 17.12 No proceedings pending or threatened 
 No litigation, arbitration or administrative
proceedings of or before any court, arbitral body or agency which, if adversely determined, might reasonably be expected to have a Material Adverse Effect have (to the best of its knowledge) been started or threatened against it. 
  

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 17.13 Taxation 
  

	 	(a)	It has duly and punctually paid and discharged all Taxes imposed upon it or its assets within the time period allowed without incurring penalties (save to the extent that
(i) payment is being contested in good faith, (ii) it has maintained adequate reserves for those Taxes and (iii) payment can be lawfully withheld). 

  

	 	(b)	It is not materially overdue in the filing of any Tax returns. 

  

	 	(c)	No claims are being or, to the knowledge of the Borrower, are reasonably likely to be, asserted against it with respect to Taxes which if adversely determined would be reasonably
likely to have a Material Adverse Effect. 

 17.14 Repetition 
 The Repeating Representations are deemed to be made by the Borrower (by reference to the facts and circumstances then existing) on the date of the
Utilisation Request, at the Closing Date and the first day of each Interest Period. 
 18. INFORMATION UNDERTAKINGS 
 The undertakings in this Clause 18 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents to
which the Borrower is a party or any Commitment is in force. 
 18.1 Financial statements 
 The Borrower shall supply to the Agent in sufficient copies for all the Lenders as soon as the same become available, but in any event within: 

 

	 	(a)	120 days after the end of each of its financial years commencing with the financial year ending 31 December 2006, the Borrower’s audited financial statements for that
financial year; 

  

	 	(b)	120 days after the end of each of their respective financial years, the audited consolidated financial statements of each Sponsor for that financial year, in the form required by,
in the case of Melco, the regulations of the Hong Kong Stock Exchange and, in the case of PBL, the regulations of the Australian Stock Exchange; 

  

	 	(c)	45 days after the end of each quarter of each of its financial years (commencing, in the case of the Borrower, with the quarter ending 31st March, 2007) the unaudited financial
statements of each Sponsor and the Borrower for that period. 

 18.2 Requirements as to financial statements 
  

	 	(a)	Each set of financial statements delivered by the Borrower pursuant to Clause 18.1 (Financial statements) shall be certified by, or shall be attached to and covered by a
declaration signed by an authorised signatory (in the case of the Borrower) by, a director of the relevant company as fairly representing its financial condition as at the date as at which those financial statements were drawn up.

  

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	 	(b)	The Borrower shall procure that each set of financial statements delivered pursuant to Clause 18.1 (Financial statements) is prepared using GAAP. 

 18.3 Information: miscellaneous 
 The Borrower
shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests): 
  

	 	(a)	all documents dispatched by the Borrower to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched; 

  

	 	(b)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against it, and which might,
if adversely determined, have a Material Adverse Effect; and 

  

	 	(c)	promptly, such further information regarding its financial condition, business and operations as any Finance Party (through the Agent) may reasonably request.

 18.4 Notification of default 
  

	 	(a)	The Borrower shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence. 

  

	 	(b)	Promptly upon a request by the Agent, the Borrower shall supply to the Agent a declaration signed by an authorised signatory on its behalf declaring that no Default is continuing
(or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it). 

 18.5 “Know your
customer” checks 
  

	 	(a)	If: 

  

	 	(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement;

  

	 	(ii)	any change in the status or other circumstances of the Borrower or the composition of its shareholders after the date of this Agreement; or 

  

	 	(iii)	a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer,

 obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with
“know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrower shall promptly upon the request of the Agent or any Lender supply, or procure
the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any
prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in paragraph (iii) above, any 

  

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prospective new Lender to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under
all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 
  

	 	(b)	Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself)
in order for the Agent to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance
Documents. 

 19. GENERAL UNDERTAKINGS 
 The undertakings in this Clause 19 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents to which the Borrower is a party or any Commitment is in force.

 19.1 Authorisations 
 The
Borrower shall promptly: 
  

	 	(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

  

	 	(b)	supply certified copies to the Agent of, 

 any
Authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents to which it is a party and to ensure the legality, validity, enforceability or admissibility
in evidence in its jurisdiction of incorporation of any Finance Document to which it is a party. 
 19.2 Compliance with laws 
 The Borrower shall comply in all respects with all laws to which it may be subject, if failure so to comply would materially impair its ability to perform
its obligations under the Finance Documents to which it is a party. 
 19.3 Negative pledge 
  

	 	(a)	The Borrower shall not create or permit to subsist any Security over any of its assets. 

  

	 	(b)	The Borrower shall not: 

  

	 	(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by the Borrower; 

  

	 	(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms; 

  

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	 	(iii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or

  

	 	(iv)	enter into any other preferential arrangement having a similar effect, 

 in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset (“Quasi-Security”).

  

	 	(c)	Paragraphs (a) and (b) above do not apply to: 

  

	 	(i)	save in the case of the Disbursement Account referred to in Clause 5.5(b) (Limitations on Utilisations), any netting or set-off arrangement entered into by the Borrower in
the ordinary course of its banking arrangements for the purpose of netting debit and credit balances; 

  

	 	(ii)	any lien arising by operation of law and in the ordinary course of trading; 

  

	 	(iii)	any Security or Quasi-Security entered into pursuant to or permitted under any Finance Document or any agreements in connection with the Notes subject to the Intercreditor Agreement
being entered into or pursuant to any Lease Agreement (as defined in the Term Sheet) entered into in compliance with the conditions set out under “Lessors and Lease Arrangements” in the Term Sheet or required by the Subconcession Bank
Guarantor in connection with the Subconcession Bank Facility subject to the Intercreditor Agreement being entered into or; 

  

	 	(iv)	any pledge over its shares in Great Wonders in favour of the lenders to the Crown Macau Project and any subordination and/or assignment of shareholder loan to Great Wonders in
favour of the lenders to the Crown Macau Project; 

  

	 	(v)	any pledge over its shares in Melco Hotels in favour of the holders of the Notes subject to granting a first priority pledge in favour of the Security Trustee and the Intercreditor
Agreement being entered into; or 

  

	 	(vi)	any Security or Quasi-Security securing indebtedness the principal amount of which (when aggregated with the principal amount of any other indebtedness which has the benefit of
Security or Quasi-Security other than any permitted under paragraphs (i) to (v) above) does not exceed $5 million (or its equivalent in another currency or currencies). 

 19.4 Disposals 
  

	 	(a)	The Borrower shall not, enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or
otherwise dispose of any asset. 

  

	 	(b)	Paragraph (a) above does not apply to any sale, lease, transfer or other disposal: 

  

	 	(i)	made in the ordinary course of business of the Borrower; or 

  

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	 	(ii)	of assets in exchange for cash or other assets comparable or superior as to type, value and quality or of assets which are obsolete; or 

  

	 	(iii)	permitted by the terms of Clauses 19.3, 19.5, 19.10, 19.11 or 19.12. 

 19.5 Merger 
 The Borrower shall not enter into any amalgamation, demerger, merger or, save as contemplated by the
Corporate Restructuring Memorandum, corporate reconstruction. 
 19.6 Change of business 
 Save as contemplated by the Corporate Restructuring Memorandum, the Borrower shall ensure there is no substantial change made to the general nature of its
business from that carried on at the date of this Agreement. 
 19.7 Insurance 
 The Borrower shall maintain insurances on and in relation to its business and assets with reputable underwriters or insurance companies against those
risks and to the extent as is usual for companies carrying on the same or substantially similar business in Macau. 
 19.8 Taxation 

The Borrower shall duly and punctually pay and discharge all Taxes imposed upon it or its assets within the time period allowed without incurring
penalties (save to the extent that (i) payment is being contested in good faith, (ii) adequate reserves are being maintained for those Taxes and (iii) payment can be lawfully withheld). 
 19.9 Acquisitions 
  

	 	(a)	Save pursuant to any Lease Agreement entered into in compliance with the conditions set out under “Lessors and Lease Arrangements” in the Term Sheet or with any solvent
reorganisation approved by the Agent or as contemplated by the Corporate Restructuring Memorandum, the Borrower shall not acquire any business or undertaking or, save in connection with the operations of the Borrower and its Subsidiaries from time
to time, any other assets. 

  

	 	(b)	Save in accordance with the Corporate Restructuring Memorandum or any solvent reorganisation approved by the Agent, the Borrower will not acquire any company other than a
“shelf” company, being a company which has not carried on business or incurred any liabilities prior to acquisition. 

 19.10 Loans and Guarantees 
  

	 	(a)	Save pursuant to any Lease Agreement entered into in compliance with the conditions set out under “Lessors and Lease Arrangements” in the Term Sheet, the Borrower shall
not give any guarantee or indemnity to or for the benefit of any person or otherwise voluntarily assume any liability, whether actual or contingent, in respect of any obligation of any person (except in each case as required under any of the Finance
Documents or the Subconcession Contract or the documents to be entered into in connection with the Notes subject to the Intercreditor Agreement being entered into, the Subconcession Bank Guarantee Facility or the Land Concession Performance Bond).

  

 - 42 - 

	 	(b)	The Borrower shall not make any loans (save for loans to its Subsidiaries from time to time funded by Equity constituting Subordinated Debt (other then, save for Melco Hotels,
Equity funded out of the proceeds of the Notes)) or grant any credit (save in the ordinary course of business). 

 19.11 Dividends

 The Borrower shall not pay, make or declare any dividend or other distribution (including the payment of any management, advisory or
other fees to any Sponsor Group Shareholder or other Affiliate) in respect of any financial year, save as contemplated in the Funds Flow Memorandum or in accordance with any revenue sharing arrangement between the Borrower and any Lessor pursuant to
any Lease Agreement (as such terms are defined in the Term Sheet). 
 19.12 Financial Indebtedness 
 The Borrower shall not incur or allow to remain outstanding any Financial Indebtedness, save for Financial Indebtedness arising by reason of any guarantee
or indemnity or any other voluntary assumption of liability permitted under Clause 19.10 or: 
  

	 	(a)	arising under the Finance Documents, the Notes, the Subconcession Bank Guarantee Facility Agreement, the Land Concession Performance Bond or in respect of Equity;

  

	 	(b)	contemplated by the Corporate Restructuring Memorandum or the Funds Flow Memorandum; or 

  

	 	(c)	which, when aggregated with any other such Financial Indebtedness, other than any permitted under paragraphs (a) and (b) above does not exceed $5 million (or its
equivalent in another currency or currencies), 

 and (save in the case of Financial Indebtedness arising under the Finance
Documents, the Notes, the Subconcession Bank Guarantee Facility Agreement or the Land Concession Performance Bond) shall not repay or prepay any amount of principal (including capitalised interest) or pay any interest, fees or other amounts in
respect thereof save to the extent contemplated by the Corporate Restructuring Memorandum or the Funds Flow Memorandum. 
 19.13 Sponsor Guarantees

 The Borrower shall ensure that: 
 (a) subject to paragraph (b) below, 
  

	 	(i)	until such time as step 4 referred to in the Corporate Restructuring Memorandum has been completed (save in relation to paragraph 34 of step 4 thereof) and the guarantees referred
to in sub-paragraph (ii) below are in full force and effect, a guarantee granted (or in the case of a guarantee from a bank or other financial institution procured,) by PBL, of the performance by the Borrower of its payment obligations under
this Agreement, which is: 

  

	 	(A)	granted in favour of the Security Trustee; 

  

 - 43 - 

	 	(B)	provided by: 

  

	 	(yy)	PBL; or 

  

	 	(zz)	a bank or other financial institution reasonably acceptable to the Agent, 

 rated at least A- by S&P (or its equivalent by Moody’s) in respect of its long term senior unsecured debt obligations; and 
  

	 	(C)	otherwise in the agreed form and in respect of which the Agent has received the legal opinion pursuant to paragraph 4(c) of Schedule 2, Part I (Conditions precedent to
Utilisation) in form and substance reasonably satisfactory to it, 

 is maintained in full force and effect subject to
paragraph (c) of Clause 20.2 (Other obligations) and subject to the proviso to Clause 20.14 (Acceleration); and 
  

	 	(ii)	thereafter, a several guarantee granted (or in the case of a guarantee from a bank or other financial institution procured) by Melco or another Sponsor Group Shareholder, and a
several guarantee granted (or in the case of a guarantee from a bank or other financial institution procured), by PBL, each in respect of the performance by the Borrower of 50% of its payment obligations under this Agreement and which are:

  

	 	(A)	granted in favour of the Security Trustee; 

  

	 	(B)	provided by: 

  

	 	(yy)	such Sponsor Group Shareholder; or 

  

	 	(zz)	a bank or other financial institution reasonably acceptable to the Agent, 

 rated (and which, throughout the term of the guarantee, continues to be rated) at least A- by S&P (or its equivalent by Moody’s) in respect of its long term senior unsecured debt obligations in the case of a
Sponsor Group Shareholder and long term unsecured and unsubordinated foreign currency debt in the case of a Bank Guarantor; and 
  

	 	(C)	otherwise in the agreed form and in respect of which the Agent has received legal opinions, in the case of PBL, pursuant to paragraph 4(c) of Schedule 2, Part I (Conditions
precedent to Utilisation) in form and substance reasonably satisfactory to it, 

 are maintained in full force and effect,
subject to paragraph (c) of Clause 20.2 (Other obligations) and subject to the proviso to Clause 20.14 (Acceleration). 
  

