Document:

Exhibit 10.1  

       

UbiquiTel Inc.

Amended and Restated

2002 Employee Stock Purchase Plan  

UbiquiTel Inc.  

 Amended and Restated 2002 Employee Stock Purchase Plan  

	1.	 	Purpose	 	1
	2.	 	Definitions	 	1
	3.	 	Eligibility	 	2
	4.	 	Offering Periods	 	2
	5.	 	Election to Participate	 	3
	6.	 	Participant Contributions	 	3
	7.	 	Grant of Option	 	4
	8.	 	Exercise Price	 	4
	9.	 	Exercise of Options	 	4
	10.	 	Delivery	 	5
	11.	 	Withdrawal; Termination of Employment	 	5
	12.	 	Stock	 	6
	13.	 	Administration	 	6
	14.	 	Designation of Beneficiary	 	6
	15.	 	Transferability	 	6
	16.	 	Participant Accounts	 	7
	17.	 	Adjustments Upon Changes in Capitalization; Corporate Transactions	 	7
	18.	 	Amendment of the Plan	 	8
	19.	 	Suspension of the Plan	 	8
	20.	 	Termination of the Plan	 	8
	21.	 	Foreign Jurisdictions	 	9
	22.	 	Notices	 	9
	23.	 	Effective Date	 	9
	24.	 	Conditions Upon Issuance of Shares	 	9
	25.	 	Expenses of the Plan	 	9
	26.	 	No Employment Rights	 	9
	27.	 	Applicable Law	 	9
	28.	 	Additional Restrictions of Rule 16b-3	 	9

UbiquiTel Inc.  

 Amended and Restated 2002 Employee Stock Purchase Plan  

        1.    Purpose.    The purpose of the Plan is to provide incentive for present and future
employees of the Company and any Designated Subsidiary to acquire a proprietary interest (or increase an existing proprietary interest) in the Company through the purchase of Common Stock. It is the
Company's intention that the Plan qualify as an "employee stock purchase plan" under Section 423 of the Code. Accordingly, the provisions of the Plan shall be administered, interpreted and
construed in a manner consistent with the requirements of that section of the Code. 

        2.    Definitions.    

                (a)    "Board"    means the Board of Directors of the Company. 

                (b)    "Code"    means the Internal Revenue Code of 1986, as amended, and any successor thereto. 

                (c)    "Committee"    means the committee appointed by the Board to administer the Plan as described in
Section 13 of the Plan or, if no such Committee is appointed, the Board. 

                (d)    "Common Stock"    means the Company's common stock, par value $.0005 per share. 

                (e)    "Company"    means UbiquiTel Inc., a Delaware corporation. 

                (f)    "Compensation"    means, with respect to each Participant for each pay period, the full base salary paid to
such Participant by the Company or a Designated Subsidiary. "Compensation" does not include: (i) overtime, bonuses or commissions; (ii) any amounts contributed by the Company or a
Designated Subsidiary to any pension plan; (iii) any automobile or relocation allowances (or reimbursement for any such expenses); (iv) any amounts paid as a starting bonus or finder's
fee; (v) any amounts realized from the exercise of any stock options or incentive awards; (vi) any amounts paid by the Company or a Designated Subsidiary for other fringe benefits, such
as health and welfare, hospitalization and group
life insurance benefits, or perquisites, or paid in lieu of such benefits; or (vii) other similar forms of extraordinary compensation. 

                (g)    "Continuous Status as an Employee"    means the absence of any interruption or termination of service as an
Employee. Continuous Status as an Employee shall not be considered interrupted in the case of a leave of absence agreed to in writing by the Company or the Designated Subsidiary that employs the
Employee, provided that such leave is for a period of not more than 90 days or reemployment upon the expiration of such leave is guaranteed by contract or statute. 

                (h)    "Designated Subsidiaries"    means the Subsidiaries that have been designated by the Board from time to time
in its sole discretion as eligible to participate in the Plan. 

                (i)    "Employee"    means any person, including an Officer, whose customary employment with the Company or one of
its Designated Subsidiaries is at least twenty (20) hours per week and more than five (5) months in any calendar year. 

                (j)    "Entry Date"    means the first day of each Offering Period. 

                (k)    "Exchange Act"    means the Securities Exchange Act of 1934, as amended. 

                (l)    "Exercise Date"    means the last Trading Day of each Offering Period. 

                (m)    "Exercise Price"    means the price per share of Common Stock offered in a given Offering Period determined as
provided in Section 8. 

                (n)    "Fair Market Value"    means, with respect to a share of Common Stock, the Fair Market Value as determined
under Section 7(b). 

                (o)    "First Offering Date"    means April 15, 2002, or if later, the date that the Company's
Form S-8 has been filed with the Securities and Exchange Commission with respect to the Plan and has become effective. 

 

                (p)    "Offering Date"    means the first Trading Day of each Offering Period. 

                (q)    "Offering Period"    means (i) with respect to the first Offering Period, the period beginning on the
First Offering Date and ending on June 30, 2002, and (ii) with respect to each Offering Period thereafter, and subject to adjustment as provided in Section 4, each subsequent
calendar quarter beginning on July 1 and ending September 30, beginning on October 1 and ending on December 31, beginning on January 1 and ending on March 31,
and beginning on April 1 and ending on June 30 thereafter until the Plan is terminated. 

                (r)    "Officer"    means a person who is an officer of the Company within the meaning of Section 16 under the
Exchange Act and the rules and regulations promulgated thereunder. 

                (s)    "Participant"    means an Employee who has elected to participate in the Plan by filing an enrollment
agreement with the Company as provided in Section 5 of the Plan. 

                (t)    "Plan"    shall mean this UbiquiTel Inc. Amended and Restated 2002 Employee Stock Purchase Plan, as
amended effective July 1, 2002 and as most recently amended and restated effective October 29, 2002. 

                (u)    "Plan Contributions"    means, with respect to each Participant, the after-tax payroll deductions
withheld from the Compensation of the Participant and contributed to the Plan for the Participant as provided in Section 6 of the Plan and any other amounts contributed to the Plan for the
Participant in accordance with the terms of the Plan. 

                (v)    "Subsidiary"    shall mean any corporation, domestic or foreign, of which the Company owns, directly or
indirectly, 50% or more of the total combined voting power of all classes of stock, and that otherwise qualifies as a "subsidiary corporation" within the meaning of Section 424(f) of the Code. 

                (w)    "Trading Day"    shall mean a day on which the national stock exchanges and the Nasdaq system are open for
trading. 

        3.    Eligibility.    

                (a)  Any
individual who is an Employee as of the First Offering Date shall be eligible to become a Participant in the Plan as of the First Offering Date. Any individual who
becomes an Employee after the First Offering Date shall be eligible to become a Participant as of any subsequent Entry Date under the Plan. An Employee's election to participate in the Plan shall be
subject to the requirements of Section 5(a) and the limitations imposed by Section 423(b) of the Code. 

                (b)  Notwithstanding
any provision of the Plan to the contrary, no Participant shall be granted an option under the Plan (i) to the extent that if, immediately after
the grant, such Participant (or any other person whose stock would be attributed to such Participant pursuant to Section 424(d) of the Code) would own stock and/or hold outstanding options to
purchase stock possessing 5% or more of the total combined voting power or value of all classes of stock of the Company or of any Subsidiary of the Company, or (ii) to the extent that his or
her rights to purchase stock under all employee stock purchase plans of the Company and its Subsidiaries intended to qualify under Section 423 of the Code accrue at a rate which exceeds $25,000
of fair market value of stock (determined at the time such option is granted) for each calendar year in which such option is outstanding at any time. 

        4.    Offering Periods.    The Plan shall be implemented by a series of consecutive Offering Periods. The first
Offering Period shall commence on the First Offering Date and end on June 30, 2002. Each Offering Period thereafter shall coincide with the calendar quarters beginning on July 1 and
ending September 30, beginning on October 1 and ending on December 31, beginning on January 1 and ending on March 31, and beginning on April 1 and ending on
June 30 thereafter until the Plan is terminated. In the event that the approval of the Company's shareholders is not obtained with respect to the Plan prior to the scheduled Exercise Date of
the first Offering Period, the Committee may, in its 

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sole discretion, extend the first Offering Period (and delay such Exercise Date) until the last day of the calendar quarter in which such shareholder approval is obtained with respect to the Plan;
provided, that the first Offering Period may not exceed a total of twenty-seven (27) months. In the event the first Offering Period is extended under this Section 4, the second Offering
Period shall begin on the first day of the calendar quarter immediately following the end of the first Offering Period. Additionally, the Committee shall have the power to extend the duration and/or
the frequency of other Offering Periods with respect to future offerings if such change is announced at least five (5) days prior to the scheduled beginning of the first Offering Period to be
affected. 

        5.    Election to Participate.    

                (a)  An
eligible Employee may elect to participate in the Plan commencing on any Entry Date by completing an enrollment agreement on the form provided by the Company and
filing the enrollment agreement with the Company at least ten (10) business days prior to such Entry Date, unless a later time for filing the enrollment agreement is set by the Committee for
all eligible Employees with respect to a given offering. If an individual becomes an eligible Employee on a date that is within ten (10) days of the next Entry Date, that Employee may elect to
participate in the Plan as of that next Entry Date by completing and filing an enrollment agreement with the Company prior to such Entry Date. The enrollment agreement shall set forth the percentage
of the Participant's Compensation that is to be withheld by payroll deduction pursuant to the Plan. 

