FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
FIFTH
AMENDMENT TO
AMENDED
AND RESTATED CREDIT AGREEMENT
THIS
FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT ("Fifth Amendment")
is
made and entered into as of the 6th day of December,
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 XXXXX FARGO BANK, National Association, as
Lender and L/C Issuer and as the administrative and collateral agent for the
Lenders and L/C Issuer (herein in such capacity called the "Agent Bank" and,
together with the Lenders and L/C Issuer, collectively referred to as the
"Banks").
R_E_C_I_T_A_L_S:
WHEREAS:
A. Borrowers,
Guarantor and Banks entered into an Amended and Restated Credit Agreement dated
as of April 21, 2000, as amended by First Amendment to Amended and Restated
Credit Agreement dated as of August 22, 2001, by Second Amendment to
Amended and Restated Credit Agreement dated as of August 28, 2002, by Third
Amendment to Amended and Restated Credit Agreement dated as of October 27,
2004
and by Fourth Amendment to Amended and Restated Credit Agreement dated as of
September 23, 2005 (collectively, the "Existing Credit
Agreement").
B. For
the
purpose of this Fifth 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. Guarantor
desires to make an additional capital contribution to the Borrower Consolidation
to enable the Borrower Consolidation to reduce the Funded Outstanding under
the
Credit Facility. Borrowers and Guarantor have requested that in the event such
additional capital contribution is made, that the Borrower Consolidation be
permitted to make a Distribution or Distributions up to the aggregate amount
of
such capital contribution without the requirement of deducting such
Distributions from EBITDA in the numerator of each of the Interest Coverage
Ratio and TFCC Ratio.
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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 Fifth 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:
"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 Fifth 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 Fifth
Amendment, together with all Schedules, Exhibits and other attachments thereto,
as it may be further amended, modified, extended, renewed or restated from
time
to time.
"Designated
CCI Capital Contribution" shall mean reference to the capital contribution
actually made by CCI to the Borrower Consolidation in cash within thirty (30)
days of the Fifth Amendment Effective Date, up to the amount of the Funded
Outstandings under the Credit Facility as of the date of such capital
contribution.
"Designated
CCI Distribution Carve-Outs" shall mean reference to Distributions made by
the
Borrower Consolidation to CCI which have been specifically identified by written
notice from Borrowers to Lender as "Designated CCI Distribution Carve-Outs",
which may be made and designated by Borrowers from time to time so long
as:
a. the
cumulative aggregate amount of all Designated CCI Distribution Carve-Outs does
not exceed the amount of the Designated CCI Capital Contribution;
and
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b. each
written notice identifying a Designated CCI Distribution Carve-Out shall set
forth (i) the amount of such Distribution and (ii) the date upon which such
Distribution is to be distributed or otherwise disbursed to CCI.
"Existing
Credit Agreement" shall have the meaning set forth in Recital Paragraph A
of the Fifth Amendment.
"Fifth
Amendment" shall mean the Fifth Amendment to Amended and Restated Credit
Agreement.
"Fifth
Amendment Effective Date" shall mean December 8, 2005, subject to the occurrence
of each of the conditions precedent set forth in Paragraph 3 of the Fifth
Amendment.
"Interest
Expense Coverage Ratio" shall be defined as follows:
EBITDA,
minus Distributions (exclusive of the Designated Distribution Carve-Outs and
the
Designated CCI Distribution Carve-Outs), minus Non-Financed Capital Expenditures
incurred during the period under review
Divided
by (¸)
Interest
Expense paid with respect to the Fiscal Quarter under review and
the most
recently ended three immediately preceding Fiscal Quarters on a four
fiscal quarter basis on all Indebtedness (accrued and
capitalized).
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"TFCC
Ratio" shall be defined as follows:
EBITDA,
minus Distributions (exclusive of Designated Distribution Carve-Outs
and
the Designated CCI Distribution Carve-Outs), minus Non-Financed Capital
Expenditures incurred during the period under review
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Divided
by (¸)
Interest
Expense actually paid (excluding Subordinated Debt), plus current portion of
Scheduled Reductions actually paid where required during the preceding four
quarters to bring the Aggregate Outstandings down to the required Maximum
Scheduled Balance and Capitalized Lease Liabilities required during the
preceding four quarters, plus actual Interest Expense and principal paid
(without duplication) on Subordinated Debt.
-3-
2. Restatement
of Covenant Restricting Distributions.
