Document:

Exhibit 10.3

 

FOURTH AMENDING
AGREEMENT IN RESPECT OF THE THIRD

AMENDED AND RESTATED GULFSTREAM PARK LOAN AGREEMENT

 

THIS  AGREEMENT made as of the 13th day of
August, 2008,

 

BETWEEN:

 

GULFSTREAM PARK RACING ASSOCIATION, INC.,

a corporation incorporated under the laws of
the State of Florida

 

(being hereinafter called the “Borrower”),

 

OF THE FIRST PART,

 

- and -

 

MID ISLANDI SF.,

a partnership formed under the laws of
Iceland, acting through its Zug branch

 

(being hereinafter called the “Lender”),

 

OF THE SECOND PART,

 

- and -

 

REMINGTON PARK, INC.,

a corporation incorporated under the laws of
the State of Oklahoma

 

(being hereinafter called the “Remington Guarantor”),

 

OF THE THIRD PART,

 

- and -

 

 

GPRA THOROUGHBRED TRAINING CENTER, INC.,

a corporation incorporated under the laws of
the State of Delaware

 

(being
hereinafter called the “Palm
Meadows Guarantor”),

 

- and -

 

MAGNA ENTERTAINMENT CORP.,

a corporation incorporated under the laws of
the State of Delaware

 

(being
hereinafter called “MEC”), (the Remington Guarantor, the Palm Meadows Guarantor and MEC being hereinafter collectively called the “Original Guarantors”),

 

OF THE FOURTH PART,

 

- and -

 

GULFSTREAM COMMERCIAL
ENTERPRISES, INC.,

a corporation incorporated under the laws of
the State of Florida

 

(being
hereinafter called the “Gulfstream Commercial  Guarantor” (the Original Guarantors and the Gulfstream Commercial Guarantor
being hereinafter called the “Guarantors”),

 

OF THE FIFTH PART.

 

WHEREAS the Lender, as lender, the Borrower, as
borrower, and the Original Guarantors, as guarantors, are parties to a Third
Amended and Restated Gulfstream Park Loan Agreement made as of  December 22, 2006 (such Third Amended and Restated
Gulfstream Park Loan Agreement, as amended by a First Amending Agreement in respect
of the Third Amended and Restated Gulfstream Park Loan Agreement dated as of August 3,
2007, and as amended by a Second Amending Agreement (the “Second
Amending Agreement”) in respect of the Third Amended and Restated
Gulfstream Park Loan Agreement dated as of September 11, 2007, as amended by a Third Amending Agreement (the “Third
Amending Agreement”) in respect of the Third Amended and Restated
Gulfstream Loan Agreement, and as the Third Amended 

 

2

 

and Restated Gulfstream Park Loan Agreement may be further amended,
modified, renewed or replaced from time to time, being referred to herein the “Gulfstream Park  Loan  Agreement”);

 

AND WHEREAS on September 11,
2007, MEC’s Board of Directors approved and adopted a plan (the “MEC Debt Elimination Plan”) (referenced in the Second Amending Agreement as the “Borrower Restructuring Plan”) to restructure MEC and its subsidiaries (including the Borrower)
and to revise the business plan of MEC and its subsidiaries (including the Borrower);

 

AND WHEREAS the MEC Debt Elimination Plan contemplated the sale of assets including, without limiting the
generality of the foregoing, certain of those Properties owned by the Borrower
that constitute collateral for the Loan;

 

AND WHEREAS the sale of assets under the MEC Debt Elimination Plan
continues to take longer than originally contemplated and, although MEC
continues to take steps to implement the MEC Debt Elimination Plan, it does not
expect to execute the MEC Debt Elimination Plan on the originally contemplated
time schedule, if at all;

 

AND WHEREAS on March 31, 2008, the Board of Directors of MI
Developments Inc. (“MID”), an
affiliate of MEC and the controlling shareholder of MEC, received a
reorganization proposal on behalf of various shareholders of MID that would,
among other things, alter the relationship between MID and MEC;

 

AND WHEREAS  on June 27,
2008, MID announced that, in light of shareholder discussions relating to
potential amendments to the reorganization proposal, the special meeting of MID
shareholders to consider the reorganization proposal, previously called for July 24,
2008, was being postponed;

 

