Document:

mgm-ex103_141.htm

 

Exhibit 10.3

MGM Resorts International

THIRD AMENDMENT TO CREDIT AGREEMENT

This THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is dated as of May 4, 2015 and entered into by and among MGM RESORTS INTERNATIONAL, a Delaware corporation (the “Company”), MGM GRAND DETROIT, LLC, a Delaware limited liability company (“Detroit”), BANK OF AMERICA, N.A., as Administrative Agent, at the direction of and on behalf of the Lenders described in Section 2.A hereof, and, for purposes of Section 4 hereof, the Guarantors (as defined in Section 4 hereof) listed on the signature pages hereof, and is made with reference to that certain Amended and Restated Credit Agreement dated as of December 20, 2012 (as amended prior to the date hereof, the “Credit Agreement”), by and among Company, Detroit, Lenders and the Administrative Agent.  Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement.

Section 1. AMENDMENTS

A. Subject to the fulfillment of the condition precedent set forth in Section 2, Section 1.01 of the Credit Agreement is hereby amended by deleting clause (b) of the definition of “Change of Control” in its entirety and replacing it with the following text:

“(b) [Reserved.]”

Section 2. CONDITIONS TO EFFECTIVENESS

This Amendment shall become effective only upon the satisfaction of the following conditions precedent (the date of satisfaction of such conditions being referred to herein as the “Third Amendment Effective Date”):

A. The Administrative Agent shall have received an executed written consent approving the amendments and consents set forth herein and authorizing the Administrative Agent to enter into this Amendment from Lenders constituting the Required Lenders.

B. The Company shall have paid to the Administrative Agent the amendment fees required to be paid under the fee letter entered into between the Company and the Administrative Agent in connection with this Amendment.

Section 3. COMPANY’S REPRESENTATIONS AND WARRANTIES

In order to induce the Administrative Agent, on behalf of the Lenders, to enter into this Amendment, each Loan Party represents and warrants to each Lender and the Administrative Agent that the following statements are true, correct and complete:

 

 

 

 

 

A. Corporate Power and Authority. Each Loan Party has all requisite corporate or other organizational power and authority to enter into this Amendment and each Borrower has all requisite corporate or other organizational power and authority to carry out the transactions contemplated by, and perform its obligations under, the Credit Agreement as amended by this Amendment (the “Amended Agreement”).

B. Authorization of Agreements. Each of the Loan Parties has taken all necessary corporate or other organizational action to authorize the execution and delivery of this Amendment and each Borrower has taken all necessary organizational action to authorize the performance of the Amended Agreement.

C. No Conflict. The execution and delivery of this Amendment by each Loan Party and the performance of the Amended Agreement by the Borrowers do not and will not:

 

(i) require any consent or approval not heretofore obtained of any member, partner, director, stockholder, security holder or creditor of such party;

 

(ii) violate or conflict with any provision of such party’s charter, articles of incorporation, operating agreement or bylaws, as applicable, any provision of the indentures governing the public Indebtedness of the Borrowers and the Restricted Subsidiaries;

 

(iii) result in or require the creation or imposition of any Lien upon or with respect to any Property of the Borrowers and the Restricted Subsidiaries, other than Liens permitted by Section 8.03 of the Credit Agreement; and

 

(iv) violate any Requirement of Law applicable to such party.

D. Governmental Consents. Except as obtained or made on or prior to the Third Amendment Effective Date, and except for the approval of the Illinois Gaming Control Board with respect to Nevada Landing Partnership and of the Nevada Gaming Commission in respect of the pledges of equity securities granted on the Closing Date (subject to such approval), no authorization, consent, approval, order, license or permit from, or filing, registration or qualification with, any Governmental Authority is or will be required to authorize or permit under applicable Laws the execution or delivery of this Amendment by the Loan Parties or the performance, validity or enforceability of the Amended Agreement by or against the Borrowers.

E. Binding Obligation. This Amendment has been duly executed and delivered by each Loan Party and the Amended Agreement is the legal, valid and binding obligation of each Borrower, enforceable against each 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.

