Document:

STOCK GRANT AGREEMENT

         Stock Grant issued this day of May, 2006, from Techprecision
Corporation, a Delaware corporation with offices at One Bella Drive,
Westminster, MA (the "Company"), to (the "Grantee").

                              W I T N E S S E T H:
                               - - - - - - - - - -

         WHEREAS, the Grantee is a valuable employee of the Company, and the
Company desires to continue the Grantee's employment with the Company; and

         WHEREAS, the Company has a stock grant plan pursuant to which it can
grant shares of its common stock, par value $.0001 per share ("Common Stock"),
to key employees; and

         WHEREAS, the Company granted to the Grantee, on and subject to the
terms of this Agreement a total of shares (the "Shares") of Common Stock;

         NOW THEREFORE, in consideration of the mutual covenants and agreements
set forth herein, the Company and the Grantee, intending to be legally bound
hereby, do hereby agree as follows:

1. The Company hereby grants to the Grantee a stock grant of the Shares, on and
subject to the terms of this Agreement.

2. The Grantee's rights to the Shares vest as follows

      (a)   Immediately as to shares of Common Stock;

      (b)   On February 24, 2007 as to an additional                shares of
            Common Stock;                            --------------

      (c)   On February 24, 2008 as to the remaining              shares of
            Common Stock.                            ------------

      3. (a) If an Automatic Vesting Event shall occur, the Grantee's rights to
all unvested Shares shall vest immediately prior to the completion of the
transaction relating to the Automatic Vesting Event.

            (b) An Automatic Vesting Event shall mean any one of the following
events:

                  (i) The sale by the Company of all or substantially all of its
business and assets to a third party which is not an affiliate of the Company
immediately prior to the completion of the sale.

                  (ii) The merger of the Company into another entity which is
not an affiliate of the Company immediately prior to the consummation of the
merger; provided that the Company is not the surviving or continuing entity in
the merger.

                  (iii) Any transaction similar to the transactions described in
Sections 3(b)(i) and 3(b)(ii) of this Agreement if the Company's board of
directors determines, in its sole discretion, that such transaction constitutes
an Automatic Vesting Event.

            (c) As used in this Agreement, an "affiliates" of the Company is a
person that controls, is controlled by or is under common control with the
Company.

<PAGE>

      4. (a) If a Forfeiture Event shall occur prior to the date on which all of
the Shares vests pursuant to Section 2 or 3 of this Agreement, the Grantee's
rights in and to all Shares which not have vested on Forfeiture Date shall
automatically terminate, and the unvested Shares shall be retained by the
Company and either cancelled or transferred into the Company's name to be held
as treasury stock, as the Company shall determine. By executing this Agreement,
the Grantee hereby appoints the Company and its officers as his or her
attorney-in-fact for the purpose of transferring the unvested Shares into the
Company's name upon the happening of a Forfeiture Event. The power of attorney
granted pursuant to this Section 4(a) is irrevocable and is coupled with an
interest. Contemporaneously with the execution of this Agreement, you will also
execute a stock power transferring the unvested shares to the Company. The
Company will not use the stock power unless there is a Forfeiture Event.

            (b) A Forfeiture Event shall mean the Grantee's death or any
termination of the Grantee's employment with the Company or any of its
subsidiaries which employ him or her, for any reason.

      5. (a) The Grantee shall have all rights to any Shares which becomes
vested and the Grantee's rights to the vested Shares shall be non-forfeitable;
provided, however, that:

                  (i) neither the Grantee nor any transferee, legatee or
distributee of the Grantee shall publicly sell any Shares prior to February 25,
2007; and

                  (ii) during the year from February 25, 2007 until February 24,
2008, neither the Grantee nor any transferee, legatee or distributee of the
Grantee shall publicly sell any Shares.

            (b) As long as a Forfeiture Event shall not have occurred, the
Grantee shall have the right to vote the unvested Shares, but shall have no
other rights with respect to the unvested Shares.

      6. The Company shall retain possession of all Shares which have not
vested, and at such time as any Shares shall vest, the Company shall deliver the
certificates for the vested Shares to Grantee. As soon as practical after the
execution of this Agreement, the Company shall deliver to Grantee the
certificate for the Shares which vest on the date of this Agreement pursuant to
Section 2(a).

      7. In the event of any dividend or distribution, whether in cash or stock
or other property or in the event of any recapitalization, the distribution or
other securities issued in respect of or in place of the unvested Shares shall
be held by the Company and shall be either (a) distributed to the Grantee if and
when the Grantee's right to the such Shares vests or (b) retained by and
transferred to the Company if a Forfeiture Event shall occur.

      8. The Grantee understands that the certificates for the Shares shall bear
the following legend:

THE RIGHTS OF THE HOLDER OF THE SHARES OF COMMON STOCK REPRESENTED BY THIS
CERTIFICATE, INCLUDING VESTING RIGHTS AND RESTRICTIONS ON THE RIGHT OF THE
HOLDER TO TRANSFER SUCH SHARES, ARE SUBJECT TO A STOCK GRANT AGREEMENT DATED MAY
, 2006, BETWEEN THE ISSUER AND HOLDER, A COPY OF WHICH IS ON FILE AT THE OFFICE
OF THE COMPANY.

      9. The Grantee understands that the grant of the Shares pursuant to this
Agreement constitutes income to the Grantee, and the Grantee is responsible to
pay or provide for applicable withholding taxes to the extent provided by law.
The Grantee has reviewed with his own tax advisors the federal, state and local
tax consequences of the issuance of the Shares. The Grantee is relying solely on
such advisors and not on any statements or representations of the Company or any
of its agents. The Grantee understands that he or she (and not the Company)
shall be responsible for the timely filing of any election under Section 83(b)
of the Internal Revenue Code of 1986 that he or she desires to make and for any
tax liability that may arise as a result of the issuance of the Shares. The
Grantee further acknowledges that the Company has not given any tax advice to
him or her with respect to the tax consequences of the grant of the Shares.

                                      -2-
<PAGE>

      10. Neither the granting of the Shares nor this Agreement, nor any other
action taken pursuant to this Agreement shall constitute or be evidence of any
agreement or understanding, express or implied, that the Grantee has a right to
continue to provide services as an employee of the Company or any affiliate of
the Company for any period of time or at any specific rate of compensation.

      11. THIS GRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, WITHOUT REFERENCE TO ITS PRINCIPLES
OF CONFLICTS OF LAW.

      Please confirm your agreement with the foregoing.

                                            Very truly yours,

                                            TECHPRECISION CORPORATION

                                            By:
                                               ---------------------------------
                                                  James G. Reindl, CEO

Agreed to and Accepted:

---------------------------------
Name:

                                      -3-EXHIBIT
      10.1

     

    CREDIT
      AGREEMENT

     

    dated
      as of

     

    May
      1, 2006

     

    among

     

    WMS
      INDUSTRIES INC.,

    as
      Borrower,

     

    The
      other Loan Parties,

     

    The
      Lenders Party Hereto

     

    and

     

    JPMORGAN
      CHASE BANK, N.A.,

    as
      Administrative Agent

     

    _________________________

     

    J.P.
      MORGAN SECURITIES INC.,

    as
      Sole Bookrunner and Sole Lead Arranger,

     

    LASALLE
      BANK NATIONAL ASSOCIATION,

    as
      Syndication Agent

     

    and

     

    BANK
      OF AMERICA, N.A.,

    as
      Documentation Agent

     

    
      

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF CONTENTS

    

    
      	 	
              Page

            
	
              ARTICLE I  DEFINITIONS

            	
              1

            
	 	
              Section
                1.01

            	
              Defined
                Terms

            	
              1

            
	 	
              Section
                1.02

            	
              Classification
                of Loans and Borrowings

            	
              21

            
	 	
              Section
                1.03

            	
              Terms
                Generally

            	
              21

            
	 	
              Section
                1.04

            	
              Accounting
                Terms; GAAP

            	
              21

            
	
              ARTICLE II
                THE  CREDITS

            	
              22

            
	 	
              Section
                2.01

            	
              Commitments

            	
              22

            
	 	
              Section
                2.02

            	
              Loans
                and Borrowings

            	
              22

            
	 	
              Section
                2.03

            	
              Requests
                for Revolving Borrowings

            	
              22

            
	 	
              Section
                2.04

            	
              Increase
                in the Commitments

            	
              23

            
	 	
              Section
                2.05

            	
              Swingline
                Loans

            	
              25

            
	 	
              Section
                2.06

            	
              Letters
                of Credit

            	
              26

            
	 	
              Section
                2.07

            	
              Funding
                of Borrowings

            	
              30

            
	 	
              Section
                2.08

            	
              Interest
                Elections

            	
              31

            
	 	
              Section
                2.09

            	
              Termination
                and Reduction of Commitments

            	
              32

            
	 	
              Section
                2.10

            	
              Repayment
                of Loans; Evidence of Debt

            	
              32

            
	 	
              Section
                2.11

            	
              Prepayment
                of Loans

            	
              33

            
	 	
              Section
                2.12

            	
              Fees

            	
              34

            
	 	
              Section
                2.13

            	
              Interest

            	
              34

            
	 	
              Section
                2.14

            	
              Alternate
                Rate of Interest

            	
              35

            
	 	
              Section
                2.15

            	
              Increased
                Costs

            	
              36

            
	 	