 - 44 - 

	 	(b)	The Borrower will not be required to procure the maintenance of any of the guarantees referred to in (a)(i) or (ii) above on and from the earlier of (i) the date on which
the initial utilisation of the Project Facilities has occurred and (ii) the date on which the Subconcession Facility Extension Conditions have been satisfied, provided that, at such time, no amount payable by the Borrower under the
Finance Documents to which it is a party remains unpaid. 

 19.14 Corporate Restructuring and SJM agreements 
 The Borrower shall ensure that, as soon as is practicable and, in any event, within 4 months of the Closing Date: 
  

	 	(a)	the Corporate Restructuring has been completed (save in relation to paragraph 34 under step 4 of the Corporate Restructuring Memorandum); and 

  

	 	(b)	neither it nor any of its Subsidiaries nor any of its or their assets are party or subject to any arrangement with or any claim of any kind, whether existing or future, actual or
contingent, by SJM or any of its Affiliates (including any arrangements in respect of the leasing, operation or management of any casino or gaming area), 

 and promptly following completion of the Corporate Restructuring (save in relation to paragraph 34 under step 4 of the Corporate Restructuring Memorandum) ensure that all Sponsor Group Loans constitute Subordinated
Debt. 
 19.15 Transaction Documents and other documents 
  

	 	(a)	The Borrower shall promptly pay or ensure the payment of the Premium Price payable to Wynn Macau under the Wynn Agreement as and when it becomes due and otherwise comply, and ensure
compliance by PBL, with the Funds Flow Memorandum. 

  

	 	(b)	The Borrower shall: 

  

	 	(i)	otherwise comply, and ensure compliance by PBL, with the Wynn Agreement; 

  

	 	(ii)	procure that PBL agrees to hold its rights and any claims and remedies arising under the Wynn Agreement for the benefit of, and accounts in respect thereof to, the Borrower; and

  

	 	(iii)	take, and ensure PBL takes, all reasonable and practical steps to preserve and enforce such rights (including any rights of the Borrower) and pursue any claims and remedies arising
under the Wynn Agreement and the Borrower shall ensure that PBL accounts in respect thereof (and in respect of any proceeds thereof) to the Borrower. 

  

	 	(c)	The Borrower shall not, and shall ensure PBL does not, amend, vary, novate, supplement, supersede, waive or terminate any term of a Transaction Document or any other document
delivered to the Agent pursuant to paragraph (b) of Clause 5.6 (Closing Conditions and Conditions Subsequent) except in writing and: 

  

 - 45 - 

	 	(i)	prior to or on the Closing Date, with the prior written consent of the Agent; or 

  

	 	(ii)	after the Closing Date, in a way which could not reasonably be expected materially and adversely to affect the interests of the Finance Parties. 

 19.16 Project 
 The Borrower shall, and shall
take all such actions and do all such things reasonably necessary to, diligently pursue, and to ensure Melco Hotels diligently pursues, the Project taking into account all circumstances affecting the progress of the Project as disclosed to the Agent
by the Borrower in writing from time to time. 
 19.17 Subconcession Contract 
 The Borrower shall comply (and ensure each of its direct and indirect shareholders to the extent they have any such obligations complies) with and take
all reasonable and practical steps to preserve and enforce its rights and pursue any claims and remedies arising under the Subconcession Contract. 
 20. EVENTS OF DEFAULT 
 Each of the events or circumstances set out in Clause 20 is an Event of Default. 

20.1 Non-payment 
 The Borrower or any
Sponsor Guarantor does not pay within 2 Business Days of its due date any amount payable pursuant to a Finance Document to which it is respectively a party at the place at and in the currency in which it is expressed to be payable. 
 20.2 Other obligations 
  

	 	(a)	The Borrower or a Sponsor Guarantor does not comply with any provision of the Finance Documents (other than those referred to in Clause 20.1 (Non-payment)).

  

	 	(b)	No Event of Default under paragraph (a) will occur if the failure to comply is capable of remedy and is remedied within 15 Business Days of the Agent giving notice to the
Borrower or such Sponsor Guarantor or, if earlier, the Borrower becoming aware of the failure to comply. 

  

	 	(c)	The long term senior unsecured debt obligations rating of any Sponsor Guarantor or the long term unsecured and unsubordinated foreign currency debt rating of any Bank Guarantor
falls below BBB+ stable by S&P (or its equivalent by Moody’s) and such Sponsor Guarantor or Bank Guarantor is not replaced within 30 days of such downgrade by a grantor with a long term senior unsecured debt obligations rating in the case
of a Sponsor Guarantor or a long term senior unsecured and unsubordinated foreign currency debt rating in the case of a Bank Guarantor of at least A- by S&P (or its equivalent by Moody’s). 

 20.3 Misrepresentation 
 Any representation or
statement made or deemed to be made by the Borrower or a Sponsor Guarantor in the Finance Documents to which it is respectively a party or any other document delivered by or on behalf of the Borrower or a Sponsor Guarantor 
 under or in connection with any Finance Document to which it is respectively a party is or proves to have been incorrect or misleading in any material
respect when made or deemed to be made. 
  

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 20.4 Cross default 
  

	 	(a)	Any Financial Indebtedness of the Borrower or a Sponsor Guarantor is not paid when due nor within any originally applicable grace period. 

  

	 	(b)	Any Financial Indebtedness of any Borrower or a Sponsor Guarantor is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of
default (however described). 

  

	 	(c)	Any commitment for any Financial Indebtedness of the Borrower or a Sponsor Guarantor is cancelled or suspended by a creditor of the Borrower or a Sponsor Guarantor as a result of an
event of default (however described). 

  

	 	(d)	Any creditor of the Borrower becomes entitled to declare any Financial Indebtedness of the Borrower due and payable prior to its specified maturity as a result of an event of
default (however described). 

  

	 	(e)	No Event of Default will occur under this Clause 20.4 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs
(a) to (d) above is respectively less than: 

  

	 	(i)	$5 million (or its equivalent in any other currency or currencies) in the case of the Borrower; or 

  

	 	(ii)	$25 million (or its equivalent in any other currency or currencies) in the case of a Sponsor Guarantor. 

 20.5 Insolvency 
  

	 	(a)	The Borrower or a Sponsor Guarantor is unable or admits inability to pay its debts as they fall due, or by reason of actual or anticipated financial difficulties suspends making
payments on any of its debts (which, in aggregate, in the case of the Borrower or any Sponsor Guarantor, exceed the amount respectively specified in relation to it in Clause 20.4(e) (Cross default)) or commences negotiations with one or more
of its creditors with a view to rescheduling any of its indebtedness (which, in aggregate, in the case of the Borrower or any Sponsor Guarantor, exceeds the amount respectively specified in relation to it in Clause 20.4(e) (Cross default)).

  

	 	(b)	A moratorium is declared in respect of any indebtedness of the Borrower or a Sponsor Guarantor (which, in aggregate, in the case of the Borrower or any Sponsor Guarantor, exceeds
the amount respectively specified in relation to it in Clause 20.4(e) (Cross default)). 

 20.6 Insolvency proceedings

 Any corporate action, legal proceedings or other formal procedure or formal step (other than any which the Borrower can demonstrate to
the reasonable satisfaction of the Agent is frivolous or vexatious) is taken in relation to: 
  

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	 	(a)	the suspension of payments (which, in aggregate, in the case of the Borrower or any Sponsor Guarantor, exceeds the amount respectively specified in relation to it in Clause 20.4(e)
(Cross default)), a moratorium of any indebtedness (which, in aggregate, in the case of the Borrower or any Sponsor Guarantor, exceeds the amount respectively specified in relation to it in Clause 20.4(e) (Cross default)), winding-up,
dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of the Borrower or a Sponsor Guarantor; 

  

	 	(b)	a composition, compromise, assignment or arrangement with any creditor of the Borrower or a Sponsor Guarantor (which, in aggregate, exceeds the amount respectively specified in
relation to it in Clause 20.4(e) (Cross Default)); 

  

	 	(c)	the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory or interim manager or other similar officer in respect of the Borrower or a Sponsor
Guarantor or any of its assets (in the case of the Borrower) or any material portion of its assets (in the case of any Sponsor Guarantor); or 

  

	 	(d)	enforcement of any Security over any assets of the Borrower (which exceeds the amount specified in Clause 20.4(e)(i)(Cross Default)) or any material portion of the assets of
a Sponsor Guarantor, 

 or any analogous procedure or step is taken in any jurisdiction and in all such cases such legal
proceedings, procedure or step is not dismissed or withdrawn within 15 Business Days thereafter or if earlier the date of appointment of such person referred to in Clause 20.6(c). 
 20.7 Creditors’ process 
 Any expropriation, attachment, sequestration, distress or
execution affects any asset or assets of the Borrower or a Sponsor Guarantor in respect of a final judgment in an aggregate amount equivalent to: 
  

	 	(a)	$5 million (or its equivalent in any other currency or currencies) in the case of the Borrower; 

  

	 	(b)	$25 million (or its equivalent in any other currency or currencies) in the case of a Sponsor Guarantor, 

 and is either not discharged or the Borrower or any Sponsor is unable to satisfy the Agent acting on the instructions of the Majority Lenders that there
is no substantial basis for such action in each case within 15 Business Days. 
 20.8 Unlawfulness and invalidity 
  

	 	(a)	It is or becomes unlawful for the Borrower, a Sponsor Guarantor or a Bank Guarantor to perform any of its obligations under the Finance Documents to which it is a party.

  

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	 	(b)	Any material obligation of the Borrower or any Sponsor Guarantor or Bank Guarantor under any of the Finance Documents to which it is a party are not or cease to be legal, valid,
binding or enforceable. 

  

	 	(c)	Any Finance Document ceases to be in full force and effect or any subordination created or expressed to be created under the Intercreditor Agreement is not or ceases to be legal,
valid, binding, enforceable or effective or is alleged by a party to it (other than a Finance Party) to be ineffective. 

 20.9
Repudiation 
 The Borrower, a Sponsor Guarantor or a Bank Guarantor repudiates a Finance Document or evidences an intention to repudiate
a Finance Document. 
 20.10 Subconcession Contract 
  

	 	(a)	Any call or drawing is made by the Macau SAR under the Subconcession Bank Guarantee unless the Subconcession Bank Guarantee is fully reinstated within 30 days thereof in accordance
with the Subconcession and no other Event of Default has occurred or will result from such reinstatement. 