AND WHEREAS discussions between MID and various of its shareholders
relating to potential amendments to the reorganization proposal are ongoing,
and, given that no consensus has been reached with respect to such amendments,
MID intends to continue to explore a range of alternatives with respect to its
investment in MEC;

 

AND WHEREAS pursuant to the Third Amending Agreement, the parties to
the Gulfstream Park Loan Agreement amended the Gulfstream Park Loan Agreement to: (i) revise certain representations and covenants relating
to implementation of MEC Debt Elimination Plan; (ii) to extend from May 31,
2008 to August 31, 2008 the deadline for repayment of $100 million; (iii) to
extend from May 31, 2008 to August 31, 2008 the date prior to which
the Lender shall not charge, and the Borrower shall not be obligated to pay, a
Pre-Payment Make-Whole Amount in respect of any valid pre-payments made under
the Gulfstream Park Loan Agreement, all on the terms and conditions set out
therein;

 

AND WHEREAS  the
Lender has agreed to further amend the Gulfstream Park
Loan Agreement
to, inter alia, extend the Pre-Payment Make-Whole Amount Forgiveness Date, all on the terms and conditions
set out herein;

 

3

 

AND WHEREAS all
capitalized terms used herein and not defined herein shall have the respective
meanings given to such terms in the Gulfstream Park Loan Agreement;

 

NOW THEREFORE, in
consideration of the mutual covenants and agreements set forth in this
Agreement and the sum of Ten Dollars ($10.00) paid by each of the parties
hereto to the other and for other good and valuable consideration (the receipt
and sufficiency of which are hereby acknowledged), the parties hereto covenant
and agree as follows:

 

1.                                       Definitions.  Unless otherwise defined herein, all
capitalized terms used in this agreement (this “Agreement”) shall have the respective meanings ascribed to
them in the Gulfstream Park Loan Agreement.

 

2.                                       Representations and Warranties.  The Borrower and the
Guarantors jointly and severally represent and warrant to and in favour of the
Lender, with the intent that the Lender shall be entitled to rely upon such
representations and warranties in entering into this Agreement and
notwithstanding the completion of the transactions contemplated herein, that: (i) all
of the recitals to this Agreement are true and complete in all material respects;
and (ii) there are no facts, conditions or circumstances that are known to
the Borrower or any of the Guarantors and that may reasonably be considered
relevant to the Lender’s decision to enter into this Agreement that have not
been disclosed in writing to the Lender.

 

3.                                       Amendments.  The Gulfstream Park Loan Agreement  is hereby amended by:

 

(a)                                  by deleting the following definitions in Section 1.1 of the
Gulfstream Park Loan Agreement: (i) “Reorganization Proposal”,
“Reorganization Proposal Approval”, “Reorganization Proposal Termination Notice”, and “Supporting Shareholders”;

 

(b)                                 deleting the paragraph at the end of Section 3.4(a) of the
Gulfstream Park Loan Agreement, beginning with the words “Notwithstanding the
foregoing” and ending with the words “received the Reorganization Proposal
Termination Notice.”, and replacing it with the following:

 

“Notwithstanding the foregoing, the Lender
shall not charge, and the Borrower shall not be obligated to pay, a Pre-Payment
Make-Whole Amount in respect of any valid pre-payments made under this
Agreement on or prior to September 30,
2008 (the “Pre-Payment Make-Whole Amount Forgiveness
Date”), provided that no Event of Default exists under this
Agreement and/or under the Remington Park Loan Agreement at the time of such
pre-payment.”.

 

4.                                       Opinions.  The Borrower shall, if requested by the Lender in writing, deliver
to the Lender, as soon as reasonably practicable following such written
request, an 

 

4

 

opinion of the Borrower’s and
Guarantor’s Florida Agent addressed to the Lender, the
Lender’s Counsel and the Lender’s Florida Agent, in form, scope and substance
satisfactory to the Lender and its counsel, acting reasonably, with respect to
this Agreement, the MEC Guarantee and Indemnity, the MEC Full Recourse Guarantee and Indemnity, and the MEC
General Security Agreement.

 

5.                                       Default.  Any
default by the Borrower under this Agreement shall be deemed for all purposes
to be an Event of Default under the Gulfstream Park Loan Agreement.

