Document:

ex10-1.htm

    
      EIGHTH AMENDMENT
TO

      AMENDED AND RESTATED CREDIT
AGREEMENT

      

      

      THIS
EIGHTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT ("Eighth Amendment")
is made and entered into as of the 11th day
April, 2008, by and among WMCK VENTURE CORP., a Delaware corporation, CENTURY
CASINOS CRIPPLE CREEK, INC., a Colorado corporation and WMCK ACQUISITION CORP.,
a Delaware corporation (collectively the "Borrowers"), CENTURY CASINOS, INC., a
Delaware corporation (the "Guarantor") and WELLS FARGO BANK, National
Association, as Lender and L/C Issuer and as the administrative and collateral
agent for the Lenders and L/C Issuer (herein in such capacity called the "Agent
Bank" and, together with the Lenders and L/C Issuer, collectively referred to as
the "Banks").

      

      R_E_C_I_T_A_L_S:

      

      WHEREAS:

       

      
        	
                A.  

              	
                Borrowers,
      Guarantor and Banks entered into an Amended and Restated Credit Agreement
      dated as of April 21, 2000, as amended by First Amendment to Amended
      and Restated Credit Agreement dated as of August 22, 2001, by Second
      Amendment to Amended and Restated Credit Agreement dated as of
      August 28, 2002, by Third Amendment to Amended and Restated Credit
      Agreement dated as of October 27, 2004, by Fourth Amendment to Amended and
      Restated Credit Agreement dated as of September 23, 2005, by Fifth
      Amendment to Amended and Restated Credit dated as of December 6, 2005, by
      Sixth Amendment to Amended and Restated Credit Agreement dated as of
      October 31, 2006, and by Seventh Amendment to Amended and Restated
      Credit Agreement dated as of February 28, 2007 (collectively, the
      "Existing Credit Agreement").

              

      

       

       

      
        	
                B.  

              	
                For
      the purpose of this Eighth Amendment, all capitalized words and terms not
      otherwise defined herein shall have the respective meanings and be
      construed herein as provided in Section 1.01 of the Existing Credit
      Agreement and any reference to a provision of the Existing Credit
      Agreement shall be deemed to incorporate that provision as a part hereof,
      in the same manner and with the same effect as if the same were fully set
      forth herein.

              

      

       

       

      
        	
                C.  

              	
                Borrowers
      and Guarantor desire to further amend the Existing Credit Agreement for
      the following purposes:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                decreasing
      the Aggregate Commitment and Maximum Permitted Balance from its present
      level of Fifteen Million Five Hundred Thousand Dollars ($15,500,000.00) to
      Ten Million Dollars
($10,000,000.00);

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                 
      

              	
                (ii)

              	
                restating
      the Aggregate Commitment Reduction Schedule and deleting the requirement
      to make any Scheduled Reductions prior to the Maturity
    Date;

              

      

      

      
        	
                 
      

              	
                (iii)

              	
                extending
      the Maturity Date from December 31, 2008 to December 31,
      2009;

              

      

      

      
        	
                 
      

              	
                (iv)

              	
                restating
      the definition of Interest Expense Coverage Ratio for the purpose of
      clarifying in the numerator that the deduction of Management Fees as
      Distributions is only necessary to the extent such Management Fees were
      not deducted in the determination of Net
Income;

              

      

      

      
        	
                 
      

              	
                (v)

              	
                deleting
      the TFCC Ratio requirement
(Section 6.03);

              

      

      

      
        	
                 
      

              	
                (vi)

              	
                adding
      a Minimum Make-Well Adjusted Quarterly EBITDA
  covenant;

              

      

      

      
        	
                 
      

              	
                (vii)

              	
                restating
      the Restriction on Distributions Covenant (Section 6.10) for the
      purpose of clarifying that Management Fees be counted as Distributions;
      and

              

      

      

      
        	
                 
      

              	
                (viii)

              	
                confirming
      the amount of the Designated CCI Capital Contribution and the aggregate of
      all Designated CCI Distribution Carve-Outs made as of the Eighth Amendment
      Effective Date.

              

      

       

      
        	
                D.  

              	
                Lender
      is willing to amend the Existing Credit Agreement for the purposes
      described hereinabove, subject to the terms and conditions which are
      hereinafter set forth.

              

      

       

      NOW,
THEREFORE, in consideration of the foregoing and other good and valuable
considerations, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto do agree to the amendments and modifications to the Existing
Credit Agreement in each instance effective as of the Eighth Amendment Effective
Date, as specifically hereinafter provided as follows:

       

      1. Definitions.  Section 1.01
of the Existing Credit Agreement entitled "Definitions" shall be and is hereby
amended to include the following definitions.  Those terms which are
currently defined by Section 1.01 of the Existing Credit Agreement and
which are also defined below shall be superseded and restated by the applicable
definition set forth below:

       

      "Aggregate
Commitment" shall mean, as of the Eighth Amendment Effective Date, reference to
the aggregate amount committed by Lender for advance to or on behalf of the
Borrower as Borrowings under the Credit Facility up to the maximum principal
amount of Ten Million Dollars ($10,000,000.00), as may be reduced from time to
time by (i) Voluntary Permanent Reductions and/or (ii) Mandatory
Commitment Reductions.

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      "Aggregate
Commitment Reduction Schedule" shall mean the Aggregate Commitment Reduction
Schedule marked "Schedule 2.01(c)", affixed to the Eighth Amendment and by this
reference incorporated herein and made a part hereof, which revised
Schedule 2.01(c) shall fully supersede and restate Schedule 2.01(c)
attached to the Existing Credit Agreement.

      

      "Compliance
Certificate" shall mean a compliance certificate as described in
Section 5.08, the form of which is more particularly described on
"Exhibit F", affixed to the Eighth Amendment and by this reference
incorporated herein and made a part hereof, which revised Exhibit F shall
fully supersede and restate Exhibit F attached to the Existing Credit
Agreement.

