Document:

<PAGE>

                                                                   EXHIBIT 10.3

                        AMENDMENT NO. 3 TO LOAN AGREEMENT

     This Amendment No. 3 to Loan Agreement dated as of June 30, 2000,
("Amendment") is entered into with reference to the Loan Agreement dated as
of March 23, 1998, by and among Hard Rock Hotel, Inc., a Nevada corporation
("Borrower"), the Lenders named therein, and Bank of America, N.A. (under its
former name, "Bank of America National Trust and Savings Association"), as
Administrative Agent (as amended by an Amendment No. 1 dated April 10, 1998,
and an Amendment No. 2 dated March 31, 1999, the "Loan Agreement"). The
Administrative Agent, acting with the consent of the Lenders in accordance
with the terms of the Loan Agreement, and Borrower hereby agree as follows:

     1.   DEFINITIONS. Capitalized terms used herein are used with the
meanings set forth for those terms in the Loan Agreement.

     2.   SECTION 1.1 - DEFINED TERMS. The following defined terms set forth
in Section 1.1 of the Loan Agreement are hereby amended to read in full as
follows:

          "COMMITMENT" means $42,000,000 or such lesser amount to which the
Commitment may be reduced from time to time pursuant to the terms of Sections
2.5, 2.6 and 2.7.

          "FISCAL YEAR" means the fiscal year of Borrower consisting of (a) a
twelve-month period ending on each November 30 through November 30, 1999
(with a one month stub period consisting of the month of December, 1999, and
(b) each subsequent twelve-month period ending on each December 31.

          "FIXED CHARGE COVERAGE RATIO" means, as of each date of
determination, the ratio of (a) Annualized EBITDA as of that date PLUS
Supervisory Fees paid in Cash during the twelve month period preceding that
date, to (b) the SUM of (i) required payments of principal and interest and
mandatory prepayments made in Cash by Borrower and its Subsidiaries with
respect to Indebtedness made during such twelve month period, (ii)
Maintenance Capital Expenditures (OTHER THAN ROOM REFURBISHMENT EXPENDITURES)
made during the same period, (iii) taxes actually paid in cash with respect
to income of Borrower and its Subsidiaries net of refunds during the same
period, and (iv) Supervisory Fees paid in cash during the same period.

          "REDUCTION AMOUNT" means, as to each Reduction Date, $2,000,000, or
such lesser amount to which that Reduction Amount may be reduced in
accordance with the second sentence of Section 2.5 or the last sentence of
Section 2.7:

          "REDUCTION DATE" means the last day of each Fiscal Quarter,
commencing with the Fiscal Quarter ending March 31, 2001, through the
Maturity Date.

In addition thereto, Section 1.1 of the Loan Agreement is hereby amended to
add the following defined term thereto:

                                       -1-

<PAGE>

          "ROOM REFURBISHMENT EXPENDITURES" means Maintenance Capital
Expenditure made to refurbish rooms in Borrower's original hotel tower in an
aggregate amount not to exceed (a) $6,000,000 during Borrower's Fiscal Year
ending December 31, 2000, (b) $6,000,000 during Borrower's Fiscal Year ending
December 31, 2001, and (c) $10,000,000 in the aggregate during such Fiscal
Years.

     3.   ELIMINATION OF SCHEDULE COMMITMENT REDUCTIONS. Section 2.6 of the
Loan Agreement is hereby amended to read in full as follows [with the added
text emphasized herein for the convenience of the reader]:

     "2.6 SCHEDULED MANDATORY REDUCTIONS OF COMMITMENT. The Commitment shall
     automatically and permanently reduce on each Reduction Date by the
     related Reduction Amount UNTIL THE COMMITMENT HAS BEEN REDUCED TO
     $25,000,000."

     4.   ELIMINATION OF OTHER MANDATORY COMMITMENT REDUCTIONS. Section 2.7
of the Loan Agreement is hereby amended to read in full as follows:

     "2.7 OTHER MANDATORY REDUCTIONS OF COMMITMENT. The Commitment shall
     automatically and permanently reduce (a) on September 30, 2001 and on
     each succeeding September 30, by an amount equal to 50% of Excess Cash
     Flow for the then mostly recently ended Fiscal Year, and (b) upon
     receipt by Borrower or any of its Subsidiaries thereof, by an amount
     equal to 100% of the Net Cash Proceeds from offerings of Indebtedness or
     equity securities of Borrower or its Subsidiaries; PROVIDED, however,
     that the requirements of this Section shall terminate on the earlier of
     the Trigger Date or the date upon which the Commitment is reduced to
     $25,000,000. Each reduction of the Commitment pursuant to this Section
     2.7 shall be applied to Reduction Amounts in the inverse order of their
     occurrence."