F. Absence of Default. On the Third Amendment Effective Date, no Default shall exist or will result from the execution of this Amendment.

 

 

 

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G. Representation and Warranties from Credit Agreement. The representations and warranties of the Borrowers contained in Article V of the Credit Agreement are true and correct in all material respects on and as of the Third Amendment Effective Date to the same extent as though made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true and correct in all material respects on and as of such earlier date.

Section 4. ACKNOWLEDGEMENT AND CONSENT

Each Person listed on the signatures pages hereof (each, a “Guarantor”) hereby acknowledges and agrees that the Guaranty, each Collateral Document and each other Loan Document (each, a “Credit Support Document”) to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment.  Each Guarantor represents and warrants that all representations and warranties contained in the Credit Support Documents to which it is a party or otherwise bound are true, correct and complete in all material respects on and as of the Third Amendment Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true, correct and complete in all material respects on and as of such earlier date.  Each Guarantor acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set forth in this Amendment, such Guarantor is not required by the terms of the Credit Agreement or any other Loan Document to consent to the amendments to the Credit Agreement effected pursuant to this Amendment and (ii) nothing in the Credit Agreement, this Amendment or any other Loan Document shall be deemed to require the consent of such Guarantor to any future amendments to the Credit Agreement.

Section 5. MISCELLANEOUS

A. Reference to and Effect on the Credit Agreement and the Other Loan Documents. On and after the Third Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Amended Agreement.  Except as specifically amended by this Amendment, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed.  The execution, delivery and performance of this Amendment shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of Administrative Agent or any Lender under, the Credit Agreement or any of the other Loan Documents.

B. Loan Document. This Amendment shall constitute a Loan Document for all purposes under the Credit Agreement and the other Loan Documents.

 

 

 

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C. Headings. Section and subsection headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect.

D. Applicable Law. THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL EACH BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

E. Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement.

 

[Remainder of page intentionally left blank]

 

 

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.

 

	
Borrowers:

	
 

	
MGM RESORTS INTERNATIONAL 

	
 

	
By:
	
/s/ Daniel J. D’ Arrigo

	
Name:
	
Daniel J. D’ Arrigo

	
Title:
	
Executive Vice President, Chief

	
 
	
Financial Officer and Treasurer

	
 

	
 

	
MGM GRAND DETROIT, LLC

	
 

	
By:
	
/s/ Daniel J. D’ Arrigo

	
Name:
	
Daniel J. D’ Arrigo

	
Title:
	
Treasurer

 

 

 

[Signature Page to Third Amendment to Credit Agreement]

 

 

Guarantors:

 

	
1. 
	
350 Leasing Company I, LLC

	
2. 
	
350 Leasing Company II, LLC

	
3. 
	
450 Leasing Company I, LLC

	
4. 
	
550 Leasing Company I, LLC

By: Mandalay Resort Group, its sole member

	
5.
	
550 Leasing Company II, LLC

	
6. 
	
AC Holding Corp.

	
7. 
	
AC Holding Corp. II

	
8. 
	
Arena Land Holdings, LLC

	
9. 
	
Aria Resort & Casino, LLC

	
10. 
	
Beau Rivage Resorts, Inc.

	
11.
	
Bellagio, LLC

	
12. 
	
Bungalow, Inc.

	
13. 
	
Circus Circus Casinos, Inc.

	
14.
	
CityCenter Facilities Management, LLC

	
15. 
	
CityCenter Realty Corporation

	
16. 
	
Destron, Inc.

	
17. 
	
Diamond Gold, Inc.

	
18. 
	
Galleon, Inc.

	
19. 
	
Gold Strike L.V

By: M.S.E Investments, Incorporation, its Partner

By: Diamond Gold, Inc., its Partner

	
20. 
	
Grand Laundry, Inc.

	
21. 
	
Las Vegas Arena Management, LLC

	
22. 
	
LV Concrete Corp.

	
23. 
	
MAC, Corp.

	
24. 
	
Mandalay Corp.

	
25. 
	
Mandalay Employment, LLC

By: Mandalay Resort Group, its sole member

	
26. 
	
Mandalay Place

	
27. 
	
