Document:

Loan Agreement

    
      Exhibit
        10.173

      LOAN AGREEMENT

       

      This Loan Agreement (hereinafter referred to as the
"Agreement") was entered into in Warsaw on June
        13, 2006
        between:

       

      1. Century Casinos Europe GmbH, incorporated
        and existing under the laws of Austria, whose registered office is Wipplinger
        Str. 30, 1010, Vienna, Austria, represented by Dr Christian Gernert acting
        in
        the capacity of a managing director, hereinafter referred to as the
"Lender"

       

      and

       

      2. G5 Sp. z o.o., a company incorporated and
        existing under the laws of the Republic of Poland, whose registered office is at ul. Żelazna 82/84
        no. 51, 00-894 Warsaw, registered in the National Court Register – Register of
        Entrepreneurs, under number KRS No. 90606, hereinafter referred to as the
        "Borrower", represented by: Małgorzata Maria Rogowicz-Angierman,
        Jerzy
        Cieślak, Piotr Marcin Nassius, and Przemysław Dariusz Tomaszewski, acting
        in the capacity of management board members

       

      WHEREAS

       

      The Borrower is obliged to re-pay Original
        Loans
        as defined below to certain Polish Entities. 

       

      WHEREAS

       

      The Lender has expressed its willingness
        to grant
        the Borrower the New Loan, on the terms and in the amounts described herein.
        

       

      WHEREAS

       

      The New Loan is solely and exclusively
        purposed
        for the repayment of the Original Loans.

       

      THE PARTIES HAVE AGREED TO THE
        FOLLOWING:

       

      § 1.

      Definitions

       

      Wherever used in this Agreement, unless the context requires
        otherwise, the following terms have the following meanings:

       

      "Business Day" means a day, other than a
        Saturday or a Sunday, on which commercial banks are open for business in
        Warsaw,
        Poland;

       

      "Collateral" means the registered pledge to
        be established over all the shares in the Borrower by its shareholders to
        secure
        the timely repayment of the Total Repayment Amount in the form set forth
        in
        Schedule No. 1 of this Agreement;

       

      "Drawdown Date" means the 3rd
        Business Day after the establishment of the Collateral as envisaged in § 2
        section 3 of this Agreement;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      "Default Interest" means the interest of
        5 % per annum above the Interest Rate calculated for the period from the
        date any payment hereunder becomes due and payable until the day of actual
        payment thereof;

       

      "Final Maturity Date" means the day falling
        5 (five) years after the Drawdown Date, which is the date when the Borrower
        must
        pay to the Lender the Total Repayment Amount under this Agreement;

       

      "Interest Payment Date" means the Business
        Day that comes 365 days after the Drawdown Date, and, afterwards, each first
        Business Day of the anniversary of the initial Interest Payment Date, in
        arrears; 

       

      "Interest Rate" means interest at the rate
        of LIBOR offered as at 3 Business Days before a relevant Interest Payment
        Date
        for 1-month deposits, plus 2 %, per annum;

       

      "Maturity Date" means, with respect to any
        repayment of the principal amount of the New Loan - the Final Maturity Date
        and,
        with respect to any payment of interest including the Default Interest -
        the
        relevant Interest Payment Date;

       

      "New Loan" means a loan which is to be
        extended to the Borrower by the Lender hereunder;

       

      "Original Loans" means loans in the total
        amount of 15,000,000 PLN inclusive of all interest accrued thereon, previously
        extended to the Borrower by the Polish Entities, 

       

      "Original Loan Agreements" means,
        cumulatively, all the loan agreements between the Polish Entities and the
        Borrower under the provisions of which the Original Loans were extended to
        the
        Borrower by the Polish Entitles, the copies of all the Original Loan Agreements
        are appended hereto as Schedule No. 2;

       

      "Party" or "Parties" means,
        respectively the Borrower and the Lender under this Agreement;

       

      "PLN" or "Zloty" means the
        currency of the Republic of Poland;

       

      "Polish Entities" means creditors who
        extended to the Borrower the Original Loans;

       

      "Share Sale Agreement" means the agreement
        for the sale of all shares in the share capital of the Borrower concluded
        between the shareholders of the Borrower and Century Casinos Europe GmbH,
        incorporated and existing under the laws of Austria, whose registered office
        is
        Wipplinger Str., 30, 1010, Vienna, Austria;

       

      "Total Repayment Amount" means the principal
        amount of the New Loan plus interest, if any, including the Default Interest,
        accrued thereon but unpaid during the term of this Agreement;

       

      "USD" means the currency of the United
        States of America;

       

      "USD Equivalent of PLN" means in relation to
        any amount denominated in PLN, the amount of USD which would be realised
        upon
        the sale of such PLN amount, under the average exchange rate quoted by the
        National Bank of Poland prevailing on the date falling 1 Business Day prior
        to
        the date on which any payment is made, in accordance with this Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      § 2.

