Document:

exv10w30

 

IMAX CORPORATION

EXHIBIT 10.30

     THIS FOURTH AMENDMENT TO THE LOAN AGREEMENT is made as of and with effect the 5th
day of December, 2007.

BETWEEN:

IMAX CORPORATION

(“Borrower”)

- and -

WACHOVIA CAPITAL FINANCE CORPORATION (CANADA)

(formerly, CONGRESS FINANCIAL CORPORATION (CANADA))

(“Lender”)

     WHEREAS Borrower and Lender entered into a loan agreement dated February 6, 2004 as amended by
a first amendment to the loan agreement made as of June 30, 2005, a second amendment to the loan
agreement made as of and with effect from the 16th day of May, 2006 and a third
amendment to the loan agreement made as of and with effect from the 30th day of
September, 2007 (collectively, the “Loan Agreement”), pursuant to which certain credit facilities
were established in favour of Borrower;

     AND WHEREAS the parties hereto wish to amend certain terms and conditions of the Loan
Agreement as hereinafter set forth;

     NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the covenants and agreements
contained herein and for other good and valuable consideration, the parties hereto agree to amend
the Loan Agreement as provided herein:

	1.	 	General
	 
	 	 	In this Fourth Amendment to the Loan Agreement, unless otherwise defined or the context
otherwise requires, all capitalized terms shall have the respective meanings specified in
the Loan Agreement.
	 
	2.	 	To be Read with Loan Agreement
	 
	 	 	Unless the context of this Fourth Amendment to the Loan Agreement otherwise requires, the
Loan Agreement and this Fourth Amendment to the Loan Agreement shall be read together and
shall have effect as if the provisions of the Loan Agreement and this Fourth Amendment to
the Loan Agreement were contained in one agreement. The term “Agreement” when used in the
Loan Agreement means the Loan Agreement as amended by this Fourth Amendment to the Loan
Agreement, together with all amendments, supplements, restatements and replacements thereto
or therefore from time to time.

 

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	3.	 	No Novations
	 
	 	 	Nothing in this Fourth Amendment to the Loan Agreement, nor in the Loan Agreement when read
together with this Fourth Amendment to the Loan Agreement, shall constitute a novation,
payment, re-advance or reduction or termination in respect of any Obligations of Borrower.
	 
	4.	 	Amendments to the Loan Agreement

	 	(a)	 	Section 1 of the Loan Agreement (Definitions), is hereby amended by adding the
following definition (in its alphabetical order):
	 
	 	 	 	“Cash and Excess Availability” shall mean the US Dollar Amount as determined by
Lender, equal to the sum of: Excess Availability; cash; and, in Lender’s discretion,
highly liquid securities with a known market value.
	 
	 	(b)	 	Section 1.19 of the Loan Agreement (Definitions — Cash Dominion Event), is
hereby deleted in its entirety and replaced with the following:
	 
	 	 	 	“1.19 “Cash Dominion Event”
	 
	 	 	 	“Cash Dominion Event” shall mean the occurrence and continuance of the earlier of:
(i) an Event of Default; (ii) Excess Availability falling below $5,000,000; or (iii)
Borrower failing to maintain, during a single fiscal quarter, EBITDA as calculated
and in accordance with Section 9.13 hereof.”
	 
	 	(c)	 	Section 9.13 of the Loan Agreement (EBITDA), is hereby amended by deleting “and
in the case of the subsequent four fiscal quarters ending on December 31, 2007 only,
not less than $15,000,000” after “$20,000,000” in the first sentence of Section 9.13
and replacing it with “or, in the case of the four fiscal quarters ending each of
December 31, 2007, March 31, 2008, June 30, 2008 and September 30, 2008, only, not less
than $12,500,000”.
	 
	 	(d)	 	Section 9.14 of the Loan Agreement (Excess Availability), is hereby amended by
deleting the reference to “$2,500,000” and replacing it with “$5,000,000”.
	 
	 	(e)	 	The following new Section 9.23 is added to the Loan Agreement:
	 
	 	 	 	“9.23 “Cash and Excess Availability Covenant”
	 
	 	 	 	Borrower shall, at all times, maintain minimum Cash and Excess Availability,
calculated monthly by Lender, of not less than $15,000,000. The failure to comply
with this Section 9.23 shall result in an Event of Default under Section 10.1(a)(i).
	 
