Document:

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                                                                     Exhibit 4.8

        This ADMINISTRATION AGREEMENT dated as of September 1, 2003, among CNH
WHOLESALE MASTER NOTE TRUST, a Delaware statutory trust (the "Issuer"), CASE
CREDIT CORPORATION, a Delaware corporation, as administrator (the
"Administrator"), and JPMORGAN CHASE BANK, a New York banking corporation, not
in its individual capacity but solely as Indenture Trustee (the "Indenture
Trustee").

                              W I T N E S S E T H :

        WHEREAS, the Issuer has entered into the Indenture, dated as of
September 1, 2003 (as amended and supplemented from time to time, the
"Indenture"), between the Issuer and the Indenture Trustee, pursuant to which
the Issuer may from time to time issue its Notes in one or more Series, the
terms of which will be set forth in the related Indenture Supplement
(capitalized terms used and not otherwise defined herein shall have the meanings
assigned to such terms in the Transfer and Servicing Agreement and, if not
defined therein, the Indenture);

        WHEREAS, the Issuer will enter into indenture supplements from time to
time (as amended and supplemented from time to time, each an "Indenture
Supplement"), between the Issuer and the Indenture Trustee for the issuance of a
Series of Notes;

        WHEREAS, the Issuer will enter into from time to time a letter of
representations (as amended and supplemented from time to time, each a "Note
Depository Agreement"), among the Issuer, the Indenture Trustee, the
Administrator and The Depository Trust Company relating to a Series of Notes
(the Note Depository Agreement, the Indenture, the Series 2003-1 Indenture
Supplement, the Series 2003-2 Indenture Supplement, the Series 2003-3 Indenture
Supplement and each other Indenture Supplement executed and delivered from time
to time in connection with the issuance of a Series of Notes (the "Indenture
Supplements") being referred to hereinafter collectively as the "Related
Agreements");

        WHEREAS, pursuant to the Related Agreements, the Issuer and the Owner
Trustee are required to perform certain duties in connection with (a) the Notes
and the collateral therefor pledged pursuant to the Indenture (the "Collateral")
and (b) the beneficial ownership interests in the Issuer (the registered holders
of such interests being referred to herein as the "Owners");

        WHEREAS, the Issuer and the Owner Trustee desire to have the
Administrator perform certain of the duties of the Issuer and the Owner Trustee
referred to in the preceding clause and to provide such additional services
consistent with the terms of this Agreement and the Related Agreements as the
Issuer and the Owner Trustee may from time to time request; and

        WHEREAS, the Administrator has the capacity to provide the services
required hereby and is willing to perform such services for the Issuer and the
Owner Trustee on the terms set forth herein;

        NOW, THEREFORE, in consideration of the mutual covenants contained
herein, and other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties agree as follows:

                                                        ADMINISTRATION AGREEMENT

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        1.      DUTIES OF THE ADMINISTRATOR. (a) Duties with Respect to the Note
Depository Agreement, the Indenture and the Indenture Supplement. (i) The
Administrator agrees to perform all its duties as Administrator and the duties
of the Issuer and the Owner Trustee under the Note Depository Agreement. In
addition, the Administrator shall consult with the Owner Trustee regarding the
duties of the Issuer or the Owner Trustee under the Indenture, each Indenture
Supplement and the Note Depository Agreement. The Administrator shall monitor
the performance of the Issuer and shall advise the Owner Trustee when action is
necessary to comply with the Issuer's or the Owner Trustee's duties under the
Indenture, each Indenture Supplement and the Note Depository Agreement. The
Administrator shall prepare for execution by the Issuer, or shall cause the
preparation by other appropriate persons of, all such documents, reports,
filings, instruments, certificates and opinions that it shall be the duty of the
Issuer or the Owner Trustee to prepare, file or deliver pursuant to the
Indenture, each Indenture Supplement or the Note Depository Agreement. In
furtherance of the foregoing, the Administrator shall take all appropriate
action that is the duty of the Issuer or the Owner Trustee to take pursuant to
the Indenture including, without limitation, such of the foregoing as are
required with respect to the following matters under the Indenture or an
Indenture Supplement:

                (A)     the delivery of an Officer's Certificate or an Opinion
        of Counsel as to compliance with the Indenture (Indenture Section 1.02);

                (B)     the preparation of or obtaining of the documents and
        instruments required for authentication of the Notes and delivery of the
        same to the Indenture Trustee (Indenture Sections 2.04 and 2.05);

                (C)     the delivery to the Indenture Trustee of the Issuer
        Certificate (Indenture Section 2.02);

                (D)     the duty to cause the Note Register to be kept and to
        give the Indenture Trustee notice of any appointment of a new Note
        Registrar and the location, or change in location, of the Note Register
        (Indenture Section 3.05);

                (E)     the delivery to the Indenture Trustee and the Rating
        Agencies of a Tax Opinion, and certain other documents related to a new
        issuance of Notes (Indenture Section 3.10);

                (F)     the receipt of a confirmation from the Rating Agencies
        and the delivery to the Indenture Trustee and the Rating Agencies of a
        Tax Opinion and in regard to a change in the Required Subordinated
        Amount for any class of Notes (Indenture Section 3.11);

                (G)     the duty to cause to be established and maintained the
        Collection Account (Indenture Section 4.02);

                (H)     the giving of written directions to the Indenture
        Trustee regarding investment of funds on deposit in the Accounts
        (Indenture Section 4.03);

                (I)     the giving of demand to the Indenture Trustee to execute
        proper instruments acknowledging satisfaction and discharge of the
        Indenture, and delivery to

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        the Indenture Trustee of an Officer's Certificate and an Opinion of
        Counsel regarding the satisfaction and discharge of the Indenture
        (Indenture Section 6.01);

                (J)     the approval of the appointment of an Authenticating
        Agent (Indenture Section 8.14);

                (K)     the preparation of required tax information and delivery
        thereof to the Indenture Trustee (Indenture Section 8.15);

                (L)     the furnishing of the Indenture Trustee with the names
        and addresses of Noteholders during any period when the Indenture
        Trustee is not the Note Registrar (Indenture Section 9.01);

                (M)     the preparation and, after execution by the Issuer, the
        filing with the Commission, any applicable state agencies and the
        Indenture Trustee of documents required to be filed on a periodic basis
        with, and summaries thereof as may be required by rules and regulations
        prescribed by, the Commission and any applicable state agencies and the
        transmission of such summaries, as necessary, to the Noteholders
        (Indenture Section 9.05);

                (N)     the completion and delivery to the Indenture Trustee
        and the Rating Agencies of the Monthly Noteholder's Statement (Indenture
        Section 9.07);

                (O)     the delivery of a Tax Opinion, and an Officer's
        Certificate, in connection with the amendment of the Indenture or the
        entering into of a supplemental indenture (Indenture Sections 10.01 and
        10.02);

                (P)     the delivery to the Indenture Trustee of an Opinion of
        Counsel in connection with the execution of an Indenture Supplement
        (Indenture Section 10.03);

                (Q)     the duty to cause newly appointed Paying Agents, if
        any, to deliver to the Indenture Trustee the instrument specified in the
        Indenture regarding funds held in trust (Indenture Section 11.03);

                (R)     the delivery of an annual compliance statement as
        specified in the Indenture (Indenture Section 11.04);

                (S)     the doing or causing to be done of all things
        necessary to preserve and keep in full force and effect the Issuer's
        legal existence (Indenture Section 11.05);

                (T)     at the request of the Indenture Trustee, to execute and
        deliver such further instruments and do such further acts as may be
        reasonably necessary or proper to carry out more effectively the purpose
        of the Indenture (Indenture Section 11.06);

                (U)     the provision of any information to satisfy the
        conditions set forth in Rule 144A(d)(4) under the Securities Exchange
        Act (Indenture Section 11.12);

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                (V)     the delivery to the Indenture Trustee of an Officer's
        Certificate and Opinion of Counsel in connection with the consolidation
        or merger of the Issuer, or conveyance or transfer of any of its
        properties substantially as an entirety to any Person (Indenture Section
        11.14);

                (W)     the taking of all actions necessary to obtain and
        maintain a perfected lien on and security interest in the Collateral in
        favor of the Indenture Trustee, and all related actions listed in
        Section 13.01 of the Indenture (Indenture Section 13.01);

                (X)     the recording of the Indenture, if applicable (Indenture
        Section 13.01);

                (Y)     delivery of an Officer's Certificate in connection with
        the release of the Collateral (Indenture Section 13.07);

                (Z)     delivery of Opinions of Counsel regarding the Collateral
        (Indenture Section 13.09);

                (AA)    the identification to the Indenture Trustee in an
        Officer's Certificate of a Person with whom the Issuer has contracted to
        perform its duties under the Indenture (Indenture Section 13.10);

                (BB)    the delivery to the Indenture Trustee of a copy of each
        agreement with a Noteholder to provide for a method of payment or
        notices different from that provided for in the Indenture (Indenture
        Section 14.06);

                (CC)    the deposit of Receivables Sales Proceeds, if any,
        for any Series of Notes into the applicable Interest Funding Account
        (Indenture Supplement);

                (DD)    the calculation of the Collateral Amount of each Series
        of Notes and the Available Subordinated Amount (Indenture Supplement);
        and

                (EE)    the appointment of the Calculation Agent (Indenture
        Supplement).

                (FF)    notify the Rating Agencies and the Indenture Trustee of
        any Event of Default under the Indenture, any Insolvency Event with
        respect to the Transferor or the Servicer and any Servicer Default under
        the Transfer and Servicing Agreement, in each case, as notice of such
        events is to be provided by the Issuer to the Rating Agencies or the
        Indenture Trustee, as the case may be, pursuant to the terms of the
        Transaction Documents.