      

      "Credit
Agreement" shall mean the Existing Credit Agreement as amended by the Eighth
Amendment, together with all Schedules, Exhibits and other attachments thereto,
as it may be further amended, modified, extended, renewed or restated from time
to time.

      

      "Designated
CCI Capital Contribution" shall mean reference to the capital contribution
actually made by CCI to the Borrower Consolidation in cash within thirty (30)
days of the Fifth Amendment Effective Date, in the amount of Fourteen Million
Five Hundred Thousand Dollars ($14,500,000.00).

      

      "Eighth
Amendment" shall mean the Eighth Amendment to Amended and Restated Credit
Agreement.

      

      "Eighth
Amendment Effective Date" shall mean April 18, 2008, subject to the
occurrence of each of the conditions precedent set forth in Paragraph 7 of
the Eighth Amendment.

      

      "Eighth
Amendment Fee" shall have the meaning set forth in Paragraph 7(c) of the
Eighth Amendment.

      

      "Equity
Contribution" shall mean reference to a voluntary contribution of Cash by the
Guarantor or any of its Affiliates to the Borrower Consolidation so long as such
contribution is not subject to any return of such capital, except to the extent
permitted with respect to Distributions as provided in
Section 6.10.

      

      "Existing
Credit Agreement" shall have the meaning set forth in Recital Paragraph A
of the Eighth Amendment.

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      "Interest
Expense Coverage Ratio" shall be defined as follows:

      

      
        	
                 
      

              	
                EBITDA,
      minus Distributions (exclusive of Management Fees to the extent deducted
      in the determination of Net Income and the Designated CCI Distribution
      Carve-Outs), minus Non-Financed Capital Expenditures incurred during the
      period under review

              

      

      

      Divided by (/)

      

      
        	
                 
      

              	
                Interest
      Expense paid with respect to the Fiscal Quarter under review and the most
      recently ended three immediately preceding Fiscal Quarters on a four
      fiscal quarter basis on all Indebtedness (accrued and
      capitalized).

              

      

      

      "Make-Well
Adjusted Quarterly EBITDA" shall mean for any Fiscal Quarter, the amount of
EBITDA realized by the Borrower Consolidation during such Fiscal Quarter, plus
the amount, if any, by which the aggregate amount of Make Well Contributions
received by the Borrower Consolidation in Cash applicable to such Fiscal
Quarter, is greater than the aggregate amount of Distributions (exclusive of
Management Fees to the extent deducted in the determination of Net Income) paid
in Cash by the Borrower Consolidation during the applicable Fiscal Quarter under
review.

      

      "Make-Well
Contribution(s)" shall mean Equity Contributions received in Cash by Borrower
during any Fiscal Quarter which is the subject of a Minimum Make-Well Adjusted
Quarterly EBITDA calculation or within forty (40) days following the end of the
Fiscal Quarter which is the subject of such Minimum Make-Well Adjusted Quarterly
EBITDA calculation which has been designated as applicable to such Fiscal
Quarter, which Make-Well Contribution shall be added to the EBITDA realized by
the Borrower Consolidation during such Fiscal Quarter (net of Distributions,
exclusive of Management Fees to the extent deducted in the determination of Net
Income, paid in Cash during such Fiscal Quarter) for the purpose of determining
Make-Well Adjusted Quarterly EBITDA so long as:

      

      
        	
                 
      

              	
                (i)

              	
                the
      amount of such net Make-Well Contribution is added to EBITDA on a one-time
      basis only, solely for the purpose of calculating the Minimum Make-Well
      Adjusted Quarterly EBITDA covenant for the applicable Fiscal Quarter then
      under review and for no other purpose;
and

              

      

      

      
        	
                 
      

              	
                (ii)

              	
                the
      amount of such Make-Well Contribution that is added to quarterly EBITDA in
      the determination of Make-Well Adjusted Quarterly EBITDA shall be deemed
      to be a Mandatory Permanent Reduction of the Aggregate Commitment and
      Maximum Permitted Balance.

              

      

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      "Mandatory
Commitment Reduction" shall mean a permanent reduction of the Aggregate
Commitment and Maximum Permitted Balance as may be required from time to time
under Sections 5.01 and 8.02 or pursuant to the requirements for use of
Make Well Contributions in the determination of Adjusted EBITDA.

      

      "Maturity
Date" shall mean December 31, 2009.

      

      "Maximum
Scheduled Balance" shall mean the maximum amount of scheduled principal which
may be outstanding on the Credit Facility from time to time in the amount of Ten
Million Dollars ($10,000,000.00) as of the Eighth Amendment Effective
Date.

       

      2. Commitment
Decrease.  From and after the Eighth Amendment Effective Date,
the Aggregate Commitment shall be and is hereby reduced to Ten Million Dollars
($10,000,000.00).

       

      3. Restated
Definitions.  On and after the Eighth Amendment Effective
Date:

       

      
        	
                a.  

              	
                 The
      definitions of "Aggregate Commitment", "Aggregate Commitment Reduction
      Schedule", "Designated CCI Capital Contribution", "Interest Expense
      Coverage Ratio", "Maximum Scheduled Balance" and "Maturity Date" shall be
      deemed fully amended and restated by the definitions set forth in the
      Eighth Amendment; and

              

      

       

      
        	
                b.  

              	
                The
      definition of "Scheduled Reductions" shall be and is hereby deleted in its
      entirety from the Credit Agreement.