Mandalay Resort Group

	
28. 
	
Metropolitan Marketing, LLC

	
29. 
	
MGM Grand Condominiums, LLC

	
30. 
	
MGM Grand Condominiums II, LLC

	
31. 
	
MGM Grand Condominiums III, LLC

	
32. 
	
MGM Grand Detroit, Inc.

	
33. 
	
MGM Grand Hotel, LLC

	
34. 
	
MGM Hospitality, LLC

	
35. 
	
MGM International, LLC

	
36. 
	
MGM Resorts Advertising, Inc.

	
37. 
	
MGM Resorts Aircraft Holdings, LLC

	
38.
	
MGM Resorts Arena Holdings, LLC

	
39. 
	
MGM Resorts Aviation Corp.

	
40.
	
MGM Resorts Corporate Services

[Signature Page to Third Amendment to Credit Agreement]

 

 

	
41.
	
MGM Resorts Development, LLC

	
42. 
	
MGM Resorts Festival Grounds, LLC

	
43. 
	
MGM Resorts Festival Grounds II, LLC

	
44. 
	
MGM Resorts International Design

	
45. 
	
MGM Resorts International Global Gaming Development, LLC

	
46. 
	
MGM Resorts International Marketing, Inc.

	
47. 
	
MGM Resorts International Operations, Inc.

	
48.
	
MGM Resorts Land Holdings, LLC

	
49.
	
MGM Resorts Macao, LLC

	
50. 
	
MGM Resorts Management and Technical Services, LLC

	
51. 
	
MGM Resorts Manufacturing Corp.

	
52. 
	
MGM Resorts Mississippi, Inc.

	
53. 
	
MGM Resorts Online, LLC

	
54. 
	
MGM Resorts Regional Operations, LLC

	
55. 
	
MGM Resorts Retail

	
56. 
	
MGM Resorts Sub 1, LLC

	
57. 
	
MGM Resorts Sub 2, LLC

	
58. 
	
MGM Resorts Sub 3, LLC

	
59. 
	
MGM Resorts Sub 4, LLC

	
60. 
	
MGM Resorts Sub 5, LLC

	
61. 
	
MGM Springfield, LLC

	
62. 
	
MH, Inc.

	
63. 
	
Mirage Leasing Corp.

	
64. 
	
Mirage Laundry Services Corp.

	
65. 
	
Mirage Resorts, Incorporated

	
66. 
	
M.I.R. Travel

	
67. 
	
MMNY Land Company, Inc.

	
68. 
	
MRGS, LLC

	
69. 
	
M.S.E. Investments, Incorporated

	
70. 
	
Nevada Landing Partnership

By: Diamond Gold Inc., a Partner

By: M.S.E. Investments, Incorporated, a Partner

	
71. 
	
New Castle Corp.

	
72. 
	
New PRMA Las Vegas, LLC

	
73. 
	
New York-New York Hotel & Casino, LLC

	
74. 
	
New York-New York Tower, LLC

	
75. 
	
OE Pub, LLC

	
76. 
	
Park District Holdings, LLC

	
77. 
	
PRMA, LLC

	
78. 
	
PRMA Land Development Company

	
79. 
	
Project CC, LLC

	
80. 
	
Ramparts, Inc.

	
81. 
	
Signature Tower 1, LLC

	
82. 
	
Signature Tower 2, LLC

	
83. 
	
Signature Tower 3, LLC

	
84. 
	
The Crystals at CityCenter Management, LLC

[Signature Page to Third Amendment to Credit Agreement]

 

	
85.
	
The Mirage Casino-Hotel

	
86.
	
The Signature Condominiums, LLC

	
87.
	
Tower B, LLC

	
88.
	
Tower C, LLC

	
89.
	
Vendido, LLC

By: The Signature Condominiums, LLC, its sole member

	
90.
	
Vdara Condo Hotel, LLC

	
91.
	
Victoria Partners

By: MRGS LLC, its Partner

	
92.
	
VidiAd

	
93.
	
Vintage Land Holdings, LLC

	
94.
	
Vintage Land Holdings II, LLC

[The remainder of this page is intentionally left blank. Signature on the following page.]

