the Company had terminated these interest rate swap agreements. The Company
received net payments totaling $11 million during 2001 and 2002 upon the 
termination of these swap agreements. These amounts have been added to the 
carrying value of the related debt obligations and are being amortized and recorded
as a reduction of interest expense over the remaining life of that debt. 
The Company and each of its material subsidiaries, excluding MGM Grand Detroit,
LLC and the Company’s foreign subsidiaries, are directly liable for or uncondition-