                (ii)    The Administrator will:

                (A)     pay the Indenture Trustee from time to time reasonable
        compensation for all services rendered by the Indenture Trustee under
        the Indenture (which compensation shall not be limited by any provision
        of law in regard to the compensation of a trustee of an express trust);

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                (B)     except as otherwise expressly provided in the Indenture,
        reimburse the Indenture Trustee upon its request for all reasonable
        expenses, disbursements and advances incurred or made by the Indenture
        Trustee in accordance with any provision of the Indenture (including the
        reasonable compensation, expenses and disbursements of its agents and
        counsel), except any such expense, disbursement or advance as may be
        attributable to its negligence or bad faith;

                (C)     indemnify the Indenture Trustee, and hold it harmless
        against, any losses, liability or expense incurred without negligence or
        bad faith on its part, arising out of or in connection with the
        acceptance or administration of the transactions contemplated by the
        Indenture, including the costs and expenses of defending themselves
        against any claim or liability (whether asserted by the Issuer, the
        Servicer, any Holder or any other Person) in connection with the
        exercise or performance of any of its powers or duties under the
        Indenture; and

                (D)     indemnify the Owner Trustee and its agents for, and hold
        them harmless against, any losses, liability or expense incurred without
        negligence or bad faith on their part, arising out of or in connection
        with the acceptance or administration of the transactions contemplated
        by the Trust Agreement, including the reasonable costs and expenses of
        defending themselves against any claim or liability in connection with
        the exercise or performance of any of their powers or duties under the
        Trust Agreement.

        (b)     ADDITIONAL DUTIES. (i) In addition to the duties of the
Administrator set forth above, the Administrator shall perform such calculations
and shall prepare or shall cause the preparation by other appropriate persons
of, and shall execute on behalf of the Issuer or the Owner Trustee, all such
documents, reports, filings, instruments, certificates and opinions that it
shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver
pursuant to the Related Agreements, and at the request of the Owner Trustee
shall take all appropriate action that it is the duty of the Issuer or the Owner
Trustee to take pursuant to the Related Agreements. In furtherance thereof, the
Owner Trustee shall, on behalf of itself and of the Issuer, execute and deliver
to the Administrator and to each successor Administrator appointed pursuant to
the terms hereof, one or more powers of attorney substantially in the form of
Exhibit A hereto, appointing the Administrator the attorney-in-fact of the Owner
Trustee and the Issuer for the purpose of executing on behalf of the Owner
Trustee and the Issuer all such documents, reports, filings, instruments,
certificates and opinions. Subject to Section 5 of this Agreement, and in
accordance with the directions of the Owner Trustee, the Administrator shall
administer, perform or supervise the performance of such other activities in
connection with the Collateral (including the Related Agreements) as are not
covered by any of the foregoing provisions and as are expressly requested by the
Owner Trustee and are reasonably within the capability of the Administrator.

                (i)     Notwithstanding anything in this Agreement or the
Related Agreements to the contrary, the Administrator shall be responsible for
promptly notifying the Owner Trustee and the Paying Agent in the event that any
withholding tax is imposed on the Issuer's payments (or allocations of income)
to an Owner. Any such notice shall specify the amount of any withholding tax
required to be withheld by the Paying Agent pursuant to such provision.

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                (ii)    In carrying out the foregoing duties or any of its other
obligations under this Agreement, the Administrator may enter into transactions
or otherwise deal with any of its affiliates; provided, however, that the terms
of any such transactions or dealings shall be in accordance with any directions
received from the Issuer and shall be, in the Administrator's opinion, no less
favorable to the Issuer than would be available from unaffiliated parties.

        (c)     NON-MINISTERIAL MATTERS. (i) With respect to matters that in the
reasonable judgment of the Administrator are non-ministerial, the Administrator
shall not take any action unless within a reasonable time before the taking of
such action, the Administrator shall have notified the Owner Trustee of the
proposed action and the Owner Trustee shall not have withheld consent or
provided an alternative direction. For the purpose of the preceding sentence,
"non-ministerial matters" shall include, without limitation:

                (A)     the amendment of or any supplement to the Indenture;

                (B)     the initiation of any claim or lawsuit by the Issuer
        and the compromise of any action, claim or lawsuit brought by or against
        the Issuer (other than in connection with the collection of the
        Receivables);

                (C)     the amendment, change or modification of the Related
        Agreements;

                (D)     the appointment of successor Note Registrars, successor
        Paying Agents and successor Indenture Trustees pursuant to the Indenture
        or the appointment of successor Administrators or Successor Servicers,
        or the consent to the assignment by the Note Registrar, Paying Agent or
        Indenture Trustee of its obligations under the Indenture; and

                (E)     the removal of the Indenture Trustee.

                (ii)    Notwithstanding anything to the contrary in this
Agreement, the Administrator shall not be obligated to, and shall not, (x) make
any payments to the Noteholders under the Related Agreements, (y) sell the
Collateral pursuant to the Indenture or (z) take any other action that the
Issuer directs the Administrator not to take on its behalf.

        2.      RECORDS. The Administrator shall maintain appropriate books of
account and records relating to services performed hereunder, which books of
account and records shall be accessible for inspection by the Issuer and the
Company at any time during normal business hours.

        3.      COMPENSATION. As compensation for the performance of the
Administrator's obligations under this Agreement and as reimbursement for its
expenses related thereto, the Administrator shall be entitled to $500 per month
which shall be solely an obligation of the Transferor.

        4.      ADDITIONAL INFORMATION TO BE FURNISHED TO ISSUER. The
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.

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        5.      INDEPENDENCE OF ADMINISTRATOR. For all purposes of this
Agreement, the Administrator shall be an independent contractor and shall not be
subject to the supervision of the Issuer or the Owner Trustee with respect to
the manner in which it accomplishes the performance of its obligations
hereunder. Unless expressly authorized by the Issuer, the Administrator shall
have no authority to act for or represent the Issuer or the Owner Trustee in any
way and shall not otherwise be deemed an agent of the Issuer or the Owner
Trustee.

        6.      NO JOINT VENTURE. Nothing contained in this Agreement (i) shall
constitute the Administrator and either of the Issuer or the Owner Trustee as
members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to
impose any liability as such on any of them or (iii) shall be deemed to confer
on any of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the others.

        7.      OTHER ACTIVITIES OF ADMINISTRATOR. Nothing herein shall prevent
the Administrator or its Affiliates from engaging in other businesses or, in its
sole discretion, from acting in a similar capacity as an administrator for any
other person or entity even though such person or entity may engage in business
activities similar to those of the Issuer, the Owner Trustee or the Indenture
Trustee.

        8.      TERM OF AGREEMENT; RESIGNATION AND REMOVAL OF ADMINISTRATOR.
(a) This Agreement shall continue in force until the dissolution of the Issuer,
upon which event this Agreement shall automatically terminate.

        (a)     Subject to Section 8(e), the Administrator may resign its duties
hereunder by providing the Issuer with at least 60 days' prior written notice.

        (b)     Subject to Section 8(e), the Issuer may remove the Administrator
without cause by providing the Administrator with at least 60 days' prior
written notice.

        (c)     Subject to Section 8(e), at the sole option of the Issuer, the
Administrator may be removed immediately upon written notice of termination from
the Issuer to the Administrator if any of the following events shall occur:

                (i)     the Administrator shall default in the performance of
any of its duties under this Agreement and, after notice of such default, shall
not cure such default within ten days (or, if such default cannot be cured in
such time, shall not give within ten Business Days such assurance of cure as
shall be reasonably satisfactory to the Issuer);

                (ii)    a court having jurisdiction in the premises shall
enter a decree or order for relief, and such decree or order shall not have been
vacated within 60 days, in respect of the Administrator in any involuntary case
under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect or appoint a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official for the Administrator or any
substantial part of its property or order the winding-up or liquidation of its
affairs; or

                (iii)   the Administrator shall commence a voluntary case under
any applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, shall consent to the entry

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of an order for relief in an involuntary case under any such law, shall consent
to the appointment of a receiver, liquidator, assignee, trustee, custodian,
sequestrator or similar official for the Administrator or any substantial part
of its property, shall consent to the taking of possession by any such official
of any substantial part of its property, shall make any general assignment for
the benefit of creditors or shall fail generally to pay its debts as they become
due.

        The Administrator agrees that if any of the events specified in clauses
(ii) or (iii) of this Section shall occur, it shall give written notice thereof
to the Issuer and the Indenture Trustee within seven days after the happening of
such event.

        (d)     No resignation or removal of the Administrator pursuant to this
Section shall be effective until (i) a successor Administrator shall have been
appointed by the Issuer and (ii) such successor Administrator shall have agreed
in writing to be bound by the terms of this Agreement in the same manner as the
Administrator is bound hereunder.

        (e)     The appointment of any successor Administrator shall be
effective only after each Rating Agency confirms in writing that such proposed
appointment will not cause a Ratings Effect .

        (f)     Subject to Sections 8(e) and 8(f), the Administrator
acknowledges that upon the appointment of a Successor Servicer pursuant to the
Transfer and Servicing Agreement, the Administrator shall immediately resign and
such Successor Servicer shall automatically become the Administrator under this
Agreement.

        9.      ACTION UPON TERMINATION, RESIGNATION OR REMOVAL. Promptly upon
the effective date of termination of this Agreement pursuant to Section 8(a) or
the resignation or removal of the Administrator pursuant to Section 8(b) or (c),
respectively, the Administrator shall be entitled to be paid all fees and
reimbursable expenses accruing to it to the date of such termination,
resignation or removal. The Administrator shall forthwith upon such termination
pursuant to Section 8(a) deliver to the Issuer all property and documents of or
relating to the Collateral then in the custody of the Administrator. In the
event of the resignation or removal of the Administrator pursuant to Section
8(b) or (c), respectively, the Administrator shall cooperate with the Issuer and
take all reasonable steps requested to assist the Issuer in making an orderly
transfer of the duties of the Administrator.

        10.     NOTICES. Any notice, report or other communication given
hereunder shall be in writing and addressed as follows:

        (a)     if to the Issuer or the Owner Trustee, to:

                CNH WHOLESALE MASTER NOTE TRUST
                c/o The Bank of New York
                101 Barclay Street, Floor 8W
                New York, New York 10286
                Attention: Corporate Trust Administration-
                           Asset Backed Finance Unit

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        (b)     if to the Administrator, to:

                Case Credit Corporation
                233 Lake Avenue
                Racine, Wisconsin 53403
                Attention: Treasurer

        (c)     if to the Indenture Trustee, to:

                JPMorgan Chase Bank
                4 New York Plaza, 6th Floor
                New York, New York 10004
                Attention: Institutional Trust Services Group

or to such other address as any party shall have provided to the other parties
in writing. Any notice required to be in writing hereunder shall be deemed given
if such notice is mailed by certified mail, postage prepaid, or hand-delivered
to the address of such party as provided above.

