Document:

Ex 4(a)(2)Amended and Restated Memorandum of Understanding

EXHIBIT 4(a)(2)

AMENDED AND RESTATED

MEMORANDUM OF UNDERSTANDING

1. This Amended and Restated Memorandum of Understanding (this "Restated
    MOU") is entered into this 9th day of February 2001 by and
    among International Thunderbird Gaming Corporation ("Thunderbird"),
    T.H.E. Venezuelan Entertainment, C.A. ("TVE"), Entertainment &
    Ventures Consultants, Inc. ("EVC"), and International Thunderbird
    Gaming (Panama) Corporation ("Thunderbird-Panama") (collectively
    referred to as the "Shareholders"). This Restated MOU amends and
    restates in its entirety that certain MOU entered into by and among the
    Shareholders dated 22 June 2000 (the "Original MOU").

    2. Each Shareholder presently owns a direct or indirect interest in a
    holding company known as South American Entertain Investments, Inc. ("SAEI").
    SAEI was formed in January of 200 for the purpose of creating a legal
    framework to develop, construct, install, and operate casino and other
    gaming facilities in Venezuela. Presently, the equity structure of SAEI is
    as follows: Thunderbird (33%), TVE (33%) EVC (20%) and Thunderbird-Panama
    (14%). SAEI's first investment was the funding and capitalization of a
    Venezuelan operating company known as Fiesta Casinos Guayana, C.A. ("FCG").
    FCG was recently awarded a pre-license to install a casino in the
    Inter-Continental Hotel in Puerto Ordaz, Venezuela from the "Comision
    Nacional de Casinos, Salas de Bingo y Maqunias Traganiqueles" (the "Gaming
    Law" prohibits foreign equity ownership in a Venezuelan gaming licensee
    to exceed eighty percent (80%). As a result of this legal requirement, the
    Shareholders agreed that the equity in FCG would be held 80% by SAEI and 20%
    by TVE, a Venezuelan entity. Nonetheless, all Shareholders acknowledge and
    agree that the intended and actual equity positions in FCG are identical to
    the current equity structure of SAEI and, in order to accurately document
    such agreement, TVE agrees to execute an assignment agreement irrevocably
    assigning all of its shareholder rights in FCG for the pro-rata benefit of
    each of the Shareholders in SAEI. In addition, each Shareholder agrees that
    all financial and other benefits and costs that accrue to TVE due to its 20%
    equity position in FCG shall be transferred to the SAEI Shareholders on a
    pro-rata basis.

    3. FCG recently obtained a Venezuelan Bolivares loan in an amount equal
    to US$3,000,000 for a three-year term from a local Venezuelan financial
    institution to help finance the development, build-out, installation and
    opening of the FCG casino. This loan was secured by a pledge of FCG's stock
    and a corporate guaranty by Thunderbird. Thunderbird agreed to provide its
    guaranty subject to each Shareholder agreeing to indemnify Thunderbird up to
    that amount which is equal to its pro-rata share in SAEI. In order to
    perfect this indemnification, each Shareholder agrees to execute
    simultaneously herewith the "Del Sur Indemnity Agreement" attached hereto as
    "Exhibit A." In addition, FCG recently secured a two compliance bonds
    from Interbank Seguros, S.A. in a combined amount equal to US $2,400,000 to
    guarantee the completion of the construction of the "Event Center"
    ($2,000,000) and the remodeling and installation of the "Casino" ($400,000)
    in Puerto Ordaz. These bonds were secured by a guaranty issued by Hotel
    Tamanaco, C.A. ("HTCA") (on behalf of TVE) subject to each Shareholder
    agreeing to indemnify HTCA up to that amount which is equal to its
    Shareholder agreeing to indemnify HTCA up to that amount which is equal to
    its pro-rata share in SAEI. In order to perfect this indemnification, each
    Shareholder agrees to execute simultaneously herewith the "Bond Guaranty
    Agreement" attached hereto as Exhibit B. Finally, FCG has purchased
    from IGT a certain number of slot machines to be installed in the "Casino"
    in Puerto Ordaz. This purchase, in the amount of $461,503, was financed by
    IGT and guaranteed by Thunderbird-Panama subject to each Shareholder
    agreeing to indemnify Thunderbird-Panama up to that amount which is equal to
    its pro-rata share in SAEI. In order to perfect this indemnification, each
    Shareholder agrees to execute simultaneously herewith the "Equity Guaranty
    Agreement" attached hereto as Exhibit C. Going forward, each
    Shareholder agrees to indemnify, to the extent of its pro-rata equity
    position in SAEI or any other Holding Company, as the case may be, any and
    all other Shareholders for any future guaranty issued by it on behalf of FCG
    or other Operating Company so long as such guaranty has received written
    approval from the Board of Directors of SAEI or other appropriate Holding
    Company.