              Section
                2.16

            	
              Break
                Funding Payments

            	
              37

            
	 	
              Section
                2.17

            	
              Taxes

            	
              37

            
	 	
              Section
                2.18

            	
              Payments
                Generally; Pro Rata Treatment; Sharing of Set-offs

            	
              38

            
	 	
              Section
                2.19

            	
              Mitigation
                Obligations; Replacement of Lenders

            	
              40

            
	
              ARTICLE III
                  REPRESENTATIONS AND WARRANTIES

            	
              41

            
	 	
              Section
                3.01

            	
              Organization;
                Powers

            	
              41

            
	 	
              Section
                3.02

            	
              Authorization;
                Enforceability

            	
              41

            
	 	
              Section
                3.03

            	
              Governmental
                Approvals; No Conflicts

            	
              41

            
	 	
              Section
                3.04

            	
              Financial
                Condition; No Material Adverse Change

            	
              41

            

    

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF CONTENTS

    (continued)

    

    
      	 	 	 	
              Page

            
	 	
              Section
                3.05

            	
              Properties

            	
              42

            
	 	
              Section
                3.06

            	
              Litigation
                and Environmental Matters

            	
              42

            
	 	
              Section
                3.07

            	
              Compliance
                with Laws and Agreements

            	
              43

            
	 	
              Section
                3.08

            	
              Investment
                and Holding Company Status

            	
              43

            
	 	
              Section
                3.09

            	
              Taxes

            	
              43

            
	 	
              Section
                3.10

            	
              ERISA

            	
              43

            
	 	
              Section
                3.11

            	
              Labor
                Disputes

            	
              43

            
	 	
              Section
                3.12

            	
              Subsidiaries

            	
              43

            
	 	
              Section
                3.13

            	
              Solvency

            	
              43

            
	 	
              Section
                3.14

            	
              Common
                Enterprise

            	
              44

            
	 	
              Section
                3.15

            	
              Material
                Agreements

            	
              44

            
	 	
              Section
                3.16

            	
              Subordinated
                Indebtedness

            	
              44

            
	 	
              Section
                3.17

            	
              Disclosure

            	
              44

            
	
              ARTICLE IV
                  CONDITIONS

            	
              45

            
	 	
              Section
                4.01

            	
              Effective
                Date

            	
              45

            
	 	
              Section
                4.02

            	
              Each
                Credit Event

            	
              46

            
	
              ARTICLE V
                  AFFIRMATIVE COVENANTS

            	
              47

            
	 	
              Section
                5.01

            	
              Financial
                Statements and Other Information

            	
              47

            
	 	
              Section
                5.02

            	
              Notices
                of Material Events

            	
              48

            
	 	
              Section
                5.03

            	
              Existence;
                Conduct of Business

            	
              49

            
	 	
              Section
                5.04

            	
              Payment
                of Obligations

            	
              49

            
	 	
              Section
                5.05

            	
              Maintenance
                of Properties; Insurance

            	
              49

            
	 	
              Section
                5.06

            	
              Books
                and Records; Inspection Rights

            	
              49

            
	 	
              Section
                5.07

            	
              Compliance
                with Laws

            	
              49

            
	 	
              Section
                5.08

            	
              Use
                of Proceeds and Letters of Credit

            	
              50

            
	 	
              Section
                5.09

            	
              Further
                Assurances

            	
              50

            
	
              ARTICLE VI
                  NEGATIVE COVENANTS

            	
              50

            
	 	
              Section
                6.01

            	
              Indebtedness

            	
              50

            
	 	
              Section
                6.02

            	
              Liens

            	
              52

            
	 	
              Section
                6.03

            	
              Fundamental
                Changes

            	
              53

            

    

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF CONTENTS

    (continued)

    

    
      	 	 	 	
              Page

            
	 	
              Section
                6.04

            	
              Investments,
                Loans, Advances, Guarantees and Acquisitions

            	
              53

            
	 	
              Section
                6.05

            	
              Swap
                Agreements

            	
              54

            
	 	
              Section
                6.06

            	
              Restricted
                Payments

            	
              54

            
	 	
              Section
                6.07

            	
              Transactions
                with Affiliates

            	
              55

            
	 	
              Section
                6.08

            	
              Restrictive
                Agreements

            	
              55

            
	 	
              Section
                6.09

            	
              Subordinated
                Indebtedness

            	
              55

            
	 	
              Section
                6.10

            	
              Sale
                and Leaseback Transactions and other Off-Balance Sheet
                Liabilities

            	
              55

            
	 	
              Section
                6.11

            	
              Capital
                Expenditures and Gaming Operations Equipment Expenditures

            	
              56

            
	 	
              Section
                6.12

            	
              Financial
                Covenants

            	
              56

            
	
              ARTICLE VII
                  EVENTS OF DEFAULT

            	
              56

            
	
              ARTICLE VIII
                  THE ADMINISTRATIVE AGENT

            	
              59

            
	
              ARTICLE IX
                  MISCELLANEOUS

            	
              61

            
	 	
              Section
                9.01

            	
              Notices

            	
              61

            
	 	
              Section
                9.02

            	
              Waivers;
                Amendments

            	
              62

            
	 	
              Section
                9.03

            	
              Expenses;
                Indemnity; Damage Waiver

            	
              63

            
	 	
              Section
                9.04

            	
              Successors
                and Assigns

            	
              64

            
	 	
              Section
                9.05

            	
              Survival

            	
              67

            
	 	
              Section
                9.06

            	
              Counterparts;
                Integration; Effectiveness

            	
              68

            
	 	
              Section
                9.07

            	
              Severability

            	
              68

            
	 	
              Section
                9.08

            	
              Right
                of Setoff

            	
              68

            
	 	
              Section
                9.09

            	
              Governing
                Law; Jurisdiction; Consent to Service of Process

            	
              68

            
	 	
              Section
                9.10

            	
              WAIVER
                OF JURY TRIAL

            	
              69

            
	 	
              Section
                9.11

            	
              Headings

            	
              69

            
	 	
              Section
                9.12

            	
              Confidentiality

            	
              69

            
	 	
              Section
                9.13

            	
              Interest
                Rate Limitation

            	
              70

            
	 	
              Section
                9.14

            	
              USA
                PATRIOT Act

            	
              70

            
	 	
              Section
                9.15

            	
              Cooperation
                with Gaming Boards

            	
              70

            
	 	
              Section
                9.16

            	
              Subordinated
                Note Indenture

            	
              71

            

    

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF CONTENTS

    (continued)

    

    
      	 	 	 	
              Page

            
	
              ARTICLE X
                  GUARANTY

            	
              71

            
	 	
              Section
                10.01

            	
              Guaranty

            	
              71

            
	 	
              Section
                10.02

            	
              Guaranty
                of Payment

            	
              71

            
	 	
              Section
                10.03

            	
              No
                Discharge or Diminishment of Subsidiary Guaranty

            	
              71

            
	 	
              Section
                10.04

            	
              Defenses
                Waived

            	
              72

            
	 	
              Section
                10.05

            	
              Rights
                of Subrogation

            	
              72

            
	 	
              Section
                10.06

            	
              Reinstatement;
                Stay of Acceleration

            	
              73

            
	 	
              Section
                10.07

            	
              Information

            	
              73

            
	 	
              Section
                10.08

            	
              Termination

            	
              73

            
	 	
              Section
                10.09

            	
              Taxes

            	
              73

            
	 	
              Section
                10.10

            	
              Maximum
                Liability

            	
              73

            
	 	
              Section
                10.11

            	
              Contribution

            	
              74

            
	 	
              Section
                10.12

            	
              Liability
                Cumulative

            	
              75

            

    

    

    
      	
              SCHEDULES:

            	 	 
	 	 	 
	
              Schedule 2.01

            	
              –

            	
              Commitments

            
	 	 	 
	
              EXHIBITS:

            	 	 
	 	 	 
	
              Exhibit A

            	
              
                –

              

            	
              Form
                of Assignment and Assumption

            
	
              Exhibit B

            	
              
                –

              

            	
              Form
                of Document Checklist

            
	
              Exhibit
                C

            	
              
                –

              

            	
              Compliance
                Certificate

            
	
              Exhibit
                D

            	
              
                –

              

            	
              Joinder
                Agreement

            

    

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    
      

      CREDIT
        AGREEMENT
        dated as
        of May 1, 2006 (as amended, restated, supplemented or otherwise modified
        from
        time to time, this “Agreement”)
        among
WMS
        INDUSTRIES INC.,
        a
        Delaware corporation, the other Loan Parties, the LENDERS party hereto, and
        JPMORGAN
        CHASE BANK, N.A.,
        as
        Administrative Agent.

       

      The
        parties hereto agree as follows:

       

      ARTICLE I 

       

      DEFINITIONS

       

      SECTION
        1.01  Defined
        Terms.
        As used
        in this Agreement, the following terms have the meanings specified
        below:

       

      “ABR”,
        when
        used in reference to any Loan or Borrowing, refers to whether such Loan,
        or the
        Loans comprising such Borrowing, are bearing interest at a rate determined
        by
        reference to the Alternate Base Rate.

       

      “Account”
has
        the
        meaning set forth in Article 9 of the UCC.