        11.     AMENDMENTS. This Agreement may be amended from time to time by a
written amendment duly executed and delivered by the Issuer, the Administrator
and the Indenture Trustee, with the written consent of the Owner Trustee,
without the consent of the Noteholders, for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this
Agreement or of modifying in any manner the rights of the Noteholders; provided
that such amendment will not, in an Opinion of Counsel satisfactory to the
Indenture Trustee [and an Officer's Certificate of the Administrator],
materially and adversely affect the interest of any Noteholder. This Agreement
may also be amended by the Issuer, the Administrator and the Indenture Trustee
with prior written notice to each Rating Agency and with the written consent of
the Owner Trustee and the holders of Notes evidencing at least a 66 2/3% of the
Outstanding Dollar Principal Amount, for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions of this Agreement
or of modifying in any manner the rights of Noteholders; provided, however, that
no such amendment may (i) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on Receivables or
distributions that are required to be made for the benefit of the Noteholders or
(ii) reduce the aforesaid percentage of the holders of Notes which are required
to consent to any such amendment, without the consent of the holders of all the
outstanding Notes. Notwithstanding the foregoing, the Administrator may not
amend this Agreement without the permission of the Transferor, which permission
shall not be unreasonably withheld.

        12.     SUCCESSORS AND ASSIGNS. This Agreement may not be assigned by
the Administrator unless such assignment is previously consented to in writing
by the Issuer and the Owner Trustee and subject to receipt evidence that the
Rating Agency Condition has been satisfied with respect thereto. An assignment
with such consent and confirmation, if accepted by the assignee, shall bind the
assignee hereunder in the same manner as the Administrator is bound hereunder.
Notwithstanding the foregoing, this Agreement may be assigned by the
Administrator without the consent of the Issuer or the Owner Trustee to a
corporation or other organization that is a successor (by merger, consolidation
or purchase of assets) to the Administrator; provided that:

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                (a)     the Person formed by such consolidation or into which
the Administrator is merged or the Person which acquires by conveyance or
transfer the properties and assets of the Administrator substantially as an
entirety shall be a Person organized and existing under the laws of the United
States of America or any State or the District of Columbia and, if the
Administrator is not the surviving entity, such Person shall assume, by
execution of a supplemental agreement hereto, the performance of every covenant
and obligation of the Administrator hereunder;

                (b)     the Administrator shall have given the Rating Agencies
at least 10 days prior notice and the Rating Agency Condition shall have been
satisfied with respect to such transaction; and

                (c)     the Administrator has delivered to the Indenture
Trustee and the Owner Trustee an Officers' Certificate stating that such
consolidation, merger, conveyance or transfer complies with this Section 12 and
that all conditions precedent herein provided for relating to such transaction
have been complied with, and an Opinion of Counsel to the effect that the
supplemental agreement referred to in clause (a) above is the legal, valid and
binding obligation of the Administrator and the successor Person.

        13.     GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

        14.     HEADINGS. The section headings hereof have been inserted for
convenience of reference only and shall not be construed to affect the meaning,
construction or effect of this Agreement.

        15.     COUNTERPARTS. This Agreement may be executed in counterparts,
each of which when so executed shall be an original, but all of which together
shall constitute but one and the same agreement.

        16.     SEVERABILITY. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall be ineffective to the
extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

        17.     NOT APPLICABLE TO CASE CREDIT CORPORATION IN OTHER CAPACITIES.
Nothing in this Agreement shall affect any obligation Case Credit Corporation
may have in any other capacity.

        18.     LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE TRUSTEE.
(a) Notwithstanding anything contained herein to the contrary, this instrument
has been countersigned by The Bank of New York not in its individual capacity
but solely in its capacity as Owner Trustee of the Issuer and in no event shall
The Bank of New York in its individual capacity or any beneficial owner of the
Issuer have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder, as to all of which
recourse shall be had solely to the assets of the Issuer. For all purposes of
this Agreement, in the

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performance of any duties or obligations of the Issuer hereunder, the Owner
Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Articles V, VI and XI of the Trust Agreement.

        (a)     Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by Indenture Trustee not in its individual
capacity but solely as Indenture Trustee in the exercise of the powers and
authority conferred and vested in it and in no event shall Indenture Trustee
have any liability for the representations, warranties, covenants, agreements or
other obligations of the Issuer hereunder or in any of the certificates, notices
or agreements delivered pursuant hereto, as to all of which recourse shall be
had solely to the assets of the Issuer.

        19.     THIRD-PARTY BENEFICIARY. The Owner Trustee is a third-party
beneficiary to this Agreement and is entitled to the rights and benefits
hereunder and may enforce the provisions hereof as if it were a party hereto.

        20.     NO PETITION. Each of the Administrator, the Owner Trustee and
the Indenture Trustee hereby covenants and agrees that it will not at any time
institute against the Issuer any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United
States Federal or state bankruptcy or similar law.

                                  * * * * * * *

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        IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed and delivered as of the day and year first above written.

                              CNH WHOLESALE MASTER NOTE TRUST

                              By: THE BANK OF NEW YORK,
                                  not in its individual capacity but
                                  solely as Owner Trustee

                                  By:  /s/ Jon Farber
                                     -------------------------------------------
                                     Name:  Jon Farber
                                     Title:  Assistant Treasurer

                              JPMORGAN CHASE BANK,
                              not in its individual capacity
                              but solely as Indenture Trustee

                              By:  /s/ Joseph M. Costantino
                                 -----------------------------------------------
                                 Name:  Joseph M. Costantino
                                 Title:  Trust Officer

                              CASE CREDIT CORPORATION,
                              as Administrator

                              By:  /s/ Brian O'Keane
                                 -----------------------------------------------
                                 Name: Brian O'Keane
                                 Title: Assistant Treasurer

                                                        ADMINISTRATION AGREEMENT

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                                                                       EXHIBIT A

                                POWER OF ATTORNEY

STATE OF NEW YORK  )

COUNTY OF NEW YORK )

        KNOW ALL MEN BY THESE PRESENTS, that The Bank of New York, a New York
banking corporation, not in its individual capacity but solely as owner trustee
(the "Owner Trustee") for CNH Wholesale Master Note Trust (the "Trust"), does
hereby make, constitute and appoint Case Credit Corporation, as administrator
under the Administration Agreement dated September 1, 2003 (the "Administration
Agreement"), among the Trust, Case Credit Corporation and JPMorgan Chase Bank,
as Indenture Trustee, as the same may be amended from time to time, and its
agents and attorneys, as Attorneys-in-Fact to execute on behalf of the Owner
Trustee or the Trust any and all such documents, reports, filings, instruments,
certificates and opinions as it should be the duty of the Owner Trustee or the
Trust to prepare, file or deliver pursuant to the Related Agreements, or
pursuant to the Trust Agreement, including, without limitation, to appear for
and represent the Owner Trustee and the Trust in connection with the
preparation, filing and audit of federal, state and local tax returns pertaining
to the Trust, if any, and with full power to perform any and all acts associated
with such returns and audits, if any, that the Owner Trustee could perform,
including without limitation, the right to distribute and receive confidential
information, defend and assert positions in response to audits, initiate and
defend litigation, and to execute waivers of restrictions on assessments of
deficiencies, consents to the extension of any statutory or regulatory time
limit, and settlements.

        All powers of attorney for this purpose heretofore filed or executed by
the Owner Trustee are hereby revoked.

        Capitalized terms that are used and not otherwise defined herein shall
have the meanings ascribed thereto in the Administration Agreement.

        EXECUTED this ___ of _____________, 200_.

                                     THE BANK OF NEW YORK,
                                     not in its individual capacity but solely
                                     as Owner Trustee

                                     -------------------------------------------
                                     Name:
                                     Title:

                                       A-1              ADMINISTRATION AGREEMENT
<Page>

STATE OF ___________    )
                        )
COUNTY OF __________    )

        Before me, the undersigned authority, on this day personally appeared
_______________________________, known to me to be the person whose name is
subscribed to the foregoing instrument, and acknowledged to me that he/she
signed the same for the purposes and considerations therein expressed.

Sworn to before me this ___
day of _______, 200__.

_____________________________________
Notary Public - State of_____________

                                       A-2              ADMINISTRATION AGREEMENT<Page>

                                                                Exhibit 4.1

                            FORM OF EXCHANGE WARRANT

THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE
SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE
ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS OR (B)
AN OPINION OF COUNSEL, IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT
REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS
OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT. THE SECURITIES MAY BE
PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY
THE SECURITIES.

                                MIDWAY GAMES INC.