                (b)  Except
as otherwise determined by the Committee under rules applicable to all Participants, payroll deductions for a Participant shall commence on the first payroll
following the Entry Date on which the Participant elects to participate in accordance with Section 5(a) and shall end on the last payroll in the Offering Period, unless sooner terminated by the
Participant as provided in Section 11. However, in the case of Employees permitted to enroll in the Plan within ten (10) days of their Entry Date under Section 5(a), payroll
deductions shall commence with the first payroll period beginning at least ten (10) business days after the date on which the Company receives the Participant's enrollment agreement. 

                (c)  Unless
a Participant elects otherwise prior to the Exercise Date of an Offering Period, such Participant shall be deemed to have (i) elected to participate in
the immediately succeeding Offering Period (and, for purposes of such Offering Period such Participant's "Entry Date" shall be deemed to be the first day of such Offering Period) and
(ii) authorized the same payroll deduction for such immediately succeeding Offering Period as was in effect for such Participant immediately prior to the commencement of such succeeding
Offering Period. 

        6.    Participant Contributions.    

                (a)  All
Participant contributions to the Plan shall be made only by payroll deductions. At the time a Participant files the enrollment agreement with respect to an Offering
Period, the Participant may authorize payroll deductions to be made on each payroll date during the portion of the Offering Period that he or she is a Participant in an amount not less than 1% and not
more than 15% of the Participant's Compensation on each payroll date during the portion of the Offering Period that he or she is a Participant (or subsequent Offering Periods as provided in
Section 5(c)). The amount of payroll deductions shall be a whole percentage (i.e., 1%, 2%, 3%, etc.) of the Participant's Compensation. 

                (b)  A
Participant may discontinue his or her participation in the Plan as provided in Section 11, or may decrease or increase the rate or amount of his or her
payroll deductions during an Offering Period (within the limitations of Section 6(a) above) by completing and filing with the Company a new enrollment agreement authorizing a change in the rate
or amount of payroll deductions; provided, that a Participant may not change the rate or amount of his or her payroll deductions more than once in any
Offering Period. The change in rate or amount shall be effective 

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with the first full payroll period commencing at least ten (10) business days after the date that the Company receives the new enrollment agreement. 

                (c)  Notwithstanding
the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(b) hereof, a Participant's payroll
deductions may be decreased to 0% at such time during any Offering Period which is scheduled to end during the current calendar year that the aggregate of all payroll deductions accumulated with
respect to such Offering Period and any other Offering Period ending within the same calendar year are equal to the product of $25,000 multiplied by 85% for the calendar year. Payroll deductions shall
recommence at the rate provided in the Participant's enrollment agreement at the beginning of the following Offering Period which is scheduled to end in the following calendar year, unless terminated
by the Participant as provided in Section 11. 

                (d)  All
Plan Contributions made for a Participant shall be credited to the Participant's bookkeeping account under the Plan. No interest shall accrue or be credited with
respect to a Participant's Plan Contributions. All Plan Contributions received or held by the Company may be used by the Company for any corporate purpose, and the Company shall not be obligated to
segregate or otherwise set apart such Plan Contributions from any other corporate funds. 

        7.    Grant of Option.    

                (a)  On
a Participant's Entry Date, subject to the limitations set forth in Sections 3(b) and 12(a), the Participant shall be granted an option to purchase on the Exercise
Date of the Offering Period in which such Entry Date occurs (at the Exercise Price determined as provided in Section 8 below) up to a number of shares of Common Stock determined by dividing
such Participant's Plan Contributions accumulated prior to such Exercise Date and retained in the Participant's account as of such Exercise Date by the Exercise Price;  provided, that the maximum number
of shares an Employee may purchase during any Offering Period shall be three thousand (3,000) shares. The Fair Market
Value of a share of Common Stock shall be determined as provided in Section 7(b). 

                (b)  If
there is a public market for the Common Stock, the Fair Market Value per share shall be either (i) the closing price of the Common Stock on such date (or, in
the event that the Common Stock is not traded on such date, on the immediately preceding trading date), as reported by the National Association of Securities Dealers Automated Quotation (Nasdaq)
National Market System if traded on The Nasdaq National Market, or SmallCap Market System if traded on The Nasdaq SmallCap Market, (ii) if such price is not reported, the average of the bid and
asked prices for the Common Stock on such date (or, in the event that the Common Stock is not traded on such date, on the immediately preceding trading date), as reported by Nasdaq, or (iii) in
the event the Common Stock is listed on a stock exchange, the closing price of the Common Stock on such exchange on such date (or, in the event that the Common Stock is not traded on such date, on the
immediately preceding trading date), as reported in The Wall Street Journal. If no such quotations are available for a date within a reasonable time
prior to the valuation date or if there is no public market for the Common Stock, the value of the Common Stock shall be determined by the Board using any reasonable means. 

        8.    Exercise Price.    The Exercise Price per share of Common Stock offered to each Participant in a given Offering
Period shall be the lower of: (i) 85% of the Fair Market Value of a share of Common Stock on the Offering Date or (ii) 85% of the Fair Market Value of a share of Common Stock on the
Exercise Date. 

        9.    Exercise of Options.    Unless a Participant withdraws from the Plan as provided in Section 11, the
Participant's option for the purchase of shares will be exercised automatically on each Exercise Date, and the maximum number of full shares subject to such option shall be purchased for the
Participant at the applicable Exercise Price with the accumulated Plan Contributions then credited to the Participant's account under the Plan. During a Participant's lifetime, a Participant's option
to purchase shares hereunder is exercisable only by the Participant. 

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        10.    Delivery.    The Company shall hold, or instruct a custodian designated by the Committee to hold, the shares of
Common Stock purchased by each Participant on each Exercise Date for the period of two years from such Exercise Date. After each such two-year period has expired, the Company shall arrange
for the delivery to each Participant (or the Participant's beneficiary), as appropriate, or to a custodial account for the benefit of each Participant (or the Participant's beneficiary), as
appropriate, of the shares of Common Stock purchased by each Participant, respectively. Notwithstanding the foregoing, if a Participant disposes of shares of Common Stock held for the Participant's
benefit under this Section 10 by the Company or a designated custodian, while such shares are transferable by the Participant under Section 15(b) or Section 15(c) hereof, the
Company or custodian shall make appropriate arrangements for the delivery of the shares upon notice from the Participant of the disposition. Any amount remaining to the credit of a Participant's
account after the purchase of shares by such Participant on an Exercise Date, or which is insufficient to purchase a full share of Common Stock, shall be carried over to the next Offering Period if
the Participant continues to participate in the Plan or, if the Participant does not continue to participate, shall be returned to the Participant. 

        11.    Withdrawal; Termination of Employment.    

                (a)  A
Participant may withdraw from the Plan at any time by giving written notice to the Company. Beginning with the payroll period which is at least ten
(10) business days from the date the Company receives notice of such withdrawal, all payroll deductions for the Participant shall cease. However, the Participant's option to purchase shares
pursuant to the Plan automatically shall be terminated, and no further shares shall be purchased for the Participant's account. All of the Plan Contributions credited to the Participant's account and
not yet invested in Common Stock will be paid to the Participant as soon as administratively practicable after receipt of the Participant's notice of withdrawal. 

                (b)  A
Participant who has withdrawn from the Plan (a "Former Participant") will not be permitted to elect to participate in the Plan again until the Entry Date which is at
least twelve (12) calendar months from the date of the Former Participant's withdrawal from the Plan; provided, that notwithstanding the
foregoing, if any notice of suspension of the Plan is issued in accordance with Section 19, a Former Participant who withdrew from the Plan on or after the date of the suspension notice and
prior to the effective date of the resumption of the normal operation of the Plan will not be permitted to elect to participate in the Plan again until the Entry Date which next follows the date of
that Former Participant's withdrawal from the Plan. A Former Participant must complete and file with the Company a new enrollment agreement specifying a payroll deduction election in accordance with
Section 5(a) in order to once again become a Participant in the Plan. 

                (c)  Upon
termination of the Participant's Continuous Status as an Employee prior to any Exercise Date for any reason, including retirement or death, the Plan Contributions
credited to the Participant's account and not yet invested in Common Stock will be returned to the Participant or, in the case of death, to the Participant's beneficiary as determined pursuant to
Section 14, and the Participant's option to purchase shares under the Plan will automatically terminate. 

                (d)  A
Participant may elect at any time within the first sixty (60) days of any Offering Period to receive a distribution of cash from the Plan equal to all or any
portion of any amount credited to the Participant's account as a carry over, pursuant to Section 10 of the Plan, of any remaining amounts from the immediately preceding Offering Period. A
Participant who makes such election shall not be treated as having withdrawn from the Plan solely by reason of that election, and thus shall not as a result of that election be precluded from
participating in the Plan for the Offering Period in which the election is made or in any subsequent Offering Period. 

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        12.    Stock.    

                (a)  The
maximum number of shares of the Company's Common Stock that shall be made available for sale under the Plan shall be one million (1,000,000) shares, subject to
adjustment as provided in Section 17. Shares of Common Stock subject to the Plan may be newly issued shares or shares reacquired in private transactions or open market purchases. If and to the
extent that any right to purchase reserved shares shall not be exercised by any Participant for any reason or if such right to purchase shall terminate as provided herein, shares that have not been so
purchased hereunder shall again become available for the purpose of the Plan unless the Plan shall have been terminated, but all shares sold under the Plan, regardless of source, shall be counted
against the limitation set forth above. 