       

      “Acquisition”
means
        any transaction, or any series of related transactions, consummated on or
        after
        the date of this Agreement, by which Borrower or any of its Subsidiaries
        (a) acquires any going business or all or substantially all of the assets
        of any Person, whether through purchase of assets, merger or otherwise or
        (b) directly or indirectly acquires (in one transaction or as the most
        recent transaction in a series of transactions) at least a majority (in number
        of votes) of the Equity Interests of a Person which has ordinary voting power
        for the election of directors or other similar management personnel of a
        Person
        (other than Equity Interests having such power only by reason of the happening
        of a contingency) or a majority of the outstanding Equity Interests of a
        Person.

       

      “Additional
        Commitment Lender”
has
        the
        meaning assigned to such term in Section 2.04.

       

      “Adjusted
        LIBO Rate”
means,
        with respect to any Eurodollar Borrowing for any Interest Period, an interest
        rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal
        to
        (a) the LIBO Rate for such Interest Period multiplied by (b) the
        Statutory Reserve Rate.

       

      “Administrative
        Agent”
means
        JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the
        Lenders hereunder.

       

      “Administrative
        Questionnaire”
means
        an Administrative Questionnaire in a form supplied by the Administrative
        Agent.

       

      “Affiliate”
means,
        with respect to a specified Person, another Person that directly, or indirectly
        through one or more intermediaries, Controls or is Controlled by or is under
        common Control with the Person specified.

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      “Alternate
        Base Rate”
means,
        for any day, a rate per annum equal to the greatest of (a) the Prime Rate
        in effect on such day, (b) the Base CD Rate in effect on such day plus 1%
        and (c) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of
        1%. Any change in the Alternate Base Rate due to a change in the Prime Rate,
        the
        Base CD Rate or the Federal Funds Effective Rate shall be effective from
        and
        including the effective date of such change in the Prime Rate, the Base CD
        Rate
        or the Federal Funds Effective Rate, respectively.

       

      “Applicable
        Guarantor Percentage”
has
        the
        meaning set forth in Section 10.11.

       

      “Applicable
        Percentage”
means,
        with respect to any Lender, the percentage of the total Commitments represented
        by such Lender’s Commitment. If the Commitments have terminated or expired, the
        Applicable Percentages shall be determined based upon the Commitments most
        recently in effect, giving effect to any assignments.

       

      “Applicable
        Rate”
means,
        for any day, with respect to any ABR Loan or Eurodollar Revolving Loan, with
        respect to LC Fees, or with respect to the Commitment Fees payable hereunder,
        as
        the case may be, the applicable rate per annum set forth next to the caption
        “ABR Spread”, “Eurodollar Spread”, “LC Fee” or “Commitment Fee”, as the case may
        be, based upon Borrower’s Status as reflected in the then most recent Financials
        (subject to the final paragraph of this definition):

      

      
        	
                APPLICABLE
                  
RATE

              	
                LEVEL
                  I 
STATUS

              	
                LEVEL
                  II 
STATUS

              	
                LEVEL
                  III 
STATUS

              	
                LEVEL
                  IV 
STATUS

              
	
                ABR
                  Spread

              	
                0%

              	
                0%

              	
                0%

              	
                0%

              
	
                Eurodollar
                  Spread

              	
                1.00%

              	
                1.25%

              	
                1.50%

              	
                1.75%

              
	
                LC
                  Fee

              	
                0.75%

              	
                0.75%

              	
                0.75%

              	
                0.75%

              
	
                Commitment
                  Fee

              	
                0.15%

              	
                0.20%

              	
                0.25%

              	
                0.30%

              

      

      

      For
        the
        purposes of this definition, the following terms have the following meanings,
        subject to the final paragraph of this definition:

       

      “Level
        I
        Status” exists at any date if, as of the last day of the fiscal quarter of the
        Borrower referred to in the most recent Financials, the Senior Indebtedness
        to
        EBITDA Ratio is less than or equal to 1.00 to 1.00.

       

      “Level
        II
        Status” exists at any date if, as of the last day of the fiscal quarter of the
        Borrower referred to in the most recent Financials, (i) the Borrower has
        not
        qualified for Level I Status and (ii) the Senior Indebtedness to EBITDA Ratio
        is
        less than or equal to 1.50 to 1.00.

       

      “Level
        III Status” exists at any date if, as of the last day of the fiscal quarter of
        the Borrower referred to in the most recent Financials, (i) the Borrower
        has not
        qualified for Level I Status or Level II Status and (ii) the Senior Indebtedness
        to EBITDA Ratio is less than or equal to 2.00 to 1.00.

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      “Level
        IV
        Status” exists at any date if, as of the last day of the fiscal quarter of the
        Borrower referred to in the most recent Financials, (i) the Borrower has
        not
        qualified for Level I Status, Level II Status, or Level III Status and (ii)
        the
        Senior Indebtedness to EBITDA Ratio is greater than 2.00 to 1.00.

       

      The
        Applicable Rate shall be determined in accordance with the foregoing table
        based
        on the Borrower's Status as reflected in the then most recent Financials.
        Adjustments, if any, to the Applicable Rate shall be effective five (5) Business
        Days after the Agent has received the applicable Financials. If the Borrower
        fails to deliver the Financials to the Agent at the time required pursuant
        to
        this Agreement, then the Applicable Rate shall be the highest Applicable
        Rate
        set forth in the foregoing table until five (5) days after such Financials
        are
        so delivered.

       

      “Approved
        Fund”
means
        any Person (other than a natural person) that is engaged in making, purchasing,
        holding or investing in bank loans and similar extensions of credit in the
        ordinary course of its business and that is administered or managed by
        (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an
        Affiliate of an entity that administers or manages a Lender.

       

      “Assessment
        Rate”
means,
        for any day, the annual assessment rate in effect on such day that is payable
        by
        a member of the Bank Insurance Fund classified as “well-capitalized” and within
        supervisory subgroup “B” (or a comparable successor risk classification) within
        the meaning of 12 C.F.R. Part 327 (or any successor provision) to the Federal
        Deposit Insurance Corporation for insurance by such Corporation of time deposits
        made in dollars at the offices of such member in the United States of America;
        provided
        that if,
        as a result of any change in any law, rule or regulation, it is no longer
        possible to determine the Assessment Rate as aforesaid, then the Assessment
        Rate
        shall be such annual rate as shall be determined by the Administrative Agent
        to
        be representative of the cost of such insurance to the Lenders.

       

      “Assignment
        and Assumption”
means
        an assignment and assumption entered into by a Lender and an assignee (with
        the
        consent of any party whose consent is required by Section 9.04), and
        accepted by the Administrative Agent, in the form of Exhibit A
        or any
        other form approved by the Administrative Agent.

       

      “Availability
        Period”
means
        the period from and including the Effective Date to but excluding the earlier
        of
        the Maturity Date and the date of termination of the Commitments.

       

      “Base
        CD Rate”
means
        the sum of (a) the Three-Month Secondary CD Rate multiplied by the
        Statutory Reserve Rate plus (b) the Assessment Rate.

       

      “Board”
means
        the Board of Governors of the Federal Reserve System of the United States
        of
        America.

       

      “Borrower”
means
        WMS Industries Inc., a Delaware corporation.

       

      “Borrowing”
means
        (a) Revolving Loans of the same Type, made, converted or continued on the
        same date and, in the case of Eurodollar Loans, as to which a single Interest
        Period is in effect, or (b) a Swingline Loan.

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      “Borrowing
        Request”
means
        a
        request by the Borrower for a Revolving Borrowing in accordance with
        Section 2.03.

       

      “Business
        Day”
means
        any day that is not a Saturday, Sunday or other day on which commercial banks
        in
        Illinois or New York City are authorized or required by law to remain closed;
        provided
        that,
        when used in connection with a Eurodollar Loan, the term “Business Day” shall
        also exclude any day on which banks are not open for dealings in dollar deposits
        in the London interbank market.

       

      “Capital
        Expenditures”
means,
        without duplication, any expenditures for any purchase or other acquisition
        of
        any asset which would be classified as a fixed or capital asset on a
        consolidated balance sheet of Borrower and its Subsidiaries prepared in
        accordance with GAAP, except for expenditures classified in accordance with
        GAAP
        as gaming operations equipment therein.

       

      “Capital
        Lease Obligations”
of
        any
        Person means the obligations of such Person to pay rent or other amounts
        under
        any lease of (or other arrangement conveying the right to use) real or personal
        property, or a combination thereof, which obligations are required to be
        classified and accounted for as capital leases on a balance sheet of such
        Person
        under GAAP, and the amount of such obligations shall be the capitalized amount
        thereof determined in accordance with GAAP.

       

      “Change
        in Control”
means
        (a) the acquisition of ownership, directly or indirectly, beneficially or
        of record, by any Person or group (within the meaning of the Securities Exchange
        Act of 1934 and the rules of the Securities and Exchange Commission thereunder
        as in effect on the date hereof), of Equity Interests representing more than
        50%
        of the aggregate ordinary voting power represented by the issued and outstanding
        Equity Interests of the Borrower; (b) occupation of a majority of the seats
        (other than vacant seats) on the board of directors of the Borrower by Persons
        who were neither (i) nominated by the board of directors of the Borrower
        nor (ii) appointed by directors so nominated; or (c) the acquisition
        of Control of the Borrower by any Person or group (other than by Borrower’s
        board of directors, which acquisition does not constitute a “Change in Control”
under the foregoing clause (b), and officers elected by Borrower’s board of
        directors); or (d) a “Change in Control” occurs under the Subordinated Note
        Indenture.

