Document:

Wells Fargo 4th Ammendment

    FOURTH
      AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

     

    THIS
      FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT ("Fourth Amendment")
      is made and entered into as of the 23rd
      day of
      September, 2005, 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 and by
      Third Amendment to Amended and Restated Credit Agreement dated as of October
      27,
      2004 (collectively, the "Existing Credit Agreement"). 

     

    B.
      For
      the purpose of this Fourth 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)
      amending the definition of EBITDA; 

     

    (ii)
      amending the definition of Maximum Permitted Balance to provide for an
      Availability Limit; 

     

    (iii)
      eliminating the "Designated Distribution Carve-Outs on and after April 1, 2005;
      

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (iv)
      providing for the management of the Casino Facilities pursuant to a management
      agreement with the Guarantor or a Subsidiary of the Guarantor subject to
      subordination and other payment limitations; 

     

    (v)
      revising the reporting requirements under Section 5.08; 

     

    (vi)
      providing for a maximum rate of interest that may accrue on the unpaid principal
      of Subordinated Debt;

     

    (vii)
      amending the Leverage Ratio requirements under Section 6.01;

     

    (viii)
      eliminating the Guarantor Funded Debt to Borrower Consolidation EBITDA Ratio
      Requirements set forth in Section 6.10; and 

     

    (ix)
      adding a covenant restricting Distributions to specified aggregate amounts.
      

     

    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 Fourth 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: 

     

    "Amendment
      Fee" shall have the meaning set forth in Paragraph 11(c) of the Fourth
      Amendment. 

     

    "Availability
      Determination Date" shall mean the date upon which Lender receives a Compliance
      Certificate in accordance with Section 5.08(f) setting forth the calculation
      of
      EBITDA as of the most recently ended Fiscal Quarter. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Availability
      Limit" shall mean, determined as of the end of each Fiscal Quarter, EBITDA
      of
      the Borrower determined as of the end of each Fiscal Quarter together with
      the
      immediately preceding three (3) Fiscal Quarters on a four (4) Fiscal Quarter
      basis multiplied by (x) the then maximum permitted Leverage Ratio applicable
      as
      of the end of such Fiscal Quarter, less the aggregate of Funded Debt (exclusive
      of the Aggregate Outstandings under the Credit Facility) as of the end of such
      Fiscal Quarter. Each calculation shall be set forth on a Compliance Certificate
      (and providing reasonable detail as to the calculation thereof) and delivered
      to
      Lender within the time periods set forth in Section 5.08(f). 

     

    "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
      Fourth 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 Fourth
      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
      Distribution Carve-Outs" shall mean reference to Distributions which have been
      specifically identified by written notice from Borrowers to Lender as
      "Designated Distribution Carve-Outs", which have been designated by Borrower
      and
      funded prior to April 1, 2005. 

     

    "Distributions"
      shall mean and collectively refer to any and all cash dividends, loans, payments
      (including principal payments made on Subordinated Debt), Management Fees,
      advances or other distributions, fees or compensation of any kind or character
      whatsoever made by Borrowers to any Person which is not a member of the Borrower
      Consolidation, but shall not include consideration paid for tangible and
      intangible assets in an arms length exchange for fair market value, trade
      payments made and other payments for liabilities incurred in the ordinary course
      of business or compensation and fees to officers, directors and employees of
      Borrowers, all in the ordinary course of business. 

     

    "EBITDA"
      shall mean with reference to any Person, for any Fiscal Period under review,
      the
      sum of (i) Net Income for that period, plus (ii) Interest Expense (expensed
      and
      capitalized) for that period, plus (iii) the aggregate amount of federal and
      state taxes on or measured by income for that period (whether or not payable
      during that period), plus (iv) depreciation, amortization and all other non-cash
      expenses for that period, in each case determined in accordance with GAAP,
      less
      (v) 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, less (vi) all other non-cash
      income from any source not specified in (v) above, and, in the case of items
      (ii), (iii) and (iv), only to the extent deducted in the determination of Net
      Income for that period and in the case of items (v) and (vi) only to the extent
      included in the determination of Net Income for that period. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

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

     

    "Fourth
      Amendment Effective Date" shall mean September 28, 2005, subject to the
      occurrence of each of the conditions precedent set forth in Paragraph 10 of
      the
      Fourth Amendment. 

     

    "Management
      Agreement" shall mean the management agreement and all other documents and
      instruments evidencing the management services arrangement and compensation
      of
      the Operating Manager. 

     

    "Management
      Fees" shall mean collective reference to all fees and compensation paid or
      payable to the Operating Manager under the terms of the Management Agreement,
      subject to compliance with the requirements of Section 5.27. 

     

    "Management
      Subordination Agreement" shall mean the Subordination Agreement to be executed
      by Borrowers and the Operating Manager concurrently with the execution of the
      Management Agreement, pursuant to which the Management Agreement and the
      Management Fees payable thereunder are subordinated to the Bank Facilities
      and
      the Security Documentation, which shall be executed in favor of Agent Bank
      on
      behalf of the Lenders substantially in the form of the Subordination Agreement
      marked "Exhibit O", affixed to the Fourth Amendment and by this reference
      incorporated herein and made a part hereof. 

     

    "Maximum
      Permitted Balance" shall mean the maximum amount of principal which may be
      outstanding on the Credit Facility from time to time which shall be the lesser
      of: (a) the Maximum Scheduled Balance, or (b) the amount to which the Maximum
      Scheduled Balance is voluntarily reduced by Borrower pursuant to Section 2.01(c)
      or is otherwise reduced or limited pursuant to Sections 5.01, 5.12 or 8.02,
      by
      Scheduled Reductions or by reason of the Availability Limit under Section
      2.01(d). 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Operating
      Manager" shall mean CCI or a wholly owned Subsidiary of CCI that has been
      engaged by one or more of the Borrowers to manage the Casino Facilities pursuant
      to the terms and provisions set forth in the Management Agreement. 

     

    2.
       Modification
      of EBITDA and Designated Distribution Carve-Outs.
      As of
      the Fourth Amendment Effective Date, the definitions of "EBITDA" and "Designated
      Distribution Carve-Outs" shall be and are hereby modified as set forth in the
      definitions of "EBITDA" and "Designated Distribution Carve-Outs" contained
      in
      the Fourth Amendment. 

     

    

    3.
       Modification
      of Section 2.01(d).
      As of
      the Fourth Amendment Effective Date, Section 2.01(d) of the Existing Credit
      Agreement shall be and is hereby deleted and in its place the following
      subsections 2.01(d), (e) and (f) shall be substituted in their entirety as
      follows: 

     

    

    "d.
      Availability
      Limit.
      Notwithstanding anything herein contained to the contrary, the Maximum Permitted
      Balance shall be limited to the Availability Limit, as determined from time
      to
      time. If on any Availability Determination Date, the Aggregate Outstandings
      are
      in excess of the Availability Limit: 

     

    
      	(i)  	
              Borrower
                shall not be entitled to any further Borrowings until the Availability
                Limit is demonstrated to be in excess of the Aggregate Outstandings
                as of
                a subsequent Availability Determination Date, and then only to the
                extent
                of such excess;

            

    

     

    
      	(ii)  	
              so
                long as no Default or Event of Default shall have occurred and remains
                continuing, Borrower shall cause the Aggregate Outstandings to be
                reduced
                to no more than the most recently determined Availability Limit on
                or
                before five (5) Banking Business Days following such Availability
                Determination Date; and 

            

    

    

    

    
      	(iii)  	
              notwithstanding
                the provisions set forth in subparagraph (ii) hereinabove, if a Default
                or
                Event of Default shall have occurred and remains continuing, then
                the
                Borrower shall cause the Aggregate Outstandings to be reduced to
                no more
                than the most recently determined Availability Limit on or before
                the
                Banking Business Day following such Availability Determination Date.
                

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    e.
      No
      limitation of the Maximum Permitted Balance shall relieve or otherwise defer
      the
      making of each Scheduled Reduction on each Reduction Date. 

     

    

    f.
      In the
      event any Availability Limit, Scheduled Reduction, or Voluntary Permanent
      Reduction reduces the Maximum Permitted Balance to less than the sum of the
      Aggregate Outstandings, the Borrowers shall, except as otherwise provided in
      Section 2.01(d)(ii) on or before the next ensuing Banking Business Day cause
      the
      Aggregate Outstandings to be reduced by such amount as may be necessary to
      cause
      the Aggregate Outstandings to be equal to or less than the Maximum Permitted
      Balance." 

     

    

    4.
       Modification
      of Section 2.09(b).
      As of
      the Fourth Amendment Effective Date, the first sentence of the second paragraph
      of Section 2.09(b) of the Existing Credit Agreement shall be and is hereby
      restated in its entirety as follows: 

     

      

      "The
      Nonusage Fee shall be calculated as the product of (i) the applicable Nonusage
      Percentage multiplied by (ii) the daily average of the Maximum Permitted Balance
      (without regard to any Availability Limit) less the daily average of the Funded
      Outstandings during such Fiscal Quarter, computed on the basis of a three
      hundred sixty (360) day year based on the number of actual days elapsed."

    

      

    5.
       Restatement
      of Section 5.08(a).
      As of
      the Fourth Amendment Effective Date, Section 5.08(a) shall be and is hereby
      fully amended and restated in its entirety as follows: 

     

    

    "a.
      As
      soon as practicable, and in any event within forty-five (45) days after the
      end
      of: 

     

    
      	(i)  	
              the
                first two (2) calendar months of each Fiscal Quarter following the
                Fourth
                Amendment Effective Date, the balance sheet and an income statement
                of the
                Borrower Consolidation as at the end of such calendar
                month;

            

    

    

    
      	(ii)  	
              each
                Fiscal Quarter following the Closing Date, the balance sheet of the
                Borrower Consolidation as at the end of such Fiscal Quarter and an
                income
                statement, statement of operations and a statement of cash flows
                for the
                Fiscal Quarter under review and reflecting year-to-date performance
                of the
                Borrower Consolidation and, a comparison of the financial performance
                of
                the Borrower Consolidation to the prior Fiscal Year's operations;
                and
                

            

    

    

    
      	(iii)  	
              in
                each instance such financial statements shall be certified by an
                Authorized Officer of the Borrower Consolidation as fairly presenting
                the
                financial condition, results of operations and cash flows of the
                Borrower
                Consolidation in accordance with GAAP, except as noted therein, as
                at such
                date and for such periods, subject only to normal year-end accruals
                and
                audit adjustments." 

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6.
       Addition
      of Covenant Regarding Engagement of Operating Manager Construction Covenants
      and
      Reporting Requirements.
      As of
      the Fourth Amendment Effective Date, Section 5.27 entitled "Conditions for
      Engagement of Operating Manager" shall be and is hereby added to the Existing
      Credit Agreement as follows: 

     

    "Section
      5.27. Conditions
      for Engagement of Operating Manager.
      No
      member of the Borrower Consolidation shall execute a Management Agreement or
      otherwise engage the services of an Operating Manager unless and until each
      of
      the following conditions have been fully satisfied: 

     

    a.
      Agent
      Bank shall have received from such Borrower a true and correct copy of the
      Management Agreement and all amendments, exhibits, supplements and addendum
      attached thereto or incorporated by reference therein; 

     

    b.
      The
      Management Agreement and services of the Operating Manager are subordinated
      to
      the Bank Facilities and Loan Documents by the execution by Borrower and such
      Operating Manager of a Management Subordination Agreement and the delivery
      thereof to Agent Bank on behalf of Lenders concurrently with the execution
      of
      the Management Agreement; 

     

    

    c.
      No
      payment of Management Fees by any member of the Borrower Consolidation to
      Operating Manager shall be permitted until the Borrower Consolidation realizes
      a
      Leverage Ratio of less than 2.00 to 1.00 as of the end of any Fiscal Quarter;
      and 

     

    d.
      Borrower shall not amend or modify or enter into any agreement to amend or
      modify the Management Agreement without the prior written consent of Agent
      Bank." 

     

    7.
       Restatement
      of Leverage Ratio Covenant.
      As of
      the Fourth Amendment Effective Date, Section 6.01 of the Existing Credit
      Agreement entitled "Leverage Ratio" shall be and is hereby fully amended and
      restated in its entirety as follows: 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Section
      6.01. Leverage
      Ratio.
      Commencing on the Fourth Amendment Effective Date and continuing as of each
      Fiscal Quarter end until the Maturity Date, the Borrower Consolidation shall
      maintain a maximum Leverage Ratio no greater than the ratios described
      hereinbelow to be calculated as of the end of each Fiscal Quarter in accordance
      with the following schedule: 

     

    

                                                                                          Maximum
      Permitted

                                                    
        Fiscal
      Quarter End                                                        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"

     

    

     

    8.
       Restatement
      of Section 6.05(f).
      As of
      the Fourth Amendment Effective Date, Section 6.05(f) shall be and is hereby
      fully amended and restated in its entirety as follows: 

     

    "f.
      The
      Subordinated Debt as of the Closing Date and any additional unsecured
      subordinated debt, the rate of interest, which may not exceed six percent (6%)
      per annum, and repayment terms of which are first approved in writing by Agent
      Bank and for which a payment subordination agreement, in the form of Exhibit
      I
      hereto, has been first executed in favor of Agent Bank on behalf of Lenders."
      