              

      

       

      4. Replacement of TFCC Ratio
with Minimum Make-Well Adjusted Quarterly EBITDA Covenant.  As
of the Eighth Amendment Effective Date, Section 6.03 of the Existing Credit
Agreement entitled "TFCC Ratio" shall be and is hereby fully amended and
restated in its entirety as follows:

       

      
        	
                 
      

              	
                "Section
      6.03.  Minimum Make-Well
      Adjusted Quarterly EBITDA.  Commencing as of the Fiscal
      Quarter ending June 30, 2008 and continuing as of each Fiscal Quarter
      until the occurrence of Bank Facility Termination, the Borrower
      Consolidation shall realize Make-Well Adjusted Quarterly EBITDA during
      each Fiscal Quarter no less than the amounts set forth
    below:

              

      

      

      
        	
                Fiscal
      Quarter Ended

              	
                Minimum
      Make-Well Adjusted

                Quarterly
      EBITDA for such Quarter

              
	
                3/31/2008

              	
                N/A

              
	
                6/30/2008

              	
                $1,410,000.00

              
	
                9/30/2008

              	
                $1,130,000.00

              
	
                12/31/2008

              	
                $   753,000.00

              
	
                3/31/2009

              	
                $   899,000.00

              
	
                6/30/2009

              	
                $   902,000.00

              
	
                9/30/2009

              	
                $1,425,000.00

              
	
                12/31/2009

              	
                Maturity"

              

      

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      5. Restatement of Covenant
Restricting Distributions.  As of the Eighth Amendment
Effective Date, Section 6.10 of the Existing Credit Agreement entitled
"Restriction on Distributions" shall be restated in its entirety as
follows:

       

       "Section 6.10.  Restriction on
Distributions.

      

      
        	
                 
      

              	
                a.

              	
                The
      Borrower Consolidation shall not make any Distributions during any period
      in which a Default or Event of Default has occurred and remains
      continuing; and

              

      

      

      
        	
                 
      

              	
                b.

              	
                In
      no event shall the aggregate amount of Distributions (inclusive of
      Management Fees but exclusive of the Designated CCI Distribution
      Carve-Outs) during any Fiscal Year exceed the cumulative maximum amount of
      One Million Six Hundred Thousand Dollars
  ($1,600,000.00).

              

      

       

      6. Confirmation of the
Designated CCI Capital Contribution and Designated CCI Distribution Carve-Outs.
The parties hereto agree that:

       

      
        	
                 
      

              	
                a.

              	
                The
      amount of the Designated CCI Capital Contribution is Fourteen Million Five
      Hundred Thousand Dollars ($14,500,000.00);
and

              

      

      

      
        	
                 
      

              	
                b.

              	
                The
      aggregate amount of Designated CCI Distribution Carve-Outs made as of
      January 1, 2008 is Six Million Six Hundred Five Thousand Four Hundred
      Forty-Four Dollars ($6,605,444.00).

              

      

       

      7. Conditions Precedent to
Eighth Amendment Effective Date.  The occurrence of the Eighth
Amendment Effective Date is subject to Agent Bank having received the following
documents and payments, in each case in a form and substance reasonably
satisfactory to Agent Bank, and the occurrence of each other condition precedent
set forth below on or before April 18, 2008:

       

      a. Due
execution by Borrowers, Guarantor and Banks of three (3) duplicate
originals of this Eighth Amendment;

       

      b. Corporate
resolutions or other evidence of requisite authority of Borrowers and Guarantor,
as applicable, to execute the Eighth Amendment;

       

      c. Payment
of a non-refundable fee in the amount of Twenty Thousand Dollars ($20,000.00)
(the "Eighth Amendment Fee") to Agent Bank on behalf of the Lender;

       

      d. Reimbursement
to Agent Bank by Borrowers for all reasonable fees and out-of-pocket expenses
incurred by Agent Bank in connection with the Eighth Amendment, including, but
not limited to, reasonable attorneys' fees of Henderson & Morgan, LLC and
all other like expenses remaining unpaid as of the Eighth Amendment Effective
Date; and

       

      e. Such
other documents, instruments or conditions as may be reasonably required by
Lenders.

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      8. Representations of
Borrowers.  Borrowers hereby represent to the Banks
that:

       

      a. The
representations and warranties contained in Article IV of the Existing Credit
Agreement and contained in each of the other Loan Documents (other than
representations and warranties which expressly speak only as of a different
date, which shall be true and correct in all material respects as of such date)
are true and correct on and as of the Eighth Amendment Effective Date in all
material respects as though such representations and warranties had been made on
and as of the Eighth Amendment Effective Date, except to the extent that such
representations and warranties are not true and correct as a result of a change
which is permitted by the Credit Agreement or by any other Loan Document or
which has been otherwise consented to by Agent Bank;

       

       

      b. Since the
date of the most recent financial statements referred to in Section 5.08 of the
Existing Credit Agreement, no Material Adverse Change has occurred and no event
or circumstance which could reasonably be expected to result in a Material
Adverse Change or Material Adverse Effect has occurred;

       

      c. No event
has occurred and is continuing which constitutes a Default or Event of Default
under the terms of the Credit Agreement; and

       

      d. The
execution, delivery and performance of this Eighth Amendment has been duly
authorized by all necessary action of Borrowers and Guarantor and this Eighth
Amendment constitutes a valid, binding and enforceable obligation of Borrowers
and Guarantor.

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      9. Consent to Eighth Amendment
and Affirmation and Ratification of Guaranty.  Guarantor joins
in the execution of this Eighth Amendment for the purpose of evidencing its
consent to the terms, covenants, provisions and conditions herein contained and
contained in the Existing Credit Agreement.  Guarantor further joins
in the execution of this Eighth Amendment for the purpose of ratifying and
affirming its obligations under the Continuing Guaranty for the guaranty of the
full and prompt payment and performance of all Indebtedness and Obligations
under the Credit Facility, as modified and amended under this Eighth
Amendment.

       

      10. Incorporation by
Reference.  This Eighth Amendment shall be and is hereby
incorporated in and forms a part of the Existing Credit Agreement.

       

       

      11. Governing
Law.  This Eighth Amendment to Credit Agreement shall be
governed by the internal laws of the State of Nevada without reference to
conflicts of laws principles.

       

       

      12. Counterparts.  This
Eighth Amendment may be executed in any number of separate counterparts with the
same effect as if the signatures hereto and hereby were upon the same
instrument.  All such counterparts shall together constitute one and
the same document.