       

      “Change
        in Law”
means
        (a) the adoption of any law, rule or regulation after the date of this
        Agreement, (b) any change in any law, rule or regulation or in the
        interpretation or application thereof by any Governmental Authority after
        the
        date of this Agreement or (c) compliance by any Lender or the Issuing Bank
        (or, for purposes of Section 2.15(b), by any lending office of such Lender
        or by such Lender’s or the Issuing Bank’s holding company, if any) with any
        request, guideline or directive (whether or not having the force of law)
        of any
        Governmental Authority made or issued after the date of this
        Agreement.

       

      “Class”,
        when
        used in reference to any Loan or Borrowing, refers to whether such Loan,
        or the
        Loans comprising such Borrowing, are Revolving Loans or Swingline
        Loans.

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      “Closing
        Document List”
means
        the closing document checklist attached hereto as Exhibit
        B.

       

      “Code”
means
        the Internal Revenue Code of 1986, as amended from time to time.

       

      “Commitment”
means,
        with respect to each Lender, the commitment of such Lender to make Revolving
        Loans and to acquire participations in Letters of Credit and Swingline Loans
        hereunder, expressed as an amount representing the maximum aggregate amount
        of
        such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a)
        increased from time to time in accordance with Section 2.04, (b) reduced
        from time to time pursuant to Section 2.09 and (c) reduced or
        increased from time to time pursuant to assignments by or to such Lender
        pursuant to Section 9.04. The initial amount of each Lender’s Commitment is
        set forth on Schedule 2.01,
        or in
        the Assignment and Assumption pursuant to which such Lender shall have assumed
        its Commitment, as applicable. The initial aggregate amount of the Lenders’
Commitments is $100,000,000.

       

      “Commitment
        Increase”
has
        the
        meaning assigned to such term in Section 2.04.

       

      “Commitment
        Increase Date”
has
        the
        meaning assigned to such term in Section 2.04.

       

      “Compliance
        Certificate”
has
        the
        meaning assigned to such term in Section 5.01(c).

       

      “Consolidated
        Capital Expenditures”
means,
        for any period, the Capital Expenditures of Borrower and its Subsidiaries
        calculated on a consolidated basis for such period in accordance with
        GAAP.

       

      “Consolidated
        EBIT”
means,
        for any period, Consolidated Net Income for such period plus,
        without
        duplication and to the extent deducted from revenues in determining Consolidated
        Net Income for such period, (i) Consolidated Interest Expense for such
        period, (ii) expense for taxes accrued for such period, and
        (iii) Consolidated Employee Share-Based Payment Expenses (net of any cash
        outlay arising out of any share based payment) for such period, all calculated
        for the Borrower and its Subsidiaries on a consolidated basis in accordance
        with
        GAAP.

       

      “Consolidated
        EBITDA”
means,
        for any period, Consolidated Net Income for such period plus,
        (a)
        without duplication and to the extent deducted from revenues in determining
        Consolidated Net Income for such period, (i) Consolidated Interest Expense
        for such period, (ii) expense for taxes accrued for such period,
        (iii) Consolidated Employee Share-Based Payment Expenses (net of any cash
        outlay arising out of any share based payment) for such period,
        (iv) depreciation and amortization for such period, (v) extraordinary
        charges for such period and (vi) any other non-cash charges for such period
        (but excluding any non-cash charge in respect of an item that was included
        in
        Consolidated Net Income in a prior period),
        minus,
        (b)
        without duplication and to the extent included in Consolidated Net Income,
        any
        extraordinary gains and any non-cash items of income for such period, all
        calculated for the Borrower and its Subsidiaries on a consolidated basis
        in
        accordance with GAAP.

       

      “Consolidated
        Employee Share-Based Payment Expenses”
means,
        with reference to any period, the Share-Based Payment Expenses of Borrower
        and
        its Subsidiaries calculated on a consolidated basis for such period in
        accordance with GAAP.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      “Consolidated
        Free Cash Flow”
shall
        mean, with respect to any period, Consolidated EBITDA for such period less
        the
        sum of (i) Consolidated Capital Expenditures for such period (excluding
        cash expenditures for gaming operations equipment), plus (ii) cash interest
        paid for such period, plus (iii) cash taxes paid for such period, all
        calculated for Borrower and its Subsidiaries on a consolidated basis for
        such
        period in accordance with GAAP.

       

      “Consolidated
        Indebtedness”
means,
        as of any date, the Indebtedness of the Borrower and its Subsidiaries calculated
        on a consolidated basis as of such date in accordance with GAAP.

       

      “Consolidated
        Interest Expense”
means,
        with reference to any period, the interest expense of the Borrower and its
        Subsidiaries calculated on a consolidated basis for such period in accordance
        with GAAP.

       

      “Consolidated
        Liquidity”
means,
        as of any date, an amount equal to the sum of (a) Revolving Loan Availability
        as
        of such date plus
        (b)
        Borrower’s and its Subsidiaries’ unrestricted cash, cash equivalents, other
        short-term (less than one year) investments and readily marketable securities,
        as of such date, all calculated on a consolidated basis as of such date in
        accordance with GAAP.

       

      “Consolidated
        Net Income”
means,
        with reference to any period, the net income (or loss) of the Borrower and
        its
        Subsidiaries calculated on a consolidated basis for such period in accordance
        with GAAP.

       

      “Consolidated
        Senior Indebtedness”
means,
        as of any date, the Indebtedness (other than Subordinated Indebtedness) of
        the
        Borrower and its Subsidiaries calculated on a consolidated basis as of such
        date
in accordance with GAAP.

       

      “Control”
means
        the possession, directly or indirectly, of the power to direct or cause the
        direction of the management or policies of a Person, whether through the
        ability
        to exercise voting power, by contract or otherwise. “Controlling”
and
        “Controlled”
have
        meanings correlative thereto.

       

      “Default”
means
        any event or condition which constitutes an Event of Default or which upon
        notice, lapse of time or both would, unless cured or waived, become an Event
        of
        Default.

       

      “Disclosure
        Schedules”
means
        those certain disclosure schedules dated as of the date of this Agreement
        and
        delivered to Agent and Lenders pursuant to this Agreement. 

       

      “dollars”
or
        “$”
refers
        to lawful money of the United States of America.

       

      “Domestic
        Subsidiary”
means
        any Subsidiary which is organized under the laws of the United States of
        America, any state of the United States of America or the District of
        Columbia.

       

      “Effective
        Date”
means
        the date on which the conditions specified in Section 4.01 are satisfied
        (or waived in accordance with Section 9.02).

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      “Eligible
        Assignee”
means
        (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved Fund;
        and (d) any other Person (other than a natural person) approved by
        (i) the Administrative Agent, the Issuing Bank and the Swingline Lender,
        and (ii) unless an Event of Default has occurred and is continuing, the
        Borrower (each such approval not to be unreasonably withheld); provided that
        notwithstanding the foregoing, (A) ”Eligible Assignee” shall not include
        the Borrower or any of the Borrower’s Affiliates or Subsidiaries and (B) to the
        extent required under applicable Gaming Laws, each Eligible Assignee must
        be
        registered with, approved by, or not disapproved by (whichever may be required
        under applicable Gaming Laws), all applicable Gaming Boards and may not be
        the
        subject of a Lender Disqualification.

       

      “Environmental
        Laws”
means
        all laws, rules, regulations, codes, ordinances, orders, decrees, judgments,
        injunctions, notices or binding agreements issued, promulgated or entered
        into
        by any Governmental Authority, relating in any way to the environment,
        preservation or reclamation of natural resources, the management, release
        or
        threatened release of any Hazardous Material or to health and safety
        matters.

       

      “Environmental
        Liability”
means
        any liability, contingent or otherwise (including any liability for damages,
        costs of environmental remediation, fines, penalties or indemnities), of
        the
        Borrower or any Subsidiary directly or indirectly resulting from or based
        upon
        (a) violation of any Environmental Law, (b) the generation, use,
        handling, transportation, storage, treatment or disposal of any Hazardous
        Materials, (c) exposure to any Hazardous Materials, (d) the release or
        threatened release of any Hazardous Materials into the environment or
        (e) any contract, agreement or other consensual arrangement pursuant to
        which liability is assumed or imposed with respect to any act or event of
        the
        type described in the foregoing clauses (a) through (d) that has actually
        occurred.

       

      “Equity
        Interests”
means
        shares of capital stock, partnership interests, membership interests in a
        limited liability company, beneficial interests in a trust or other equity
        ownership interests in a Person, and any warrants, options or other rights
        entitling the holder thereof to purchase or acquire any such equity
        interest.

       

      “ERISA”
means
        the Employee Retirement Income Security Act of 1974, as amended from time
        to
        time.

       

      “ERISA
        Affiliate”
means
        any trade or business (whether or not incorporated) that, together with the
        Borrower, is treated as a single employer under Section 414(b) or (c) of
        the Code or, solely for purposes of Section 302 of ERISA and
        Section 412 of the Code, is treated as a single employer under
        Section 414 of the Code.