As of
the Fifth Amendment Effective Date, Section 6.10 of the Existing Credit
Agreement entitled "Restriction on Distributions" shall be restated in its
entirety as follows:
"Section
6.10. Restriction
on Distributions.
a. The
Borrower Consolidation shall not make any Distributions during any period in
which a Default or Event of Default has occurred and remains continuing;
and
b. In
no
event shall the aggregate amount of Distributions (exclusive of the Designated
CCI Distribution Carve-Outs) 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
(exclusive of the Designated CCI Distribution Carve-Outs) during any Fiscal
Year
exceed the cumulative maximum amount of One Million Six Hundred Thousand Dollars
($1,600,000.00).
3. Conditions
Precedent to Fifth Amendment Effective Date.
The
occurrence of the Fifth 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 December 8,
2005:
a. Due
execution by Borrowers, Guarantor and Banks of four (4) duplicate originals
of
this Fifth Amendment;
b. Corporate
resolutions or other evidence of requisite authority of Borrowers and Guarantor,
as applicable, to execute the Fifth Amendment;
c. Reimbursement
to Agent Bank by Borrowers for all reasonable fees and out-of-pocket expenses
incurred by Agent Bank in connection with the Fifth Amendment, including, but
not limited to, reasonable attorneys' fees of Xxxxxxxxx & Xxxxxx, LLC and
all other like expenses remaining unpaid as of the Fifth Amendment Effective
Date; and
d. Such
other documents, instruments or conditions as may be reasonably required by
Lenders.
-4-
4. 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 Fifth Amendment Effective Date in all
material respects as though such representations and warranties had been made
on
and as of the Fifth 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 Fifth Amendment has been duly
authorized by all necessary action of Borrowers and Guarantor and this Fifth
Amendment constitutes a valid, binding and enforceable obligation of Borrowers
and Guarantor.
5. Consent
to Fifth Amendment and Affirmation and Ratification of Guaranty.
Guarantor joins in the execution of this Fifth 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 Fifth Amendment for the purpose of ratifying
and
affirming its obligations under the Continuing Guaranty for the guaranty of
the
full and prompt payment and performance of all Indebtedness and Obligations
under the Credit Facility, as modified and amended under this Fifth
Amendment.
6. Incorporation
by Reference.
This
Fifth Amendment shall be and is hereby incorporated in and forms a part of
the
Existing Credit Agreement.
7. Governing
Law.
This
Fifth Amendment to Credit Agreement shall be governed by the internal laws
of
the State of Nevada without reference to conflicts of laws
principles.
-5-
8. Counterparts.
This
Fifth 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.
9. Continuance
of Terms and Provisions.
All of
the terms and provisions of the Existing Credit Agreement shall remain unchanged
except as specifically modified herein.
10. Replacement/Additional
Exhibits Attached.
The
following replacement Exhibit is attached hereto and incorporated herein and
made a part of the Credit Agreement as follows:
Exhibit
F
- Compliance
Certificate
IN
WITNESS WHEREOF, the parties hereto have executed this Fifth Amendment as of
the
day and year first above written.
BORROWERS:
WMCK
VENTURE CORP.,
a
Delaware corporation
By
/s/ Xxxxx Xxxxxxxxx
Xxxxx
Xxxxxxxxx,
President
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|
CENTURY
CASINOS CRIPPLE
CREEK,
INC.,
a
Colorado corporation
By
/s/ Xxxxx Xxxxxxxxx
Xxxxx
Xxxxxxxxx,
President
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WMCK
ACQUISITION
CORP.,
a Delaware
corporation
By
/s/ Xxxxx Xxxxxxxxx
Xxxxx
Xxxxxxxxx,
President
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|
GUARANTOR:
CENTURY
CASINOS, INC.,
a
Delaware corporation
By
/s/ Xxxxx Xxxxxxxxx
Xxxxx
Xxxxxxxxx,
Senior
Vice President
|
|
BANKS:
XXXXX
FARGO BANK,
National
Association,
Agent
Bank, Lender and
L/C
Issuer
By
/s/ Xxxx Xxxx
Xxxx
Xxxx,
Vice
President
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-7-
COMPLIANCE
CERTIFICATE
(Revised
-Fifth Amendment - Form)
TO: XXXXX
FARGO BANK, National Association,
as
Agent
Bank
Reference
is made to that certain Amended and Restated Credit Agreement, dated as of
April
21, 2000, as amended by First Amendment to Amended and Restated Credit Agreement
dated as of August 22, 2001, by Second Amendment to Amended and Restated
Credit Agreement dated as of August 28, 2002, by Third Amendment to Amended
and
Restated Credit Agreement dated as of October 27, 2004, by Fourth Amendment
to
Amended and Restated Credit Agreement dated as of September 23, 2005 and by
Fifth Amendment to Amended and Restated Credit Agreement dated as of December
6,
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 XXXXX 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
FIFTH
AMENDMENT
-1-
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 ($150,000.00)
in the
aggregate during the term of the Credit Facility, in each instance
which
are not replaced by FF&E of equivalent value and
utility.