       

       

      13. Continuance of Terms and
Provisions.  All of the terms and provisions of the Existing
Credit Agreement shall remain unchanged except as specifically modified
herein.

       

       

      14. Replacement Schedule
Attached.  The following replacement Schedule is attached
hereto and incorporated herein and made a part of the Credit Agreement as
follows:

       

      
         
Schedule
2.01(c) - Aggregate
Commitment Reduction Schedule

      

       

      15. Replacement Exhibit
Attached.  The following replacement Exhibit is attached hereto
and incorporated herein and made a part of the Credit Agreement as
follows:

       

      Exhibit F
- Compliance Certificate - Form

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      IN
WITNESS WHEREOF, the parties hereto have executed this Eighth Amendment as of
the day and year first above written.

      

      
        	 
      	
                BORROWERS:

                 

                WMCK
      VENTURE CORP.,

                a
      Delaware corporation

                 

                By /s/ Larry
      Hannappel                                                      

                     Larry
      Hannappel,

                     President

              
	 
      	
                 

                CENTURY
      CASINOS CRIPPLE

                CREEK,
      INC.,

                a
      Colorado corporation

                 

                By /s/ Larry
      Hannappel                              

                     Larry
      Hannappel,

                     President

                 

              
	 
      	
                WMCK
      ACQUISITION

                CORP.,
      a Delaware

                corporation

                 

                By /s/ Larry
      Hannappel                            

                     Larry
      Hannappel,

                     President

                 

              
	 
      	
                GUARANTOR:

                 

                CENTURY
      CASINOS, INC.,

                a
      Delaware corporation

                 

                By /s/ Larry
      Hannappel                      

                     Larry
      Hannappel,

                     Senior
      Vice President

                 

              
	 
      	
                BANKS:

                 

                WELLS
      FARGO BANK,

                National
      Association,

                Agent
      Bank, Lender and

                L/C
      Issuer

                 

                By /s/ Greg Rossiter  
       
                                                          

                     Greg
      Rossiter,

                     Vice
      President

              

      

       

      9

      
        
          

        

      

      
      

    

    SCHEDULE
2.01(c)

    TO

    EIGHTH
AMENDMENT TO CREDIT AGREEMENT

    
 

    AGGREGATE
COMMITMENT REDUCTION SCHEDULE

    (As
of Eighth Amendment Effective Date)

    

    

    
      	
              REDUCTION
      DATE

            	
              SCHEDULED
      REDUCTION

            
	
              Eighth
      Amendment Effective Date

            	
              -0-

            
	
              December
      31, 2009

              (Maturity
      Date)

            	
              Entire
      unpaid principal balance

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    
      EXHIBIT
F

      TO

      EIGHTH
AMENDMENT TO CREDIT AGREEMENT

    

    

    COMPLIANCE
CERTIFICATE

    (Revised
- Eighth Amendment - Form)

    

    

    
      	
              TO:

            	
              WELLS
      FARGO BANK, National Association, as Agent
Bank

            

    

     

    Reference
is made to that certain Amended and Restated Credit Agreement, dated as of April
21, 2000, as amended by First Amendment to Amended and Restated Credit Agreement
dated as of August 22, 2001, by Second Amendment to Amended and Restated
Credit Agreement dated as of August 28, 2002, by Third Amendment to Amended and
Restated Credit Agreement dated as of October 27, 2004, by Fourth Amendment to
Amended and Restated Credit Agreement dated as of September 23, 2005, by Fifth
Amendment to Amended and Restated Credit Agreement dated as of December 6, 2005,
by Sixth Amendment to Amended and Restated Credit Agreement dated as of
October 31, 2006, by Seventh Amendment to Amended and Restated Credit
Agreement dated as of February 28, 2007 and by Eighth Amendment to Amended
and Restated Credit Agreement dated April 11, 2008 (as may be further
amended, supplemented or otherwise modified from time to time, collectively the
"Credit Agreement"), by and among WMCK VENTURE CORP., a Delaware corporation,
CENTURY CASINOS CRIPPLE CREEK, INC., a Colorado corporation and WMCK ACQUISITION
CORP., a Delaware corporation (collectively the "Borrowers"), CENTURY CASINOS,
INC., a Delaware corporation (the "Guarantor"), the Lenders therein named (each,
together with their respective successors and assigns, individually being
referred to as a "Lender" and collectively as the "Lenders"), the L/C Issuer
therein named and WELLS FARGO BANK, National Association, as administrative and
collateral agent for the Lenders and L/C Issuer (herein, in such capacity,
called the "Agent Bank" and, together with the Lenders, collectively referred to
as the "Banks").  Terms defined in the Credit Agreement and not
otherwise defined in this Compliance Certificate ("Certificate") shall have the
meanings defined and described in the Credit Agreement.  This
Certificate is delivered in accordance with Section 5.08(f) of the Credit
Agreement.

    

    
      The
period under review is the Fiscal Quarter ended       [Insert
Date]       together with, unless
otherwise indicated, the three (3) immediately preceding Fiscal Quarters on a
rolling four (4) Fiscal Quarter basis.

    

    

    I.

    

    COMPLIANCE WITH AFFIRMATIVE
COVENANTS

    
      	
              A.    FF&E (Section 5.01): Amount of Capital
      Proceeds from FF&E sold or disposed which exceeds One Hundred Fifty
      Thousand Dollars ($150,000.00) in the aggregate during the term of the
      Credit Facility, in each instance which are not replaced by FF&E of
      equivalent value and utility.

            	
               

               

               

               

               

               

              $______________

            
	
              B.    Compliance with Payment Subordination
      Agreement (Section 5.03): Report the amount of any payments made on
      the Subordinated Debt:

            	 
      
	
                  Interest

            	
              $______________

            
	
                  Principal

            	
              $______________

            
	
              C.    Liens
      Filed (Section 5.04):  Report any liens filed against the
      Real Property and the amount claimed in such liens.  Describe
      actions being taken with respect thereto.

