9. Bank Certification of Availability of Funds

           One of the requirements of the project shall be that each proponent must submit a Bank Certification stating that funds in the amount of ONE HUNDRED MILLION UNITED STATES DOLLARS (US$100,000,000.00) are available with any of the top thirty (30) Universal Banks or Commercial Banks, and are set aside for a period of one hundred twenty (120) days to ensure their commitment and financial capability for the project.

      10. Escrow Account

           Within fifteen (15) banking days from the signing of the Provisional License, the Proponent shall open an Escrow Account with a universal bank acceptable to PAGCOR and the Proponent and shall transfer the funds under Item No. 9 to the said Escrow Account. All funds for the development of the project shall pass through the Escrow Account.

           The Escrow Account shall have a maintaining balance of FIFTY MILLION UNITED STATES DOLLARS (US$50,000,000.00).

      11. PAGCOR Fees

           Upon commencement of the gaming operations, the following fees are to be imposed in lieu of all taxes with reference to gaming revenues:

       a. From Non-junket table and Slot Machine operations:

           1. 15% of gross gaming revenues generated from High Roller tables;

           2. 25% of gross gaming revenues generated from non-High Roller Tables;

           3. 25% of gross gaming revenues generated from slot machines;

           4. 2% of total gross gaming revenues generated from both High Roller and non-High Roller tables, for the restoration of cultural heritage.

         b. From Junket Operations:

            „15% of gross gaming revenues generated from both High Roller and non-High Roller tables

          Definition of High Roller Tables: To be determined at a later date.

          PAGCOR fees on gross gaming revenues from tables utilizing foreign currency denominations, shall be remitted in United States Dollars (USD).

PAGCOR may collect a fee equivalent to five percent (5%) of non gaming revenue from all food and beverage, retail and entertainment outlets within the Bagong Nayong Pilipino Entertainment City Manila (“5% Fee”).  All revenues in connection with hotel operations should not be subject to the 5% Fee except rental income received from retail concessionaires within the hotels. Revenues received from any theme park and/or museum or similar operations within the hotel shall be subject to the 5% Fee.