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$______________
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B. Compliance
with Payment Subordination Agreement
(Section 5.03): Report the amount of any payments made on the Subordinated
Debt:
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|
Interest
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$______________
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Principal
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$______________
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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.
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_______________
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D. Acquisition
of Additional Property
(Section 5.06(b)):
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|
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.
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______________
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b. Has
the T-Shirt Shop been acquired by any Borrower or the
Guarantor?
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(yes/no)
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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.
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______________
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F. Suits
or Actions
(Section 5.16): Describe on a separate sheet any matters requiring
advice
to Agent Bank under Section 5.16.
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______________
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G. Tradenames,
Trademarks and Servicemarks
(Section 5.19): Describe on a separate sheet any matters requiring
advice
to Agent Bank under Section 5.19.
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______________
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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).
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______________
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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.
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_____________
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b. Have
the Borrowers given Teller Realty Inc. written notice of intent
to
exercise the purchase option?
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yes/no
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If
so, attach a copy of such written notice.
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Required:
On or before June 30, 2003.
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c. Have
Borrowers purchased the Golden Horseshoe Property?
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yes/no
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d. Have
Borrowers extended the term of the Golden Horseshoe Lease to
at least
June 30, 2010?
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yes/no
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Requirement:
b, c or d must occur on or before June 30, 2003.
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J. Compliance
with Management Agreement
(Section
5.27):
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|
a. Has
a Management Agreement been executed in compliance with the requirements
of Section 5.27?
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yes/no
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If
so:
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b. Describe
all defaults, if any, which occurred during the period under
review under
the Management Agreement.
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c. Describe
any modifications or amendments to the Management
Agreement.
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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.
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e. Have
any Management Fees been paid?
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yes/no
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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?
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yes/no
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II.
FINANCIAL
COVENANTS
A. Leverage
Ratio
(Section 6.01):
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||
Funded
Debt.
To be calculated with reference to the Borrower Consolidation as
of the
last day of the Fiscal Quarter set forth above:
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||
a. Daily
average of the Aggregate Funded Outstanding on the Credit Facility
during
the last month of the Fiscal Quarter under review
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$_____________
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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
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+
$_____________
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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
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+
$_____________
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d. Plus
the amount of all other Contingent Liabilities as of the last day
of such
period
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+
$_____________
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e. Less
the amount of all Subordinated Debt as of the last day of such
period to
the extent included in (b) above
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-
$_____________
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f. TOTAL
FUNDED DEBT
(a
+ b + c + d + e)
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$_____________
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Divided
(¸)
by:
|
¸
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EBITDA
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||
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
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g. Net
income
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$_____________
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|
h. Plus
Interest Expense (expensed and capitalized) to the extent deducted
in the
determination of Net Income
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+
$_____________
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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
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+
$_____________
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j. Plus
depreciation, amortization and all other non-cash expenses
to the extent
deducted in the determination of Net Income
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+
$_____________
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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.
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-
$_____________
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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.