 

6.                                       Ratification and Confirmation of Amended
Gulfstream Park Loan Agreement.   The Gulfstream Park Loan Agreement, as amended by this Agreement, is hereby ratified and confirmed in
all respects and time shall remain of the essence. After the date hereof, all references in each Loan Document to the
Gulfstream Park Loan Agreement shall be deemed to be a reference to the
Gulfstream Park Loan Agreement as amended by this Agreement.

 

7.                                       Successors and Assigns.  This Agreement shall enure
to the benefit of and shall be binding on and enforceable by the parties hereto
and their respective successors and permitted assigns.

 

8.                                       Governing Law.  This Agreement shall be
governed by and construed in accordance with the laws of the State of Florida
and the federal laws of the United States of America applicable herein.

 

9.                                       Time of the Essence.  Time shall be of the
essence of this Agreement.  If anything
herein is to be done on a day which is not a Business Day, the same shall be
done on the next succeeding Business Day. 
Where in this Agreement a number of days is prescribed, the number shall
be computed by excluding the first day and including the last day.

 

10.                                 Headings, Extended Meanings.  The headings in this
Agreement are inserted for convenience of reference only and shall not
constitute a part hereof and are not to be considered in the interpretation
hereof.  In this Agreement, words
importing the singular include the plural and vice
versa; words importing the masculine gender include the feminine and
vice versa; and words importing
persons include firms or corporations and vice
versa.

 

11.                                 Counterparts.  This Agreement may be
executed in counterparts and may be delivered by e-mail and/or facsimile
transmission.

 

5

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement or have caused
the same to be executed by their duly authorized representatives as of the date
first above written.

 

 

	
   

  	
  GULFSTREAM PARK RACING

  ASSOCIATION, INC.

  
	
   

  	
   

  
	
   

  	
  by

  	
  /s/
  BLAKE
  TOHANA

  
	
   

  	
   

  	
  Name:

  	
  Blake S. Tohana

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice-President and

  Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  WILLIAM
  FORD

  
	
   

  	
   

  	
  Name:

  	
  William G. Ford

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  We have
  authority to bind the Corporation.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  REMINGTON PARK, INC.

  
	
   

  	
   

  
	
   

  	
  by

  	
  /s/
  BLAKE
  TOHANA

  
	
   

  	
   

  	
  Name:

  	
  Blake S. Tohana

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice-President

  and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  WILLIAM
  FORD

  
	
   

  	
   

  	
  Name:

  	
  William G. Ford

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  We have
  authority to bind the Corporation.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GPRA THOROUGHBRED

  TRAINING CENTER INC.

  
	
   

  	
   

  
	
   

  	
  by

  	
  /s/
  BLAKE
  TOHANA

  
	
   

  	
   

  	
  Name:

  	
  Blake S. Tohana

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice-President

  and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  WILLIAM
  FORD

  
	
   

  	
   

  	
  Name:

  	
  William G. Ford

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  We have
  authority to bind the Corporation.

  

 

6

 

	
   

  	
  MAGNA ENTERTAINMENT CORP.

  
	
   

  	
   

  
	
   

  	
  by

  	
  /s/
  BLAKE
  TOHANA

  
	
   

  	
   

  	
  Name:

  	
  Blake S. Tohana

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice-President

  and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  WILLIAM
  FORD

  
	
   

  	
   

  	
  Name:

  	
  William G. Ford

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  We have
  authority to bind the Corporation.

  
	
   

  	
   

  
	
   

  	
  GPRA COMMERCIAL ENTERPRISES,

  INC.

  
	
   

  	
   

  
	
   

  	
  by

  	
  /s/
  BLAKE
  TOHANA

  
	
   

  	
   

  	
  Name:

  	
  Blake S. Tohana

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice-President

  and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  WILLIAM
  FORD

  
	
   

  	
   

  	
  Name:

  	
  William G. Ford

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  We have
  authority to bind the Corporation.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MID ISLANDI SF.,

  
	
   

  	
    ACTING THROUGH ITS ZUG 

  
	
   

  	
  BRANCH

  
	
   

  	
   

  
	
   

  	
  by

  	
  /s/
  THOMAS SCHULTHEISS

  
	
   

  	
   

  	
  Name:

  	
  Thomas Schultheiss

  
	
   

  	
   

  	
  Title:

  	
  Branch
  Manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  PETER NIDEROEST

  
	
   

