SEC Contract Filing

Filing Date: 2022-04-29

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>11
<FILENAME>d291163dex102.htm
<DESCRIPTION>EX-10.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXECUTION VERSION </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND
RESTATED GUARANTY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This <B>AMENDED AND RESTATED</B> <B>GUARANTY OF MASTER LEASE</B> (this &#147;<B>Guaranty</B>&#148;), is made and
entered into as of the 29<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of April, 2022 by and between <B>MGM RESORTS INTERNATIONAL</B>, a Delaware corporation, (&#147;<B>Guarantor</B> &#147;), and MGP Lessor, LLC, a Delaware limited
liability company (&#147;<B>Landlord</B>&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">A. Landlord and MGM Lessee, LLC (&#147;<B>Tenant</B>&#148;) have entered into that certain Amended and Restated Master Lease dated of even
date herewith (as may be amended, restated, supplemented, waived or otherwise modified from time to time, the &#147;<B>Master Lease</B>&#148;). All capitalized terms used and not otherwise defined herein shall have the same meanings given such terms
in the Master Lease. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">B. Guarantor is an affiliate of Tenant, will derive substantial benefits from the Master Lease and acknowledges and
agrees that this Guaranty is given in accordance with the requirements of the Master Lease and that Landlord would not have been willing to enter into the Master Lease unless Guarantor was willing to execute and deliver this Guaranty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">C. Each of Guarantor and Landlord desires to hereby amend and restated that certain Guaranty, dated April&nbsp;25, 2016 in its entirety. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>AGREEMENTS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, in consideration of Landlord entering into the Master Lease with Tenant, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Guarantor agrees as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1. <U>Guaranty</U>. In consideration of the
benefit derived or to be derived by it therefrom, as to the Master Lease, from and after the Commencement Date thereof, Guarantor hereby unconditionally and irrevocably guarantees, as a primary obligor and not merely as a surety, (i)&nbsp;the
payment when due of all Rent and all other sums payable by Tenant under the Master Lease, and (ii)&nbsp;the faithful and prompt performance when due of each and every one of the terms, conditions and covenants to be kept and performed by Tenant
under the Master Lease, including, without limitation, all indemnification obligations, insurance obligations, and all obligations to operate, rebuild, restore or replace any facilities or improvements now or hereafter located on the Leased Property
covered by the Master Lease, in each case under clauses (i)&nbsp;and (ii), including (x)&nbsp;amounts that would become due but for the operation of the automatic stay under Section&nbsp;362(a) of the Federal Bankruptcy Reform Act of 1978 (11 U.S.C.
&#167; 101, et seq.), as amended, reformed or modified from time to time and any rules or regulations issued from time to time thereunder or similar laws, and (y)&nbsp;any late charges and interest provided for under the Master Lease (including
interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, whether or not a claim for such interest is allowed or allowable in such proceeding) (collectively, the &#147;<B>Obligations</B>&#148;).
In the event of the failure of Tenant to pay any such Rent or other sums, or to render any other performance required of Tenant under the Master Lease, when due or within any applicable cure period, Guarantor shall forthwith perform or cause to be
performed all provisions of the Master Lease to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

</DIV></Center>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
be performed by Tenant thereunder, and pay all reasonable costs of collection or enforcement and other damages that may result from the <FONT STYLE="white-space:nowrap">non-performance</FONT>
thereof to the full extent provided under the Master Lease. As to the Obligations, Guarantor&#146;s liability under this Guaranty is without limit except as provided in Section&nbsp;12 and 13 hereof. Guarantor agrees that its guarantee provided
herein constitutes a guarantee of payment and performance when due and not of collection. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2. <U>Survival of Obligations</U>. The
obligations of Guarantor under this Guaranty sha