	 	(f)	 	Section 10.1(a)(i) of the Loan Agreement (Events of Default and Remedies), is
hereby amended by adding the following phrase after the occurrence of the words

 

-3-

	 	 	 	“of this Agreement” in the fourth line thereof “or fails to perform any of the
covenants contained in Section 9.23 of this Agreement”.

	5.	 	Representations and Warranties
	 
	 	 	In order to induce Lender to enter into this Fourth Amendment to the Loan Agreement,
Borrower represents and warrants to Lender the following, which representations and
warranties shall survive the execution and delivery hereof:

	 	(a)	 	all necessary action, corporate or otherwise, has been taken to authorize the
execution, delivery and performance of this Fourth Amendment to the Loan Agreement by
Borrower;
	 
	 	(b)	 	the Borrower has duly executed and delivered this Fourth Amendment to the Loan
Agreement;
	 
	 	(c)	 	this Fourth Amendment to the Loan Agreement is a legal, valid and binding
obligation of Borrower, enforceable against it by Lender in accordance with its terms,
except to the extent that the enforceability thereof may be limited by applicable
bankruptcy, insolvency, moratorium, reorganization and other laws of general
application limited the enforcement of creditor’s rights generally and the fact that
the courts may deny the granting or enforcement of equitable remedies;
	 
	 	(d)	 	the representations and warranties set forth in Section 8 of the Loan
Agreement, as amended by this Fourth Amendment to the Loan Agreement, continue to be
true and correct as of the date hereof; and
	 
	 	(e)	 	no Event of Default, or event which, with the passage of time or giving of
notice or both, would constitute an Event of Default, exists.

	6.	 	Amendment Fee
	 
	 	 	The Borrower shall pay to the Lender a one-time amendment fee in the amount of US$100,000,
which shall be fully earned as of and payable upon the execution of this Fourth Amendment to
the Loan Agreement.
	 
	7.	 	Expenses
	 
	 	 	Borrower shall pay to the Lender on demand all reasonable fees and expenses, including,
without limitation, legal fees, incurred by Lender in connection with the preparation,
negotiation, completion, execution, delivery and review of this Fourth Amendment to the Loan
Agreement and all other documents, registrations and instruments arising therefrom and/or
executed in connection therewith.
	 
	8.	 	Conditions Precedent
	 
	 	 	This Fourth Amendment to the Loan Agreement shall not be effective until each of the
following conditions has been satisfied, or has been waived in writing (in whole or in part)
by Lender in its sole discretion. The execution of this Fourth Amendment to the

 

-4-

	 	 	Loan Agreement by Lender shall constitute evidence of the satisfaction and/or waiver of each
of the following conditions by Lender:

	 	(a)	 	Lender has received, in form and substance satisfactory to Lender, an original
copy of this Fourth Amendment to the Loan Agreement duly executed and delivered by
Borrower.

	9.	 	Continuance of the Loan Agreement and Security
	 
	 	 	The Loan Agreement, as changed, altered, amended or modified by this Fourth Amendment to the
Loan Agreement, shall be and continue in full force and effect and is hereby confirmed and
the rights and obligations of all parties thereunder shall not be affected or prejudiced in
any manner except as specifically provided for herein. It is agreed and confirmed that
after giving effect to this Fourth Amendment to the Loan Agreement, all security delivered
by Borrower and/or any Obligor secures the payment of all of the Obligations including,
without limitation, the obligations arising under the Loan Agreement, as amended by the
terms of this Fourth Amendment to the Loan Agreement.
	 
	10.	 	Counterparts & Facsimile
	 
	 	 	This Fourth Amendment to the Loan Agreement may be executed in any number of counterparts,
by original or facsimile signature, each of which shall be deemed an original and all of
such counterparts taken together shall be deemed to constitute one and the same instrument.
	 
	11.	 	Governing Law
	 
	 	 	The validity, interpretation and enforcement of this Fourth Amendment to the Loan Agreement
and any dispute arising out of the relationship between the parties hereto, whether in
contract, tort, equity or otherwise, shall be governed by the laws of the Province of
Ontario and the federal laws of Canada therein.