      Loan

       

      1. Subject to the terms and conditions of this Agreement,
        the
        Lender agrees to extend to the Borrower, a New Loan in the principal amount
        of
        USD Equivalent of PLN 15,000,000 (fifteen million Polish zlotys), subject
        to §3
        section 2 hereof. 

       

      2. The Borrower is obliged to repay to the Lender, on
        the
        Final Maturity Date, the principal amount of this New Loan in the amount
        of USD
        ___. The interest on the principal amount of the New Loan will be calculated
        with the use of USD principal amount of the New Loan as stated in the latter
        sentence.

       

      3. The New Loan will be extended to the Borrower, if
        the
        Borrower ensures, by no later than 3 Business Days of the date hereof, the
        establishment of the Collateral to secure - unless and until the Share Sale
        Agreement comes into force in accordance with the provisions of it - the
        timely
        payment of the Total Repayment Amount to the Lender. The said condition
        precedent is stipulated for the sole benefit of the Lender which can, any
        time,
        waive the fulfilment of it. For the avoidance of doubt, the Parties confirm
        that
        the establishment of Collateral means: (i) execution, and delivery to the
        Lender
        of the relevant registered pledge agreement, and (ii) delivery to the Lender
        by
        the shareholders of the Borrower of an original of a complete application
        bearing a competent court’s seal to confirm a proper filing of that application,
        to be signed and filed by all the shareholders of the Borrower at their own
        expense, for the registration of the Collateral. . 

       

      § 3.

      Use of Proceeds; Drawdown

       

      1. Use of Proceeds from the New Loan

       

      The New Loan is granted by the Lender on the express
        condition that all of the proceeds from it be solely used for the purpose
        of
        repayment of the Original Loans to the Polish Entities, and the Borrower
        covenants to use the proceeds from the New Loans solely for such purpose.

       

      2. Drawdown 

       

      The New Loan is to be drawn down in full by the Borrower,
        in
        accordance with Schedule No. 3, on the Drawdown Date, or at a such a later
        date
        as set forth in Schedule No. 3 by way of the New Loan being transferred by
        the
        Lender, acting in the name of the Borrower, under authority extended to the
        Lender, hereby, into the bank accounts indicated in Schedule No. 3 for the
        purpose of the repayment of the entirety of the Original Loans. For the purpose
        of the interpretation of this Agreement, the Lender shall be deemed to have
        extended to the Borrower the New Loan on the Drawdown Date if it has made,
        by
        that date, a relevant money transfer commission, regardless of when the money
        have reached the designated bank account(s) of the money recipient(s).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      § 4

      Interest and Interest Payments

      1. Interest

       

      The outstanding amount of the principle amount of the
        New
        Loan is to be charged with interest on each Interest Payment Date under the
        Interest Rate. Interest, including Default Interest, is to be determined
        on the
        basis of a year consisting of 360 (three hundred and sixty) days and a month
        consisting of 30 (thirty) days.

       

      2. Interest Payments

       

      The interest is payable on respective Interest Payment
        Date
        in USD until the Final Maturity Date.

       

      § 5

      Payments

      1. Total Repayment Amount

       

      The principal amount of the New Loan, together with all
        interest accrued thereon, but unpaid, is to be repaid in full not later,
        and not
        earlier, than on the Final Maturity Date in USD.

       

      2. Manner of Payments 

       

      On each date on which any sum is due from the Borrower
        in
        accordance with the Agreement, the Borrower is to make that sum available
        without set off, or tax, or other deductions, to the Lender by payment in
        immediately available, freely transferable, cleared funds to an account
        designated by the Lender for that purpose. All costs in connection with payment
        of any sum (including the costs of transfer of payments) are for the account
        of
        the Borrower and may therefore not be deducted on such sum. 

       

      3. (purposely left blank)

       

      4. Prepayment

       

      Neither in whole, nor in part, is the Borrower permitted
        to
        prepay the New Loan. 

       

      5. Taxes

       

      All payments in respect of the New Loan are to be made
        without withholding, or deducting, or on account of any present or future
        taxes,
        duties, assessments or governmental charges of whatever nature ("Taxes")
        imposed, or levied by, or on behalf of, the Republic of Poland, or any political
        subdivision, or any authority thereof, or therein unless the withholding,
        or
        deduction of such Taxes is required by law, or regulation. In that event,
        the
        Borrower will pay to the Lender such additional amounts as may be necessary
        in
        order that the net amounts received by the Lender after such withholding,
        or
        deduction are to be equal to the amount which would have been receivable
        in
        respect of the New Loan in the absence of such withholding, or deduction.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      As soon as the Borrower is aware that any such deduction,
        withholding, or payment of Taxes is required (or of any change in any such
        requirement), it must notify the Lender forthwith.

       

      §6 

      Status of the New Loan

       

      The New Loan is to, at all times throughout the New Loan’s
        life, constitute a direct, secured, general obligation of the Borrower, subject
        to further security agreement. 