                        WARRANT TO PURCHASE COMMON STOCK

Warrant No.: [____]                         Number of Shares: [_______]

Date of Issuance: October 14, 2003

          Midway Games Inc., a Delaware corporation (the "COMPANY"), hereby
certifies that, for Ten United States Dollars ($10.00) and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, [Portside Growth and Opportunity Fund] [Smithfield Fiduciary LLC]
[Lighthouse LLC], the registered holder hereof or its permitted assigns, is
entitled, subject to the terms set forth below, to purchase from the Company
upon surrender of this Warrant, at any time or times on or after the date
hereof, but not after 11:59 p.m., New York City Time, on the Expiration Date (as
defined herein) _______ fully paid nonassessable shares of Common Stock (as
defined herein) of the Company (the "WARRANT SHARES") at the Warrant Exercise
Price per share provided in Section 1(b) below; provided, however, that the
Company shall not effect the exercise of this Warrant and no holder of this
Warrant shall have the right to exercise this Warrant to the extent that after
giving effect to such exercise, such Person (together with such Person's
affiliates) would have acquired, through exercise of this warrant or otherwise,
beneficial ownership of a number of shares of Common Stock that, when added to
the number of shares of Common Stock beneficially owned by such Person (together
with such Person's affiliates) exceeds 4.99% of the number of shares of Common
Stock outstanding immediately after giving effect to such exercise. For purposes
of the foregoing sentence, the aggregate number of shares of Common Stock
beneficially owned by such Person and its affiliates shall include the number of
shares of Common Stock issuable upon exercise of this Warrant with respect to
which the determination of such sentence is being made, but shall exclude shares
of Common Stock which would be issuable upon (i) exercise of the remaining,
unexercised portion of this Warrant beneficially owned by such Person and its
affiliates and (ii) exercise or conversion of the unexercised or unconverted
portion of any other securities of the Company beneficially owned by such Person
and its affiliates (including, without limitation, any convertible notes or
preferred stock) subject to a limitation on conversion or exercise analogous to
the limitation contained herein. Except as set forth in the preceding sentence,
for purposes of this paragraph, beneficial ownership shall be calculated in
accordance

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with Section 13(d) of the Securities Exchange Act of 1934, as amended. Upon the
written request of any holder, the Company shall promptly, but in no event later
than one (1) Business Day following the receipt of such notice, confirm in
writing to any such holder the number of shares of Common Stock then
outstanding. In any case, the number of outstanding shares of Common Stock shall
be determined after giving effect to conversions of Preferred Shares (as defined
below) and exercise of Warrants (as defined below) by such holder and its
affiliates.

          Section 1.

          (a)  Purchase Agreement. This Warrant is one of the Warrants (the
"PREFERRED SHARE WARRANTS") issued pursuant to Section 1 of that certain
Amendment and Exchange Agreement dated as of October 14, 2003, between the
Company and the initial holder of this Warrant (the "AMENDMENT AND EXCHANGE
AGREEMENT") and was issued in an exchange pursuant to Section 3(a)(9) of the
Securities Act for warrants initially issued pursuant to that certain Securities
Purchase Agreement dated as of May 16, 2003, among the Company and the Persons
referred to therein (the "SECURITIES PURCHASE AGREEMENT").

          (b)  Definitions. The location of definitions used in this Warrant is
set forth on the Index of Terms attached hereto and the following words and
terms as used in this Warrant shall have the following meanings:

               (i)     "APPROVED STOCK PLAN" means any employee benefit plan
which has been approved by the Board of Directors of the Company, pursuant to
which the Company's securities may be issued to any employee, consultant,
officer or director for services provided to the Company.

               (ii)    "BLOOMBERG" means Bloomberg Financial Markets.

               (iii)   "BUSINESS DAY" means any day other than Saturday,
Sunday or other day on which commercial banks in the City of New York are
authorized or required by law to remain closed.

               (iv)    "CERTIFICATE OF DESIGNATIONS" means the Company's
Certificate of Designations, Preferences and Rights of the Series D Convertible
Preferred Stock.

               (v)     "CLOSING BID PRICE" means, for any security as of any
date, the last closing bid price for such security on the Principal Market (as
defined below) as reported by Bloomberg, or if the Principal Market begins to
operate on an extended hours basis, and does not designate the closing bid
price, then the last bid price at 4:00:00 p.m., New York City Time, as reported
by Bloomberg, or if the foregoing do not apply, the last closing bid price of
such security in the over-the-counter market on the electronic bulletin board
for such security as reported by Bloomberg, or, if no closing bid price is
reported for such security by Bloomberg, the last closing trade price for such
security as reported by Bloomberg, or, if no last closing trade price is
reported for such security by Bloomberg, the average of the bid prices of any
market makers for such security as reported in the "pink sheets" by Pink Sheets
LLC (formerly the National Quotation Bureau, Inc.). If the Closing Bid Price
cannot be calculated for such security on such date on any of the foregoing
bases, the Closing Bid Price of such security on such date shall be the fair
market value as mutually determined by the Company and the holders of the

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Preferred Share Warrants representing at least 80% of the shares of Common Stock
obtainable upon exercise of the Preferred Share Warrants then outstanding. If
the Company and the holders of the Preferred Share Warrants are unable to agree
upon the fair market value of the Common Stock, then such dispute shall be
resolved pursuant to Section 2(a) of this Warrant. All such determinations shall
be appropriately adjusted for any stock dividend, stock split or other similar
transaction during such period. All fees and expenses of such determinations
shall be borne solely by the Company.

               (vi)    "CLOSING SALE PRICE" means, for any security as of any
date, the last closing trade price for such security on the Principal Market as
reported by Bloomberg, or if the Principal Market begins to operate on an
extended hours basis, and does not designate the closing trade price, then the
last trade price at 4:00:00 p.m., New York City Time, as reported by Bloomberg,
or if the foregoing do not apply, the last closing trade price of such security
in the over-the-counter market on the electronic bulletin board for such
security as reported by Bloomberg, or, if no last closing trade price is
reported for such security by Bloomberg, the last closing ask price of such
security as reported by Bloomberg, or, if no last closing ask price is reported
for such security by Bloomberg, the average of the highest bid price and the
lowest ask price of any market makers for such security as reported in the "pink
sheets" by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.). If
the Closing Sale Price cannot be calculated for such security on such date on
any of the foregoing bases, the Closing Sale Price of such security on such date
shall be the fair market value as mutually determined by the Company and the
holders of the Preferred Share Warrants representing at least 80% of the shares
of Common Stock obtainable upon exercise of the Preferred Share Warrants then
outstanding. If the Company and the holders of Preferred Share Warrants are
unable to agree upon the fair market value of the Common Stock, then such
dispute shall be resolved pursuant to Section 2(a) below with the term "Closing
Sale Price" being substituted for the term "Closing Bid Price". All such
determinations shall be appropriately adjusted for any stock dividend, stock
split or other similar transaction during such period. All fees and expenses of
such determinations shall be borne solely by the Company.

               (vii)   "COMMON STOCK" means (i) the Company's common stock,
par value $0.01 per share, and (ii) any capital stock into which such Common
Stock shall have been changed or any capital stock resulting from a
reclassification of such Common Stock.

               (viii)  "COMMON STOCK DEEMED OUTSTANDING" means, at any given
time, the number of shares of Common Stock actually outstanding at such time,
plus the number of shares of Common Stock deemed to be outstanding pursuant to
Sections 8(b)(i) and 8(b)(ii) hereof regardless of whether the Options or
Convertible Securities are actually exercisable at such time, but excluding any
shares of Common Stock owned or held by or for the account of the Company or
issuable upon conversion of the Preferred Shares or exercise of the Warrants.

               (ix)    "CONVERTIBLE SECURITIES" means any stock or securities
(other than Options) directly or indirectly convertible into or exchangeable or
exercisable for Common Stock.

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               (x)     "EXPIRATION DATE" means May 16, 2006 or, if such date
does not fall on a Business Day or on a day on which trading takes place on the
principal exchange or automated quotation system on which the Common Stock is
traded, then the next Business Day.

               (xi)    "NYSE" means The New York Stock Exchange, Inc.

               (xii)   "OPTION" means any rights, warrants or options to
subscribe for or purchase Common Stock or Convertible Securities.

               (xiii)  "PERSON" means an individual, a limited liability
company, a partnership, a joint venture, a corporation, a trust, an
unincorporated organization and a government or any department or agency
thereof.

               (xiv)   "PREFERRED SHARES" means the shares of the Company's
Series D Convertible Preferred Stock issued pursuant to the Amendment and
Exchange Agreement.

               (xv)    "PRINCIPAL MARKET" means the NYSE or if the Common
Stock is not traded on the NYSE, then the principal securities exchange or
trading market for the Common Stock.

               (xvi)   "REGISTRATION RIGHTS AGREEMENT" means that registration
rights agreement dated October 14, 2003 by and among the Company and the Persons
referred to therein.

               (xvii)  "SECURITIES ACT " means the Securities Act of 1933, as
amended.

               (xviii) "WARRANT" means this Warrant and all Warrants issued in
exchange, transfer or replacement thereof.

               (xix)   "WARRANT EXERCISE PRICE" shall be equal to $3.75, subject
to further adjustment as hereinafter provided.

               (xx)    "WEIGHTED AVERAGE PRICE" means, for any security as of
any date, the dollar volume-weighted average price for such security on the
Principal Market during the period beginning at 9:30:01 a.m. New York City Time,
and ending at 4:00:00 p.m., New York City Time, as reported by Bloomberg through
its "Volume at Price" function or, if the foregoing does not apply, the dollar
volume-weighted average price of such security in the over-the-counter market on
the electronic bulletin board for such security during the period beginning at
9:30:01 a.m. New York City Time, and ending at 4:00:00 p.m., New York City Time,
as reported by Bloomberg, or, if no dollar volume-weighted average price is
reported for such security by Bloomberg for such hours, the average of the
highest closing bid price and the lowest closing ask price of any of the market
makers for such security as reported in the "pink sheets" by Pink Sheets LLC
(formerly the National Quotation Bureau, Inc.). If the Weighted Average Price
cannot be calculated for such security on such date on any of the foregoing
bases, the Weighted Average Price of such security on such date shall be the
fair market value as mutually determined by the Company and the holders of the
Preferred Share Warrants representing at least 80% of the shares of Common Stock
obtainable upon exercise of the Preferred Share Warrants then outstanding. If
the Company and the holders of the Preferred Share Warrants are unable to

                                        4
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agree upon the fair market value of the Common Stock, then such dispute shall be
resolved pursuant to Section 2(a) below with the term "Weighted Average Price"
being substituted for the term "Closing Sale Price." All such determinations to
be appropriately adjusted for any stock dividend, stock split or other similar
transaction during such period. All fees and expenses of such determinations
shall be borne solely by the Company.

          Section 2.   EXERCISE OF WARRANT.