     4.   FIXED CHARGE COVERAGE RATIO. The Lenders waive Borrower's
compliance with the Fixed Charge Coverage Ratio set forth in Section 6.13 of
the Loan Agreement for the Fiscal Quarter ended March 31, 2000 only. This is
a one time waiver, and Borrower shall fully comply with Section 6.13 as to
all other Fiscal Periods. Furthermore, Section 6.13 of the Loan Agreement is
hereby amended to read in full as follows:

          "6.13 FIXED CHARGE COVERAGE RATIO. Permit the Fixed Charge Coverage
     Ratio as of the last day of any Fiscal Quarter set forth below to be
     less than the ratio set forth opposite that Fiscal Quarter:

<TABLE>
<CAPTION>

                Fiscal Quarter Ending             Minimum Ratio
                ---------------------             -------------
                <S>                               <C>
                June 30, 2000 through
                September 30, 2000                1.20:1.00

                December 1, 2000 and
                March 31, 2001                    1.30:1.00

                June 30, 2001 and thereafter      1.40:1.00."

</TABLE>
                                  -2-

<PAGE>

     5.   CAPITAL EXPENDITURES. Section 6.14(b) of the Loan Agreement is
hereby amended to read in full as follows:

     "(b) Maintenance Capital Expenditures in an aggregate amount not to
     exceed $7,500,000 during any Fiscal Year."

     6.   ADJUSTMENTS TO ANNUALIZED EBITDA. In calculating Annualized EBITDA
(a) for any period during which any payments made to Gary Selesner in
connection with the termination of his employment with Borrower, the amount
of such payments made during that period, not to exceed $1,500,000 during the
term of this Agreement, shall be added thereto, (b) for any period during
which any payments made to Sean McPherson in connection with the termination
of his employment with Borrower, the amount of such payments made during that
period, not to exceed $500,000 during the term of this Agreement, shall be
added thereto, and (c) as of the last day of the Fiscal Quarter ending March
31, 2000, Annualized EBITDA shall be calculated on the basis of the 10 month
fiscal period then ended, annualized on a straight line basis.

     7.   RELEASE OF THE MAKE-WELL AND THE COMPLETION GUARANTY. The Lenders
hereby consent to the release of the Make-Well and the Completion Guaranty
executed by Peter A. Morton, and direct the Administrative Agent to
deliver a letter in the form of Exhibit A to Peter A. Morton and Borrower.

     8.   WAIVER - FAILURE TO DELIVER FINANCIAL STATEMENTS. The Lenders
hereby waive the (a) failure of the Borrower to deliver its audited financial
statements for the Fiscal Year ended November 30, 1999, the failure of
Borrower to deliver its unaudited financial statements for the Fiscal Year
ended November 30, 1999, and (c) the failure of Borrower to deliver its
unaudited financial statements for the Fiscal Quarter ended March 31, 2000 on
a timely basis. This is a one time waiver, and Borrower shall fully comply
with Section 7.1 as to all other Fiscal Periods.

     9.   CONDITIONS PRECEDENT. The effectiveness of this Amendment shall be
conditioned upon the receipt by the Administrative Agent of the following:

          (a)     counterparts of this Amendment executed by Borrower and the
     Administrative Agent, acting on behalf of the Lenders;

          (b)     written consents to the execution, delivery and
     performances hereof from all of the Lenders; and

          (c)     delivery to the Administrative Agent of Borrower's audited
     financial statements for the twelve month Fiscal Year ended November 30,
     1999, Borrower's unaudited financial statements for the one month fiscal
     period ended December 31, 1999, and Borrower's unaudited financial
     statements for the Fiscal Quarter ended March 31, 2000.

     10.  REPRESENTATION AND WARRANTY. Borrower represents and warrants to
the Administrative Agent and the Lenders that no Default or Event of Default
has occurred and remains continuing.