       

      § 7

      Representations and Warranties of the
        Borrower

       

      The Borrower, hereby, represents and warrants to the
        Lender
        that as of the date of the signing of the Agreement:

       

          (i)
        it is a limited
        liability company properly organised and validly existing under the laws
        of
        Poland;

       

          (ii)
        it has obtained
        all necessary permits and authorisations to enter into the Agreement and
        make
        payments hereunder;

       

          (iii)
        it has taken
        all required actions to perform its obligations under this Agreement, and
        such
        performance will not breach its statute, bylaws, or other corporate
        documents;

       

          (iv)
        it will utilize
        the New Loan solely for the purpose referred to in §3 sec.1 hereof;

       

          (v)
        It has a right to
        prepay the Original Loans on dates set forth by the Share Sale Agreement;
        and

       

          (vi)
        it will not
        divest, or encumber, Shares No. 2 as those are defined in the Share Sale
        Agreement without a prior written consent of the Lender, unless it is explicitly
        permitted by Lender. 

       

      § 8

      Representations and Warranties of the
        Lender

       

      The Lender, hereby, represents and warrants to the Borrower
        that as of the date of signing of the Agreement:

       

         (i)
        it is a company
        properly organised and validly existing under the laws that apply to the
        location of its registered office;

       

            (ii)
        it does not need a
        foreign exchange permit to fulfill the obligations it has
        hereunder.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      § 9

      Events of Default

       

      The Lender may, upon notice to the Borrower, declare
        the
        principal amount of the New Loan together with all accrued interest thereon
        (plus any other amounts accrued or payable under the Agreement), as due and
        payable within 14 Business Days from the date of the notice of the default
        of
        the Agreement, if any of the events specified below occur after the date
        hereof:

       

          (i)
        the Borrower
        fails to pay within due time any principal amount of the New Loan or interest
        thereon, as required by this Agreement, and such default continues for a
        period
        of ten (10) days after the Borrower receives notice thereof;

       

          (ii)
        any competent
        authority nationalises, seizes, or expropriates any substantial part of the
        Borrower’s property, or takes control of such property, or takes any action that
        prevents the Borrower from carrying on its business operations and such action
        is not remedied for a period of ninety (90) days after the Borrower receives
        notice thereof; or 

       

          (iii)
        a legally
        justified motion is filed for the Borrower’s bankruptcy or composition
        proceedings are initiated pursuant to the Polish Bankruptcy and Recovery
        Law of
        28 February 2003 (or pursuant to any other legislation having similar effects),
        and such motion is not rejected for a period of one hundred and twenty (120)
        days after the Borrower receives notice thereof;

       

          (iv)
        any proceeds
        from the New Loan have been used by the Borrower in contravention of § 3 section
        1 above; or

       

          (v)
        Shares No. 2 as
        those are defined in the Share Sale Agreement has been divested by the Borrower,
        or encumbered, in contravention of this Agreement. 

       

      §10

      Acceleration

       

      1. Automatic Acceleration

       

      Any amounts accrued, or payable, under the Agreement
        are to
        become immediately due and payable, without any notice from the Lender,
        if:

       

          (i)
        the Borrower is
        dissolved; 

       

          (ii)
        the Borrower is
        declared bankrupt, or a composition decision is issued pursuant to the Polish
        Bankruptcy and Recovery Law (or pursuant to any other legislation having
        similar
        effect) and the Lender’s receivables under the Agreement are not included in
        such proceedings.

       

      2. Reporting

       

      The Borrower must promptly notify the Lender of the
        occurrence of any event specified in herein, together with the description
        of
        the steps that the Borrower is taking to remedy such an event.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      § 11

      Miscellaneous

       

      1. Language of Documents

       

      All documents and notices to be furnished, or made, under
        this Agreement are to be in English. This Agreement is drawn in English and
        in
        Polish, and one copy in each language version is for each Party. In the case
        of
        discrepancies between the Polish and the English version, the English version
        is
        to prevail.

       

      2. Dispute Resolution

       

      Any dispute arising out of, or in connection with, this
        Agreement, including any question regarding its existence, validity, or
        termination, is to be referred to and finally resolved by arbitration under
        the
        Rules of Arbitration and Conciliation of the International Arbitral Centre
        of
        the Austrian Federal Economic Chamber, which rules are deemed to be incorporated
        by reference into this clause. The number of arbitrators is to be three.
        The
        location of arbitration is to be Vienna, Austria. The language to be used
        in the
        arbitral proceedings is to be English. The governing law of the contract
        is to
        be the substantive law of Poland. 

       

      3. Term of the Agreement

       

      This Agreement is to continue in force until all amounts
        payable hereunder have been fully paid in accordance with the provisions
        hereof.

       

      4. Transaction Tax

       

          (i)
        The Parties
        acknowledge that the New Loan is subject to 2% transaction tax under the
        Polish
        Act on Tax on Civil Law Transactions. 

          

          (ii)
        The tax amount
        is to be paid by the Borrower.

