Document:

Third Restated Memorandum of Understanding

EXHIBIT 4(a)(4)

Third Restated Memorandum of Understanding

 

            This Third
Restated Memorandum of Understanding (MOU-3) is entered into effectivethe 1st
day of October 2001, by among:

1.         International Thunderbird
Gaming Corporation, a Canadian Corporation ("Thunderbird") or its assign,
Tunderbird-Panama BVI I ("Thunderbird").

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

3.         A new company to be formed
and owned by Salomon Muci ("Sm.M.");

4.         Fiesta Casino Guayana, a
Venezuela Corporation ("FCG");

5.         Aquilino de la Guardia;
and

6.         International Thunderbird
Gaming (Panama) Corporation, a Panamanian Corporation.

1.- Recitals:

a)         The Parties, with the
exception of S.M. entered into two previous memorandum of understanding dated
February 09, 2001 and July 01, 2001.

b)         The Parties intend to
enter into a formal Shareholder Agreement defining all of the Parties rights,
duties and obligations as shareholders of FCG.

c)         The parties wish to cause
further capital to be invested into the Company to further solidify and
strengthen the Company.

d)         Without such capital, the
Company may not meet its obligations to Hotel Intercontinental Guayana.

e)         The parties wish to modify
prior arrangements and obligations of TVE to contribute more capital and pay
obligations to certain FCG Shareholders.

2.- New Capital Contributions:

S.M. on behalf of TVE will pay Thunderbird US$ 271,691.00, which is the
amount related to the seven percent (7%) of their shares established in second
MOU within the schedule set in the Second MOU. If any amounts are not made on or
before the due dates, TVE shall forfeit all rights to purchase the 7% interest
of the Thunderbird Parties set forth in paragraph 3 of the Second MOU.

On the other hand TVE will pay directly to Arocha Herrera & Asociados (The
Lawyers) US$. 300,000.00. With this obligations, TVE contributions to FCG will
be settled meaning that the amount of US$ 453.245,00 due under paragraph 2 of
the Second Restated MOU, will be taken as fully pay (TVE today's outstanding
balance is US$ 254,245.00) and the difference between those amounts (US$
46,755.00) will apply to the loan account of TVE.

S.M. shall contribute to the capital of FCG US$ 1,500,000.00 according to the
following schedule: eight (8) equal monthly payments of US$ 187,500.00 beginning
October 10, 2001.

S.M. (Finaram, C.A. borrower) has subscribed with BANESCO BANCO UNIVERSAL,
C.A., (lender) a credit line in the aggregate amount of US$1,500,000.00 to be
used as a pledge to guarantee the obligations and responsibilities of FCG with
Hotel InterContinental Guayana, C.A.

3.- New Capital Accounts

Only if each party timely meets their obligations to pay the amounts set
forth herein the capital and ownership interest of the parties in FCG shall be
as follows.

Party                                    
Capital                             
Interest in Profit and Losses

Thunderbird Parties          
1,833,753.00                                      
40%

TVE                                 
1,400,659.00                                      
40%

SM                                   
1,500,000.00                                     
20%

All profits and losses of the business shall be paid according to the
percentages set forth above.

4.- Loans

The parties hereto agree that the following represents the outstanding
amounts owed to the parties as shareholder loans:

1.            
Thunderbird Parties                
US$ 703,653.00

2.            
TVE                                       
US$ 378.972.00

Such amounts shall be paid pro rata from amounts first available for
distribution to shareholders, before any other profit distributions to
shareholders.

5.- Management and Control

The Parites agree that within 15 days of the date of this Third MOU the
parties shall enter into a shareholders agreement for FCG that shall contain, at
a minimum, the following terms notwithstanding anything contained in the FCG
Articles of Incorporation or any other document submitted to any Venezuelan
Government agency.

a.            
Thunderbird shall have the right to elect two directors to the board and S.M.
and TVE shall each have the right to elect one director, for a total of 4
directors.

b.            
Each party shall have the pro rata right of first refusal to purchase the shares
of another party selling all or a portion of its interest in FCG.

c.            
The parties have no noncompete obligations to any of the other shareholders
except with respect to the operation of FCG.

d.            
All disputes shall be governed by Venezuela law and venue shall be in Miami,
Florida. The resolution of all disputes shall be through arbitration with the
American Arbitration Association.