    4. The Shareholders have determined that a restructuring of the entities
    under which they operate is necessary to pursue and successfully achieve the
    objectives of developing, installing and operating casinos in Venezuela.
    This determination is based on the Shareholders' desire to (i) strengthen
    the local equity position in FCG and all future Operating Companies, (ii)
    clarify the corporate governance of FCG, SAEI and each new Operating Company
    and Holding Company it forms, and (iii) allow each Shareholder to comply
    with its respective legal, tax, financial and public reporting requirements.

    5. As a result of this determination, the Shareholders have agreed to
    restructure the equity positions in SAEI. Each Shareholder agrees to allow
    TVE to increase its equity position in SAEI from thirty-three percent (33%)
    to forty-three percent (43%). Each of the other Shareholders of SAEI agrees
    to this increase in TVE's equity position, and as a consequence, each such
    other Shareholder agrees to reduce its respective equity position in SAEI so
    that the new equity structure of SAEI would be as follows:

  

  
    
      SAEI:

    

  

	TVE (43%)
	THUNDERBIRD (30%)
	EVC (15%)
	THUNDERBIRD-PANAMA (12%

    
  

  
    
      FCG:

    

  

	SAEI (80%)
	TVE (20%)

    
  

6. In consideration for its increased equity position, TVE agrees to
    contribute to SAEI an amount equal to $689,868 according to the schedule
    herein set forth or as otherwise agreed to in writing by the parties hereto:

  

  
    
      a. $500,000 in cash (representing 10% increase in capital position)

      b. $189,868 in cash (representing its increased pro-rata share of SAEI
      cash calls to date and FCG accumulated incurred expenses through November
      30, 2000).

      
        $150,000 December 12, 2000

        $239,868 January 12, 2001

        $100,000 February 12, 2001

        $100,000 March 12, 2001

        $100,000 April 12, 2001

      

    

  

7. The Shareholders intend to establish one or more new operating
    companies in the future for new casino and other gaming projects in
    Venezuela (each referred to as an "Operating Company"). Presently,
    the Shareholders have identified three new casino projects, one each in the
    cities of Maracaibo, Valencia and Caracas, Venezuela. In order to pursue the
    development of these new projects, the Shareholders agree to form a new
    Operating Company for each location (i.e. Fiesta Casinos Del Lago ("FCDL"),
    Fiesta Casinos Valencia, and Fiesta Casinos Tamanaco. The Shareholders agree
    that the equity structure of each new Operating Company shall be constituted
    as follows:

  

	TVE (43%)
	Thunderbird (40%)
	EVC (17%)

      
    
  

8. The Shareholders intend to establish one or more new holding companies
    ("Holding Companies") in the future to purchase and hold shares in
    each of the new Operating Companies.

    9. The Shareholders agree to subject an application to the Gaming
    Commission to seek approval for each new Operating Company to be qualified
    as a legal owner/licensee of a casino or other gaming facility in Venezuela.

    10. Subject to local Venezuelan corporate law, each Shareholder agrees
    that any and all decisions involving capital contributions, dividend
    distributions, share transfers, liquidation rights, voting rights, and all
    other rights of the Shareholders (collectively, the "Shareholders Rights")
    in FCG, SAEI and all future Operating Companies and Holding Companies shall
    be made according to each Shareholder's respective equity position therein
    unless otherwise agreed to in writing.