     

    9.
       Elimination
      of Guarantor Funded Debt to Borrower Consolidation EBITDA Ratio
      Covenant.
      As of
      the Fourth Amendment Effective Date, Section 6.10 of the Existing Credit
      Agreement entitled "Ratio of Guarantor Funded Debt to Borrower Consolidation
      EBITDA" shall be and is hereby deleted in its entirety. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    10.
       Addition
      of Substituted Covenant Restricting Distributions.
      As of
      the Fourth Amendment Effective Date, as substituted Section 6.10 shall be added
      to Article VI of the Existing Credit Agreement entitled "Restriction on
      Distributions" as follows: 

     

     

    "Section
      6.10. Restriction
      on Distributions. 

     

    a.
      Borrower 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 for the Fiscal Quarters ending
      September 30, 2005; December 31, 2005; March 31, 2006; and June 30, 2006 exceed
      the cumulative maximum amount of One Million Nine Hundred Thousand Dollars
      ($1,900,000.00); and 

     

    

    c.
      Except
      as provided in (b) above, in no event shall the aggregate amount of
      Distributions during any Fiscal Year exceed the cumulative maximum amount of
      One
      Million Six Hundred Thousand Dollars ($1,600,000.00). 

     

    

    11.
       Conditions
      Precedent to Fourth Amendment Effective Date.
      The
      occurrence of the Fourth 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 September 30, 2005:
      

     

    a.
      Due
      execution by Borrowers, Guarantor and Banks of four (4) duplicate originals
      of
      this Fourth Amendment; 

     

    

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

     

    

    c.
      Payment of a non-refundable Amendment Fee in the amount of Fifty-One Thousand
      Six Hundred Eleven Dollars and Twelve Cents ($51,611.12); 

     

    

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

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

     

    

    

    12.
       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 Fourth Amendment Effective Date in all
      material respects as though such representations and warranties had been made
      on
      and as of the Fourth 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 Fourth Amendment has been duly
      authorized by all necessary action of Borrowers and Guarantor and this Fourth
      Amendment constitutes a valid, binding and enforceable obligation of Borrowers
      and Guarantor. 

     

    

    13.
       Consent
      to Fourth Amendment and Affirmation and Ratification of
      Guaranty.
      Guarantor joins in the execution of this Fourth 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 Fourth 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 Bank Facilities, as modified and amended under this Fourth Amendment.
      

     

    

    14.
       Incorporation
      by Reference.
      This
      Fourth Amendment shall be and is hereby incorporated in and forms a part of
      the
      Existing Credit Agreement. 

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    15.
       Governing
      Law.
      This
      Fourth Amendment to Credit Agreement shall be governed by the internal laws
      of
      the State of Nevada without reference to conflicts of laws principles.

     

    

    16.
       Counterparts.
      This
      Fourth 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. 

     

    

    17.
       Continuance
      of Terms and Provisions.
      All of
      the terms and provisions of the Existing Credit Agreement shall remain unchanged
      except as specifically modified herein. 

     

    

    18.
       Replacement/Additional
      Exhibits Attached.
      The
      following replacement/additional Exhibits are attached hereto and incorporated
      herein and made a part of the Credit Agreement as follows: 

     

    

    Exhibit
      F
      -Compliance Certificate 

    Exhibit
      O
      - Management Subordination Agreement 

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Fourth 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.,

     

                        
      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/ Ryan Edde

                                                                                                                                                            
      Ryan Edde,

                                                                                                                                                           
       Vice
      President 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    COMPLIANCE
      CERTIFICATE

    (Revised
      - Fourth 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 and by Fourth Amendment
      to Amended and Restated Credit Agreement dated as of September 23, 2005 (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.

    

    

    

    

    

    

    Exhibit
      F

    To
      

    Fourth
      Amendment

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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
                Distribution Carve-Outs made and funded prior to April 1,
                2005, that
                which occurred 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. TFCC
                Ratio
                (Section 6.03): To be calculated with respect to the Borrower
                Consolidation on a cumulative basis with respect to each Fiscal Quarter
                and the most recently ended three (3) preceding Fiscal Quarters on
                a
                rolling 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
                Distribution Carve-Outs made and funded prior to April 1,
                2005 which
                occurred 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 actually paid (excluding Subordinated Debt)

            	
              $____________

            
	
              f. Plus
                current portion of Scheduled Reductions actually paid where required
                during the period under review to bring the Aggregate Outstandings
                down to
                the required Maximum Scheduled Balance

            	
              +
                $____________

            
	
              g. Plus
                Capitalized Lease Liabilities required to be paid during the period
                under
                review

            	
              +
                $____________

            
	
              h. Plus
                actual Interest Expense and principal paid (without duplication)
                on
                Subordinated Debt

            	
              +
                $____________

            
	
              i. TOTAL
                DENOMINATOR

              (e
                + f + g + h + i)

            	
              $____________

            
	
              TFCC
                Ratio (d  ̧
                i)

            	
               
                :1               

            
	
              Minimum
                TFCC Ratio shall be no less than

            	
              1.10
                to 1.00

            
	
              Set
                forth aggregate amount of Financed Capital Expenditures made during
                the
                four (4) Fiscal Quarter period under review

            	
              $____________

            
	
              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(s) of and describe on a separate sheet, all Distributions
                made during the fiscal period under review.

            	
              $   

            
	
              Requirements:

            	 
	
              (i) for
                the four consecutive Fiscal Quarter period ending June 30, 2006,
                aggregate
                Distributions may not exceed $1,900,000.00.

            	 
	
              (ii) except
                as provided in (i) above, may not exceed $1,600,000.00 in the aggregate
                during any Fiscal Year.

            	 
	
              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________________________

            

    

    

     

     

    
      
        
          

        

      

      
        
        

      

    

    APN
      ____________________ 

     

    AFTER
      RECORDING THIS INSTRUMENT SHOULD BE RETURNED TO: 

     

    Timothy
      J. Henderson

    Henderson
      & Morgan, LLC

    4600
      Kietzke Lane, Suite K228

    Reno,
      NV
      89502

    

    SUBORDINATION
      AGREEMENT (Management
      Agreement)

     

    THIS
      SUBORDINATION AGREEMENT ("Agreement"), made this ___ day of _____________,
      20___, 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"), parties of the first part,
      (hereinafter referred to as "Operator"), party of the second part, and WELLS
      FARGO BANK, National Association, as Agent Bank on behalf of itself and each
      of
      the Lenders and L/C Issuer, as defined and described in the Credit Agreement,
      described hereinbelow, hereinafter referred to as "Agent Bank", party of the
      third part. 

     

    R_E_C_I_T_A_L_S:
      

     

    WHEREAS:
      

     

    A.
      Borrower owns all of that certain real property situated in Cripple Creek,
      Colorado, that is more particularly described on that certain exhibit marked
      "Exhibit A", affixed hereto and by this reference incorporated herein and made
      a
      part hereof, together with all buildings, structures and other improvements
      constructed or to be constructed thereon (hereinafter referred to as the "Casino
      Facilities"). 

     

    B.
      In
      this Agreement all capitalized words and terms shall have the respective
      meanings and be construed herein as provided in Section 1.01 of 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 

     

    EXHIBIT
      O TO FOURTH AMENDMENT

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    dated
      as
      of August 28, 2002, by Third Amendment to Amended and Restated Credit Agreement
      dated as of October 27, 2004 and by Fourth Amendment to Amended and Restated
      Credit Agreement dated as of September 23, 2005 (as may be further amended,
      supplemented or otherwise modified from time to time, collectively the "Credit
      Agreement"), executed by and among the Borrowers, Century Casinos, Inc., a
      Delaware corporation, as Guarantor, and the Lenders and L/C Issuer therein
      named, and Agent Bank, as administrative and collateral agent for itself and
      for
      the Lenders and L/C Issuer. 

     

    C.
      Pursuant to the Credit Agreement and subject to the terms and conditions
      specified therein, Lenders have established a revolving credit facility (the
      "Credit Facility") in the initial principal amount of Twenty-Six Million Dollars
      ($26,000,000.00), together with a subfacility for the issuance of letters of
      credit by L/C Issuer (the "L/C Facility"), all subject to the terms and
      conditions set forth in the Credit Agreement. The Credit Facility is evidenced
      by a Revolving Credit Note (the "Bank Note") in the principal sum of Twenty-Six
      Million Dollars ($26,000,000.00) executed by the Borrowers, payable to the
      order
      of Agent Bank on behalf of Lenders. The Bank Facilities are secured by the
      Deed
      of Trust, Financing Statements and Assignment of Entitlements, Contracts, Rents
      and Revenues executed by Borrowers in favor of Agent Bank and recorded in the
      Official Records of Teller County, Colorado, together with all other documents
      and instruments collectively referred to in the Credit Agreement and hereinafter
      collectively referred to as the "Security Documentation". 

     

    D.
      Borrowers have or are about to enter into a _______________________ Agreement
      with Operator (hereinafter as it may be amended or modified from time to time
      the "Management Agreement") under the terms of which Operator has agreed, in
      exchange for certain payments, compensation and considerations therein
      specified, to provide specified management services to Borrower in connection
      with the Casino Facility. 

     

    E.
      It is
      a condition of consenting to the Management Agreement that the Security
      Documentation shall unconditionally be at all times a lien or charge upon the
      following (collectively, the "Collateral"): (i) the Casino Facility; (ii) the
      present and future tangible and intangible personal property which is situated
      at, or used in operation of, the Casino Facility; and (iii) the rents, issues,
      profits, income and revenues of the Casino Facility and the activities conducted
      thereon; all prior and senior to the rights of Operator under the terms of
      the
      Management Agreement. 

     

    F.
      It is
      a further condition of consenting to the Management Agreement that Operator
      shall not receive any payments, service fees or management fees (collectively,
      "Management Fees") under the Management Agreement unless the Borrower
      Consolidation has realized a Leverage Ratio as of any Fiscal Quarter end

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    less
      than
      2.00 to 1.00 and the payments owing Agent Bank on behalf of the Lenders and/or
      L/C Issuer under the terms of the Credit Agreement and Bank Note are current
      and
      there are no Defaults or Events of Default existing under the terms and
      conditions of the Credit Agreement, as more particularly described hereinbelow.
      

     

    G.
      It is
      to the mutual benefit of the parties hereto that Banks consent to the Management
      Agreement and Operator is willing to agree that the Bank Facilities, Credit
      Agreement and Security Documentation shall remain at all times prior to Bank
      Facilities Termination unconditionally paramount and superior to the rights
      and
      interests of Operator under the Management Agreement. 

     

    H.
      It is
      to the mutual benefit of the parties hereto that Agent Bank on behalf of the
      Lenders and/or L/C Issuer consent to the Management Agreement, and Operator
      is
      willing to immediately cease receiving payments under the Management Agreement
      if any payment owing Lenders and/or L/C Issuer is not current under the terms
      of
      the Credit Agreement and Bank Note and/or there is a Default or Event of Default
      existing under the terms of the Credit Agreement, as more particularly described
      hereinbelow. 

     

    I.
      The
      provisions of Section 1.02 of the Credit Agreement shall be applied to this
      Agreement in the same manner as applied therein to the Credit Agreement.

     

    NOW,
      THEREFORE, in consideration of Agent Bank, on behalf of the Lenders and L/C
      Issuer, consenting to the Management Agreement, the mutual benefits accruing
      to
      the parties hereto and other good and valuable considerations, the receipt
      of
      which is hereby acknowledged, the parties hereto do promise, covenant and agree
      as follows: 

     

        1.
      That Agent
      Bank, on behalf of the Lenders and L/C Issuer, would not consent to the
      Management Agreement but for this Agreement. 

    

        2.
      That the
      Security Documentation securing the Bank Facilities in favor of Agent Bank,
      on
      behalf of the Lenders and L/C Issuer, and any and all renewals, amendments,
      modifications, restatements and extensions thereof shall unconditionally be
      and
      remain at all times a lien or charge on the Collateral and business operations
      conducted in connection therewith prior and superior to all right, title and
      interest which Operator may have or hereafter acquire therein under the terms
      of
      the Management Agreement. Operator acknowledges that it is familiar with the
      terms and conditions of all of the Security Documentation and hereby consents
      to
      execution, delivery, filing and recording thereof. In this regard it is
      understood and hereby agreed that, notwithstanding anything contained in the
      Management 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Agreement
      to the contrary, upon the consummation of any foreclosure or deed in lieu of
      foreclosure, the Management Agreement shall be terminated and of no further
      force or effect. 

     

    3.
      So
      long as any monetary obligation or other obligation or commitment to advance
      funds under the Credit Agreement, the Bank Note or any other Loan Documents,
      as
      defined in the Credit Agreement (as such obligations may be renamed, increased
      or extended, including, without limitation, post petition interest whether
      or
      not allowed in any insolvency proceedings, and fees, attorney costs and
      indemnities under the Loan Documents, collectively the "Bank Debt") shall remain
      unpaid or unfunded, in whole or in part, Operator shall not receive any payments
      or Management Fees from the Borrower in connection with the Management
      Agreement: 

     

    (a)
      Until
      the Borrower Consolidation has realized a Leverage Ratio as of any Fiscal
      Quarter end of less than 2.00 to 1.00; 

    

    (b)
      if a
      Default or Event of Default, as defined in the Credit Agreement, shall have
      occurred and is continuing under any Bank Debt; or 

    

    (c)
      if
      the making of such payment would create a Default or Event of Default, as
      defined in the Credit Agreement. 

