Document:

ex10-1.htm

    

      AMENDMENT NO. 3 TO CREDIT
AGREEMENT

       

      This
AMENDMENT NO. 3 TO CREDIT AGREEMENT (this “Amendment”) dated as
of September 19, 2008 is by and among WMS INDUSTRIES INC., a Delaware
corporation (the “Borrower”), the other
Loan Parties (as defined in the Credit Agreement referred to below) set forth on
the signature page hereto, the financial institutions that are or may from time
to time become parties hereto (together with their respective successors and
assigns, the “Lenders”) and
JPMORGAN CHASE BANK, N.A., as agent for the Lenders (in such capacity, “Agent”).

       

      RECITALS:

       

      WHEREAS,
Borrower, the other Loan Parties, the Agent and the Lenders are parties to a
Credit Agreement dated as of May 1, 2006 (as from time to time amended,
restated, supplemented or otherwise modified, the “Credit Agreement”),
pursuant to which the Lenders have agreed to make loans and other extensions of
credit to Borrower in accordance with the terms thereof;

       

      WHEREAS,
Borrower and the other Loan Parties have requested that Agent and the Lenders
make certain amendments to the Credit Agreement all as set forth more fully
herein;

       

      WHEREAS,
Agent and Lenders are willing to amend the Credit Agreement, subject to the
terms and conditions of this Amendment; and

       

      WHEREAS,
this Amendment shall constitute a Loan Document, these Recitals shall be
construed as part of this Amendment and capitalized terms used but not otherwise
defined in this Amendment shall have the meanings described to them in the
Credit Agreement.

       

      NOW,
THEREFORE, in consideration of the foregoing and the agreements, promises and
covenants set forth below, and for other good and valuable consideration the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

       

      SECTION 1    Amendments to Credit
Agreement.

       

      (a) Section
6.04(c).  Section 6.04(c) of the Credit Agreement is
hereby amended by deleting “$40,000,000” where it appears therein and inserting
therefor the amount “$65,000,000.”

       

      (b) Section
6.04(d).  Section 6.04(d) of the Credit Agreement is
hereby amended by deleting “$40,000,000” where it appears therein and inserting
therefor the amount “$65,000,000.”

       

      (c) Section
6.04(e).  Section 6.04(e) of the Credit Agreement is
hereby amended by deleting “$40,000,000” where it appears therein and inserting
therefor the amount “$65,000,000.”

       

      
        
           

        

        
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      SECTION 2    Representations and Warranties. 
To induce the Agent and the Lenders to enter into this Amendment, borrower and
each Loan Party jointly and severally represent and warrant
that:

       

             (a) No
Default.  After giving effect to this Amendment, no Default or
Event of Default shall have occurred and be continuing as of the date
hereof;

       

      
                   (b) Representations and
Warranties.  As of the date hereof, the representations and
warranties of Borrower and each Loan Party contained in the Loan Documents are
true, accurate and complete in all material respects on and as of the date
hereof to the same extent as though made on and as of such date except to the
extent such representations and warranties specifically relate to an earlier
date; and

         

                  (c) Organizational
Authority.  (i) The execution, delivery and performance by
each of Borrower and each other Loan Party to this Amendment, are within such
Person’s organizational powers and have been duly authorized by all necessary
organizational action on the part of such Person, (ii) this Amendment
represents the legal, valid and binding obligation of each of Borrower and each
other Loan Party enforceable against such Person in accordance with its terms,
subject to bankruptcy, insolvency and similar laws affecting creditors’ rights
generally and subject to general principles of equity regardless of whether
considered in a proceeding in equity or at law and (iii) none of the
execution, delivery or performance by Borrower or any other Loan Party of this
Amendment (1) violates any applicable law or regulation, or any decree of
any governmental body, (2) violates, results in a default under any
indenture, material agreement or other material instrument to which such Person
is a party or by which such Person or any of its property is bound or gives rise
to a right thereunder to require any payment to be made by such Person,
(3) results in the creation or imposition of any Lien (other than Permitted
Encumbrances) upon any assets or properties of any Loan Party, (4) violates
the charter, bylaws or other organizational documents of such Person, or
(5) requires the consent, approval or authorization of, or declaration or
filing with, any other Person, except for those already duly
obtained.

         

        SECTION 3   Conditions
Precedent.  The effectiveness of this Amendment is subject to
the following conditions precedent:

         

                  (a) No
Default.  After giving effect to this Amendment, no Default or
Event of Default under the Credit Agreement, as amended hereby, shall have
occurred and be continuing as of the date hereof.