6.- Restructure of Ownership of FCG

Conditioned upon the payments set forth hereunder the ownership structure
shall be revised as follows:

1.            
All interst of TVE or its partners in SAEI shall be transferred to Thunderbird.

2.            
SAEI shall own 40% of the shares of FCG

3.            
TVE shall own 40% of the shares of FCG

4.            
S.M. shall own 20% of the shares of FCG

The parties will do whatever is needed (documents, books, etc) to fully
transfer the property of the shares to TVE and SM within ten (10) days.

7. Security to Hotel Guayana

S.M. subscribed with BANESCO BANCO UNIVERSAL, C.A., a credit line by US$
1,000,000.00 and a pledge by US$ 500,000.0 in order to guarantee the obligations
and responsibilities of FCG in order to secure the payment of amounts set forth
in the Convenio Modificatorio, Exhibit A hereto, incorporated herein by this
reference. The parties acknowledge there may be some minor modifications to the
Convenio Modificatorio.

8. Dispute Rsolution

all dispute resolution between the parties as to all matters shall be the
same as set forth in paragraph 5 "d" above.

9. Miscellaneous

a)            
The parties hereto agree individually and through their entities, to take all
actions necessary, within TEN (10) business days of today date to accomplish the
acts described herein, including execution and preparation of documents.

b)             If
there are any inconsistencies between any of the two previous MOU's, then the
provisions contained in this MOU-3 shall prevail. All other agreements of the
parties shall remain in effect if not expressly contradicted by this Agreement,
which shall prevail over prior documents.

c)            
All amounts herein shall be denominated in U.S. Dollars.

10. Parties: Each of th Parties signing this MOU-3 represent and
warrant that each has the authority to bind such Party to the provisions
contained in this MOU-3

International Thunderbird Gaming Corporation

/s/_Jack R. Mitchell_______________________

By: Jack R. Mitchell

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

/s/_Francisco Arocha H.___________________

By: Francisco Arocha H.

S.M.

/s/_Clay Hardin__________________________

By: Clay HardinEx 4(a)(5) Release Hopland October 11, 2001

EXHIBIT 4(a)(5)

RELEASE

THIS RELEASE is entered into this 11th day of
October, 2001 by and among INTERNATIONAL THUNDERBIRD GAMING CORPORATION, a
for-profit Canadian corporation ("ITGC"), its assignee, THUNDERBIRD GREELEY,
INC., a for-profit Colorado corporation ("Greeley") its assignee, SUPPORT
CONSULTANTS, INC., a California for-profit corporation ("SCI") collectively
doing business with the Viejas Band of Mission Indians ("Viejas") as VT HOPLAND
JOINT VENTURE ("Holder") and the HOPLAND BAND OF POMO INDIANS ("Tribe"), a
federally recognized Indian Tribe .