       

      5. Schedules

       

      The following Schedules constitute integral part of this
        Agreement:

       

          (i)
        Schedule No. 1 –
Contents of the Registered Pledge Agreement

       

          (ii)
        Schedule No. 2 –
Copies of the Original Loan Agreements

       

          (iii)
        Schedule No. 3
– Mode of the Drawn Down of New Loan

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Contents of the Registered Pledge
        Agreement

       

      Registered Pledge Agreement

       

      hereinafter referred to as the "Agreement", concluded
        on
        _____________ in ________ between:

       

      - Małgorzata Maria
        Rogowicz-Angierman, a citizen of Poland, residing at ul. Turkusowa 13, 05-805
        Komorow, Poland, hereinafter referred to as “Seller No. 1”, and

       

      - Jerzy Cieślak, a
        citizen of Poland, residing at ul. Wspolna 37, 05-806 Granica, Poland,
        hereinafter referred to as “Seller No. 2”, and 

       

      - Piotr Marcin Nassius, a citizen of Poland, residing
        at ul.
        Polnej Rozy 2/4, 02-798 Warsaw, Poland, hereinafter referred to as "Seller
        No.
        3", and

       

      - Przemysław
        Dariusz Tomaszewski, a citizen of Poland, residing at ul. Polna 1A, 05-500
        Chyliczki, Poland, hereinafter referred to as “Seller No. 4", 

       

      on one side, cumulatively referred to as the
        "Pledgor" 

       

      and

       

      Century Casinos Europe GmbH, incorporated and existing
        under
        the laws of Austria, whose registered office is Wipplinger Str. 30, 1010,
        Vienna, Austria, represented by Dr Christian Gernert acting in the capacity
        of a
        managing director, hereinafter the "Lender"

       

      WHEREAS:

       

      Pursuant to the loan agreement dated ___, hereinafter
        the
        "Loan Agreement", between Century Casinos Europe GmbH, incorporated and existing
        under the laws of Austria, whose registered office is Wipplinger Str.
        30, 1010,
        Vienna, Austria, hereinafter the “Lender” and G5 Sp. z o. o., a company
        incorporated and existing under the laws of the Republic of Poland, whose
        registered office is at ul. Żelazna 82/84 no. 51, 00-894 Warsaw,
        registered in the National Court Register – Register of Entrepreneurs,
        under number KRS No. 90606; hereinafter the "Borrower", under which Loan
        Agreement the Borrower is obliged to repay the Lender the principal amount
        of a
        loan of 15,000,000 PLN (in words: fifteen million PLN) together with all
        interest accrued thereon (plus any other amounts accrued, or payable under
        the
        Loan Agreement), hereinafter the "Debt".

       

      NOW AND THERFORE, the parties agree as
        follows:

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      §1. 

      Creation of Security

       

      1. Establishment of the Pledges

       

      The Pledgor, hereby, establishes in favour of the Lender
        a
        first ranking registered pledge, hereinafter the "Registered Pledge", over
        the
        Shares owned by the Pledgor, to secure the payment of the Debt by the Borrower,
        up to the maximum secured amount of 25,000,000.00 PLN (in word: twenty five
        million zloty). 

       

      The Pledgor, hereby, establishes in favour of the Lender
        a
        first ranking pledge, hereinafter the "Ordinary Pledge", over the Shares
        to
        secure the payment of the Debt, to which the provisions of Article 327 and
        the
        subsequent articles of the Civil Code apply. For the purpose of interpretation
        in this Agreement "Shares" mean all 80 shares in the share capital of the
        Borrower, of a nominal value of PLN 11,250 each share.

       

      The Lender, hereby, consents to the establishment of
        the
        Pledges.

       

      2. Registration of the Registered Pledge

       

      The Pledgor is to procure that the application for the
        registration of the Registered Pledge is properly filed with a relevant court.
        

       

      The application for entry of the Registered Pledge in
        the
        register of pledges is to be submitted to the relevant registration court
        by the
        Pledgor within 3 (three) Business days of the date of this Agreement, and
        copies
        of the application - together with the evidence of filing it in the relevant
        registration court and proper payment of all court fees - is to be forthwith
        sent to the Lender. The court fees payable upon entering the Registered Pledge
        in the register of pledges are to be paid by the Pledgor. 