    

    4.
      In the
      event that any such payments or Management Fees are made in violation of Section
      3 hereinabove, such payments shall not be accepted by Operator and, if so
      accepted, shall be held in trust for the benefit of, and shall be paid forthwith
      over and delivered to Agent Bank. The subordination provisions set forth
      hereinabove are made for the benefit of Agent Bank, on behalf of the Lenders
      and
      L/C Issuer, and it is understood by Borrower and by Operator that Agent Bank,
      on
      behalf of the Lenders and L/C Issuer, will take certain actions in reliance
      upon
      such subordination provisions. It is further understood that Agent Bank's,
      Lenders' and L/C Issuer's reliance upon the referenced subordination provisions
      shall not constitute a waiver by Agent Bank, Lenders and L/C Issuer of their
      right to insist upon strict compliance with all provisions of the Credit
      Agreement and with all provisions of the Loan Documents as particularly defined
      by the Credit Agreement. 

     

    5.
      (a) In
      the event of: 

     

    (i)
      any
      insolvency, bankruptcy, receivership, liquidation, reorganization, readjustment,
      composition or other similar proceeding relating to the Borrower, its creditors
      or its property;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (ii)
      any
      proceeding for the liquidation, dissolution or other winding-up of the Borrower,
      voluntary or involuntary, whether or not involving insolvency, reorganization
      or
      bankruptcy proceedings; 

    

    (iii)
      any
      assignment by the Borrower for the benefit of creditors; or

    

    (iv)
      any
      other marshalling of the assets of the Borrower; 

     

    all
      Bank
      Debt (including any interest thereon accruing after the commencement of any
      such
      proceedings and any other sums or premium due) shall first be paid in full
      before any payment, whether in cash, securities or other property, shall be
      made
      in connection with the Management Agreement. Any payment or distribution,
      whether in cash, securities or other property which would otherwise, but for
      these subordination provisions, be payable or deliverable in respect of the
      Management Agreement shall be paid or delivered directly to the holders of
      Bank
      Debt until all Bank Debt (including any interest thereon accruing after the
      commencement of any such proceedings) shall have been paid in full.

    

    (b)
      If
      any payment or distribution of any character or any security, whether in cash,
      securities or other property, shall be received by Operator in contravention
      of
      any of the terms hereof and before all Bank Debt shall have been paid in full,
      such payment or distribution or security shall be received in trust for the
      benefit of, and shall be paid over or delivered and transferred to, the holder
      of Bank Debt at the time outstanding for application to the payment of all
      Bank
      Debt remaining unpaid, to the extent necessary to pay all such Bank Debt in
      full. In the event of the failure of Operator to endorse or assign any such
      payment, distribution or security, each holder of Bank Debt is hereby
      irrevocably authorized to endorse or assign the same. 

     

    (c)
      The
      Bank Debt shall not be deemed to have been paid in full unless the holder
      thereof shall have indefeasibly received cash in lawful currency of the United
      States of America equal to the amount of Bank Debt then outstanding.

     

    (d)
      Operator will take such action (including, without limitation, the execution
      and
      filing of a financing statement with respect to this Agreement and including
      the
      execution, verification, delivery and filing of proofs of claim, consents,
      assignments or other instructions which the holder of the Bank Debt may require
      in order to prove and realize upon any rights or claims pertaining to the
      Management Agreement and to effectuate the full benefit of the subordination
      contained herein) as may be necessary or appropriate to assure the effectiveness
      of the subordination effected by these provisions. 

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (e)
      Operator understands and acknowledges by its execution hereof that the actions
      of the Agent Bank, Lenders and L/C Issuer in connection with the Bank Debt
      are
      being or have been made in reliance upon the absolute subordination of the
      Management Agreement to Bank Debt as set forth herein. 

     

                        
      6. Subject to the terms of the Credit Agreement and any amendment, revision,
      restatement or modification thereof:

     

    (a)
      This
      Agreement shall continue in effect so long as any Bank Debt shall remain unpaid
      or Lenders have any obligation to lend or L/C Issuer has any obligation to
      issue
      Letters of Credit under the Credit Agreement and no action that the holder
      of
      the Bank Debt or the Borrower, with or without the written consent of the holder
      of the Bank Debt, may take or refrain from taking with respect to any Bank
      Debt,
      any instrument representing the same, any collateral therefor, or any agreement
      or agreements, including guaranties, in connection therewith, shall affect
      this
      Agreement or the obligations of Operator hereunder. 

     

    

    (b)
      All
      rights and interests of the Agent Bank, Lenders and L/C Issuer hereunder, and
      all agreements and obligations of Operator and the Borrower under this
      Agreement, shall remain in full force and effect irrespective of: 

     

    (i)
      any
      change in the time, manner or place of payment of, or in any other term of,
      all
      or any of the Bank Debt, or any other amendment or waiver of or any consent
      to
      departure from the Credit Agreement, the Bank Notes or any other Loan
      Document;

    

    (ii)
      any
      taking and holding of Collateral or other security or additional guarantees
      for
      all or any of the Bank Debt; or any amendment, alteration, exchange,
      substitution, transfer, enforcement, waiver, subordination, termination or
      release of any Collateral or such guarantees, or any non-perfection of any
      Collateral, or any consent to departure from any such guaranty; 

    

    (iii)
      any
      manner of application of Collateral or proceeds thereof, to all or any of the
      Bank Debt, or the manner of sale of any Collateral or other security;

    

    (iv)
      any
      consent by any of the Agent Bank, Lenders or L/C Issuer or any other Person
      to
      the change, restructure or termination of the corporate structure or existence
      of the Borrower or Operator, or any Subsidiary
      thereof and any corresponding restructure of the Bank Debt, or any other
      restructure of the Bank Debt or any portion thereof; or 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (v)
      any
      modification, compounding, comprise, settlement, release by the Agent Bank,
      Lenders or L/C Issuer or any of them or any other Person (or by operation of
      law
      or otherwise), collection or other liquidation of the Bank Debt or of the
      Collateral or other security in whole or in part, and any refusal of payment
      to
      any Bank in whole or in part, from any obligor or guarantor in connection with
      any of the Bank Debt, whether or not with notice to, or further assent by,
      or
      any reservation of rights against Operator. 

    

    Without
      limiting the generality of the foregoing, Operator hereby consents to and agrees
      that the rights of each Bank hereunder, and the enforceability hereof, shall
      not
      be affected by any release of any Collateral or security from the liens and
      security interests created by any of the Loan Documents or any other agreement
      whether for purposes of sales or other dispositions of assets or for any other
      purpose. This Agreement shall continue to be effective or be reinstated, as
      the
      case may be, if at any time any payment of any of the Bank Debt is rescinded
      or
      must otherwise be returned by any Bank upon the insolvency, bankruptcy or
      reorganization of the Borrower or otherwise, all as though such payment had
      not
      been made. 

     

    (c)
      Operator waives the right to require the Agent Bank, Lenders or L/C Issuer
      to
      proceed against the Borrower or any other person liable on the Bank Debt, to
      proceed against or exhaust any security held from the Borrower or any other
      person, or to pursue any other remedy in the Agent Bank's, Lenders' or L/C
      Issuer's power whatsoever and Operator waives the right to have the property
      of
      the Borrower first applied to the discharge of the Bank Debt. The Agent Bank,
      Lenders or L/C Issuer may, at their election, exercise any right or remedy
      they
      may have against the Borrower or any security held by the Agent Bank on behalf
      of the Lenders and/or the L/C Issuer, including, without limitation, the right
      to foreclosure upon any such security by one or more judicial or nonjudicial
      sales, whether or not every aspect of any such sale is commercially reasonable,
      without affecting or impairing in any way the obligations of Operator hereunder,
      except to the extent the Bank Debt has been paid, and Operator waives any
      defense arising out of the absence, impairment or loss of any right of
      reimbursement, contribution or subrogation or any other right or remedy of
      Operator against the Borrower or any such security, whether resulting from
      such
      election by the Agent Bank on behalf of the Lenders and/or L/C Issuer.

     

    7.
      Operator hereby irrevocably agrees that any legal action or proceedings
      initiated by Operator or against it by Agent Bank, Lenders or L/C Issuer with
      respect to this Agreement shall be brought in the courts of the State of
      Colorado or in the United States District Courts of Colorado and, by execution
      and delivery of this Agreement, Operator consents to such jurisdiction and
      hereby irrevocably waives any and all objections which it may have as to venue
      in any of the above courts. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    8.
      Operator hereby agrees to be responsible for and to pay all costs and expenses,
      including, without limitation, attorneys' fees and costs and accountants' fees,
      incurred by the holder of the Bank Debt in connection with the successful
      enforcement by the holder of the Bank Debt of its rights or the protection
      of
      the holder of the Bank Debt of its interests under this Agreement, whether
      incurred pre-trial, at trial or on appeal. 

     

    9.
      This
      Agreement and the rights and obligations of the parties hereto shall be governed
      by and construed and enforced in accordance with the laws of the State of
      Colorado. 

     

    10.
      Borrower joins in the execution of this Agreement to evidence its agreement
      to
      the terms hereof and to be legally bound hereby. This Agreement shall be binding
      upon the parties hereto and their respective successors and assigns and shall
      inure to the benefit of the parties hereto and their respective successors
      and
      assigns. 

     

    11.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed an original and all of which shall constitute one and the same document
      with the same effect as if all parties had signed the same signature page.
      Any
      signature page of this Agreement may be detached from any counterpart of this
      Agreement and reattached to any other counterpart of this Agreement identical
      in
      form hereto but having attached to it one or more additional signature pages.
      

     

    12.
      It is
      understood and agreed that, by virtue of its execution and delivery of this
      Agreement, Operator shall not be deemed to be a maker, surety or other obligor
      of any of Borrower's Obligations (as defined by the Credit Agreement); however,
      nothing contained in this Paragraph 12 shall relieve Operator from its
      obligations to comply with the terms and conditions hereof. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Agreement, as of the day
      and
      year first above written. 

     

    

    

             
OPERATOR:          
      BORROWERS:
      

                          ________________________

                                                                    
      WMCK VENTURE CORP.,  a Delaware corporation 

                              
        By__________________________                                                                                   By
      ____________________________________

                         
      Name____________________                                                                  Larry Hannappel, 

                         
      Title_____________________                                                                  President

                         

                          CENTURY
      CASINOS CRIPPLE CREEK,
      INC., 

                                                                                                                                      
      a Colorado corporation 

                                                                     
      By
      ________________________________
                                                                             
        Larry Hannappel,  

    

                                                                                                                                          
      President

     

                                                                                                                                                                                
      

     

                                                                                                                                                                                 
       WMCKACQUISITION CORP., 

                                                                                                                                       
      a Delaware corporation 

                                                                                                                                      
       By _________________________________

                                                               
Larry
      Hannappel,  
                                                                                                                                          President     

                                                                                                                                     
      

                                                                                                                                    

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

    

     

                            AGENT
      BANK:

     

                            WELLS
      FARGO BANK,

     

                            National
      Association,

     

                            Agent
      Bank on behalf
      of itself and 

     

                            each
      of the Lenders
      and L/C Issuer 

     

    

     

                          By_________________________
      

                            Ryan
      Edde,

                                                                      Vice
      President 

                                                                   

     

    STATE
      OF
      ___________ ) 

     

                                          
      ) ss. 

     

    COUNTY
      OF
      __________ ) 

     

    

    This
      instrument was acknowledged before me on ________________,

    20___,
      by
      _________________________ as ___________________________ of

    ___________________________________.

    

    

    ___________________________________

    Notary
      Public

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    STATE
      OF
      ___________ ) 

     

                                                 
      ) ss. 

     

    COUNTY
      OF
      __________ ) 

     

    

    

    This
      instrument was acknowledged before me on _______________, 20___, by LARRY
      HANNAPPEL as President of WMCK VENTURE CORP. 

     

     

    ______________________________________

    Notary
      Public 

     

     

    STATE
      OF
      ___________ ) 

                                                  
      )
      ss. 

    COUNTY
      OF
      __________ ) 

     

    This
      instrument was acknowledged before me on _______________, 20___, by LARRY
      HANNAPPEL as President of CENTURY CASINOS CRIPPLE CREEK, INC. 

     

     

    __________________________________________

    Notary
      Public 

     

    STATE
      OF
      ___________ ) 

                                                  
      )
      ss. 

    COUNTY
      OF
      __________ ) 

     

    This
      instrument was acknowledged before me on _______________, 20___, by LARRY
      HANNAPPEL as President of WMCK ACQUISITION CORP. 

     

     

     

    ________________________________________

    Notary
      Public 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    STATE
      OF
      NEVADA        ) 

                                                 
      ) ss. 

    COUNTY
      OF WASHOE   )  

     

    

     

    This
      instrument was acknowledged before me on _______________, 20___, by RYAN EDDE
      as
      Vice President of WELLS FARGO BANK, NATIONAL ASSOCIATION. 

     

     

    _______________________________________________

    Notary
      PublicCWB Commitment

    

    CENTURY
      RESORTS ALBERTA, INC.