RECITALS

	A.	 	Viejas and ITGC, doing business as Holder,
    previously entered into various agreements with the Tribe for the financing,
    design and construction of a gaming facility on the Tribe's Hopland Indian
    Reservation. These agreements consisted of: (1) that certain Limited
    Recourse Promissory Note dated as of December 20, 1996, pursuant to which
    the Tribe promised to pay Holder Three Million One Hundred Seventy Eight
    Thousand Eight Hundred and Eight-two Dollars ($3,178,882.00) ("Note"); (2) a
    Project Funding Agreement dated as of June 7, 1996 ("Project Funding
    Agreement"); (3) a Loan Agreement dated as of June 7, 1996 ("Loan
    agreement") and (4) a Settlement Agreement and Release dated December 20,
    1996 (documents 1 through 4 shall hereinafter be referred to collectively as
    the "Enterprise Financing Documents"); and 
	B.	 	On June 8, 1996 IGTC assigned all of its right,
    title and interest in the Project Funding Agreement and the Loan Agreement
    ("Loan Agreements") to Greeley and on July 1, 1998 Greeley assigned all of
    its right, title and interest in the Loan Agreements to SCI.; and 
	C.	 	On January 1, 2000, IGTC, Greeley, SCI and the
    Tribe entered into a Modification and Reaffirmation of the Project Funding
    and Loan Agreement in which the parties agreed that the Loan Agreements were
    still in effect; that no party was in default of those Agreements; that the
    Tribe would commence monthly payments in accordance with the Loan Agreements
    beginning on January 1, 2000 and would continue to make such monthly
    payments until April of 2004 and that the Tribe would make its payments
    under the Loan Agreements by paying one-half of the payment to International
    Thunderbird Gaming Corporation and one-half of the payment to Viejas; and
    
	D.	 	At present, the outstanding amount due to
    Holder under the Note is One Million Five Hundred Seventy-six Thousand Seven
    Hundred Eight-four Dollars ($1,576,784.00), and the present amount due ITGC,
    Greeley and SCI (hereinafter collectively referred to as "Thunderbird")
    under the Note, as their one-half interest, is Seven Hundred Eighty-eight
    Thousand Three Hundred Ninety-two Dollars ($788,392.00). 
	E.	 	The Tribe has agreed to pay and Thunderbird has
    agreed to accept, as full and complete payment and satisfaction of all sums
    due to Thunderbird as its one-half interest under the Enterprise Financing
    Documents, the total sum of Five Hundred Thousand Dollars ($500,000.00)
    ("Pay-off Amount"); and 
	F.	 	To induce the Tribe to pay Thunderbird the
    Pay-off Amount, the Tribe is requiring that Thunderbird execute a release in
    form and substance satisfactory to the Tribe pursuant to which the Tribe
    shall be released from any and all obligations to Thunderbird arising from
    or related to the Enterprise Financing Documents. 

NOW, THEREFORE, in consideration of the payment by the Tribe
to Thunderbird of Five Hundred Thousand Dollars ($500,000.00) and the mutual
covenants, conditions and promises contained herein, the receipt and sufficiency
of which as consideration is expressly acknowledged, the parties agree as
follows:

1.        
Thunderbird, for and on behalf of themselves and all of their officers,
directors, members, owners, attorneys, agents, representatives, heirs,
successors and assigns (individually and collectively, the "Thunderbird
Parties") acknowledges that the payment of the Pay-off Amount fully satisfies
the Tribe's obligations to the Thunderbird Parties as their one-half interest
under the Enterprise Financing Documents, notwithstanding any other provisions
in the Enterprise Financing Documents to the contrary.

2.        
Thunderbird does hereby, jointly and severally, fully and forever RELEASE,
ACQUIT and DISCHARGE the Tribe and each of the Tribe's officers, directors,
members, owners, attorneys, agents, representatives, heirs, employees,
successors and assigns and all others who may have any interest in the matter
herein released (individually and collectively, the "Released Parties") of and
from all obligations, losses, liability, actions, claims, causes of action,
demands, damages, costs and expenses whatsoever, known or unknown, absolute or
contingent, liquidated or unliquidated, which any of the Thunderbird Parties,
jointly or severally, now have or may have in the future against any of the
Released Parties on account of, arising out of, based upon or related to the
Enterprise Financing Documents or any of the transactions evidenced or
contemplated thereby or related thereto. 

           
The parties expressly acknowledge and agree that they have been advised by their
attorneys that the above release waives the benefits of Sections 1542 of the
California Civil Code, which provides:

"A general release does not extend to claims which
        the creditor does not know or suspect to exist in his favor at the time
        of executing the release, which if known by him would have materially
        affected his settlement with the debtor."