  

	 	(b)	Any temporary administrative intervention is made by the Macau SAR pursuant to article 79 of the Subconcession Contract. 

  

	 	(c)	The Macau SAR gives any notice of or takes any other formal step which may lead to the unilateral discharge or termination of the Subconcession Contract pursuant to article 80
thereof or otherwise, any of the events specified in article 80(2) occurs, or the Macau SAR gives notice pursuant to article 80(3) of the Subconcession Contract and the Borrower fails to comply with the terms thereof within the grace period
specified therein. 

  

	 	(d)	The Subconcession Contract is not issued to the Borrower, does not become or ceases to be effective, is repudiated by the Borrower or any other party thereto (or the Borrower or
such party evidences an intention to do so) or any agreement is made for its discharge or termination. 

 20.11 Abandonment

 The Borrower abandons or otherwise ceases (in the determination of the Agent, acting reasonably, after taking account of all
circumstances affecting the progress of the Project disclosed to it in writing by the Borrower from time to time) to take all such actions or do all such things reasonably necessary to diligently pursue or to ensure that Melco Hotels diligently
pursues the Project. 
 20.12 Change of Control 
 A Change of Control occurs. 
 20.13 Material adverse change 
 Any event or circumstance occurs which the Majority Lenders reasonably believe might have a Material Adverse Effect. 
  

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 20.14 Acceleration 
 On and at any time after the occurrence of an Event of Default which is continuing the Agent may, and shall if so directed by the Majority Lenders, by notice to the Borrower: 
  

	 	(a)	cancel the Total Commitments whereupon they shall immediately be cancelled; 

  

	 	(b)	declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable,
whereupon it shall become immediately due and payable; 

  

	 	(c)	declare that all or part of the Loan be payable on demand, whereupon it shall immediately become payable on demand by the Agent on the instructions of the Majority Lenders; and/or

  

	 	(d)	exercise or direct the Security Trustee to exercise any or all of its rights, remedies, powers or discretions under any of the Finance Documents, 

 provided that notwithstanding the foregoing, if any of the events or circumstances set out in any of Clauses 20.2 to 20.9 inclusive occurs with
respect to: 
  

	 	(i)	PBL; or 

  

	 	(ii)	any Sponsor Guarantor procured by Melco, 

 (each an
“Event”) in circumstances where there has been no Event of Default under Clause 20.1, then in the case of paragraph (i) above, Melco and in the case of paragraph (ii) above, PBL respectively, may within 10 Business Days
following the date upon which it becomes aware of such Event give notice to the Agent whereupon the Finance Parties must and hereby agree not to exercise their rights under this Clause 20.14 in respect of any such Events and shall promptly upon
receipt by the Agent of such notice, and hereby agree to, meet and negotiate in good faith with Melco, or as the case may be, PBL, to agree a replacement Sponsor Guarantor or other arrangements acceptable to the Finance Parties. 
 If no agreement can be reached within 10 Business Days following the date upon which Melco or, as the case may be, PBL becomes aware of such Event, the
Agent may, and shall if directed by the Majority Lenders, by notice to the Borrower provided an Event of Default is at that time continuing, exercise any of its rights under this Clause 20.14. 
  

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 SECTION 8 
 CHANGES TO PARTIES 
 21. CHANGES TO THE LENDERS 
 21.1 Assignments and transfers by the Lenders 
 Subject to this Clause 21, a Lender (the “Existing Lender”) may: 
  

	 	(a)	assign any of its rights; or 

  

	 	(b)	transfer by novation any of its rights and obligations, 

 to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the “New
Lender”). 
 21.2 Conditions of assignment or transfer 
  

	 	(a)	An Existing Lender must, prior to 30 April 2007, obtain the consent of the Borrower and, thereafter, consult with the Borrower for no more than 7 days before it may make an
assignment or transfer in accordance with Clause 21.1 (Assignments and transfers by the Lenders) unless, in either case, the assignment or transfer is: 

  

	 	(i)	to another Lender or an Affiliate of a Lender; 

  

	 	(ii)	made at a time when an Event of Default is continuing. 

  

	 	(b)	An assignment will only be effective on: 

  

	 	(i)	receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the other
Finance Parties as it would have been under if it was an Original Lender; and 

  

	 	(ii)	performance by the Agent of all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to such assignment to a
New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender. 

  

	 	(c)	A transfer will only be effective if the procedure set out in Clause 21.5 (Procedure for transfer) is complied with. 

  

	 	(d)	If: 

  

	 	(i)	a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 

  

	 	(ii)	as a result of circumstances existing at the date the assignment, transfer or change occurs, the Borrower would be obliged to make a payment to the New Lender or Lender acting
through its new Facility Office under Clause 12 (Tax gross-up and indemnities) or Clause 13 (Increased costs), 

	 	    	 then the New Lender or Lender acting through its 

  

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new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous
Facility Office would have been if the assignment, transfer or change had not occurred. 

  

	 	(e)	the restrictions in this Clause 21.2 (Conditions of assignment or transfer) shall also apply mutatis mutandis to each Lender in respect of any participations or
sub-participations which are proposed to be entered into prior to 30 April 2007. 

 21.3 Assignment or transfer fee

 The New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of
$1,500. 
 21.4 Limitation of responsibility of Existing Lenders 
  

	 	(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 

  

	 	(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

  

	 	(ii)	the financial condition of the Borrower or any Sponsor Guarantor; 

  

	 	(iii)	the performance and observance by the Borrower or any Sponsor Guarantor of its obligations under the Finance Documents or any other documents; or 

  

	 	(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, 

 and any representations or warranties implied by law are excluded. 
  

	 	(b)	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

  

	 	(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of the Borrower and each Sponsor Guarantor and their
related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 

  

	 	(ii)	will continue to make its own independent appraisal of the creditworthiness of the Borrower and each Sponsor Guarantor and their related entities whilst any amount is or may be
outstanding under the Finance Documents or any Commitment is in force. 

  

	 	(c)	Nothing in any Finance Document obliges an Existing Lender to: 

  

	 	(i)	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause 21; or 

  

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	 	(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by the Borrower or any Sponsor Guarantor of its obligations under the Finance
Documents or otherwise. 

 21.5 Procedure for transfer 
  

	 	(a)	Subject to the conditions set out in Clause 21.2 (Conditions of assignment or transfer) a transfer is effected in accordance with paragraph (c) below when the Agent
executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed
Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate. 

  

	 	(b)	The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary
“know your customer” or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. 

  

	 	(c)	On the Transfer Date: 

  

	 	(i)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents the Borrower and the Existing
Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the “Discharged Rights and
Obligations”); 

  

	 	(ii)	the Borrower and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only
insofar as the Borrower and the New Lender have assumed and/or acquired the same in place of the Borrower and the Existing Lender; 

  

	 	(iii)	the Agent, the Arrangers, the Security Trustee, the Account Bank, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves
as they would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Arrangers, the Security Trustee, the
Account Bank and the Existing Lender shall each be released from further obligations to each other under the Finance Documents; and 

  

	 	(iv)	the New Lender shall become a Party as a “Lender”. 

 21.6 Disclosure of information 
 Any Finance Party may disclose to: 
  

	 	(a)	any of its Affiliates; 

  

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	 	(b)	its head office and any other branch; 

  

	 	(c)	any other Finance Party; 

  

	 	(d)	any of its professional advisers and other persons providing services to it; 

  

	 	(e)	the Borrower or any Sponsor Group Shareholder; 

  

	 	(f)	any person permitted by the Borrower or any Sponsor Group Shareholder; 

  

	 	(g)	any person to whom, and to the extent that, information is required to be disclosed by any applicable law or regulation; and 

  

	 	(h)	any other person: 

  

	 	(i)	to (or through) whom that Lender assigns or transfers (or may potentially assign or transfer) all or any of its rights and obligations under this Agreement; or

  

	 	(ii)	with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be made by
reference to, this Agreement, the Borrower or any Sponsor Guarantor, 

 any information about the Borrower, any Sponsor
Guarantor, the Group and the Finance Documents as that Finance Party shall consider appropriate if, in relation to paragraphs (h)(i) and (h)(ii) above, the person to whom the information is to be given has entered into a Confidentiality Undertaking.

 22. CHANGES TO THE OBLIGORS 
 The Borrower may not assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 
  

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 SECTION 9 
 THE FINANCE PARTIES 
 23. ROLE OF THE SECURITY TRUSTEE AND THE ACCOUNT BANK 
 23.1 Trust 
 The Security Trustee declares that
it shall hold the Sponsor Guarantees and any other Security granted to and accepted by it as security for the Borrower’s obligations under this Agreement (“Other Security”) on trust for the Finance Parties on the terms
contained in this Agreement. Each of the Parties to this Agreement agrees that the Security Trustee shall have only those duties, obligations and responsibilities expressly specified in this Agreement (and no others shall be implied). 
 23.2 Account Bank 
 Each of the Parties to this
Agreement agrees that the Account Bank shall have only those duties, obligations and responsibilities contemplated herein (and no others shall be implied) and the Account Bank shall not be, nor shall it be construed to be, the agent or a trustee or
fiduciary of any person. 
 23.3 No Independent Power 
 The Finance Parties shall not have any independent power to enforce, or have recourse to, any of the Sponsor Guarantees or Other Security or to exercise any rights or powers arising under the Sponsor Guarantees or any
Other Security except through the Security Trustee. 
 23.4 Instructions 
 Each of the Security Trustee and the Account Bank shall: 
  

	 	(a)	unless a contrary indication appears in a Finance Document, or any document evidencing Other Security, act in accordance with any instructions given to it by the Agent and shall be
entitled to assume that (i) any instructions received by it from the Agent are duly given by or on behalf of the Majority Lenders or, as the case may be, the Lenders in accordance with the terms of the Finance Documents and (ii) unless it
has received actual notice of revocation, that any instructions or directions given by the Agent have not been revoked; 

  

	 	(b)	in the case of the Account Bank, in relation to any withdrawal from the Disbursement Account, be entitled to act upon (i) a request of the Borrower only if confirmed by the
Agent or (ii) a request by the Agent; 

  

	 	(c)	be entitled to request instructions, or clarification of any direction, from the Agent as to whether, and in what manner, it should exercise or refrain from exercising any rights,
powers and discretions and may refrain from acting unless and until those instructions or clarification are received by it; and 

  

	 	(d)	be entitled to carry out all dealings with the Lenders through the Agent and may give to the Agent any notice or other communication required to be given by it to the Lenders.

  

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 23.5 Security Trustee’s Actions 
 Subject to the provisions of this Clause 23.5: 
  

	 	(a)	the Security Trustee may, in the absence of any instructions to the contrary, take such action in the exercise of any of its powers and duties under the Finance Documents or any
Other Security which in its absolute discretion it considers to be for the protection and benefit of all the Finance Parties; and 

  

	 	(b)	at any time after receipt by the Security Trustee of notice from the Agent directing the Security Trustee to exercise all or any of its rights, remedies, powers or discretions under
any of the Finance Documents or any Other Security, the Security Trustee may, and shall if so directed by the Agent, take any action as in its sole discretion it thinks fit to enforce the Sponsor Guarantees or, as the case may be, any Other
Security. 

 23.6 Discretions 
 The Security Trustee and the Account Bank may: 
  

	 	(a)	assume (unless it has received actual notice to the contrary in its capacity as Security Trustee for the Finance Parties or Account Bank) that (i) no Default has occurred and
the Borrower, each Sponsor Guarantor and any grantor of Other Security is not in breach of or default under its obligations under any of the Finance Documents or any Other Security and (ii) any right, power, authority or discretion vested in
any person has not been exercised; 

  

	 	(b)	if it receives any instructions or directions from the Agent to take any action in relation to the Sponsor Guarantees or any Other Security or the Disbursement Account, assume that
all applicable conditions under the Finance Documents or any Other Security (as the case may be) for taking that action have been satisfied; 

  

	 	(c)	engage, pay for and rely on the advice or services of any lawyers, accountants or other experts (whether obtained by it or by any other Finance Party) whose advice or services may
at any time seem necessary, expedient or desirable; 

  

	 	(d)	rely upon any communication or document believed by it to be genuine and, as to any matters of fact which might reasonably be expected to be within the knowledge of a Finance Party,
the Borrower, a Sponsor Guarantor or grantor of Other Security, upon a certificate signed by or on behalf of that person; and 

  

	 	(e)	refrain from acting in accordance with the instructions of the Agent or Lenders (including bringing any legal action or proceeding arising out of or in connection with the Finance
Documents or any Other Security) until it has received any indemnification and/or security that it may in its absolute discretion require (whether by way of payment in advance or otherwise) for all costs, losses and liabilities which it may incur in
bringing such action or proceedings. 

