LIMITED LIABILITY COMPANY AGREEMENT OF CITYCENTER HOLDINGS, LLC

Exhibit 10.1

LIMITED LIABILITY COMPANY AGREEMENT

OF

CITYCENTER HOLDINGS, LLC

Dated as of August 21, 2007

LIMITED LIABILITY COMPANY AGREEMENT

OF

CITYCENTER HOLDINGS, LLC

This Limited Liability Company Agreement (this “Agreement”) is made as of August 21, 2007 (the “Signing Date”), by and between MIRAGE RESORTS, INCORPORATED, a Nevada corporation (“MGM”), and DUBAI WORLD, a Dubai, United Arab Emirates government decree entity (“DW”) (MGM and DW are hereinafter referred to individually as a “Member” and collectively as the “Members”).

PREAMBLE

     WHEREAS, MGM, through one or more Affiliates, owns the Project Assets;

     WHEREAS, the Members desire to form the Company to own, directly or indirectly through its Subsidiary, CityCenter, LLC, a Nevada limited liability company (“Project LLC”), manage, design, plan, develop, construct, operate, lease and sell the Project pursuant to the provisions of the Delaware Limited Liability Company Act, 6 Del. C. § 18-101 et seq., as the same may be amended from time to time (the “Act”).

     WHEREAS, the parties deem a limited liability company agreement to be necessary and advisable to set out their agreement as to the conduct of business and the affairs of the Company, and desire to enter into this Agreement.

     WHEREAS, MGM presently intends (i) to contribute the Project Assets to a recently formed, bankruptcy remote, special purpose entity (“Project Owner”) and, thereafter, (ii) to contribute 100% of the membership interests in Project Owner to the Company; and

     WHEREAS, contemporaneous with the contribution by MGM, DW desires to make certain cash capital contributions to the Company, all as more particularly set forth herein.

     NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in consideration of the mutual promises set forth, the parties agree as follows:

ARTICLE 1

THE COMPANY

          Section 1.1 Organization . Within 5 days following the satisfaction or waiver of each of the Conditions set forth in Sections 3.2(a)(ii)(4)-(7) and 3.2(b)(ii)(5)-(11) hereof, the Members shall form and establish a limited liability company (the “Company”) under and pursuant to the provisions of the Act, and upon the terms and conditions set forth in this Agreement. Notwithstanding the legal formation of the Company by the filing of a certificate of formation, the parties agree that this Agreement shall be in full legal force and effect as to all provisions that relate to anything that shall occur and any and all rights and obligations of the parties that accrue or are in any way relevant during the period prior to the filing of such certificate of formation. It is further expressly understood and agreed that this Agreement shall also be considered a “Contribution Agreement”. Accordingly, MGM hereby agrees to contribute, or to cause the contribution, of the Project to the Company, and DW hereby agrees to contribute its Initial Capital Contribution, on the terms and provisions set forth in this Agreement.

          Section 1.2 Name . The name of the Company shall be CityCenter Holdings, LLC, and all business of the Company shall be conducted solely in such name or in such other name or names as may be Approved by the Board of Directors.

          Section 1.3 Place of Business . The principal office of the Company shall be located at such place within the County as may be approved by the Managing Member.

          Section 1.4 Business of the Company . Subject to Section 1.10 hereof, the business of the Company is to acquire and own the Project Assets and to design, develop, construct, finance, own and operate the Project. In furtherance of its business, the Company shall have and may exercise all the powers now or hereafter conferred by the laws of the State of Delaware on limited liability companies formed under the laws of that State, and may do any and all things related or incidental to its business as fully as natural persons might or could do under the laws of that State. Such power shall include, but shall not be limited to, the creation, ownership and operation of one or more wholly owned subsidiaries for the purposes set forth in Section 1.10 hereof. The Company shall register to do business in the state of Nevada.

          Section 1.5 Purposes Limited . Except as otherwise provided in this Agreement, the Company shall not engage in any other activity or business and none of the Members shall have any authority to hold itself out as an agent of the other Member in any other business or activity.

          Section 1.6 No Payments of Individual Obligations . The Members shall use the Company’s credit and assets solely for the benefit of the Company. Other than as set forth in an Additional Agreement, no asset of the Company shall be transferred or encumbered for or in payment of any individual obligation of a Member.

          Section 1.7 Statutory Compliance . The Company shall exist under and be governed by, and this Agreement shall be construed and enforced in accordance with, the laws of

the State of Delaware, but excluding its conflict of law principles. The Members shall make all filings and disclosures required by, and shall otherwise comply with, all such laws. The Members shall execute, file and record in the appropriate records any assumed or fictitious name certificate required by law to be filed or recorded in connection with the formation of the Company and shall execute, file and record such other documents and instruments as may be necessary or appropriate with respect to the formation of, and conduct of business by, the Company.

          Section 1.8 Title to Property . All property, whether real or personal, tangible or intangible, owned by the Company or its Subsidiaries shall be owned in the name of the Company or its Subsidiaries, and no Member shall have any ownership interest in such property in its individual name or right and each Member’s interest in the Company shall be personal property for all purposes.

          Section 1.9 Duration . The Company shall commence on the date of its formation pursuant to Section 1.1 hereof and shall continue until dissolved and liquidated pursuant to law or any provision of this Agreement.

          Section 1.10 Conduct of Business Through Single Purpose Entities . It is the intention of the Members that the Company serve as a holding company and operate its business, and own each, or each potential class, of the properties, through single purpose wholly owned limited liability companies or other wholly owned entities (each, a “Subsidiary” or, together, the “Subsidiaries”).

          Section 1.11 Definitions . As used in this Agreement:

“Acceptance Notice” has the meaning set forth in Section 11.6 hereof.

“Act” has the meaning set forth in Section 1.1 hereof.

“actual knowledge” has the meaning set forth in Section 10.1 or Section 10.2, as applicable.

“Accounted Condo Units” has the meaning set forth in Section 3.2(b)(v) hereof.

“Actual Pre-Closing Development Costs” shall mean the actual amount of aggregate Development Costs paid by MGM and its Affiliates during the period beginning with the inception of the Project and ending on the Closing Date and set forth in the Post-Closing Statement.

“Actual Pre-Closing Residential Proceeds” shall mean the actual amount of (A) cash proceeds received by MGM or its Affiliates, excluding any cash proceeds returned or refunded, from the sale or a contract to sell any residential units in the Project Components since the inception of the Project to the Closing Date less (B) the Sales Expenses related to such condominium units.

“Actual Pre-Opening Costs” shall mean the actual amount of aggregate pre-opening and start-up expenses paid by MGM and its Affiliates during the period beginning with the inception of the Project and ending on the Closing Date and set forth in the Updated Pre-Closing Statement.

“Additional Agreements” shall mean the Development Management Agreement, the Operations Management Agreement, and the Ancillary Agreements.

“Adjusted Capital Account Deficit” has the meaning set forth in Section 5.6 hereof.

“Affiliate” means a person which directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with the person specified; provided, however, that a Member, as such, shall not be deemed to be an Affiliate of the other Member. For the purpose of this definition, “control” (including, with correlative meanings, the terms “ controls ”, “ controlling ,” “ controlled by ” and “ under common control with ”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

“Agreement” means this Operating Agreement, as the same may be modified or amended from time to time in accordance with the terms hereof.

“Allocation Statement” has the meaning set forth in Section 3.8 hereof.

“Alternate” has the meaning set forth in Section 9.1 hereof.

“Ancillary Agreement” shall mean an agreement between MGM or its Affiliate and the Company providing for a grant of a lease, easement, or permission to use or occupy any real, personal or intellectual property, including, but not limited to, such matters described in Exhibit B hereto.

“Annual Budget” means, at any time, the annual budget for the day-to-day operations of a Project Component most recently Approved by the Board of Directors in accordance with the terms of this Agreement.

“Anticipated Pre-Financing Construction Costs” has the meaning set forth in Section 3.2(b)(iv) hererof.

“Appraisal Notice” has the meaning set forth in Section 11.8 hereof.

“Appraised Value” has the meaning set forth in Section 11.8 hereof.

“Approval” or “Approved” shall mean, with the respect to the Board of Directors, the approval by (i) majority of all of the Representatives on the Board of Directors entitled to vote on the matter, (ii) as long as MGM or its Affiliate is a Member, at least one Representative designated by MGM, and (iii) as long as DW or its Affiliate is a Member, at least one Representative designated by DW.

“Approved Counsel” means (i) Lionel Sawyer & Collins, (ii) Snell & Wilmer, L.L.P., (iii) Brownstein Hyatt Farber Schreck, and (iv) any other attorney duly licensed in the State of Nevada that has been Approved by the Board of Directors or by all Members in writing.

“Base Initial Contingent Value Adjustment” has the meaning set forth in Section 3.4(b)(v).

“Base Profit Interest” has the meaning set forth in Section 3.4(b) hereof.

“Board of Directors” has the meaning set forth in Section 9.1 hereof.

