Document:

Stock Purchase Agreement

 Exhibit 10.8 
  
 COLONY RESORTS LVH ACQUISITIONS, LLC 
  
 SECURITIES PURCHASE AGREEMENT 
  
 June 18, 2004 
  
 Colony Resorts LVH Co-Investment Partners, L.P. 
 c/o Colony Capital LLC 
 1999 Avenue of the Stars, Suite 1200 
 Los Angeles, California 90067 
  
 Attn: Thomas J. Barrack, Jr. 
  
 Colony Resorts LVH Co-Investment Partners, L.P., a Delaware limited partnership (the “Investor”) hereby
agrees with Colony Resorts LVH Acquisitions, LLC., a Nevada limited liability company (the “Company”), as follows: 
  
 1. PURCHASE AND SALE OF SECURITIES 
  
 Subject to the terms and conditions hereof, the Company is selling to the Investor and the Investor is purchasing from the Company the number of the
Company’s Class B non-voting membership units (“Class B Membership Units”), set forth on Schedule I hereto (the “Securities”) for the aggregate amount in cash set forth on Schedule I hereto. Such sale and
purchase shall be effected by the Company delivering to the Investor duly endorsed certificates evidencing the Securities to be purchased or subscribed against delivery by the Investor to the Company of the applicable amount set forth on Schedule I.
All payments for Securities shall be made by check or wire transfer. Upon receipt of certificates evidencing the Securities, the Investor will execute all documentation reasonably necessary to make it a party to the Company’s Amended and
Restated Limited Liability Company Agreement, dated of even date herewith (the “Limited Liability Company Agreement”), the form of which is attached as Exhibit A hereto. 
  
 2. REPRESENTATIONS AND WARRANTIES 
  
 Neither the Company nor any other Person makes any representation or warranty
herein with respect to the Securities or the business and operations of the Company except as follows: 
  
 (a) The Company represents and warrants that: 
  
 (i) Existence. The Company is a limited liability compnay duly organized, validly existing and in good standing under the laws of
the State of Nevada. 
  
 (ii) Authorization
and Enforceability. The Company has full power and authority and has taken all required action necessary to permit it to execute and deliver this Agreement and to perform the terms hereof and to issue and deliver the Securities, and none of

 such actions will violate any provision of the Certificate of Limited Partnership or the Limited
Liability Company Agreement of the Company. This Agreement constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. 
  
 (iii) Issuance of Securities. Upon issuance the
Securities will be validly issued and outstanding, fully paid and nonassessable, and shall represent 60% of the Class B Membership Units of the Company then issued and outstanding. 
  
 (iv) Capitalization. The equity capitalization of the Company is as set forth on Exhibit B
hereto. Other than as set forth on Exhibit B, there are no existing options, convertible securities, warrants, calls or commitments of any character relating to any unissued shares of capital stock other than as contemplated in (i) the
Limited Liability Company Agreement or (ii) the securities purchase agreements, dated even date herewith between the Company and Colony Resorts LVH Holdings, LLC, Colony Resorts LVH VoteCo, LLC and Colony Resorts LVH Co-Investment VoteCo, LLC.

  
 (b) The Investor acknowledges and agrees that
it is relying solely on its own knowledge of the business and operations of the Company and its own evaluation of the merits and risks of the investment contemplated by this Securities Purchase Agreement (the “Agreement”). In
addition, the Investor represents and warrants that: 
  
 (i) Offering Exemption. The Investor understands that the Securities have not been registered under the Securities Act, nor qualified under any state securities laws, and that they are being offered and sold pursuant to an exemption
from such registration and qualification based in part upon the representations of the Investor contained herein. 
  
 (ii) Knowledge of Offer. The Investor is familiar with the business and operations of the Company and has been given the
opportunity to obtain all information that it has requested regarding the Company’s business plans and prospects. 
  
 (iii) Knowledge and Experience; Ability to Bear Economic Risks. The Investor has such knowledge and experience in financial and
business matters that it is capable of evaluating the merits and risks of the investment contemplated by this Agreement. The Investor is able to bear the economic risk of its investment in the Company (including a complete loss of its investment).

  
 (iv) Limitations on Disposition. The
Investor recognizes that no public market exists for the Securities and no representation has been made to the Investor that such public market will exist in the future. The Investor understands that the Investor must bear the economic risk of this
investment indefinitely unless its Securities are registered pursuant to the Securities Act or an exemption from such registration is available, and unless the disposition of such Securities is qualified under applicable state securities laws or an
exemption from such qualification is available, except as provided in Article X of the Limited Liability Company Agreement, the Company has no obligation or present intention of so registering the Securities. The Investor further understands that
there is no assurance that any exemption from the Securities Act will be available, or, if available, that such exemption will allow the Investor to 
  

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 Transfer any or all of the Securities, in the amounts, or at the time the Investor might propose. The
Investor understands at the present time that Rule 144 promulgated under the Securities Act by the Commission (“Rule 144”) is not applicable to sales of the Securities because they are not registered under Section 12 of the Exchange
Act (as hereinafter defined). The Investor further acknowledges that the Company is not presently under any obligation to register the Securities under Section 12 of the Exchange Act. 
  