       

      3. Notice of Pledges and Assignment

       

      The establishment of the Ordinary Pledge and the intention
        to
        establish the Registered Pledge are to be notified to the Borrower, by attaching
        one copy of this Agreement to the notice. The notice is to be served by the
        Pledgor, and a copy of it is to be sent to the Lender, within 2 (two) days
        of
        the date of this Agreement, in the form of Schedule 1. The Pledgor will use
        its
        best endeavours to procure that the Borrower’s management board registers the
        establishment of the Ordinary Pledge in the relevant share register within
        5
        (five) days from the date of receipt of the above notice of establishment
        of the
        Ordinary Pledge. The Pledgor is to submit to the Borrower and the Lender
        a
        notification of the establishment of the Registered Pledge within 2 (two)
        days
        after receipt by the Pledgor of a relevant court decision entering the
        Registered Pledge in the register of pledges, and the Pledgor will use its
        best
        endeavours to procure that the Borrower's management board registers the
        establishment of the Registered Pledge in the relevant share register within
        5
        (five) days from the date of receipt of the notification.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      4. Power of Attorney

       

      So as to perform the provisions in Clause 5.2 (voting
        rights
        and other non-property rights), the Pledgor will, on the date of this Agreement,
        grant to the Lender a power of attorney in the form in Schedule 2, authorising
        the Lender to exercise on behalf of the Pledgor the voting rights attaching
        to
        the Shares, and to exercise other non-property rights in respect of the Shares,
        to which the Pledgor is entitled as a shareholder of the Borrower. The Lender
        undertakes not to use the said power of attorney for any purpose other than
        asserting rights and protecting the security of the Lender hereunder. Such
        power
        of attorney is to be irrevocable, until the date on which the Debt is paid
        in
        full. The Lender is to accept the power of attorney granted pursuant to this
        clause. At the request of the Lender, the Pledgor will grant to the Lender
        all
        other powers of attorney that may be required to exercise the rights over
        the
        Shares. 

       

      §2. 

      Release from Security

       

      On the date that the Debt is paid, the Lender at the
        written
        request and expense of the Pledgor is to: 

       

      1) take whatever action is necessary to release the Shares
        from the Registered Pledge and

       

      2) take whatever action is necessary to release the Shares
        from the Ordinary Pledge established under this Agreement, or confirm the
        expiry
        of all the claims under the Loan Agreement;

       

      The Lender will not be obliged to release the Shares
        from the
        Registered Pledge and Ordinary Pledge established hereunder, if the Borrower's
        performance under the Loan Agreement could be deemed to be ineffective, or
        invalid, in accordance with Article 127 point 3 of the Polish Bankruptcy
        and
        Recovery Law of 28th February, 2003.

       

      The power of attorney granted to the Lender under Clause
        1.4,
        hereinafter "Power of Attorney", will expire automatically on the date on
        which
        the Debt is paid in full.

       

      §3. 

      Representations and Warranties of the
        Pledgor

       

      The Pledgor, hereby, represents and warrants to the Lender
        that:

       

      1) the Borrower’s share capital is PLN 900,000 and is divided
        into 80 Shares, each share having a nominal value of PLN11,250;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      2) it is the owner of 80 Shares in the share capital
        of the
        Borrower, which constitute all the shares issued thereby, 

       

      3) the Shares are fully paid, and are free from any pledges,
        encumbrances, or third party rights; and

       

      4) the Borrower’s articles of association do not contain a
        prohibition that prevents shareholders from participating in shareholder
        meetings and executing voting rights by proxy.

       

      §4. 

      General Undertakings

       

      1. Duration

       

      The undertakings in § 4, hereof, are to remain in force until
        the repayment of the Debt in full.

       

      2. Negative covenants

       

      The Pledgor shall not:

       

          1)
        sell, assign, or
        otherwise dispose, of any of the Shares; or 

       

          2)
        encumber any of
        the Shares by any third party rights.

       

      3. Share register and minutes book

       

      The Pledgor will procure that the Lender will, upon giving
        reasonable notice to the Pledgor, have at any time the right to inspect the
        share register of the Borrower and the minutes book of the Borrower.

       

      4. Exercising the Lender's rights

       

      The Pledgor will, at its own expense, execute and deliver
        to
        the Lender any documents and take whatever action the Lender may reasonably
        require for the perfecting, protecting, or maintaining, the Registered Pledge
        and Ordinary Pledge, intended to be established under this Agreement.

       

      5. Obligations under the Shares

       

      The Pledgor is to remain liable to observe and perform
        all
        conditions and obligations assumed by it in respect of the Shares and the
        Lender
        will not be under any obligation, or liability, arising out of the Shares.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      §5. 

      Voting Right

      1. Exercise of voting right

       

      The Lendor will not exercise voting rights in respect
        of the
        Shares in a manner that could:

       

      1) adversely affect the scope of rights attached to the
        Shares; 

       

      2) diminish the proportion of the Shares in the
        Borrower’s share capital; 

       

      3) cause any merger, takeover, or transformation of the
        Borrower; or

       

      4) otherwise adversely affect the Registered Pledge and
        Ordinary Pledge created by this Agreement.

       

      5) revoke or suspend any member of the Management Board
        of
        the Borrower

       

      The Lender undertakes not to use voting rights for any
        purpose other than asserting rights and protecting the security of the Lender
        hereunder.