    11. All rights and obligations of the Shareholders in FCG, SAEI and all
    future Operating Companies and Holding Companies shall be established in
    specific "Shareholder Agreements") which shall be supplemented with
    any other ancillary agreement determined to be necessary to carry out in
    good faith the spirit and intent of this Restated MOU. Each Shareholder
    Agreement shall contain a clear description of all Shareholders Rights and
    obligations and include provisions that will determine how FCG, SAEI and all
    future Operating Companies and Holding Companies, respectively, shall be
    managed and operated.

    12. Each Shareholder agrees that the Board of Directors for FCG and SAEI
    shall be reconstituted to more accurately reflect the capital restructuring
    set forth and agreed to hereinabove. The reconstituted Boards of Directors
    for FCG and SAEI shall be comprised of six members, three from TVE, two from
    Thunderbird and one from EVC. In the case of a deadlock on any issue voted
    on by the Board, Jack Mitchell, in his capacity as President of Thunderbird,
    shall have the tie-breaking vote. It is the intent of the Shareholders to
    implement these changes to the Boards of FCG and SAEI after the opening of
    the FCG casino and the issuance of the permanent "Operational License" by
    the Gaming Commission. At such time, the appropriate Shareholders' and Board
    meetings shall be held to legally document and register such changes. In the
    interim, the Shareholders agree to create and implement an interim
    decision-making mechanism to assure prudent and timely decisions are made to
    facilitate the completion and opening of the casino in Puerto Ordaz.

    13. Each Shareholder agrees that, for each new Operating Company and
    Holding Company established, a Board of Directors shall be formed identical
    in number and function as the reconstituted Boards of SAEI and FCG described
    in Paragraph #12 above.

    14. Subject to the terms and conditions agreed to in each Shareholder
    Agreement, if a Shareholder chooses to sell its shares in FCG, SAEI or any
    operating Company or Holding Company formed in the future, the remaining
    Shareholder(s) shall have the first right of refusal to purchase any or all
    of such shares being sold in accordance with its pro-rata equity share
    therein, and, upon a decline to do the same by any one or more of the other
    eligible Shareholder(s), the non-declining Shareholder(s) shall have the
    first right to purchase all remaining shares in accordance with its
    respective pro-rata equity share therein. Each Shareholder reserves the
    right to decline participation in any future gaming project in
    Venezuela identified or proposed by any other Shareholder without
    jeopardizing its participation in FCG or SAEI or any other existing or new
    Operating Company or Holding Company.

    15. Each Shareholder acknowledges and agrees that the following
    accurately identifies the Shareholder cash capital contributions invested in
    FCG as of the date hereof:

    Shareholder                        
    Amount of Contribution

  

    	Thunderbird                 
      $346,500
	TVE                            
      $346,500
	EVC                            
      $210,000
	Thunderbird-Panama     $147,000

  

16. Each Shareholder acknowledges and agrees that the following
    accurately identifies the expenses incurred toward the development of FCG
    and further agrees that all expenses incurred through January 31, 2001 shall
    be reimbursed from first available cash flow from the FCG casino on a
    pro-rata basis:

    17. Each Shareholder agrees that final acknowledgment and recognition of
    the cash call amounts and the accumulated incurred expenses set forth in
    paragraphs #15 & #16 above shall be subject to completion of an independent
    audit.

    18. Each Shareholder agrees to fund all future capital requirements
    necessary to complete the build-out of the FCG casino and Event Center on a
    pro rata basis.

    19. Each Shareholder agrees that all pre-approved expenses directly
    attributable to the development of any future casino project in Venezuela
    incurred by any Shareholder shall be reimbursed to such Shareholder in a
    timely manner by the appropriate Operating Company or Holding Company. The
    Shareholders agree to create and implement an approval mechanism that shall
    provide for prudent and timely decisions.

    20. It is the intent of the Shareholders to structure all future gaming
    projects in Venezuela according to the terms and conditions set forth in
    this Restated MOU.

    21. Each Shareholder agrees in good faith to perform all acts and execute
    all additional documents necessary to carry out the full intent of the
    agreements set forth herein.