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-
$____________
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m. TOTAL
EBITDA
(g
+ h + i + j - k - l)
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$_____________
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Leverage
Ratio (f ¸ m)
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:1
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Maximum
Permitted Leverage Ratio:
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Fiscal
Quarter End
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Maximum
Permitted Leverage Ratio
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|
As
of the Fiscal Quarter ending September 30, 2005
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3.00
to 1.00
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As
of the Fiscal Quarters ending December 31, 2005 and March
31,
2006
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2.75
to 1.00
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As
of the Fiscal Quarters ending June 30, 2006 and September
30,
2006
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2.50
to 1.00
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As
of the Fiscal Quarters ending December 31, 2006 and March
31,
2007
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2.25
to 1.00
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As
of the Fiscal Quarter ending June 30, 2007 and as of each
Fiscal Quarter
end thereafter occurring until Credit Facility Termination
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2.00
to 1.00
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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:
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ADJUSTED
EBITDA
|
||
a. EBITDA
(enter IIA (m) above)
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$_____________
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b. Less
the aggregate amount of Distributions (exclusive of the
Designated
Distribution Carve-Outs made and funded prior to April 1, 2005, and
the Designated CCI Distribution Carve-Outs, in each case
which occurred
during the four Fiscal Quarter period under review)
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-
$_____________
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c. Less
the aggregate amount of Non- Financed
Capital Expenditures
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-
$_____________
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d. Adjusted
EBITDA
(a
- b - c)
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$_____________
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Divided
by ¸
|
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e. Interest
Expense paid on all Indebtedness
(accrued and capitalized)
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$_____________
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INTEREST
EXPENSE COVERAGE RATIO
(d
¸
e)
|
:1
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Minimum
required no less than 2.00 to 1.00
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C. TFCC
Ratio
(Section 6.03): To be calculated with respect to the Borrower
Consolidation on a cumulative basis with respect to each
Fiscal Quarter
and the most recently ended three (3) preceding Fiscal
Quarters on a
rolling four (4) Fiscal Quarter basis, unless otherwise
noted:
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ADJUSTED
EBITDA
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||
a. EBITDA
(enter IIA (m) above)
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$____________
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b. Less
the aggregate amount of Distributions (exclusive of the
Designated
Distribution Carve-Outs made and funded prior to April 1, 2005 and
the Designated CCI Distribution Carve-Outs, in each case
which occurred
during the four Fiscal Quarter period under review)
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-
$____________
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c. Less
the aggregate amount of Non- Financed
Capital Expenditures
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-
$____________
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d. Adjusted
EBITDA
(a
- b - c)
|
$____________
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Divided
by ¸
|
¸
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e. Interest
Expense actually paid (excluding Subordinated Debt)
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$____________
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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
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+
$____________
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g. Plus
Capitalized Lease Liabilities required to be paid during
the period under
review
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+
$____________
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h. Plus
actual Interest Expense and principal paid (without duplication)
on
Subordinated Debt
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+
$____________
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i. TOTAL
DENOMINATOR
(e
+ f + g + h + i)
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$____________
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TFCC
Ratio (d ¸
i)
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:1
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Minimum
TFCC Ratio shall be no less than
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1.10
to 1.00
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Set
forth aggregate amount of Financed Capital Expenditures
made during the
four (4) Fiscal Quarter period under review
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$____________
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D. No
Transfer of Ownership
(Section 6.04): On a separate sheet describe in detail
any transfers or
hypothecations of Guarantor ownership interest in WMCKVC
or WMCKVC
ownership interests in CCCC or WMCKAC not permitted
under Section
6.04
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____________
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E. Total
Indebtedness
(Section 6.05) With respect to the Borrower
Consolidation:
|
||
a. Set
forth the aggregate amount of outstanding Secured Interest
Rate
Xxxxxx
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$_____________
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Maximum
Permitted
|
$18,000,000.00
|
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b. Set
forth the aggregate amount of secured purchase money
Indebtedness and
Capital Lease Liabilities
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$_____________
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Maximum
Permitted
|
$
250,000.00
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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
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$_____________
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Maximum
Permitted
|
$
500,000.00
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d. Set
forth the cumulative aggregate of all Subordinated
Debt
|
$_____________
|
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Did
Agent Bank give prior written consent to the incurrence
of all
Subordinated Debt set forth above
|
yes/no
|
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Does
the interest rate accrued under the terms of any
Subordinated Debt exceed
six percent (6%) per annum?
|
yes/no
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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:
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||
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):
|
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a. Set
forth the amount and date of receipt of the Designated
CCI Capital
Contribution.
|
$_____________
|
|
b. Set
forth the amount(s) of and describe on a separate
sheet, all Distributions
(other than the Designated CCI Distribution Carve-Outs)
made during the
fiscal period under review.
|
$_____________
|
|
c. Set
forth the dates paid and amount of each Designated
CCI Distribution
Carve-Out made through the end of the Fiscal Quarter
under
review.
|
$______________
|
|
Requirements:
|
||
(i) for
the four consecutive Fiscal Quarter period ending
June 30, 2006, aggregate
Distributions (other than the Designated CCI Distribution
Carve-Out) 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 (other than the Designated
CCI Distribution
Carve-Out).
|
||
(iii) the
aggregate of the Designated CCI Distribution Carve-Outs
may not exceed the
Designated CCI Capital Contribution.
|
||
K. Contingent
Liabilities
(Section 6.11): Describe any Contingent Liabilities
incurred by Borrowers
which are not permitted by Section 6.11
|
_____________
|
|
L. ERISA
(Section 6.12): Describe on a separate sheet any
matters requiring advice
to Banks under Section 6.12.
|
_____________
|
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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.
|
_____________
|
-13-
x. Xxxxx
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
-14-
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.
-15-
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________________________
|
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