       

      “ERISA
        Event”
means
        (a) any “reportable event”, as defined in Section 4043 of ERISA or the
        regulations issued thereunder with respect to a Plan (other than an event
        for
        which the 30-day notice period is waived); (b) the existence with respect
        to any Plan of an “accumulated funding deficiency” (as defined in
        Section 412 of the Code or Section 302 of ERISA), whether or not
        waived; (c) the filing pursuant to Section 412(d) of the Code or
        Section 303(d) of ERISA of an application for a waiver of the minimum
        funding standard with respect to any Plan; (d) the incurrence by the
        Borrower or any of its ERISA Affiliates of any liability under Title IV of
        ERISA
        with respect to the termination of any Plan; (e) the receipt by the
        Borrower or any ERISA Affiliate from the PBGC or a plan administrator of
        any
        notice relating to an intention to terminate any Plan or Plans or to appoint
        a
        trustee to administer any Plan; (f) the incurrence by the Borrower or any
        of its ERISA Affiliates of any liability with respect to the withdrawal or
        partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt
        by the Borrower or any ERISA Affiliate of any notice, or the receipt by any
        Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice,
        concerning the imposition of Withdrawal Liability or a determination that
        a
        Multiemployer Plan is, or is expected to be, insolvent or in reorganization,
        within the meaning of Title IV of ERISA.

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      “Eurodollar”,
        when
        used in reference to any Loan or Borrowing, refers to whether such Loan,
        or the
        Loans comprising such Borrowing, are bearing interest at a rate determined
        by
        reference to the Adjusted LIBO Rate.

       

      “Event
        of Default”
has
        the
        meaning assigned to such term in Article VII.

       

      “Excluded
        Taxes”
means,
        with respect to the Administrative Agent, any Lender, the Issuing Bank or
        any
        other recipient of any payment to be made by or on account of any obligation
        of
        Borrower hereunder, (a) income or franchise taxes imposed on (or measured
        by) its net income by the United States of America, or by the jurisdiction
        under
        the laws of which such recipient is organized or in which its principal office
        is located or, in the case of any Lender, in which its applicable lending
        office
        is located, (b) any branch profits taxes imposed by the United States of
        America or any similar tax imposed by any other jurisdiction in which the
        Borrower is located and (c) in the case of a Foreign Lender (other than an
        assignee pursuant to a request by the Borrower under Section 2.19(b)), any
        withholding tax that is imposed on amounts payable to such Foreign Lender
        at the
        time such Foreign Lender becomes a party to this Agreement (or designates
        a new
        lending office) or is attributable to such Foreign Lender’s failure to comply
        with Section 2.17(e), except to the extent that such Foreign Lender (or its
        assignor, if any) was entitled, at the time of designation of a new lending
        office (or assignment), to receive additional amounts from the Borrower with
        respect to such withholding tax pursuant to Section 2.17(a).

       

      “Federal
        Funds Effective Rate”
means,
        for any day, the weighted average (rounded upwards, if necessary, to the
        next
        1/100 of 1%) of the rates on overnight Federal funds transactions with members
        of the Federal Reserve System arranged by Federal funds brokers, as published
        on
        the next succeeding Business Day by the Federal Reserve Bank of New York,
        or, if
        such rate is not so published for any day that is a Business Day, the average
        (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations
        for
        such day for such transactions received by the Administrative Agent from
        three
        Federal funds brokers of recognized standing selected by it.

       

      “Fee
        Letters”
means,
        collectively, the letters dated on the date of this Agreement among the Borrower
        and the Administrative Agent and any other fee letter dated after the date
        of
        this Agreement among Administrative Agent and the Borrower related to this
        Agreement and providing for the payment of fees to Administrative Agent for
        its
        account and/or for the account of the Lenders.

       

      “Financial
        Officer”
means
        the chief financial officer, principal accounting officer, treasurer or
        controller of the Borrower.

      

        
          
            
            

          

          
            8

            
              

            

          

          
            
            

          

        

      

       

      “Financials”
means
        the annual or quarterly consolidated financial statements of the Borrower
        and
        its Subsidiaries delivered pursuant to this Agreement.

       

      “Foreign
        Lender”
means
        any Lender that is organized under the laws of a jurisdiction other than
        that in
        which the Borrower is located. For purposes of this definition, the United
        States of America, each State thereof and the District of Columbia shall
        be
        deemed to constitute a single jurisdiction.

       

      “Foreign
        Subsidiary”
means
        any Subsidiary which is not a Domestic Subsidiary.

      “GAAP”
means
        generally accepted accounting principles in the United States of
        America.

       

      “Gaming
        Authorization”
means
        any and all permits, licenses and other authorizations issued by any
        Governmental Authority required by any applicable Gaming Law to enable the
        Borrower or any Subsidiary who engages in the gaming business to engage in
        the
        gaming business as conducted by Borrower or such Subsidiary from time to
        time,
        except for individual approvals of equipment, software and forms of agreement
        obtained in the ordinary course of business, the revocation, non-renewal
        or loss
        of which would not, individually or in the aggregate, reasonably be excepted
        to
        have a Material Adverse Effect.

       

      “Gaming
        Board”
means
        any governmental agency that holds regulatory, licensing or permit authority
        over gambling, gaming or casino activities conducted by the Borrower or any
        of
        its Subsidiaries within its jurisdiction.

       

      “Gaming
        Laws”
means
        all laws, rules and regulations pursuant to which any Gaming Board possesses
        regulatory, licensing or permit authority over gambling, gaming or casino
        activities conducted by the Borrower or any of its Subsidiaries within its
        jurisdiction.

       

      “Governmental
        Authority”
means
        the government of the United States of America, any other nation or any
        political subdivision thereof, whether state or local, and any agency,
        authority, instrumentality, regulatory body, court, central bank or other
        entity
        exercising executive, legislative, judicial, taxing, regulatory or
        administrative powers or functions of or pertaining to government.

       

      “Guarantee”
of
        or
        by any Person (the “guarantor”)
        means
        any obligation, contingent or otherwise, of the guarantor guaranteeing or
        having
        the economic effect of guaranteeing any Indebtedness or other obligation
        of any
        other Person (the “primary
        obligor”)
        in any
        manner, whether directly or indirectly, and including any obligation of the
        guarantor, direct or indirect, (a) to purchase or pay (or advance or supply
        funds for the purchase or payment of) such Indebtedness or other obligation
        or
        to purchase (or to advance or supply funds for the purchase of) any security
        for
        the payment thereof, (b) to purchase or lease property, securities or
        services for the purpose of assuring the owner of such Indebtedness or other
        obligation of the payment thereof, (c) to maintain working capital, equity
        capital or any other financial statement condition or liquidity of the primary
        obligor so as to enable the primary obligor to pay such Indebtedness or other
        obligation or (d) as an account party in respect of any letter of credit or
        letter of guaranty issued to support such Indebtedness or obligation; provided,
        that the term “Guarantee” shall not include endorsements for collection or
        deposit in the ordinary course of business; provided that the term “Guarantee”
shall not include minimum guaranteed royalty payments under any license
        agreement entered into by Borrower or a Subsidiary in the ordinary course
        of
        business consistent with past practice pursuant to which such Borrower or
        Subsidiary licenses intellectual property used in its gaming
        machines.

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      
        “Guaranteed
          Obligations”
has
          the
          meaning assigned to such term in Section 10.01.

         

      

      “Hazardous
        Materials”
means
        all explosive or radioactive substances or wastes and all hazardous or toxic
        substances, wastes or other pollutants, including petroleum or petroleum
        distillates, asbestos or asbestos containing materials, polychlorinated
        biphenyls, radon gas, infectious or medical wastes and all other substances
        or
        wastes of any nature regulated pursuant to any Environmental Law.

       

      “Indebtedness”
of
        any
        Person means, without duplication, (a) all obligations of such Person for
        borrowed money, (b) all obligations of such Person evidenced by bonds,
        debentures, notes or similar instruments, (c) all obligations of such
        Person upon which interest charges are customarily paid (excluding accounts
        payable, accrued liabilities and obligations under intellectual property
        licenses, in each case, incurred in the ordinary course of business and customer
        deposits), (d) all obligations of such Person under conditional sale or
        other title retention agreements relating to property acquired by such Person,
        (e) all obligations of such Person in respect of the deferred purchase
        price of property or services (excluding accounts payable, accrued liabilities
        and obligations under intellectual property licenses, in each case, incurred
        in
        the ordinary course of business and customer deposits), (f) all
        Indebtedness of others secured by (or for which the holder of such Indebtedness
        has an existing right, contingent or otherwise, to be secured by) any Lien
        on
        property owned or acquired by such Person, whether or not the Indebtedness
        secured thereby has been assumed, (g) all Guarantees by such Person of
        Indebtedness of others, (h) all Capital Lease Obligations of such Person,
        (i) all obligations, contingent or otherwise, of such Person as an account
        party in respect of letters of credit and letters of guaranty and (j) all
        obligations, contingent or otherwise, of such Person in respect of bankers’
acceptances and Swap Agreements. The Indebtedness of any Person shall include
        the Indebtedness of any other entity (including any partnership in which
        such
        Person is a general partner) to the extent such Person is liable therefor
        as a
        result of such Person’s ownership interest in or other relationship with such
        entity, except to the extent the terms of such Indebtedness provide that
        such
        Person is not liable therefor.

       

      “Indemnified
        Taxes”
means
        Taxes other than Excluded Taxes.

       

      “Information
        Memorandum”
means
        the Information Certificate dated as of the date of this Agreement relating
        to
        the Loan Parties and the Transactions.

       

      “Interest
        Election Request”
means
        a
        request by the Borrower to convert or continue a Revolving Borrowing in
        accordance with Section 2.08.