(Signature Page Follows)

 

-5-

     IN WITNESS WHEREOF the parties hereto have executed this Fourth Amendment to the Loan
agreement as of and with effect from the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	LENDER	 	 	 	BORROWER	 	 
	WACHOVIA CAPITAL FINANCE	 	 	 	IMAX CORPORATION	 	 
	CORPORATION (CANADA)	 	 	 	 	 	 	 	 
	By:

	 	“Niall Hamilton”
	 	 	 	By:
	 	“Edward MacNeil”     “Robert D. Lister”	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Title:

	 	Senior Vice President
 

	 	 	 	Title:
	 	 Sr Vice President     Exec Vice President
 

	 	 
	 
	Address:	 	 	 	Address:	 	 
	141 Adelaide Street West, Suite 1500	 	 	 	110 East 59th Street	 	 
	Toronto, Ontario M5H 3L5	 	 	 	New York, New York 10022	 	 
	Fax: (416) 364-6060	 	 	 	Fax: (212) 371-7584	 	 

 

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Each of IMAX U.S.A. Inc., IMAX II U.S.A. Inc. and 1329507 Ontario Inc. (collectively, the
“Guarantors” and each a “Guarantor”) hereby acknowledges, consents and confirms as follows:

	 	(a)	 	it has reviewed and understands the terms of this Fourth Amendment to the Loan
Agreement and consents to the amendment of the Loan Agreement as contemplated herein;
	 
	 	(b)	 	its liability under the guarantee to which it is a party dated February 6, 2004
(each hereinafter referred to as a “Guarantee”), is affected by this Fourth Amendment
to the Loan Agreement;
	 
	 	(c)	 	the “Guaranteed Obligations” (as respectively defined in each Guarantee, as
applicable) shall extend to and include all of the obligations of the Borrower under
the Loan Agreement as amended by this Fourth Amendment to the Loan Agreement;
	 
	 	(d)	 	each of the Guarantees shall continue in full force and effect, enforceable
against each of the Guarantors, as applicable, in accordance with its terms; and
	 
	 	(e)	 	each of the security documents or instruments creating a security interest,
assignment, hypothec, lien, pledge or other charge granted by the Guarantors to Lender
together with all amendments, supplements, restatements or replacements thereto or
therefore from time to time remains in full force and effect as at the date hereof, in
respect of each of the Guarantor’s obligations under the Loan Agreement, as amended by
this Fourth Amendment to the Loan Agreement.

     DATED as of and with effect from the 5th day of December, 2007.

	 	 	 	 	 	 	 	 	 	 	 
	IMAX U.S.A. INC.	 	 	 	IMAX II U.S.A. INC.	 	 
	 
	By:

	 	“Edward MacNeil”     “Robert D. Lister”
 

	 	 	 	Per:
	 	“Edward MacNeil”     “Robert D. Lister”
 

	 	 
	Name:

	 	Edward MacNeil     Robert D. Lister
	 	 	 	Name:
	 	Edward MacNeil     Robert D. Lister	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Title:

	 	Vice President     Vice President
	 	 	 	Title:
	 	Vice President     Vice President	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	1329507 ONTARIO INC. 
	 	 	 	 	 	 	 	 
	 
	By:

	 	“Edward MacNeil”     “Robert D. Lister”	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Name:

	 	Edward MacNeil     Robert D. Lister	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Title:

	 	Vice President     Vice Presidentex10-1c.htm

EXHIBIT 10-1C

    SETTLEMENT AND RELEASE
AGREEMENT

    

     

    THIS SETTLEMENT AND RELEASE AGREEMENT
(“Agreement”)
is made and entered into as of December 31, 2007 (the “Effective Date”), by
and among Century Casinos Tollgate, Inc., a Delaware corporation (“CCTI”), CC Tollgate
LLC, a Delaware limited liability company (the “Company”), and
Central City Venture, LLC, a Colorado limited liability company (“Venture”).  The
above referenced parties are sometimes referred to herein individually as a
“Party” and
collectively as the “Parties.”  Defined
terms not otherwise defined herein shall have the meaning given them in the
Limited Liability Company Agreement of the Company, as amended (the “Operating
Agreement”).

    

    RECITALS

    

    1.           
On October 12, 2004, CCTI and Venture entered into a Contribution Agreement
whereby the parties created a newly-formed Delaware limited liability company,
CC Tollgate LLC, for purposes of developing a casino in Central City,
Colorado.

    

    2.           
Section 8.3 of
the Operating Agreement gives CCTI the option of purchasing Venture’s Units in
the Company (the “Venture Units”) at
certain specified prices and under certain specified circumstances.