“Business Day” means each day other than a Saturday, Sunday or any day observed by the Federal, State of Nevada or local government in Las Vegas, Nevada as a legal holiday.

“Business Plan” means, at any time, the Initial Business Plan or any subsequent Business Plan for the Project, prepared by the Managing Member and Approved by the Board of Directors in accordance with Sections 7.9 and 9.3 hereof, as such Business Plan(s) may be, from time to time, amended, modified or supplemented in accordance with the terms and provisions of this Agreement.

“Capital Account” has the meaning set forth in Section 3.6 hereof.

“Casino CO Delay Adjustment” has the meaning set forth in Section 3.2(b)(v) hereof.

“Capital Contribution” shall mean Initial Capital Contribution or Subsequent Capital Contribution.

“Casino Opening Date” has the meaning set forth in Section 4.2 hereof.

“Closing Date” means the date on which the Initial Capital Contributions are made pursuant to Section 3.2, which Closing Date shall not be later than March 31, 2008, provided however, that if approvals that are a condition precedent to either Member’s obligation to make its Initial Capital Contribution have not been obtained as of March 31, 2008 and the parties are using diligent efforts to obtain such approvals, then the Closing Date shall be extended to June 30, 2008.

“Code” means the Internal Revenue Code of 1986 (or successor thereto), as amended from time to time.

“Company” means CityCenter Holdings, LLC, a Delaware limited liability company.

“Company Accountants” means Deloitte & Touche, LLP.

“Company Buyout Notice” has the meaning set forth in Section 9.3(d)(iii)(2).

“Company Minimum Gain” shall have the meaning as set forth in Regulations Sections 1.704-2(b)(2) and 1.704-2(d).

“Company Termination Price” has the meaning set forth in Section 9.3(d)(iii)(2).

“Condition” means the DW Conditions Precedent and the MGM Conditions Precedent.

“Conditional Transfer Price” shall mean, with respect to the Units to be Transferred pursuant to Section 4.2(c), 100% of the Appraised Value of such Units.

“Construction Budget” means, at any time, the budget for the acquisition, development and construction of the entire Project prepared by, or on behalf of, the Managing Member and Approved by the Board of Directors, setting forth in detail, by category and line item, all Development Costs, as such budget shall be amended from time to time in accordance with this Agreement. The Construction Budget shall incorporate costs incurred in connection with the Project since inception of the Project by MGM and its Affiliates. Without limiting the foregoing, the Construction Budget shall allocate and separate all Development Costs among the various Project Components so that the Construction Budget sets forth a maximum amount of Development Costs for each Project Component and the sum of the aggregate budgeted Development Costs for each Project Component will equal the aggregate amount of the Construction Budget. The initial Construction Budget for the Project has been approved by the Members as of the Signing Date. All future Construction Budgets, including any amendments, modifications and/or supplements thereof and thereto, will be in the same form as the Construction Budget. A summary of the Construction Budget is set forth on Exhibit J.

“Construction Budget Adjustment” has the meaning set forth in Section 3.2(b)(v) hereof.

“Contingent Value Adjustment” has the meaning set forth in Section 3.2(b)(v) hereof.

“Contingent Value Adjustment Distribution” has the meaning set forth in Section 3.2(b)(v) hereof.

“County” means Clark County, Nevada.

“CPI” means the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the United States Department of Labor, Los Angeles-Anaheim-Riverside, All Items (1982-84 = 100), or any successor index thereto, as such successor index may be appropriately adjusted to establish substantial equivalence with the CPI, or if the CPI ceases to be published and there is no successor thereto, such other index as shall be Approved by the Board of Directors.

“Current Owners” means Bellagio, LLC, Treasure Island Corp., April Cook Companies, Restaurant Ventures of Nevada, Project CC, LLC, Boardwalk Casino, LLC, and Victoria Partners, a Limited Partnership collectively constituting the owners of legal title to the Project as of the date prior to the date of this Agreement.

“Default Interest Rate” means Prime Rate plus five percent (5%).

“Delinquent Member” has the meaning set forth in Section 3.4 hereof.

“Defaulting Member” has the meaning set forth in Section 13.1 hereof.

“Development Agreement” shall mean that certain Development Agreement, recorded with Clark County Recorders Office on May 23, 2006 as document number 20030523-0005103, by and among the County of Clark and Project CC, LLC D/B/A Project CityCenter, Bellagio, LLC, The April Cook Companies, Treasure Island Corp., Restaurant Ventures of Nevada, Inc., Victoria Partners, a Limited Partnership and Boardwalk Casino, Inc.

“Development Costs” means, without duplication, all of the following fees, costs and expenses incurred or to be paid in connection with the Project: (i) all hard construction costs to construct and complete the entire Project in accordance with the Plans, (ii) whether incurred before or after completion of any particular Project Component, any costs of fit out of such Project Component (which shall include, without limitation, any free rent, tenant improvements or other tenant concessions), (iii) soft costs directly related to the construction of the Project (such as architect’s fees), incurred since inception of the Project, (iv) other soft costs not directly related to hard construction costs of the Project (such as real estate taxes and insurance premiums), in each case, whether paid or unpaid, and (v) all fees, costs and expenses incurred to acquire the Project Assets (excluding the initial Capital Contribution of DW pursuant to this Agreement); provided, however, that Development Costs and Construction Budget shall expressly exclude the capital expenditures and other fees or expenses related to the People Mover.

“Development Management Agreement” shall mean the agreement or term sheet between MGM or its Affiliate and the Company, as approved by the Members, providing for the management by MGM or its Affiliate of the designing, planning, development, construction, sales and marketing of the Project, in either case, in the form attached hereto as Exhibit D.

“Development Manager” shall have the meaning ascribed to it in the Development Management Agreement.

“Disposing Member” has the meaning set forth in Section 11.6 hereof.

“Disposition Notice” has the meaning set forth in Section 11.6 hereof.

“Distributable Cash” has the meaning set forth in Section 6.3 hereof.

“DPA” means the Exon-Florio Amendment at Section 721 of the Defense Production Act of 1950.

“DW” has the meaning set forth in the first paragraph of this Agreement.

“DW Cash Adjustment Distribution” has the meaning set forth in Section 3.2(b)(iii)

“DW Delay Days” has the meaning set forth in Section 3.2(b)(v) hereof.

“DW Gaming Approval” has the meaning set forth in Section 4.2 hereof.

“Early Purchase Procedure” has the meaning set forth in Section 4.2 hereof.

“Encumbrance” means any monetary mortgage, pledge, lien, charge, hypothecation, security interest, or other monetary encumbrances of any nature whatsoever.

“Event of Bankruptcy” has the meaning set forth in Section 13.1 hereof.

“Event of Default” has the meaning set forth in Section 13.1 hereof.

“Excluded Delay Days” has the meaning set forth in Section 3.2(b)(v) hereof.

“Financing” means debt financing, which may be unsecured or collateralized by one or more liens on the Project Assets or any portion thereof (including purchase money financing collateralized by furniture, furnishings, fixtures, machinery or equipment), to be obtained by the Company from one or more commercial banks or other lenders (including vendors or the Members) for the purpose of funding the Project.

“Financing Documents” means all agreements between the Company and any applicable lender evidencing any Financing.

“Fiscal Year” has the meaning set forth in Section 7.5 hereof.

“Force Majeure” shall mean war, terrorism, explosion, bombing, revolution, riots, civil commotion, strikes, lockout, inability to obtain labour or materials, fire, flood, storm, earthquake, hurricanes, tornado, drought, tidal waves, settlement of dredged areas or other acts or elements, accident, government restrictions or appropriation or other causes, whether like or unlike the foregoing, beyond the Development Manager’s control.

“Force Majeure Delay Days” has the meaning set forth in Section 3.2(b)(v) hereof.

“Gaming” means to deal, operate, carry on, conduct, maintain or expose for play any game as defined in applicable Gaming Laws, or to operate an inter-casino linked system.

“Gaming Approvals” means with respect to any action by a particular Person, any consent, finding of suitability, license, approval or other authorization required for such action by such Person from a Gaming Authority or under Gaming Laws.

“Gaming Authority” means those national, state, local and other governmental, regulatory and administrative authorities, agencies, boards and officials responsible for or regulating gaming or gaming activities in any jurisdiction and, within the State of Nevada, specifically, the Nevada Gaming Commission, the Nevada State Gaming Control Board, and the Clark County Liquor and Gaming Licensing Board.

“Gaming Components” means all Project Components in which Gaming will take place.

“Gaming Laws” means those laws pursuant to which any Gaming Authority possesses regulatory, licensing or permit authority over gaming within any jurisdiction and, within the State of Nevada, specifically, the Nevada Gaming Control Act, as codified in NRS Chapters 462 – 466, and the regulations of the Nevada Gaming Commission promulgated thereunder, and the Clark County Code.

“Gross Asset Value” has the meaning set forth in Section 3.8 hereof.

“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

“Impasse” has the meaning set forth in Section 9.3 hereof.

“Indemnified Party” has the meaning set forth in Section 2.5 hereof.