    

       

      

      September
        16, 2005

      Canadian
        Western Bank

      2142
        - 99
        Street

      Edmonton,
        Alberta

      T6N
        1L2

      Attention:
        Wayne C. Dosman  

      

      RE: Century
        Resorts Alberta Inc. (the “Borrower”)

                            
         loan
        from
        Canadian Western Bank (the “Bank”)

                           
         commitment
        letter dated August 3, 2005 (the “Commitment Letter”)

      

      We
        refer
        to the Commitment Letter and in particular the various conditions to funding
        of
        the credit facilities thereunder. As discussed with you, we need some comfort
        from the Bank as to which conditions remain outstanding and the status of
        those
        outstanding conditions. Our understanding is that only the following remain
        outstanding:

      

      1.     Schedule
        A to the Commitment Letter- the execution, delivery and registration (where
        required) of the security listed in Schedule A is outstanding, except
        that:

      

          (a) the
        guarantee of 746306 Alberta Ltd. in item 6 is not required;

      

          (b) the
        assignment of the casino license is not required and in lieu a letter
        from AGLC
        confirming the non-assignability of the license has been obtained and
   provided
        to the Bank’s counsel;

      

          (c) item
        12
        has already been obtained by the Bank;

      

          (d) item
        13(i) has already been obtained by the Bank except that an updated
        real property
        report with municipal compliance will be required when the construction
        has 

                               
        been completed;

       

                        
         (e) items
        (ii) and (iv) have been obtained by the Bank; and

      

          (f) item
        13(vi) is not required.

      

      2.     Schedule
        C item 5 is the preliminary budget which has been delivered to the Bank and
        is
        being reviewed by the Bank’s cost consultant.

      

      3.     Schedule
        C item 6 final cost budget is to be provided.

      

      4.     Schedule
        C
        item 7 - this is an ongoing requirement during construction and therefore
        not a
        pre-funding condition.

      

      5.     Schedule
        C item 8 - this is outstanding, but it will be satisfied if:

      

          (a) The
        Borrower enters into the construction contract(s) with Chandos Construction
        Ltd.
        or
        another reputable general contractor in the Edmonton area;

      

          (b) The
        form
        of those construction contract(s) is the CCDC-2 stipulated price contract
        with such non-material amendments to that form as the parties agree;
and

      

          (c) The
        scope
        of work in such contract(s) is not materially different from the scope
of
        construction work that we have provided to the Bank.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      6.     Schedule
        C item 10 - this is outstanding and will be satisfied prior to the first
        drawdown.

      

      7.     Schedule
        C item 11 - the demolition permit and the parkade construction building permit
         have
        been
        provided to the Bank and are acceptable, but the major hotel and casino
 renovation
        building permit remains outstanding and we expect to provide it
        soon.

      

      

      Please
        confirm that subject to finalizing the above outstanding items, the loan
        commitment in the Commitment Letter is binding on the Bank, by signing below
        where indicated and faxing this letter back to us at (586) 816 - 1642. Thanks
        for your attention to this and we look forward to completing the financing
        arrangements with you.

      

      Yours
        truly,

      

      CENTURY
        RESORTS ALBERTA INC.

      

      Per:

      

      Larry
        Hannappel

      Secretary
        and Treasurer

      

      Agreed
        to
        this 23rd
        day of
        September, 2005.

      

      CANADIAN
        WESTERN BANK

      

      Per:

      

      Wayne
        C.
        Dosman

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    August
      3,
      2005

    

    

    Century
      Resorts Alberta Inc.

    157
      E.
      Warren Avenue,

    Cripple
      Creek, Colorado

    80813

    

    

    Attention:
      Mr. Larry Hannappel

     

    Dear
      Sir:

    
 

    On
      the
      basis of the financial statements and other information provided by Century
      Resorts Alberta Inc. (“CRA”), in connection with this request for financing,
      Canadian Western Bank (the “Bank”) has authorized the following loans subject to
      the terms and conditions outlined in this Commitment Letter (the
“Agreement”).

    

    
      	1.  	
              BORROWER:

            

    

    

    
      	 	 	
              Century
                Resorts Alberta Inc. ( “CRA”) carrying on business and registered in the
                Province of Alberta.

            

    

    

    
      	2.  	
              LOAN
                AMOUNT:

            

    

    

     

    
      	2.1.  	
              Loan
                Facility 1: Non Revolving Demand Interim Construction Loan
                

            

    

    -
      up to
      $20,000,000.00*.

    

    Loan
      Facility 2: Non Revolving Long Term Take Out Commercial Mortgage - up to
      $20,000,000.00*.

    

    Loan
      Facility 3 & 4: Letters of Credit - Loan 3 - $71,155.00*; Loan 4 -
      $25,000.00*.

    

    *Maximum
      aggregate drawn loans outstanding at any one time can not exceed
      $20,000,000.00

     

     

    
      	3.  	
              PURPOSE
                OF LOAN:

            

    

    

     

    Amounts
      advanced by the Bank are to be used by CRA as follows:

    

     

    
      	3.1  	
              Loan
                Facility 1: To provide interim construction financing for the development
                of the Celebrations Casino and Hotel at 13103 Fort Road, Edmonton
                Alberta
                (“Celebrations Casino”). The program can be summarized as
                follows:

            

    

    

    
      South
        Edmonton Common

      2142
        - 99
        Street, Edmonton, Alberta, T6N 1L2

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
      	
              PROGRAM
                COSTS

            	
              FINANCING

            
	
              Land
                Value

              Soft
                Costs

              Construction
                Costs

              Casino
                FF&E

              Bankroll,
                pre-op, W/C

            	
              $
                2,319,000.00

              $
                3,778,585.00

              $19,016,522.00

              $
                2,855,018.00

               

              $
                3,294,685.00

            	
               

              CRA
                Equity Requirement:

              CWB
                loans:

              Real
                Estate Construction/Term Loan

            	
               

               

              $11,263,810.00

               

               

               

              $20,000,000.00

            
	
              Total
                Costs

            	
              $31,263,810.00

            	
              Total
                Financing

            	
              $31,263,810.00

            

    

    

     

    No
      material change may be made in the program without the prior written consent
      of
      the Bank.

    
 

    If
      it
      becomes evident, as the program progresses, that the cost will be greater than
      the above figures, the Bank may, at its sole discretion, withhold further
      disbursements of the Loan until the amount of the overrun has been provided
      by
      CRA or otherwise arranged on a basis acceptable to the Bank. In the event that
      the cost exceeds, or CRA becomes aware that it will exceed, the above figures,
      CRA shall immediately notify and provide particulars to the Bank. If the actual
      cost should be less than the above figures, the Bank may, at its sole
      discretion, reduce the amount of the Loan accordingly.

     

    
      	3.2  	
              Loan
                Facility 2: To provide long term commercial mortgage financing to
                take out
                the interim construction loan upon completion of the Celebrations
                Casino.

            

    

    

    
      	3.3  	
              Loan
                Facilities 3 & 4: To provide Letters of Credit to third parties as
                performance guarantees under servicing and development agreements
                entered
                into to develop the casino. The outstanding letters of credit are
                to be
                included in the outstanding loan amounts of loan 1 or loan 2 so that
                the
                outstanding aggregate loan amount at any time will not exceed
                $20,000,000.

            

    

    
      	
              4  

            	
              INTEREST
                RATE:

            

    

    

        Loans
      shall
      bear interest while outstanding before and after maturity and default at the
      following rates: 

    

     

    
      	4.1  	
              Loan
                Facility 1: Interest to float at a rate of 1.25% per annum above
                the
                Bank’s Prime Lending Rate (“Prime”). As of the date of this Agreement,
                Prime is 4.25 %. 

            

    

    

    
      	4.2  	
              Loan
                Facility 2: The interest rate payable shall be a fixed annual rate
                at the
                Banks Commercial Prime
                Fixed Rates,
                calculated and compounded monthly,
                not in advance which, subject to availability for the term selected,
                shall
                be fixed for terms of 1 to 5 years at CRA’s option. The following loan
                rates are cased on the existing Prime Fixed Rates at the time of
                writing
                and are provided for reference purposes only and are subject to
                fluctuations up to and including the date of
                drawdown.

            

    

     

    TERM                   LOAN
      RATE                         INITIAL
      CHOICE OF TERM

    

    1
      Year                                                                      
      5.55%   

    2
      Years                                                                    
      5.70%   

    3
      Years                                                                     5.90%
         

    4
      Years                     
      6.00%
   

    5
      Years                         6.20%
   

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	5  	
              ADVANCES:

            

    

    

     

    
      	5.1  	
              Loan
                facility 1: shall be advanced in monthly progress draws of no less
                than
                $50,000.00 subject to satisfaction of Conditions Precedent as set
                forth in
                Schedule “C” herein attached.

            

    

    

    
      	5.2  	
              Loan
                facility 2: Shall be advanced on a lump sum basis following satisfaction
                of the take out financing conditions as set forth in Schedule “C” herein
                attached.

            

    

    

    
      	6  	
              TERM
                AND LOAN MATURITY DATE:

            

    

    

     

    
      	6.1  	
              Loan
                facility 1: The interim construction loan shall be for a term not
                to
                exceed 18 months however the loan shall be repaid from the proceeds
                of
                loan facility 2 within 60 days of completion as evidenced by expiry
                of the
                substantial completion certificate, the architect shall have certified
                the
                construction of the Celebrations Casinos as complete and the occupancy
                certificate and Casino License shall have been
                issued.

            

    

    

    
      	6.2  	
              Loan
                facility 2: CRA shall select a term, upon advance of this loan facility,
                of one to five years, at CRAs
                preference.

            

    

    

    
      	6.3  	
              With
                respect to loan facility 2, if CRA does not repay the Loan in full
                by the
                Loan Maturity Date then CRA shall be deemed to have elected to extend
                the
                term of the Loan to the earlier of one year, or the date payment
                is
                demanded following the occurrence of an event of default, at the
                Banks
                sole and absolute discretion. The Bank may provide this extension
                at its
                discretion in the event the Loan is not repaid by the original Loan
                Maturity Date and the loan is in compliance of all terms and
                conditions.

            

    

    

    These
      loans are repayable in full the earlier of the Loan Maturity Date or the date
      payment is demanded as a result of default by CRA unless otherwise extended
      by
      the Bank.

     

    
      	7  	
              REPAYMENT
                AND AMORTIZATION:

            

    

    

     

    
      	7.1  	
              Loan
                Facility 1: CRA shall make monthly payments of interest only due
                and
                payable on the first day of each
                month.

            

    

    

    
      	7.2  	
              Loan
                Facility 2: An interest adjustment shall be payable for the period
                from
                the date of advance to the first day of the month following the date
                of
                advance and shall be deducted from the amount of the advance. Thereafter,
                so long as the loan is not in default, CRA shall make monthly blended
                payments of principal and interest each in an amount sufficient to
                amortize the loan, at the interest rate, over a ten (10) year period,
                payable the first day of each
                month.

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	8  	
              PREPAYMENT:

            

    

    

     

    
      	8.1  	
              Loan
                facilities 1. - This loan facility shall be open for prepayment without
                bonus or penalty.

            

    

    

    
      	8.2  	
              Loan
                facility 2. - Upon fixing the rate of interest, no prepayment of
                principal
                shall be allowed except once during each calendar year CRA may elect
                to
                prepay up to 10% of the original principal amount without penalty
                or
                bonus.

            

    

    

    

    
      	9  	
              CENTURY
                RESORTS ALBERTA INC. EQUITY:

            

    

    

     

    Total
      authorized construction equity of at least $11,263,810 shall be maintained
      in
      the Project at all times until repayment in full of the Loan. 

    

    

    
      	10  	
              SECURITY
                AND SUPPORTING DOCUMENTS:

            

    

    

     

    The
      attached Schedule “A” forms part of this Agreement.

    

    
      	11  	
              INSURANCE:

            

    

    

     

    The
      attached Schedule “B” forms part of this Agreement.

    

     

    
      	11.1  	
              Assignment
                of all risk (including earthquake, flood and collapse), fire and
                theft
                replacement cost insurance satisfactory to the Bank covering all
                machinery, equipment, fixtures and building which shall contain the
                Standard Mortgage Clause approved by the Insurance Bureau of Canada.
                The
                policy shall contain comprehensive general Public Liability coverage
                of
                not less than $10,000,000.00 and Satisfactory Business Interruption
                Insurance.

            

    

    

    
      	11.2  	
              A
                copy of the Bank’s detailed insurance requirements is attached as Schedule
                “B-1” to this Agreement. The Bank's approved risk management firm shall
                review and approve all required insurance, including any changes
                made
                during the term of the loan, at the cost of
                CRA.

            

    

    

    

    
      	12  	
              CONDITIONS
                PRECEDENT TO DRAWDOWN:

            

    

    

     

    The
      attached Schedule “C” forms part of this Agreement.

    

    
      	13  	
              GENERAL
                CONDITIONS/EVENTS OF DEFAULT:

            

    

    

     

    The
      attached Schedule “D” forms part of this Agreement.

    

    
      	14  	
              REPORTING
                REQUIREMENTS:

            

    

    

     

    The
      attached Schedule “E” forms part of this Agreement.

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	15  	
              STANDARD
                LOAN TERMS & DEFINITIONS:

            

    

    

     

    The
      attached Schedule “F” forms part of this Agreement.