       

      2. The voting rights and other non-property
        rights

       

      So as to satisfy the claims of the Lender under the Loan
        Agreement and to preserve its rights hereunder, the Lender will acquire the
        right to exercise voting rights in respect of the Shares and other non-property
        rights in respect of the Shares vested in the Pledgor as the Borrower's
        shareholder, and, specifically, the right to request the convening of an
        extraordinary meeting of the shareholders of the Borrower. The Lender will
        be
        entitled to exercise those voting rights and other non-property rights on
        the
        basis of the power of attorney granted to it in accordance with § 1 section 4
        above.

       

      The Pledgor is obliged to notify the Lender of each meeting
        of the shareholders, within 7 (seven) days prior to such meeting. 

       

      §6. 

      Enforcement of Security

       

      1. Rights of the Lender

       

      The Lender can enforce the Registered Pledge and Ordinary
        Pledge established under this Agreement, if written notice is given by the
        Lender to the Pledgor in the situation where either this Agreement or the
        Loan
        Agreement has been breached by the Pledgor or the Borrower. In such a case,
        the
        Lender can, in its absolute discretion, and subject to the provisions of
        the
        relevant provisions of Polish law, enforce the Pledges established under
        this
        Agreement through court enforcement proceedings or, in the case of the
        Registered Pledges, also by one of the methods specified in Clause 6.2 (Sale
        of
        the Shares by public auction) or § 6 section 3 (Seizure of title to the Shares).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      2. Sale of the Shares by public auction

       

      The Registered Pledge can be enforced by the sale of
        the
        shares by public auction by a notary, or public bailiff, pursuant to Article
        24
        of the Pledge Law, within 14 days of the Lender’s application for such
        sale.

       

      3. Seizure of title to the Shares

       

          1.
        The Registered
        Pledge can be enforced by the seizure of title to the Shares by the Lender,
        pursuant to Article 22 of the Pledge Law. The parties agree that the value
        of
        one Share for that purpose is PLN 11,250.

       

          2.
        The seizure of
        title to the Shares is to be effected by a written statement of the Lender
        on
        the seizure of title to the Shares, to be served on the Pledgor no earlier
        than
        7 (seven) days after receipt by the Pledgor of the notice in accordance with
        Clause 6.1 (Rights of the Lender).

       

      §7. 

      Application of Proceeds

       

      Any moneys received by the Lender as a result of the
        enforcement of the Registered Pledge and Ordinary Pledge constituted by this
        Agreement must be applied in the following order of priority:

       

          1)
        first, in, or
        towards, payment of, or provision for, all costs and expenses incurred by
        the
        Lender in connection with the enforcement of the Registered Pledge and Ordinary
        Pledge constituted by this Agreement;

       

          2)
        second, in, or
        towards, payment of Loan Agreement, and

       

          3)
        third, in payment
        of the surplus (if any) to the Pledgor, or other person entitled to it.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      §8. 

      Indemnity

       

      1. The Pledgor will indemnify the Lender and keep it
        at all
        times harmless from, and against, all reasonable costs and expenses incurred
        by
        it in connection with the Pledgor's breach and enforcement, or either, of
        this
        Agreement and any rights, or either, vested in them pursuant, hereto, except
        that the Lender is not to be indemnified in respect of any costs and expenses
        incurred by it as a result of its own gross negligence, or wilful
        misconduct.

       

      2. The Lender is not to be liable for any losses arising
        from
        the execution, or enforcement, of any of its rights, hereunder, except where
        such losses arise as a result of its own gross negligence, or wilful
        misconduct.

       

      § 9.

      Language and Counterparts

       

      1. This Agreement has been executed in 5 (five) counterparts,
        each counterpart containing a Polish and English version of the Agreement,
        for
        each Party.

       

      2. The English language version of the Agreement is to
        prevail over any discrepancy between the language versions. 

       

      § 10.

      Disputes Resolution

       

      Any dispute, controversy, or claim arising out of, or
        relating to this Agreement, or the breach, termination, or invalidity hereof,
        is
        to be settled by Polish common courts.

      § 11.

      Governing Law

       

      This Agreement is to be governed by Polish law.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

       

      Copies of the Original Loan Agreements

       

      1.
        Copy of the Settlement Agreement between W.A.S. Ltd. and G5 Ltd dated July
        24th,
        2003.

       

      2.
        Copy of the Loan Agreement between CP Nieruchomosci Ltd and G5 Ltd. dated
        July
        23rd, 2004.

       

      3.
        Copy of the Settlement no. 2002/2002 between Polski Kredyt Bank S.A. and
        G5 Ltd
        dated January 23rd, 2002.