“Indemnitee” means any Person that is seeking indemnification from an Indemnitor pursuant to the provisions of Section 13.3 of this Agreement.

“Indemnitor” means any Party from which any Indemnitee is seeking indemnification pursuant to the provisions of Section 13.3 of this Agreement.

“Individual Adjusted Profit Interest Addition” has the meaning set forth in Section 3.4 hereof.

“Individual Adjusted Profit Interest Subtraction” has the meaning set forth in Section 3.4 hereof.

“Individual Base Profit Interest Addition” has the meaning set forth in Section 3.4 hereof.

“Individual Base Profit Interest Subtraction” has the meaning set forth in Section 3.4 hereof.

“Initial Adjustment Date” has the meaning set forth in Section 3.2(b)(v) hereof.

“Initial Business Plan” has the meaning ascribed to such term in Section 7.9(a), as such Initial Business Plan may be, from time to time, amended, modified or supplemented in accordance with the terms and provisions of this Agreement. As of the date hereof, the Members have each approved the Initial Business Plan.

“Initial Capital Contribution” has the meaning set forth in Section 3.2 hereof.

“Initial Contingent Value Adjustment” has the meaning set forth in Section 3.2(b)(v) hereof.

“Initial Contingent Value Adjustment Distribution” has the meaning set forth in Section 3.2(b)(v) hereof.

“Initial Pre-Closing Development Cost Estimate” shall mean the amount set forth on Exhibit I and is the estimated aggregate Development Costs paid by MGM and its Affiliates during the period beginning with the inception of the Project and ending on the Closing Date.

“Initial Pre-Closing Residential Proceeds Estimate” shall mean the amount set forth on Exhibit I and is the estimated amount of (A) the actual cash proceeds received by MGM or its Affiliates, excluding any cash proceeds returned or refunded, from the sale or a contract to sell any residential units in the Project Components since the inception of the Project to the Closing Date less (B) the Sales Expenses related to such condominium units.

“Initial Pre-Opening Cost Estimate” shall mean the amount set forth on Exhibit I and is the estimated aggregate pre-opening and start-up expenses paid by MGM and its Affiliates during the period beginning with the inception of the Project and ending on the Closing Date.

“Interest” means, with respect to a Member, the percentage ownership interest in the Company represented by the Units owned by such Member.

“Lending Member” has the meaning set forth in Section 3.4 hereof.

“Lien” or “Liens” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including, without limitation, any conditional sale or other title retention agreement or lease in the nature thereof).

“Lease Agreement” has the meaning set forth in Section 4.2(b) hereof.

“License Breach” has the meaning set forth in Section 13.1(d) hereof.

“Loss” means any loss, liability, claim, damage, expense (including reasonable attorneys’ fees), whether or not involving a third party claim and without taking into account any related insurance payments.

“Major Contract” means any contract under which the Company would be required to make payments or incur liabilities in excess of $50.0 million.

“Major Lease” means any lease agreement under which the Company would be required to make payments, receive payments, or incur liabilities, in each case, in excess of $50.0 million.

“Managing Member” means MGM or its successor as Managing Member.

“Material Competitor” means the entities identified in Exhibit H.

“Member” and “Members” means, individually or collectively, as applicable, the parties named as such in the first paragraph of this Agreement or any successor to either party by Transfer expressly permitted by this Agreement.

“Member Nonrecourse Debt” has the meaning set forth in Regulations Section 1.704-2(b)(4).

“Member Nonrecourse Debt Minimum Gain” means an amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum Gain that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3).

“Member Nonrecourse Deductions” has the meaning set forth in Regulations Sections 1.704-2(i)(1) and 1.704-2(i)(2).

“MGM” has the meaning set forth in the first paragraph of this Agreement.

“MGM Cash Adjustment Distribution” has the meaning set forth in Section 3.2(b)(iii) hererof.

“MGM MIRAGE” means MGM MIRAGE, a Delaware corporation.

“Net Development Costs” has the meaning set forth in Section 3.2(b)(v) hereof.

“Net Qualified Residential Sale Proceeds” has the meaning set forth in Section 3.2(b)(v) hereof.

“Net Residential Proceeds” shall mean the actual amount of (A) cash proceeds received by the Company or its Affiliates from the sale of any residential units in the Project Components less (B) the Sales Expenses related to such residential units.

“Non-Defaulting Member” shall mean a Member who is not a Defaulting Member.

“Non-Delinquent Member” has the meaning set forth in Section 3.4 hereof.

“Non-Disposing Member” has the meaning set forth in Section 11.6 hereof.

“Non Managing Member” means any Member other than the Managing Member.

“Offer Amount” has the meaning set forth in Section 9.3(d)(iii)(2) hereof.

“Offer Notice” has the meaning set forth in Section 11.6 hereof.

“Offer Period” has the meaning set forth in Section 11.6 hereof.

“Offered Units” has the meaning set forth in Section 11.6 hereof.

“Offeree Member” has the meaning set forth in Section 9.3(d)(iii)(2).

“Offeror Member” has the meaning set forth in Section 9.3(d)(iii)(2).

“Operations Management Agreement” shall mean the agreement or term sheet between MGM or its Affiliate and the Company, as approved by the Members, providing for management of all operations of the Project by MGM or its Affiliate in the form attached hereto as Exhibit E.

“Operations Manager” shall have the meaning ascribed to it in the Operations Management Agreement.

“Party” or “Parties” means MGM, DW, individually or collectively, as appropriate, and their respective successors and assigns.

“Passive Member” has the meaning set forth in Section 11.4 hereof.

“Permitted Liens” means (a) Liens existing on the Signing Date and disclosed to DW either (i) in written correspondence delivered to DW on or prior to the Signing Date, or (ii) in Nevada Title Company report dated September 6, 2006, No. 05-12-0916-MME and Nevada Title Company report dated July 3, 2006, No. 06-07-0488-DTL, (b) Liens on the any property to secure all or part of the

cost of improvements or construction thereon; (c) Liens resulting from Liens to any governmental entity, including, but not limited to, pollution control or industrial revenue bond financing, (d) Liens required by any contract or statute in order to perform any contract or subcontract made with or at the request of a governmental entity, (e) mechanic’s materialmen’s carrier’s or other like Liens arising in the ordinary course of business, (f) Liens consisting of zoning or planning restrictions, easements, rights of way, encroachments, conflicts, discrepancies, overlapping of improvements, protrusions, permits and other restrictions or limitations on the use of real property or irregularities in title thereto which do not materially detract from the value of, or impair the use of, such property in the operation of its business, (g) Liens that are de minimis in nature or amount, (h) Liens for current taxes, assessments, fees, levies and similar charges imposed by any federal, state or local taxing authority, including, without limitation, interest, penalties and additions thereto, and (i) security interests granted by a Delinquent Member pursuant to Section 3.4(a)(v) hereof.

“Permitted Transfer” has the meaning set forth in Section 11.2 of this Agreement.

“Permitted Transferee” means, (i) in the case of MGM: any person or entity, one hundred percent (100%) of the voting stock or beneficial ownership of which is owned directly or indirectly, including through subsidiaries, by MGM MIRAGE, and (ii) in the case of DW: any person or entity, one hundred percent (100%) of the voting stock or beneficial ownership of which is owned directly or indirectly, including through subsidiaries, by DW.

“Plans” means, at any time, the plans and specifications for the construction of the Project, together with all additions, modifications, supplements, addenda, and change orders thereto and thereof, in each event Approved by the Board of Directors in accordance with Section 7.9 and 9.3 hereof.

“Pre-Initial Adjustment CC” has the meaning set forth in Section 3.2(b)(iii) hererof.

“Pre-Financing Reserve” has the meaning set forth in Section 3.2(b)(iv) hererof.

“Prime Rate” means the “U.S. prime rate” published in the “Money Rates” or equivalent section of the Western Edition of The Wall Street Journal , provided that if a “prime rate” range is published by The Wall Street Journal , then the highest rate of that range will be used, or if The Wall Street Journal ceases publishing a prime rate or a prime rate range, then the Managing Member will select a prime rate, a prime rate range or another substitute interest rate index that is based upon comparable information.

“Profit Interest” has the meaning set forth in Section 3.4 hereof.

“Profits” has the meaning set forth in Section 5.1 hereof.

“Project” means the development known as CityCenter located in the County of Clark, State of Nevada, which is to consist of the Project Components.

“Project Assets” means all real, personal and intangible property related to or used in connection with any business, operation, enterprise or development that is the Project, but excluding all real, personal and intangible property related to or used in connection with any business, operation,

enterprise or development that is not the Project. A description of a portion of the property comprising the Project Assets is set forth in Exhibit C.

“Project Components” means the elements of the Project described on Exhibit A attached hereto.

“Project Owner” has the meaning set forth in the Preamble

“Projected Construction Budget Cost” has the meaning set forth in Section 3.2(b)(v) hereof.

“Projected Net Construction Budget” has the meaning set forth in Section 3.2(b)(v) hereof.