    22. Each Shareholder acknowledges and agrees that this Restated MOU
    amends and restates in its entirety the Original MOU. This Restated MOU
    contains the complete understanding and agreement of each of the
    Shareholders with respect to the content hereof.

    23. This Restated MOU may be executed by facsimile in two or more
    counterparts, each of which shall be deemed an original, but all of which
    when taken together shall constitute one and the same instrument.

    
    International Thunderbird Gaming Corporation

    
    /s/ Jack R. Mitchell                          
    

    By: Jack R. Mitchell

    Its: President

    
    T.H.E. Venezuelan Entertainment, C.A.

    
    /s/ Daniel Matos for "Tamanaco       

    By: Daniel Matos for "Tamanaco 

    Entertainment, C.A."

    Its: President

    
    Entertainment & Ventures Consultants, Inc.

    
    /s/ Harry Strunz Jimenez              
    

    By: Harry Strunz Jimenez

    Its: President

    
    International Thunderbird Gaming (Panama) Corporation

    
    /s/ Clay Hardin                            
    

    By: Clay Hardin

    Its: PresidentSecond Restated Memorandum of Understanding

EXHIBIT 4(a)(3)

SECOND RESTATED MEMORANDUM OF UNDERSTANDING

 

Effective the 1st day of July 2001, the following
parties enter into this Second Restated Memorandum of Understanding ("Mou"):

	International Thunderbird Gaming Corporation, a Canadian Corporation
  ("Thunderbird) and
  

	The Venezuelan Entertainment, C.A., a Venezuelan Corporation ("TVE") 

	Recitals:
  

  a) There exists certain issues between the shareholders of
  South American Entertainment Investments, Inc. ("SAEI") and Fiesta Casinos
  Guayana, C.A. ("FCG"). This Mou is intended to create a binding agreement to
  resolve all outstanding issues and provide a new structure of ownership of
  SAEI and FCG.

  

  (b) The parties wish to consolidate the ownership of the
  operating company, FCG, into two entities: (a) TVE, which shall represent all
  the Venezuelan ownership and (b) SAEI which shall represent the ownership of
  Thunderbird, International Thunderbird Gaming (Panama) Corporation
  ("Thunderbird- Panama") and Entertainment Ventures & Consultants, Inc.
  ("EVC"), collectively referred to as the "Thunderbird Parties".

  

  (c) The parties agree to take all actions within their
  powers to accomplish the acts set forth herein.

 

   

	Capital and Loans:
  

  Subject to minor adjustment for accounting corrections and
  additions, the parties agree that the amount advanced by the Thunderbird
  Parties after February 1, 2001 is $626,331 and the amount advanced by TVE is
  $173,086. The difference of $453,245 shall be paid by TVE into the capital of
  FCG in not less than four equal weekly payments, beginning July 16, 2001. .
  The parties agree that the balance of capital and loans of the parties in FCG,
  after taking into account the original TVE premium ($326,750) and Cash Call #3
  ($500,000), is as follows:

  

  
    
      
        
          
            
              
                
                         
                  Capital                        
                  Loans

                

              

            

          

        

      

    

  

  
  

                                 
  a)  Thunderbird Parties                    
  $1,207,422                 
  $  703,653

                                 
  b)  TVE                                           
  $   774,328                
  $  332,217

  
                                          
    TOTAL:                          
    $1,981,750               
    $1,035,870

    

    

    The above capital accounts shall be increased by the advances of both
    parties after February 1, 2001 as such payments are equalized pursuant to
    this paragraph.

    At the election of TVE, all amounts herein set forth may be audited to
    determine if they were actually contributed or expended as the case may be.
    The fairness of the amount shall not be subject to audit or dispute. 

  

  
	Ownership-existing and after transfer.

            The
  existing ownership of the parties is as follows:

  

  

  
  	1. Thunderbird Parties	57%
	2. TVE	43%

  
  

  

  
    Thunderbird shall cause 7% of the Thunderbird Parties'
    interests of SAEI in FCG to be transferred to TVE such that TVE owns 50% of
    the capital of FCG. TVE shall cause all of its interests in SAEI to be
    transferred to the Thunderbird Parties, according to the instructions of
    Thunderbird. After such transfers, TVE shall own 50% of FCG shares and
    capital and SAEI shall own the remaining 50%. The parties' loan receivables
    shall remain unchanged.