    

    3.           
CCTI and Venture have engaged in discussions regarding the potential exercise of
CCTI’s option to purchase all the Venture Units.

    

    4.           
Venture disputes the amount CCTI is required to pay for the Venture
Units.

    

    5.           
The Parties desire to settle their disputes without any admission of fault or
liability.

    

    6.           
Through this Agreement, the Parties desire to completely terminate their
business relationship and all contractual obligations arising therefrom, other
than those obligations set forth in this Agreement.

    

    AGREEMENT

    

    NOW THEREFORE, in consideration of the
mutual covenants contained herein, the sufficiency of which is hereby
acknowledged, the Parties agree as follows:

    

    Section
1. Assignment of
Units.  Subject to the terms and conditions of this Agreement,
on the Effective Date and simultaneous with the execution of this Agreement,
Venture hereby sells, transfers and assigns to CCTI and CCTI hereby purchases
from Venture all of the Venture Units, free and clear of any liens, encumbrances
or claims whatsoever, and further free of any restrictions on transfer, options,
warrants, purchase rights, contracts, commitments, equities, claims and demands,
other than restrictions under federal or state securities laws and as provided
in the Operating Agreement and as may be provided in the Credit Agreement, as
hereafter defined, and the Subordination Agreement, as hereinafter defined, at a
purchase price equal to the Settlement Payment.  Venture shall deliver
to CCTI a duly executed Unit Power in the form attached hereto as Exhibit A and any
other documents that are necessary to transfer to CCTI good title to all of the
Venture Units.

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    Section
2. Settlement Payment; Purchase
of Note.  On the Effective Date and simultaneous with the
delivery of the Unit Power by Venture to CCTI, CCTI or one of its Affiliates
shall pay to Venture $2,050,000 by wire transfer or delivery of other
immediately available funds (the “Settlement
Payment”).  In addition, on the Effective Date and simultaneous
with the delivery to CCTI of the promissory note dated December 30, 2004, from
the Company to Venture in the original principal amount of $1,000,000 together
with the Allonge to Promissory Note dated November 18, 2005 (collectively, the
“Note”) and a
duly executed Assignment of Note in the form attached hereto as Exhibit B, CCTI or
one of its Affiliates shall purchase the Note from Venture without recourse by
wire transfer or delivery of other immediately available funds for an amount
equal to $1,000,000 plus accrued but unpaid interest on the Note to the
Effective Date.  The Parties agree that the accrued, but unpaid
interest as of the Effective Date shall be $240,219.18.

    

    Section
3. Valuation Consultant’s
Report. CCTI shall deliver to Venture upon receipt the report of OnPointe
Financial Valuation Group, LLC (the “Valuation
Consultant”), an independent valuation consultant, which will value the
assets of the Company as of December 31, 2007. A summary of the Valuation
Consultant's valuation methodology is attached to this Agreement as Exhibit
C.  In connection therewith, the Parties acknowledge that the
items of 751(a) property as that term is generally defined by the Internal
Revenue Code of 1986 as amended and regulations promulgated thereunder
substantially consist of Section 1245 property of the type reflected in
lines 19(b) and 19(c) of Form 4562 in the 2006 partnership tax return of
the Company (“2006
Company Return”) and inventory as reflected on Schedule L of the
2006 Company Return.  The Parties agree that pursuant to the terms of
the Operating Agreement, income, if any, attributable to the sale of 751(a)
assets on the transfer of the Venture Units contemplated hereunder is allocable
to Venture in proportion to the units owned by Venture in the Company (i.e.,
35%).  Each Party agrees to report its respective tax treatment of the
transactions contemplated by this Agreement in a manner that is consistent with,
and based upon the values contained in, the Valuation Consultant's report and
the provisions hereof to the extent the Valuation Consultant’s report is
substantially consistent with the methodology in Exhibit C.

     

    Section
4. Mutual
Release.