                                    -3-
<PAGE>

     11.  CONFIRMATION. In all other respects, the terms of the Loan
Agreement and the other Loan Documents are hereby confirmed.

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment
to be duly executed as of the date first above written.

                                  HARD ROCK HOTEL, INC., a Nevada corporation

                                  By: /s/ PETER MORTON
                                     ----------------------------------------
                                          Peter Morton

                                  Title:  PRESIDENT
                                        -------------------------------------

                                  BANK OF AMERICA, N.A., as Administrative Agent

                                  By: /s/ JANICE HAMMOND
                                     ----------------------------------------
                                          Janice Hammond, Vice President

                                    -4-
<PAGE>

                                   Exhibit A

                                August 4, 2000

Peter A. Morton
and
Hard Rock Hotel, Inc.
4455 Paradise Road
Las Vegas, Nevada 89109-6574

This letter is delivered with reference to the Loan Agreement dated as of
March 23, 1998, by and among Hard Rock Hotel, Inc., a Nevada corporation, the
Lenders named therein, and Bank of America, N.A., as Administrative Agent (as
amended, the "Loan Agreement"). Capitalized terms used but not defined herein
are used with the meanings set forth for those terms in the Loan Agreement.

By this letter, we hereby confirm that Mr. Morton is released from his
obligations to the Lenders under the Make-Well Agreement and the Completion
Guaranty, it being understood that the Lenders do not purport to release the
Completion Guaranty on behalf of the holders of the senior subordinated notes
issued pursuant to the Indenture or on behalf of the Trustee under the
Indenture.

BANK OF AMERICA, N.A.,
as Administrative Agent

By:  /s/ JANICE HAMMOND
   ---------------------------
Janice Hammond, Vice President

                                    -5-

<PAGE>

                            CONSENT OF LENDER

     This Consent of Lender is delivered with reference to the Loan Agreement
dated as of March 23, 1998, by and among Hard Rock Hotel, Inc., a Nevada
corporation, the Lenders named therein, and Bank of America, N.A., as
Administrative Agent (as amended, the "Loan Agreement"). Capitalized terms
used but not defined herein are used with the meanings set forth for those
terms in the Loan Agreement.

     The undersigned Lender hereby consents to the execution, delivery and
performance of the proposed Amendment No. 3 to Loan Agreement by the
Administrative Agent on behalf of the Lenders, substantially in the form
presented to the undersigned as a draft.

Scott Faber
------------------------------
[Typed/Printed Name of Lender]

By: /s/ SCOTT FABER
   -----------------------------
        SCOTT FABER

Title:  MANAGING DIRECTOR
      --------------------------

Date:
      --------------------------

                                    -6-

<PAGE>

                            CONSENT OF LENDER

     This Consent of Lender is delivered with reference to the Loan Agreement
dated as of March 23, 1998, by and among Hard Rock Hotel, Inc., a Nevada
corporation, the Lenders named therein, and Bank of America, N.A., as
Administrative Agent (as amended, the "Loan Agreement"). Capitalized terms
used but not defined herein are used with the meanings set forth for those
terms in the Loan Agreement.

     The undersigned Lender hereby consents to the execution, delivery and
performance of the proposed Amendment No. 3 to Loan Agreement by the
Administrative Agent on behalf of the Lenders, substantially in the form
presented to the undersigned as a draft.

BANK OF SCOTLAND
------------------------------
[Typed/Printed Name of Lender]

By: /s/ ANNIE GLYNN
   -----------------------------
        ANNIE GLYNN

Title: SENIOR VICE PRESIDENT
      --------------------------

Date: JULY 14, 2000
      --------------------------

                                    -7-

<PAGE>

                            CONSENT OF LENDER

     This Consent of Lender is delivered with reference to the Loan Agreement
dated as of March 23, 1998, by and among Hard Rock Hotel, Inc., a Nevada
corporation, the Lenders named therein, and Bank of America, N.A., as
Administrative Agent (as amended, the "Loan Agreement"). Capitalized terms
used but not defined herein are used with the meanings set forth for those
terms in the Loan Agreement.