            	
               

               

               

              _______________

            
	
              D.    Acquisition of
      Additional Property (Section 5.06(b)):

            	 
      
	
              a.    Other
      than the Real Property presently encumbered by the Security Documentation,
      attach a legal description and describe the use of any other real property
      or rights to the use of real property which is used in any material manner
      in connection with the Casino Facilities.  Attach evidence that
      such real property or rights to the use of such real property has been
      added as Collateral under the Security Documentation.

            	
               

               

               

              ______________

            
	
                  b.    Has the
      T-Shirt Shop been acquired by any Borrower or the
    Guarantor?

            	
               

                       (yes/no) 
               

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              E.    Permitted Encumbrances (Section 5.11):
      Describe any mortgage, deed of trust, pledge, lien, security interest,
      encumbrance, attachment, levy, distraint or other judicial process or
      burden affecting the Collateral other than the Permitted
      Encumbrances.  Describe any matters being contested in the
      manner described in Sections 5.04 and 5.10 of the Credit
      Agreement.

            	
               

               

               

               ______________

            
	
              F.    Suits or Actions (Section
      5.16):  Describe on a separate sheet any matters requiring
      advice to Agent Bank under Section 5.16.

            	
               

               

               ______________

            
	
              G.    Tradenames, Trademarks and Servicemarks
      (Section 5.19):  Describe on a separate sheet any matters
      requiring advice to Agent Bank under Section 5.19.

            	
               

               

               ______________

            
	
              H.    Notice of Hazardous Materials (Section
      5.20): State whether or not to your knowledge there are any matters of
      which Banks should be advised under Section 5.20.  If so,
      attach a detailed summary of such matter(s).

            	
               

               

               ______________

            
	
              I.    Golden Horseshoe Lease (Section
      5.23):

            	 
      
	
               

                  a.    
      Describe all defaults, if any, which occurred during the period under
      review under the Golden Horseshoe Lease.  Describe any
      modifications or amendments to the Golden Horseshoe
      Lease.  State whether or not such modifications or amendments
      have been consented to by Agent Bank as required under Section 5.23
      of the Credit Agreement.

            	
               

               

               

               

               _____________

            
	
              b.    Have
      the Borrowers given Teller Realty Inc. written notice of intent to
      exercise the purchase option?

            	
               

                          yes/no        

            
	
              If so, attach a copy of such
      written notice.

            	 
      
	
              Required:  On or before
      June 30, 2003.

            	 
      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              c.    Have
      Borrowers purchased the Golden Horseshoe Property?

            	
               

                          yes/no         

            
	
              d.    Have
      Borrowers extended the term of the Golden Horseshoe Lease to at least
      June 30, 2010?

            	
               

                          yes/no        

            
	
              Requirement:  b, c or d
      must occur on or before June 30, 2003.

            	 
      
	
               

              J.     Compliance with Management Agreement
      (Section 5.27):

            	 
      
	
              a.     Has a
      Management Agreement been executed in compliance with the requirements of
      Section 5.27?

            	
               

                 
                  yes/no       

            
	
              If so:

            	 
      
	
              b.    
      Describe all defaults, if any, which occurred during the period under
      review under the Management Agreement.

            	
                

            
	
              c.    
      Describe any modifications or amendments to the Management
      Agreement.

            	
                

            
	
               d.    State whether
      or not such modifications or amendments have been consented to by Agent
      Bank as required under Section 5.27 of the Credit
    Agreement.

            	
                

            
	
               e.     Have any
      Management Fees been paid?

            	
                          
      yes/no        
    

            
	
              f.     
      Has the Borrower Consolidation realized a Leverage Ratio less than 2.00 to
      1.00 as of the end of a Fiscal Quarter occurring prior to such
      payment?

            	
               

                           yes/no        
      

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    II.

    

    FINANCIAL
COVENANTS

    

    
      	
              A.   Leverage Ratio (Section
      6.01):

            	 
      
	
               

              Funded
      Debt.  To be calculated with reference to the
      Borrower Consolidation as of the last day of the Fiscal Quarter set forth
      above:

            	 
      
	
                  a.     Daily
      average of the Aggregate Funded Outstanding on the Credit Facility during
      the last month of the Fiscal Quarter under review

            	
               

                 $_____________

            
	
              b.     Plus
      the daily average during the last month of the Fiscal Quarter under
      review, of both the long-term and the current portions (without
      duplication) of all other interest bearing Indebtedness

            	
               

                 
      + $_____________

            
	
              c.     Plus
      the daily average during the last month of the Fiscal Quarter under
      review, of both the long-term and current portion (without duplication) of
      all Capitalized Lease Liabilities

            	
               

              +
      $_____________

            
	
              d.    Plus
      the amount of all other Contingent Liabilities as of the last day of such
      period

            	
               

              +
      $_____________

            
	
              e.    Less
      the amount of all Subordinated Debt as of the last day of such period to
      the extent included in (b) above

            	
               

              -
      $_____________

            
	
              f.    TOTAL FUNDED
      DEBT

              (a + b + c + d +
    e)

            	
               

                $_____________

            
	
              Divided
      (/) by:

            	
               ̧

            
	
               

              EBITDA

            	 
      
	
               

              To
      be calculated with reference to the Borrower Consolidation on a cumulative
      basis with respect to the Fiscal Quarter under review and the most
      recently ended three (3) immediately preceding Fiscal Quarters on a four
      (4) Fiscal Quarter basis

               

            	 
      
	
              g.    Net
      income

            	
                 $_____________

            
	
              h.    Plus
      Interest Expense (expensed and capitalized) to the extent deducted in the
      determination of Net Income

            	
               

              +
      $_____________

            
	
              i.     Plus
      the aggregate amount of Federal and state taxes on or measured by income
      (whether or not payable during the period under review) to the extent
      deducted in the determination of Net Income

            	
               

              +
      $_____________

            
	
              j.     Plus
      depreciation, amortization and all other non-cash expenses to the extent
      deducted in the determination of Net Income

            	
               

              +
      $_____________

            
	
              k.     Less
      all cash and non-cash income (including, but not limited to, interest
      income), transfers, loans and advances from CCI or any of its Subsidiaries
      that are not members of the Borrower Consolidation to the extent included
      in the determination of Net Income.