          (a)  Subject to the terms and conditions hereof, this Warrant may be
exercised by the holder hereof then registered on the books of the Company, in
whole or in part, at any time on any Business Day on or after the opening of
business on the date hereof and prior to 11:59 P.M., New York City Time, on the
Expiration Date by (i) delivery of a written notice, in the form of the
subscription notice attached as EXHIBIT A hereto or a reasonable facsimile
thereof (the "EXERCISE NOTICE"), to the Company and the Company's designated
transfer agent (the "TRANSFER AGENT") of such holder's election to exercise
this Warrant, which notice shall specify the number of Warrant Shares to be
purchased, (ii)(A) payment to the Company of an amount equal to the Warrant
Exercise Price multiplied by the number of Warrant Shares as to which this
Warrant is being exercised (the "AGGREGATE EXERCISE PRICE") in cash or delivery
of a certified check or bank draft payable to the order of the Company or wire
transfer of immediately available funds or (B) by notifying the Company that
this Warrant is being exercised pursuant to a Cashless Exercise (as defined in
Section 2(e)), and (iii) the surrender to a common carrier for overnight
delivery to the Company as soon as practicable following such date, this Warrant
(or an indemnification undertaking with respect to this Warrant in the case of
its loss, theft or destruction); provided, that if such Warrant Shares are to be
issued in any name other than that of the registered holder of this Warrant,
such issuance shall be deemed a transfer and the provisions of Section 7 shall
be applicable. In the event of any exercise of the rights represented by this
Warrant in compliance with this Section 2(a), the Company shall on the second
(2nd) Business Day (the "WARRANT SHARE DELIVERY DATE") following the date of its
receipt of the Exercise Notice, the Aggregate Exercise Price (or notice of
Cashless Exercise) and this Warrant (or an indemnification undertaking with
respect to this Warrant in the case of its loss, theft or destruction) (the
"EXERCISE DELIVERY DOCUMENTS"), (A) provided the Transfer Agent is participating
in The Depository Trust Company ("DTC") Fast Automated Securities Transfer
Program and provided that the holder is eligible to receive shares through DTC,
at the holder's request, credit such aggregate number of shares of Common Stock
to which the holder shall be entitled to the holder's or its designee's balance
account with DTC through its Deposit Withdrawal Agent Commission system or (B)
issue and deliver to the address as specified in the Exercise Notice, a
certificate or certificates in such denominations as may be requested by the
holder in the Exercise Notice, registered in the name of the holder or its
designee, for the number of shares of Common Stock to which the holder shall be
entitled upon such exercise. Upon delivery of the Exercise Notice and Aggregate
Exercise Price referred to in clause (ii)(A) above or notification to the
Company of a Cashless Exercise referred to in Section 2(e), the holder of this
Warrant shall be deemed for all corporate purposes to have become the holder of
record of the Warrant Shares with respect to which this Warrant has been
exercised, irrespective of the date of delivery of this Warrant as required by
clause (iii) above or the certificates evidencing such Warrant Shares. In the
case of a dispute as to the determination of the Warrant Exercise Price, the
Closing Bid Price of a security or the arithmetic calculation of the number of
Warrant Shares, the Company shall promptly issue to the holder the number of
shares of Common Stock

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that is not disputed and shall submit the disputed determinations or arithmetic
calculations to the holder via facsimile within one (1) Business Day of receipt
of the holder's subscription notice. If the holder and the Company are unable to
agree upon the determination of the Warrant Exercise Price, the Closing Bid
Price or arithmetic calculation of the number of Warrant Shares within one (1)
Business Day of such disputed determination or arithmetic calculation being
submitted to the holder, then the Company shall immediately submit via facsimile
(i) the disputed determination of the Warrant Exercise Price or the Closing Bid
Price to an independent, reputable investment banking firm selected jointly by
the Company and the holder or (ii) the disputed arithmetic calculation of the
number of Warrant Shares to its independent, outside accountant. The Company
shall cause the investment banking firm or the accountant, as the case may be,
to perform the determinations or calculations and notify the Company and the
holder of the results no later than two (2) Business Days from the time it
receives the disputed determinations or calculations. Such investment banking
firm's or accountant's determination or calculation, as the case may be, shall
be deemed conclusive absent manifest error.

          (b)  Unless the rights represented by this Warrant shall have expired
or shall have been fully exercised, the Company shall, as soon as practicable
and in no event later than five (5) Business Days after any exercise (the
"WARRANT DELIVERY DATE") and at its own expense, issue a new Warrant identical
in all respects to this Warrant exercised except it shall represent rights to
purchase the number of Warrant Shares purchasable immediately prior to such
exercise under this Warrant, less the number of Warrant Shares with respect to
which such Warrant is exercised.

          (c)  No fractional shares of Common Stock are to be issued upon the
exercise of this Warrant, but rather the number of shares of Common Stock issued
upon exercise of this Warrant shall be rounded up or down to the nearest whole
number.

          (d)  If the Company shall fail for any reason or for no reason to
issue to the holder within five (5) Business Days of receipt of the Exercise
Delivery Documents, a certificate for the number of shares of Common Stock to
which the holder is entitled or to credit the holder's balance account with DTC
for such number of shares of Common Stock to which the holder is entitled upon
the holder's exercise of this Warrant or a new Warrant for the number of shares
of Common Stock to which such holder is entitled pursuant to Section 2(b)
hereof, the Company shall, in addition to any other remedies under this Warrant,
the Amendment and Exchange Agreement or the Securities Purchase Agreement or
otherwise available to such holder, including any indemnification under Section
8 of the Securities Purchase Agreement, pay as additional damages in cash to
such holder on each day after the Warrant Share Delivery Date such exercise is
not timely effected and/or each day after the Warrant Delivery Date such Warrant
is not delivered, as the case may be, in an amount equal to 0.5% of the product
of (I) the sum of the number of shares of Common Stock not issued to the holder
on or prior to the Warrant Share Delivery Date and to which such holder is
entitled and, in the event the Company has failed to deliver a Warrant to the
holder on or prior to the Warrant Delivery Date, the number of shares of Common
Stock issuable upon exercise of the Warrant as of the Warrant Delivery Date and
(II) the Closing Bid Price of the Common Stock on the Warrant Share Delivery
Date, in the case of the failure to deliver Common Stock, or the Warrant
Delivery Date, in the case of failure to deliver a Warrant, as the case may be.
The foregoing notwithstanding, the damages set forth in this Section 2(d) shall
be stayed with respect to the number of shares of Common Stock

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and, if applicable, the Warrant for which there is a good faith dispute being
resolved pursuant to, and within the time periods provided for in, Section 2(a),
pending the resolution of such dispute.

          (e)  Notwithstanding anything contained herein to the contrary, the
holder of this Warrant may, at its election exercised in its sole discretion,
exercise this Warrant in whole or in part and, in lieu of making the cash
payment otherwise contemplated to be made to the Company upon such exercise in
payment of the Aggregate Exercise Price, elect instead to receive upon such
exercise the "NET NUMBER" of shares of Common Stock determined according to the
following formula (a "Cashless Exercise"):

          Net Number = (A X B) - (A X C)

                       -----------------
                               B

          For purposes of the foregoing formula:

               A= the total number of shares with respect to which this Warrant
               is then being exercised.

               B= the Closing Sale Price of the Common Stock on the trading day
               immediately preceding the date of the Exercise Notice.

               C= the Warrant Exercise Price then in effect for the applicable
               Warrant Shares at the time of such exercise.

          Section 3.   COVENANTS AS TO COMMON STOCK. The Company hereby
covenants and agrees as follows:

          (a)  This Warrant is, and any Warrants issued in substitution for or
replacement of this Warrant will upon issuance be, duly authorized and validly
issued.

          (b)  All Warrant Shares which may be issued upon the exercise of the
rights represented by this Warrant will, upon issuance, be validly issued, fully
paid and nonassessable and free from all taxes, liens and charges created by or
through the Company with respect to the issue thereof.

          (c)  During the period within which the rights represented by this
Warrant may be exercised, the Company will at all times have authorized and
reserved at least 125% of the number of shares of Common Stock needed to provide
for the exercise of the rights then represented by this Warrant and the par
value of said shares will at all times be less than or equal to the applicable
Warrant Exercise Price.

          (d)  The Company shall promptly secure the listing of the shares of
Common Stock issuable upon exercise of this Warrant upon each national
securities exchange or automated quotation system, if any, upon which shares of
Common Stock are then listed (subject to official notice of issuance upon
exercise of this Warrant) and shall maintain, so long as any other shares of
Common Stock shall be so listed, such listing of all shares of Common Stock

                                        7
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from time to time issuable upon the exercise of this Warrant; and the Company
shall so list on each national securities exchange or automated quotation
system, as the case may be, and shall maintain such listing of, any other shares
of capital stock of the Company issuable upon the exercise of this Warrant if
and so long as any shares of the same class shall be listed on such national
securities exchange or automated quotation system.

          (e)  The Company will not, by amendment of its Certificate of
Incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities, or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be
observed or performed by it hereunder. Without limiting the generality of the
foregoing, the Company (i) will not increase the par value of any shares of
Common Stock receivable upon the exercise of this Warrant above the Warrant
Exercise Price then in effect, and (ii) will take all such actions as may be
necessary or appropriate in order that the Company may validly and legally issue
fully paid and nonassessable shares of Common Stock upon the exercise of this
Warrant.

          (f)  This Warrant will be binding upon any entity succeeding to the
Company by merger, consolidation or acquisition of all or substantially all of
the Company's assets.

          Section 4.   TAXES. The Company shall pay any and all documentary,
stamp, transfer (but only in respect of the registered holder of the Warrant)
and other similar taxes which may be payable with respect to the issuance and
delivery of Warrant Shares upon exercise of this Warrant.

          Section 5.   WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as
otherwise specifically provided herein, no holder, as such, of this Warrant
shall be entitled to vote or receive dividends or be deemed the holder of shares
of the Company for any purpose, nor shall anything contained in this Warrant be
construed to confer upon the holder hereof, as such, any of the rights of a
stockholder of the Company or any right to vote, give or withhold consent to any
corporate action (whether any reorganization, issue of stock, reclassification
of stock, consolidation, merger, conveyance or otherwise), receive notice of
meetings, receive dividends or subscription rights, or otherwise, prior to the
issuance to the holder of this Warrant of the Warrant Shares which he, she, or
it is then entitled to receive upon the due exercise of this Warrant. In
addition, nothing contained in this Warrant shall be construed as imposing any
liabilities on such holder to purchase any securities (upon exercise of this
Warrant or otherwise) or as a stockholder of the Company, whether such
liabilities are asserted by the Company or by creditors of the Company.
Notwithstanding this Section 5, the Company will provide the holder of this
Warrant with copies of the same notices and other information given to the
stockholders of the Company generally, contemporaneously with the giving thereof
to the stockholders.