     The undersigned Lender hereby consents to the execution, delivery and
performance of the proposed Amendment No. 3 to Loan Agreement by the
Administrative Agent on behalf of the Lenders, substantially in the form
presented to the undersigned as a draft.

IMPERIAL BANK
------------------------------
[Typed/Printed Name of Lender]

By: /s/ GUY Y. HUEY ANDRICK
   -----------------------------
        Guy Y. Huey Andrick

Title: Vice President
      --------------------------

Date:  July 17, 2000
      --------------------------

                                    -8-<PAGE>

                    SECOND AMENDMENT TO AMENDED AND RESTATED
                         RECEIVABLES PURCHASE AGREEMENT

     THIS SECOND AMENDMENT TO AMENDED AND RESTATED RECEIVABLES PURCHASE
AGREEMENT, dated as of June 30, 2000 (this "Amendment"), is entered into among
AMPHENOL FUNDING CORP., a Delaware corporation (the "Seller"), AMPHENOL
CORPORATION, a Delaware corporation ("Amphenol"),POOLED ACCOUNTS RECEIVABLE
CAPITAL CORPORATION, a Delaware corporation (the "Purchaser"), and BMO NESBITT
BURNS CORP. (formerly, "Nesbitt Burns Securities, Inc."), a Delaware
corporation, as the agent for the Purchaser (in such capacity, the "Agent").

                                    RECITALS:

     WHEREAS, the Seller, Amphenol, the Purchaser and the Agent are parties to
the Amended and Restated Receivables Purchase Agreement dated as of May 19,
1997, as amended as of September 26, 1997 (the "Agreement"); and

     WHEREAS, the parties hereto desire to further amend the Agreement as
hereinafter set forth.

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

        1. DEFINED TERMS. Capitalized terms used but not defined herein have
the meaning set forth in the Agreement and Appendix A thereto. In addition, the
following terms have the following respective meanings:

        "Fee Letter" means the Fee Letter, dated as of the date hereof, among
Amphenol Funding Corp., Amphenol Corporation and BMO Nesbitt Burns Corp.

        "Amendment No. 3 to the Liquidity Agreement" means the Amendment No. 3
to the Liquidity Agreement, dated as of the date hereof, among Pooled Accounts
Receivable Capital Corporation; Bank of Montreal, as the Liquidity Agent; BMO
Nesbitt Burns Corp., as the Servicing Agent; and Bank of Montreal, as the
liquidity purchaser.

        2. Section 1.02(a) of the Agreement is hereby amended and restated in
its entirety as follows:

              (a) PURCHASE LIMIT. The Aggregate Investment would exceed an
        amount (the "Purchase Limit") equal to the sum of (i) $60,000,000 and
        (ii) $25,000,000 (commencing from June 30, 2000), in each case, as
        such amount may be reduced pursuant to Section 1.06; or

                                                        Second Amendment to
                                                   Amended and Restated RPA
<PAGE>

         3. Section 1.05(a) of the Agreement is hereby amended and restated in
its entirety as follows:

               (a) The "Commitment Termination Date" shall be the earlier
        of (i) (A) May 19, 2004 with respect to the amount described in clause
        (i) of the definition of "Purchase Limit" and (B)June 29, 2001 with
        respect to the amount described in clause (ii) of the definition of
        "Purchase Limit" (such dates, as maybe extended, collectively herein
        called the "Scheduled Commitment Termination Date"), and (ii) the date
        of termination of the Commitment pursuant to Section 1.06 or Section
        9.02.

          4. REPRESENTATIONS AND WARRANTIES. Each of the Seller (as to itself)
and Amphenol (as to itself and  with respect to each other Originator) hereby
represents and warrants to the Purchaser and the Agent as follows:

              (a) REPRESENTATIONS AND WARRANTIES. The representations and
warranties contained in Sections 6.01 and 6.02 of the Agreement are true and
correct as of the date hereof.

              (b) ENFORCEABILITY. The execution and delivery by it of this
Amendment, and the performance of its obligations under this Amendment and the
Agreement, as amended hereby, are within its corporate powers and have been duly
authorized by all necessary corporate action on its part. The Agreement (as
amended hereby) is its valid and legally binding obligations, enforceable in
accordance with its terms, except as enforceability may be limited by
bankruptcy, insolvency, reorganization or other similar laws affecting the
enforcement of creditors' rights generally and by general principles of equity,
regardless of whether such enforceability is considered in a proceeding in
equity or at law.