“Projected Residential Sales” has the meaning set forth in Section 3.2(b)(v) hereof.

“Qualified Condo Units” has the meaning set forth in Section 3.2(b)(v) hereof.

“Regulations” means the Treasury Regulations promulgated under the Code.

“Regulatory Allocations” has the meaning set forth in Section 5.5 hereof.

“Replay Notice” has the meaning set forth in Section 9.3(d)(iii)(3) hereof.

“Representative” has the meaning set forth in Section 9.1 hereof.

“Reserve Distribution” has the meaning set forth in Section 3.2(b)(iv) hererof.

“Sales Expenses” with respect to any residential units within the Project Components, shall mean the sales commission and marketing expense related to the sale of such unit.

“Scope Change Cost” has the meaning set forth in Section 3.2(b)(v) hereof.

“Scope Delay Days” has the meaning set forth in Section 3.2(b)(v) hereof.

“Selling Amount” has the meaning set forth in Section 9.3(d)(iii)(2) hereof.

“Selling Member” has the meaning set forth in Section 11.7 hereof.

“Signing Date” has the meaning set forth in the first paragraph of this Agreement.

“Subsidiary” has the meaning set forth in Section 1.10 hereof.

“Subsequent Capital Contribution” has the meaning set forth in Section 3.3 hereof.

“Tag-Along Notice” has the meaning set forth in Section 11.7 hereof.

“Tagging Member” has the meaning set forth in Section 11.7 hereof.

“Tax Matters Partner” has the meaning set forth in Section 7.4 hereof.

“Title Policy” has the meaning set forth in Section 3.2(b) hereof.

“Transfer” means, with respect to a Unit, to directly or indirectly sell, assign, transfer, give, donate, pledge, hypothecate, deposit, alienate, bequeath, devise or otherwise dispose of or encumber such Unit. Notwithstanding the foregoing definition of Transfer, the following are not considered Transfers:

     (a) the transfer of interests (in one or more transactions) of an entity that owns, directly or indirectly, any Units if: (A) the value of the Units held, directly or indirectly, by such entity does not exceed 50% of the fair market value of the total assets of such entity; and (B) the transferor continues to consolidate with the entity for financial reporting purposes; and

     (b) an offering of securities by, or a change of control of, MGM MIRAGE.

“Transfer Breach” has the meaning set forth in Section 13.1(a) hereof.

“Transferee” means a Person to whom a Transfer is made.

“Unauthorized Action” has the meaning set forth in Section 9.1 hereof.

“Unit” has the meaning set forth in Section 3.1 hereof.

“Unreturned Investment” for a Member at any given time shall mean the aggregate amount of such Member’s Capital Contribution made up to that time less the aggregate amount of distributions made to such Member by the Company up to that time.

“Updated Pre-Closing Development Cost Estimate” shall mean the update of the estimated aggregate Development Costs paid by MGM and its Affiliates during the period beginning with the inception of the Project and ending on the Closing Date and set forth in the Updated Pre-Closing Statement.

“Updated Pre-Closing Residential Proceeds Estimate” shall mean the update of the estimated amount of (A) the actual cash proceeds received by MGM or its Affiliates, excluding any cash proceeds returned or refunded, from the sale or a contract to sell any residential units in the Project Components since the inception of the Project to the Closing Date less (B) the Sales Expenses related to such condominium units.

“Updated Pre-Opening Cost Estimate” shall mean the update of the estimated aggregate pre-opening and start-up expenses paid by MGM and its Affiliates during the period beginning with the inception of the Project and ending on the Closing Date and set forth in the Updated Pre-Closing Statement.

ARTICLE 2

THE MEMBERS

          Section 2.1 Identification . MGM and DW shall be the Members of the Company. No other person may become a Member except pursuant to a Transfer specifically permitted under and effected in compliance with this Agreement.

          Section 2.2 Services of Members . During the existence of the Company and, unless otherwise provided in an Additional Agreement, the Members shall be required to devote only such time and effort to Company business as may be necessary to promote adequately the interests of the Company and the mutual interests of the Members, it being specifically understood and agreed that the Members shall not be required to devote full time to Company business, and each Member agrees and acknowledges that each Member and its Affiliates currently do, and at any time and from time to time may, engage in and possess interests in other business or operations of every type and description, independently or with others, including, but not limited to, such business or operations that relate to or compete with the Project; and (i) neither the Company nor the other Member shall by virtue of this Agreement have any right, title or interest in or to such independent ventures or to the income or profits derived therefrom and (ii) nothing in this Agreement or any Additional Agreements shall be deemed to limit, restrict, prohibit, or otherwise abridge each Member’s rights or ability to engage in or possess such interests.

     Section 2.3 Reimbursement and Fees . Unless expressly provided for in this Agreement, approved by each of the Members, or provided for in an Additional Agreement, neither of the Members nor any Affiliate thereof shall be paid any compensation for its management services to the Company provided pursuant to the terms hereof or be reimbursed for out of pocket, overhead or general administrative expenses.

          Section 2.4 Transactions with Affiliates . The Company shall be entitled to employ or retain, or enter into a transaction or contract with a Member or an officer, employee or Affiliate of any Member only after the Board of Directors has Approved such transaction or contract. Other than with respect to fees or other payment provided for, contemplated, or permitted in an Additional Agreement, the compensation and other terms and conditions of any such arrangement with any Member or any officer, employee or Affiliate of any Member shall be no less favorable to the Company than those that could reasonably be obtained at the time from an unrelated party providing comparable goods or services. Except for and subject to the terms of an Additional Agreement, it is expressly understood and agreed that the Company shall not enter into any contracts with an Affiliate of any Member other than at such Affiliate’s cost.

          Section 2.5 Liability of the Members; Indemnification .

               (a) Except as otherwise may be required by applicable law, neither Member nor any officer, director, employee, agent or Affiliate of a Member nor any other Person that serves at the request of the Members on behalf of the Company (collectively, the “Indemnified Parties”) shall be liable for damages or otherwise to the Company or the other Member for any act or omission performed or omitted by it in good faith on behalf of the

Company and in a manner reasonably believed by it to be within the scope of the authority granted to it by this Agreement so long as such act or omission shall not constitute gross negligence, bad faith or willful misconduct with respect to such acts or omissions.

               (b) To the fullest extent permitted by law, the Indemnified Parties shall be defended, indemnified and held harmless by the Company from and against any and all claims, demands, liabilities, costs, damages, expenses and causes of action of any nature whatsoever arising out of or incidental to any act performed or omitted to be performed by any one or more of the Indemnified Parties (including, without limitation, to the extent permitted by law, actions or omissions constituting negligence) in connection with the business of the Company; provided, however, that such act did not constitute fraud, willful misconduct or gross negligence on behalf of such Indemnified Party, and provided it shall act in a manner in which it in good faith believes to be in or not opposed to the best interests of the Company; and provided further, however, that any obligation to an Indemnified Party under this Section 2.5 shall be paid first from insurance proceeds under policies maintained by the Company or from third party indemnities or guarantees, and to the extent such obligation remains unpaid, it shall be paid solely out of and to the extent of the assets of the Company and shall not be a personal obligation of any Member. To the extent that any Indemnified Party has, at law or in equity, duties (including, without limitation, fiduciary duties) to the Company, any Member or other Person bound by the terms of this Agreement, such Indemnified Party acting in accordance with this Agreement shall not be liable to the Company, any Member, or any such other Person for its good faith reliance on (i) the advice of accountants or legal counsel for the Company, or (ii) the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict the duties of an Indemnified Party otherwise existing at law or in equity, are agreed by all parties hereto to replace or modify such other duties to the greatest extent permitted under applicable Law.

               (c) The Company and each Member (if not the Indemnifying Party) shall be indemnified, defended and held harmless by each Member (the “Indemnifying Party”) from and against any and all claims, demands, liabilities, costs, damages, expenses and causes of action of any nature whatsoever arising out of or incidental to (i) any act performed by the Indemnifying Party (including acts performed as the Member) or its authorized representatives, officers, employees, directors, shareholders, partners and members that is not performed in good faith or within the scope of authority conferred upon the Indemnifying Party or the applicable Person under this Agreement, (ii) the fraud, willful misconduct or gross negligence of the Indemnifying Party or its authorized representatives, officers, employees, directors, shareholders, partners and members or (iii) the breach by the Company of any of its representations or warranties made under any joint venture, purchase, loan or other agreement entered into in connection with the acquisition of Project Assets, which breach was solely the result of written information or matters pertaining to the Indemnifying Party provided or confirmed by such Indemnifying Party; provided, however, that no Member shall be required to pay any amount pursuant to this Section 2.5 to the extent that the sum of such payments is greater than the excess of the distributions made, or to be made, by the Company to such Member over the amounts distributed to each Member in accordance with Section 6.1.

               (d) To the fullest extent permitted by law, expenses incurred by an Indemnified Party in defending a civil or criminal action, suit or proceeding arising out of or in connection with this Agreement or the Company’s business or affairs shall be paid by the Company in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the Indemnified Party to repay such amount plus interest at the Prime Rate if it is ultimately determined that the Indemnified Party was not entitled to be indemnified by the Company in connection with such action.