          Section 6.   REPRESENTATIONS OF HOLDER. The holder of this Warrant, by
the acceptance hereof, represents that it is acquiring this Warrant and the
Warrant Shares for its own account for investment only and not with a view
towards, or for resale in connection with, the public sale or distribution of
this Warrant or the Warrant Shares, except pursuant to sales registered or
exempted under the Securities Act; provided, however, that by making the
representations herein, the holder does not agree to hold this Warrant or any of
the Warrant

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Shares for any minimum or other specific term and reserves the right to dispose
of this Warrant and the Warrant Shares at any time in accordance with or
pursuant to a registration statement or an exemption under the Securities Act.
The holder of this Warrant further represents, by acceptance hereof, that, as of
this date, such holder is an "accredited investor" as such term is defined in
Rule 501(a) of Regulation D promulgated by the Securities and Exchange
Commission under the Securities Act (an "ACCREDITED INVESTOR").

          Section 7.   OWNERSHIP AND TRANSFER.

          (a)  The Company shall maintain at its principal executive offices (or
such other office or agency of the Company as it may designate by notice to the
holder hereof), a register for this Warrant, in which the Company shall record
the name and address of the person in whose name this Warrant has been issued,
as well as the name and address of each transferee. The Company may treat the
person in whose name any Warrant is registered on the register as the owner and
holder thereof for all purposes, notwithstanding any notice to the contrary, but
in all events recognizing any transfers made in accordance with the terms of
this Warrant.

          (b)  This Warrant shall be assignable and transferable by the holder
hereof without the consent of the Company to any Person who is an Accredited
Investor or otherwise in compliance with applicable securities laws and who
agrees to be bound by the terms of this Warrant.

          (c)  The Company is obligated to register the Warrant Shares for
resale under the Securities Act pursuant to the Registration Rights Agreement.
The shares of Common Stock issuable upon exercise of this Warrant shall
constitute Registrable Securities (as such term is defined in the Registration
Rights Agreement). Each holder of this Warrant shall be entitled to all of the
benefits afforded to a holder of any such Registrable Securities under the
Registration Rights Agreement and such holder, by its acceptance of this
Warrant, agrees to be bound by and to comply with the terms and conditions of
the Registration Rights Agreement applicable to such holder as a holder of such
Registrable Securities.

          Section 8.   ADJUSTMENT OF WARRANT EXERCISE PRICE AND NUMBER OF
SHARES. The Warrant Exercise Price and the number of shares of Common Stock
issuable upon exercise of this Warrant shall be adjusted from time to time as
follows:

          (a)  ADJUSTMENT OF WARRANT EXERCISE PRICE AND NUMBER OF SHARES UPON
ISSUANCE OF COMMON STOCK. If and whenever on or after the date of issuance of
this Warrant, the Company issues or sells, or is deemed to have issued or sold,
any shares of Common Stock (including the issuance or sale of shares of Common
Stock owned or held by or for the account of the Company, but excluding Excluded
Securities (as defined in the Certificate of Designations)) for a consideration
per share less than a price (the "APPLICABLE PRICE") equal to the Warrant
Exercise Price in effect immediately prior to such issuance or sale, then
immediately after such issue or sale the Warrant Exercise Price then in effect
shall be reduced to an amount equal to the product of (x) the Warrant Exercise
Price in effect immediately prior to such issue or sale and (y) the quotient
determined by dividing (1) the sum of (I) the product derived by multiplying the
Applicable Price by the number of shares of Common Stock Deemed Outstanding
immediately prior to such issue or sale, plus (II) the

                                        9
<Page>

consideration, if any, received by the Company upon such issue or sale, by (2)
the product derived by multiplying the (I) Applicable Price by (II) the number
of shares of Common Stock Deemed Outstanding immediately after such issue or
sale and the number of Warrant Shares obtainable upon exercise of this Warrant
shall be increased to a number of shares equal to the number of shares of Common
Stock obtainable immediately prior to the issuance herein described multiplied
by the reciprocal of the immediately preceding fraction.

          (b)  EFFECT ON WARRANT EXERCISE PRICE OF CERTAIN EVENTS. For purposes
of determining the adjusted Warrant Exercise Price under Section 8(a) above, the
following shall be applicable:

               (i)     ISSUANCE OF OPTIONS. If the Company in any manner grants
any Options and the lowest price per share for which one share of Common Stock
is issuable upon the exercise of any such Option or upon conversion, exchange or
exercise of any Convertible Securities issuable upon exercise of any such Option
is less than the Applicable Price, then such share of Common Stock shall be
deemed to be outstanding and to have been issued and sold by the Company at the
time of the granting or sale of such Option for such price per share. For
purposes of this Section 8(b)(i), the "lowest price per share for which one
share of Common Stock is issuable upon exercise of any such Option or upon
conversion, exchange or exercise of any Convertible Securities issuable upon
exercise of any such Option" shall be equal to the sum of the lowest amounts of
consideration (if any) received or receivable by the Company with respect to any
one share of Common Stock upon the granting or sale of the Option, upon exercise
of the Option and upon conversion, exchange or exercise of any Convertible
Security issuable upon exercise of such Option. No further adjustment of the
Warrant Exercise Price shall be made upon the actual issuance of such Common
Stock or of such Convertible Securities upon the exercise of such Options or
upon the actual issuance of such Common Stock upon conversion, exchange or
exercise of such Convertible Securities.

               (ii)    ISSUANCE OF CONVERTIBLE SECURITIES. If the Company in any
manner issues or sells any Convertible Securities and the lowest price per share
for which one share of Common Stock is issuable upon such conversion, exchange
or exercise thereof is less than the Applicable Price, then such share of Common
Stock shall be deemed to be outstanding and to have been issued and sold by the
Company at the time of the issuance or sale of such Convertible Securities for
such price per share. For the purposes of this Section 8(b)(ii), the "lowest
price per share for which one share of Common Stock is issuable upon such
conversion, exchange or exercise" shall be equal to the sum of the lowest
amounts of consideration (if any) received or receivable by the Company with
respect to one share of Common Stock upon the issuance or sale of the
Convertible Security and upon conversion, exchange or exercise of such
Convertible Security. No further adjustment of the Warrant Exercise Price shall
be made upon the actual issuance of such Common Stock upon conversion, exchange
or exercise of such Convertible Securities, and if any such issue or sale of
such Convertible Securities is made upon exercise of any Options for which
adjustment of the Warrant Exercise Price had been or are to be made pursuant to
other provisions of this Section 8(b), no further adjustment of the Warrant
Exercise Price shall be made by reason of such issue or sale.

                                       10
<Page>

               (iii)   CHANGE IN OPTION PRICE OR RATE OF CONVERSION. If the
purchase price provided for in any Options, the additional consideration, if
any, payable upon the issue, conversion, exchange or exercise of any Convertible
Securities, or the rate at which any Convertible Securities are convertible into
or exchangeable or exercisable for Common Stock changes at any time, the Warrant
Exercise Price in effect at the time of such change shall be adjusted to the
Warrant Exercise Price which would have been in effect at such time had such
Options or Convertible Securities provided for such changed purchase price,
additional consideration or changed conversion rate, as the case may be, at the
time initially granted, issued or sold and the number of shares of Common Stock
acquirable hereunder shall be correspondingly readjusted. For purposes of this
Section 8(b)(iii), if the terms of any Option or Convertible Security that was
outstanding as of the date of issuance of this Warrant are changed in the manner
described in the immediately preceding sentence, then such Option or Convertible
Security and the Common Stock deemed issuable upon conversion, exchange or
exercise thereof shall be deemed to have been issued as of the date of such
change. No adjustment shall be made if such adjustment would result in an
increase of the Warrant Exercise Price then in effect.

          (c)  EFFECT ON WARRANT EXERCISE PRICE OF CERTAIN EVENTS. For purposes
of determining the adjusted Warrant Exercise Price under Sections 8(a) and 8(b),
the following shall be applicable:

               (i)     CALCULATION OF CONSIDERATION RECEIVED. In case any Option
is issued in connection with the issue or sale of other securities of the
Company, together comprising one integrated transaction in which no specific
consideration is allocated to such Options by the parties thereto, the Options
will be deemed to have been issued for a consideration of $.01. If any Common
Stock, Options or Convertible Securities are issued or sold or deemed to have
been issued or sold for cash, the consideration received therefor will be deemed
to be the gross amount received by the Company therefor. If any Common Stock,
Options or Convertible Securities are issued or sold for a consideration other
than cash, the amount of such consideration received by the Company will be the
fair value of such consideration, except where such consideration consists of
marketable securities, in which case the amount of consideration received by the
Company will be the Closing Sale Price of such securities on the date of receipt
of such securities. If any Common Stock, Options or Convertible Securities are
issued to the owners of the non-surviving entity in connection with any merger
in which the Company is the surviving entity, the amount of consideration
therefor will be deemed to be the fair value of such portion of the net assets
and business of the non-surviving entity as is attributable to such Common
Stock, Options or Convertible Securities, as the case may be. The fair value of
any consideration other than cash or securities will be determined by the
Company and the holders of Preferred Share Warrants representing at least 80% of
the shares of Common Stock obtainable upon exercise of the Preferred Share
Warrants then outstanding. If such parties are unable to reach agreement within
ten (10) days after the occurrence of an event requiring valuation (the
"VALUATION EVENT"), the fair value of such consideration will be determined
within five (5) Business Days after the tenth (10th) day following the Valuation
Event by an independent, reputable appraiser jointly selected by the Company and
the holders of Preferred Share Warrants representing at least 80% of the shares
of Common Stock obtainable upon exercise of the Preferred Share Warrants then
outstanding. The determination of such appraiser shall be final and binding upon
all parties absent manifest error and the fees and expenses of such appraiser
shall be borne by the Company.