                (b)  A
Participant will have no interest or voting right in shares covered by his or her option until such option has been exercised. 

                (c)  Shares
to be delivered to a Participant under the Plan will be registered in the name of the Participant or in the name of the Participant and his or her spouse, as
requested by the Participant. 

        13.    Administration.    

                (a)  The
Plan shall be administered by the Committee. The Committee shall have the authority to interpret the Plan, to prescribe, amend and rescind rules and regulations
relating to the Plan, and to make all other determinations necessary or advisable for the administration of the Plan. The administration, interpretation, or application of the Plan by the Committee
shall be final, conclusive and binding upon all persons. The powers vested in the Committee by this Section 13 shall not preclude the Board from exercising any such power in lieu of the
Committee. 

                (b)  Notwithstanding
the provisions of Subsection (a) of this Section 13, in the event that Rule 16b-3 promulgated under the Exchange Act or
any successor provision thereto ("Rule 16b-3") provides specific requirements for the administrators of plans of this type, the Plan shall only be administered by such body and in
such a manner as shall comply with the applicable requirements of Rule 16b-3. Unless permitted by Rule 16b-3, no discretion concerning decisions regarding the
Plan shall be afforded to any person that is not "disinterested" as that term is used in Rule 16b-3. 

        14.    Designation of Beneficiary.    

                (a)  A
Participant may file a written designation of a beneficiary who is to receive any shares and cash, if any, from the Participant's account under the Plan in the
event of the Participant's death subsequent to an Exercise Date on which the Participant's option hereunder is exercised but prior to delivery to the Participant of such shares and cash. In addition,
a Participant may file a written designation of a beneficiary who is to receive any cash from the Participant's account under the Plan in the event of the Participant's death prior to the
exercise of the option. 

                (b)  A
Participant's beneficiary designation may be changed by the Participant at any time by written notice to the Company. In the event of the death of a Participant and
in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant's death, the Company shall deliver such shares and/or cash to the executor or
administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares
and/or cash to the spouse or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may
designate. 

        15.    Transferability.    

                (a)  Neither
Plan Contributions credited to a Participant's account nor any rights to exercise any option or receive shares of Common Stock under the Plan may be assigned,
transferred, pledged or otherwise disposed of in any way (other than by will or the laws of descent and distribution, or as 

6

 

provided in Section 14). Any attempted assignment, transfer, pledge or other distribution shall be without effect, except that the Company may treat such act as an election to withdraw funds
in accordance with Section 11. 

                (b)  Subject
to Section 15(c), shares of Common Stock held for a Participant's account may not be assigned, transferred, pledged or otherwise disposed of in any way
(other than by will or the laws of descent and distribution, or as provided in Section 14) within the one-year period beginning on the Exercise Date on which the shares were
purchased, other than pursuant to a Sale Transaction as defined in Section 17(b). Any attempted assignment, transfer, pledge or other disposition shall be without effect. 

                (c)  The
restrictions relating to assignments, transfers, pledges and other dispositions set forth in Section 15(b) shall not be in effect during any period beginning
on the date of a suspension notice issued in accordance with Section 19 and continuing through the date immediately prior to the effective date of the next resumption of the normal operation of
the Plan initiated in accordance with Section 19. 

        16.    Participant Accounts.    Individual accounts will be maintained for each Participant in the Plan to account for
the balance of his or her Plan Contributions and options issued and shares purchased under the Plan. Statements of account will be given to Participants quarterly in due course following each Exercise
Date, which statements will set forth the amounts of payroll deductions, the per share purchase price, the number of shares purchased and the remaining cash balance, if any. 

        17.    Adjustments Upon Changes in Capitalization; Corporate Transactions.    

                (a)  If
the outstanding shares of Common Stock are increased or decreased, or are changed into or are exchanged for a different number or kind of shares, as a result of one
or more reorganizations, restructurings, recapitalizations, reclassifications, stock splits, reverse stock splits, stock dividends or the like, upon authorization of the Committee, appropriate
adjustments shall be made in the number and/or kind of shares, and the per-share option price thereof, which may be issued in the aggregate and to any Participant upon exercise of options
granted under the Plan. 

                (b)  In
the event of the proposed dissolution or liquidation of the Company, the Offering Period will terminate immediately prior to the consummation of such proposed
action, unless otherwise provided by the Committee. In the event of a proposed sale of all of the Company's outstanding stock, all or substantially all of the Company's assets, or the merger of the
Company with or into another corporation (each, a "Sale Transaction"), each option under the Plan shall be assumed or an equivalent option shall be substituted by such successor corporation or a
parent or subsidiary of such successor corporation, unless the Committee determines, in the exercise of its sole discretion and in lieu of such assumption or substitution, to shorten the Offering
Period then in progress by setting a new Exercise Date (the "New Exercise Date"). If the Committee shortens the Offering Period then in progress in lieu of assumption or substitution in the event of a
Sale Transaction, the Committee shall notify each Participant in writing, at least ten (10) days prior to the New Exercise Date, that the exercise date for such Participant's option has been
changed to the New Exercise Date and that such Participant's option will be exercised automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Plan as
provided in Section 11. For purposes of this Section 17(b), an option granted under the Plan shall be deemed to have been assumed if, following the Sale Transaction, the option confers
the right to purchase, for each share of option stock subject to the option immediately prior to the Sale Transaction, the consideration (whether stock, cash or other securities or property) received
in the Sale Transaction by holders of Common Stock for each share of Common Stock held on the effective date of the Sale Transaction (and if such holders were offered a choice of consideration, the
type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided, that if the consideration received in
the Sale Transaction was not solely common stock of the successor corporation or its parent (as defined in Section 424(e) of the Code), the Committee 

7

 

may, with the consent of the successor corporation and the Participant, provide for the consideration to be received upon exercise of the option to be solely common stock of the successor corporation
or its parent equal in fair market value to the per share consideration received by the holders of Common Stock in the Sale Transaction. 

                (c)  In
the event of a Sale Transaction, or for such other reason as the Committee may in its sole discretion deem it advisable, the Committee may permit Participants to
change their payroll deduction elections notwithstanding the restriction contained in Section 6(b), and/or may distribute or direct its designated custodian to distribute all shares of Common
Stock purchased by Participants under the Plan being held under Section 10. Additionally, the Committee may lift the one-year restriction on resale of shares of Common Stock
contained in Section 15(b) hereof. The Committee shall give Participants reasonable notice in the event it determines to exercise the discretion described in this Section 17(c). 

                (d)  In
all cases, the Committee shall have sole discretion to exercise any of the powers and authority provided under this Section 17, and the Committee's actions
hereunder shall be final and binding on all Participants; provided, that any power vested in the Committee hereunder also may be exercised by the Board
in lieu of the Committee. No fractional shares of stock shall be issued under the Plan pursuant to any adjustment authorized under the provisions of this Section 17. 

        18.    Amendment of the Plan.    The Board or the Committee may at any time, or from time to time, amend the Plan in
any respect; provided, that (i) no such amendment may make any change in any option theretofore granted which adversely affects the rights of any
Participant and (ii) the Plan may not be amended in any way that will cause rights issued under the Plan to fail to meet the requirements for
employee stock purchase plans as defined in Section 423 of the Code or any successor thereto. To the extent necessary to comply with Rule 16b-3 under the Exchange Act,
Section 423 of the Code, or any other applicable law or regulation, the Company shall obtain shareholder approval of any such amendment. 

        19.    Suspension of the Plan.    The Board or the Committee may, as of the close of any Exercise Date, suspend the
Plan; provided, that the Board or Committee provides notice to the Participants at least five (5) business days prior to the suspension. The
Board or Committee may resume the normal operation of the Plan as of any Offering Date; provided, that the Board or Committee provides notice to the
Participants at least twenty (20) business days prior to the date of termination of the suspension period. A Participant shall remain a Participant in the Plan during any suspension period
(unless he or she withdraws pursuant to Section 11), however no options shall be granted or exercised, and no payroll deductions shall be made in respect of any Participant during the
suspension period. Participants shall have the right to withdraw carryover funds provided in Section 11(d) throughout any suspension period. The Plan shall resume its normal operation upon
termination of a suspension period. 

        20.    Termination of the Plan.    

        The
Plan and all rights of Employees hereunder shall terminate on the earliest of: 

                (a)  the
Exercise Date that Participants become entitled to purchase a number of shares greater than the number of reserved shares remaining available for purchase under the
Plan; 

                (b)  such
date as is determined by the Board in its discretion; or 

                (c)  the
last Exercise Date immediately preceding the tenth (10th) anniversary of the Plan's effective date. 

        In
the event that the Plan terminates under circumstances described in Section 20(a) above, reserved shares remaining as of the termination date shall be sold to Participants on a  pro rata basis.

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        21.    Foreign Jurisdictions.    The Committee may adopt rules or procedures relating to the operation and
administration of the Plan to accommodate the specific requirements of local laws and procedures. Without limiting the generality of the foregoing, the Committee is specifically authorized to adopt
rules
or procedures regarding the handling of payroll deductions, payment of interest, conversion of local currency, payroll tax, withholding procedures and handling of stock certificates which vary with
local requirements. The Committee also may adopt sub-plans applicable to particular Designated Subsidiaries or locations, which sub-plans may be designated to be outside the
scope of Code Section 423. The rules of such sub-plans may take precedence over other provisions of this Plan, with the exception of Section 12(a), but unless otherwise
superseded by the terms of such sub-plan, the terms of this Plan shall govern the operation of such sub-plan. 