 23.7 Obligations 
  

	 	(a)	The Security Trustee shall promptly inform the Agent of: 

  

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	 	(i)	the contents of any notice or document received by it in its capacity as Security Trustee from the Borrower or a Sponsor Guarantor under any Finance Document or a grantor of Other
Security in respect thereof; and 

  

	 	(ii)	the occurrence of any Default or any default by the Borrower or a Sponsor Guarantor or a grantor of Other Security in the due performance of or compliance with its obligations under
any Finance Document or Other Security of which the Security Trustee has received notice from any other party to a Finance Document or Other Security. 

  

	 	(b)	The Account Bank shall open and maintain the Disbursement Account in the manner contemplated by Clause 5.5 (Limitations on Utilisations) and shall promptly inform the Agent
of: 

  

	 	(i)	any deposit to or withdrawal from the Disbursement Account and the amount thereof; and 

  

	 	(ii)	the contents of any notice or document received by it in its capacity as Account Bank from the Borrower (including any request for withdrawal from the Disbursement Account).

  

	 	(c)	The Account Bank shall not exercise any right of netting or set-off over the monies standing to the credit of the Disbursement Account without the prior consent of the Agent.

 23.8 Excluded Obligations 
 Neither the Security Trustee nor the Account Bank shall: 
  

	 	(a)	be bound to enquire as to the occurrence or otherwise of any Default or the performance, default or any breach by the Borrower or a Sponsor Guarantor or a grantor of Other Security
of its obligations under any of the Finance Documents or Other Security; 

  

	 	(b)	be bound, in the case of the Account Bank, to check the application by the Borrower of any funds withdrawn by it from the Disbursement Account; 

  

	 	(c)	be bound to account to any other Party for any sum or the profit element of any sum received by it for its own account; 

  

	 	(d)	be bound to disclose to any other person (including any Finance Party) (i) any confidential information or (ii) any other information if disclosure would, or might in its
reasonable opinion, constitute a breach of any law or be a breach of fiduciary duty; 

  

	 	(e)	be under any obligations other than those which are specifically provided for in the Finance Documents or Other Security; or 

  

	 	(f)	have or be deemed to have any duty, obligation or responsibility to, or relationship of trust or agency with, the Borrower, any Sponsor Guarantor or grantor of Other Security.

  

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 23.9 Exclusion of liability 
 Unless caused directly by its gross negligence or wilful misconduct, neither the Security Trustee nor the Account Bank shall accept responsibility or be liable for: 
  

	 	(a)	the adequacy, accuracy and/or completeness of any information supplied by it or any other person in connection with the Finance Documents or Other Security or the transactions
contemplated in the Finance Documents or Other Security, or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with the Finance Documents or Other Security;

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or Other Security or any other agreement, arrangement or document entered into, made or
executed in anticipation of, under or in connection with any Finance Document or Other Security; 

  

	 	(c)	any losses to any person or any liability arising as a result of taking or refraining from taking any action in relation to any of the Finance Documents or Other Security or
otherwise, whether in accordance with an instruction from an Agent or otherwise; 

  

	 	(d)	the exercise of, or the failure to exercise, any judgment, discretion or power given to it by or in connection with any of the Finance Documents or Other Security or any other
agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with the Finance Documents or Other Security; or 

  

	 	(e)	any shortfall which arises on the enforcement of the Sponsor Guarantees or Other Security. 

 23.10 No proceedings 
 No Party (other than, in respect of its officer, employee or agent, the
Security Trustee or the Account Bank) may take any proceedings against any officer, employee or agent of the Security Trustee or the Account Bank in respect of any claim it might have against the Security Trustee or the Account Bank or in respect of
any act or omission of any kind by that officer, employee or agent in relation to any Finance Document or Other Security and any officer, employee or agent of the Security Trustee or the Account Bank may rely on this Clause subject to Clause 1.4
(Third party rights) and the provisions of the Third Parties Act. 
 23.11 Own responsibility 
 It is understood and agreed by each Finance Party that at all times that Finance Party has itself been, and will continue to be, solely responsible for
making its own independent appraisal of and investigation into all risks arising under or in connection with the Finance Documents or Other Security including but not limited to: 
  

	 	(a)	the financial condition, creditworthiness, condition, affairs, status and nature of the Borrower, the Sponsor Guarantors or any grantor of Other Security; 

 

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	 	(b)	the legality, validity, effectiveness, adequacy and enforceability of each of the Finance Documents and Other Security and any other agreement, arrangement or document entered into,
made or executed in anticipation of, under or in connection with the Finance Documents or Other Security; 

  

	 	(c)	whether that Finance Party has recourse, and the nature and extent of that recourse, against the Borrower, the Sponsor Guarantors or any grantor of Other Security or any other
person or any of their respective assets under or in connection with the Finance Documents or Other Security, the transactions contemplated in the Finance Documents or Other Security or any other agreement, arrangement or document entered into, made
or executed in anticipation of, under to or in connection with the Finance Documents or Other Security; and 

  

	 	(d)	the adequacy, accuracy and/or completeness of any information provided by any person in connection with the Finance Documents or Other Security, the transactions contemplated in the
Finance Documents or Other Security or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with the Finance Documents or Other Security, 

 and each Finance Party warrants to the Security Trustee and the Account Bank that it has not relied on and will not at any time rely on the Security
Trustee or the Account Bank in respect of any of these matters. 
 23.12 Refrain from Illegality 
 The Security Trustee and the Account Bank may refrain from doing anything which in its opinion will or may be contrary to any relevant law, directive or
regulation of any jurisdiction which would or might otherwise render it liable to any person, and the Security Trustee and the Account Bank may do anything which is, in its opinion, necessary to comply with any law, directive or regulation.

 23.13 Business with the Borrower 
 The Security Trustee and the Account Bank may accept deposits from, lend money to, and generally engage in any kind of banking or other business with the Borrower, a Sponsor Guarantor or any grantor of Other Security. 
 23.14 Winding up of Trust 
 If the Security
Trustee, with the approval of the Majority Lenders, determines that (a) all of the obligations guaranteed by any of the Sponsor Guarantees or secured by any Other Security have been fully and finally discharged and (b) none of the Finance
Parties is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to the Borrower pursuant to the Finance Documents, the trusts set out in this Agreement shall be wound up and
the Security Trustee shall release, without recourse or warranty, all of the Sponsor Guarantees and any Other Security and the rights of the Security Trustee under each of the Sponsor Guarantees and any Other Security. 
  

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 23.15 Perpetuity Period 
 The perpetuity period under the rule against perpetuities, if applicable to this Agreement, shall be the period of eighty years from the date of this Agreement. 
 23.16 Powers Supplemental 
 The rights, powers
and discretions conferred upon the Security Trustee by this Agreement shall be supplemental to the Trustee Acts 1925 and 2000 and in addition to any which may be vested in the Security Trustee by general law or otherwise. 
 23.17 Trustee division separate 
 In acting as
trustee for the Finance Parties, the Security Trustee shall be regarded as acting through its trustee division which shall be treated as a separate entity from any of its other divisions or departments and any information received by any other
division or department of the Security Trustee may be treated as confidential and shall not be regarded as having been given to the Security Trustee’s trustee division. 
 23.18 Disapplication 
 Section 1 of the Trustee Act 2000 shall not apply to the duties of
the Security Trustee in relation to the trusts constituted by this Agreement. Where there are any inconsistencies between the Trustee Acts 1925 and 2000 and the provisions of this Agreement, the provisions of this Agreement shall, to the extent
allowed by law, prevail and, in the case of any inconsistency with the Trustee Act 2000, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that Act. 
 23.19 Resignation of Security Trustee 
  

	 	(a)	The Security Trustee may resign and appoint one of its Affiliates as successor by giving notice to the other Parties (or to the Agent on behalf of the Lenders).

  

	 	(b)	Alternatively the Security Trustee may resign by giving notice to the other Parties (or to the Agent on behalf of the Lenders) in which case the Majority Lenders may appoint a
successor Security Trustee. 

  

	 	(c)	If the Majority Lenders have not appointed a successor Security Trustee in accordance with paragraph (b) above within 30 days after the notice of resignation was given, the
Security Trustee (after consultation with the Agent) may appoint a successor Security Trustee. 

  

	 	(d)	The retiring Security Trustee shall, at its own cost, make available to the successor Security Trustee such documents and records and provide such assistance as the successor
Security Trustee may reasonably request for the purposes of performing its functions as Security Trustee under the Finance Documents and any Other Security. 

  

	 	(e)	The Security Trustee’s resignation notice shall only take effect upon (i) the appointment of a successor and (ii) the transfer of all of the Sponsor Guarantees and
any Other Security to that successor. 

  

	 	(f)	 Upon the appointment of a successor, the retiring Security Trustee shall be discharged from any further obligation in respect of the Finance Documents or Other
Security but shall remain entitled to the benefit of Clauses 24 (Role of the 

  

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Agent and the Arrangers) and this Clause 23.19 (Resignation of Security Trustee). Its successor and each of the other Parties shall have the
same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

  

	 	(g)	The Majority Lenders may, by notice to the Security Trustee, require it to resign in accordance with paragraph (b) above. In this event, the Security Trustee shall resign in
accordance with paragraph (b) above. 

 23.20 Delegation 
  

	 	(a)	The Security Trustee may, at any time, delegate by power of attorney or otherwise to any person for any period, all or any of the rights, powers and discretions vested in it by any
of the Finance Documents or Other Security. 

  

	 	(b)	The delegation may be made upon any terms and conditions (including the power to sub-delegate) and subject to any restrictions as the Security Trustee may think fit in the interests
of the Finance Parties and it shall not be bound to supervise, or be in any way responsible for any loss incurred by reason of any misconduct or default on the part of any delegate or sub-delegate. 

 23.21 Additional trustees 
  

	 	(a)	The Security Trustee may at any time appoint (and subsequently remove) any person to act as a separate trustee or as a co-trustee jointly with it (i) if it considers that
appointment to be in the interests of the Finance Parties or (ii) for the purposes of conforming to any legal requirements, restrictions or conditions which the Security Trustee deems to be relevant or (iii) for obtaining or enforcing any
judgment in any jurisdiction, and the Security Trustee shall give prior notice to the Borrower and the Agent of that appointment. 

  

	 	(b)	Any person so appointed shall have the rights, powers and discretions (not exceeding those conferred on the Security Trustee by this Agreement) and the duties and obligations that
are conferred or imposed by the instrument of appointment. 

  

	 	(c)	The remuneration that the Security Trustee may pay to any person, and any costs and expenses incurred by that person in performing its functions pursuant to that appointment shall,
for the purposes of this Agreement, be treated as costs and expenses incurred by the Security Trustee. 

 23.22 Closure of
Disbursement Account 
 Following withdrawal of the balance thereof in accordance with the terms contemplated by Clause 5.5(b)
(Limitations on Utilisations), the Account Bank shall close the Disbursement Account and shall thereafter cease to have any obligations hereunder in its capacity as Account Bank (albeit without prejudice to any accrued liabilities it may have
hereunder). 
  