  	
   

  	
  Name:

  	
  Peter Nideroest

  
	
   

  	
   

  	
  Title:

  	
  Branch Manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  We have
  authority to bind the Partnership

  

 

7Exhibit 10.31

 

AMENDMENT TO REVOLVING CREDIT AGREEMENT AND NOTE

BETWEEN TEAM FINANCIAL, INC. AND US BANK

 

THIS AMENDMENT TO
REVOLVING CREDIT AGREEMENT AND NOTE (this “Amendment”) dated as of June 30,
2008, by and between:  TEAM FINANCIAL, INC., a
Kansas corporation (“Borrower”); and U.S. BANK N.A.,
a national banking association (“Bank”); and has reference to the
following facts and circumstances (the “Recitals”):

 

A.            Borrower and Bank executed the Revolving Credit Agreement
dated March 18, 2004 (as amended, the “Agreement”), under which
Borrower executed the Revolving Credit Note dated March 18, 2004, payable
to Bank in the principal amount of up to $6,000,000 (as amended, the “Note”).

 

B.            The Agreement and the Note are secured by the collateral
described in certain security documents, including, but not limited to the
following (collectively, as amended, the “Security Documents”):

 

1.             Possessory Collateral Pledge Agreement dated March 18,
2004, executed by Team Financial Acquisition Subsidiary, Inc., in favor of
Bank, and covering the property as more particularly described therein.

 

2.             Possessory Collateral Pledge Agreement dated September 30,
2004, executed by Post Bancorp, Inc., in favor of Bank, and covering the
property as more particularly described therein.

 

3.             Uniform Commercial Code Financing Statement filed with
the Kansas Secretary of State, and covering the property as more particularly
described therein.

 

C.            The Agreement and the Note were previously amended (most
recently as described in the Amendment to Loan Agreement and the Note dated as
of December 31, 2007); Borrower desires to further amend the terms of the
Agreement and the Note in the manner set forth herein; and Bank is willing to
agree to said amendments on the terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the premises, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Borrower and Bank
hereby agree as follows:

 

1.             Recitals.  The Recitals are true and correct, and,
with the defined terms set forth herein, are incorporated by this reference.

 

2.             Amendment
to Agreement.  Section 2.1 of the Agreement is deleted and
substituted with the following:

 

“2.1         Revolving Credit Facility.  From time to time prior to October 15,
2008, or the earlier termination hereof pursuant to Article VI, Borrower
may borrow from Bank up to the aggregate principal amount outstanding at any
one time of up to Four Million Dollars ($4,000,000.00).  All advances hereunder will be evidenced by
the Revolving Credit Note dated the date hereof, executed by Borrower, payable
to the order of the Bank, in the principal amount of $4,000,000.00, as amended
(the “Note”).  Although the Note will be expressed to be
payable in the amount of $4,000,000.00, Borrower will be obligated to pay only
the amount of advances actually disbursed hereunder, together with accrued
interest on the outstanding balance at the rate(s) and on the dates
specified therein, and such other charges provided for herein and in the Note.”

 

3.             Amendment
to Note.  The Note is
amended as follows:

 

(a)                                   The
reference to “$6,000,000.00” at the top of page 1 of the Note is deleted
and replaced with “$4,000,000.00.”

 

(b)                                  The
first sentence on page 1 of the Note is deleted and replaced with the
following:

 

 

“FOR VALUE
RECEIVED, the undersigned borrower TEAM
FINANCIAL, INC., a Kansas corporation
(“Borrower”), promises to pay to
the order of U.S. BANK N.A., a national banking
association, (“Bank”), the
principal sum of Four Million Dollars ($4,000,000.00), payable October 15,
2008 (the “Maturity Date”).”

 

(c)           The following is added to the end of
the section entitled “Interest” on page 1 of the Note:

 

“On July 25, 2008,
and thereafter, the unpaid principal balance will bear interest at an annual
rate equal to Two Percent (2%) above the prime rate announced by Bank,
which interest rate will be adjusted each time that the prime rate changes.”

 

4.             Continuing
Security.  The Agreement
and the Note, as hereby amended, are, and shall continue to be secured by the
Security Documents and any reference to the Agreement and the Note in the
Security Documents shall hereafter be deemed to include the Agreement and Note
as hereby amended.