         

                  (b) Warranties and
Representations.  After giving effect to this Amendment and the
transactions contemplated hereby, the warranties and representations of each
Loan Party contained in the Loan Documents shall be true and correct in all
material respects as of the effective date hereof, with the same effect as
though made on such date, except to the extent that such warranties and
representations expressly relate to an earlier date, and
all of such representations and warranties (except those relating to an earlier
date) are hereby remade by each Loan Party as of the date
hereof.

      
        
           

        

        
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      (c) Executed
Amendment.  Agent shall have received four (4) original
executed copies of this Amendment.

       

      (d) Payment of Fees and
Expenses.  Payment by the Borrower of the all accrued and
unpaid fees, costs and expenses referred to in Section 5(c)
below.

       

      SECTION 4    Reference
to and Effect on Loan Documents.

       

      (a) Ratification.  Except
as specifically amended above, the Credit Agreement and the other Loan Documents
shall remain in full force and effect.  Notwithstanding anything
contained herein, the terms of this Amendment are not intended to and do not
effect a novation of the Credit Agreement or any other Loan
Document.  Borrower and each other Loan Party hereby ratifies and
reaffirms each of the terms and conditions of the Loan Documents to which it is
a party and all of its obligations thereunder.

       

      (b) No
Waiver.  The execution, delivery and effectiveness of this
Amendment shall not operate as a waiver of any right, power or remedy of the
Lenders or the Agent under the Credit Agreement or any of the other Loan
Documents.

       

      (c) References.  Upon
the effectiveness of this Amendment each reference in (a) the Credit
Agreement to “this Agreement,” “hereunder,” “hereof,” or words of similar import
and (b) any other Loan Document to “the Credit Agreement” or words of
similar import shall, in each case and except as otherwise specifically stated
therein, mean and be a reference to the Credit Agreement as amended
hereby.

       

      SECTION 5    Miscellaneous.

       

      (a) Successors and
Assigns.  This Amendment shall be binding on and shall inure to
the benefit of the Loan Parties, Agent, the Lenders and their respective
successors and assigns.

       

      (b) Entire
Agreement.  This Amendment constitutes the entire agreement of
the parties hereto with respect to the subject matter hereof and supersedes all
other understandings, oral or written, with respect to the subject matter
hereof.

       

      (c) Fees and
Expenses.  In accordance with Section 9.03 of the Credit
Agreement, Borrower agrees to pay all fees, costs and expenses, including, but
not limited to, reasonable attorneys’ fees and expenses, incurred by the Agent
in connection with the preparation, execution and delivery of this
Amendment.

       

      (d) Headings.  Section headings
in this Amendment are included herein for convenience of reference only and
shall not constitute a part of this Amendment for any other
purpose.

       

      
        
          
             

          

           

        

        
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      (e) Severability.  Wherever
possible, each provision of this Amendment shall be interpreted in such a manner
as to be effective and valid under applicable law, but if any provision of this
Amendment shall be prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Amendment.

       

      (f) Counterparts.  This
Amendment may be executed in any number of separate original counterparts (or
telecopied counterparts with original execution copy to follow) and by the
different parties on separate counterparts, each of which shall be deemed to be
an original, but all of such counterparts shall together constitute one
agreement.  Delivery of an executed counterpart of a signature age to
this Amendment by telecopy shall be effective as delivery of a manually executed
counterpart of this Amendment.

       

      [SIGNATURE
PAGES FOLLOW]

       

      
         

        
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      IN WITNESS WHEREOF, the Loan
Parties, the Lenders, and the Agent have executed this Amendment as of the date
first above written.

       

      

      
        	 
      	
                BORROWER:

              
	 
      	
                WMS
      INDUSTRIES INC.

                By:  /s/ Scott D.
      Schweinfurth

                Scott D.
      Schweinfurth

                Executive Vice
      President,

                Chief Financial Officer
      and

                Treasurer

              
	 
      	
                OTHER
      LOAN PARTIES:

              
	 
      	
                WMS
      GAMING INC.

                By:  /s/ Scott D.
      Schweinfurth

                Scott D.
      Schweinfurth

                Executive Vice
      President,

                Chief Financial Officer
      and

                Treasurer

              
	 
      	
                WILLIAMS
      ELECTRONICS GAMES, INC.

                By:  /s/ Scott D.
      Schweinfurth

                Scott D.
      Schweinfurth

                Executive Vice
      President,

                Chief Financial Officer
      and

                Treasurer

              
	 
      	
                WMS
      FINANCE INC.

                By:  /s/ Scott D.
      Schweinfurth

                Scott D.
      Schweinfurth

                Executive Vice
      President,

                Chief Financial Officer
      and

                Treasurer

              
	 
      	
                WMS
      INTERNATIONAL HOLDINGS INC.