        22.    Notices.    All notices or other communications by a Participant to the Company under or in connection with the
Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

        23.    Effective Date.    The Plan having been adopted by the Board on March 13, 2002, the Plan shall become
effective on the First Offering Date. The Board shall submit the Plan to the shareholders of the Company for approval by no later than March 13, 2003. 

        24.    Conditions Upon Issuance of Shares.    

                (a)  The
Plan, the grant and exercise of options to purchase shares under the Plan, and the Company's obligation to sell and deliver shares upon the exercise of options to
purchase shares shall be subject to compliance with all applicable federal, state and foreign laws, rules and regulations and the requirements of any stock exchange on which the shares may then be
listed. 

                (b)  The
Company may make such provisions as it deems appropriate for withholding by the Company pursuant to federal or state tax laws of such amounts as the Company
determines it is required to withhold in connection with the purchase or sale by a Participant of any Common Stock acquired pursuant to the Plan. The Company may require a Participant to satisfy any
relevant tax requirements before authorizing any issuance of Common Stock to such Participant. 

        25.    Expenses of the Plan.    All costs and expenses incurred in administering the Plan shall be paid by the
Company, except that any stamp duties or transfer taxes applicable to participation in the Plan may be charged to the account of such Participant by the Company. Additionally, a Participant shall be
responsible for any costs associated with the Participant's resale of shares of Common Stock purchased under the Plan. 

        26.    No Employment Rights.    The Plan does not, directly or indirectly, create any right for the benefit of any
employee or class of employees to purchase any shares under the Plan, or create in any employee or class of employees any right with respect to continuation of employment by the Company, and it shall
not be deemed to interfere in any way with the Company's right to terminate, or otherwise modify, an employee's employment at any time. 

        27.    Applicable Law.    The laws of the State of Delaware shall govern all matters relating to this Plan except to
the extent (if any) superseded by the laws of the United States. 

        28.    Additional Restrictions of Rule 16b-3.    The terms and conditions of options granted
hereunder to, and the purchase of shares by, persons subject to Section 16 of the Exchange Act shall comply with the applicable provisions of Rule 16b-3. This Plan shall be
deemed to contain, and such options shall contain, and the shares issued upon exercise thereof shall be subject to, such additional conditions and restrictions as may be required by
Rule 16b-3 to qualify for the maximum exemption from Section 16 of the Exchange Act with respect to Plan transactions. 

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EXHIBIT 10.1    
  

OPTIONAL ADVANCE UNSECURED PROMISSORY NOTE  

	$50,000,000	 	Portland, Oregon

September 5, 2002

        FOR VALUE RECEIVED, the undersigned, MGM MIRAGE, a Delaware corporation ("Borrower") whose address is 3600 Las Vegas Boulevard, Las Vegas, Nevada 89109 hereby
promises to pay to the order of U.S. BANK NATIONAL ASSOCIATION, a national banking association ("Lender"), whose address is 555 S.W. Oak Street, PL-4, Portland, Oregon 97204, or its
assignee, the principal sum of Fifty Million Dollars ($50,000,000), or so much thereof as shall have been advanced hereunder and not repaid, together with interest thereon from the date of such
advance as hereinafter provided. 

        This
Optional Advance Unsecured Promissory Note (the "Note") is given to evidence Borrower's obligation to repay all sums that Lender may from time to time advance to Borrower
("Advances") under a revolving line of credit. No Advances shall be made which create a principal amount outstanding at any one time that exceeds $50,000,000. However, Advances hereunder may be
borrowed, repaid and reborrowed prior to the Maturity Date, and the aggregate Advances loaned hereunder from time to time may exceed such maximum amount. 

        This
Note is given to avoid the execution by Borrower of an individual note for each Advance by Lender to Borrower. In consideration thereof, Borrower agrees that Lender's record entries
of transactions pursuant to this Note, together with Lender's written advice of charges, shall be conclusive evidence of borrowings, charges, and payments made pursuant hereto. 

        Reference
is hereby made to that certain Second Amended and Restated 364-Day Loan Agreement dated as of April 5, 2002 among Borrower, certain co-borrowers,
Lender, and certain other lenders (the "Loan Agreement"). All capitalized terms used and not otherwise defined herein shall have the meanings given them in the Loan Agreement as in effect as of the
date hereof. Notwithstanding the foregoing, this Note shall not be deemed to be one of the Notes referred to in the Loan Agreement, and except as expressly provided herein, this Note shall not be
governed by the terms and provisions of the Loan Agreement. 

1.    ADVANCES

        1.1  Borrower
acknowledges and agrees that Lender is under no obligation and has not committed to make any Advance hereunder. Borrower acknowledges and agrees that
(a) Lender has the right at any time in its sole and complete discretion to refuse to make any advance requested by Borrower because of the optional nature of this line of credit,
(b) the inclusion of covenants or the specification of events of default and remedies, including acceleration, in this Note will not affect the optional nature of Advances hereunder,
(c) no oral understandings or assurances to the contrary will modify or supplement the optional nature of Advances hereunder, and (d) if Lender makes any one or more Advances, Lender is
not committed to make other Advances. 

        1.2  Advances
shall be in an amount of at least $5,000,000 or a larger multiple of $1,000,000 up to an aggregate of $50,000,000 outstanding at one time. 

        1.3  Any
Advance may be made or interest rate option selected only upon the written request of any person authorized below or such other person as may be designated by
Borrower in writing to 

1

 

Lender from time to time. Borrower hereby authorizes any one of the following persons acting individually to request Advances and to select interest rate options: 

Dan
D'Arrrigo

Robert Selwood

David Vera

Kim McLain 

        1.4  Borrower
agrees that Lender shall have no obligation to verify the identity of any of the above-referenced persons making any request pursuant to this Section 1,
and Borrower assumes all risks of the validity and authorization of such requests by any persons now or hereafter designated by Borrower. 

        1.5  Unless
Lender is otherwise instructed in writing, all Advances shall be disbursed by wire pursuant to the following wire instructions: 

	BANK OF AMERICA	 	 
	 	300 S. Fourth Street

Las Vegas, Nevada	 	 
	ABA NUMBER:	 	122400724
	ACCOUNT NAME:	 	MGM MIRAGE
	ACCOUNT NUMBER:	 	4961899589

2.    RATE OF INTEREST

        2.1  Interest
on each Advance hereunder shall accrue at one of the following per annum rates selected by Borrower (i) upon notice to Lender the Base Rate Margin plus
the prime rate announced by Lender from time to time, as and when such rate changes a ("Prime Rate Loan"); or (ii) upon a minimum of two New York Banking Days' prior notice, the Eurodollar
Margin plus the 1-week or 1-month LIBOR rate quoted by Lender from Telerate Page 3750 or any successor thereto (which shall be the LIBOR rate in effect two New York Banking
Days prior to commencement of the Advance), adjusted for any reserve requirement and any subsequent costs arising from a change in government regulation (a "LIBOR Rate Loan"). The term "New York
Banking Days" means any day (other than a Saturday or Sunday) on which commercial banks are open for business in New York, New York. No LIBOR Rate Loan may extend beyond the maturity of this Note. In
any event, if the Loan Period for a LIBOR Rate Loan should happen to extend beyond the maturity of this Note, such loan must be prepaid at the time this Note matures. 

        2.2  If
a LIBOR Rate Loan is prepaid prior to the end of the Loan Period for such loan, whether voluntarily or because prepayment is required due to the Note maturing or due
to acceleration of this Note upon default or otherwise, Borrower agrees to pay all of Lender's costs, expenses, and Interest Differential (as determined by Lender) incurred as a result of such
prepayment. The term "Loan Period" means the period commencing on the Advance date of the applicable LIBOR Rate Loan and ending on the numerically corresponding day 1 month thereafter matching
the interest rate term selected by Borrower; provided, however, (a) if any Loan Period would otherwise end on a day which is not a New York Banking Day, then the Loan Period shall end on the
next succeeding New York Banking Day unless the next succeeding New York Banking Day falls in another calendar month, in
which the Loan Period shall end on the immediately preceding New York Banking Day; or (b) if any Loan Period begins on the last New York Banking Day of a calendar month (or on a day for which
there is no numerically corresponding day in the calendar month at the end of the Loan Period), then the Loan Period shall end on the last New York Banking Day of the calendar month at the end of such
Loan Period. The term "Interest Differential" shall mean that sum equal to the greater of zero or the financial loss incurred by Lender resulting from prepayment, calculated as the difference between
the amount of interest Lender would have earned (from like investments in the Money Markets as of the first day of the LIBOR Rate Loan) had prepayment not occurred and the interest Lender will
actually 

2

 

earn (from like investments in the Money Markets as of the date of prepayment) as a result of the redeployment of funds from the prepayment. The term "Money Markets" refers to one or more wholesale
funding markets available to Lender, including negotiable certificates of deposit, commercial paper, eurodollar deposits, bank notes, federal funds, interest rate swaps, or others. Because of the
short-term nature of this facility, Borrower agrees that the Interest Differential shall not be discounted to its present value. Any prepayment of a LIBOR Rate Loan shall be in an amount
equal to the remaining entire balance of such loan. 