       

      4.
        Copy of the Loan Agreement between Malgorzata Rogowicz-Angierman and G5 Ltd
        dated October 5th, 2000.

       

      5.
        Copy of the Loan Agreement between Piotr Nassius and G5 Ltd dated October
        5th,
        2000.

       

      6.
        Copy of the Loan Agreement between Przemyslaw Tomaszewski and G5 dated October
        5th, 2000.

       

      7.
        Copy of the Loan Agreement between Jerzy Cislak and G5 Ltd dated October
        5th,
        2000.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Form
        of Notice of Establishment
        of Pledge 

       

      To:            G5
        Sp. z o.o., 

       

      With Copy for:     Century
        Casinos
        Europe GmbH

       

      Subject:          
        Pledge of shares 

       

      
        Dear Sirs,

         

        We, undersigned (cumulatively the "Pledgor"), hereby,
          give
          you notice that by the Agreement for Registered Pledge and Ordinary Pledge
          over
          all the shares in the share capital of the Borrower (the "Registered Pledge
          Agreement"), a copy of which is attached hereto, have established a Registered
          Pledge over the all the shares in the share capital of the Borrower and
          the
          Ordinary Pledge over these shares, in accordance with Art. 327 and the
          subsequent articles of the Civil Code in favour of Century Casinos
          Europe GmbH, incorporated and existing under the laws of Austria, whose
          registered office is Wipplinger Str. 30, 1010, Vienna, Austria (the
          "Lender").

         

        We, hereby, request you to enter the Ordinary Pledge
          established under the Registered Pledge Agreement in the shareholders book
          of
          the Borrower, in accordance with Article 188 § 1 of the Companies Code, and -
          after receipt of a notice from the relevant court of registration of such
          Registered Pledge in the pledge register- to enter the Registered Pledge
          established under the Registered Pledge Agreement in the shareholders book
          of
          the Borrower, in accordance with Article 188 § 1 of the Companies Code.

         

        Please confirm your acknowledgement of the above by
          signing
          the acknowledgement attached to the enclosed duplicate copy of this Notice
          of
          Establishment of Pledge and return the duplicate together with a properly
          signed
          acknowledgement to us, and a copy to the Lender.

         

        Yours sincerely, 

      

       

      	
              _____, /s/ Malgorzata M. Rogowicz-Angierman

              (date) (signature certified by a notary)

              Małgorzata Maria Rogowicz-Angierman

              
              

            	
              _____, /s/ Przemyslaw Dariusz Tomaszewski

              (date) (signature certified by a notary)

              Przemysław Dariusz Tomaszewski 

            
	
              _____, /s/ Jerzy Cieslak_

              (date) (signature certified by a notary)

              Jerzy Cieślak

            	
              _____, /s/ Piotr Marcin Nassius______

              (date) (signature certified by a notary)

              Piotr Marcin Nassius

            

       

      
         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

         

        We acknowledge receipt of a Notice of Establishment
          of Pledge
          of which this is a copy and a copy of the Agreement for Registered Pledge
          and
          Ordinary Pledge over Shares. 

         

        
        

        __/s/ G5 Sp. z o.o.___________

        On behalf of 
the Borrower

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Form
          of Power of
          Attorney

         

         

        granted on June 13th, 2006 in Warsaw by the undersigned
          persons(cumulatively, the "Pledgor") acting as shareholders of G5 Sp. z
          o.o., a
          company incorporated and existing
          under the laws of the Republic of Poland, whose registered office is at
          ul.
Żelazana 82/84 no. 51, 00-894 Warsaw, registered in the National Court Register
          – Register of Entrepreneurs, under number KRS No. 90606 (the
“Lender”)

         

        §1

         

        1. The Pledgor, hereby, grants to the Lender an irrevocable
          power of attorney, which has a power of substitution, to exercise in the
          Pledgor's name all and any voting and other non-property rights in respect
          of
          the shares which the Pledgor, as the sole shareholder of the Borrower,
          has, or
          might have, pursuant to the company's articles of association and Polish
          law.

         

        2. This power of attorney is granted pursuant to Clauses
          1.4
          and following provisions of the Agreement for Registered Pledge and Ordinary
          Pledge over all shares in the share capital of the Borrower, dated
          _____________, ____ (the "Registered Pledge Agreement") between the Pledgor
          and the Lender.

         

        §2

         

        The Lender, specifically, but without limitation, is
          to have
          the following rights:

         

        1. the right to demand an extraordinary shareholders'
          meeting
          be convened by the management board of the Borrower;

         

        2. the right to be informed of each ordinary and
          extraordinary shareholders' meeting convened by the management board of
          the
          Borrower, and upon its request to be present at any shareholders'
          meeting;

         

        3. the right to vote over all the shares in the Borrower
          pledged in favour of the Lender pursuant to the Registered Pledge Agreement
          as
          the Pledgor’s proxy pursuant to Article 243 §1 of the Polish Companies
          Code; and

         

        4. the right to give any consent, or authorisation
          that is
          required from a shareholder under the Polish Companies Code and the company's
          articles of association.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        §3

         

        This power of attorney remains irrevocable upon date
          on which
          the Debt (as that term is defined in the Registered Pledge Agreement) was
          paid.
          The Lender is authorised to act on the basis of this power of attorney
          in
          accordance with the terms of the Registered Pledge Agreement.