    

    
      	16  	
              FEES:

            

    
    

     

    
      	16.1  	
              CRA
                shall pay an non-refundable commitment fee of $50,000.00 along with
                the
                acceptance of this commitment letter. The commitment fee is consideration
                to the Bank for the issuing of this Agreement. On acceptance of this
                Agreement by the Borrower, the entire fee shall be deemed to have
                been
                fully earned and shall not be refundable.

            

    

    
      	16.2  	
              Upon
                the first advance of Loan 1, an additional commitment fee of $150,000.00
                shall be due, and payable. The
                fee shall be deemed to have been fully earned and shall not be
                refundable.

            

    

    
      	16.3  	
              Letter
                of Credit fees - The Borrower shall pay a fee of 1% of the amount
                issued
                for issuance or annual renewals of any letters of
                credit.

            

    

    
      	16.4  	
              Upon
                drawing down the long term commercial mortgage, the Borrower shall
                pay an
                annual review fee of $5,000.00 per year commencing on the first
                anniversary date of draw down of the long term commercial mortgage.
                

            

    

    

     

    
      	17  	
              COSTS:

            

    

    

     

    The
      cost
      of all appraisals and environmental reports, the legal costs of the Bank on
      a
      solicitor-client basis, costs of the Bank’s insurance consultant and all other
      reasonable out-of-pocket expenses incurred in the approval and making of the
      Loan and the preparation, execution, delivery and registration of the Security
      and Supporting Documents (including the cost of delivering copies of any
      documents required by law to be given to CRA or any other party) or in the
      collection of any amount owing under the terms of the Loan shall be for the
      account of CRA and may be debited to advances to be made under the terms of
      the
      Loan. Until paid, all such costs and expenses shall bear interest at the rate
      described in Section 3 of this Agreement.

    

    
      	18  	
              ASSIGNMENT
                BY CRA:

            

    

    

     

    CRA
      shall
      not assign or encumber its rights and obligations under the Loan, this Agreement
      or the whole or any part of any advance to be made hereunder, without the prior
      written consent of the Bank.

    

    
      	19  	
              BANK’S
                COUNSEL:

            

    

    

     

    Legal
      work and documentation to be performed at CRA’s expense through the Bank’s
      counsel:

    

    Shtabsky
      & Tussman LLP

    Attention:
      Gary Yasinski

    #1400,
      10025 102 A Avenue

    Edmonton,
      Alberta

    T5J
      2Z2.

    

    Tel.
      -
      (780) 917 8305

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	20  	
              MATERIAL
                CHANGE:

            

    

    

    Acceptance
      of this Agreement by CRA provides full and sufficient acknowledgement that
      if,
      in the opinion of the Bank, any material adverse change in risk occurs,
      including without limiting the generality of the foregoing, any material adverse
      change in the financial condition of CRA, any obligation by the Bank to advance
      all or any portion of the loan may be withdrawn or cancelled at the sole
      discretion of the Bank, acting in a commercially reasonable manner.

    

    
      	21  	
              NON-MERGER:

            

    

    

     

    The
      terms
      and conditions set out herein shall not be superseded by nor merge in and shall
      survive the execution, delivery and/or registration of any instruments of
      security or evidences of indebtedness granted by CRA hereafter, and the
      advancement of any funds by the Bank. In the event of a conflict between the
      security documents and the terms of this letter, the terms of the security
      documents shall govern.

    

    

    

    ACCEPTANCE:

     

    To
      become
      effective, this Agreement must be accepted in writing by CRA .

    

    If
      you
      are in agreement with the above terms and conditions (which includes by
      reference, all of those terms and conditions set forth in all of the attached
      Schedules), please sign and return the enclosed copy of this letter together
      with your cheque for $50,000.00, representing the commitment fee. This Agreement
      will expire if not accepted by August 10, 2005.

    

     

    The
      foregoing Agreement is offered in good faith and is to be held in strict
      confidence.

    

    

    Yours
      truly,

    CANADIAN
      WESTERN BANK

    

    

    

    

    /s/
      Wayne
      C.
      Dosman                                             
      /s/ Ken Arndt

    Wayne
      C.
      Dosman                                                  
      Ken Arndt

    Assistant
      Vice
      President                                       
      Assistant Vice President

    &
      Branch
      Manager                                                 
      Commercial Banking

    

    
      
        
        

      

      
        
        

        
          

        

      

      
 

    

    ACKNOWLEDGEMENT:

    

     

    CRA
      certifies that all information provided to the Bank is true and hereby accept
      the terms and conditions set forth in the above Agreement (including all
      Schedules attached thereto).

    

    CRA:

    

    Century
      Resorts Alberta Inc.

    

    Signed: Larry
      Hannappel, 

         
       Secretary

    Signed:
      /s/ Larry Hannappel

    Accepted:
      August 4, 2005

                      
      Date

    

    GUARANTORS

     

    We
      acknowledge receiving advice of the Agreement described above and agree our
      guarantee is binding even if the Bank changes or waives compliance with the
      terms of this Agreement.

    

    

    Century
      Casinos, Inc.

    

    

    Signed: 
      Peter
      Hoetzinger, 

                  
      Vice Chairman and Co CEO

    Signed:
      /s/ Peter Hoetzinger

    

    

    Accepted:
      August 4, 2005

                       Date

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      “A” - TERM LOANS/MORTGAGES

    

    SECURITY

    

    

     

    All
      security documentation described herein must be prepared, executed and
      registered, as required by the Bank, prior to drawdown of any funds. The types
      of security, supporting resolutions and agreements to be provided by CRA to
      the
      Bank will be in form and content satisfactory to the Bank and/or its solicitors,
      and without restricting the generality of the foregoing, will
      include:

    

     

    
      	1.  	
              Promissory
                Notes as required;

            

    

     

    
      	2.  	
              Demand
                Collateral First Mortgage Charge in the amount of $20,000,000.00
                on real
                property described in Section 3 and owned by CRA. The mortgage document
                shall contain a “Due on Sale” clause, as well as a clause addressing the
                appointment of a Receiver Manager of the property in the event of
                default;

            

    

    

    
      	3.  	
              General
                Security Agreement providing
                a first security interest in all fixed assets, accounts receivable,
                inventory and all present and after acquired
                property

            

    

     

    
      	4.  	
              Assignment
                of Rents and Leases, registered on
                title;

            

    

     

    
      	5.  	
              Unconditional
                and Unlimited Environmental Agreement and Indemnity (Form 1164) executed
                by CRA.

            

    

    

    
      	6.  	
              A
                joint and several $20,000,000.00 corporate guarantee and postponement
                of
                claim from Century Casinos, Inc. and 746306 Alberta
                Ltd.

            

    

    

    
      	7.  	
              Specific
                assignment of the Alberta Gaming and Liquor Commissions Casino License
                (if
                available).

            

    

    

    
      	8.  	
              Hypothecation
                of the interest reserve account and the deposit account for the
                Pre-opening costs and working capital costs duly registered at the
                Alberta
                Personal Property Registration.

            

    

    

    
      	9.  	
              Undertaking
                by CRA and the Guarantors to fund all cost overruns as they
                occur;

            

    

    

    
      	10.  	
              An
                Assignment of Material Contracts including the general contractor
                and
                major subtrade contracts;

            

    

     

    
      	11.  	
              Assignment
                of all risk Casualty and Liability insurance as set out under “Insurance”,
                of the Agreement;

            

    

    

    
      	12.  	
              Letter
                of Credit Application and Agreements and Assignment of Bank Instruments
                registered at Personal Property Registry, as required.
                

            

    

     

    
      	13.  	
              Such
                of the following supporting documents as may be required by the Bank’s
                solicitors:

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	(i)  	
              satisfactory
                Real Property Report/Surveyor’s Certificate with respect to the mortgaged
                property previously described in Section
                2;

            

    

    
      	(ii)  	
              satisfactory
                Zoning or Building Memorandum, or Letter from applicable Zoning official
                (Compliance Certificate), from the applicable municipal
                authority;

            

    

    
      	(iii)  	
              Tax
                Certificate showing all property taxes and charges paid or a holdback
                sufficient to pay taxes when due;

            

    

    
      	(iv)  	
              standard
                form documents relating to authorization of the borrowing and operation
                of
                the loan account;

            

    

    
      	(v)  	
              Statutory
                Declaration from CRA or the Officer or an officer of CRA as to residency,
                title, use of premises, actions or claims and such other matters
                as
                Canadian Western Bank’s counsel may
                advise;

            

    

    
      	(vi)  	
              Loan
                Agreement;

            

    

    
      	(vii)  	
              Opinion
                of counsel as to the events of default clauses included in this commitment
                letter adhere to United States of America’s laws, rules and regulations
                with respect to Century Casino’s,
                Inc.

            

    

    
      	(viii)  	
              opinion
                of CRA’s counsel on the security and supporting documents and title to the
                Property.

            

    

    

     

    
      	14.  	
              such
                additional security instruments, assurances and supporting documents
                (including legal opinion of CRA’s solicitor) as the Bank may deem
                necessary or advisable for the purpose of obtaining and perfecting
                the
                foregoing security.

            

    

    

     

    CRA
      acknowledge and agrees to give the Bank other reasonable documents, assurances,
      information and covenants as the solicitors for the Bank may reasonably require
      with regard to the loan or the security documents to be given
      hereunder.

    

    
      
        
        

      

      
        
        

        
          
             

          
            
               

            

            
               

              
                

              

            

            
               

            

          

        

      

    

    
      
        
        

      

      
        
        

        
        

      

      
        
        

        
        

      

    

    SCHEDULE
      “B” - TERM LOANS/MORTGAGES

    

    INSURANCE

    

     

    
      	1.  	
              All
                policies must show CRA as a named insured.

            

    

     

    
      	2.  	
              All
                policies covering physical loss or damage (that is, property, builders
                risk and boiler and machinery insurance) must be on a full replacement
                cost basis and:

            

    

     

    
      	(a)  	
              provide
                coverage for all risks of physical loss or damage, including earthquake,
                flood, sewer back-up and collapse;

            

    

    

    
      	(b)  	
              include
                insurance on the foundation and all parts below ground
                level;

            

    

     

    
      	(c)  	
              provide
                in case of destruction: 

            

    

     

    
      	(i)  	
              that
                reconstruction will not be limited to “on the same or an adjacent
                site”;

            

    

     

    
      	(ii)  	
              coverage
                for increased costs of reconstruction through by-law and code changes
                and
                demolition and debris removal for damaged and undamaged property
                and
                resultant loss of income;

            

    

     

    
      	(d)  	
              either
                contain a stated amount co-insurance clause or not be subject to
                co-insurance.

            

    

     

    
      	3.  	
              The
                Bank is to be shown both as mortgagee and loss payee under all policies
                covering physical loss or damage. Loss is to be payable using this
                wording:

            

    

     

    “CANADIAN
      WESTERN BANK, 2142 - 99 Street, Edmonton, Alberta T6N 1L2 as
      first mortgagee
      and loss payee.”

     

                                                                                                                    
      COVERAGE DURING CONSTRUCTION

    

    
      	1.  	
              The
                property must be insured on an all builders risk a form providing
                coverage
                at least equivalent to the
                following:

            

    

     

    
      	(a)  	
              coverage
                for 100% of total hard construction
                costs;

            

    

     

    
      	(b)  	
              coverage
                for an amount in respect of soft costs that is acceptable to the
                Bank but
                which is in any event not less than 25% of total soft
                costs;

            

    

     

    
      	(c)  	
              delayed
                income for a limit representing 100% of the anticipated annual revenue
                from the property (assuming full
                occupancy);

            

    

    

    
      	(d)  	
              permission
                for partial or full occupancy.

            

    

     

    
      	2.  	
              Contractor’s
                Liability Insurance for bodily injury and/or death and damage to
                property
                of others in an amount acceptable to the Bank but in any case not
                less
                than $5,000,000 for any one occurrence shall be in place and shall
                cover
                construction operations at the project site. CRA and Bank are to
                be shown
                as Additional Insured.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	3.  	
              Wrap-up
                Liability is required for projects with a construction cost greater
                than
                $10,000,000. The insurance shall have a limit of not less than $10,000,000
                and shall cover CRA, all contractors, sub-contractors and
                suppliers.

            

    

     

    
      	4.  	
              Evidence
                of Professional Liability Insurance maintained by the Project architects
                and engineers is required.

            

    

     

    
      	5.  	
              Performance
                and Labour and Material Payment Bonds are required in an amount not
                less
                than 50% of the total contract price. The Bank is to be shown as
                a Dual
                Obligee.

            

    

    

    

                                           
      SCHEDULE “B-1”

                                                CANADIAN
      WESTERN BANK

                                     
      INSURANCE REQUIREMENTS FOR REAL ESTATE LOANS

    

    ALL
      POLICIES MUST BE REVIEWED AND APPROVED, BEFORE THE FIRST LOAN ADVANCE, BY THE
      BANK’S INSURANCE CONSULTANT:

    

    INTECH
      RISK MANAGEMENT LTD.

    480
      University Avenue, 18th
      Floor

    Toronto,
      Ontario M5G 1V2

    Attention:
      Lisa Speirs

    

    Telephone: (416)
      348-9111

    Facsimile: (416)
      348-9121

    email: Lspeirs@intechrisk.com

    

    So
      that there is no delay in funding because of changes needed to insurance
      policies, please give a copy of this Schedule to your insurance broker and
      ask
      that the coverages described below be issued immediately and proof forwarded
      to
      Intech Risk Management Ltd. for review purposes.