               (e) The Company may purchase, at its expense, insurance to insure any Indemnified Party against liability for any breach or alleged breach of its fiduciary responsibilities or any act for which an Indemnified Party may receive indemnification hereunder.

               (f) Any and all indemnity obligations of any party hereto shall survive any termination of this Agreement or of the Company.

ARTICLE 3

CAPITAL CONTRIBUTIONS; LOANS; CAPITAL ACCOUNTS

          Section 3.1 Issuance of Units . Upon formation of the Company, the Company will issue one hundred (100) membership units (each a “Unit” and collectively, the “Units”) to the Members (fifty (50) to each Member). Additional Capital Contributions may be made and, if necessary, additional Units may be issued, in accordance with terms and conditions approved by the Members. Issuance of additional Units pursuant to this Agreement does not constitute an amendment of this Agreement. Exhibit F will be revised from time to time to reflect the Units issued from time to time to the Members. Units shall represent the Interest (including ownership and voting interest), but not necessarily the Profit Interest, of each Member.

          Section 3.2 Initial Capital Contributions by the Members . Each Member shall make its initial Capital Contribution to the Company (“Initial Capital Contribution”) subject to the terms and conditions of this Agreement and in the following manner:

               (a)  MGM’s Initial Capital Contribution :

                    (i) On the Closing Date, and subject to the satisfaction or written waiver by MGM of all of the MGM Conditions Precedent (as defined below), MGM will contribute directly or indirectly the Project Assets (including, at MGM’s sole option, through the contribution of all ownership interest in the Project Owner after the contribution of the Project Assets to Project Owner) to the Company on the Closing Date. On the Closing Date, MGM shall execute and deliver to the Company in respect of the Project Assets (i) such instruments reasonably necessary to effectuate the transfer of title, including, but not limited to, a bill of sale or a ground lease, (ii) if applicable, an assignment and assumption of leases, contracts and other intangible property, and (iv) any applicable transfer tax forms. Notwithstanding anything to the contrary contained in this Agreement, the Members stipulate that the initial estimated Gross Asset Value of the Project Assets (net of liabilities securing such contributed property that the Company is considered to assume or take subject to pursuant to Code Section 752) for purposes

of determining MGM’s Gross Asset Value of the Project Assets and Initial Capital Contribution to the Company is as set forth in Exhibit F hereto.

                    (ii) The obligation of MGM to make its Initial Capital Contribution shall be conditioned on the satisfaction or written waiver by MGM of the following conditions (collectively, the “MGM Conditions Precedent”):

                         (1) DW shall have performed or complied in all material respects with its obligations and covenants set forth in Section 3.2(b);

                         (2) The Company has been formed pursuant to Section 1.1 hereof;

                         (3) The Company and MGM or an Affiliate of MGM shall have executed and delivered the Operations Management Agreement, the Development Management Agreement, and, to the extent expressly identified in Exhibit B hereof, the Ancillary Agreements;

                         (4) DW shall have obtained all authorization, approval or consent of any court or governmental authority or agency necessary for it to obtain in connection with the formation of the Company, Initial Capital Contributions by DW under Section 3.2(b), and issuance of Units to DW pursuant to Section 3.1;

                         (5) DW is not a Defaulting Member;

                         (6) The applicable waiting period under the HSR Act shall have expired or been terminated; and

                         (7) Either (A) the Committee on Foreign Investment in the United States shall not have commenced an investigation into the transaction contemplated by this Agreement within thirty (30) days after acceptance of the filing of the joint voluntary notice under the DPA, or (B) if such an investigation was so commenced, within fifteen (15) days after completion of investigation, the President of the United States shall not have announced his decision to take action pursuant to the DPA (as such time periods are calculated in the applicable regulations).

                    (iii) Except for the representations and warranties of MGM expressly provided in this Agreement, MGM’s contribution of the Project Assets will be made on as “AS IS” basis, without any express or implied warranties of any kind.

               (b) DW’s Initial Capital Contribution.

                    (i) On the Closing Date and subject to the satisfaction or written waiver by DW, of all of the DW Conditions Precedent (as defined below), DW shall contribute such amount of immediately available cash set forth in Exhibit F, subject to adjustment as provided in Section 3.2(b)(iii) below.

                    (ii) The obligation of DW to make its Initial Capital Contribution required to be contributed on the Closing Date shall be conditioned on the satisfaction or written waiver by DW of the following conditions (collectively, the “DW Conditions Precedent”):

                         (1) There shall not have been any event that has, or that could reasonably be expected to have, a material adverse change in the condition of the Project Assets as a result of a casualty or condemnation, in either case, considered as a whole and after taking into account any insurance and condemnation proceeds received or to be received;

                         (2) MGM shall have performed or complied in all material respects with its obligations and covenants set forth in
Section 3.2(a);

                         (3) The Company has been formed pursuant to Section 1.1 hereof;

                         (4) The Company and MGM or an Affiliate of MGM shall have executed and delivered the Operations Management Agreement, the Development Management Agreement, and, to the extent expressly identified in Exhibit B hereof, the Ancillary Agreements;

                         (5) MGM shall have obtained all authorization, approval or consent of any court or governmental authority or agency necessary for it to obtain in connection with the formation of the Company, Initial Capital Contributions by MGM, and issuance of Units to MGM under Section 3.1;

                         (6) MGM is not a Defaulting Member;

                         (7) The receipt by the Company of a binder, committing various title companies reasonably approved by DW, to issue an ALTA extended coverage owner’s policy of title insurance, with liability in an amount to be reasonably agreed to by the Members (“Title Policy”), insuring fee simple title or leasehold, as applicable, to all real property of the Project in the name of the Project Owner, subject only to those title exceptions approved by DW and including such endorsements as DW shall reasonably require, including, without limitation, a non-imputation endorsement;

                         (8) The receipt by the Company of an ALTA survey of all real property that comprises the Project Assets, showing the location of all buildings, easements, encroachments and the property lines;

                         (9) Either (A) the Committee on Foreign Investment in the United States shall not have commenced an investigation into the transaction contemplated by this Agreement within thirty (30) days after acceptance of the filing of the joint voluntary notice under the DPA, or (B) if such an investigation was so commenced, within fifteen (15) days after completion of investigation, the President of the United States shall not have announced his decision to take action pursuant to the DPA (as such time periods are calculated in the applicable regulations);

                         (10) The applicable waiting period under the HSR Act shall have expired or been terminated; and

                         (11) Approval by the County and recording of a parcel map subdividing the Project to separate all real property of the Project Assets from the adjoining Monte Carlo Hotel and Bellagio Hotel land, subject to arrangements approved by DW relative to the Vdara project that sits on the Bellagio land, which approval shall not be unreasonably withheld by DW.

                    (iii)  Initial Capital Contribution Adjustments .

                      (1)  Pre-Closing Statement . After the Signing Date, MGM shall use diligent efforts to prepare a statement (“Updated Pre-Closing Statement”) indicating the Updated Pre-Closing Development Cost Estimate, the Updated Pre-Opening Cost Estimate and the Updated Pre-Closing Residential Proceeds Estimate. The Updated Pre-Closing Statement shall be delivered no later than fifteen (15) days prior to the anticipated Closing Date, and MGM shall promptly provide to DW’s accounting and financial advisors all documentation and supporting materials reasonably requested to confirm the amounts indicated in the Updated Pre-Closing Statement.

                      (2)  Pre-Closing Adjustments .

                         (A)  Pre-Closing Development Cost Adjustment . The “Pre-Closing Development Cost Adjustment” shall mean an amount equal to 50% of the difference between the amount of the Initial Pre-Closing Development Cost Estimate and the amount of the Updated Pre-Closing Development Cost Estimate.

                         (B)  Initial Pre-Opening Cost Adjustment . The “Initial Pre-Opening Cost Adjustment” shall mean an amount equal to 50% of the difference between the amount of the Initial Pre-Opening Cost Estimate and the amount of the Updated Pre-Opening Cost Estimate.

                         (C)  Pre-Closing Residential Proceeds Adjustment . The “Pre-Closing Residential Proceeds Adjustment” shall mean an amount equal to 50% of the difference between the amount of the Initial Pre-Closing Residential Proceeds Estimate and the amount of the Updated Pre-Closing Residential Proceeds Estimate.

                         (D)  Pre-Closing Adjustment Amount . The “Pre-Closing Adjustment Amount” shall mean an amount equal to the Pre-Closing Development Cost Adjustment, plus the amount of the Initial Pre-Opening Cost Adjustment, minus the Pre-Closing Residential Proceeds Adjustment. If the Pre-Closing Adjustment Amount is a positive number, the DW’s Initial Capital Contribution shall be reduced by an amount equal to the Pre-Closing Adjustment Amount, and the initial Gross Asset Value of MGM’s Initial Capital Contribution shall be decreased in an amount equal to two hundred percent (200%) of the amount of the Pre-Closing Adjustment Amount. If the Pre-Closing Adjustment Amount is a negative number, then DW shall be required to contribute cash in addition to DW’s Initial Capital Contribution in an amount equal to the Pre-Closing Adjustment Amount, and the initial Gross Asset Value of

MGM’s Initial Capital Contribution shall be increased in an amount equal to two hundred percent (200%) of the absolute value of the Pre-Closing Adjustment Amount.