[Signature Page to Third Amendment to Credit Agreement]

 

 

		
	
By:
	
/s/ Daniel J. D’ Arrigo

	
Name:
	
Daniel J. D’ Arrigo

	
Title:
	
Treasurer of each of the foregoing

[Signature Page to Third Amendment to Credit Agreement]

 

 

		
	
BANK OF AMERICA, N.A., as

	
Administrative Agent

	
 

	
By:
	
/s/ DeWayne D. Rosse

	
Name:
	
DeWayne D. Rosse

	
Title:
	
Assistant Vice President

 

[Signature Page to Third Amendment to Credit Agreement]Exhibit 10.1

 

NORWEGIAN CRUISE LINE HOLDINGS LTD.

 

DIRECTORS’ COMPENSATION POLICY 

 

(Effective June 23, 2015)

 

Directors of Norwegian Cruise Line Holdings
Ltd., a company organized under the laws of Bermuda (the “Company”), who are not employed by the Company or one of
its subsidiaries or affiliated with Apollo, TPG or Genting HK (“non-affiliated directors”) are entitled to the compensation
set forth below for their service as a member of the Board of Directors (the “Board”) of the Company. The Board has
the right to amend this policy from time to time.

 

	Cash Compensation	 	 	 	 
	Annual Cash Retainer	 	$	100,000	 
	Annual Chairperson Retainer	 	$	25,000	 
	Additional Audit Committee Chair Retainer	 	$	10,000	 
	U.K. Meeting Fee	 	$	10,000	 
	Audit Committee Meeting Fee	 	$	1,200	 
	 	 	 	 	 
	Equity Compensation	 	 	 	 
	Annual Equity Award	 	$	50,000	 
	Initial Equity Award	 	$	100,000	 

 

Cash Compensation 

 

Each non-affiliated director will be entitled
to an annual cash retainer while serving on the Board in the amount set forth above (the “Annual Cash Retainer”). A
non-affiliated director who serves as the Chairperson of the Board will be entitled to an additional annual cash retainer while
serving in that position in the amount set forth above (the “Annual Chairperson Retainer”). A non-affiliated director
who serves as the Chair of the Audit Committee will be entitled to an additional annual cash retainer while serving in that position
in the amount set forth above (the “Additional Audit Committee Chair Retainer”). A non-affiliated director who attends
in person a Board or committee meeting located in the United Kingdom will be entitled to a fee for attendance at the meeting in
the amount set forth above (a “U.K. Meeting Fee”), provided that the director will only be entitled to one U.K. Meeting
Fee if multiple Board or committee meetings are held on the same day or over consecutive days. A non-affiliated director who serves
as a member of the Audit Committee will be entitled to a fee for each Audit Committee meeting attended in person or telephonically,
whether located in the United Kingdom or elsewhere, in the amount set forth above (an “Audit Committee Meeting Fee”).
Except for the U.K. Meeting Fee and the Audit Committee Meeting Fee, no non-affiliated director will be entitled to a meeting fee
for attending in-person or telephonically any other Board or committee meetings.

 

The amounts of the Annual Cash Retainer and
Additional Audit Committee Chair Retainer are expressed as annualized amounts. These retainers will be paid on a quarterly basis,
at the end of each quarter in arrears, and will be pro-rated if a non-affiliated director serves (or serves in the corresponding
position, as the case may be) for only a portion of the quarter (with the proration based on the number of calendar days in the
quarter that the director served as a non-affiliated director or held the particular position, as the case may be). The Annual
Chairperson Retainer will be paid in cash in a lump sum each calendar year, by no later than the end of the second quarter of each
calendar year. U.K. Meeting Fees and Audit Committee Meeting Fees for attendance at meetings that occur in a particular quarter
will be paid at the end of the quarter.