    

    As consideration for such transfers, TVE shall pay to the
    Thunderbird Parties (as directed by Thunderbird) an amount equal to 7% of
    the book value of FCG plus 20% of such amount ("the Buyout"). The book value
    after payment of the $453,245 set forth in paragraph 2 shall be $3,234,412
    The Buyout amount is $271,691 The Buyout shall be paid as follows:

  

  
  

	1/3 within 60 days following the opening of the casino in Puerto
      Ordaz; 
	1/3 within 120 days following the opening of the casino; and 
	the balance 180 days following the opening of the casino. 

  

  

  
    The parties acknowledge these transactions will require
    execution of further transfer documents, bank consents, and governmental
    approvals. The parties agree they will appoint a lawyer to prepare documents
    to reflect the terms of this Memorandum of Understanding in Fiesta Casinos
    Guayana, C.A.. The parties shall do all things necessary to accomplish the
    acts described herein. 

  

  
  
	Board of Directors. There shall be a board of directors of four (4)
  persons for FCG, two shall be appointed by TVE and two by SAEI. The initial
  board members shall be Jack R. Mitchell, Elias Abilahoud, and . Each member
  may appoint a substitute member who may sit in their place at any duly noticed
  meeting. All decision made by the Board of Directors meeting need a minimum
  approval of three votes.
  

  Board meetings shall be held the third Wednesday of each
  month in Caracas, Venezuela.

  

    

	Management Committee. TVE and SAEI shall appoint one person each who
  shall be present and responsible for day to day management of the business.
  They shall consult on all important matters and take any disagreement to the
  Board, whose decision shall be dispositive on the issue. All expenditures
  shall be submitted to both managers for their written approval. Each manager
  may have a designated substitute.
  

	Auditors. The parties agree that FCG shall be audited each year. If
  for other business reasons of each party, two different auditors are used, FCG
  shall pay one-half the cost of each auditor.( For the purpose of this amount
  the 50% will be base on the lowest auditor cost).
  

	Legal counsel. Each party shall have their own legal counsel, except
  that the parties shall jointly select legal counsel for FCG. Initially, the
  parties appoint Carlos Ayala. FCG shall pay the fees payable for any corporate
  documents of FCG drafted by Carlos Ayala and the transfer documents applicable
  to SAEI and TVE described herein.
  

	Guaranties. The parties shall cause cross-guaranties to be executed
  for all FCG obligations guaranteed by Thunderbird, Thunderbird Panama, any
  Hotel Tamanaco Entity, or Shareholder of any such entity. The cross guaranties
  up today are the following: 

  

  8.1 The purchase, by Thunderbird-Panama (for the benefit of Fiesta Casinos
  Guayana, C.A.), to IGT (the "Supplier") sixty four slot machines
  and related gaming equipment to be installed in the FCG casino in Puerto
  Ordaz, Venezuela at a cost of US $461,503 as evidenced by that certain
  Purchase and Sale Agreement dated August 30, 2000 executed by and between the
  Supplier and Thunderbird-Panama (the "Equipment Financing"); and

  

  8.2 Interbank Seguros, C.A. (the "Insurer") has agreed to issue
  three compliance bonds in favor of Fiesta Casinos Guayana, C.A.. The Insurer
  issued these bonds, one in the amount of $400,000 to guarantee the completion
  of the build-out of the FCG casino, one in the amount of $2,000,000, to
  guarantee the completion of the construction of the "Event Center"; in Puerto
  Ordaz, Venezuela; and one in the amount of US$ 635,000 to gurantee to The
  Comision Nacional de Casinos the payments of all the prizes to the gamers. The
  Insurer required, as a condition to the issuance of the bonds, Hotel Tamanaco
  C.A.'s guarantee thereof (the "Guaranty"); and

  

  8.3 Del Sur, Entidad de Ahorro y Prestamo, C.A., a Venezuelan financial
  institution (the "Lender"), has made available to Fiesta Casinos
  Guayana, C.A., a Venezuelan Bolivares loan in an amount equal to US $3,000,000
  (the "Loan") the proceeds of which shall be used to develop, construct,
  install and operate the FCG casino in Puerto Ordaz, Venezuela. The Loan is
  evidenced by a certain "Documento de Linea de Credito" entered into by
  FCG and Thunderbird for the benefit of the Lender dated December 21, 2000 (the
  "Loan Agreement"). In order to secure the Loan, the Lender required,
  among other things, Thunderbird's guarantee of the face amount of the Loan.
  