                    (3)  Post-Closing Statements . After the Closing Date the Members shall use diligent efforts and shall cooperate in good faith to prepare a statement indicating the Actual Pre-Closing Development Costs, the Actual Pre-Opening Costs and the Actual Pre-Closing Residential Proceeds (“Post-Closing Statement”). MGM shall use best efforts to complete the Post-Closing Statement no later than sixty (60) days following the Closing Date, and MGM shall promptly provide to DW’s accounting and financial advisors all documentation and supporting materials reasonably requested to confirm the amounts indicated in the Post-Closing Statement.

                    (4)  Post-Closing Adjustment .

                         (A)  Post-Closing Development Cost Adjustment . The “Post-Closing Development Cost Adjustment” shall mean an amount equal to 50% of the difference between the amount of the Updated Pre-Closing Development Cost Estimate and the amount of the Actual Pre-Closing Development Costs.

                         (B)  Updated Pre-Opening Cost Adjustment . The “Updated Pre-Opening Cost Adjustment” shall mean an amount equal to 50% of the difference between the amount of the Updated Pre-Opening Cost Estimate and the amount of the Actual Pre-Opening Costs.

                         (C)  Post-Closing Residential Proceeds Adjustment . The “Post-Closing Residential Proceeds Adjustment” shall mean an amount equal to 50% of the difference between the amount of the Updated Pre-Closing Residential Proceeds Estimate and the amount of the Actual Pre-Closing Residential Proceeds.

                         (D)  Post-Closing Adjustment Amount . The “Post-Closing Adjustment Amount” shall mean an amount equal to the Post-Closing Development Cost Adjustment, plus the amount of the Updated Pre-Opening Cost Adjustment, minus the Post-Closing Residential Proceeds Adjustment. If the Post-Closing Adjustment Amount is a positive number, then MGM shall make a cash Capital Contribution an amount equal to the Post-Closing Adjustment Amount, which amount shall be immediately distributed to DW, and the initial Gross Asset Value of MGM’s Initial Capital Contribution shall be decreased in an amount equal to two hundred percent (200%) of the amount of the Post-Closing Adjustment Amount. If the Post-Closing Adjustment Amount is a negative number, then DW shall make a cash Capital Contribution an amount equal to the Post-Closing Adjustment Amount, which amount shall be immediately distributed to MGM, and the initial Gross Asset Value of MGM’s Initial Capital Contribution shall be increased in an amount equal to two hundred percent (200%) of the absolute value of the Post-Closing Adjustment Amount.

                    (iv) At least fifteen (15) days prior to the anticipated Closing Date, MGM shall provide to DW in writing an estimate of all Development Costs to be incurred for the Project for the period between the Closing Date and the anticipated date of the closing of the Financing for the continued construction of the Project (“Anticipated Pre-Financing

Construction Costs”). MGM and DW shall use their respective best efforts to agree on the amount of Anticipated Pre-Financing Construction Costs prior to the Closing Date. On the Closing Date, each of DW and MGM shall pay, or cause to be paid (including through reduction in the exact amount in Initial Cash Distribution), to a Company bank account fifty percent (50%) of the agreed amount of Anticipated Pre-Financing Construction Costs, and the proceeds of such account shall be disbursed by Managing Member as and when required pursuant to the terms of the Development Management Agreement (the “Pre-Financing Reserve”). Within three (3) days of the closing of the Financing and to the extent permitted by the terms and conditions of such Financing, the Company shall distribute to the Members the unspent Pre-Financing Reserve on a pro-rata basis based on each Member’s Profit Interest (“Reserve Distribution”).

                    (v)  Contingent Value Adjustment . Promptly following the date of determination of the actual Development Costs (the “Initial Adjustment Date”), DW shall make an additional Capital Contribution, and the Company shall distribute to MGM (“Initial Contingent Value Adjustment Distribution”), in such amount of immediately available cash equal to fifty percent (50%) of the Initial Contingent Value Adjustment.

          To the extent that the Initial Contingent Value Adjustment Distribution is less than one hundred million dollars ($100,000,000), the Company shall (i) if the Base Contingent Value Adjustment is less than zero, retain the Net Qualified Residential Sales up to the amount by which the Base Initial Contingent Value Adjustment is less than zero, and (ii) distribute on a quarterly basis after the payment of the Initial Contingent Value Adjustment Distribution all of the Net Qualified Residential Sale Proceeds, if any, received during such quarter;

          provided, however, that the aggregate Contingent Value Adjustment shall not exceed such amount equal to one hundred million dollars ($100,000,000). The initial Gross Asset Value of MGM’s Initial Capital Contribution shall be increased by two hundred percent (200%) of the Contingent Value Adjustment Distribution.

                    For the purposes of this Agreement,

                    (i) “ Initial Contingent Value Adjustment ” shall mean an amount equal to the greater of (A) Zero Dollars ($0.00) and (B) the Base Initial Contingent Value Adjustment,

                    (ii) “ Base Initial Contingent Value Adjustment” shall mean such amount equal to two hundred million dollars ($200,000,000) less the Construction Budget Adjustment less the Casino CO Delay Adjustment,

                    (iii) “ Construction Budget Adjustment ” shall mean the amount, if any, by which the Net Development Costs exceeds the Projected Net Construction Budget,

                    (iv) “ Casino CO Delay Adjustment ” shall mean the amount equal to the multiple of (A) one million dollars ($1,000,000) and (B) the greater of (1) zero and (2) the number equal to (x) the number of days, if any, after December 31, 2009 on which the temporary certificate of occupancy is filed for the Cesar Pelli-designed resort casino within the Project less (y) the Excluded Delay Days,

                    (v) “ Projected Construction Budget Cost ” shall mean the amount indicated in Exhibit I and as set forth in the Construction Budget provided to DW prior to the Signing Date and agreed to by the Members upon the Signing Date.

                    (vi) “ Projected Net Construction Budget ” shall mean the Projected Construction Budget Cost plus the Project Pre-Opening Costs less the Projected Residential Sales, in an amount to be agreed by the Members upon the Signing Date.

                    (vii) “ Projected Residential Sales ” shall mean the amount indicated in Exhibit I and is the aggregate sales proceeds estimated from the projected sale of all of the residential units within the Project Components since the beginning of the inception of the Project less aggregate Sales Expenses as agreed to by the Members upon the Signing Date,

                    (viii) “ Net Development Costs ” shall mean the actual Development Costs plus Actual Pre-Opening Costs less Actual Residential Sales less Scope Change Cost,

                    (ix) “ Actual Residential Sales ” shall mean (A) the aggregate sales price, whether paid or payable, from Accounted Condo Units less (B) the Sales Expenses related to such condominium units,

                    (x) “ Scope Change Cost ” shall mean the Development Cost resulting from any change in the scope of the Project approved by the Board of Directors,

                    (xi) “ Excluded Delay Days ” shall mean the sum of the Force Majeure Delay Days, the DW Delay Days and the Scope Delay Days,

                    (xii) “ Force Majeure Delay Days ” shall mean the number of days that the construction or development of the Cesar Pelli-designed resort casino within the Project was delayed as a result of Force Majeure,

                    (xiii) “ DW Delay Days ” shall mean the number of days that the construction or development of the Cesar Pelli-designed resort casino within the Project was delayed as a result of (A) the Representatives of DW failing to approve or consider proposals, to the extent that approval of such proposals is reasonable necessary for the development or construction of such resort casino and to the extent that such proposals are subject to approval by the Board of Directors or (B) a breach by DW of this Agreement,

                    (xiv) “ Scope Delay Days ” shall mean the number of days that the construction or development of the Cesar Pelli-designed resort casino within the Project was delayed as a result of a scope change in the Project approved by the Board of Directors,

                    (xv) “ Accounted Condo Units ” shall mean residential units, in each case, within the Project Components, sold or subject to an executed purchase agreement on or prior to the Initial Adjustment Date,

                    (xvi) “ Qualified Condo Units ” shall mean all residential units, other than Accounted Condo Units, within the Project Components,

                    (xvii) “ Net Qualified Residential Sale Proceeds ” shall mean the sales price for sale of Qualified Condo Units less the Sales Expenses related to such Qualified Condo Units,

                    (xviii) “ Contingent Value Adjustment Distribution ” shall mean the sum of the Initial Contingent Value Adjustment Distribution and all Net Qualified Residential Sale Proceeds distributed to MGM pursuant to this Section 3.2(b)(v),

                    (xvii) “ Projected Pre-Opening Costs ” shall mean the amount indicated in Exhibit I and is the estimated aggregate pre-opening and start-up expenses to be paid during the period beginning with the inception of the Project and ending on the date of the opening of the Project,

                    (xviii) “ Actual Pre-Opening Costs ” the actual aggregate pre-opening and start-up expenses to be paid during the period beginning with the inception of the Project and ending on the date of the opening of the Project.