 (v) Investment Purpose. The Investor is acquiring the Securities solely for its own account for
investment and not with a view toward the resale, Transfer, or distribution thereof, nor with any present intention of distributing the Securities. No other Person has any right with respect to or interest in the Securities to be purchased by the
Investor, nor has the Investor agreed to give any Person any such interest or right in the future. 
  
 (vi) Capacity. The Investor has full power and legal right to execute and deliver this Agreement and to perform its obligations
hereunder. 
  
 (vii) Accredited Investor.
The Investor is an “accredited investor” as such term is defined by the Securities Act. 
  
 3. INTERPRETATION OF THIS AGREEMENT 
  
 (a) Terms Defined. As used in this Agreement, the following terms have the respective meanings set forth below: 
  
 Exchange Act: the Securities Exchange Act of 1934, as
amended. 
  
 Person: an individual,
partnership, joint-stock company, corporation, limited liability company, trust or unincorporated organization, and a government or agency or political subdivision thereof. 
  
 Securities Act: the Securities Act of 1933, as amended. 
  
 Transfer: any sale, assignment, pledge,
hypothecation, or other disposition or encumbrance. 
  
 (b) Directly or Indirectly. Where any provision in this Agreement refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or
indirectly by such Person. 
  
 (c) Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts made and to be performed entirely within such State. 
  
 (d) Section Headings. The headings of the sections
and subsections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part thereof. 
  

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 4. MISCELLANEOUS 
  
 (a) Notices. 
  
 (i) All communications under this Agreement shall be in writing and shall be delivered by hand or mailed by
overnight courier or by registered or certified mail, postage prepaid: 
  
 (A) if to the Company, at 3000 Paradise Road, Las Vegas, Nevada 89109, marked for attention of President, or at such other address as the Company may have furnished the Investor in writing; 
  
 (B) if to the Investor, at address listed above, or at such other address
as the Investor may have furnished the Company in writing. 
  
 (ii) Any notice so addressed shall be deemed to be given: if delivered by hand, on the date of such delivery; if mailed by courier, on the first business day following the date of such mailing; and if mailed by
registered or certified mail, on the third business day after the date of such mailing. 
  
 (b) Reproduction of Documents. This Agreement and all documents relating thereto, including, without limitation, (i) consents,
waivers and modifications which may hereafter be executed, (ii) documents received by the Investor pursuant hereto (except for certificates evidencing the Securities) and (iii) financial statements, certificates and other information previously or
hereafter furnished to the Investor, may be reproduced by the Investor by any photographic, photostatic, microfilm, microcard, miniature photographic or other similar process and the Investor may destroy any original document so reproduced. The
parties hereto agree and stipulate that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was
made by the Investor in the regular course of business) and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. 
  
 (c) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of each of the parties. 
  
 (d) Amendment and Waiver. This Agreement may be amended, and the observance of any term of this Agreement may be waived, with, and only with, the written consent of the Company and the Investor. 
  
 (e) Counterparts. This Agreement may be executed in
one or more counterparts (including by facsimile), each of which shall be deemed an original and all of which together shall be considered one and the same agreement. 
  
 [Signature Page Follows] 
  

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	 Very truly yours,

	
	 COLONY RESORTS LVH ACQUISITIONS, LLC

		
	By:	 	 /s/    Rodolfo
Prieto        

	 	 	 Name: Rodolfo Prieto
 Title: Chief Executive
Officer

  
 ACCEPTED & AGREED: 
  
 COLONY
RESORTS LVH CO-INVESTMENT GENPAR, LLC 
 on behalf of 
 COLONY RESORTS LVH CO-INVESTMENT PARTNERS, L.P. 
  

			
		
	By:	 	 /s/    Thomas J. Barrack,
Jr.        

	 	 	 Name: Thomas J. Barrack, Jr.
 Title: Chief Executive
Officer and President

  
 [Signature Page to
Co-Investment Partners SPA] 

 SCHEDULE I 
  
 PURCHASES OF SECURITIES BY COLONY RESORTS LVH CO-INVESTMENT PARTNERS, L.P. 
  

									
	 Number of Class A
Membership Units

	 	 Price per unit of
 Class A
 Membership
 Units

	 	 Number of Class
 B Membership
 Units

	 	 Price per Unit
 of Class B
 Membership Units

	 	 Total
 Consideration

	 0
	 	$100	 	900,000	 	$100	 	$90,000,000Amendment Number 2 dated as of January 25, 2004

 Exhibit 4.12 
  
 AMENDMENT AND WAIVER No. 2 dated as of February 17, 2004, to the Amended and Restated Credit Agreement dated
as of January 23, 2003 (as amended, the “Credit Agreement”), among AMERICAN MEDIA OPERATIONS, INC. (the “Borrower”), AMERICAN MEDIA, INC. (“Holdings”), the Lenders party thereto, and JPMORGAN CHASE
BANK, as administrative agent (the “Administrative Agent”). 
  