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 24. ROLE OF THE AGENT AND THE ARRANGERS 
 24.1 Appointment of the Agent 
  

	 	(a)	Each of the Arrangers and the Lenders appoints the Agent to act as its agent under and in connection with the Finance Documents. 

  

	 	(b)	Each of the Arrangers and the Lenders authorises the Agent to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with
the Finance Documents together with any other incidental rights, powers, authorities and discretions. 

 24.2 Duties of the Agent

  

	 	(a)	The Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party. 

  

	 	(b)	Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to
another Party. 

  

	 	(c)	If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the
other Finance Parties. 

  

	 	(d)	If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent, an Arranger or the Security
Trustee) under this Agreement it shall promptly notify the other Finance Parties. 

  

	 	(e)	The Agent’s duties under the Finance Documents are solely mechanical and administrative in nature. 

 24.3 Role of the Arrangers 
 Except as specifically provided in the Finance Documents, the
Arrangers have no obligations of any kind to any other Party under or in connection with any Finance Document. 
 24.4 No fiduciary duties

  

	 	(a)	Nothing in this Agreement constitutes the Agent or any Arranger as a trustee or fiduciary of any other person. 

  

	 	(b)	Neither the Agent, the Security Trustee, the Account Bank nor any Arranger shall be bound to account to any Lender for any sum or the profit element of any sum received by it for
its own account. 

 24.5 Business with the Borrower 
 The Agent, the Security Trustee, the Account Bank and the Arrangers may accept deposits from, lend money to and generally engage in any kind of banking or other business with the Borrower and the Sponsor Guarantors.

 24.6 Rights and discretions of the Agent 
  

	 	(a)	The Agent may rely on: 

  

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	 	(i)	any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and 

  

	 	(ii)	any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power
to verify. 

  

	 	(b)	The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Finance Parties) that: 

  

	 	(i)	no Default has occurred (unless it has actual knowledge of a Default arising under Clause 20.1 (Non-payment)), nor shall it be bound to enquire as to the occurrence or
otherwise of any Default; and 

  

	 	(ii)	any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised. 

  

	 	(c)	The Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts. 

  

	 	(d)	The Agent may act in relation to the Finance Documents through its personnel and agents. 

  

	 	(e)	The Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement. 

  

	 	(f)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor any Arranger is obliged to do or omit to do anything if it would or might in its
reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

 24.7
Majority Lenders’ and Individual Lender’s instructions 
  

	 	(a)	Unless a contrary indication appears in a Finance Document, the Agent shall (i) exercise any right, power, authority or discretion vested in it as Agent in accordance with any
instructions given to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as Agent) and (ii) not be liable for any act (or omission) if it acts
(or refrains from taking any action) in accordance with an instruction of the Majority Lenders. 

  

	 	(b)	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders will be binding on all the Finance Parties other than the Security Trustee
and the Account Bank. 

  

	 	(c)	An individual Lender shall be entitled to direct the Agent to give instructions to the Security Trustee in relation to any action under the Sponsor Guarantees but in respect only of
any monies owed by the Borrower to such Lender in the circumstances set out under Clause 7.5 (Failure to achieve Project CP Satisfaction Date or satisfy Subconcession Facility Extension Conditions) or in circumstances where any other monies
owed by the Borrower under the Finance Documents are owed to such Lender but not all the Lenders. 

  

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	 	(d)	The Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the relevant Lenders) until it has received such security as it
may require for any cost, loss or liability which it may incur in complying with the instructions. 

  

	 	(e)	In the absence of instructions from the Majority Lenders, (or, if appropriate, the relevant Lenders) the Agent may act (or refrain from taking action) as it considers in its
absolute discretion to be in the best interest of the Lenders. 

  

	 	(f)	The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings relating to any Finance
Document. 

 24.8 Responsibility for documentation 
 Neither the Agent nor any Arranger: 
  

	 	(a)	is responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, the Arrangers, the Borrower, any Sponsor Group
Shareholder or any other person given in or in connection with any Finance Document; or 

  

	 	(b)	is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other agreement, arrangement or document entered into, made or
executed in anticipation of or in connection with any Finance Document. 

 24.9 Exclusion of liability 
  

	 	(a)	Without limiting paragraph (b) below, the Agent will not be liable for any action taken by it or for refraining from taking any such action under or in connection with any
Finance Document, or for exercising or failing to exercise any judgment, discretion or power thereunder, or for any shortfall which arises on the enforcement of any Finance Document unless directly caused by its gross negligence or wilful
misconduct. 

  

	 	(b)	No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the Agent or in respect of
any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this Clause subject to Clause 1.4 (Third Party Rights) and the provisions
of the Contracts (Rights of Third Parties) Act 1999. 

  

	 	(c)	The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Agent if the
Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose. 

  

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	 	(d)	Nothing in this Agreement shall oblige the Agent or any Arranger to carry out any “know your customer” or other checks in relation to any person on behalf of any
Lender and each Lender confirms to the Agent and the Arrangers that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or any Arranger.

 24.10 Lenders’ indemnity 
 Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify each of
the Agent, the Security Trustee and the Account Bank, within three Business Days of demand, against any cost, loss or liability incurred by the Agent, the Security Trustee or the Account Bank (otherwise than by reason of the Agent’s, the
Security Trustee’s or the Account Bank’s gross negligence or wilful misconduct) in acting as Agent, Security Trustee or Account Bank under the Finance Documents (unless the Agent, the Security Trustee or the Account Bank has been
reimbursed by the Borrower pursuant to a Finance Document), save that in relation to any instructions given pursuant to paragraph (c) of Clause 24.7 (Majority Lenders’ and Individual Lender’s instructions), references to each
Lender in this Clause 24.10 (Lenders’ indemnity) shall be construed as a reference to the Lender giving directions (or, if more than one such Lender, such Lenders’ in proportion to their Commitments or, following the first
Utilisation Date, their proportions of the Loan owed to such Lenders at such time). 
 24.11 Resignation of the Agent 
  

	 	(a)	The Agent may resign and appoint one of its Affiliates as successor by giving notice to the Lenders and the Borrower. 

  

	 	(b)	Alternatively the Agent may resign by giving notice to the Lenders and the Borrower, in which case the Majority Lenders (after consultation with the Borrower) may appoint a
successor Agent. 

  

	 	(c)	If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above within 30 days after notice of resignation was given, the Agent (after
consultation with the Borrower) may appoint a successor Agent. 

  

	 	(d)	The retiring Agent shall, at its own cost, make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request
for the purposes of performing its functions as Agent under the Finance Documents. 

  

	 	(e)	The Agent’s resignation notice shall only take effect upon the appointment of a successor. 

  

	 	(f)	 Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain
entitled to the benefit of this Clause 24. Its successor and each of the other Parties 

  

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shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.

  

	 	(g)	After consultation with the Borrower, the Majority Lenders may, by notice to the Agent, require it to resign in accordance with paragraph (b) above. In this event, the Agent
shall resign in accordance with paragraph (b) above. 

 24.12 Confidentiality 
  

	 	(a)	In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its
divisions or departments. 

  

	 	(b)	If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and the Agent shall not be deemed to have
notice of it. 

 24.13 Relationship with the Lenders 
  

	 	(a)	The Agent may treat each Lender as a Lender, entitled to payments under this Agreement and acting through its Facility Office unless it has received not less than five Business Days
prior notice from that Lender to the contrary in accordance with the terms of this Agreement. 

  

	 	(b)	Each Lender shall supply the Agent with any information that the Security Trustee may reasonably specify (through the Agent) as being necessary or desirable to enable the Security
Trustee to perform its functions as Security Trustee. Each Lender shall deal with the Security Trustee exclusively through the Agent and shall not deal directly with the Security Trustee. 

 24.14 Credit appraisal by the Lenders 
 Without
affecting the responsibility of the Borrower for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to the Agent and the Arrangers that it has been, and will continue to be, solely responsible
for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to: 
  

	 	(a)	the financial condition, status and nature of the Borrower and any Sponsor Guarantor; 

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with any Finance Document; 

  

	 	(c)	whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the
transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and 

  

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	 	(d)	the adequacy, accuracy and/or completeness of any other information provided by the Agent, any Party or by any other person under or in connection with any Finance Document, the
transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document. 

 24.15 Agent’s Management Time 
 Any amount
payable to the Agent under Clause 14.3 (Indemnity to the Agent), Clause 16 (Costs and expenses) and Clause 24.10 (Lenders’ indemnity) shall include the cost of utilising the Agent’s management time or other resources
and will be calculated on the basis of such reasonable daily or hourly rates as the Agent may notify to the Borrower and the Lenders, and is in addition to any fee paid or payable to the Agent under Clause 11 (Fees). 
 24.16 Deduction from amounts payable by the Agent 
 If any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to
make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted. 
 24.17 Reliance and engagement letters 
 Each
Finance Party confirms that each of the Arrangers and the Agent has authority to accept on its behalf and ratifies the acceptance on its behalf of any letters or reports already accepted by the Arrangers or Agent, the terms of any reliance letter or
engagement letters relating to any reports or letters provided by any advisers in connection with the Finance Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those reports or letters and to sign such
letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters. 
 25. CONDUCT OF BUSINESS BY THE
FINANCE PARTIES 
 No provision of this Agreement will: 
  

	 	(a)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; 

  

	 	(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or

  

	 	(c)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax. 

  

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 26. SHARING AMONG THE FINANCE PARTIES 
 26.1 Payments to Finance Parties 
 If a Finance Party (a “Recovering Finance
Party”) receives or recovers any amount from the Borrower other than in accordance with Clause 27 (Payment mechanics) and applies that amount to a payment due under the Finance Documents then: 
  

	 	(a)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Agent; 

  

	 	(b)	the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or
made by the Agent and distributed in accordance with Clause 27 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and 

  

	 	(c)	the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an amount (the “Sharing Payment”) equal to such receipt or
recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 27.5 (Partial payments). 

 26.2 Redistribution of payments 
 The Agent
shall treat the Sharing Payment as if it had been paid by the Borrower and distribute it between the Finance Parties (other than the Recovering Finance Party) in accordance with Clause 27.5 (Partial payments). 
 26.3 Recovering Finance Party’s rights 
  

	 	(a)	On a distribution by the Agent under Clause 26.2 (Redistribution of payments), the Recovering Finance Party will be subrogated to the rights of the Finance Parties which have
shared in the redistribution. 

  

	 	(b)	If and to the extent that the Recovering Finance Party is not able to rely on its rights under paragraph (a) above, the Borrower shall be liable to the Recovering Finance Party
for a debt equal to the Sharing Payment which is immediately due and payable. 

 26.4 Reversal of redistribution 
 If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party,
then: 
  

	 	(a)	each Lender which has received a share of the relevant Sharing Payment pursuant to Clause 26.2 (Redistribution of payments) shall, upon request of the Agent, pay to the Agent
for account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the
Sharing Payment which that Recovering Finance Party is required to pay); and 

  

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	 	(b)	that Recovering Finance Party’s rights of subrogation in respect of any reimbursement shall be cancelled and the Borrower will be liable to the reimbursing Finance Party for
the amount so reimbursed. 

 26.5 Exceptions 
  

	 	(a)	This Clause 26 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim
against the Borrower. 

  

	 	(b)	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal
or arbitration proceedings, if: 

  

	 	(i)	it notified that other Finance Party of the legal or arbitration proceedings; and 

  

	 	(ii)	that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and
did not take separate legal or arbitration proceedings. 

  

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 SECTION 10 
 ADMINISTRATION 
 27. PAYMENT MECHANICS 
 27.1 Payments to the Agent 
  

	 	(a)	On each date on which the Borrower or a Lender is required to make a payment under a Finance Document, the Borrower or the Lender shall make the same available to the Agent (unless
a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment.

  

	 	(b)	Payment shall be made to such account in the principal financial centre of the country of that currency with such bank as the Agent specifies. 