          Section 3.3 No Further Capital Contributions . The Members shall not be required to contribute additional capital or lend any funds to the Company, except as expressly provided in this Article 3 or unless Approved (including with respect to the amount and form thereof) by the Board of Directors. In the event that the Board of Directors Approves any such additional capital contribution (a “Subsequent Capital Contribution”), the amounts to be contributed shall be payable by the Members in proportion to their respective Profit Interests.

          Section 3.4 Failure to Make a Capital Contribution . If a Member fails to make any required Capital Contribution as Approved by the Board of Directors pursuant to Section 9.3, then the Member shall be subject to the provisions of Article 13. In addition, the Non-Delinquent Members may exercise, on notice to that Member (the “Delinquent Member”), one of the following remedies:

               (a) the Non-Delinquent Members may, in proportion to their Profit Interests or in such other percentages as they may agree (the “Lending Member”, whether one or more), to advance the portion of the Delinquent Member’s Capital Contribution that is in default, with the following results:

                    (i) The sum advanced constitutes a loan from the Lending Member to the Delinquent Member and a Capital Contribution of that sum to the Company by the Delinquent Member and shall be treated as such by all parties for U.S. federal, state and local income tax purposes;

                    (ii) The unpaid principal balance of the loan and all accrued unpaid interest is due and payable on the tenth day after written demand by the Lending Member to the Delinquent Member;

                    (iii) The unpaid balance of the loan bears interest at the Default Interest Rate, compounded monthly, from the day that the advance is deemed made until the date that the loan, together with all accrued interest, is repaid to the Lending Member;

                    (iv) All amounts distributable by the Company to the Delinquent Member shall (A) be paid to the Lending Member until the loan and all accrued interest have been paid in full; (B) constitute a distribution to the Delinquent Member followed by a repayment of the loan and accrued interest from the Delinquent Member to the Lending Member; and (C) be treated as such by all parties for U.S. federal, state and local income tax purposes;

                    (v) In addition to the other rights and remedies granted to it under this Agreement, the Lending Member has the right to take any action available at law or in equity, at the cost and expense of the Delinquent Member, to obtain payment from the Delinquent Member of the unpaid balance of the loan and all accrued and unpaid interest; and

                    (vi) The Delinquent Member grants to the Company, and to each Lending Member with respect to any loans made to that Delinquent Member, as security, equally and ratably for the payment of all Capital Contributions that the Delinquent Member has agreed to make and the payment of all loans and interest accrued made by Lending Members to that Delinquent Member, a security interest in its assets under the Uniform Commercial Code of the State of Nevada. On any default in the payment of a required Capital Contribution or in the payment of a loan to a Lending Member or interest accrued, the Company or the Lending Member, as applicable, is entitled to all the rights and remedies of a secured party under the Uniform Commercial Code of the State of Nevada with respect to the security interest granted. Each Delinquent Member hereby authorizes the Company and each Lending Member, as applicable, to prepare and file financing statements and other instruments that the Managing Member or the Lending Member, as applicable, may deem necessary to effectuate and carry out the preceding provisions of this Section.

               (b) the Non-Delinquent Members may, in proportion to their Profit Interests or in such other percentages as they may agree (the “Non-Delinquent Member”, whether one or more), contribute the portion of the Delinquent Member’s Capital Contribution that is in default, with the following results:

                    (i) Immediately following the contribution by the Non-Delinquent Member of a portion or all of the Delinquent Member’s Capital Contribution, the Profit Interest of the Non-Delinquent Member in the Company shall be increased and the Profit Interest of the Delinquent Member in the Company shall be decreased, with the result that such change in Profit Interest shall be permanent, and the Delinquent Member shall not have the option, other than pursuant to this Section 3.4(b), to restore its initial Profit Interest by making a curative Capital Contribution at a later time. The resulting “Profit Interest” of the Non-Delinquent Member shall be the number of percentage points (rounded to the nearest one hundredth of a percentage point) determined in accordance with the following formula: (A) determine the Profit Interest of the Non-Delinquent Member immediately prior to the corresponding Subsequent Capital Contribution, (B) add the Individual Base Profit Interest Addition corresponding to such Member with respect to such Subsequent Capital Contribution,

and (C) unless the Delinquent Member was not, as a Defaulting Member, afforded the opportunity to vote for such Subsequent Capital Contribution, add the Individual Adjusted Profit Interest Addition corresponding to such Member with respect to such Subsequent Capital Contribution. The resulting Profit Interest of the Delinquent Member shall be the number of percentage points (rounded to the nearest one hundredth of a percentage point) determined in accordance with the following formula: (A) determine the Profit Interest of such Delinquent Member immediately prior to the corresponding Subsequent Capital Contribution, (B) subtract the Individual Base Profit Interest Subtraction corresponding to such Member with respect to such Subsequent Capital Contribution and (C) subtract the Individual Adjusted Profit Interest Subtraction corresponding to such Member with respect to such Subsequent Capital Contribution. The initial Profit Interest of MGM and DW immediately following the Closing Date shall each be 50%. The Company shall not issue Units to any Member solely to reflect any increase in any Member’s Profit Interest, and a Member’s Interest shall not be deemed to increase or decrease solely as a result of an increase or decrease in the Member’s Profit Interest.

     For the purposes of this Section 3.4(b), (1) “Base Profit Interest” shall mean, with respect to a Member, the percentage equivalent of a fraction, the numerator of which shall be the aggregate Capital Contributions made to the Company by such Member pursuant to this Agreement, and the denominator of which shall be the aggregate Capital Contributions made to the Company by all the Members pursuant to this Agreement, (2) “ Individual Adjusted Profit Interest Addition ” shall mean the product of (i) 0.5 and (ii) the difference between (A) the Base Profit Interest of such Member immediately after the corresponding Subsequent Capital Contribution and (B) the Base Profit Interest of such Member immediately prior to such Subsequent Capital Contribution, (3) “ Individual Base Profit Interest Addition ” shall mean the difference between (A) the Base Profit Interest of such Member immediately after such Subsequent Capital Contribution and (B) the Base Profit Interest of such Member immediately prior to such Subsequent Capital Contribution, (4) “ Individual Adjusted Profit Interest Subtraction ” shall mean the product of (i) 0.5 and (ii) the difference between (A) the Base Profit Interest of such Member immediately prior to such Subsequent Capital Contribution and (B) the Base Profit Interest of such Member immediately after such Subsequent Capital Contribution, and (5) “ Individual Base Profit Interest Subtraction ” shall mean the difference between (A) the Base Profit Interest of such Member immediately prior to such Subsequent Capital Contribution and (B) the Base Profit Interest of such Member immediately after such Subsequent Capital Contribution.

     By way of illustration, assume that (A) the Base Profit Interest and the Profit Interest of each Member is fifty percent (50%), in each case, immediately prior to a Subsequent Capital Contribution; (B) each of the parties have made a prior Capital Contribution of $3,000,000,000; (C) the Members approve a Subsequent Capital Contribution pursuant to Section 3.3 in the amount of $500,000,000, and (D) DW contributes only $150,000,000 (versus $250,000,000). If MGM contributes the $100,000,000 shortfall by DW in addition to its own $250,000,000 pro rata share of the Capital Contribution, the resulting Profit Interest of MGM following such contribution would be 52.31%, determined as follows:

          Base Profit Interest of MGM after the Subsequent Capital Contribution:

[$3,000,000,000 plus $350,000,000] divided by [$6,500,000,000] = 51.54%

Base Profit Interest of MGM prior to the Subsequent Capital Contribution:

50%

Individual Adjusted Profit Interest Addition of MGM as a result of the Subsequent Capital Contribution:

(51.54%-50%) x 0.5 = 0.77%

Individual Base Profit Interest Addition of MGM as a result of the Subsequent Capital Contribution:

(51.54%-50%) = 1.54%

Profit Interest of MGM after the Subsequent Capital Contribution:

50% + 1.54% + 0.77% = 52.31%.

Accordingly, the resulting Profit Interest of MGM would be 52.31%.

Assume that, following such Subsequent Capital Contribution, each of the Members approve a second Subsequent Capital Contribution pursuant to Section 3.3 in the amount of $100,000,000, and DW fails to contribute any of such second Subsequent Capital Contribution. If MGM contributes the $50,000,000 shortfall by DW in addition to its own $50,000,000 pro rata share of the second Subsequent Capital Contribution, the resulting Profit Interest of MGM following such contribution would be 53.41%, determined as follows:

Base Profit Interest of MGM after the second Subsequent Capital Contribution: [$3,000,000,000 plus $350,000,000 plus $100,000,000] divided by [$6,600,000,000] = 52.27%

Base Profit Interest of MGM immediately prior to the second Subsequent Capital Contribution: [$3,000,000,000 plus $350,000,000] divided by [$6,500,000,000] = 51.54%

Individual Adjusted Profit Interest Addition of MGM as a result of the second Subsequent Capital Contribution:

(52.27%-51.54%) x 0.5 = 0.37%

Individual Base Profit Interest Addition of MGM as a result of the second Subsequent Capital Contribution:

(52.27%-51.54%) = 0.73%

Profit Interest of MGM immediately prior to the second Subsequent Capital Contribution:

52.31%.