 WHEREAS, the Borrower has requested, and the undersigned Lenders and the Administrative Agent have agreed, upon the terms and subject to the conditions set forth herein, that the Credit Agreement be amended as
provided herein; 
  
 NOW, THEREFORE, in consideration of the
mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto hereby agree as follows: 
  
 SECTION 1. Amendment. Section 6.12 of the Credit Agreement is hereby
amended by adding the following proviso to the end of the first sentence of Section 6.12: 
  
 ; provided that the Leverage Ratio may exceed 6.25 to 1.00 as of the last day of each of the fiscal quarters ended December 29, 2003 and March 29, 2004, but may not exceed 6.50 to 1.00 on either such date.

  
 SECTION 2. Waiver. The undersigned Lenders hereby waive
any Default attributable to the Leverage Ratio exceeding 6.25 to 1.00 as of December 29, 2003, subject to compliance with the amendment to Section 6.12 as set forth herein. 
  
 SECTION 3. Amendment Fee. In consideration of the agreements of the Lenders contained in this Amendment, the Borrower
agrees to pay to the Administrative Agent, for the account of each Lender that delivers an executed counterpart of this Amendment prior to 12:00 Noon, New York City time, on February 17, 2004, an amendment fee (the “Amendment Fee”)
in an amount equal to 0.05% of the sum of such Lender’s Revolving Commitment and Term Loans outstanding on the date on which this Amendment becomes effective as provided in Section 5; provided that such Amendment Fee shall not be payable
unless and until this Amendment becomes effective as provided in Section 5. The Amendment Fee shall be paid to the Administrative Agent on the Business Day next succeeding the date on which this Amendment becomes effective as provided in Section 5.

 SECTION 4. Representations and Warranties. Each of Holdings and the Borrower represents and
warrants to the Administrative Agent and to each of the Lenders that: 
  
 (a) This Amendment has been duly authorized, executed and delivered by each of Holdings and the Borrower and constitutes a legal, valid and binding obligation of each of Holdings and the Borrower, enforceable in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

  
 (b) Immediately after giving effect to this Amendment, the
representations and warranties of each Loan Party set forth in the Loan Documents are true and correct in all material respects on and as of the date hereof. 
  
 (c) Immediately after giving effect to this Amendment, no Default shall have occurred and be continuing. 
  
 SECTION 5. Conditions to Effectiveness. This Amendment shall become
effective when the Administrative Agent shall have received (a) counterparts of this Amendment that, when taken together, bear the signatures of each of Holdings, the Borrower and the Required Lenders and (b) payment of all expenses required to be
paid or reimbursed by the Borrower under or in connection with this Amendment and the Credit Agreement, in each case to the extent such expenses have been invoiced. 
  
 SECTION 6. Credit Agreement. Except as specifically amended hereby, the Credit Agreement shall continue in full force
and effect in accordance with the provisions thereof as in existence on the date hereof. After the date hereof, any reference to the Credit Agreement shall mean the Credit Agreement as amended or modified hereby. This Amendment shall be a Loan
Document for all purposes. Capitalized terms used but not defined herein have the meanings assigned to them in the Credit Agreement. 
  
 SECTION 7. Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

  
 SECTION 8. Counterparts. This Amendment may be executed
in two or more counterparts, each of which shall constitute an original but all of which when taken together shall constitute but one agreement. Delivery of an executed signature page to this Amendment by facsimile transmission shall be effective as
delivery of a manually signed counterpart of this Amendment. 
  
 SECTION 9. Expenses. The Borrower agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection with this Amendment, including the reasonable fees, charges and disbursements of Cravath, Swaine
& Moore LLP, counsel for the Administrative Agent. 
  

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 SECTION 10. Headings. The Section headings used herein are for convenience of reference only, are
not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment. 
  
 [The remainder of this page has been left blank intentionally.] 
  

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

					
	 AMERICAN MEDIA OPERATIONS, INC.,

		
	by:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

  

					
	 AMERICAN MEDIA, INC.,

		
	by:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

  

					
	JPMORGAN CHASE BANK, individually and as Administrative Agent,
		
	by:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

  

 4 

 SIGNATURE PAGE TO THE AMENDMENT AND WAIVER NO. 2, DATED AS OF FEBRUARY 17, 2004, IN RESPECT OF THE
AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF JANUARY 23, 2003, AMONG AMERICAN MEDIA OPERATIONS, INC., AMERICAN MEDIA, INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, AS ADMINISTRATIVE AGENT. 
  

					
	 Name of Institution:

	  

		
	by:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

  

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