        (a) Except
for the Parties’ respective obligations hereunder, and for and in consideration
of the mutual promises and covenants contained herein, and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, upon receipt of the Settlement Payment referenced in Section 2, Venture
for itself and its Affiliates (including without limitation Tollgate Venture LLC
and KJE Investments, LLC), officers, directors, shareholders, members (including
without limitation John and Jan Zimpel), employees, agents, successors and
assigns (collectively, the “Tollgate Parties”),
does hereby and forever discharge each of CCTI, the Company, Century Casinos,
Inc., a Delaware corporation, and each of their respective Affiliates, officers,
directors, shareholders, employees, agents, successors and assigns
(collectively, the “Century Parties”), of
and from any and all manner of claims, contractual obligations, demands,
actions, causes of action, suits, debts, sums of money, promises or damages
whatsoever, in law or in equity, whether heretofore asserted or not and whether
known or unknown (“Claims”), which any
of the Tollgate Parties has, had or claims to have against any or all of the
Century Parties, including without limitation Claims arising out of, or
occurring as a result of, or in any way connected with or related to the Venture
Units, the Operating Agreement, the Casino Management Agreement, the
Contribution Agreement, the Tollgate Parties’ investment in the Company or the
business of the Company or of the Century Parties.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

          (b) Except
for the Parties’ respective obligations hereunder, and for and in consideration
of the Settlement Payment and the mutual promises and covenants contained
herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, upon receipt of the Unit Power referenced in
Section 1 and
the Assignment of Note referenced in Section 2, CCTI for
itself and each of the Century Parties, does hereby and forever discharge the
Tollgate Parties, of and from any and all manner of Claims, which any of the
Century Parties has, had or claims to have against any or all of the Tollgate
Parties, including without limitation Claims arising out of, or occurring as a
result of, or in any way connected with or related to the Venture Units, the
Operating Agreement, the Casino Management Agreement, the Contribution
Agreement, the Tollgate Parties’ investment in the Company or the business of
the Company or of the Tollgate Parties.

    

     

        (c) For
purposes of this Agreement, “Affiliate” means,
with respect to any Person (as defined below), any Person that controls, is
controlled by or is under common control with such Person, together with its and
their respective members, managers, partners, venturers, directors, officers,
shareholders, agents, employees, and representatives.  A Person shall
be presumed to have control when it possesses the power, directly or indirectly,
to direct, or cause the direction of, the management or policies of another
Person, whether through ownership of voting securities, by contract, or
otherwise.  “Person” means an
individual, partnership, limited liability company, association, corporation, or
other entity.

     

            Section
5. Warranties and
Representations of the Parties.  Each Party hereto represents
and warrants to the other Party as follows:

     

        (a) In
connection with the purchase and sale of the Venture Units and the Note, such
Party and its Affiliates have had the opportunity to ask questions of and
receive answers from representatives of the Company concerning the Company’s
business, financial condition and prospects and affairs.

     

        (b) Each of
this Agreement, the Unit Power attached as Exhibit A and the
Assignment of Promissory Note attached as Exhibit B has been
duly authorized, executed and delivered by such Party and is the legal, valid
and binding agreement of such Party, enforceable against such Party in
accordance with its terms.

     

        (c) It has
read this Agreement and knows and understands its contents fully.  It
understands that it is giving up any claims it may have against other Parties,
and that it may never bring a lawsuit to recover for claims, related to or in
any way connected with, the dispute referenced herein.

     

        (d) It
voluntarily executes this Agreement, after consulting with counsel and without
being pressured or influenced by any statement or representation of any person
acting on behalf of any other Party, including any other Party’s officers,
directors, employees, agents and attorneys.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    Section
6. Warranties, Representations
and Agreements of Venture.  Venture represents and warrants to
and agrees with CCTI as follows:

     

        (a) Venture has not assigned any of its
rights under the Operating Agreement, the Venture Units or the Note to any other
Person, and Venture has full authority for itself and the Tollgate Parties to
fully release the Century Parties as specified in Section
4above.

     

        (b)  Venture owns of record and
beneficially, and shall transfer to CCTI on the Effective Date, the Venture
Units and the Note, free and clear of any liens, encumbrances or claims
whatsoever, and further free of any restrictions on transfer, options, warrants,
purchase rights, contracts, commitments, equities, claims and demands, other
than restrictions under federal or state securities laws and as provided in the
Operating Agreement and as may be provided in the Credit Agreement and
Subordination Agreement.

     

        (c) Except as
to claims of Wells Fargo, Venture shall defend and hold harmless the Century
Parties from and against any claims against any of the Century Parties by any of
the Tollgate Parties, arising out of this Agreement.

     

    Section
7. Warranties, Representations
and Agreements of CCTI.  CCTI represents and warrants to and
agrees with Venture as follows:

     

    (a) The
inventory of the Company as of the Effective Date has not changed substantially
from the inventory as shown on the 2006 Company Tax Return.