    

    GENERAL
      REQUIREMENTS

    

    
      	1.  	
              These
                Insurance Requirements outline only the protection required for the
                Bank’s
                interests. CRA’s interests will be different than the Bank’s and CRA must
                obtain its own advice as to appropriate coverages and
                details.

            

    

    

    
      	2.  	
              The
                forms, insurers, coverages, amounts, exclusions and deductibles are
                always
                subject to the Bank’s descretion, having regard to the nature, location,
                value and risks of the Project. Without restricting that discretion,
                the
                Bank may require coverages not specifically mentioned or required,
                such as
                but not limited to, terrorism and pollution
                insurance.

            

    

    
      	3.  	
              Original
                policies and signatures on behalf of the insurer are required. The
                insurer(s), policy number(s) and policy term(s) must be shown on
                all
                insurance documentation. If actual policies are not available for
                the
                initial loan advance signed Binders or Certificates of Insurance
                will be
                accepted, provided the form and contents are satisfactory. NB:
                CS10-form, Acord Form 25 or their equivalents are not
                acceptable.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	4.  	
              All
                policies must show CRA as a named
                insured.

            

    

    

    
      	5.  	
              All
                policies covering physical loss or damage (that is, property, builders
                risk and boiler and machinery insurance) must be on a full replacement
                cost basis and:

            

    

    

    
      	(a)  	
              provide
                coverage for all risks of physical loss or damage, including earthquake,
                flood, sewer back-up and collapse;

            

    

     

    
      	(b)  	
              include
                insurance on the foundation and all parts below ground
                level;

            

    

    

    
      	(c)  	
              provide
                in case of destruction:

            

    

    

    
      	(i)  	
              that
                reconstruction will not be limited to “on the same or an adjacent
                site”;

            

    

    

    
      	(ii)  	
              coverage
                for increased costs of reconstruction through by-law and code changes
                and
                demolition and debris removal for damaged and undamaged property
                and
                resultant loss of income;

            

    

    

    
      	(d)  	
              either
                contain a stated amount co-insurance clause or not be subject to
                co-insurance.

            

    

    

    
      	6.  	
              The
                Bank is to be shown both as mortgagee and loss payee under all policies
                covering physical loss or damage. Loss is to be payable using this
                wording:

            

    

    

    “CANADIAN
      WESTERN BANK, 2142 - 99 Street, Edmonton, Alberta T6N 1L2 as
      first
mortgagee
      and loss payee.”

    

    and
      a
      standard IAO mortgage clause must be part of the policy.

    

     

    
      	7.  	
              The
                insurer may reserve the right to cancel the policy as permitted by
                statute
                but must agree that it will not terminate, make any adverse material
                change or otherwise alter the policy to the Bank’s prejudice except by
                registered letter giving 30 days notification to the
                Bank.

            

    

    

    
      	8.  	
              The
                legal description of the property insured must be specified. Municipal
                address alone is not acceptable.

            

    

    

    
      	9.  	
              Commercial
                General Liability Insurance for bodily injury and/or death and damage
                to
                property of others in an amount acceptable to the Bank but in any
                case not
                less than $5,000,000 for any one occurrence shall
                be in place for all loans.
                The Bank is to be shown as an Additional Insured under all Liability
                Insurance policies. At the option of the Bank, the policy shall include
                limited pollution liability (IBC 2313 or equivalent wording) to cover
                sudden and accidental pollutants and smoke from a hostile
                fire.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    COVERAGE
      DURING CONSTRUCTION

    

    
      	1.  	
              The
                property must be insured on an all risk builders risk a form providing
                coverage at least equivalent to the
                following:

            

    

    

    
      	(a)  	
              coverage
                for 100% of total hard construction
                costs;

            

    

    

    
      	(b)  	
              coverage
                for an amount in respect of soft costs that is acceptable to the
                Bank but
                which is in any event not less than 25% of total soft
                costs;

            

    

    

    
      	(c)  	
              delayed
                income for a limit representing 100% of the anticipated annual revenue
                from the property (assuming full
                occupancy);

            

    

     

    
      	(d)  	
              permission
                for partial or full occupancy.

            

    

    

    
      	2.  	
              Contractor’s
                Liability Insurance for bodily injury and/or death and damage to
                property
                of others in an amount acceptable to the Bank but in any case not
                less
                than $2,000,000 for any one occurrence shall be in place and shall
                cover
                construction operations at the project site. CRA(s) and Bank are
                to be
                shown as Additional Insureds.

            

    

    

    
      	3.  	
              Wrap-up
                Liability is required for projects with a construction cost greater
                than
                $10,000,000. The insurance shall have a limit of not less than $10,000,000
                and shall cover CRA, all contractors, sub-contractors and
                suppliers.

            

    

    

    
      	4.  	
              Evidence
                of Professional Liability Insurance maintained by the Project architects
                and engineers is required.

            

    

    

    
      	5.  	
              Performance
                and Labour and Material Payment Bonds are required in an amount not
                less
                than 50% of the total contract price. The Bank is to be shown as
                a Dual
                Obligee.

            

    

    

    ON
      COMPLETION OF PROJECT

    

    
      	1.  	
              All
                Risk coverage equivalent to the IAO Commercial Building Form
                (CBF).

            

    

    

    
      	2.  	
              Broad
                form boiler insurance for explosion, electrical and mechanical breakdown
                covering pressure vessels, air-conditioning equipment, miscellaneous
                electrical apparatus (and production machinery where applicable)
                and
                providing comprehensive coverage for repair and replacement and use
                and
                occupancy. A joint loss agreement must be provided if the insurer
                is
                different than the all risks
                insurer.

            

    

     

    
      	3.  	
              Rental
                insurance coverage sufficient to cover 100% of the projected gross
                annual
                rents and, if on a net basis, the equivalent gross rentals, for a
                minimum
                period of one year.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
        
           

        

        
        

      

      
        
        

        
        

    

    SCHEDULE
      “C” - TERM LOANS/MORTGAGES

    CONDITIONS
      PRECEDENT TO DRAWDOWN

    

     

    The
      following conditions must be fulfilled prior to draw down of Loan Facility
      1:

     

    
      	1.  	
              The
                Bank shall be satisfied with the business assets and financial condition
                of CRA and all security documentation and supporting agreements and
                documents must be completed in a form satisfactory to the Bank and
                its
                solicitors, and must be executed and registered as appropriate, and
                the
                Bank shall have received a solicitor’s letter of opinion with respect to
                same;

            

    

    

    
      	2.  	
              The
                Bank shall be provided with a transmittal letter from Colliers
                International indicating that their June 2005 appraisal of the subject
                property may be relied on for information
                purposes.

            

    

     

    
      	3.  	
              CRA
                shall cause to be conducted environmental assessments, audit and
                other
                inspections with respect to the mortgaged property and the business
                of CRA
                and the obligation of the Bank to advance funds hereunder shall be
                subject
                to the Bank receiving reports prepared by a Bank approved Environmental
                Consultant, satisfactory to the Bank in its sole discretion and subject
                to
                the Bank being satisfied in its sole discretion that there are no
                environmental matters that are adverse to the value of the mortgage
                property or the business of CRA.

            

    

    

    
      	4.  	
              It
                is the intention of this commitment letter to fund all certified
                budgeted
                development costs, over and above the equity requirement, as determined
                by
                the Banks cost consultant, providing the total certified development
                costs
                do not exceed the total authorized costs. CRAs equity requirement
                shall be
                free and clear of any financial charges. No secondary financing shall
                be
                permitted under this program without the express written consent
                of the
                Bank. The Bank acknowledges and agrees to the Century Casinos, Inc.
                securing a portion of their investment as a secondary charge against
                the
                subject property, subject to a satisfactory review of the terms and
                conditions of the charge, providing that the charge is fully postponed
                to
                the Bank debt.

            

    

    

    
      	5.  	
              CRA
                shall provide to the Bank along with acceptance of this commitment
                letter
                a preliminary construction budget detailing all land, servicing,
                hard and
                soft construction costs. 

            

    

    

    
      	6.  	
              CRA
                shall provide to the Bank, prior to the initial advance of funds,
                a final
                cost budget, certified by the Banks Cost Consultant. Progress draws
                shall
                be accompanied by a Progress Claim approved by CRA and certified
                by the
                Banks Cost Consultant detailing the original budget, the present
                budget,
                the percent complete, the work in place, the costs to complete and
                the
                value of the amount being claimed. Prior to each advance each Property
                Titles shall be search at Alberta Land Titles to ensure that no liens
                have
                been registered on title. Such searches shall be conducted by the
                Bank but
                at the Borrowers Expense. Each
                progress claim shall be accompanied by a Statutory Declaration. Progress
                draws shall be for not less than $50,000 and shall be available no
                more
                than once a month. Requests for advance must be accompanied by invoices
                evidencing the costs being claimed. Progress draws shall be calculated
                on
                a cost to complete basis, i.e. sufficient loan amounts will at all
                times
                be available to complete the Celebrations Casino. Should at any time,
                it
                be determined that cost overruns have resulted in the remaining authorized
                loan amount being insufficient to complete the Celebrations Casino,
                CRA
                and guarantors shall, upon notice, invest sufficient equity to cover
                the
                cost overruns.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	7.  	
              CRA
                shall provide to the Bank a satisfactory final cost breakdown, certified
                by an acceptable construction cost consultant. The cost consultant
                is to
                be appointed by the Bank with all costs to CRA’s
                account.

            

    

    

    
      	8.  	
              CRA
                shall have entered into fixed price contracts for all major components
                of
                construction. The sub-contracts are to be at least 50% bonded or
                satisfactory evidence of the financial ability of the contractors
                is to be
                provided. Any major change order in excess of $10,000 to these contracts
                will be subject to written approval by the Bank. Copies of all such
                Celebrations Casino contracts are to be provided to the Bank prior
                to the
                initial Advance of Funds

            

    

    

    
      	9.  	
              CRA
                shall establish and maintain with the Bank an operating account for
                the
                Celebrations Casino, through which all cash flows generated by the
                Celebrations Casino shall be processed at terms and conditions reasonably
                competitive in Alberta.

            

    

    

    
      	10.  	
              CRA
                is to deposit the $3,294,685 required for working capital and Pre-opening
                costs into a hypothecated deposit account at Canadian Western Bank
                prior
                to first draw of the construction loan. No more than twice per month,
                draws may be released based on a signed direction to pay by the Borrower
                detailing the original budget, the budget YTD, identifying the budgeted
                amount required and confirming sufficient draw amounts will at all
                times
                be available to complete the Pre-opening Costs and fund the start
                up
                working capital.

            

    

    

    
      	11.  	
              CRA
                shall provide servicing plans and specifications, together with all
                the
                necessary building permits and development agreements required for
                the
                development and completion of the Celebrations
                Casino;

            

    

     

    
      	12.  	
              The
                Bank shall be satisfied as to the zoning of the Celebrations Casino
                and
                the availability of all municipal and regulatory permits and approvals
                required for the operation of the Celebrations
                Casino.

            

    

     

    
      	13.  	
              Any
                participation by way of equity, shareholders’ loan, or other cash
                injection required under the terms of this agreement must be in place.
                The
                Borrower shall provide to the Bank written confirmation as to the
                sources
                of funds being used to meet the proposed equity
                requirements.

            

    

     

    
      	14.  	
              The
                Bank reserves the sole and absolute right to syndicate part or all
                of the
                loan facility contemplated herein, with various syndication partners
                with
                whom the Bank syndicates loans from time to time, on terms and conditions
                satisfactory to the Bank;

            

    

     

    
      	15.  	
              The
                Bank will require two (2) full business days prior written notice
                of
                disbursement.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
      following conditions must be fulfilled prior to draw down of Loan Facility
      2:

    

    
      	1.  	
              CRA
                is to have posted the substantial completion certificate and the
                builders
                lien period shall have expired, the architect shall have certified
                the
                Celebrations Casinos as complete and the occupancy certificate and
                Casino
                License shall have been issued.

            

    

    

    
      	2.  	
              The
                proceeds of this loan advance will retire the outstanding construction
                advances of Loan Facility 1.

            

    

    

     

    
      
        
        

      

      
        
        

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    
       

      
        
        

        
        

      

    

    SCHEDULE
      “D” - TERM LOANS/MORTGAGES

    

    GENERAL
      CONDITIONS

    

    

     

    CRA
      agrees:

    

     

    
      	1.  	
              no
                Event of Default has occurred and is
                continuing;

            

    

     

    
      	2.  	
              the
                Loan Maturity Date has not
                occurred;

            

    

     

    
      	3.  	
              the
                conditions of this Agreement and of all previous advances have been
                satisfied or waived;

            

    

     

    
      	4.  	
              to
                maintain a “Cash Flow Coverage Ratio” of not less than 1.20
                times, tested annually commencing based on the Borrowers audited
                annual
                accountant prepared financial statements. Cash Flow coverage ratio
                shall
                be defined as the Borrowers EBITDA less capital expenditures not
                funded by
                debt (current construction budget exempted), divided by the annual
                total
                fixed charge principal due in the next twelve months and the current
                years
                interest expense. 