 

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Equity Awards

 

Initial Equity Awards 

 

For each new non-affiliated director appointed
or elected to the Board, on the date that the new non-affiliated director first becomes a member of the Board, the new non-affiliated
director will automatically be granted an award of restricted Ordinary Shares of the Company (an “Initial Restricted Share
Award”) determined by dividing (1) the Initial Equity Award grant value set forth above by (2) the per-share closing price
of an Ordinary Share on the date of grant (rounded down to the nearest whole share). Each Initial Restricted Share Award will vest
in four substantially equal annual installments on each of the first four anniversaries of the date of grant.

 

Annual Equity Awards for Continuing Board
Members 

 

On the first business day of each calendar
year (beginning with the 2015 calendar year), each non-affiliated director then in office will automatically be granted an award
of restricted Ordinary Shares of the Company (an “Annual Restricted Share Award”) determined by dividing (1) the Annual
Equity Award grant value set forth above by (2) the per-share closing price of an Ordinary Share on the first business day of the
year (rounded down to the nearest whole share). Each Annual Restricted Share Award will vest in four substantially equal quarterly
installments on the last day of each quarter in the applicable calendar year.

 

For each new non-affiliated director appointed
or elected to the Board after the first business day of the year, on the date that the new non-affiliated director first becomes
a member of the Board, the new non-affiliated director will automatically be entitled to a pro-rata portion of the Annual Restricted
Share Award (a “Pro-Rata Annual Restricted Share Award”) determined by dividing (1) a pro-rata portion of the Annual
Equity Award grant value set forth above by (2) the per-share closing price of an Ordinary Share on the date the new non-affiliated
director first became a member of the Board (rounded down to the nearest whole share). The pro-rata portion of the Annual Equity
Award grant value for purposes of a Pro-Rata Annual Restricted Share Award will equal the Annual Equity Award grant value set forth
above multiplied by a fraction (not greater than one), the numerator of which is 12 minus the number of whole months that as of
the particular grant date had elapsed since the first business day of the year, and the denominator of which is 12. Each Pro-Rata
Annual Restricted Share Award will vest in substantially equal quarterly installments on the same schedule as the Annual Restricted
Share Award.

 

Elective Grants of Equity Awards

 

Non-affiliated directors may elect, prior to
the start of each applicable calendar year, to convert all or a portion of their Annual Cash Retainer (but not any Annual Chairperson
Retainer, Additional Audit Committee Chair Retainer, U.K. Meeting Fees or Audit Committee Meeting Fees) payable with respect to
the particular calendar year into the right to receive an award of restricted Ordinary Shares of the Company (an “Elective
Restricted Share Award”). The Elective Restricted Share Award shall automatically be granted on the first business day of
each calendar year in an amount determined by dividing (1) the amount of the Annual Cash Retainer elected to be so converted by
(2) the per-share closing price of an Ordinary Share on the first business day of the year (rounded down to the nearest whole share).
Like the payment schedule for the Annual Cash Retainer, each Elective Restricted Share Award will vest in four substantially equal
quarterly installments on the last day of each quarter in the applicable calendar year.

 

In order to elect to receive an Elective Restricted
Share Award, non-affiliated directors must complete an election form in such form as the Board may prescribe from time to time
(an “ Election Form “), and file such completed form with the Company prior to the start of the applicable calendar
year (i.e. if a director wants to convert his or her Annual Cash Retainer payable for the 2015 calendar year, the Election Form
must be filed prior to December 31, 2014). Once an Election Form is validly filed with the Company, it shall automatically continue
in effect for future calendar years unless the non-affiliated director changes or revokes his or her Election Form prior to the
beginning of any such future calendar years.

 

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Provisions Applicable to All Equity Awards

 

Each award of Ordinary Shares will be made
under and subject to the terms and conditions of the Company’s 2013 Performance Incentive Plan (the “2013 Plan”)
or any successor equity compensation plan approved by the Company’s stockholders and in effect at the time of grant, and
will be evidenced by, and subject to the terms and conditions of, an award agreement in the form approved by the Board to evidence
such type of grant pursuant to this policy (the “Form of Award Agreement”).

 

Expense Reimbursement 

 

All non-affiliated directors will be entitled
to reimbursement from the Company for their reasonable travel (including airfare and ground transportation), lodging and meal expenses
incident to meetings of the Board or committees thereof or in connection with other Board related business.

 

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