                                       11
<Page>

               (ii)    RECORD DATE. If the Company takes a record of the holders
of Common Stock for the purpose of entitling them (1) to receive a dividend or
other distribution payable in Common Stock, Options or in Convertible Securities
or (2) to subscribe for or purchase Common Stock, Options or Convertible
Securities, then such record date will be deemed to be the date of the issue or
sale of the shares of Common Stock deemed to have been issued or sold upon the
declaration of such dividend or the making of such other distribution or the
date of the granting of such right of subscription or purchase, as the case may
be. If after the occurrence of such record date the transaction or event for
which such record date was set is abandoned or terminated, then any adjustments
resulting from this Section 2(c)(ii) as it relates to such terminated or
abandoned transaction or event shall be reversed as if such record date had
never occurred.

          (d)  ADJUSTMENT OF WARRANT EXERCISE PRICE AND NUMBER OF SHARES UPON
SUBDIVISION OR COMBINATION OF COMMON STOCK. If the Company at any time after the
date of issuance of this Warrant subdivides (by any stock split, stock dividend,
recapitalization or otherwise) one or more classes of its outstanding shares of
Common Stock into a greater number of shares, the Warrant Exercise Price in
effect immediately prior to such subdivision will be proportionately reduced and
the number of shares of Common Stock obtainable upon exercise of this Warrant
will be proportionately increased. If the Company at any time after the date of
issuance of this Warrant combines (by combination, reverse stock split or
otherwise) one or more classes of its outstanding shares of Common Stock into a
smaller number of shares, the Warrant Exercise Price in effect immediately prior
to such combination will be proportionately increased and the number of shares
of Common Stock obtainable upon exercise of this Warrant will be proportionately
decreased. Any adjustment under this Section 8(d) shall become effective at the
close of business on the date the subdivision or combination becomes effective.

          (e)  DISTRIBUTION OF ASSETS. If the Company shall declare or make any
dividend or other distribution of its assets (or rights to acquire its assets)
to holders of Common Stock, by way of return of capital or otherwise (including,
without limitation, any distribution of cash, stock or other securities,
property or options by way of a dividend, spin off, reclassification, corporate
rearrangement or other similar transaction) (a "DISTRIBUTION"), at any time
after the issuance of this Warrant, then, in each such case:

               (i)     the Warrant Exercise Price in effect immediately prior to
the close of business on the record date fixed for the determination of holders
of Common Stock entitled to receive the Distribution shall be reduced, effective
as of the close of business on such record date, to a price determined by
multiplying such Warrant Exercise Price by a fraction of which (A) the numerator
shall be the Closing Bid Price of the Common Stock on the trading day
immediately preceding such record date minus the value of the Distribution (as
determined in good faith by the Company's Board of Directors) applicable to one
share of Common Stock, and (B) the denominator shall be the Weighted Average
Price of the Common Stock on the trading day immediately preceding such record
date; and (ii) either (A) the number of Warrant Shares obtainable upon exercise
of this Warrant shall be increased to a number of shares equal to the number of
shares of Common Stock obtainable immediately prior to the close of business on
the record date fixed for the determination of holders of Common Stock entitled
to receive the Distribution multiplied by the reciprocal of the fraction set
forth in the immediately preceding

                                       12
<Page>

clause (i), or (B) in the event that the Distribution is of common stock of a
company whose common stock is traded on a national securities exchange or a
national automated quotation system, then the holder of this Warrant shall
receive an additional warrant to purchase Common Stock, the terms of which shall
be identical to those of this Warrant, except that such warrant shall be
exercisable into the amount of the assets that would have been payable to the
holder of this Warrant pursuant to the Distribution had the holder exercised
this Warrant immediately prior to such record date and with an exercise price
equal to the amount by which the exercise price of this Warrant was decreased
with respect to the Distribution pursuant to the terms of the immediately
preceding clause (i).

          (f)  CERTAIN EVENTS. If any event occurs of the type contemplated by
the provisions of this Section 8 (as determined in good faith by the board of
directors of the Company) but not expressly provided for by such provisions
(including, without limitation, the granting of stock appreciation rights,
phantom stock rights or other rights with equity features), then the Company's
Board of Directors will make an appropriate adjustment in the Warrant Exercise
Price and the number of shares of Common Stock obtainable upon exercise of this
Warrant so as to protect the rights of the holders of the Preferred Share
Warrants; provided that no such adjustment will increase the Warrant Exercise
Price or decrease the number of shares of Common Stock obtainable as otherwise
determined pursuant to this Section 8.

          (g)  NOTICES.

               (i)     Immediately upon any adjustment of the Warrant Exercise
Price, the Company will give written notice thereof to the holder of this
Warrant, setting forth in reasonable detail, and certifying, the calculation of
such adjustment.

               (ii)    The Company will give written notice to the holder of
this Warrant at least ten (10) days prior to the date on which the Company
closes its books or takes a record (A) with respect to any dividend or
distribution upon the Common Stock, (B) with respect to any pro rata
subscription offer to holders of Common Stock or (C) for determining rights to
vote with respect to any Organic Change (as defined below), dissolution or
liquidation, provided that such information shall be made known to the public
prior to or in conjunction with such notice being provided to such holder.

               (iii)   The Company will also give written notice to the holder
of this Warrant at least ten (10) days prior to the date on which any Organic
Change, dissolution or liquidation will take place, provided that such
information shall be made known to the public prior to or in conjunction with
such notice being provided to such holder.

          Section 9.   PURCHASE RIGHTS; REORGANIZATION, RECLASSIFICATION,
CONSOLIDATION, MERGER OR SALE. (a) In addition to any adjustments pursuant to
Section 8 above, if at any time the Company grants, issues or sells any Options,
Convertible Securities or rights to purchase stock, warrants, securities or
other property pro rata to the record holders of any class of Common Stock (the
"PURCHASE RIGHTS"), then the holder of this Warrant will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights
which such holder could have acquired if such holder had held the number of
shares of Common Stock acquirable upon complete exercise of this Warrant
immediately before

                                       13
<Page>

the date on which a record is taken for the grant, issuance or sale of such
Purchase Rights, or, if no such record is taken, the date as of which the record
holders of Common Stock are to be determined for the grant, issue or sale of
such Purchase Rights.

          (b)  Any recapitalization, reorganization, reclassification,
consolidation, merger, sale of all or substantially all of the Company's assets
to another Person or other transaction which is effected in such a way that
holders of Common Stock are entitled to receive (either directly or upon
subsequent liquidation) stock, securities or assets with respect to or in
exchange for Common Stock (except an unsolicited tender offer to which the
Company is not a party) is referred to herein as "ORGANIC CHANGE." Prior to the
consummation of any (i) sale of all or substantially all of the Company's assets
to an acquiring Person or (ii) other Organic Change following which the Company
is not a surviving entity, the Company will secure from the Person purchasing
such assets or the successor resulting from such Organic Change (in each case,
the "ACQUIRING ENTITY") written agreement (in form and substance reasonably
satisfactory to the holders of Preferred Share Warrants representing at least
80% of the shares of Common Stock obtainable upon exercise of the Preferred
Share Warrants then outstanding) to deliver to each holder of Preferred Share
Warrants in exchange for such Warrants, a security of the Acquiring Entity or
its parent evidenced by a written instrument substantially similar in form and
substance to this Warrant and reasonably satisfactory to the holders of the
Preferred Share Warrants (including, an adjusted warrant exercise price equal to
the value for the Common Stock reflected by the terms of such consolidation,
merger or sale, and exercisable for a corresponding number of shares of Common
Stock acquirable and receivable upon exercise of the Preferred Share Warrants
(without regard to any limitations on exercises), if the value so reflected is
less than the Warrant Exercise Price in effect immediately prior to such
consolidation, merger or sale). Prior to the consummation of any other Organic
Change, the Company shall make appropriate provision (in form and substance
reasonably satisfactory to the holders of Preferred Share Warrants representing
at least 80% of the shares of Common Stock obtainable upon exercise of the
Preferred Share Warrants then outstanding) to insure that each of the holders of
the Preferred Share Warrants will thereafter have the right to acquire and
receive in lieu of or in addition to (as the case may be) the shares of Common
Stock immediately theretofore acquirable and receivable upon the exercise of
such holder's Preferred Share Warrants (without regard to any limitations on
exercises), such shares of stock, securities or assets that would have been
issued or payable in such Organic Change with respect to or in exchange for the
number of shares of Common Stock which would have been acquirable and receivable
upon the exercise of such holder's Warrant as of the date of such Organic Change
(without taking into account any limitations or restrictions on the
exercisability of this Warrant).

          Section 10.  LOST, STOLEN, MUTILATED OR DESTROYED WARRANT. If this
Warrant is lost, stolen, mutilated or destroyed, the Company shall promptly, on
receipt of an indemnification undertaking (or in the case of a mutilated
Warrant, the Warrant), issue a new Warrant of like denomination and tenor as
this Warrant so lost, stolen, mutilated or destroyed.

          Section 11.  NOTICE. Any notices, consents, waivers or other
communications required or permitted to be given under the terms of this Warrant
must be in writing and will be deemed to have been delivered: (i) upon receipt,
when delivered personally; (ii) upon receipt, when sent by facsimile (provided
confirmation of transmission is mechanically or electronically generated and
kept on file by the sending party); or (iii) one (1) Business Day

                                       14
<Page>

after deposit with a nationally recognized overnight delivery service, in each
case properly addressed to the party to receive the same. If notice is to be
sent to the Company, the holder shall use its reasonable best efforts to provide
additional copies to the individuals listed below; provided, however, that the
failure of such holder to send such additional copies shall in no way limit the
effectiveness of any notice sent to the Company to the attention of the General
Counsel as provided for below. The addresses and facsimile numbers for such
communications shall be:

          If to the Company:

                   Midway Games Inc.
                   2704 West Roscoe Street
                   Chicago, Illinois 60618
                   Telephone: (773) 961-2222
                   Facsimile: (773) 961-2299
                   Attention: General Counsel

          With a copy to:

                   Shack Siegel Katz & Flaherty P.C.
                   530 Fifth Avenue
                   New York, NY 10036
                   Telephone: (212) 782-0700
                   Facsimile: (212) 730-1964
                   Attention: Jeffrey N. Siegel, Esq.