            

    

     

    
      	5.  	
              no
                other loans may be secured against the Celebrations Casino, except
                the
                Subordinate Mortgages satisfactory to the Bank and, at CRA’s option, a
                mortgage to secure CRA’s Equity contributed by the Guarantor or other
                affiliate of CRA, provided such mortgage is fully subordinated to
                the
                Security and supporting documents in accordance with a Priority and
                Standstill Agreement;

            

    

     

    
      	6.  	
              the
                Bank’s opinions, approvals and decisions are in its sole discretion and
                are not subject to judicial review as to their
                reasonableness;

            

    

     

    
      	7.  	
              CRA
                shall remain the sole registered and beneficial owner of the Celebrations
                Casino until the Loan has been repaid in full, unless otherwise approved
                by the Bank;

            

    

     

    
      	8.  	
              to
                maintain adequate insurance on the property and acknowledges that
                failure
                to do so will hereby authorize the Bank to purchase insurance to
                protect
                the Bank’s interest in the Celebrations Casino to the value of the
                outstanding loan/mortgage. CRA authorizes the Bank to add the cost
                of said
                insurance to the loan/mortgage
                balance.

            

    

    

     

    EVENTS
      OF DEFAULT:

    

     

    
      	1.  	
              The
                full amount of the indebtedness and liability of CRA then outstanding,
                together with accrued interest and any other charges then owing by
                CRA to
                the Bank shall, at the option of the Bank, forthwith be accelerated
                and be
                due and payable, and upon being declared to be due and payable, the
                securities shall immediately become enforceable and the Bank may
                proceed
                to realize and enforce the same upon the occurrence and during the
                continuance of any of the following events or circumstances (which
                events
                or circumstances are herein referred to as the “Events of
                Default”):

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	(a)  	
              CRA
                or any Guarantor fails to make due, whether on demand or at a fixed
                payment date, by acceleration or otherwise any payment of interest,
                principal, fees, commissions or other amounts payable to the
                Bank;

            

    

     

    
      	(b)  	
              there
                is a breach by CRA of any other term or condition contained in this
                Agreement or in any other agreement to which CRA and the Bank are
                parties
                and CRA has not corrected such breach within 30 days of notice having
                been
                provided to CRA;

            

    

     

    
      	(c)  	
              any
                default occurs under the terms of any security to be provided in
                accordance with this Agreement or under any other credit, loan or
                security
                agreement to which CRA are party and CRA have not corrected such
                breach
                within 30 days of notice having been provided to
                CRA;

            

    

     

    
      	(d)  	
              any
                bankruptcy, re-organization, compromise, arrangement, insolvency
                or
                liquidation proceedings or other analogous proceedings are instituted
                by
                or against CRA and, if instituted against CRA are allowed against
                or
                consented to by CRA or are not dismissed or stayed within 60 days
                after
                such institution;

            

    

     

    
      	(e)  	
              a
                receiver is appointed over any property of CRA or any judgement or
                order
                or any process of any court becomes enforceable against CRA or any
                property or any creditor takes possession of any property of
                CRA;

            

    

     

    
      	(f)  	
              any
                adverse change occurs in the financial condition of CRA or any
                Guarantor;

            

    

     

    
      	(g)  	
              any
                adverse change occurs in the environmental condition
                of:

            

    

    
      	(i)  	
              CRA,
                or

            

    

     

    
      	 	
               

            

    

    
      	(iii)  	
              any
                property, equipment, or business activities of
                CRA.

            

    

    

    
      	(h)  	
              CRA
                acknowledges that failure by any Guarantor of this Agreement to comply
                with the disclosure requirements set out in Section 45 of the Business
                Corporations Act (BCA) of Alberta shall constitute a default of CRA
                pursuant to this Agreement.

            

    

     

    

    MISCELLANEOUS
      CONDITIONS:

     

    
      	1.  	
              The
                rights and remedies of the Bank pursuant to this Agreement and the
                securities taken pursuant hereto are cumulative and not alternative,
                and
                not in substitution for any other rights, remedies, or power of the
                Bank.

            

    

     

    
      	2.  	
              Any
                failure or delay by the Bank to exercise, or exercise fully, its
                rights
                and remedies pursuant to this Agreement and the securities taken
                pursuant
                hereto shall not be construed as a waiver of such rights and
                remedies.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	3.  	
              In
                the absence of a formal Loan Agreement being entered into, this Agreement
                shall continue in full force and effect and shall not merge in any
                securities provided by CRA to the
                Bank.

            

    

     

    
      	4.  	
              This
                Agreement and the security documentation to be provided by CRA pursuant
                hereto shall be construed in accordance with and governed by the
                laws of
                the Province of Alberta.

            

    

    

    
      
        
        

      

      
        
        

    

    
      
        
          )

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    SCHEDULE
      “E” - TERM LOANS/MORTGAGES

    

    REPORTING
      REQUIREMENTS

    

    

     

    CRA
      agrees to provide the following information to the Bank:

     

    
      	1.  	
              The
                annual audited financial statements of CRA prepared by a firm of
                qualified
                professional accountants (minimum standard - Review Engagement Report)
                within 90 days
                of CRA’s fiscal year-end, together with the annual Review Engagement
                Report financial statements of 746306 Alberta Ltd. and the 10K filing
                for
                Century Casinos, Inc..

            

    

    

    
      	2.  	
              The
                annual budget/cash flow projections along with their annual financial
                statements.

            

    

    

    
      	3.  	
              Monthly
                internally prepared interim financial statements with 25 days of
                each
                month end.

            

    

    

    
      	4.  	
              Provide
                the Bank with written advice of any change in shareholders representing
                more than 5% of the outstanding shares of CRA or the
                guarantors.

            

    

    

    
      	5.  	
              Annual
                confirmation that the current years property taxes have been paid
                by July
                25th
                each year.

            

    

    

    
      	6.  	
              Copy
                of the Alberta Gaming and Liquor Commission license, and annual
                renewal/licenses.

            

    

    

    
      	7.  	
              Copies
                of any notices sent by AGLC of any changes, amendments, breaches,
                or
                defaults under the AGLC license. 

               

            

    

    
    

    
      	8.  	
              any
                further information, data, financial reports and records, accounting
                or
                banking statements, certificates, evidence of insurance and other
                assurances which the Bank may from time to time require in its sole
                discretion, acting reasonably.

            

    

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      
        
           

        

        
        

        
          
 

        

      

    

     

    SCHEDULE
      “F” - TERM LOANS/MORTGAGES

    

    SCHEDULE
      - STANDARD LOAN TERMS

    
      
        
        

      

      
 

    

    ARTICLE
      1 - GENERAL

    

    
      	1.1.  	
              Interest
                Rate.
                You will pay interest on each Loan at nominal rates per year at the
                rate
                specified in this Agreement.

            

    

    

    
      	1.2.  	
              Floating
                rate of interest.
                Each floating rate of interest provided for under this Agreement
                will
                change automatically, without notice, whenever the Bank’s Prime Rate or
                the U.S. Base Rate, as the case may be,
                changes.

            

    

    

    
      	1.3.  	
              Payment
                of interest. Interest
                is calculated on the daily balance of the Loan at the end of each
                day.
                Interest is due once a month, unless the Agreement states otherwise.
                Unless you have made other arrangements with us, we will automatically
                debit your Operating Account for interest amounts owing. If your
                Operating
                Account is in overdraft and you do not deposit to the account an
                amount
                equal to the monthly interest payment, the effect is that we will
                be
                charging interest on overdue interest (which is known as compounding).
                Unpaid interest continues to compound whether or not we have demanded
                payment from you or started a legal action, or get judgment, against
                you.

            

    

    

    
      	1.4.  	
              Fees.
                You
                will pay the Bank’s fees for the Loans as outlined in the Agreement. You
                will also reimburse us for all reasonable fees (including legal fees
                on a
                solicitor and his own client basis) and out-of-pocket expenses incurred
                in
                registering any security, and in enforcing our rights under this
                Agreement
                or any security. We will automatically debit your Operating Account
                for
                fee amounts owing.

            

    

    

    
      	1.5.  	
              Our
                rights re demand Loans.
                We
                believe that the banker-customer relationship is based on mutual
                trust and
                respect. It is important for us to know all the relevant information
                (whether good or bad) about your business. Canadian Western Bank
                is itself
                a business. Managing risks and monitoring our customers’ ability to repay
                is critical to us. We can only continue to lend when we feel that
                we are
                likely to be repaid. As a result, if you do something that jeopardizes
                that relationship, or if we no longer feel that you are likely to
                repay
                all amounts borrowed, we may have to act. We may decide to act, for
                example, because of something you have done, information we receive
                about
                your business, or changes to the economy that affect your business.
                Some
                of the actions that we may decide to take include requiring you to
                give us
                more financial information, negotiating a change in the interest
                rate or
                fees, or asking you to get further accounting assistance, put more
                cash
                into the business, provide more security, or produce a satisfactory
                business plan. It is important to us that your business succeeds.
                We may
                demand immediate repayment of any outstanding amounts under any demand
                Loan. We may also, at any time and for any cause, cancel the unused
                portion of any demand Loan.

            

    

    

    
      	1.6.  	
              Payments.
                If
                any payment is due on a day other than a Business Day, then the payment
                is
                due on the next Business Day.

            

    

    

    
      	1.7.  	
              Applying
                money received.
                If
                you have not made payments as required by this Agreement, or if you
                have
                failed to satisfy any term of this Agreement (or any other agreement
                you
                have that relates to this Agreement), or at any time before default
                but
                after we have given you appropriate notice, we may decide how to
                apply any
                money that we receive. This means that we may choose which Loan to
                apply
                the money against, or what mix of principal, interest, fees and overdue
                amounts within any Loan will be
                paid.

            

    

    

    
      	1.8.  	
              Information
                requirements.
                We
                may from time to time reasonably require you to provide further
                information about your business. We may require information from
                you to be
                in a form acceptable to us.

            

    

    

    
      	1.9.  	
              Insurance.
                You
                will keep all our business assets and property insured (to the full
                insurable value) against loss or damage by fire and all other risks
                usual
                for property such as yours (plus for any other risks we may reasonably
                require). If we request, these policies will include a loss payee
                clause
                (and if you are giving us mortgage security, a Standard Mortgagee
                Clause).
                As further security, you assign all insurance proceeds to us. If
                we ask,
                you will give us either the policies themselves or adequate evidence
                of
                their existence. If your insurance coverage for any reason stops,
                we may
                (but do not have to) insure the property. We will automatically debit
                your
                Operating Account for this amount. In the event there are no funds
                on
                deposit, we may add the insurance cost to your Loan. Finally, you
                will
                notify us immediately of any loss or damage to the
                property.

            

    

    

    
      	1.10.  	
              Environmental
                Matters.
                You will carry on your business, and maintain your assets and property,
                in
                accordance with all applicable environmental laws and regulations.
                If (a)
                there is any release, deposit, discharge or disposal of pollutants
                of any
                sort (collectively, a “Discharge”) in connection with either your business
                or your property, and we pay any fines or for any clean-up, or (b)
                we
                suffer any loss or damage as a result of any Discharge, you will
                reimburse
                the Bank, its directors, officers, employees and agents for any and
                all
                losses, damages, fines, costs and other amounts (including amounts
                spent
                preparing any necessary environmental assessment or other reports,
                or
                defending any lawsuits) that result. If we ask, you will defend any
                lawsuits, investigations or prosecutions brought against the Bank
                or any
                of its directors, officers, employees and agents in connection with
                any
                Discharge. Your obligation to us under this section continues even
                after
                all Loans have been repaid and this Agreement has
                terminated.

            

    

    

    
      	1.11.  	
              Consent
                to release information.
                We
                may from time to time give any loan or other information about you
                to, or
                receive such information from, (a) any financial institution, credit
                reporting agency, rating agency or credit bureau, (b) any person,
                firm or
                corporation with whom you may have or propose to have financial dealings,
                and (c) any person, firm or corporation in connection with any dealings
                you have or propose to have with us. You agree that we may use that
                information to establish and maintain your relationship with us and
                offer
                any services as permitted by law, including services and products
                offered
                by our subsidiaries when it is considered that this may be suitable
                to
                you.

            

    

    

    
      	1.12.  	
              Proof
                of debt.
                This Agreement provides the proof, between the Bank and you, of the
                loans
                made available to you. There may be times when the type of loan you
                have
                requires you to sign additional documents. Throughout the time that
                we
                provide you loans under this Agreement, our loan accounting records
                will
                provide complete proof of all terms and conditions of your loan (such
                as
                principal loan balances, interest calculations, and payment
                dates).

            

    

    

    
      	1.13.  	
              Renewals
                of this Agreement.
                This Agreement will remain in effect for your Loans for as long as
                they
                remain unchanged. If there are no changes to the Loans this Agreement
                will
                continue to apply, and you will not need to sign anything further.
                If
                there are any changes, we will provide you with either an amending
                agreement, or a new replacement Letter, for you to
                sign.

            

    

    

    
      	1.14.  	
              Confidentiality.
                The terms of this Agreement are confidential between you and the
                Bank. You
                therefore agree not to disclose the contents of this Agreement to
                anyone
                except your professional advisors and where required by
                law.

            

    

    
 

    
      	1.15.  	
              Pre-conditions.
                You may use the Loans granted to you under this Agreement only
                if:

            

    

    

    
      	(a)  	
              we
                have received properly signed copies of all documentation that we
                may
                require in connection with the operation of your accounts and your
                ability
                to CRA and give security;

            

    

     

    
      	(b)  	
              all
                the required security has been received and registered to our
                satisfaction;

            

    

    
      	(c)  	
              any
                special provisions or conditions set forth in the Agreement have
                been
                complied with; and

            

    

    
      	(d)  	
              if
                applicable, you have given us the required number of days notice
                for a
                drawing under a Loan.