 27.2 Distributions by the Agent 
 Each payment
received by the Agent under the Finance Documents for another Party shall, subject to Clause 27.3 (Distributions to the Borrower), Clause 27.4 (Clawback) and Clause 24.16 (Deduction from amounts payable by the Agent) be made
available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the
Agent by not less than five Business Days’ notice with a bank in the principal financial centre of the country of that currency. 
 27.3
Distributions to the Borrower 
 The Agent may (with the consent of the Borrower or in accordance with Clause 28 (Set-off)) apply
any amount received by it for the Borrower in or towards payment (on the date and in the currency and funds of receipt) of any amount due from the Borrower under the Finance Documents or in or towards purchase of any amount of any currency to be so
applied. 
 27.4 Clawback 
  

	 	(a)	Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum to that other Party (or to enter into or perform any
related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. 

  

	 	(b)	If the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds
of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of
funds. 

 27.5 Partial payments 
  

	 	(a)	If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by the Borrower under the Finance Documents, the Agent shall apply that
payment towards the obligations of the Borrower under the Finance Documents in the following order: 

  

	 	(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent, the Security Trustee, the Account Bank and the Arrangers under the Finance
Documents; 

  

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	 	(ii)	secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement; 

  

	 	(iii)	thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and 

  

	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  

	 	(b)	The Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii) to (iv) above. 

  

	 	(c)	Paragraphs (a) and (b) above will override any appropriation made by the Borrower or a Sponsor Guarantor. 

 27.6 No set-off by Borrower 
 All payments to
be made by the Borrower under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 
 27.7 Business Days 
  

	 	(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business
Day (if there is not). 

  

	 	(b)	During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the
original due date. 

 27.8 Currency of account 
  

	 	(a)	Subject to paragraphs (b) and (c) below the dollar is the currency of account and payment for any sum from the Borrower or any Sponsor Guarantor under any Finance
Document. 

  

	 	(b)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. 

  

	 	(c)	Any amount expressed to be payable in a currency other than the dollar shall be paid in that other currency. 

 28. SET-OFF 
 A Finance Party may if an Event
of Default is continuing set off any matured obligation due from the Borrower under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to the Borrower, regardless
of the place of payment, booking branch or currency of either obligation. If the 

  

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obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the
purpose of the set-off. 
 29. NOTICES 
 29.1 Communications in writing 
 Any communication to be made under or in connection with the Finance Documents shall
be made in writing and, unless otherwise stated, may be made by fax or letter. 
 29.2 Addresses 
 The address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any
communication or document to be made or delivered under or in connection with the Finance Documents is: 
  

	 	(a)	in the case of the Borrower, that identified with its name below; 

  

	 	(b)	in the case of each Lender, that identified with its name below or notified in writing to the Agent; and 

  

	 	(c)	in the case of the Agent, the Security Trustee or the Account Bank, that identified with its name below, 

 or any substitute address or fax number or department or officer as the Party may notify to the Agent (or the Agent may notify to the other Parties, if a
change is made by the Agent) by not less than five Business Days’ notice. 
 29.3 Delivery 
  

	 	(a)	Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective: 

  

	 	(i)	if by way of fax, when received in legible form; or 

  

	 	(ii)	if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that
address, 

 and, if a particular department or officer is specified as part of its address details provided under Clause 29.2
(Addresses), if addressed to that department or officer. 
  

	 	(b)	Any communication or document to be made or delivered to the Agent, the Security Trustee or the Account Bank will be effective only when actually received by the Agent, the Security
Trustee or the Account Bank and then only if it is expressly marked for the attention of the department or officer identified with the Agent’s, Security Trustee’s or Account Bank’s signature below (or any substitute department or
officer as the Agent, the Security Trustee or the Account Bank shall specify for this purpose). 

  

	 	(c)	All notices from or to the Borrower shall be sent through the Agent. 

  

 - 72 - 

	 	(d)	Any communication or document made or delivered to the Borrower in accordance with this Clause will be deemed to have been made or delivered to the Guarantor.

 29.4 Notification of address and fax number 
 Promptly upon receipt of notification of an address and fax number or change of address or fax number pursuant to Clause 29.2 (Addresses) or changing its own address or fax number, the Agent shall notify the
other Parties. 
 29.5 Electronic communication 
  

	 	(a)	Any communication to be made between the Agent and the Security Trustee, the Account Bank or a Lender under or in connection with the Finance Documents may be made by electronic
mail or other electronic means, if the Agent, the Security Trustee, the Account Bank and the relevant Lender: 

  

	 	(i)	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

  

	 	(ii)	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and

  

	 	(iii)	notify each other of any change to their address or any other such information supplied by them. 

  

	 	(b)	Any electronic communication made between the Agent and a Lender, the Security Trustee or the Account Bank will be effective only when actually received in readable form and in the
case of any electronic communication made by a Lender to the Agent, the Security Trustee or the Account Bank only if it is addressed in such a manner as the Agent, the Security Trustee or the Account Bank shall specify for this purpose.

 29.6 English language 
  

	 	(a)	Any notice given under or in connection with any Finance Document must be in English. 

  

	 	(b)	All other documents provided under or in connection with any Finance Document must be: 

  

	 	(i)	in English; or 

  

	 	(ii)	if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a
constitutional, statutory or other official document. 

  

 - 73 - 

 30. CALCULATIONS AND CERTIFICATES 
 30.1 Accounts 
 In any litigation or arbitration proceedings arising out of or in connection
with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate. 
 30.2 Certificates and Determinations 
 Any certification or determination by a Finance Party of a rate or amount under
any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates. 
 30.3 Day count convention

 Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the
actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice. 
 31. PARTIAL INVALIDITY 
 If, at any time, any provision of the Finance Documents is or becomes
illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any
other jurisdiction will in any way be affected or impaired. 
 32. REMEDIES AND WAIVERS 
 No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under the Finance Documents shall operate as a
waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any
rights or remedies provided by law. 
 33. AMENDMENTS AND WAIVERS 
 33.1 Required consents 
  

	 	(a)	Subject to Clause 33.2 (Exceptions) any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Borrower and any such
amendment or waiver will be binding on all Parties. 

  

	 	(b)	The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause. 

 33.2 Exceptions 
  

	 	(a)	An amendment or waiver that has the effect of changing or which relates to: 

  

	 	(i)	the definition of “Majority Lenders” in Clause 1.1 (Definitions); 

  

	 	(ii)	an extension to the date of payment of any amount under the Finance Documents; 

  

 - 74 - 

	 	(iii)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable; 

  

	 	(iv)	a change in currency of payment of any amount under the Finance Documents; 

  

	 	(v)	an increase in or an extension of any Commitment or any additional obligation on a Lender to lend money or provide any other form of credit; 

  

	 	(vi)	a change to the Borrower or (other than in accordance with Clause 19.13 (Sponsor Guarantees)) the Sponsor Guarantors; 

  

	 	(vii)	any provision which expressly requires the consent of all the Lenders; 

  

	 	(viii)	Clause 2.2 (Finance Parties’ rights and obligations), Clause 4.1 (Initial conditions precedent), Clause 7.5 (Failure to achieve Project CP Satisfaction Date or
satisfy Subconcession Facility Extension Conditions), Clause 7.6 (Non-committed debt), Clause 19.13 (Sponsor Guarantees), Clause 21 (Changes to the Lenders) or this Clause 33; or 

  

	 	(ix)	the release of either of the Sponsor Guarantees or any Other Security unless permitted under this Agreement, 

 shall not be made without the prior consent of all the Lenders. 
  

	 	(b)	An amendment or waiver which relates to the rights or obligations of the Agent, the Security Trustee, the Account Bank or an Arranger may not be effected without the consent of the
Agent, the Security Trustee, the Account Bank or the Arranger. 

 34. COUNTERPARTS 
 Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a
single copy of the Finance Document. 
  

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 SECTION 11 
 GOVERNING LAW AND ENFORCEMENT 
 35. GOVERNING LAW 
 This Agreement is governed by English law. 
 36.
ENFORCEMENT 
 36.1 Jurisdiction 
  

	 	(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or
termination of this Agreement) (a “Dispute”). 

  

	 	(b)	The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

  

	 	(c)	This Clause 36.1 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other
courts with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions. 

 36.2 Service of process 
 Without prejudice to any other mode of service allowed under any relevant law, the Borrower:

  

	 	(a)	irrevocably appoints ACP Media (UK) Limited as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and

  

	 	(b)	agrees that failure by an agent for service of process to notify the Borrower of the process will not invalidate the proceedings concerned. 

 This Agreement has been entered into on the date stated at the beginning of this Agreement. 
  

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 SCHEDULE 1 
 THE ORIGINAL LENDERS 
  

			
	 Name of Original Lender
	  	Commitment
	 Australia and New Zealand Banking Group Limited
	  	US$125,000,000
	 Bank of America, N.A.
	  	US$125,000,000
	 Barclays Bank PLC
	  	US$125,000,000
	 Deutsche Bank AG, Hong Kong Branch
	  	US$125,000,000
	 Total
	  	US$500,000,000

  

 - 77 - 

 SCHEDULE 2 
 Part I 
 Conditions precedent to Utilisation 
 1. Borrower and PBL 
  

	 	(a)	A copy of the Commercial Certificate incorporating the Articles of Association of the Borrower and a copy of the Constitutional Documents of PBL. 

  

	 	(b)	A copy of: 

  

	 	(A)	the resolutions of the directors of the Borrower attaching copies of the mandates from four of the directors of the Borrower authorising one director to sign such resolutions; and

  

	 	(B)	an extract of the resolutions of the board of directors of PBL, 

 in each case: 
  

	 	(i)	approving (and in the case of PBL, approving and/or ratifying) the terms of, and the transactions contemplated by, the Wynn Agreement, the Subconcession Contract and the Finance
Documents to which it is a party and resolving that it execute, deliver and perform the Transaction Documents to which it is a party; 

  

	 	(ii)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents, certificates, declarations and notices (including, in the case of the Borrower, the
Utilisation Request, the Closing Declaration and any Selection Notice in respect of the Facility) and, in the case of PBL, the Closing Certificate, to be signed and/or despatched by it under or in connection with the Finance Documents to which it is
a party. 

  

	 	(c)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above in relation to the Finance Documents and related documents.

  

	 	(d)	A declaration of an authorised signatory of the Borrower and a certificate of an authorised signatory of PBL declaring (in the case of the Borrower) and confirming (in the case of
PBL) that borrowing or guaranteeing, as appropriate, the Total Commitments or the entry into or performance under any of the Transaction Documents to which it is a party would not cause any borrowing, guarantee or similar limit or any other Legal
Requirement binding on it, to be exceeded. 

  

	 	(e)	 A declaration of an authorised signatory of the Borrower and a certificate of an authorised signatory of PBL declaring (in the case of the Borrower) and certifying
(in the case of PBL) that each document, copy document and other evidence 

  

 - 78 - 

	 	 
relating to it (and, in the case of the Borrower, each other document, copy document or other evidence) specified in Part I of this Schedule is correct,
complete and in full force and effect and has not been amended or superseded as at a date no earlier than the date of the Utilisation Request. 

 2. Transaction Documents 
 A copy of the Wynn Agreement. 
 3. Finance Documents 
  

	 	(a)	This Agreement executed by the Borrower. 

  

	 	(b)	A guarantee executed by PBL in favour of the Security Trustee in respect of the Borrower’s obligations under or in relation to this Agreement. 

  

	 	(c)	The Commitment Letter executed by the Sponsors and the Borrower and the Arrangers and the Fee Letters executed by the Borrower and the Arrangers. 

 4. Legal opinions 
 The following legal
opinions, each substantially in the form distributed to the Original Lenders prior to signing of this Agreement: 
  

	 	(a)	A legal opinion of Manuela António Law Office, legal advisers to the Borrower, as to Macanese law; 

  

	 	(b)	A legal opinion of Henrique Saldanha, legal advisers to the Agent, the Security Trustee and the Arrangers, as to Macanese law; 

  

	 	(c)	A legal opinion of Corrs Chambers Westgarth, legal advisers to PBL as to New South Wales law; and 

  

	 	(d)	A legal opinion of Clifford Chance, legal adviser to the Agent, the Security Trustee and the Arrangers, as to English law. 