  

	TVE responsibilities. TVE shall manage through its FCG manager
  designee all matters relating to Venezuelan permitting, development,
  construction, unions, and government. All approvals shall be made by the Board
  of Directors.
  

	Thunderbird responsibilities. Thunderbird shall manage through its FCG
  manager designee the operation, design and interior construction of the casino
  business of FCG. All approvals shall be made by the Board of Directors.
  

	New capital or loan. The Board of Directors shall determine when new
  capital or shareholder loans are required. Each party shall put 50% of new
  loans or new capital. The parties shall have 30 days to fund an approved cash
  call. Failure to fund their share shall result in dilution of their capital
  interest. Capital calls or new loans may not be required for new projects
  without unanimous board approval.
  

	Distributions. Available cash from operations of FCG business shall be
  distributed quarterly so long as the following amounts have been paid or
  reserved:

 
  
  
	all expenses of operation, including all current payables; and
    

	dues of principal and interest to creditors of FCG; and
    

	a reasonable reserve for all taxes; and
    

	a reserve for one month's operating expenses as determined by the
    approved budget and severance payments. 

    

 

  
	Budget. At the first board meeting after the opening of the Casino in
  Puerto Ordaz, Thunderbird shall present an operational budget for the Board's
  approval. The budget shall be periodically revised and resubmitted if history
  demonstrates it is not reasonably accurate. 

  

    
	Major Corporate Actions. The following actions ("Major Actions") shall
  require the approval of both parties. If either party does not approve the
  transaction then there shall be a "Deadlock Event" which shall be governed by
  paragraph 15, which follows. The major actions are: 

 
  
  
	The sale or transfer of a substantial part of the business: 
	The admission of a new shareholder in SAEI or TVE; 
	A merger of FCG into another entity 
	A change in the business of FCG 
	Any other actions or matters agreed by the parties upon execution of the
    transfer documents. 

    

  

  

	Deadlock Event. In the case of a deadlock event, the parties agree
  to the following procedure: SAEI shall have 15 days after notice of the
  Deadlock Event to name a price for the business. TVE may purchase or sell
  based upon the named price. The price shall be amortized over 36 months with
  interest at 15%. TVE shall have 15 days to determine if it will buy or sell
  the business. 

  

 

	Sale of Interest in FCG. If there is a sale of all of a
  shareholders interest in FCG, the nonselling party shall have the right for
  twenty (20) days to match the economic terms and conditions of the sale of the
  shares and thereby purchase the shares.

  

 
  

  
  

	
  Tamanaco Hotel Casino. All the parties agree to
  resign the contract signed between Hotel Tamanaco, C.A. and SAEI. 

  

 

  

	
  Outstanding issues. This document and the documents
  referred to herein shall dispose of any and all outstanding issues between the
  parties and they shall release each other from any and all liability from past
  matters. 

  

 

  

	
  US Dollars. All amounts herein shall be denominated
  in US dollars, including any interest. 

 

International Thunderbird Gaming Corporation

/s/ Jack R. Mitchell

_______________________________________

Jack R. Mitchell

T.H.E. Venezuelan Entertainment, C.A.

/s/ Daniel Matos

_______________________________________

Daniel Matos

 

By their signatures below the following agree to all the
matters set forth in this agreement and to take all steps necessary to
accomplish its fulfillment.

 

/s/ Daniel Matos

_____________________________

Daniel Matos, individually and as to TVE

/s/ Aquilino de la Guardia

____________________________

Aquilino de la Guardia, individually and as to EVC

/s/ Clay Hardin

____________________________

Clay Hardin, as to Thunderbird Panama

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