          If to the Transfer Agent:

                   The Bank of New York
                   101 Barclay Street, 12W
                   New York, NY 10286
                   Telephone: (212) 815-2371
                   Facsimile: (212) 815-3201
                   Attention: Robert J. Rinaudo

          If to a holder of this Warrant, to it at the address and facsimile
number set forth in the Amendment and Exchange Agreement, with copies to such
holder's representatives as set forth therein, or at such other address and
facsimile as shall be delivered to the Company upon the issuance or transfer of
this Warrant. Each party shall provide five days' prior written notice to the
other party of any change in address or facsimile number. Written confirmation
of receipt (A) given by the recipient of such notice, consent, waiver or other
communication, (B) mechanically or electronically generated by the sender's
facsimile machine containing the time, date, recipient facsimile number and an
image of the first page of such transmission or (C) provided by a nationally
recognized overnight delivery service shall be rebuttable evidence of personal
service, receipt by facsimile or receipt from a nationally recognized overnight
delivery service in accordance with clause (i), (ii) or (iii) above,
respectively.

          Section 12.  AMENDMENTS. This Warrant and any term hereof may be
changed, waived, discharged, or terminated only by an instrument in writing
signed by the party

                                       15
<Page>

or holder hereof against which enforcement of such change, waiver, discharge or
termination is sought and shall be binding on such party's or holder's assignees
and transferees.

          Section 13.  LIMITATION ON NUMBER OF WARRANT SHARES. The Company shall
not be obligated to issue Warrant Shares upon exercise of this Warrant only to
the extent that the issuance of such shares of Common Stock would cause the
Company to exceed that number of shares of Common Stock which the Company may
issue upon exercise of this Warrant (the "EXCHANGE CAP") without breaching the
Company's obligations under the rules or regulations of the Principal Market,
except that such limitation shall not apply in the event that the Company (a)
obtains the approval of its stockholders as required by the Principal Market (or
any successor rule or regulation) for issuances of Common Stock in excess of
such amount or (b) obtains a written opinion from outside counsel to the Company
that such approval is not required, which opinion shall be reasonably
satisfactory to the holders of Warrants representing at least 80% of the Warrant
Shares then issuable upon exercise of outstanding Warrants. Until such approval
or written opinion is obtained, the holder of this Warrant shall not be issued,
upon exercise of this Warrant, Warrant Shares in an amount greater than such
holder's Cap Allocation Amount (as defined in the Certificate of Designations).
In the event the Company is prohibited from issuing Warrant Shares as a result
of the operation of this Section 13, on or after the date on which the Company
holds its next stockholders meeting after determining that it is subject to the
Exchange Cap, provided that at such meeting the Company does not receive the
stockholder approval referred to in (a), then the Company shall redeem for cash
those Warrant Shares which can not be issued, at a price equal to the excess, if
any, of the Closing Sale Price of the Common Stock above the Warrant Exercise
Price of such Warrant Shares as of the date of the attempted exercise.

          Section 14.  DATE. The date of this Warrant is October 14, 2003 (the
"WARRANT DATE"). This Warrant, in all events, shall be wholly void and of no
effect after the close of business on the Expiration Date, except that
notwithstanding any other provisions hereof, the provisions of Section 7(c)
shall continue in full force and effect after such date as to any Warrant Shares
or other securities issued upon the exercise of this Warrant.

          Section 15.  AMENDMENT AND WAIVER. Except as otherwise provided
herein, the provisions of the Preferred Share Warrants may be amended and the
Company may take any action herein prohibited, or omit to perform any act herein
required to be performed by it, only if the Company has obtained the written
consent of the holders of Preferred Share Warrants representing at least 80% of
the shares of Common Stock obtainable upon exercise of the Preferred Share
Warrants then outstanding; provided that no such action may increase the Warrant
Exercise Price or decrease the number of shares or class of stock obtainable
upon exercise of any Preferred Share Warrants without the written consent of the
holder of such Preferred Share Warrant.

          Section 16.  DESCRIPTIVE HEADINGS; GOVERNING LAW. The descriptive
headings of the several sections and paragraphs of this Warrant are inserted for
convenience only and do not constitute a part of this Warrant. The corporate
laws of the State of Delaware shall govern all issues concerning the relative
rights of the Company and its stockholders. All other questions concerning the
construction, validity, enforcement and interpretation of this Warrant shall be
governed by the internal laws of the State of New York,

                                       16
<Page>

without giving effect to any choice of law or conflict of law provision or rule
(whether of the State of New York or any other jurisdiction) that would cause
the application of the laws of any jurisdiction other than the State of New
York.

                                       17
<Page>

          IN WITNESS WHEREOF, the Company has caused this Warrant to be signed
by as of the 14th day of October, 2003.

                                MIDWAY GAMES INC.

                                By:    /s/ David F. Zucker
                                    --------------------------------------
                                    Name:  David F. Zucker
                                    Title: President and Chief Executive Officer

                                       18
<Page>

                              EXHIBIT A TO WARRANT

                                 EXERCISE NOTICE
        TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS WARRANT
                                MIDWAY GAMES INC.

          The undersigned holder hereby exercises the right to purchase
______________ of the shares of Common Stock ("WARRANT SHARES") of Midway Games
Inc., a Delaware corporation (the "COMPANY"), evidenced by the attached Warrant
(the "WARRANT"). Capitalized terms used herein and not otherwise defined shall
have the respective meanings set forth in the Warrant.

          1.   FORM OF WARRANT EXERCISE PRICE. The Holder intends that payment
of the Warrant Exercise Price shall be made as:

          ______ "Cash Exercise" with respect to ________ Warrant Shares; and/or

          ______ "Cashless Exercise" with respect to ______ Warrant Shares (to
the extent permitted by the terms of the Warrant).

          2.   PAYMENT OF WARRANT EXERCISE PRICE. In the event that the holder
has elected a Cash Exercise with respect to some or all of the Warrant Shares to
be issued pursuant hereto, the holder shall pay the sum of $___________________
to the Company in accordance with the terms of the Warrant.

          3.   Delivery OF WARRANT SHARES. The holder of this warrant has sold
or will sell the shares of common stock issuable pursuant to this Notice
pursuant to a registration statement or an exemption from registration under the
Securities Act of 1933, as amended.

          4.   Private PLACEMENT REPRESENTATIONS. The holder of this Warrant
confirms the continuing validity of the representations set forth in Section 6
of the Warrant.

          5.   BENEFICIAL OWNERSHIP. Number of shares of Common Stock
beneficially owned by the undersigned (excluding shares issuable upon conversion
of any Preferred Shares held by the undersigned and shares issuable upon
exercise of any Warrants issued in connection with the Preferred Shares held by
the undersigned):_____________________________________

Date: _______________ __, ____

--------------------------------------          -------------------------------
Name of Registered Holder                       Tax ID of Registered Holder

By:
   -----------------------------------

Name:
     ---------------------------------
Title:
      --------------------------------

                                       19
<Page>

                                 ACKNOWLEDGMENT

          The Company hereby acknowledges this Exercise Notice and hereby
directs The Bank of New York to issue the above indicated number of shares of
Common Stock in accordance with the Irrevocable Transfer Agent Instructions
dated May 16, 2003 from the Company and acknowledged and agreed to by The Bank
of New York.

                                             MIDWAY GAMES INC.

                                             By:
                                                 ------------------------------
                                                 Name:
                                                 Title:

                                       20
<Page>

                              EXHIBIT B TO WARRANT
                                 FORM OF WARRANT

          FOR VALUE RECEIVED, the undersigned does hereby assign and transfer to
________________, Federal Identification No. __________, a warrant to purchase
____________ shares of the capital stock of Midway Games Inc., a Delaware
corporation, represented by warrant certificate no. _____, standing in the name
of the undersigned on the books of said corporation. The undersigned does hereby
irrevocably constitute and appoint ______________, attorney to transfer the
warrants of said corporation, with full power of substitution in the premises.

Dated:  _________, 200_

                                         --------------------------------------
                                         By:
                                             ----------------------------------
                                         Its:
                                             --------------------------------

                                       21
<Page>

                                 INDEX OF TERMS

<Table>
<Caption>
                                                                         Page
                                                                         ----
<S>                                                                        <C>
Accredited Investor.........................................................8
ACQUIRING ENTITY...........................................................14
Aggregate Exercise Price....................................................5
Applicable Price............................................................9
Approved Stock Plan.........................................................2
Bloomberg...................................................................2
Business Day................................................................2
Cashless Exercise...........................................................7
Certificate of Designations.................................................2
Closing Bid Price...........................................................2
Closing Sale Price..........................................................3
Common Stock................................................................3
Common Stock Deemed Outstanding.............................................3
Company.....................................................................1
Convertible Securities......................................................3
Distribution...............................................................12
DTC.........................................................................5
Exchange Cap...............................................................16
Exercise Delivery Documents.................................................5
Exercise Notice.............................................................5
Expiration Date.............................................................3
Net Number..................................................................7
New Issuance Price..........................................................9
NYSE........................................................................4
Option......................................................................4
Organic Change.............................................................14
Person......................................................................4
Preferred Share Warrants....................................................2
Preferred Shares............................................................4
Principal Market............................................................4
Purchase Rights............................................................14
Registration Rights Agreement...............................................4
Securities Act..............................................................4
Securities Purchase Agreement...............................................2
Transfer Agent..............................................................5
Valuation Event............................................................12
Warrant.....................................................................4
Warrant Date...............................................................16
Warrant Delivery Date.......................................................6
Warrant Exercise Price......................................................4
Warrant Share Delivery Date.................................................5
Warrant Shares..............................................................1
Weighted Average Price......................................................4
</Table>

                                        i

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