 5. Other documents and evidence 
  

	 	(a)	Copy letter from Bank of America N.A., Hong Kong Branch to the Agent confirming that the Disbursement Account has been established. 

  

	 	(b)	Evidence that the fees, costs and expenses then due from the Borrower pursuant to Clause 11 (Fees) and Clause 16.1 (Costs and Expenses) have been paid or will be paid
by the Utilisation Date. 

  

	 	(c)	Copy of a letter from the agent for service of process referred to in Clause 36.2 (Service of process) confirming that it has accepted its appointment.

  

	 	(d)	A copy of the Funds Flow Memorandum. 

  

	 	(e)	A copy of the Corporate Restructuring Memorandum. 

  

 - 79 - 

 Part II 
 Closing Declaration/Certificate 
 A declaration of the Borrower (signed by an authorised signatory) and a certificate
of PBL (signed by an authorised signatory) each addressed to the Agent and the Account Bank declaring (in the case of the Borrower) and certifying (in the case of PBL) that: 
  

	(i)	each of the matters specified in clauses 3.1, 3.2, 5.1 and 5.2 of the Wynn Agreement has been satisfied or, with the consent of the Agent, waived (other than payment of the Premium
Price under clause 3.2(b)(i) of the Wynn Agreement which will be satisfied upon disbursement from the Disbursement Account); 

  

	(ii)	except as specified in this Agreement, the Wynn Agreement has not been amended, varied, novated, supplemented, superseded, waived or terminated except with the consent of the Agent;

  

	(iii)	the Borrower is not aware of any breach of any warranty or any claim under the Wynn Agreement; 

  

	(iv)	paragraphs 1 to 4 of step 1 and paragraphs 5 to 17 of step 2 in the Corporate Restructuring Memorandum have been completed; 

  

	(v)	as contemplated by of the Corporate Restructuring Memorandum, the issued share capital of the Borrower is as follows: 

  

			
	 Shareholder
	  	No. of Shares in the Borrower
	 PBL Asia Limited
	  	8,999 Class B Shares
		
	 Petelex Pty Limited
	  	1 Class B Share
		
	 Manuela Antonio
	  	1,000 Class A Shares

  

	(vi)	all of the shares in the Borrower referred to in sub-paragraph (v) above are fully paid; 

  

	(vii)	following the entry into the Subconcession Contract and upon receipt of the relevant consents and approvals from the Macau SAR: 

  

	 	(a)	PBL Asia Limited will be issued with a further 1,791,000 Class B Shares in the Borrower (bringing its total shareholding in the Borrower to 1,799,999 Class B Shares);

  

	 	(b)	Manuela Antonio will be issued with a further 199,000 Class A shares in the Borrower (bringing her total shareholding in the Borrower to 200,000 Class A shares);

  

	(viii)	all of the shares in the Borrower referred to in paragraph (vii) above will be issued fully paid; 

  

	(ix)	by the date of entry into the Subconcession Contract but prior to or simultaneously with disbursement from the Disbursement Account, Sponsor Group Loans in an aggregate amount of
US$320,000,000 will have been advanced by PBL Asia Investments Limited (as to US$160,000,000) and Melco Leisure and Entertainment Group Limited (as to US$160,000,000) to the Borrower; 

  

 - 80 - 

	(x)	prior to or simultaneously with disbursement from the Disbursement Account, the Borrower will have the sum available to it of US$405,000,000 made up of: 

  

				
	 amounts to be used for subscriptions for shares in the Borrower
	  	US$	85,000,000
	 Sponsor Group Loans
	  	US$	320,000,000

  

	(xi)	of this amount of US$405,000,000 a sum of US$100,000,000 is currently held in a deposit account at Bank of America N.A, Hong Kong Branch in the joint names of PBL and Wynn Macau and
will be applied for the same purposes as the proceeds of the Facility in accordance with the Funds Flow Memorandum and a sum of US$300,000,000 will, simultaneously with disbursement from the Disbursement Account, be applied for the same purpose as
the proceeds of the Facility in accordance with the Funds Flow Memorandum and as set out in the Sponsor Group Loan Letters and the remaining $5,000,000 will be applied in accordance with the Funds Flow Memorandum. 

  

 - 81 - 

 Part III 
 Conditions Subsequent 
 1. Transaction Documents 
  

	 	(a)	A copy of the following Transaction Documents executed by the parties to those documents: 

  

	 	(i)	the Subconcession Bank Guarantee Facility Agreement and the Subconcession Bank Guarantee; and 

  

	 	(ii)	the Subconcession Contract. 

  

	 	(b)	A copy of the letter dated 4th March 2006 terminating the previous arrangement with SJM in respect of Great Wonders. 

  

	 	(c)	A copy of a termination agreement dated 15th March 2006 in relation to the Mocha Slot service arrangement between Melco, Mocha Slot Group Limited, Mocha Slot Management Limited
and SJM pursuant to which the parties thereto agree that the existing service agreements with SJM relating to the operation of electronic machine lounges and related leases and/or sub-leases of the relevant premises relating to Mocha Slot Business
will be terminated. 

  

	 	(d)	A declaration of the Borrower (signed by an authorised signatory) and a certificate of PBL (signed by an authorised signatory) each addressed to the Agent declaring (in the case of
the Borrower) and certifying (in the case of PBL) that pursuant to the agreement referred to in paragraph 1(c) above, the termination of the service agreements contemplated therein has occurred. 

 2. Corporate Restructuring 
 A declaration of
the Borrower (signed by an authorised signatory) addressed to the Agent declaring that paragraphs 28 to 33 of step 4 of the Corporate Restructuring Memorandum has been completed. 
 3. Legal opinions 
 The following legal opinions: 
  

	 	(a)	A legal opinion of Manuela António Law Office, legal advisers to the Borrower, as to Macanese law; and 

  

	 	(b)	A legal opinion of Henrique Saldanha Advogados & Notarios, legal advisers to the Agent, the Security Trustee and the Arrangers, as to Macanese law.

 4. Authorisation 
 A copy of any other Authorisation or other document, opinion or assurance reasonably requested by the Agent and notified to the Borrower as being necessary or desirable (based on legal advice) in connection with the entry into and
performance of the 

  

 - 82 - 

 
transactions contemplated by any Transaction Document or for the validity and enforceability of any Transaction Document in accordance with its terms.

  

 - 83 - 

 SCHEDULE 3 
 REQUESTS 
 Part I 
 Utilisation Request 
 From: [Borrower] 
 To: [Agent] 
 Dated: 
 Dear Sirs 
 PBL Entertainment (Macau) Limited – $500 Million Facility Agreement 
 dated [4] September 2006
(the “Agreement”) 
  

	1.	We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this
Utilisation Request. 

  

	2.	We wish to borrow a Loan on the following terms: 

  

			
	Proposed Utilisation Date:	  	 [         ] (or, if that is not a Business Day, the next
 Business Day)

		
	Currency of Loan:	  	[         ]
		
	Amount:	  	[            ] or, if less, the Available Facility
		
	Interest Period:	  	[            ]

  

	3.	We confirm that each condition specified in Clause 4.2 (Further conditions precedent) is satisfied on the date of this Utilisation Request. 

  

	4.	The proceeds of this Loan should be credited to [account]. 

  

	5.	This Utilisation Request is irrevocable. 

	
	Yours faithfully
	  
  

	authorised signatory for
	[name of Borrower]

  

 - 84 - 

 Part II 
 Selection Notice 
 From: [Borrower] 
 To: [Agent] 
 Dated: 
 Dear Sirs 
 PBL Entertainment (Macau) Limited – $500 Million Facility Agreement 
 dated [4] September 2006 (the “Agreement”) 
  

	1.	We refer to the Agreement. This is a Selection Notice. Terms defined in the Agreement have the same meaning in this Selection Notice unless given a different meaning in this
Selection Notice. 

  

	2.	We refer to the following Loan made under the Agreement and the Interest Period ending on [        ]. 

  

	3.	We request that the next Interest Period for the above Loan is [  ]. 

  

	4.	This Selection Notice is irrevocable. 

  

	
	Yours faithfully
	  
  

	authorised signatory for
	[name of Borrower]

  

 - 85 - 

 SCHEDULE 4 
 FORM OF TRANSFER CERTIFICATE 
 To: [            ] as Agent 
  

	From:	[The Existing Lender] (the “Existing Lender”) and [The New Lender] (the “New Lender”) 

 Dated: 
 PBL Entertainment
(Macau) Limited – $500 Million Facility Agreement 
 dated [4] September 2006 (the “Agreement”)

  

	1.	We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this
Transfer Certificate. 

  

	2.	We refer to Clause 21.5 (Procedure for transfer): 

  

	 	(a)	The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all or part of the Existing Lender’s Commitment, rights and
obligations referred to in the Schedule in accordance with Clause 21.5 (Procedure for transfer). 

  

	 	(b)	The proposed Transfer Date is [                        ].

  

	 	(c)	The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 29.2 (Addresses) are set out in the Schedule.

  

	3.	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in paragraph (c) of Clause 21.4 (Limitation of responsibility of
Existing Lenders). 

  

	4.	This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer
Certificate. 

  

	5.	This Transfer Certificate is governed by English law. 

 THE SCHEDULE 
 Commitment/rights and obligations to be transferred 
 [insert relevant details] 
 [Facility
Office address, fax number and attention details for notices and account details for payments,] 
  

			
	[Existing Lender]	  	[New Lender]
		
	By:	  	By:

  

 - 86 - 

 This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as
[                        ]. 
  

	
	[Agent]
	
	By:

  

 - 87 - 

 SCHEDULE 5 
 APLMA FORM OF CONFIDENTIALITY UNDERTAKING 
 To: 
 From: 
 Dated: 
 Dear Sirs 
 PBL Entertainment (Macau) Limited -$500 Million Facility Agreement 
 dated [4] September 2006 (the “Agreement”) 
 We understand that you are considering participating in the Facilit[y/ies]. In consideration of us agreeing to make available to you certain information, by your signature of a copy of this letter you agree as follows: 
  

	1.	Confidentiality Undertaking You undertake: 

  

	 	(a)	to keep the Confidential Information confidential and not to disclose it to anyone except as provided for by paragraph 2 below and to ensure that the Confidential Information is
protected with security measures and a degree of care that would apply to your own confidential information; 

  

	 	(b)	to keep confidential and not disclose to anyone the fact that the Confidential Information has been made available or that discussions or negotiations are taking place or have taken
place between us in connection with the Facilit[y/ies]; 

  

	 	(c)	to use the Confidential Information only for the Permitted Purpose; 

  

	 	(d)	to use all reasonable endeavours to ensure that any person to whom you pass any Confidential Information (unless disclosed under paragraph 2(b) below) acknowledges and complies with
the provisions of this letter as if that person were also a party to it; and 

  

	 	(e)	not to make enquiries of any member of the Group or any of their officers, directors, employees or professional advisers relating directly or indirectly to the Facilit[y/ies].

  

	2.	Permitted Disclosure We agree that you may disclose Confidential Information: 

  

	 	(a)	to members of the Participant Group and their officers, directors, employees and professional advisers to the extent necessary for the Permitted Purpose and to any auditors of
members of the Participant Group; 

  

	 	(b)	(i) where requested or required by any court of competent jurisdiction or any competent judicial, governmental, supervisory or regulatory body, (ii) where required by the rules
of any stock exchange on which the shares or other securities of any member of the Participant Group are listed or (iii) where required by the laws or regulations of any country with jurisdiction over the affairs of any member of the
Participant Group; or 

  

 - 88 - 

	 	(c)	with the prior written consent of us and the Borrower. 

  

	3.	Notification of Required or Unauthorised Disclosure You agree (to the extent permitted by law) to inform us of the full circumstances of any disclosure under
paragraph 2(b) or upon becoming aware that Confidential Information has been disclosed in breach of this letter. 

