Document:

Greektown Superholdings, Inc. 8k

 

Exhibit 10.3

 

CONTRIBUTION
AGREEMENT

This Contribution Agreement (this “Agreement”)
is dated as of December 20, 2013, and is between Greektown Mothership LLC, a Delaware limited liability company (the “Company”),
and Athens Acquisition LLC, a Delaware limited liability company (the “Contributor”).

 

Recitals

WHEREAS, Greektown Newco Sub, Inc. has merged
with and into Greektown Superholdings, Inc. (“Superholdings”), and immediately after such merger, Superholdings
merged with and into Greektown Holdings, L.L.C., a Michigan limited liability company (the “Subsidiary”), with
the Subsidiary surviving such merger.

 

WHEREAS, the Contributor owns 100% of the membership
interests of each of the Subsidiary and the Company.

 

WHEREAS, the Contributor desires to contribute,
transfer, assign, and deliver 100% of the membership interests of the Subsidiary (the “Subsidiary Membership Interests”),
to the Company, and the Company desires to accept the contribution of the Subsidiary Membership Interests pursuant to the terms
and conditions of this Agreement.

 

WHEREAS, in connection with the performance
of this Agreement, the Subsidiary will issue new membership interests representing the Subsidiary Membership Interests to the Company.

 

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

 

		1.1	Transfer Terms.

 

		(A)	Contributor hereby transfers to the Company all of its rights, title and interest to the Subsidiary
Membership Interests.

 

		(B)	In connection with the execution and delivery of this Agreement, the Subsidiary will issue new
membership interests representing the Subsidiary Membership Interests to the Company.

 

		1.2	Representation and Warranty of Parties.

 

Each party hereto represents
and warrants to the other party that it has the power and authority to enter into this Agreement and to effect the exchange as
contemplated hereby.

 

		1.3	Entire Agreement.

 

This Agreement constitutes
the entire agreement between the parties hereto with respect to the subject matter hereof.

 

    	 

    	 

    

 

 

		1.4	Governing Law.

 

This Agreement shall be
governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to application of
conflict of laws principles.

 

		1.5	Amendment.

 

This Agreement may not
be amended except as approved in writing by every party hereto.

 

		1.6	Counterparts.

 

The parties may execute
this Agreement in multiple counterparts, each of which constitutes an original, and all of which, collectively, constitute only
one agreement. The signatures of all of the parties need not appear on the same counterpart, and delivery of an executed counterpart
signature page by facsimile or PDF is as effective as executing and delivering this Agreement in the presence of the other parties
to this Agreement. This Agreement is effective upon delivery of one executed counterpart from each party to the other parties.

 

[Signature page follows]

    	 

    	 

    

IN WITNESS WHEREOF, the undersigned have executed
this Contribution Agreement as of the date first above written.

CONTRIBUTOR:

 

ATHENS ACQUISITION LLC

 

 

By: /s/ DANIEL GILBERT

Name:Daniel Gilbert

Title:Manager

 

 

COMPANY:

 

GREEKTOWN MOTHERSHIP LLC

 

 

By: /s/ MATTHEW CULLEN

Name:Matthew Cullen

Title:PresidentGreektown Superholdings, Inc. 8k

 

Exhibit 10.4

 

SIXTH AMENDMENT
TO CREDIT AGREEMENT

THIS SIXTH AMENDMENT TO
CREDIT AGREEMENT (“Amendment”) is made as of December 20, 2013, by and between Greektown Superholdings, Inc., a Delaware
corporation (“Borrower”), and Comerica Bank (“Bank”).

 

RECITALS:

 

		A.	Greektown Superholdings, Inc. (“GSI”) and Bank entered into a Credit Agreement dated
as of June 30, 2010, as amended by five prior amendments (“Agreement”).

 

		B.	Borrower and Bank desire to further amend the Agreement as hereinafter set forth.

 

NOW, THEREFORE, the parties
agree as follows:

 

		1.	The following definitions in Section 1 of the Agreement are amended to read as follows:

 

“‘EBITDA’ shall
mean Net Income for the applicable period plus, without duplication and only to the extent deducted in determining Net Income,
(i) depreciation and amortization expense for such period, (ii) Interest Expense, whether paid or accrued, for such period, (iii)
all Income Taxes for such period, (iv) reasonable legal, accounting, consulting, advisory and other out-of-pocket expenses incurred
in connection with ongoing bankruptcy court proceedings related to the bankruptcy of Greektown Holdings, L.L.C., (v) for any fiscal
quarter ending on or before June 30, 2012, the non-recurring expenses listed on Schedule 3, (vi) goodwill impairment charges, (vii)
refinancing costs related to Borrower’s financing arrangements which were scheduled to close in late 2012 or early 2013 in
an aggregate amount not to exceed $2,500,000, (viii) professional fees incurred in connection with the Athens Acquisition in an
aggregate amount not to exceed $5,500,000, (ix) non-cash compensation expenses arising from the issuance of Borrower’s stock,
options to purchase stock and stock appreciation rights to the officers, directors, employees or consultants of Borrower and Borrower’s
restricted subsidiaries, (x) non-cash purchase accounting adjustments at any time, and (xi) all other non-cash charges (excluding
any non-cash items to extent that such items represent an accrual or reserve for potential cash items in any future period or amortization
of a prepaid cash item that was paid in a prior period).

 

    	 

    	 

    

‘Revolving Credit Maturity Date’
shall mean January 1, 2015.”

 

		2.	The following definitions are added to Section 1:

 

“Parking
Sale” shall mean the sale by the Loan Parties on or before January 1, 2015 of the real property described in Exhibit A attached
to this Amendment and the improvements located thereon.”

