AMENDMENT TO
LOAN AGREEMENT
BETWEEN
CENTURY CASINOS AFRICA (PROPRIETARY) LIMITED
("CENTURY")
AND
CENTURY CASINOS CALEDON (PROPRIETARY) LIMITED - (FORMERLY KNOWN AS
CALEDON CASINO BID COMPANY (PROPRIETARY) LIMITED)
("CCAL") OR ("BORROWER")
AND
CALEDON OVERBERG INVESTMENTS (PROPRIETARY) LIMITED
("COIL")
AND
CENTURY CASINOS INC.
("CCI") OR ("CENTURY INC.")
Preamble
The parties to this agreement entered into a Loan Agreement dated 31 March 2000
("the Loan Agreement") in terms of which the Borrower, borrowed money from
Century and COIL on terms as contained in that agreement.
It is the intention of the parties to amend the Loan Agreement as provided
hereunder.
Definitions
Unless the context of this agreement otherwise clearly provides, all expressions
shall bear the meanings assigned to them in the Loan Agreement.
Interest
Clause 5 of the Loan Agreement shall be deleted in its entirety and is replaced
with a similarly numbered new Clause 5, which shall read as follows;
"5 Interest
5.1 The capital outstanding from time to time (together with all
interest that may have accrued thereon from time to time) shall
bear interest, as from the advance dates to the date of actual
repayment in full, at such interest rate as
5.1.1 does not exceed the prime rate plus 3% (Three per
cent) unless otherwise agreed between the parties to this
agreement; and
5.1.2 does not under any circumstance exceed the prime rate
plus 10% (Ten per cent); and
1
5.1.3 may be 0% (Zero per cent) should the Lenders elect to charge
no interest upon the loan balances outstanding from
time to time.
5.2 The interest referred to in 5.1 shall -
5.2.1 be calculated monthly in arrear on the capital amount and
all previously accrued interest outstanding as at; and
5.2.2 to the extent not paid in terms of Clause 6.1.1, be
capitalised and compounded monthly in arrear on,
the last day of each and every calendar month commencing
with the month in which the advance date falls.
5.3 With effect from the commencement of the advances and until
no earlier than January 1, 2002, no interest shall be accrued
or paid on the capital outstanding from time to time.
5.4 On or after January 1, 2002, each of COIL and CCA shall
independently have the right to require that the rate of
interest applicable to their respective loan be adjusted to
that provided for in paragraph 5 of the Loan Agreement
subject to any restrictions that may be applicable in
accordance with the third party financing agreements
(including those with PSG Investment Bank) entered into
variously by the parties and CCAL.
5.5 Any Lender electing to have the rate of interest adjusted in terms of
5.4 above shall do so by written notification to the other
parties to this agreement which notice shall,
5.5.1 state from which date (the "election date") the interest
rate adjustment shall be applicable; and
5.5.2 not be given earlier than the first day of the
financial year within which the election date falls; and
5.5.3 not be given later than 30 days after the end of the
financial year within which the election date falls.
Signed at Capetown on 20 September 2001
for
CENTURY CASINOS AFRICA
(PROPRIETARY) LIMITED
/s/ Xxxxx Xxxxxx
------------------
Who warrants that he
is duly authorised hereto
Signed at Capetown on 20 September 2001
for
CENTURY CASINOS CALEDON
(PROPRIETARY) LIMITED
2
/s/ Xxxxx Xxxxxx
------------------
Who warrants that he
is duly authorised hereto
Signed at Capetown on 20 September 2001
for
CALEDON OVERBERG INVESTMENTS
(PROPRIETARY) LIMITED
/s/ Xxxx Xxxxxx
-----------------
Who warrants that he
is duly authorised hereto
Signed at Captetown on 20 September 2001
for
CENTURY CASINOS INC.
/s/ Xxxxx Xxxxxx
------------------
Who warrants that he
is duly authorised hereto
3