       

      “Interest
        Payment Date”
means
        (a) with respect to any ABR Loan (other than a Swingline Loan), the last
        day of each March, June, September and December, (b) with respect to any
        Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing
        of which such Loan is a part and, in the case of a Eurodollar Borrowing with
        an
        Interest Period of more than three months’ duration, each day prior to the last
        day of such Interest Period that occurs at intervals of three months’ duration
        after the first day of such Interest Period, and (c) with respect to any
        Swingline Loan, the day that such Loan is required to be
        repaid.

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      

       

    

    

    

    

    “Interest
      Period”
means
      with respect to any Eurodollar Borrowing, the period commencing on the date
      of
      such Borrowing and ending on the numerically corresponding day in the calendar
      month that is one, two, three or six months thereafter, as the Borrower may
      elect; provided,
      that
      (i) if any Interest Period would end on a day other than a Business Day,
      such Interest Period shall be extended to the next succeeding Business Day
      unless, in the case of a Eurodollar Borrowing only, such next succeeding
      Business Day would fall in the next calendar month, in which case such Interest
      Period shall end on the next preceding Business Day and (ii) any Interest
      Period pertaining to a Eurodollar Borrowing that commences on the last Business
      Day of a calendar month (or on a day for which there is no numerically
      corresponding day in the last calendar month of such Interest Period) shall
      end
      on the last Business Day of the last calendar month of such Interest Period.
      For
      purposes hereof, the date of a Borrowing initially shall be the date on which
      such Borrowing is made and thereafter shall be the effective date of the most
      recent conversion or continuation of such Borrowing.

     

    “Inventory”
has
      the
      meaning set forth in Article 9 of the UCC.

     

    “Issuing
      Bank”
means
      JPMorgan Chase Bank, N.A., in its capacity as the issuer of Letters of Credit
      hereunder, and its successors in such capacity as provided in
      Section 2.06(i). The Issuing Bank may, in its discretion, arrange for one
      or more Letters of Credit to be issued by Affiliates of the Issuing Bank, in
      which case the term “Issuing Bank” shall include any such Affiliate with respect
      to Letters of Credit issued by such Affiliate.

     

    “Joinder
      Agreement”
has
      the
      meaning assigned to such term in Section 5.09.

     

    “LC
      Application”
has
      the
      meaning assigned to such term in Section 2.06(b).

     

    “LC
      Disbursement”
means
      a
      payment made by the Issuing Bank pursuant to a Letter of Credit.

     

    “LC
      Exposure”
means,
      at any time, the sum of (a) the aggregate undrawn amount of all outstanding
      Letters of Credit at such time plus (b) the aggregate amount of all LC
      Disbursements that have not yet been reimbursed by or on behalf of the Borrower
      at such time. The LC Exposure of any Lender at any time shall be its Applicable
      Percentage of the total LC Exposure at such time.

     

    “LC
      Fee”
has
      the
      meaning assigned to such term in Section 2.12(b).

     

    “Lender
      Disqualification”
means,
      with respect to any Lender: (a) the failure of that Lender timely to file
      pursuant to applicable Gaming Laws (i) any application requested of the
      Lender by any Gaming Board in connection with licensing required of that Lender
      as a lender to Borrower or (ii) any required application or other papers in
      connection with a determination of the suitability of the Lender as a lender
      to
      Borrower; (b) the withdrawal by that Lender (except where requested or
      permitted, without prejudice, by the applicable Gaming Board) of any such
      application or other required papers; or (c) any final determination by a Gaming
      Board pursuant to applicable Gaming Laws (i) that the Lender is
“unsuitable” as a lender to Borrower, (ii) that the Lender shall be
“disqualified” as a lender to Borrower or (iii) denying a finding of
      suitability as a lender to Borrower or denying the issuance to the Lender of
      any
      license required under applicable Gaming Laws to be held by all lenders to
      Borrower.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    “Lenders”
means
      the Persons listed on Schedule 2.01,
      any
      Additional Commitment Lender and any other Person that shall have become a
      party
      hereto pursuant to an Assignment and Assumption, other than any such Person
      that
      ceases to be a party hereto pursuant to an Assignment and Assumption. Unless
      the
      context otherwise requires, the term “Lenders” includes the Swingline
      Lender.

     

    “Letter
      of Credit”
means
      any letter of credit issued pursuant to this Agreement.

     

    “LIBO
      Rate”
means,
      with respect to any Eurodollar Borrowing for any Interest Period, the rate
      appearing on Page 3750 of the Dow Jones Market Service (or on any successor
      or substitute page of such Service, or any successor to or substitute for
      such Service, providing rate quotations comparable to those currently provided
      on such page of such Service, as determined by the Administrative Agent
      from time to time for purposes of providing quotations of interest rates
      applicable to dollar deposits in the London interbank market) at approximately
      11:00 a.m., London time, two Business Days prior to the commencement of
      such Interest Period, as the rate for dollar deposits with a maturity comparable
      to such Interest Period; provided that, with respect to a Eurodollar Borrowing
      requested less than three Business Days before the date of the proposed
      Borrowing, such rate may be the spot rate as determined by Administrative Agent
      from such Service, or any successor to or substitute for such Service providing
      rate quotations comparable to those currently provided on by Service, at
      approximately 11:00 a.m., London time, one Business Days prior to the
      commencement of such Interest Period. In the event that such rate is not
      available at such time for any reason, then the “LIBO Rate” with respect to such
      Eurodollar Borrowing for such Interest Period shall be the rate at which dollar
      deposits of $5,000,000 and for a maturity comparable to such Interest Period
      are
      offered by the principal London office of the Administrative Agent in
      immediately available funds in the London interbank market at approximately
      11:00 a.m., London time, two Business Days prior to the commencement of
      such Interest Period provided that, with respect to a Eurodollar Borrowing
      requested less than three Business Days before the date of the proposed
      Borrowing, such rate may be the spot rate at which dollar deposits of $5,000,000
      are offered by the principal London office of the Administrative Agent in
      immediately available funds in the London interbank market at approximately
      11:00 a.m., London time, one Business Days prior to the commencement of
      such Interest Period.

     

    “Lien”
means,
      with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,
      hypothecation, encumbrance, charge or security interest in, on or of such asset,
      (b) the interest of a vendor or a lessor under any conditional sale
      agreement, capital lease or title retention agreement (or any financing lease
      having substantially the same economic effect as any of the foregoing) relating
      to such asset and (c) in the case of securities, any purchase option, call
      or similar right of a third party with respect to such securities.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    “Loan
      Documents”
means
      this Agreement, any Notes, the LC Applications, each Subsidiary Guaranty, each
      Fee Letter and all other agreements, instruments, documents and certificates
      identified or referred to in Section 4.01 or from time to time executed
      and/or delivered to, or in favor of, Administrative Agent or any Lenders to
      the
      Administrative Agent or any Lender in connection with this Agreement or the
      transactions contemplated hereby. Any reference in this Agreement or any other
      Loan Document to a Loan Document shall include all appendices, exhibits or
      schedules thereto, and all amendments, restatements, supplements or other
      modifications thereto, and shall refer to this Agreement or such Loan Document
      as the same may be in effect at any and all times such reference becomes
      operative.

     

    “Loan
      Parties”
means
      Borrower, and each Subsidiary of Borrower who is or becomes a party to this
      Agreement pursuant to a Joinder Agreement and its successors and
      assigns.

     

    “Loans”
means
      the loans made by the Lenders to the Borrower pursuant to this
      Agreement.

     

    “Material
      Adverse Effect”
means
      a
      material adverse effect on (a) the business, assets, operations or
      financial condition of the Borrower and the Subsidiaries taken as a whole,
      (b) the ability of the Borrower or any Subsidiary to perform any of its
      obligations under this Agreement or the other Loan Documents or (c) the
      rights of or benefits available to the Lenders under this Agreement or the
      other
      Loan Documents.

     

    “Material
      Indebtedness”
means
      Indebtedness (other than the Loans and Letters of Credit) of any one or more
      of
      the Borrower and its Subsidiaries in an aggregate principal amount exceeding
      $15,000,000.

     

    “Material
      Portion”
means,
      as of any date, assets of Borrower or any Subsidiary having an aggregate fair
      market value of at least $15,000,000 or which are responsible for at least
      $15,000,000 of the consolidated net sales or of the consolidated net income
      of
      Borrower and its Subsidiaries for the twelve month period ending immediately
      prior to such date.

     

    “Material
      Subsidiary”
means
      a
      Subsidiary whose assets or earnings before interest, taxes, depreciation and
      amortization (calculated in a manner comparable to the calculation of
      Consolidated EBITDA) represent 5% or more of the consolidated assets or
      Consolidated EBITDA, respectively, of Borrower and its
      Subsidiaries.

     

    “Maturity
      Date”
means
      December 31, 2009.

     

    “Maximum
      Liability”
has
      the
      meaning set forth in Section 10.10.

     

    “Moody’s”
means
      Moody’s Investors Service, Inc.

     

    “Multiemployer
      Plan”
means
      a
      multiemployer plan as defined in Section 4001(a)(3) of ERISA.

     

    “Non-Paying
      Guarantor”
has
      the
      meaning set forth in Section 10.11.

     

    “Note”
has
      the
      meaning set forth in Section 2.10(e).