               (c) NO DEFAULT. Both before and immediately after giving effect
to this Amendment and the transactions contemplated hereby, no Termination Event
or Unmatured Termination Event exists or shall exist.

          5. EFFECT OF AMENDMENT. All provisions of the Agreement, as expressly
amended and modified by this Amendment, shall remain in full force and effect.
After this Amendment becomes effective, all references in the Agreement (or in
any other Transaction Document) to "this Agreement," "hereof," "herein" or words
of similar effect referring to the Agreement shall be deemed to be references to
the Agreement as amended by this Amendment. This Amendment shall not be deemed,
either expressly or impliedly, to waive, amend or supplement any provision of
the Agreement other than as set forth herein.

          6. EFFECTIVENESS. This Amendment shall become effective as of the date
hereof upon receipt by the Agent of the following, in form and substance
satisfactory to the Agent in its reasonable discretion:

                                                        Second Amendment to
                                                   Amended and Restated RPA

                                       2
<PAGE>

               (a) an original of each of this Amendment, Amendment No. 3 to the
Liquidity Agreement and the Fee Letter (whether by facsimile or otherwise) duly
executed and delivered by each of the parties hereto or thereto;

               (b) a written statement from both Moody's and S&P that this
Amendment will not result in a downgrade or withdrawal of the rating of the
Commercial Paper Notes;

               (c) an acknowledgment and acceptance from Capital Markets
Assurance Corporation;

               (d) certified copies of the resolutions of the boards of
directors of each of the Seller and Amphenol authorizing this Amendment, with a
certified certificate of incumbency for the officers of the Seller and Amphenol
authorized to execute this Amendment;

               (e) evidence that the payment of all invoiced costs and expenses
of the Purchaser, the Agent and their respective Affiliates (including, without
limitation, the reasonable fees and expenses of counsel) pursuant to Section
14.06(a)(i) of the Agreement; and

               (f) an opinion given by the general counsel of each of the Seller
and Amphenol with respect to validity and enforceability of this Amendment.

          7. COUNTERPARTS. This Amendment may be executed in any number of
counterparts and by different parties on separate counterparts, each of which
when so executed shall be deemed to be an original and all of which when taken
together shall constitute but one and the same instrument.

          8. GOVERNING LAW. This Amendment shall be governed by, and construed
in accordance with, the laws of the State of New York.

          9. SECTION HEADINGS. The various headings of this Amendment are
included for convenience only and shall not affect the meaning or interpretation
of this Amendment, the Agreement or any provision hereof or thereof.

         [THIS REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK]

                                                        Second Amendment to
                                                   Amended and Restated RPA

                                        3
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first written above.

                        AMPHENOL FUNDING CORP.

                         By:              /s/ Edward Jepsen
                            ---------------------------------------
                              Name:       Edward Jepsen
                              Title:      Executive Vice President
                                          and Chief Financial Officer

                         AMPHENOL CORPORATION

                         By:             /s/ Edward Jepsen
                            ---------------------------------------
                              Name:       Edward Jepsen
                              Title:      Executive Vice President
                                          and Chief Financial Officer

                                      S-1
<PAGE>

                         POOLED ACCOUNTS RECEIVABLE
                         CAPITAL CORPORATION, as Purchaser

                         By:               /s/ Dwight Jenkins
                            ---------------------------------------
                               Name:       Dwight Jenkins
                               Title:      Vice President

                         BMO NESBITT BURNS CORP., as Agent

                         By:
                            ---------------------------------------
                               Name:
                               Title:

                                      S-2
<PAGE>

                         POOLED ACCOUNTS RECEIVABLE CAPITAL
                         CORPORATION, as Purchaser

                         By:
                            ---------------------------------------
                              Name:
                              Title:

                         BMO NESBITT BURNS CORP., as Agent

                         By:             /s/ James P. Walsh
                            ---------------------------------------
                              Name:       James P. Walsh
                              Title:      Managing Director

                         By:              /s/ Jeffrey J. Phillips
                            ---------------------------------------
                              Name:       Jeffrey J. Phillips
                              Title:      Managing Director

                                      S-3

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