        2.3  In
the event Borrower does not timely select another interest rate option at least two New York Banking Days before the end of the Loan Period for a LIBOR Rate Loan,
Lender may at any time after the end of the Loan Period convert the LIBOR Rate Loan to a Prime Rate Loan, but until such conversion, the funds advanced under the LIBOR Rate Loan shall continue to
accrue interest at the same rate as the interest in effect for such LIBOR Rate Loan prior to the end of the Loan Period. Lender's internal records of applicable interest rates shall be determinative
in the absence of manifest error. Each LIBOR Rate Loan shall be in a minimum principal amount of $5,000,000. 

        2.4  The
term "Base Rate Margin" means, as of each date of determination, the rate set forth below (expressed in basis points) opposite the Pricing Level then in effect: 

	Pricing Level
 
	 	Base Rate Margin

	I	 	0.0
	II	 	0.0
	III	 	0.0
	IV	 	32.5
	V	 	52.5

provided
that, during each Pricing Period which begins immediately following the last day of a Fiscal Quarter upon which the Leverage Ratio exceeds 6.25:1.00, the interest rate margins set forth above
shall be increased by 10.0 basis points above the interest rate margins otherwise applicable during such Pricing Period. 

        The
term "Eurodollar Margin" means, as of each date of determination, the rate set forth below (expressed in basis points) opposite the Pricing Level then in effect: 

	Pricing Level
 
	 	Base Rate Margin

	I	 	55.0
	II	 	77.5
	III	 	100.0
	IV	 	132.5
	V	 	152.5

provided
that, during each Pricing Period which begins immediately following the last day of a Fiscal Quarter upon which the Leverage Ratio exceeds 6.25:1.00, the interest rate margins set forth above
shall be increased by 10.0 basis points above the interest rate margins otherwise applicable during such Pricing Period. 

3.    PAYMENTS

        Each
Advance, together with all accrued interest thereon, shall be due and payable one month after the date of such Advance. 

4.    MATURITY DATE

        Notwithstanding
anything set forth above, all sums due under this Note, both principal and interest, if not sooner paid, shall be due and payable on April 4, 2003 (the "Maturity
Date"). 

3

 

5.    REPRESENTATIONS AND WARRANTIES

        Borrower
hereby represents and warrants to Lender as of the date hereof and as of the date of each request for an Advance hereunder, that: 

        5.1    Existence and Qualification; Power; Compliance With Laws.    Borrower is a corporation duly formed, validly
existing and in good standing under the Laws of Delaware. Borrower is duly qualified or registered to transact business and is in good standing in each other jurisdiction in which the conduct of its
business or the ownership or leasing of its Properties makes such qualification or registration necessary, except where the failure so to qualify or register and to be in good standing would not
constitute a Material Adverse Effect. Borrower has all requisite corporate power and authority to conduct its business, to own and lease its Properties and to execute and deliver this Note. All
outstanding shares of the capital stock of Borrower are duly authorized, validly issued, fully paid and non-assessable, and no holder thereof has any enforceable right of rescission under
any applicable state or federal securities Laws. Borrower is in compliance with all Requirements of Law applicable to its business as at present conducted, has obtained all authorizations, consents,
approvals, orders, licenses and permits from, and has accomplished all filings, registrations and qualifications with, or obtained exemptions from any of the foregoing from, any Governmental Agency
that are necessary for the transaction of its business as at present conducted, except where the failure so to comply, file, register, qualify or obtain exemptions does not constitute a Material
Adverse Effect. 

        5.2    Authority, Compliance With Other Agreements and Instruments and Government Regulations.    The execution,
delivery and performance by Borrower of the Note has been duly authorized by all necessary corporate action, and does not and will not: 

        (a)  Require
any consent or approval not heretofore obtained of any director, stockholder, security holder or creditor of Borrower; 

        (b)  Violate
or conflict with any provision of Borrower's charter, articles of incorporation or bylaws, as applicable; 

        (c)  Result
in or require the creation or imposition of any Lien upon or with respect to any Property of Borrower; 

        (d)  Violate
any Requirement of Law applicable to Borrower; and 

        (e)  Result
in a breach of or constitute a default under, or cause or permit the acceleration of any obligation owed under, any indenture or loan or credit agreement or any
other Contractual Obligation to which Borrower is a party or by which Borrower or any of its Property is bound or affected; 

and
Borrower is not in violation of, or default under, any Requirement of Law or Contractual Obligation, or any indenture, loan or credit agreement described in Section 5.2(e) above, in any
respect that constitutes a Material Adverse Effect. 

        5.3    No Governmental Approvals Required.    Except as previously obtained or made, no authorization, consent,
approval, order, license or permit from, or filing, registration or qualification with, any Governmental Agency is or will be required to authorize or permit under applicable Laws the execution,
delivery and performance by Borrower of the Note to which it is a Party. 

        5.4    Subsidiaries    

        (a)  Each
Restricted Subsidiary of Borrower is a business entity duly formed, validly existing and in good standing under the Laws of its jurisdiction of organization, is
duly qualified to do business as a foreign organization and is in good standing as such in each jurisdiction in which the conduct of its business or the ownership or leasing of its Properties makes
such qualification necessary (except where the failure to be so duly qualified and in good standing does not 

4

 

constitute a Material Adverse Effect), and has all requisite power and authority to conduct its business and to own and lease its Properties. 

        (b)  Each
Restricted Subsidiary of Borrower is in compliance with all Requirements of Law applicable to its business and has obtained all authorizations, consents, approvals,
orders, licenses, and permits from, and each such Restricted Subsidiary has accomplished all filings, registrations, and qualifications with, or obtained exemptions from any of the foregoing from, any
Governmental Agency that are necessary for the transaction of its business, except where the failure to be in such compliance, obtain such authorizations, consents, approvals, orders, licenses, and
permits, accomplish such filings, registrations, and qualifications, or obtain such exemptions, does not constitute a Material Adverse Effect. 

        5.5    Financial Statements.    Borrower has furnished to Lender the audited consolidated financial statements of
Borrower for the Fiscal Year ended December 31, 2001. The financial statements described in the sentence above fairly present in all material respects the financial condition, results of
operations and changes in financial position of Borrower as of such dates and for such periods in conformity with Generally Accepted Accounting Principles, consistently applied. 

        5.6    No Other Liabilities, No Material Adverse Changes.    Borrower does not have any material liability or material
contingent liability required under Generally Accepted Accounting Principles to be reflected or disclosed and not reflected or disclosed in the financial statements described in Section 5.5
above, other than liabilities and contingent liabilities arising in the ordinary course of business since the date of such financial statements. 

        5.7    Title to Property.    As of December 31, 2001, Borrower has valid title to the Property reflected in the
financial statements described in Section 5.5 above, other than immaterial items of Property, free and clear of all Liens, other than Permitted Encumbrances and Liens described in or permitted
by the Loan Agreement. Borrower and its Subsidiaries shall have valid title to all material Property reflected in the financial statements described in Section 5.5 above, other than Property
subsequently sold or disposed of by Borrower in the ordinary course of business, in each case free and clear of all Liens, other than Permitted Encumbrances, and Liens described in or permitted by the
Loan Agreement. 

        5.8    Intangible Assets.    Borrower owns, or possesses the right to use to the extent necessary in its business, all
material trademarks, trade names, copyrights, patents, patent rights, computer software, licenses and other Intangible Assets that are used in the conduct of its business, and no such Intangible
Asset, to the best knowledge of Borrower, conflicts with the valid trademark, trade name, copyright, patent, patent right or Intangible Asset of any other Person to the extent that such conflict
constitutes a Material Adverse Effect. 

        5.9    Public Utility Holding Company Act.    Borrower is not a "holding company", or a "subsidiary company" of a
"holding company", or an "affiliate" of a "holding company" or of a "subsidiary company" of a "holding company", within the meaning of the Public Utility Holding Company Act of 1935, as amended. 

        5.10    Litigation.    Except for (a) any matter fully covered as to subject matter and amount (subject to
applicable deductibles and retentions) by insurance as to which the insurance carrier has been notified and has not asserted lack of subject matter coverage or reserved its right to do so,
(b) any matter, or series of related matters, involving a claim against Borrower of less than $75,000,000, (c) matters of an administrative nature not involving a claim or charge against
Borrower and (d) matters set forth in Item 3 of Borrower's Annual Report on Form 10-K for the Fiscal Year ended December 31, 2001, there are no actions, suits,
proceedings or investigations pending as to which Borrower has been served or has received notice or, to the best knowledge of Borrower threatened against or affecting Borrower or any Property of
Borrower before any Governmental Agency. 

5

 

        5.11    Binding Obligations.    This Note when executed and delivered by Borrower will constitute the legal, valid and
binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as enforcement may be limited by Debtor Relief Laws, Gaming Laws or equitable principles relating to
the granting of specific performance and other equitable remedies as a matter of judicial discretion. 