 

		3.	Section 7.14 of the Agreement is amended to read as follows:

 

“7.14Maintain a Fixed
Charge Coverage Ratio as of the end of each year (commencing December 31, 2014), for the Measuring Period then ending of not less
than 1.05 to 1.0.”

 

		4.	Section 7.17 of the Agreement is amended to read as follows:

 

“7.17EBITDA.
Maintain as of the end of each Test Date, EBITDA for the Measuring Period then ending, of not less than the following amounts
as of Test Dates specified below:

	Test Date	 	Amount
	December 31, 2013 through March 31, 2014	 	$	47,500,000	 
	June 30, 2014	 	$	51,000,000	 
	September 30, 2014	 	$	53,500,000	 
	December 31, 2014 and thereafter	 	 	$55,000,000”	 

 

		5.	Section 8.2(f) of the Agreement is amended to read as follows:

 

“(f)(i) Asset Sales (exclusive
of asset sales permitted by other subsections of this Section 8.2) in which the sales price is at least equal to the fair market
value of the assets sold and the consideration received is cash or cash equivalents or Debt of any Loan Party being assumed by
the purchaser, provided that the aggregate amount of such Asset Sales does not exceed $2,000,000 in any fiscal year and no Default
or Event of Default has occurred and is continuing at the time of each such sale (both before and after giving effect to such Asset
Sale) and (ii) the Parking Sale so long as (x) the sales price is at least equal to the fair market value of the assets sold and
the consideration received is cash or cash equivalents and (y) no Default or Event of Default has occurred and is continuing at
the time of each such sale (both before and after giving effect to such Parking Sale);”

 

    	 

    	 

    

 

 

		6.	Section 8.7 of the Agreement is amended to add the following subsection (k) and to change the period at the end of subsection
(j) to read “; and”:

 

“(k)
the Parking Sale to an Affiliate of the Borrower so long as the Borrower delivers to Bank the opinion of fairness required under
the provisions of Section 4.12(a)(2)(B) of the Indenture.”

 

		7.	Schedule 1 to the Agreement is deleted and attached Schedule 1 is substituted
in its place.

 

		8.	The Borrower has advised the Bank that it intends to merge with and into
Greektown Holdings, L.L.C. (“GH”), with GH being the surviving entity (the “Merger”). As a result of the
Merger, GH will assume all of Borrower’s obligations and liabilities under the Agreement and the other Loan Documents. The
Merger is prohibited by the provisions of the Agreement. The Loan Parties have requested that the Bank consent to the Merger. The
Bank consents to the Merger (“Consent”); provided that the Consent is conditioned upon (a) the Merger occurring on
or before March 31 2014 (or such later date as agreed to by Bank in writing), (b) the execution and delivery to Bank of the documents
listed on the attached Schedule of Merger Related Documents (all of which shall be in form and substance acceptable to Bank), and
(c) at the time of the Merger and after giving effect thereto, no Default or Event of Default (as defined in the Agreement) shall
have occurred and be continuing.

 

		9.	Bank acknowledges that Bank will release its liens on the assets subject
to the Parking Sale upon any sale of such assets which complies with the provisions of Section 8.2(f) of the Agreement.

 

		10.	Borrower hereby represents and warrants that, after giving effect to the
amendments and consent contained herein, (a) execution, delivery and performance of this Amendment and any other documents and
instruments required under this Amendment or the Agreement are within Borrower’s corporate powers, have been duly authorized,
are not in contravention of law or the terms of Borrower’s Articles of Incorporation or Bylaws, and do not require the consent
or approval of any governmental body, agency, or authority; and this Amendment and any other documents and instruments required
under this Amendment or the Agreement, will be valid and binding in accordance with their terms; (b) the continuing representations
and warranties of Borrower set forth in Sections 6.1 through 6.6 and 6.8 through 6.18 of the Agreement are true and correct in
all material respects on and as of the date hereof with the same force and effect as made on and as of the date hereof, except
where such representations and warranties refer to a specific date, in which case such representations and warranties shall be
true and correct in all material respects as of such date; (c) the continuing representations and warranties of Borrower set forth
in Section 6.7 of the Agreement are true and correct as of the date hereof with respect to the most recent financial statements
furnished to the Bank by Borrower in accordance with Section 7.1 of the Agreement; and (d) after giving effect to this Amendment,
no Event of Default (as defined in the Agreement) or condition or event which, with the giving of notice or the running of time,
or both, would constitute an Event of Default under the Agreement, as hereby amended, has occurred and is continuing as of the
date hereof.

    	 

    	 

    

 

		11.	Except as expressly provided herein, all of the terms and conditions of the
Agreement remain unchanged and in full force and effect.

 

		12.	This Amendment shall be effective upon (i) execution of this Agreement by
Borrower and the Bank, (ii) execution and delivery by Borrower and the Guarantors of the documents listed on the Closing Agenda
dated as of the date of this Amendment, (iii) payment by Borrower of all reasonable legal fees and expenses incurred by Bank in
connection with its credit arrangements with Borrower, (iv) payment by Borrower to Bank of a non-refundable amendment fee of $90,000
and (v) receipt by Bank of evidence satisfactory to Bank that the execution of this Amendment has been approved by the Michigan
Gaming Control Board. If the conditions to effectiveness of this Agreement have not been satisfied on or before December 10, 2013
(or such later date as is agreed to by Bank in writing), then this Amendment shall be null and void and of no effect whatsoever.

 

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IN WITNESS the due execution
hereof as of the day and year first above written.

 

	

COMERICA BANK

	GREEKTOWN SUPERHOLDINGS, INC.
	 	 
	 	 
	By:/s/ ROBERT TULL	By:/s/ GLEN TOMASZEWKSI
	 	 
	Its: Vice President	Its: SVP, CFO and Treasurer

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