            	
               

               

              -  $                                

            
	
              l.     Less
      all other non-cash income from any source not specified in (k) above to
      the extent included in the determination of Net Income.

            	
               

              -  $                                

            
	
              m.    TOTAL
EBITDA

              (g
      + h + i + j – k – l)

            	
               

                 $_____________

            
	
              Leverage Ratio (f
      / m)

            	
                                :1             

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Maximum
      Permitted Leverage Ratio:

            	 
      
	
               

              Fiscal Quarter End

            	
               

              Maximum Permitted Leverage
      Ratio

            	 
      
	
              As
      of the Fiscal Quarter ending September 30, 2005

            	
              3.00
      to 1.00

            	 
      
	
              As
      of the Fiscal Quarters ending December 31, 2005 and March 31,
      2006

            	
              2.75
      to 1.00

            	 
      
	
              As
      of the Fiscal Quarters ending June 30, 2006 and September 30,
      2006

            	
              2.50
      to 1.00

            	 
      
	
              As
      of the Fiscal Quarters ending December 31, 2006 and March 31,
      2007

            	
              2.25
      to 1.00

            	 
      
	
              As
      of the Fiscal Quarter ending June 30, 2007 and as of each Fiscal Quarter
      end thereafter occurring until Credit Facility Termination

            	
               

              2.00
      to 1.00

            	 
      

    

     

    
      	
              B.    Interest Expense
      Coverage Ratio (Section 6.02): The following line items and
      Interest Expense Coverage Ratio to be calculated with respect to the
      Borrower Consolidation with respect to the Fiscal Quarter under review and
      the most recently ended three (3) preceding Fiscal Quarters on a four (4)
      Fiscal Quarter basis unless otherwise noted:

            	 
      
	
               

              ADJUSTED EBITDA

            	 
      
	
              a.    EBITDA
      (enter IIA (m) above)

            	
                  $_____________

            
	
              b.    Less
      the aggregate amount of Distributions (exclusive of the Designated CCI
      Distribution Carve-Outs and Management Fees to the extent deducted in the
      determination of Net Income, in each case which were made during the four
      Fiscal Quarter period under review)

            	
              -   $_____________

            
	
              c.    Less
      the aggregate amount of Non-Financed Capital Expenditures

            	
              -   $_____________

            
	
              d.    Adjusted
      EBITDA

                  (a - b
      - c)

            	
                  $_____________

            
	
              Divided
      by /

            	 
      
	
              e.    Interest
      Expense paid on all Indebtedness (accrued and capitalized)

            	
                  $_____________

            
	
              INTEREST
      EXPENSE COVERAGE RATIO

              (d/e)

            	
               

                                  :1           

            
	
               

              Minimum
      required no less than 2.00 to 1.00

            	 
      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              C.       
      Minimum Make-Well
      Adjusted Quarterly EBITDA (Section 6.03):  To be
      calculated with respect to the Borrower Consolidation with respect to each
      Fiscal Quarter commencing as of the Fiscal Quarter ending June 30,
      2008 and continuing as of each Fiscal Quarter until the occurrence of Bank
      Facility Termination:

            	 
      
	
               

              MAKE-WELL ADJUSTED
      QUARTERLY EBITDA

            	 
      
	
              a.  EBITDA for such Fiscal
      Quarter

            	 
      
	
              (i)
        Net
      income

            	
                 $_____________

            
	
              (ii)
       Plus Interest
      Expense (expensed and capitalized) to the extent deducted in the
      determination of Net Income

            	
               

              +
      $_____________

            
	
              (iii) Plus the aggregate amount
      of Federal and state taxes on or measured by income (whether or not
      payable during the Fiscal Quarter under review) to the extent deducted in
      the determination of Net Income

            	
               

              +
      $_____________

            
	
              (iv)
      Plus depreciation, amortization and all other non-cash expenses to the
      extent deducted in the determination of Net Income

            	
               

              +
      $_____________

            
	
              (v)  Less all cash and
      non-cash income (including, but not limited to, interest income),
      transfers, loans and advances from CCI or any of its Subsidiaries that are
      not members of the Borrower Consolidation to the extent included in the
      determination of Net Income.

            	
               

                 
      -  $_____________                                

            
	
              (vi) Less
      all other non-cash income from any source not specified in (v) above to
      the extent included in the determination of Net Income.

            	
               

              -  $_____________                                

            
	
              b.
      TOTAL QUARTERLY
      EBITDA

              [(i)
      + (ii) + (iii) + (iv) - (v) - (vi)]

            	
               

                 $  
                                  

            
	
              c.
      Plus the difference, if any, of the following calculation:

            	
               

              +
      $____________

            
	
              (i)
      Set forth the aggregate amount of Make Well Contributions received in Cash
      by Borrower during the Fiscal Quarter under review or within 40 days
      following the end of the Fiscal Quarter under review which were designated
      as applicable to such Fiscal Quarter.

            	
               

                   
        $____________

            
	
              (ii)
      Set forth the aggregate amount of Distributions (exclusive of Management
      Fees to the extent deducted in the determination of Net Income) paid in
      Cash by the Borrower Consolidation during the Fiscal Quarter under
      review.