            

    

    

    
      	1.16.  	
              Notices.
                We
                may give you any notice in person or by telephone, or by letter that
                is
                sent either by fax or by mail.

            

    

    

    
      	1.17.  	
              Non-Revolving
                Loans.
                The following terms apply to each Non-Revolving
                Loan:

            

    

    

    
      	(a)  	
              Non-revolving
                Loans.
                Unless otherwise stated in the Agreement, any principal payment made
                permanently reduces the available Loan Amount. Any payment we receive
                is
                applied first to overdue interest, then to current interest owing,
                then to
                overdue principal, then to any fees and charges owing, and finally
                to
                current principal.

            

    

    

    
      	(b)  	
              Floating
                Rate Non-Revolving Loans.
                Floating Rate Loans may have either (i) blended payments or (ii)
                payments
                of fixed principal amounts, plus interest as described
                below:

            

    

    

    
      	(i)  	
              Blended
                payments.
                If
                you have a Floating Rate Loan that has blended payments, the amount
                of
                your monthly payment is fixed for the term of the loan, but the interest
                rate varies with changes in the Prime Rate or U.S. Base Rate (as
                the case
                may be). If the Prime Rate or U.S. Base Rate during any month is
                lower
                than what the rate was at the outset, you may end up paying off the
                loan
                before the scheduled end date. If, however, the Prime Rate or U.S.
                Base
                Rate is higher than what it was at the outset, the amount of principal
                that is paid off is reduced. As a result, you may end up still owing
                principal at the end of the term because of these changes in the
                Prime
                Rate or U.S. Base Rate. We will advise you from time to time of any
                changes in the blended payment necessary to maintain the original
                amortization period, should we chose to do
                so.

            

    

     

    
      	(ii)  	
              Payments
                of fixed principal plus interest.
                If
                you have a Floating Rate Loan that has regular principal payments,
                plus
                interest, the principal payment amount of your Loan is due on the
                payment
                date specified in the Agreement. Although the principal payment amount
                is
                fixed, your interest payment will usually be different each month,
                for at
                least one and possibly more reasons, namely: the reducing principal
                balance of your loan, the number of days in the month, and changes
                to the
                Prime Rate or U.S. Base Rate (as the case may
                be).

            

    

    

    
      	(c)  	
              Demand
                of Fixed Rate Term.
                If
                you have a Fixed Rate Term Loan and we make demand for payment, you
                will
                owe us (i) all outstanding principal, (ii) interest, (iii) any other
                amount due under this Agreement, and (iv) a prepayment charge. The
                prepayment charge is equal to the greater of three (3) months interest
                calculated on the unpaid balance at the rate authorized or the Bank’s
                Unwinding Costs.

            

    

    

    

    

    
      
        
           

        

        
        

      

      
        
        

        
          

        

        
           

        

      

    

    

    ARTICLE
      2 - DEFINITIONS

    

    
      	2.1.  	
              Definitions.
                In
                this Agreement, the following terms have the following
                meanings:

            

    

    

    “Agreement”
      means
      the letter agreement between you and Canadian Western Bank to which this
      Schedule and any other Schedules are attached.

    

    “Business
      Day”
      means
      any day (other than a Saturday or a Sunday) that the CWB Branch/Centre is open
      for business.

    

    “Cash
      Collateral Account”
      means
      funds on deposit held by the Bank in an interest bearing account pending
      satisfaction of certain terms and/or conditions.

    

    “Customer
      Automated Funds Transfer (CAFT)”
      is a
      WEB based service that provides non-personal customers the ability to make
      multiple electronic transactions for purposes of direct deposit for payroll
      or
      direct payment of accounts payable.

    

    “CWB
      Branch/Centre”
      means
      the Canadian Western Bank branch or banking centre noted on the first page
      of
      this Agreement, as changed from time to time by agreement between the
      parties.

    

    “Demand
      Non-Revolving Loan”
      means an
      installment loan that is payable upon demand. Such a Loan may be either at
      a
      fixed or a floating rate of interest.

    

    “Fixed
      Rate Loan”
      means
      any loan drawn down, converted or extended under a Loan at an interest rate
      which was fixed for a term, instead of referenced to a floating rate such as
      the
      Prime Rate or U.S. Base Rate, at the time of such drawdown, conversion or
      extension.

    

    “Intangibles”
      means
      assets of the business that have no value in themselves but represent value.
      They include such things as copyright, goodwill, patents and trademarks;
      franchises, licenses, leases, research and development costs, and deferred
      development costs.

    

    “Lease-Up
      Reserve”
      means
      the amount of the Loan that is funded into a Cash Collateral Account pending
      lease-up of the Celebrations Casino in accordance with the Loan
      authorization.

     

    “Letter
      of Credit”
      or
“L/C”
      means a
      documentary or stand-by Letter of Credit, a Letter of Guarantee, or a similar
      instrument in form and substance satisfactory to us.

    

    “Lien”
      includes
      a mortgage, charge, lien, security interest or encumbrance of any sort on an
      asset, and includes conditional sales contracts, title retention agreements,
      capital trusts and capital leases.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Loan”
      means
      any loan facility referred to in the Agreement and if there are two or more
      facilitys, “Loan” includes reference to each facility.

    

    “Loan
      Amount”
      of any
      Loan means the amount specified in the Agreement and if there are two or more
      facilitys, “Loan Amount” includes reference to each facility.

    

    “Loan
      Maturity Date”
      means
      the date the loan is to be repaid or extended by for further term, at the option
      of the Bank.

    

    “Mandatory
      Capital Expenditures”
      means
      net capital expenditures incurred by you not financed by long term debt. Net
      capital expenditures means all capitalized fixed asset purchases less fixed
      asset sales.

    

    “Normal
      Course Lien”
      means a
      Lien that (a) arises by operation of law or in the ordinary course of business
      as a result of owning any such asset (but does not include a Lien given to
      another creditor or to secure debts owed to that Loan) and (b) taken together
      with all other Normal Course Liens, does not materially affect the value of
      the
      asset or its use in the business.

    

    “Operating
      Account”
      means
      the account that you normally use for the day-to-day cash needs of your
      business, and may be either or both of a Canadian dollar and a U.S. dollar
      account.

    

    “Postponed
      Debt”
      means
      any debt owed by you that has been formally postponed to the Bank.

    

    “Prime
      Rate”
      means
      the variable reference rate of interest per year declared by the Bank from
      time
      to time to be its prime rate for Canadian dollar loans made by the Bank in
      Canada.

    

    “Principal
      Sum”
      means
      the loan balance outstanding.

    

    “Priority
      Claims”
      means
      priorities that are created when a CRA does not remit monies due for Income
      Tax,
      Workers Compensation, Canada Pension Plan, Employment Insurance, GST, Provincial
      Sales Tax, wage claims including unpaid holiday entitlement, unpaid utility
      bills and arrears of rent for business premises. These are considered to be
      deemed trust and rank in priority to all security interests.

    

    “Purchase
      Money Lien”
      means a
      Lien incurred in the ordinary course of business only to secure the purchase
      price of an asset, or to secure debt used only to finance the purchase of the
      asset.

    

    “Shareholders’
      Equity”
      means
      paid-in capital, retained earnings and attributed or contributed
      surplus.

    

    “Standard
      Overdraft Rate”
      means
      the variable reference interest rate per year declared by the Bank from time
      to
      time to be its standard overdraft rate on overdrafts in Canadian or U.S. dollar
      accounts maintained with the Bank in Canada.

    

    “Tangible
      Net Worth”
      means
      the total Shareholders’ Equity, minus (a) amounts due from/investments in
      related parties, and the value of all intangibles, plus (b) all postponed
      debt.

    

    “Unwinding
      Costs”
      means
      the costs the Bank incurs when a fixed rate loan is paid out early. The
      unwinding costs are based on an interest rate differential between the loan
      rate
      and the bid side yield for Government of Canada securities with the same
      maturity as the loan, for the remaining term of the loan at the time of
      repayment.

    

    “U.S.
      Base Rate”
      means
      the variable reference rate of interest per year as declared by the Bank from
      time to time to be its base rate for U.S. dollar loans made by the Bank in
      Canada.

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Canadian
      Western Bank

    

    September
      8, 2005

    

    

    Century
      Resorts Alberta Inc.

    1263
      A
      Lake Plaza Drive

    Colorado
      Springs, Colorado

    80906
      

    

    

    ATTENTION:
      Mr.
      Larry Hannappel

    

    Dear
      Sir:

    

    RE: Amendment
      to the August 3, 2005 Commitment to Provide Construction and Takeout Financing
      for the Development of the Celebrations Casino in Edmonton

    

    

    The
      Canadian Western Bank is pleased to advise that we have authorized to the
      following revised terms and conditions to our August 3, 2005 Commitment
      Letter:

    

    Amendment
      1.0 - Guarantee -
      

    

    
      	 	
              The
                requirement for a $20,000,000.00 joint and several guarantee and
                postponement of claim from Century Casinos, Inc. and 746306 Alberta
                Ltd as
                detailed in Schedule A, item 6, shall be amended to a $20,000,000.00
                guarantee and postponement of claim from Century Casinos,
                Inc.

            

    

    

    

    All
      other
      terms and conditions of the August 3, 2005 Commitment Letter remain
      unchanged.

    

    

    Yours
      truly,

    CANADIAN
      WESTERN BANK

    

    

    

    /s/ Wayne C.
      Dosman                                  
      /s/ Ken Arndt

    Wayne C.
      Dosman                                      
      Ken Arndt

    Assistant Vice
      President                               Assistant
      Vice President

    and Branch
      Manager                                    Commercial
      Banking

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
           

        

      

    

    Agreed
      to and Accepted this 10th  day
      of September
      A.D. 2005.

    

    

    BORROWER:
      CENTURY
      RESORTS ALBERTA LTD.

    

    

    

         

    PER:
      /s/ Larry Hannapppel

             
      September 9,
      2005

             
      Larry Hannappel,
      Secretary

    

          

    PER:
       

    

    

    

    GUARANTOR: CENTURY
      CASINOS, INC.

    

    

    

         

    PER:
      /s/ Peter Hoetzinger

             
      September 10,
      2005

             
      Peter Hoetzinger,
      Vice Chairman and Co CEO

     

    

          

    PER:    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    September
      21, 2005

    

    

    Century
      Resorts Alberta Inc.

    1263
      A
      Lake Plaza Drive

    Colorado
      Springs, Colorado

    80906
      

    

    

    ATTENTION:
      Mr.
      Larry Hannappel

    

    Dear
      Sir:

    

    RE: Amendment
      to the August 3, 2005 Commitment to Provide Construction and Takeout Financing
      for the Development of the Celebrations Casino in Edmonton

    

    

    The
      Canadian Western Bank is pleased to advise that we have authorized to the
      following revised terms and conditions to our August 3, 2005 Commitment Letter
      and the September 8, 2005 amendment to the August 3, 2005 Commitment Letter
      :

    

    Amendment
      1.0 - Non Merger Clause -
      

    

    The
      Non
      Merger Clause contained on page 6 of the commitment letter, item number 21
      shall
      be amended as follows;

    

    The
      terms
      and conditions set out herein shall not be superseded by nor merge in and shall
      survive the execution, delivery and/or registration of any instruments of
      security or evidences of indebtedness granted by CRA hereafter, and the
      advancement of any funds by the Bank. In the event of a conflict between the
      security documents and the terms of this letter, the terms of the commitment
      letter and the amendments to the commitment letter shall govern.

    

    Amendment
      2.0 - Schedule “D” amendments -
      

    

    The
      events of default shall be amended as follows;

    

    f)
      any
      material adverse change occurs in the financial condition of CRA or any
      Guarantor;

    

    g)
      any
      material adverse change occurs in the environmental condition of:

    
      	(i)  	
              CRA,
                or

            

    

    
      	(ii)  	
              any
                property, equipment, or business activities of
                CRA.

            

    

    
      	 	
               

            

    

    
All
      other
      terms and conditions of the August 3, 2005 Commitment Letter and the September
      8, 2005 amendment to the August 3, 2005 Commitment Letter remain
      unchanged.

    

    

    Yours
      truly,

    CANADIAN
      WESTERN BANK

    

    

    
/s/
      Wayne C.
      Dosman                              
      /s/ Ken Arndt

    Wayne
      C.
      Dosman                                  
      Ken Arndt

    Assistant
      Vice
      President                          
      Assistant Vice President

    and
      Branch
      Manager                              
      Commercial Banking

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Agreed
      to and Accepted this 23rd day
      of September,
      A.D. 2005.

    

    

    BORROWER:
      CENTURY
      RESORTS ALBERTA LTD.

    

    

    

         

    PER:
      /s/ Larry Hannappel

             
      September 23,
      2005

             
      Larry Hannappel,
      Secretary

    

          

    PER:
       

    

    

    

    GUARANTOR: CENTURY
      CASINOS, INC.

    

    

    

         

    PER:
      /s/ Peter Hoetzinger

             
      September 23,
      2005

            
      Peter Hoetzinger, Vice
      Chairman and Co CEO

    

          

    PER:

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