     

        (b) The
purchase of the Note does not breach the terms and provisions of the Credit
Agreement, dated November 18, 2005, by and between the Company, each lender
which is a party to the Credit Agreement, and Wells Fargo Bank, National
Association, as administrative and collateral agent for the lenders (“Credit Agreement”) or
the Payment Subordination Agreement, dated November 18, 2005, by and between
Venture and Wells Fargo Bank, National Association, as administrative and
collateral agent for the lenders (“Subordination
Agreement”).

     

        (c) The
schedules attached to Exhibit D are
good faith estimates of the net book values of the assets of the Company listed
therein and a comparison of net book values and tax basis for such assets, in
each case as of the Effective Date and subject to year-end closing
adjustments.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

              Section
8. No
Admission.  Neither this Agreement nor any discussions or
proceedings relating to the settlement of the dispute referenced herein is to be
considered, interpreted or construed as an admission or acknowledgement by any
Party of fault, liability, or wrongdoing.

    

     

            Section
9. Cooperative
Drafting.  Each Party has cooperated in the drafting and
preparation of this Agreement.  In any construction to be made of this
Agreement, the same will not be construed against any Party on the basis that
such Party drafted or prepared this Agreement.

     

            Section
10. Enforcement.  If
any Party to this Agreement files an action to enforce this Agreement, the
prevailing Party shall be entitled to recover reasonable attorneys’ fees and
costs.  A prevailing party shall be considered the Party who
substantially prevailed on the merits of the claims brought to enforce this
Agreement.

     

            Section
11. Authority. Each person signing this
Agreement in a representative capacity represents that he or she is authorized
to agree to the terms and conditions of, and to execute this Agreement on behalf
of the Party or Parties whom he or she represents.

     

            Section
12. Invalid
Provisions.  If any provision of this Agreement is held to be
illegal, invalid or unenforceable under any present or future laws, such
provision shall be fully severable, and the remaining provisions shall
constitute the Parties’ agreement.

     

            Section
13. Disclosure. The
Parties agree to keep the contents of this Agreement confidential and not to
disclose it or its terms except as required by law.  Notwithstanding
the first sentence of this Section, the Parties shall be permitted to disclose
the contents of this Agreement to lenders, regulatory agencies or other persons
or entities to which they are required by law or binding written agreement to
make disclosure.

     

            Section
14. Counterpart Execution;
Facsimile and Electronic Signatures.  This Agreement and the
Exhibits hereto may be signed in multiple counterparts and each counterpart when
taken with the other executed counterpart shall constitute a binding agreement
among the Parties executed as of the date first written above. This Agreement
and the Exhibits hereto may be evidenced by facsimile or electronic signatures,
which shall have the same force and effect as manually signed original
documents.

     

            Section
15. Amendment.  This
Agreement may be amended, modified or terminated only by a written instrument
executed by all Parties to the Agreement.

     

            Section
16. Governing
Law.  This Agreement and the agreements referenced in the
Exhibits shall be interpreted in accordance with the laws of the State of
Delaware without giving effect to the conflicts of law principles
thereof.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

              Section
17. Choice of
Forum.  The Parties agree that any action arising out of or
under this Agreement shall be filed in a court of competent jurisdiction in the
State of Colorado.

    

     

            Section
18. Entire
Agreement.  This Agreement represents the entire agreement
between the Parties hereto.

     

            Section
19. Representations and
Warranties.  All representations and warranties shall survive
the execution and delivery of this Agreement and execution and delivery of the
Unit Power attached as Exhibit A and
the Assignment of Promissory Note attached as Exhibit
B.

     

    IN
WITNESS WHEREOF, this Agreement has been executed as of the Effective
Date.

     

    

    CENTURY
CASINOS TOLLGATE, INC.

    By:  /s/ Larry Hannappel

    Larry
Hannappel

    Chief
Executive Officer and Secretary

     

     

    CC
TOLLGATE LLC

    By:
Century Casinos Tollgate, Inc., its Manager

     

    
      By:  /s/ Larry
Hannappel

    

    Larry
Hannappel

    Chief
Executive Officer and Secretary

    

    

    CENTRAL
CITY VENTURE LLC

    
      By:  /s/ John
Zimpel

    

    John
Zimpel

    Managing
Member

    
6

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