        5.12    No Default.    No event has occurred and is continuing that is a Default or Event of Default. 

        5.13    ERISA    

        (a)  with
respect to each Pension Plan: 

          (i)  such
Pension Plan complies in all material respects with ERISA and any other applicable Laws to the extent that noncompliance could reasonably be expected to have a
Material Adverse Effect; 

        (ii)  such
Pension Plan has not incurred any "accumulated funding deficiency" (as defined in Section 302 of ERISA) that could reasonably be expected to have a Material
Adverse Effect; 

        (iii)  no
"reportable event" (as defined in Section 4043 of ERISA) has occurred that could reasonably be expected to have a Material Adverse Effect; and 

        (b)  Borrower
has not engaged in any non-exempt "prohibited transaction" (as defined in Section 4975 of the Code) that could reasonably be expected to have
a Material Adverse Effect. 

        (c)  Borrower
has not incurred or expects to incur any withdrawal liability to any Multiemployer Plan that could reasonably be expected to have a Material Adverse Effect. 

        5.14    Regulations T, U and X, Investment Company Act.    No part of the proceeds of any Advances hereunder will be
used to purchase or carry, or to extend credit to others for the purpose of purchasing
or carrying, any Margin Stock in violation of Regulations T, U and X. The Borrower is not and is not required to be registered as an "investment company" under the Investment Company Act of 1940. 

        5.15    Disclosure.    No written statement made by a Senior Officer of Borrower to the Lender in connection with this
Note as of the date thereof contained any untrue statement of a material fact or omitted a material fact necessary to make the statement made not misleading in light of all the circumstances existing
at the date the statement was made. 

        5.16    Tax Liability.    Borrower has filed all tax returns which are required to be filed, and has paid, or made
provision for the payment of, all taxes with respect to the periods, Property or transactions covered by said returns, or pursuant to any assessment received by Borrower, except (a) such taxes,
if any, as are being contested in good faith by appropriate proceedings and as to which adequate reserves have been established and maintained and (b) immaterial taxes so long as no material
Property of Borrower is in jeopardy of being seized, levied upon or forfeited. 

        5.17    Hazardous Materials.    (a) Borrower at any time has not disposed of, discharged, released or
threatened the release of any Hazardous Materials on, from or under the Real Property in violation of any Hazardous Materials Law that would individually or in the aggregate constitute a Material
Adverse Effect, (b) to the best knowledge of Borrower, no condition exists that violates any Hazardous Material Law affecting any Real Property except for such violations that would not
individually or in the aggregate have a Material Adverse Effect, (c) no Real Property or any portion thereof is or has been utilized by Borrower as a site for the manufacture of any Hazardous
Materials and (d) to the extent that any Hazardous Materials are used, generated or stored by Borrower on any Real Property, or transported to or from such Real Property by Borrower, such use,
generation, storage and transportation are in compliance in all material respects with all Hazardous Materials Laws. 

6

 

6.    AFFIRMATIVE COVENANTS (OTHER THAN INFORMATION AND REPORTING REQUIREMENTS)  

        So long as any Advance remains unpaid Borrower shall (unless Lender otherwise consents): 

        6.1    Preservation of Existence.    Preserve and maintain its existence in the jurisdiction of its formation and all
material authorizations, rights, franchises, privileges, consents, approvals, orders, licenses, permits, or registrations from any Governmental Agency that are necessary for the transaction of its
business except (a) where such authorizations, rights, franchises, privileges, consents, approvals, orders, licenses, permits, or registrations
would not constitute a Material Adverse Effect and (b) that a merger permitted by Section 7.3 shall not constitute a violation of this covenant; and qualify and remain qualified to
transact business in each jurisdiction in which such qualification is necessary in view of its business or the
ownership or leasing of its Properties except where the failure to so qualify or remain qualified would not constitute a Material Adverse Effect. 

        6.2    Maintenance of Properties.    Maintain, preserve and protect all of its Properties in good order and condition,
subject to wear and tear in the ordinary course of business, and not permit any waste of its Properties, except that the failure to maintain, preserve
and protect a particular item of Property that is not of significant value, either intrinsically or to the operations of Borrower shall not constitute a violation of this covenant. 

        6.3    Maintenance of Insurance.    Maintain liability, casualty and other insurance (subject to customary deductibles
and retentions) with responsible insurance companies in such amounts and against such risks as is carried by responsible companies engaged in similar businesses and owning similar assets in the
general areas in which Borrower operates. 

        6.4    Compliance With Laws.    Comply, within the time period, if any, given for such compliance by the relevant
Governmental Agency with enforcement authority, with all Requirements of Law noncompliance with which constitutes a Material Adverse Effect, except that
Borrower need not comply with a Requirement of Law then being contested by it in good faith by appropriate proceedings. 

        6.5    Inspection Rights.    Upon reasonable notice, at any time during regular business hours and as often as
reasonably requested (but not so as to materially interfere with the business of Borrower) permit the Lender, or any authorized employee, agent or representative thereof, to examine, audit and make
copies and abstracts from the records and books of account of, and to visit and inspect the Properties of, Borrower and to discuss the affairs, finances and accounts of Borrower with any of its
officers, managers, key employees or accountants and, upon request, furnish promptly to the Lender true copies of all financial information made available to the board of directors or audit committee
of the board of directors of Borrower. 

        6.6    Keeping of Records and Books of Account.    Keep adequate records and books of account reflecting all financial
transactions in conformity with Generally Accepted Accounting Principles, consistently applied, and in material conformity with all applicable requirements of any Governmental Agency having regulatory
jurisdiction over Borrower. 

        6.7    Hazardous Materials Laws.    Keep and maintain all Real Property and each portion thereof in compliance in all
material respects with all applicable Hazardous Materials Laws and promptly notify the Lender in writing (attaching a copy of any pertinent written material) of (a) any and all material
enforcement, cleanup, removal or other governmental or regulatory actions instituted, completed or threatened in writing by a Governmental Agency pursuant to any applicable Hazardous Materials Laws,
(b) any and all material claims made or threatened in writing by any Person against Borrower relating to damage, contribution, cost recovery, compensation, loss or injury resulting from any
Hazardous Materials and (c) discovery by any Senior Officer of Borrower of any material occurrence or condition on Property adjoining or in the vicinity of such Real Property that could
reasonably be expected to 

7

 

cause such Real Property or any part thereof to be subject to any restrictions on the ownership, occupancy, transferability or use of such Real Property under any applicable Hazardous Materials Laws. 

7.    NEGATIVE COVENANTS

        So
long as Advances remain unpaid, Borrower shall not (unless the Lender otherwise consents): 

        7.1    Payment of Subordinated Obligations.    Pay any principal (including sinking fund payments) or any other amount
(other than scheduled interest payments) with respect to any Subordinated Obligation, or purchase or redeem (or offer to purchase or redeem) any Subordinated Obligation, or deposit any monies,
securities or other Property with any trustee or other Person to provide assurance that the principal or any portion thereof of any Subordinated Obligation will be paid when due or otherwise to
provide for the defeasance of any Subordinated Obligation provided that: 

        (a)  Borrower
may make payments of scheduled interest on any Subordinated Obligation in accordance with the subordination terms thereof, and 

        (b)  Borrower
may redeem Subordinated Obligations held by Persons which are subject to a Disqualification, provided that (i) no Default or Event of Default then exists
or would result therefrom, and (ii) after giving effect to such redemption, Borrower is in pro forma compliance with the covenants set forth in Sections 7.8 and 7.9. 

        7.2    Disposition of Property.    Make any Disposition of any Principal Resort Casino Properties, provided that
leases and subleases of portions of a Principal Resort Casino Property in the ordinary course of business and not involving their gaming or lodging operations shall not be considered a Disposition
thereof. 

        7.3    Mergers.    Merge or consolidate with or into any Person, except (a) mergers and consolidations of a
Restricted Subsidiary of Borrower into Borrower or another Restricted Subsidiary of Borrower, (b) mergers and consolidations with a Person to effect a mere change in the State or form of
organization of Borrower, (c) mergers with any Person which if acquired by Borrower or its other Restricted Subsidiaries pursuant to Investments permitted hereby, would be Restricted
Subsidiaries, provided that the financial condition of Borrower and its Subsidiaries are not adversely affected thereby and (d) mergers entered into in compliance with this Section 7.3
with persons engaged primarily in the same or a similar line of business as one or more lines of business engaged in by Borrower and its Subsidiaries, provide that giving pro forma effect to such
mergers as of the last day of the then most recently ended Fiscal Quarter, Borrower is in compliance with Sections 7.8 and 7.9. 

        7.4    Hostile Acquisitions.    Directly or indirectly use the proceeds of any Advances in connection with the
acquisition of part or all of a voting interest of five percent or more in any corporation or other business entity if such acquisition is opposed by the board of directors or management of such
corporation or business entity. 

        7.5    ERISA.    (a) At any time, permit any Pension Plan to (i) engage in any non-exempt
"prohibited transaction" (as defined in Section 4975 of the Code), (ii) fail to comply with ERISA or any other applicable Laws, (iii) incur any material "accumulated funding
deficiency" (as defined in Section 302 of ERISA), or (iv) terminate in any manner, which, with respect to each event listed above, could reasonably be expected to result in a Material
Adverse Effect, or (b) withdraw, completely or partially, from any Multiemployer Plan if to do so could reasonably be expected to result in a Material Adverse Effect. 

        7.6    Change in Nature of Business.    Make any material change in the nature of the business of Borrower. 

        7.7    Liens and Negative Pledges.    Create, incur, assume or suffer to exist any Lien or Negative Pledge of any
nature upon or with respect to any of its Properties, or engage in any sale and leaseback 

8

 

transaction with respect to any of its Properties, whether now owned or hereafter acquired, except as permitted by, or contemplated under, the Loan
Agreement without giving effect to any amendments thereto that occur after the date of this Note; provided, however, such covenants shall not include any restrictions on the transfer of or any
agreement not to encumber any equity securities issued by any subsidiary of Borrower that is registered with or licensed by any Mississippi or Nevada Gaming Board under applicable Gaming Laws. 