     

    “Obligated
      Party”
has
      the
      meaning set forth in Section 10.01.

     

    
      
        
        

      

      
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    “Obligations”
means
      all unpaid principal of and accrued and unpaid interest on the Loans, all
      accrued and unpaid fees and all expenses, reimbursements, indemnities and other
      obligations of the Borrower or any Subsidiary to any Lender or the
      Administrative Agent or any indemnified party arising under the Loan
      Documents.

     

    “Off-Balance
      Sheet Liability”
of
      a
      Person means any indebtedness, liability or obligation arising with respect
      to
      any other transaction which is the functional equivalent of or takes the place
      of borrowing but which does not constitute a liability on the balance sheets
      of
      such Person (other than operating leases and commitments under intellectual
      property licenses).

     

    “Other
      Taxes”
means
      any and all present or future stamp or documentary taxes or any other excise
      or
      property taxes, charges or similar levies arising from any payment made
      hereunder or under any Loan Document or from the execution, delivery or
      enforcement of, or otherwise with respect to, this Agreement or any other Loan
      Document.

     

    “Participant”
has
      the
      meaning set forth in Section 9.04.

     

    “Paying
      Guarantor”
has
      the
      meaning set forth in Section 10.11.

     

    “PBGC”
means
      the Pension Benefit Guaranty Corporation referred to and defined in ERISA and
      any successor entity performing similar functions.

     

    “Permitted
      Acquisition”
means
      any Acquisition by Borrower or any Subsidiary in a transaction that satisfies
      each of the following requirements:

     

    (a)  such
      Acquisition is not a hostile or contested acquisition;

     

    (b)  the
      business acquired in connection with such Acquisition is not engaged, directly
      or indirectly, in any line of business other than the businesses in which the
      Borrower or any Subsidiary was engaged on the date hereof and any business
      activities that are substantially similar, related, or incidental thereto or
      an
      expansion of such business into another related product or service
      sector;

     

    (c)  both
      before and after giving effect to such Acquisition and the Loans (if any)
      requested to be made in connection therewith, each of the representations and
      warranties in the Loan Documents is true and correct (except (i) any such
      representation or warranty which relates to a specified prior date and
      (ii) to the extent the Administrative Agent and the Lenders have been
      notified in writing by Borrower that any representation or warranty is not
      correct and the Required Lenders have explicitly waived in writing compliance
      with such representation or warranty);

     

    (d)  as
      soon
      as available, but not less than twenty (20) days prior to such Acquisition,
      the
      Borrower shall have provided Administrative Agent with notice of such
      Acquisition;

     

    (e)  reasonably
      prior to such Acquisition, the Administrative Agent shall have received
      (i) complete execution copies of each material document, instrument and
      agreement to be executed in connection with such Acquisition (with executed
      copies to be delivered to Administrative Agent within twenty days after the
      closing of such Acquisition), (ii) a copy of any due diligence related to
      the Acquisition as Administrative Agent may reasonably request including,
      without limitation, lien search reports and lien releases to evidence the
      termination of Liens on the assets or business to be acquired (other than Liens
      permitted by Section 6.02), and (iii) a copy of all business and financial
      information reasonably requested by the Administrative Agent including, without
      limitation, pro forma financial statements (if available), calculations of
      Consolidated Free Cash Flow, calculations of pro forma Consolidated Liquidity
      and Revolving Loan Availability projections;

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    (f)  the
      aggregate consideration to be paid by Borrower and its Subsidiaries (including,
      without limitation, any Indebtedness assumed, refinanced or issued in connection
      therewith, the amount thereof to be determined in accordance with GAAP
      (exclusive of expenses incurred in connection therewith)) shall not exceed
      (i) with respect to any single Acquisition, $50,000,000 and (ii) with
      respect to all Acquisitions during any fiscal year of the Borrower, the
greater
      of
      (A) $80,000,000 and (B) an amount equal to 100% of Consolidated Free
      Cash Flow for the twelve month period ending immediately prior to the closing
      of
      such Acquisition;

     

    (g)  if
      such
      Acquisition is (i) an acquisition of the Equity Interests of a Person, the
      Acquisition is structured so that Borrower or one of its Subsidiaries acquires
      (in one transaction or series of related transactions) at least a majority
      (in
      number of votes) of the acquired Person, (ii) an acquisition of assets, the
      Acquisition is structured so that the Borrower or a Wholly-Owned Subsidiary
      shall acquire such assets, or (iii) an acquisition by merger involving
      Borrower or any Subsidiary, the acquisition is structured so that the Borrower
      or a Wholly-Owned Subsidiary, as applicable, is the surviving
      entity;

     

    (h)  if
      such
      Acquisition is an acquisition of Equity Interests, such Acquisition will not
      result in any violation of Regulation U of the Board;

     

    (i)  neither
      Borrower nor any Subsidiary shall, as a result of or in connection with any
      such
      Acquisition, assume or incur any direct or contingent liabilities (whether
      relating to environmental, tax, litigation, or other matters) that would
      reasonably be expected to have a Material Adverse Effect;

     

    (j)  Borrower
      shall certify (and provide the Administrative Agent with a pro forma calculation
      in form and substance reasonably satisfactory to the Administrative Agent)
      to
      the Administrative Agent and the Lenders that, as of and after giving effect
      to
      the closing of such Acquisition, Consolidated Liquidity will not be less than
      $10,000,000 on a pro forma basis (which shall include the payment of all
      consideration given in connection with such Acquisition, other than Equity
      Interests of the Borrower delivered to the seller(s) in such Acquisition, as
      having been paid in cash at the time of making such Acquisition);

     

    (k)  Borrower
      shall be in pro forma compliance with the covenants contained in Sections 6.11
      and 6.12;

     

    (l)  no
      Default exists or would result therefrom;

     

    (m)  the
      provisions of Section 5.09 shall have been satisfied; and

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    (n)  a
      certificate, in form and substance reasonably acceptable to the Administrative
      Agent, of a Financial Officer of the Borrower confirming satisfaction of each
      of
      the foregoing conditions precedent shall have been delivered to Administrative
      Agent at or prior to such Acquisition. The Administrative Agent shall promptly
      provide to Lenders the documents or other items the Administrative Agent
      receives from the Borrower pursuant to this definition.

     

    “Permitted
      Encumbrances”
      means:

     

    (a)  Liens
      imposed by law for taxes that are not yet due or are being contested in
      compliance with Section 5.04;

     

    (b)  carriers’,
      warehousemen’s, landlord’s, mechanics’, materialmen’s, repairmen’s, Liens under
      Article 2 of the UCC, and other like Liens imposed by law, arising in the
      ordinary course of business and securing obligations that are not overdue by
      more than forty-five (45) days or are being contested in compliance with
      Section 5.04;

     

    (c)  pledges
      and deposits made in the ordinary course of business in compliance with workers’
compensation, unemployment insurance and other social security laws or
      regulations or in compliance with gaming rules and regulations whether imposed
      by law or contract;

     

    (d)  deposits
      to secure the performance of bids, trade contracts, leases, statutory
      obligations, surety and appeal bonds, performance bonds and other obligations
      of
      a like nature, in each case in the ordinary course of business;

     

    (e)  rights
      of
      setoff or bankers’ liens in favor of any bank or other depository institution
      upon deposits of cash maintained with such bank or other depository
      institution;

     

    (f)  judgment
      liens in respect of judgments that do not constitute an Event of Default under
      clause (k) of Article VII;

     

    (g)  easements,
      zoning restrictions, rights-of-way and similar encumbrances on real property
      imposed by law or arising in the ordinary course of business that do not secure
      any monetary obligations and do not materially interfere with the ordinary
      conduct of business of the Borrower or any Subsidiary;

     

    provided
      that the
      term “Permitted Encumbrances” shall not include any Lien securing
      Indebtedness.

     

    “Permitted
      Investments”
      means:

     

    (a)  direct
      obligations
      of, or obligations the principal of and interest on which are unconditionally
      guaranteed by, the United States of America (or by any agency thereof to the
      extent such obligations are backed by the full faith and credit of the United
      States of America), in each case maturing within one year from the date of
      acquisition thereof;

    
       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

    

     

    (b)  investments
      in commercial paper maturing within 270 days from the date of acquisition
      thereof and having, at such date of acquisition, the highest credit rating
      obtainable from S&P or from Moody’s;

     

    (c)  investments
      in certificates of deposit, banker’s acceptances and time deposits maturing
      within 180 days from the date of acquisition thereof issued or guaranteed by
      or
      placed with, and money market deposit accounts issued or offered by, any
      domestic office of any commercial bank organized under the laws of the United
      States of America or any State thereof which has a combined capital and surplus
      and undivided profits of not less than $500,000,000;

     

    (d)  fully
      collateralized repurchase agreements with a term of not more than 30 days for
      securities described in clause (a) above and entered into with a financial
      institution satisfying the criteria described in clause (c) above;

     

    (e)  money
      market funds that (i) comply with the criteria set forth in Securities and
      Exchange Commission Rule 2a-7 under the Investment Company Act of 1940,
      (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have
      portfolio assets of at least $5,000,000,000; and

     

    (f)  investments
      in accordance with Borrower’s Investment Policy as delivered to Administrative
      Agent prior to the date of this Agreement, with such changes thereto as are
      acceptable to Administrative Agent in its sole discretion.