  

	4.	Return of Copies If we so request in writing, you shall return all Confidential Information supplied to you by us and destroy or permanently erase all copies of Confidential
Information made by you and use all reasonable endeavours to ensure that anyone to whom you have supplied any Confidential Information destroys or permanently erases such Confidential Information and any copies made by them, in each case save to the
extent that you or the recipients are required to retain any such Confidential Information by any applicable law, rule or regulation or by any competent judicial, governmental, supervisory or regulatory body or in accordance with internal policy, or
where the Confidential Information has been disclosed under paragraph 2(b) above. 

  

	5.	Continuing Obligations The obligations in this letter are continuing and, in particular, shall survive the termination of any discussions or negotiations between you and us.
Notwithstanding the previous sentence, the obligations in this letter shall cease (a) if you become a party to or otherwise acquire (by assignment or sub participation) an interest, direct or indirect in the Facilit[y/ies] or (b) twelve
months after you have returned all Confidential Information supplied to you by us and destroyed or permanently erased all copies of Confidential Information made by you (other than any such Confidential Information or copies which have been
disclosed under paragraph 2 above (other than sub-paragraph 2(a)) or which, pursuant to paragraph 4 above, are not required to be returned or destroyed). 

  

	6.	No Representation; Consequences of Breach, etc You acknowledge and agree that: 

  

	 	(a)	neither we nor any of our officers, employees or advisers (each a “Relevant Person”) (i) make any representation or warranty, express or implied, as to, or
assume any responsibility for, the accuracy, reliability or completeness of any of the Confidential Information or any other information supplied by us or any member of the Group or the assumptions on which it is based or (ii) shall be under
any obligation to update or correct any inaccuracy in the Confidential Information or any other information supplied by us or any member of the Group or be otherwise liable to you or any other person in respect to the Confidential Information or any
such information; and 

  

	 	(b)	we or members of the Group may be irreparably harmed by the breach of the terms of this letter and damages may not be an adequate remedy; each Relevant Person or member of the Group
may be granted an injunction or specific performance for any threatened or actual breach of the provisions of this letter by you. 

  

 - 89 - 

	7.	No Waiver; Amendments, etc This letter sets out the full extent of your obligations of confidentiality owed to us in relation to the information the subject of this letter.
No failure or delay in exercising any right, power or privilege under this letter will operate as a waiver thereof nor will any single or partial exercise of any right, power or privilege preclude any further exercise thereof or the exercise of any
other right, power or privileges under this letter. The terms of this letter and your obligations under this letter may only be amended or modified by written agreement between us. 

  

	8.	Inside Information You acknowledge that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be
regulated or prohibited by applicable legislation relating to insider dealing and you undertake not to use any Confidential Information for any unlawful purpose. 

  

	9.	Nature of Undertakings The undertakings given by you under this letter are given to us and (without implying any fiduciary obligations on our part) are also given for the
benefit of the Borrower and each other member of the Group. 

  

	10.	Third party rights 

  

	 	(a)	Subject to paragraph 6 and paragraph 9 the terms of this letter may be enforced and relied upon only by you and us and the operation of the Contracts (Rights of Third Parties) Act
1999 is excluded. 

  

	 	(b)	Notwithstanding any provisions of this letter, the parties to this letter do not require the consent of any Relevant Person or any member of the Group to rescind or vary this letter
at any time. 

  

	11.	Governing Law and Jurisdiction This letter (including the agreement constituted by your acknowledgement of its terms) shall be governed by and construed in accordance with
the laws of England and the parties submit to the non-exclusive jurisdiction of the English courts. 

  

	12.	Definitions In this letter (including the acknowledgement set out below): 

 “Confidential Information” means any information relating to the Borrower, the Group, and the Facilit[y/ies] including, without limitation, the information memorandum, provided to you by us or any of
our affiliates or advisers, in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes
information that (a) is or becomes public knowledge other than as a direct or indirect result of any breach of this letter or (b) is known by you before the date the information is disclosed to you by us or any of our affiliates or
advisers or is lawfully obtained by you after that date, other than from a source which is connected with the Group and which, in either case, as far as you are aware, has not been obtained in violation of, and is not otherwise subject to, any
obligation of confidentiality; 
 “Group” means the Borrower and each of its holding companies and subsidiaries and each
subsidiary of each of its holding companies (as each such term is defined in the Companies Act 1985); 
  

 - 90 - 

 “Participant Group” means you, each of your holding companies and subsidiaries and each
subsidiary of each of your holding companies (as each such term is defined in the Companies Act 1985); and 
 “Permitted
Purpose” means considering and evaluating whether to enter into the Facilit[y/ies]. 
 Please acknowledge your
agreement to the above by signing and returning the enclosed copy. 
  

	
	Yours faithfully
	  
  

	authorised signatory for
	[                        ]

  

			
	To:	 	[Arranger]
		 	The Borrower and each other member of the Group

 We acknowledge and agree to the above: 

	
	  
  

	authorised signatory for
	[                        ]

  

 - 91 - 

 SIGNATURES 
 THE BORROWER 
 PBL ENTERTAINMENT (MACAU) LIMITED 
  

					
	By:	  	/s/	  	
			
	Address:	  	1st Floor, Room 13	  	
		  	25 Avenida Dr. Mario Soares	  	
		  	Macau	  	
			
	Attention:	  	The directors	  	
			
	Telephone:	  	+853 591 128	  	
			
	Fax:	  	+853 345 678	  	
	
	With a copy to :-
		
	Publishing and Broadcasting Limited	  	
			
	Address :	  	Level 2, 54 Park Street	  	
		  	Sydney	  	
		  	New South Wales 2000	  	
		  	Australia	  	
			
	Attention :	  	Company Secretary	  	
			
	Fax:	  	+61 2 9282 8828	  	
	
	Melco International Development Limited
			
	Address :	  	38th Floor, The Centrium	  	
		  	60 Wyndham Street	  	
		  	Central	  	
		  	Hong Kong	  	
			
	Attention :	  	Clarence Chung, Chief Operating Officer	  	
		  	Samuel Tsang, Group Legal Counsel and Company Secretary	  	

  

 - 92 - 

 THE ARRANGERS 
 AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 
  

					
	By:	  	/s/ 	  	
			
	Address:	  	31st Floor, One Exchange Square	  	
		  	8 Connaught Road, Central	  	
		  	Hong Kong	  	
		
	Attention:	  	Vikas Batra (Executive Director & Head of Project & Structure Finance, Asia)
			
	Telephone:	  	+852 2843 7209	  	
			
	Fax:	  	+852 2230 5709	  	
	
	BANC OF AMERICA SECURITIES ASIA LIMITED
			
	By:	  	/s/	  	
			
	Address:	  	42/F Two International Finance Centre	  	
		  	8 Finance Street	  	
		  	Hong Kong	  	
			
	Attention:	  	Russell McCormack (relationship/credit issues)	  	
		  	Danny Chu/Chan Yuen Hong (operational/funding issues)	  	
			
	Telephone:	  	+852 2847 6888	  	
			
	Fax:	  	+852 2847 5886	  	
	
	BARCLAYS CAPITAL
			
	By:	  	/s/ 	  	
			
	Address:	  	42nd Floor, Citibank Tower	  	
		  	3 Garden Road Central	  	
		  	Hong Kong	  	
			
	Attention:	  	Head of Loan Administration	  	
			
	Telephone:	  	+852 2903 2345/+852 2903 2347	  	
			
	Fax:	  	+852 2903 2395	  	

  

 - 93 - 

 DEUTSCHE BANK AG, HONG KONG BRANCH 
  

									
	By:	  	/s/	  	/s/ Chris Gammons	  	
			
	Address:	  	51/F Cheung Kong Center	  	
			
		  	2 Queen’s Road Central	  	
			
		  	Hong Kong	  	
		
	Attention:	  	 Chris Gammons/Melissa Lu/Deepak Dangayach (legal and documentation issues)
 Jackie Leung/Johnny Lee (loan ops/admin)

		
	Telephone:	  	+852 2203 8047/+852 2203 7463/+852 2203 7087/+852 2203 8130
		
	Fax:	  	+852 2203 7215/+852 2203 7241

 THE AGENT 
 AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 
  

					
	By:	  	/s/ 	  	
			
	Address:	  	Level 17	  	
		  	530 Collins Street	  	
		  	Melbourne, Vic 3000	  	
		  	Australia	  	
			
	Attention:	  	Manager - PBL Entertainment (Macau) Ltd transaction	  	
			
	Telephone:	  	+61 3 9273 5555	  	
			
	Fax:	  	+61 3 8542 5286 (International)	  	
		  	1300 557 263 (Domestic)	  	

  

 - 94 - 

 THE SECURITY TRUSTEE 
 ANZ FIDUCIARY SERVICES PTY LIMITED 
  

					
	By:	  	/s/ 	  	
			
	Address:	  	Level 17	  	
		  	530 Collins Street	  	
		  	Melbourne, Vic 3000	  	
		  	Australia	  	
		
	Attention:	  	The Security Trustee - PBL Entertainment (Macau) Ltd transaction
			
	Telephone:	  	+61 3 9273 5555	  	
			
	Fax:	  	+61 3 8542 5286 (International)	  	
			
		  	1300 557 263 (Domestic)	  	

  

 - 95 - 

 THE ACCOUNT BANK 
 BANK OF AMERICA N.A., HONG KONG BRANCH 
  

					
	By:	  	/s/ 	  	
			
	Address:	  	42/F Two International Finance Centre	  	
		  	8 Finance Street	  	
		  	Hong Kong	  	
		
	Attention:	  	Russell McCormack (relationship/credit issues) Danny Chu/Chan Yuen Hong (operational/funding issues)
			
	Telephone:	  	+852 2847 6888	  	
			
	Fax:	  	+852 2847 5886	  	

 THE LENDERS 
 AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 
  

					
	By:	  	/s/ 	  	
			
	Address:	  	Level 17	  	
		  	530 Collins Street	  	
		  	Melbourne, Vic 3000	  	
		  	Australia	  	
		
	Attention:	  	John Raftopoulous (Manager - Project & Structured Finance)
			
	Telephone:	  	+61 3 9273 2899	  	
			
	Fax:	  	+61 3 9273 2111	  	

  

 - 96 - 

 BANK OF AMERICA, N.A. 
  

					
	By:	  	/s/	  	
			
	Address:	  	42/F Two International Finance Centre	  	
		  	8 Finance Street	  	
		  	Hong Kong	  	
		
	Attention:	  	Russell McCormack (relationship/credit issues) Danny Chu/Chan Yuen Hong (operational/funding issues)
			
	Telephone:	  	+852 2847 6888	  	
			
	Fax:	  	+852 2847 5886	  	

 BARCLAYS BANK PLC 
  

					
	By:	  	/s/	  	
			
	Address:	  	Loan Operations	  	
		  	10 The South Colonnade	  	
		  	London E14 4PU	  	
		  	UK	  	
			
	Attention:	  	Mark Williams/Sue Penfold	  	
			
	Telephone:	  	+44 207 773 6436/+44 207 773 6420	  	
			
	Fax:	  	+44 207 773 6811	  	

  

 - 97 - 

 DEUTSCHE BANK AG, HONG KONG BRANCH 
  

									
	By:	  	/s/	  		  	/s/	  	
			
	Address:	  	51/F Cheung Kong Center	  	
		  	2 Queen’s Road Central	  	
		  	Hong Kong	  	
		
	Attention:	  	Chris Gammons/ Melissa Lu/Deepak Dangayach (legal and documentation issues)
		
		  	Jackie Leung/Johnny Lee (loan ops/admin)
		
	Telephone:	  	+852 2203 8047/+852 2203 7463/+852 2203 7087/+852 2203 8130
			
	Fax:	  	+852 2203 7215/+852 2203 7241	  	

  

 - 98 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]