        7.8    Leverage Ratio.    Permit the Leverage Ratio, as of any Fiscal Quarter described below to be greater than the
ratio set forth below opposite that Fiscal Quarter: 

	Fiscal Quarters Ending
 
	 	Maximum Ratio

	September 30, 2002	 	6:50:1.00
	December 31, 2002	 	5.75:1.00
	March 31, 2003	 	5.50:1.00.

        7.9    Interest Charge Coverage Ratio.    Permit the Interest Charge Coverage Ratio as of the last day of any Fiscal
Quarter described below to be less than the ratio set forth opposite that Fiscal Quarter: 

	Fiscal Quarters Ending
 
	 	Minimum Ratio

	September 30, 2002	 	2.25:1.00
	December 31, 2002 and March 31, 2003	 	2.50:1.00.

        7.10    Certain Covenants Contingent Upon Leverage Ratio.    During each Restricted Period, Borrower shall not: 

        (a)  Make
or declare any Distribution consisting of a dividend in Cash or Cash Equivalents to Borrower's shareholders; 

        (b)  Make
or commit to make any Restricted Expenditure which: 

          (i)  to
the extent that a Trigger Date occurs prior to December 31, 2002, and when aggregated with all other Restricted Expenditures made or committed to be made
during the period between any Trigger
Date and December 31, 2002, would exceed the sum of (x) $550,000,000 plus (y) the net cash proceeds to Borrower (after transactional expenses) from the issuance of equity
securities during the period between December 1, 2001 and the date of the Restricted Expenditure; or 

        (ii)  in
any event, when aggregated with all other Restricted Expenditures made or committed to be made during such period, would exceed, during the four consecutive Fiscal
Quarter period commencing immediately following the Trigger Date, the sum of: 

        (x)  $650,000,000;
plus 

        (y)  the
net cash proceeds to Borrower (after transactional expenses) from the issuance of equity securities during the period between December 1, 2001 and the last
day of such period, provide that to the extent that the addition of any such net cash proceeds is required to assure compliance by Borrower with this covenant, such net cash proceeds may be added only
during the first Fiscal Quarter when required and the three immediately succeeding Fiscal Quarters; 

        (c)  Repurchase,
redeem, retire, prepay or acquire, in each case prior to the date when due, any Subordinated Obligations, provided that Borrower may refinance any
Subordinated Obligations to the extent consummated using the proceeds of other concurrently issued Subordinated Obligations; or 

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        (d)  Enter
into any Guaranty Obligation with respect to Indebtedness which results in the aggregate principal amount of the potential liability of Borrower Restricted
Subsidiaries under such Guaranty Obligations entered into during that Restricted Period being in excess of $100,000,000, other than Guaranty Obligations in respect of new Indebtedness in an amount
which is not greater than existing Indebtedness directly refinanced thereby, and then only to the extent that the refinanced Indebtedness has the benefit of similar Guaranty Obligations. 

        7.11    Investments in the Insurance Subsidiary.    Make Investments in the Insurance Subsidiary in an amount
exceeding $10,000,000 in the aggregate. 

8.    INFORMATION AND REPORTING REQUIREMENTS

        8.1    Financial and Business Information.    So long as any Advance remains unpaid Borrower shall (unless the Lender
otherwise consents) at Borrower's sole expense, deliver to the Lender the following: 

        (a)  As
soon as practicable, and in any event within 60 days after the end of each Fiscal Quarter (other than the fourth Fiscal Quarter in any Fiscal Year), the
consolidated and consolidating balance sheet of Borrower and its Subsidiaries as at the end of such Fiscal Quarter and the consolidated and consolidating statement of operations for such Fiscal
Quarter, and its statement of cash flows for the portion of the Fiscal Year ended with such Fiscal Quarter, all in reasonable detail. Such financial statements shall be certified by a Senior Officer
of Borrower as fairly presenting the financial condition, results of operations and cash flows of Borrower and its Subsidiaries in accordance with Generally Accepted Accounting Principles (other than
footnote disclosures), consistently applied, as at such date and for such periods, subject only to normal year-end accruals and audit adjustments; 

        (b)  As
soon as practicable, and in any event within 45 days after the end of each Fiscal Quarter, a Pricing Certificate setting forth a preliminary calculation of the
Leverage Ratio as of the last day of such Fiscal Quarter, and providing reasonable detail as to the calculation thereof, which calculations shall be based on the preliminary unaudited financial
statements of Borrower for such Fiscal Quarter, and as soon as practicable thereafter, in the event of any material variance in the actual calculation of the Leverage Ratio from such preliminary
calculation, a revised Pricing Certificate setting forth the actual calculation thereof; 

        (c)  As
soon as practicable, and in any event within 105 days after the end of each Fiscal Year, (i) the consolidated and consolidating balance sheet of
Borrower and its Subsidiaries as at the end of such Fiscal Year and the consolidated and consolidating statements of operations, shareholders' equity and cash flows, in each case of Borrower and its
Subsidiaries for such Fiscal Year, in each case as at the end of and for the Fiscal Year, all in reasonable detail. Such financial statements shall be prepared in accordance with Generally Accepted
Accounting Principles, consistently applied, and such consolidated balance sheet and consolidated statements shall be accompanied by a report of one of the five largest public accounting firms in the
United States of America or other independent public accountants of recognized standing selected by Borrower and reasonably satisfactory to Lender, which report shall be prepared in accordance with
generally accepted auditing standards as at such date, and shall not be subject to any qualifications or exceptions as to the scope of the audit nor to any other qualification or exception determined
by the Lender in its good faith business judgment to be adverse to the interests of Lender. Such accountants' report shall be accompanied by a certificate stating that, in making the examination
pursuant to generally accepted auditing standards necessary for the certification of such financial statements and such report, such accountants have obtained no knowledge of any Default or, if, in
the opinion of such accountants, any such Default shall exist, stating the nature and status of such Default, and stating that such accountants have reviewed Borrower's financial calculations as at
the end of such Fiscal Year (which shall accompany such certificate) under Sections 7.8 and 7.9, have read such Sections (including the definitions of all defined terms used therein) and that nothing 

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has come to the attention of such accountants in the course of such examination that would cause them to believe that the same were not calculated by Borrower in the manner prescribed by this Note; 

        (d)  As
soon as practicable, and in any event within 45 days after the commencement of each Fiscal Year, a budget and projection by Fiscal Quarter for that Fiscal Year
and by Fiscal Year for the next two succeeding Fiscal Years, including for the first such Fiscal Year, projected consolidated balance sheets, statements of operations and statements of cash flow and,
for the second and third such Fiscal Years, projected consolidated condensed balance sheets and statements of operations and cash flows, of Borrower and its Subsidiaries, all in reasonable detail; 

        (e)  Promptly
after request by the Lender, copies of any detailed audit reports, management letters or recommendations submitted to the board of directors (or the audit
committee of the board of directors) of Borrower by independent accountants in connection with the accounts or books of Borrower or any of its Subsidiaries, or any audit of any of them; 

        (f)    Promptly
after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent to the stockholders of Borrower,
and copies of all annual, regular, periodic and special reports and registration statements which Borrower may file or be required to file with the Securities and Exchange Commission under
Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, and not otherwise required to be delivered to the Banks pursuant to other provisions of this Section; 

        (g)  Promptly
after request by the Lender, copies of the Nevada "Regulation 6.090 Report" and "6-A Report"; 

        (h)  Promptly
after request by the Lender, copies of any other report or other document that was filed by Borrower or any of its Subsidiaries with any Governmental Agency
(other than any report regarding Tracinda Corporation or individuals associated with Tracinda Corporation, Borrower and its Subsidiaries and their confidential business or financial information); 

        (i)    As
soon as practicable, and in any event within ten Banking Days after a Senior Officer of Borrower becomes aware of the occurrence of any (i) "reportable event"
(as such term is defined in Section 4043 of ERISA) or (ii) "prohibited transaction" (as such term is defined in Section 406 of ERISA or Section 4975 of the Code) in
connection with any Pension Plan or any trust created thereunder, telephonic notice specifying the nature thereof, and, no more than five Banking Days after such telephonic notice, written notice
again specifying the nature thereof and specifying what action Borrower or any of its Subsidiaries is taking or proposes to take with respect thereto, and, when known, any action taken by the Internal
Revenue Service with respect thereto; 

        (j)    As
soon as practicable, and in any event within two Banking Days after a Senior Officer of Borrower becomes aware of the existence of any condition or event which
constitutes a Default or Event of Default, telephonic notice specifying the nature and period of existence thereof, and, no more than two Banking Days after such telephonic notice, written notice
again specifying the nature and period of existence thereof and specifying what action Borrower or its Subsidiaries are taking or propose to take with respect thereto; 

        (k)  Promptly
upon a Senior Officer of Borrower becoming aware that (i) any Person has commenced a legal proceeding with respect to a claim against Borrower or any of
its Subsidiaries that is $5,000,000 or more in excess of the amount thereof that is fully covered by insurance, (ii) any creditor or lessor under a written credit agreement or material lease
has asserted a default thereunder on the part of Borrower or any of its Subsidiaries, (iii) any Person has commenced a legal proceeding with respect to a claim against Borrower or any of its
Subsidiaries under a contract that is not a credit agreement or material lease in excess of $25,000,000 or which 