                By:  /s/ Scott D.
      Schweinfurth

                Scott D.
      Schweinfurth

                Executive Vice
      President,

                Chief Financial Officer
      and

                Treasurer

              
	 
      	
                WMS
      ASIA HOLDINGS INC.

                By:  /s/ Scott D.
      Schweinfurth

                Scott D.
      Schweinfurth

                Executive Vice
      President,

                Chief Financial Officer
      and

                Treasurer

              
	 
      	
                JPMORGAN CHASE BANK,
      N.A., as a Lender and as Administrative Agent

                By:  /s/ Joseph A.
      Luna

                Joseph A. Luna

                Vice
  President

              
	 
      	
                LASALLE
      BANK NATIONAL ASSOCIATION

                By:  /s/ Justin
      Lien

                Justin Lien

                Senior Vice
      President

              
	 
      	
                BANK
      OF AMERICA, N.A.

                By:  /s/ Justin
      Lien

                Justin Lien

                Senior Vice
      President

              

      

      

       

      
        
          
             

          

           

        

        
          5Exhibit 4(c)

                                 BLACKROCK FUNDS

               Addendum No. 2 to the Investment Advisory Agreement

      This Addendum dated as of the ___ day of ________, 2008 is entered into by
and between BLACKROCK FUNDS, a Massachusetts business trust (the "Fund") and
BLACKROCK ADVISORS, LLC, a Delaware limited liability company (the "Adviser").

      WHEREAS, the Fund and the Adviser have entered into an Investment Advisory
Agreement dated as of September 29, 2006 (the "Advisory Agreement") pursuant to
which the Fund appointed the Adviser to act as investment adviser to certain
investment portfolios of the Fund; and

      WHEREAS, Section 1(b) of the Advisory Agreement provides that in the event
the Fund establishes one or more additional investment portfolios with respect
to which it desires to retain the Adviser to act as investment adviser under the
Advisory Agreement, the Fund shall so notify the Adviser in writing and if the
Adviser is willing to render such services it shall so notify the Fund in
writing; and

      WHEREAS, pursuant to Section 1(b) of the Advisory Agreement, the Fund has
notified the Adviser that it is establishing the International Diversification
Fund (the "New Portfolio"), and that it desires to retain the Adviser to act as
the investment adviser therefore, and the Adviser has notified the Fund that it
is willing to serve as investment adviser to the New Portfolio;

      NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby
agree as follows:

      1.    Appointment. The Fund hereby appoints the Adviser to act as
            investment adviser to the New Portfolio for the period and on the
            terms set forth in the Advisory Agreement. The Adviser hereby
            accepts such appointment and agrees to render the services set forth
            in the Advisory Agreement with respect to the New Portfolio for the
            compensation herein provided.

      2.    Compensation.

            The Adviser shall not receive any compensation from the Fund for the
            services provided and the expenses assumed pursuant to the Advisory
            Agreement.

      3.    Capitalized Terms. From and after the date hereof, the term
            "Portfolio" as used in the Advisory Agreement shall be deemed to
            include the International Diversification Fund.

<PAGE>

      4.    Miscellaneous. Except to the extent supplemented hereby, the
            Advisory Agreement shall remain unchanged and in full force and
            effect, and is hereby ratified and confirmed in all respects as
            supplemented hereby. Without limiting the generality of the
            foregoing, it is understood that the Adviser may employ one or more
            sub-advisers for the New Portfolio pursuant to Section 2 of the
            Advisory Agreement.

      5.    Release. "BlackRock Funds" and "Trustees of BlackRock Funds" refer
            respectively to the trust created and the Trustees, as trustees but
            not individually or personally, acting from time to time under a
            Declaration of Trust dated April 26, 2007 which is hereby referred
            to and a copy of which is on file at the office of the State
            Secretary of the Commonwealth of Massachusetts and at the principal
            office of the Fund. The obligations of "BlackRock Funds" entered
            into in the name or on behalf thereof by any of the Trustees,
            officers, representatives or agents are made not individually, but
            in such capacities, and are not binding upon any of the Trustees,
            shareholders, officers, representatives or agents of the Fund
            personally, but bind only the Trust Property (as defined in the
            Declaration of Trust), and all persons dealing with any class of
            shares of the Fund must look solely to the Trust Property belonging
            to such class for the enforcement of any claims against the Fund.

                                  [End of Text]

                                     - 2 -

<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Addendum No. 2 to
the Advisory Agreement to be executed by their officers designated below as of
the day and year first above written.

                                              BLACKROCK FUNDS

                                              By: ________________________
                                                  Name:
                                                  Title:

                                              BLACKROCK ADVISORS, LLC

                                              By: ________________________
                                                  Name:
                                                  Title:

                                     - 3 -

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