      
    
  

           
As used therein, "debtor" means the Released Parties; and "creditor" means the
Thunderbird Parties. The Thunderbird Parties being aware of said Section 1542
hereby expressly waive and relinquish any right they, and each of them, may have
thereunder, as well as under any other statutes or common law principles of
similar effect with respect to this Release.

           
In connection with such Release, the Thunderbird Parties acknowledge that they
are aware that they may hereinafter discover claims, counterclaims or facts in
addition to or different from those which they now know or believe to exist with
respect to the subject matter of this Release, but it is their intention to
fully, finally and forever settle and release all of the disputes and
differences known and unknown, suspected or unsuspected, which do now exist, may
exist in the future or have existed arising out of or in connection with the
released claims. The Thunderbird Parties agree that this Release shall remain in
effect as a full and complete release of the released claims notwithstanding the
discovery or existence of any said additional or different claims, counterclaims
or facts arising out of or related to the released claims.

3.         The
provisions of this Release shall inure to the benefit of and be binding upon the
Thunderbird Parties and the Released Parties. Thunderbird hereby represents and
warrants to the Released Parties that no person or entity other than the
Thunderbird Parties has any right to or interest in Thunderbird's one-half
interest of Seven Hundred Eighty-eight Thousand Three Hundred Ninety-two Dollars
($788,392.00) under the Enterprise Financing Documents and that, upon payment of
the Pay-off Amount by the Tribe, the only amount remaining outstanding under the
Enterprise Financing Documents will be Seven Hundred Eighty-eight Thousand Three
Hundred Ninety-two Dollars ($788,392.00) owed by the Tribe to Viejas. Each of
the Thunderbird Parties hereby acknowledges and agrees to indemnify and hold
each of the Released Parties harmless from any and all claims, liabilities,
losses, costs and expenses, including court costs, attorneys fees and expert
witness fees, arising from the Tribe paying Thunderbird Parties the Pay-off
Amount or any inaccuracy in the preceding sentence.

4.         This
Release shall not operate to release any claims the parties may later have for
the enforcement or breach of the obligations created by this release, including
those matters for which the Thunderbird Parties have agreed to indemnify the
Released Parties.

5.         Each
person executing this Release on behalf of a Thunderbird Party represents that
he or she has the authority to execute this Release on behalf of his or her
respective party and warrants and represents that he or she has the authority to
bind to this Release the party he or she represents.

6.         The
parties to this Release shall sign all documents and do all acts necessary or
desirable in the reasonable opinion of the other party to effect the provisions
of this Release.

IN WITNESS WHEREOF, the parties have executed this Agreement
on the day and year first above written.

Date: October __, 2001                                                    
HOPLAND BAND OF POMO INDIANS

  
    
      
        
          
            
              
                
                  By: /s/  Sandra Sigala   
                  

                  Name: Sandra Sigala

                  Its: Tribal Chairperson

                

              

            

          

        

      

    

  

Date: October 11, 2001                                                    
INTERNATIONAL THUNDERBIRD GAMING CORPORATION

  
    
      
        
          
            
              
                
                  By: /s/  Jack R. Mitchell

                  Name: Jack R. Mitchell 

                  Its: President and CEO

                

              

            

          

        

      

    

  

                      
                    
                  
                
              
            
          
        
      
    
  

Date: October 11, 2001                                                    
THUNDERBIRD GREELEY, INC.

  
    
      
        
          
            
              
                
                  By: /s/  Jack R. Mitchell 

                  Name: Jack R. Mitchell

                  Its: President

                

              

            

          

        

      

    

  

                      
                    
                  
                
              
            
          
        
      
    
  

Date: October 11, 2001                                                    
SUPPORT CONSULTANTS, INC.

  
    
      
        
          
            
              
                
                  By: /s/Kevin McDonald 

                  Name: Kevin McDonald

                  Its: President

                

              

            

          

        

      

    

  

                         

                         

                      
                    
                  
                
                
                SIGNATURE PAGE TO RELEASE

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