            	
               

                
      $____________

            
	
              d.
      Amount of net Make Well Contributions

              [(i) less
(ii)]

            	
                $____________

            
	
              e.
      Make-Well Adjusted
      Quarterly EBITDA

              (b + d)

            	
               

                $____________

            
	
               

              Minimum
      Make-Well Adjusted Quarterly EBITDA

            	 
      
	
               

              Fiscal
      Quarter Ended

            	
              Minimum
      Make-Well Adjusted

              Quarterly
      EBITDA for such Quarter

            	 
      
	
              3/31/2008

            	
              N/A

            	 
      
	
              6/30/2008

            	
              $1,410,000.00

            	 
      
	
              9/30/2008

            	
              $1,130,000.00

            	 
      
	
              12/31/2008

            	
              $   753,000.00

            	 
      
	
              3/31/2009

            	
              $   899,000.00

            	 
      
	
              6/30/2009

            	
              $   902,000.00

            	 
      
	
              9/30/2009

            	
              $1,425,000.00

            	 
      
	
              12/31/2009

            	
              Maturity

            	 
      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              D.    No Transfer of
      Ownership (Section 6.04): On a separate sheet describe in detail
      any transfers or hypothecations of Guarantor ownership interest in WMCKVC
      or WMCKVC ownership interests in CCCC or WMCKAC not permitted under
      Section 6.04

            	
               

               

                 ____________

            
	
               

              E.    Total
      Indebtedness (Section 6.05)  With respect to the
      Borrower Consolidation:

            	 
      
	
              a. Set forth the aggregate amount
      of outstanding Secured Interest Rate Hedges

            	
                  
        $_____________

            
	
              Maximum Permitted

            	
                 $18,000,000.00

            
	
               

              b.
      Set forth the aggregate amount of secured purchase money Indebtedness and
      Capital Lease Liabilities

            	
               

                $_____________

            
	
              Maximum Permitted

            	
                $       250,000.00

            
	
               

              c.
      Set forth aggregate amount of Indebtedness to Guarantor or any Subsidiary
      or Affiliate of Guarantor which is not a member of the Borrower
      Consolidation

            	
               

               

                $_____________

            
	
              Maximum Permitted

            	
                $       500,000.00

            
	
               

              d.
      Set forth the cumulative aggregate of all Subordinated
Debt

            	
               

                $_____________

            
	
              Did Agent Bank give prior written
      consent to the incurrence of all Subordinated Debt set forth
      above

            	
                         yes/no           

            
	
              Does the interest rate accrued
      under the terms of any Subordinated Debt exceed six percent (6%) per
      annum?

            	
                         yes/no           

            
	
               

              F.    Capital
      Expenditures (Section 6.06):  Set forth for the Fiscal
      Year period in which the Fiscal Quarter under review occurs, the
      cumulative aggregate amount of Capital Expenditures made to the Casino
      Facilities as of the end of the Fiscal Quarter under review, as
      follows:

            	 
      
	
              a. Aggregate amount of
      Non-Financed Capital Expenditures

            	
                 
        $_____________

            
	
              b. Aggregate amount of Financed
      Capital Expenditures

            	
                 
        $_____________

            
	
              c. Total Capital
      Expenditures (a + b)

            	
                $_____________

            
	
              Minimum Total Capital
      Expenditures Required:  $250,000.00

            	 
      
	
              Maximum Non-Financed Capital
      Expenditures Permitted:  $500,000.00

            	 
      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              G.    Other Liens (Section
      6.07):  On a separate sheet describe in detail any and all
      liens, encumbrances and/or negative pledges not permitted under
      Section 6.07

            	
               

                ______________

            
	
               

              H.    No
      Merger (Section 6.08):  On a separate sheet describe any
      and all mergers, consolidations and/or asset sales not permitted under
      Section 6.08

            	
               

                ______________

            
	
               

              I.     Restriction on Investments (Section 6.09):
      Describe any Investments made which are not permitted under Section
      6.09

            	
               

                 
        ______________

            
	
               

              J.     Restrictions
      on Distributions (Section 6.10):

            	 
      
	
              a. Set forth the amount of the
      Designated CCI Capital Contribution.

            	
                
        $14,500,000.00

            
	
              b.
      Set forth the amount(s) of and describe on a separate sheet, all
      Distributions (other than the Designated CCI Distribution Carve-Outs) made
      during the Fiscal Year in which the Fiscal Quarter under review
      occurs.

            	
               

                $                              

            
	
              c.
      Set forth the amount(s) of and describe on a separate sheet, all
      Management Fees paid during the Fiscal Year in which the Fiscal Quarter
      under review occurs.

            	
               

                $                              

            
	
              d.
      Set forth the dates paid and amount of each Designated CCI Distribution
      Carve-Out made through the end of the Fiscal Quarter under
      review.

            	
               

                $                              

            
	
              e.Please set forth the portion,
      if any, of the Management Fees set forth in (c) that are included in
      (d).

            	 
      
	
              Requirements:

            	 
      
	
              (i)
      may not exceed $1,600,000.00 in the aggregate during any Fiscal Year
      (other than the Designated CCI Distribution Carve-Out).

            	 
      
	
              (ii)the
      aggregate of the Designated CCI Distribution Carve-Outs may not exceed the
      Designated CCI Capital Contribution.

            	 
      

    

     

    
      	
              K.    Contingent
      Liabilities (Section 6.11):  Describe any Contingent
      Liabilities incurred by Borrowers which are not permitted by
      Section 6.11

            	
               

                 _____________

            
	
               

              L.    ERISA
      (Section 6.12): Describe on a separate sheet any matters requiring advice
      to Banks under Section 6.12.

            	
               

                 _____________

            
	
              M.   Margin Regulations (Section 6.13): Set
      forth the amount(s) of and describe on a separate sheet of paper any
      proceeds of a Borrowing used by any Borrower to purchase or carry any
      Margin Stock or to extend credit to others for the purpose of purchasing
      or carrying any Margin Stock.