11

 

otherwise may reasonably be expected to result in a Material Adverse Effect, (iv) any labor union has notified Borrower of its intent to strike Borrower or any of its Subsidiaries on a date
certain and such strike would involve more than 100 employees of Borrower or its Subsidiaries, or (v) any Gaming Board has indicated its intent to consider or act upon a License Revocation or a
fine or penalty of $1,000,000 or more with respect to Borrower or any of its Subsidiaries, a written notice describing the pertinent facts relating thereto and what action Borrower or its Subsidiaries
are taking or propose to take with respect thereto; 

        (l)    As
soon as practicable, and in any event by the thirtieth day in the next following month, an operating revenue report for the preceding calendar month with respect to
each operating casino property of Borrower and its Subsidiaries (including the Australia Companies), segmented for each such casino property and otherwise in a form reasonably acceptable to the
Lender, together with a written narrative statement discussing any significant trends reflected therein signed by a Senior Officer of Borrower; 

        (m)  Promptly
following any Senior Officer of Borrower or any becoming aware of any change in the credit ratings assigned by Moody's or S&P to the credit facilities provided
hereunder (whether senior secured or senior unsecured) written notice of such change and, if the same will result in a revision to the Debt Rating, a revised Pricing Certificate setting forth the
revised Debt Rating; and 

        (n)  Such
other data and information as from time to time may be reasonably requested by the Lender. 

        8.2    Compliance Certificates.    So long as any Advances remain unpaid, Borrower shall, at its sole expense, deliver
to Lender concurrently with the financial statements required pursuant to Sections 8.1 (a) and 8.1 (c) Compliance Certificates signed by a Senior Officer of Borrower. 

9.    DEFAULT INTEREST RATE

        In
the event of a default as defined in this Note, at the option of Lender, for so long as the default exists, interest on the outstanding principal balance hereof shall accrue and will
be paid at the rate in
effect from time to time hereunder plus an additional 2% per annum, not to exceed, however, the maximum rate permitted by law ("Default Interest Rate"). 

10.    INTEREST RATE COMPUTATION/APPLICATION OF PAYMENTS

        10.1 All
interest calculated under this Note shall be computed on the basis of a year consisting of 360 days but applied to the actual number of days elapsed (actual
/360). 

        10.2 All
payments shall be applied first to the payment of accrued interest; then to prepayment charges, if any; then to the payment of the principal sum; provided, however,
Lender may elect to apply such payments in any other order it deems appropriate. Funds shall be deemed received by Lender on the next business day if not received by 2:00 P.M. local time at the
location where payments hereunder are to be made. 

11.    PLACE OF PAYMENT

        All
payments shall be made to Lender at the address on the interest billing statement provided by Lender or at the address of Lender set forth at the beginning of this Note, at any
branch of Lender, or such other place as Lender may from time to time designate in writing. 

12.    RIGHT OF SETOFF

        If
a default (as described in Section 13 below) has occurred and is continuing, Lender may exercise its rights under Article 9 of the Uniform Commercial Code and other
applicable laws and, to the extent permitted by applicable laws, apply any funds in any deposit account maintained with Lender by Borrower against the obligations of Borrower to Lender under this
Note. 

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13.    DEFAULT

        In
the event of (i) a default in the payment of any amount due hereunder on the due date; or (ii) a default in the performance of any non-monetary obligation or
non-monetary covenant contained herein; or (iii) the occurrence of an uncured Event of Default under the Loan Agreement (as amended from time to time), then, at the election of
Lender, without further notice, the unpaid principal sum,
together with accrued and unpaid interest thereon, evidenced by this Note, shall at once become due and payable and shall bear interest at the Default Interest Rate, and the Lender shall have the
right to pursue all remedies available to it at law or in equity. 

14.    WAIVERS

        Except
as herein provided, Borrower and all others who may become liable for all or part of the principal balance hereof or for any obligations of Borrower to Lender or the holder hereof
(a) jointly and severally, forever waive presentment, protest and demand, notice of protest, demand and dishonor and non-payment of this Note, and all other notices in connection
with the delivery, acceptance, performance, default or enforcement of the payment of this Note, (b) agree that the time of payment of the debt or any part thereof may be extended from time to
time without modifying or releasing the liability of Borrower or any other such parties; and (c) agree that time is of the essence. Borrower agrees to pay all costs of collection when incurred,
whether suit be brought or not, including reasonable attorneys' fees and costs of suit and preparation therefore. If suit is brought, Borrower shall pay reasonable attorneys' fees incurred at trial,
on appeal, or in any bankruptcy proceeding. Borrower further agrees to perform and comply with each of the covenants, conditions, provisions and agreements of Borrower contained in this Note. It is
expressly agreed by Borrower that the failure on the part of Lender to exercise any of its rights hereunder shall not operate to release, discharge, modify, change or affect the original liability
under this Note either in whole or in part. 

15.    COMPLIANCE

        Borrower
agrees that (1) this instrument and the rights and obligations of all parties hereunder shall be governed by and construed under the laws of the State of Nevada, and
(2) the obligations evidenced by this Note is an exempted transaction under the Truth-In-Lending Act, 15 U.S.C. Section 1601, et. seq. If any provision of this
Note shall be illegal or unenforceable, such provision shall be deemed canceled to the same extent as though it never had appeared therein, but the remaining provisions shall not be affected thereby. 

16.    NOTICES

        Whenever
Lender or Borrower desires to give any notice to the other, it shall be sufficient for all purposes if such notice is personally delivered or sent by registered or certified
United States mail, postage prepaid, addressed to the intended recipient at the address listed at the beginning of this Note for Borrower, or such other address as hereafter specified in writing, and
for Lender at the address listed at the beginning of this Note, or such other address as hereafter specified in writing. 

17.    INTEREST NOT TO EXCEED MAXIMUM ALLOWED BY LAW

        If
from any circumstances whatsoever, by reason of acceleration or otherwise, the fulfillment of any provision of this Note involves transcending the limit of validity prescribed by any
applicable usury statute or any other applicable law, with regard to obligations of like character and amount, then the obligations to be fulfilled will be reduced to the limit of such validity as
provided in such statute or law, so that in no event shall any exaction be possible under this Note in excess of the limit of such validity. 

18.    SUCCESSORS AND ASSIGNS

        All
rights, powers, privileges and immunities herein granted to Lender shall extend to its successors and assigns and any other legal holder of this Note, with full right by Lender to
assign and/or sell same. 

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19.    NON-INVOLVEMENT OF CERTAIN PARTIES

        Lender
hereby acknowledges that neither Kirk Kerkorian nor Tracinda Corporation, individually or collectively, is a party to this Note. Lender further acknowledges that neither
Mr. Kerkorian nor Tracinda Corporation shall have any liability whatsoever with respect to this Note. Accordingly, Lender hereby agrees that in the event (i) there is any alleged breach
or default by Borrower under this Note, or (ii) Lender has or may have any claim arising from or relating to this Note, neither Lender nor any party claiming through Lender (to the extent
permitted by applicable law), shall commence any proceedings or otherwise seek to impose any liability whatsoever against Mr. Kerkorian or Tracinda Corporation by reason of such alleged breach,
default or claim. 

20.    SECURITY IN COLLATERAL/RELEASE AND WAIVER

        Subject
to applicable Gaming Laws, Borrower hereby agrees to grant perfected Liens in the Collateral to Secure the Advances. Simultaneously therewith, Lender hereby agrees to immediately
waive the provisions of the preceding sentence and forever release any and all such Liens in the Collateral relating to the Advances granted under this Section 20. 

21.    GAMING BOARDS

        Lender
agrees to cooperate with all Gaming Boards in connection with the administration of their regulatory jurisdiction over Borrower and its Subsidiaries, including the provision of
such documents or other information as may be requested by any such Gaming Board relating to Borrower or any of its Subsidiaries or to this Note. 

22.    WAIVER OF JURY TRIAL

        BORROWER, BY SIGNING BELOW, AND LENDER, BY ACCEPTING THIS NOTE, HEREBY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING RELATING TO THIS NOTE
AND TO ANY OF THE LOAN DOCUMENTS, THE OBLIGATIONS HEREUNDER OR THEREUNDER, ANY COLLATERAL SECURING THE OBLIGATIONS, OR ANY TRANSACTION ARISING THEREFROM OR CONNECTED THERETO. BORROWER AND LENDER EACH
REPRESENTS TO THE OTHER THAT THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY GIVEN.

23.    STATUTORY NOTICE

        Notwithstanding
the acknowledgment set forth above that this Note shall be governed by Nevada law, the following notice is hereby given: 

        UNDER OREGON LAW, MOST AGREEMENTS, PROMISES, AND COMMITMENTS MADE BY LENDER AFTER OCTOBER 3, 1989, CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR
PERSONAL, FAMILY, OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY BORROWER'S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION, AND BE SIGNED BY LENDER TO BE ENFORCEABLE.

	 	 	BORROWER:
	 	 	MGM MIRAGE
	

 	
 	
By:	

/s/  JAMES J. MURREN      

	 	 	Its:	President and Chief Financial Officer

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QuickLinks

EXHIBIT 10.1

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