         

        
        

        	
                _____, /s/ Malgorzata M. Rogowicz-Angierman

                (date) (signature certified by a notary)

                Małgorzata Maria Rogowicz-Angierman

                
                

              	
                _____, /s/ Przemyslaw Dariusz Tomaszewski

                (date) (signature certified by a notary)

                Przemysław Dariusz Tomaszewski

              
	
                _____, /s/ Jerzy Cieslak_______________

                (date) (signature certified by a notary)

                Jerzy Cieślak

              	
                _____, /s/ Piotr Marcin Nassius_______

                (date) (signature certified by a notary)

                Piotr Marcin NassiusEXHIBIT 10.01(a)

                                 AMENDMENT NO. 1

                                       TO

                              MANAGEMENT AGREEMENT

      WHEREAS, DEMETER MANAGEMENT CORPORATION, a Delaware corporation (the
"General Partner") on behalf of MORGAN STANLEY CHARTER CAMPBELL L.P., a Delaware
limited partnership (the "Partnership"), and CAMPBELL & COMPANY, INC., a
Maryland corporation (the "Trading Advisor"), have agreed to amend the
Management Agreement, dated August 31, 2002 (the "Management Agreement"), among
the Partnership, the General Partner, and the Trading Advisor, to incorporate
confidentiality provisions as part of Section 1, "Undertakings in Connection
with the Continuing Offering of Units" .

      WHEREAS, all provisions contained in the Management Agreement remain in
full force and effect and are modified only to the extent necessary to provide
for the amendment set forth below.

      NOW, THEREFORE, the parties hereto hereby amend Section 1 - Undertakings
in Connection with the Continuing Offering of Units, of the Management
Agreement, by adding the following language:

      (d) For purposes of this Agreement, and notwithstanding any of the
provisions hereof, all non-public information relating to the Trading Advisor
including, but not limited to, records whether original, duplicated
computerized, handwritten, or in any other form, and information contained
therein, business and/or marketing and/or sales plans and proposals, names of
past and current clients, names of past, current and prospective contacts,
trading methodologies, systems, strategies and research data bases, portfolios,
and computer software, and all written and oral information, furnished by the
Trading Advisor to the Partnership or the General Partner and/ or their
officers, directors, Members, employees, agents (including, but not limited to,
attorneys, consultants, service consultants and financial advisors) or
controlling persons (each a "Recipient"), whether furnished before or after the
date hereof, and regardless of the manner in which it was furnished, together
with any analysis, compilations, studies or other documents or records which are
prepared by a Recipient of such information and which contain or are generated
from such information, regardless of whether explicitly identified as
confidential, with the exception of information which (i) is or becomes
generally available to the public other than as a result of acts by the
Recipient in violation of this Agreement, (ii) is in possession of the Recipient
prior to its disclosure pursuant to the terms hereof, or (iii) is or becomes
available to the Recipient from a source that is not bound by a confidentiality
agreement with regard to such information or by any other legal obligation of
confidentiality prohibiting such disclosure, are and shall be confidential
information and/or trade secrets and the exclusive property of the Trading
Advisor ("Confidential Information" and/or "Proprietary Information").

      (e) The Partnership and the General Partner each warrants and agrees that
they and their respective officers, directors, Members, employees and agents
(including for purposes of this Agreement, but not limited to, attorneys,
accountants, and service consultants) will protect and preserve the Confidential
Information and will disclose Confidential Information or otherwise make
Confidential Information available only to the Partnership or the General
Partner's officers, employees, directors, Members and agents, who need to know
the Confidential Information (or any part of it) for the purpose of satisfying
its fiduciary, reporting, filing or other obligations hereunder or to monitor
performance in the account during the term of this Agreement or thereafter,
unless the Partnership, General Partner or a Recipient, as the case may be, is
required to disclose it by judicial process. Additionally, the Partnership and
the General Partner each warrants and agrees that it and any Recipient will use
the Confidential Information solely for the purpose of satisfying the
Partnership or the General Partner's obligations under this Agreement and not in
a manner which violates the terms of this Agreement.

      IN WITNESS WHEREOF, this Amendment to the Management Agreement has been
executed for and on behalf of the undersigned as of the 13th day of June, 2006.

                              MORGAN STANLEY CHARTER CAMPBELL L.P.

                              By:  Demeter Management Corporation,
                                   General Partner

                              By:      /s/ Walter Davis
                                  --------------------------------------
                                    Name:  Walter Davis
                                    Title: Chairman and President

                              DEMETER MANAGEMENT CORPORATION

                              By:      /s/ Walter Davis
                                  --------------------------------------
                                    Name:  Walter Davis
                                    Title: Chairman and President

                              CAMPBELL & COMPANY, INC.

                              By:      /s/ Thomas P. Lloyd
                                  --------------------------------------
                                    Name:  Thomas P. Lloyd
                                    Title: General Counsel

                              By:      /s/ Theresa D. Becks
                                  --------------------------------------
                                    Name:  Theresa D. Becks
                                    Title: Chief Financial Officer

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