            	
               

               

                 $_____________

            
	
               

              N.    No Subsidiaries (Section
      6.14):  On a separate sheet, describe any Subsidiaries created
      by any Borrower subsequent to the Closing Date.  State whether
      or not the creation of such Subsidiaries has been consented to by the
      Agent Bank as required under Section 6.14 of the Credit
      Agreement.

            	
               

               

               

                        yes/no         

            
	
              O.    Transactions
      with Affiliates (Section 6.15): Describe on a separate sheet any
      matters requiring advice to Banks under Section 6.15.

            	
               

               

                _____________

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    III.

    NONUSAGE FEE
CALCULATION

    

    
      	
              (Section
      2.09b): to be calculated with respect to each Fiscal Quarter under review
      following the first annual anniversary of the Closing
Date:

            	 
      
	
               

              a. As of the end of such
      Fiscal Quarter, the daily average during such Fiscal Quarter of the
      Maximum Permitted Balance (without regard to any Availability
      Limit)

            	
               

               

               

                $_____________

            
	
              b. Less daily average during such
      Fiscal Quarter of the Funded Outstandings

            	
               

              -
      $_____________

            
	
              c. Amount of
Nonusage

              (a minus b)

            	
                $_____________

            
	
              d. Nonusage Percentage based on
      Leverage Ratio

                      See
      Table Two in definition of Applicable Margin.

            	
               

                  _____________

            
	
              e. Gross Nonusage
Fee

              (c times d)

            	
                $_____________

            
	
              f. Number of days in Fiscal
      Quarter under review

            	
               

                 _____________

            
	
              g. Nonusage Fee for Fiscal
      Quarter under review

              (e/360 x f)

            	
               

                $_____________

            

    

     

    IV.

    

    AVAILABILITY
LIMIT

    

    
      	
              Availability Limit: For the Fiscal Quarter
      under review, set forth:

            	 
      
	
              a.
      EBITDA (enter IIA(m) above)

            	
                $                                

            
	
              b.
      Multiplied by the Maximum Permitted Leverage Ratio as of such Fiscal
      Quarter end

            	
                
      x                                

            
	
              Total

            	
               $                                 

            
	
              c.  Less Total Funded Debt
      (exclusive of the Aggregate Outstandings) See: A(f) less
    A(a).

            	
                 -
      $_____________                                

            
	
              d.Availability
      Limit

            	
                $                                

            

    

    

    V.

    

    PERFORMANCE OF
OBLIGATIONS

     

    A review
of the activities of the Borrower Consolidation and Guarantor during the fiscal
period covered by the attached financial statements has been made under my
supervision with a view to determining whether during such fiscal period the
Borrower Consolidation and Guarantor performed and observed all of their
obligations under the Loan Documents.  The undersigned is not aware of
any facts or circumstances which would make any of the calculations set forth
above or attached hereto materially incorrect.  On the basis of the
foregoing, the undersigned certifies that the calculations made and the
information contained herein are derived from the books and records of the
Borrower Consolidation and the Guarantor and that each and every matter
contained herein correctly reflects those books and records.  Except
as described in an attached document or in an earlier Certificate, to the best
of my knowledge, as of the date of this Certificate there is no Default or Event
of Default has occurred or remains continuing.

    

    VI.

    

    NO MATERIAL ADVERSE
CHANGE

     

    To the
best of my knowledge, except as described in an attached document or in an
earlier Certificate, no Material Adverse Change has occurred since the date of
the most recent Certificate delivered to the Banks.

     

    DATED
this ____ day of _____________, 200___.

    

    
      	 
      	
              BORROWERS:

              WMCK
      VENTURE CORP., a Delaware corporation, CENTURY CASINOS
CRIPPLE

              CREEK,
      INC., a Colorado corporation and WMCK ACQUISITION CORP., a

              Delaware
      corporation

              By________________________

              Title:
      Authorized Officer

              Print

              Name______________________

            
	 
      	
              GUARANTOR:

              CENTURY
      CASINOS, INC.,

              a
      Delaware corporation

              By_________________________

              Name______________________

              Title________________________ex10-1.htm

    EXHIBIT
10.1

    

    ADDENDUM
TO ORIGINAL LEASE

    

    COME NOW, both the Lessor
(Kurt F. Evans and/or Lela S. Evans, d/b/a Evans Family Investments), and the
Lessee (Lakeland Industries, Inc.), and to the original Lease Agreement dated
August 1, 2001, with the parties agreeing that this Addendum shall be made a
part of the original Lease Agreement as though fully incorporated herein, with
the parties agreeing to the following provisions:

    

    1. The
“Original Lease” shall be extended per its exact same terms with the following
agreed upon Addendum:

    

    a)
Effective August 1, 2007, Lessee shall pay to Lessor the sum of Eight thousand
($8,000) dollars per month beginning August 1, 2007 and for an agreed upon term
of five (5) years;

    

    b) Lessee
shall have the option to renew the original Lease as well as this Addendum
provided that they pay the new amount of Eight thousand eight hundred ($8,800)
dollars beginning August 1, 2012, for an additional five-year term;

    

    c) Lessee
shall be further granted the option to purchase the leased premises located at
2401 Southwest Parkway, St. Joseph, Missouri, for the amount of Eight hundred
thousand ($800,000) dollars, which shall be the net to Lessor with Lessee
agreeing to pay any closing costs, real estate agent fees, title insurance or
any other expenses or costs related to the finalization of any such sale by
Lessor to Lessee.

    

    

    IN WITNESS WHEREOF, the
parties hereto set their hands, having read and fully understanding and
acknowledging the contents of this Addendum and accept this Addendum as a
further extension of the original Lease Agreement, on this 31st day of
January, 2007.

    

    

        KURT F. EVANS

        d/b/a
EVANS FAMILY INVESTMENTS

    

    By:
/s/ Kurt F.
Evans

         
 Kurt F. Evans, Lessor

    

         LAKELAND
INDUSTRIES, INC.

    

    By:
/s/ Christopher J.
Ryan                                                      

      
    Christopher J. Ryan, Lessee

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]