 

5.             Binding
Obligations.  The
Agreement, the Note, and the Security Documents, are, and shall remain, the
binding obligations of Borrower, and all of the provisions, terms,
stipulations, conditions, covenants and powers contained therein shall stand
and remain in full force and effect, except only as the same are herein and
hereby expressly and specifically varied or amended, and the same are hereby
ratified and confirmed, and Bank reserves unto itself all rights and privileges
granted thereunder.

 

6.             Reaffirmation;
Authority.  Borrower
hereby reaffirms all representations, warranties, covenants and agreements
recited in the Agreement, the Note, and the Security Documents as of the date
hereof, and the same are hereby adopted as representations, warranties,
covenants and agreements of Borrower herein. 
Borrower further represents and warrants that it is not in default under
any of its obligations under the Agreement, the Note, and the Security
Documents, and that it has full power and authority to execute and deliver this
Amendment, and that the execution and delivery hereof has been duly authorized,
and that all necessary and proper acts have been performed or taken.

 

7.             Release.  Borrower hereby releases
Bank and its successors, assigns, directors, officers, agents, employees,
representatives and attorneys from any and all claims, demands, causes of
action, liabilities or damages, whether now existing or hereafter arising or
contingent or noncontingent, or actions in law or equity of any type or matter,
relating to or in connection with any statements, agreements, action or inaction
on the part of Bank occurring at any time prior to the execution of this
Amendment, with respect to Borrower, the Agreement, the Note, the Security
Documents and any related loan documents.

 

8.             Expenses.  Borrower agrees to pay all
expenses incurred by Bank in connection with this Amendment, including, but not
limited to, Bank’s legal fees and recording fees.  Said sums are payable on demand and are
secured by the Security Documents.

 

9.             Applicable Law.  This Amendment shall be
governed by and construed in accordance with the internal laws of the State of Nebraska.

 

10.          Notice Required under Nebraska
Revised Statutes §45-1,113.  A CREDIT
AGREEMENT MUST BE IN WRITING TO BE ENFORCEABLE UNDER NEBRASKA LAW. TO PROTECT
YOU AND US FROM ANY MISUNDERSTANDINGS OR DISAPPOINTMENTS, ANY CONTRACT,
PROMISE, UNDERTAKING, OR OFFER TO FOREBEAR REPAYMENT OF MONEY OR TO MAKE ANY
OTHER FINANCIAL ACCOMMODATION IN CONNECTION WITH THIS LOAN OF MONEY OR GRANT OR
EXTENSION OF CREDIT, OR ANY AMENDMENT OF, CANCELLATION OF, WAIVER OF, OR
SUBSTITUTION FOR ANY OR ALL OF THE TERMS OR PROVISIONS OF ANY INSTRUMENT OR
DOCUMENT EXECUTED IN CONNECTION WITH THIS LOAN OF MONEY OR GRANT OR EXTENSION
OF CREDIT, MUST BE IN WRITING TO BE EFFECTIVE.

 

11.          Closing Conditions.  Notwithstanding any provision
contained in this Amendment to the contrary, this Amendment shall not be
effective unless and until Bank shall have received the following, all in form
acceptable to Bank:

 

(a)           this Amendment, duly executed by
Borrower;

 

(b)           the Borrowing Resolutions of Board of
Directors, certified by the Secretary of Borrower; and

 

2

 

(c)           a current certificate of good standing
for Borrower issued by the Kansas Secretary of State (or other evidence of good
standing acceptable to Bank); and

 

(d)           such other documents and information
as Bank may request.

 

IN WITNESS WHEREOF, the
parties hereto have executed this Amendment as of the day and year first above
written.

 

(SIGNATURES
ON FOLLOWING PAGE)

 

3

 

SIGNATURE
PAGE-

AMENDMENT
TO REVOLVING CREDIT AGREEMENT AND NOTE

 

 

	
   

  	
  Borrower:

  
	
   

  	
   

  
	
   

  	
  TEAM
  FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   /s/ Robert J. Weatherbie

  
	
   

  	
   

  	
  Robert J. Weatherbie,
  Chairman

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Bank:

  
	
   

  	
   

  
	
   

  	
  U.S. BANK N.A.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Timothy N. Scheer

  
	
   

  	
   

  	
  Timothy N. Scheer, Vice
  President

  

 

4

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