Profit Interest of MGM after the second Subsequent Capital Contribution:
52.31% + 0.73% + 0.37% = 53.41%.

          Section 3.5 Additional Remedies for Failure to Make a Capital Contribution . In addition to the remedies provided under Section 3.4, the Company may, on notice to a Delinquent Member, take such action, at the cost and expense of the Delinquent Member, to obtain payment by the Delinquent Member of the portion of the Delinquent Member’s Capital Contribution that is in default, together with interest on that amount at the Default Interest Rate from the date that the Capital Contribution was due until the date that it is made, provided, however, that in the event that a Member fails to make its Initial Capital Contribution within ten (10) Business Days following the receipt of written notice from the other Member that the Initial Capital Contribution is due, then such Delinquent Member shall also be required to pay the other Member an “inconvenience fee” equal to ten percent (10%) of any Capital Contribution shortfall. The Delinquent Member’s obligation to make Capital Contributions or repay any loan to a Lending Member shall be recourse to such Delinquent Member (except to the extent and after such time that the Non-Delinquent Member elects to make a contribution of any portion of the Delinquent Member’s Capital Contribution). The Delinquent Member shall have direct liability for the Delinquent Member’s obligation to make Capital Contributions or repay any loan to a Lending Member.

          Section 3.6 Capital Accounts .

               (a) There shall be maintained for each Member a separate capital account (“Capital Account”) which shall be governed and maintained throughout the existence of the Company in accordance with the provisions of Regulations Section 1.704-1(b)(2)(iv). Without limiting the generality of the foregoing, a Member’s Capital Account shall be increased by (A) the amount of money contributed by such Member to the Company, (B) the Gross Asset Value of any property contributed by such Member to the Company (net of liabilities securing such contributed property that the Company is considered to assume or take subject to pursuant to Code Section 752), (C) the amount of any Profits allocated to such Member and any items in the nature of income or gain which are specially allocated to such Member hereunder, and (D) the amount of any Company liabilities assumed by such Member or which are secured by any property distributed to such Member. A Member’s Capital Account shall be decreased by (X) the amount of money and the Gross Asset Value of any property distributed to such Member by the Company (net of liabilities securing such distributed property that such Member is considered to assume or take subject to under Code Section 752), (Y) the amount of any Losses allocated to such Member and any items in the nature of expenses or losses which are specially allocated to such Member hereunder, and (Z) the amount of any liabilities of such Member assumed by the Company or which are secured by any property contributed by such Member to the Company.

               (b) Notwithstanding Section 3.6(a) above, the principal amount of a promissory note which is not readily traded on an established securities market and which is contributed to the Company by the maker of the note (or a person related to the maker of the note within the meaning of Regulations Section 1.704-1(b)(2)(ii)(c)) shall not be included in the Capital Account of any person until the Company makes a taxable disposition of the note or until (and to the extent) principal payments are made on the note, all in accordance with Regulations Section 1.704-1(b)(2)(iv)(d)(2).

               (c) Upon the Transfer of a Member’s Unit in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred Unit.

               (d) The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations Section 1.704-1(b), and shall be interpreted and applied in a manner consistent with such Regulations. In the event that at any time during the existence of the Company the Tax Matters Partner, with the advice of legal counsel or accountants, shall determine that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto, are computed in order to comply with such Regulations, the Tax Matters Partner may make such modification.

          Section 3.7 Return of Capital . Except as specifically provided herein, no Member may withdraw capital from the Company. To the extent any cash that any Member is entitled to receive pursuant to any provision of this Agreement would constitute a return of capital, each of the Members consents to the withdrawal of such capital. If any capital is, or is to be, returned to a Member, the Member shall not have the right to receive property other than cash, except as otherwise expressly provided in this Agreement. No interest shall be payable on the Capital Contributions made by the Members to the Company. The Members hereby agree that any payment received by MGM or its Affiliate pursuant to an Additional Agreement shall not be deemed a withdrawal of capital by, or a return of capital to, MGM or its Affiliates.

          Section 3.8 Gross Asset Value .

               (a) “ Gross Asset Value ” means, with respect to any asset, the asset’s adjusted basis for U.S. federal income tax purposes, except as follows:

                    (i) The initial Gross Asset Value for any asset (other than money) contributed by a Member to the Company shall be as determined by the Members by unanimous approval; provided, however, that, to the extent not previous included in the initial Gross Asset Value, the initial Gross Asset Value for the Initial Capital Contribution of MGM shall be adjusted to include the corresponding adjustments made pursuant to Sections 3.2(b)(iii) and 3.2(b)(v) hereof. In connection with the initial Gross Asset Value for the Initial Capital Contribution (other than money), the Tax Matters Partner shall provide to the Members no later than one hundred eighty (180) days after the date of such contribution, a proposed allocation of the initial Gross Asset Value among the corresponding Capital Contribution (other than money) made by a Member (the “ Allocation Statement ”). The Allocation Statement shall be based upon an appraisal of corresponding Capital Contribution prepared by a independent, qualified

appraiser engaged by the Tax Matters Partner at the Company’s expense. Within fourteen (14) days following the date of delivery of such Allocation Statement for the corresponding Capital Contribution, the Members shall have the right to object to such Allocation Statement (by written notice to the Tax Matters Partner), and if any Member so objects, such Member shall provide a written notice of such objection to the Tax Matters Partner setting forth in detail each of the disputed items in the Allocation Statement and the basis for such objection. If no Member provides the Tax Matters Partner with a written notice of such objection within such fourteen (14)-day period, the Allocation Statement shall be deemed to have been accepted and agreed upon by each of the Members, and shall set forth the final and conclusive Gross Asset Value for such Capital Contribution. To the extent that a Member provides a written objection to an Allocation Statement, the Members shall act in good faith to resolve any such objection or dispute as promptly as practicable. If the Members cannot resolve any such disputed item, the item in question shall be resolved by the Company Accountants as promptly as practicable. The fees and expenses of the Company Accountants shall be paid by the Company.

                    (ii) The Gross Asset Value of all Company assets shall be adjusted to equal their respective gross fair market values, as Approved by the Board of Directors, as of the following times: (i) the acquisition of additional Units in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution; (ii) the distribution by the Company to a Member of more than a de minimis amount of cash or property as consideration for Units in the Company, if (in any such event) such adjustment is necessary or appropriate, in the reasonable judgment of the Members, to reflect the relative economic interests of the Members in the Company; (iii) the liquidation of the Company for U.S. federal income tax purposes pursuant to Regulations Section 1.704 1(b)(2)(ii)(g); or (iv) the grant of an interest in the Company (other than a de minimis interest) as consideration for the provision of services to or for the benefit of the Company by an existing Member acting in a Member capacity, or by a new Member acting in a Member capacity or in anticipation of being a Member;

                    (iii) The Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal its gross fair market value on the date of distribution;

                    (iv) The Gross Asset Value of the Company’s assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulation Section 1.704 1(b)(2)(iv)(m) and Section 3.8(c) hereof; provided, however, that Gross Asset Values shall not be adjusted pursuant to this Section 3.8(a)(iv) to the extent that an adjustment pursuant to Section 3.8(a)(ii) of this definition is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this Section 3.8(a)(iv); and

                    (v) If the Gross Asset Value of an asset has been determined or adjusted pursuant to Sections 7.2(a)(i), 7.2(a)(ii) or 7.2(a)(iv) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account from time to time with respect to such asset for purposes of computing Profits and Losses.

               (b) Upon the occurrence of any event specified in Regulations Section 1.704-1(b)(2)(iv)(f), the Members, by unanimous approval, may cause the Capital Accounts of the Members to be adjusted to reflect the Gross Asset Value of the Company’s assets at such time in accordance with such Regulation if the Members, by unanimous approval, determines that the Gross Asset Value of the Company’s assets has materially appreciated or depreciated in such an amount so as to render such adjustment necessary to preserve the economic arrangement of the Members.

               (c) To the extent an adjustment to the adjusted tax basis of any Company asset under Code Section 734(b) or 743(b) is required to be taken into account in determining Capital Accounts pursuant to Regulations Section 1.704 1(b)(2)(iv)( m ), the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially allocated to the Members in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to such section of the Regulations.

ARTICLE 4

COVENANTS

          Section 4.1 Financing . The Members, in consultation and cooperation with each other, shall use all commercially reasonable efforts to obtain committed Financing as promptly as commercially reasonable on terms Approved by the Board of Directors. The Managing Member shall have the responsibility and authority for the negotiation, structuring and documentation of the Financing in consultation with