     

    “Permitted
      Restricted Payment”
means
      any cash dividend or cash repurchase by Borrower or a Subsidiary that is not
      a
      Wholly-Owned Subsidiary to the extent that (i) the aggregate cash to be paid
      by
      Borrower and its Subsidiaries for all dividends and share repurchases by any
      of
      Borrower and its Subsidiaries that are not Wholly-Owned Subsidiaries (to any
      Person that is not a Wholly-Owned Subsidiary) during any fiscal year shall
      not
      exceed the greater
      of (A)
      $80,000,000 and (B) an amount equal to 100% of Consolidated Free Cash Flow
      for
      the twelve month period ending immediately prior to such event, in each case,
      less any “Additional Interest Amount” (as defined in the Subordinated Note
      Indenture) that is paid in cash during such fiscal year, (ii) there shall be
      Consolidated Liquidity of not less than $10,000,000 on a pro forma basis as
      of
      the date of and after giving effect to such event, (iii) Borrower shall be
      in
      pro forma compliance with the covenants contained in Sections 6.11 and 6.12,
      (iv) no Event of Default shall exist or would result therefrom, and (v) at
      least
      5 Business Days prior to each such event Borrower shall deliver to
      Administrative Agent a certificate, in form and substance reasonably acceptable
      to the Administrative Agent of a Financial Officer of the Borrower confirming
      satisfaction of each of the foregoing conditions precedent; provided that,
      with
      respect to a cash repurchase of Borrower’s Equity Interests pursuant to a plan
      of repurchase approved by Borrower’s board of directors such certificate may be
      provided in the next Compliance Certificate furnished by Borrower pursuant
      to
      Section 5.01(c).

     

    “Person”
means
      any natural person, corporation, limited liability company, trust, joint
      venture, association, company, partnership, Governmental Authority or other
      entity.

     

    “Plan”
means
      any employee pension benefit plan (other than a Multiemployer Plan) subject
      to
      the provisions of Title IV of ERISA or Section 412 of the Code or
      Section 302 of ERISA, and in respect of which the Borrower or any ERISA
      Affiliate is (or, if such plan were terminated, would under Section 4069 of
      ERISA be deemed to be) an “employer” as defined in Section 3(5) of
      ERISA.

    
       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

    

     

    “Prime
      Rate”
means
      the rate of interest per annum publicly announced from time to time by JPMorgan
      Chase Bank, N.A. as its prime rate in effect at its principal office in New
      York
      City; each change in the Prime Rate shall be effective from and including the
      date such change is publicly announced as being effective.

     

    “Register”
has
      the
      meaning set forth in Section 9.04.

     

    “Related
      Parties”
means,
      with respect to any specified Person, such Person’s Affiliates and the
      respective directors, officers, employees, agents and advisors of such Person
      and such Person’s Affiliates.

     

    “Required
      Lenders”
means,
      at any time, Lenders having Revolving Credit Exposures and unused Commitments
      representing more than 50% of the sum of the total Revolving Credit Exposures
      and unused Commitments at such time; provided
      that, so
      long as there are only two Lenders, “Required Lenders” shall mean both
      Lenders.

     

    “Restricted
      Payment”
means
      any dividend or other distribution (whether in cash, securities or other
      property) with respect to any Equity Interests in the Borrower or any
      Subsidiary, or any payment (whether in cash, securities or other property),
      including any sinking fund or similar deposit, on account of the purchase,
      redemption, retirement, acquisition, cancellation or termination of any such
      Equity Interests in the Borrower or any option, warrant or other right to
      acquire any such Equity Interests in the Borrower.

     

    “Revolving
      Credit Exposure”
means,
      with respect to any Lender at any time, the sum of the outstanding principal
      amount of such Lender’s Revolving Loans and its LC Exposure and Swingline
      Exposure at such time.

     

    “Revolving
      Loan”
means
      a
      Loan made pursuant to Section 2.03.

     

    “Revolving
      Loan Availability”
means,
      at any time, the positive difference (if any) equal to the total Commitments
      minus the total Revolving Credit Exposures at such time.

     

    “S&P”
means
      Standard & Poor’s.

     

    “Senior
      Indebtedness to EBITDA Ratio”
means,
      as of the last day of any fiscal quarter, the ratio of Consolidated Senior
      Indebtedness as of such day to Consolidated EBITDA for the four fiscal quarters
      ending on such day.

     

    “Share-Based
      Payment Expense”
means,
      with respect to any Person, the non-cash expense of such Person resulting from
      the accounting charges required by Statement of Financial Accounting Standards
      No. 123(R), which among other items requires the recognition of share-based
      payment expenses in the Borrower’s Consolidated Income Statement.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    “Statutory
      Reserve Rate”
means
      a
      fraction (expressed as a decimal), the numerator of which is the number one
      and
      the denominator of which is the number one minus the aggregate of the maximum
      reserve percentages (including any marginal, special, emergency or supplemental
      reserves) expressed as a decimal established by the Board to which the
      Administrative Agent is subject (a) with respect to the Base CD Rate, for
      new negotiable nonpersonal time deposits in dollars of over $100,000 with
      maturities approximately equal to three months and (b) with respect to the
      Adjusted LIBO Rate, for eurocurrency funding (currently referred to as
“Eurocurrency
      Liabilities”
in
      Regulation D of the Board). Such reserve percentages shall include those imposed
      pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute
      eurocurrency funding and to be subject to such reserve requirements without
      benefit of or credit for proration, exemptions or offsets that may be available
      from time to time to any Lender under such Regulation D or any comparable
      regulation. The Statutory Reserve Rate shall be adjusted automatically on and
      as
      of the effective date of any change in any reserve percentage.

     

    “Subordinated
      Indebtedness”
of
      a
      Person means any Indebtedness of such Person the payment of which is
      subordinated to payment of the Obligations to the written satisfaction of the
      Administrative Agent, including, without limitation, the Subordinated Notes
      and
      Subordinated Note Indenture as in effect on the date hereof with changes thereto
      that are permitted by Section 6.01(i) or are otherwise acceptable to
      Administrative Agent in its sole discretion.

     

    “Subordinated
      Notes”
means,
      collectively, those certain convertible subordinated notes issued by Borrower
      in
      June and July 2003 in the aggregate original principal amount of $115,000,000
      pursuant to the Subordinated Note Indenture.

     

    “Subordinated
      Note Indenture”
means
      that certain Indenture dated as of June 25, 2003 between Borrower and BNY
      Midwest Trust Company, an Illinois trust company, as Trustee.

     

    “subsidiary”
means,
      with respect to any Person (the “parent”)
      at any
      date, any corporation, limited liability company, partnership, association
      or
      other entity the accounts of which would be consolidated with those of the
      parent in the parent’s consolidated financial statements if such financial
      statements were prepared in accordance with GAAP as of such date, as well as
      any
      other corporation, limited liability company, partnership, association or other
      entity (a) of which securities or other ownership interests representing
      more than 50% of the equity or more than 50% of the ordinary voting power or,
      in
      the case of a partnership, more than 50% of the general partnership interests
      are, as of such date, owned, controlled or held, or (b) that is, as of such
      date, otherwise Controlled, by the parent or one or more subsidiaries of the
      parent or by the parent and one or more subsidiaries of the parent.

     

    “Subsidiary”
means
      any subsidiary of the Borrower.

     

    “Subsidiary
      Guarantor”
means
      any Subsidiary that executes a Subsidiary Guaranty.

     

    “Subsidiary
      Guaranty”
means
      Article X of this Agreement and each separate guaranty issued by any Subsidiary
      of all or any part of the Obligations in form and substance satisfactory to
      the
      Administrative Agent.

     

    “Swap
      Agreement”
means
      any agreement with respect to any swap, forward, future or derivative
      transaction or option or similar agreement involving, or settled by reference
      to, one or more rates, currencies, commodities, equity or debt instruments
      or
      securities, or economic, financial or pricing indices or measures of economic,
      financial or pricing risk or value or any similar transaction or any combination
      of these transactions; provided
      that no
      equity compensation plan or agreements thereunder providing for payments to
      current or former directors, officers, employees or consultants of the Borrower
      or the Subsidiaries shall be a Swap Agreement.

     

    
      
        
        

      

      
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    “Swingline
      Exposure”
means,
      at any time, the aggregate principal amount of all Swingline Loans outstanding
      at such time. The Swingline Exposure of any Lender at any time shall be its
      Applicable Percentage of the total Swingline Exposure at such time.

     

    “Swingline
      Lender”
means
      JPMorgan Chase Bank, N.A., in its capacity as lender of Swingline Loans
      hereunder.

     

    “Swingline
      Loan”
means
      a
      Loan made pursuant to Section 2.05.

     

    “Taxes”
means
      any and all present or future taxes, levies, imposts, duties, deductions,
      charges or withholdings imposed by any Governmental Authority.

     

    “Three-Month
      Secondary CD Rate”
means,
      for any day, the secondary market rate for three-month certificates of deposit
      reported as being in effect on such day (or, if such day is not a Business
      Day,
      the next preceding Business Day) by the Board through the public information
      telephone line of the Federal Reserve Bank of New York (which rate will, under
      the current practices of the Board, be published in Federal Reserve Statistical
      Release H.15(519) during the week following such day) or, if such rate is not
      so
      reported on such day or such next preceding Business Day, the average of the
      secondary market quotations for three-month certificates of deposit of major
      money center banks in New York City received at approximately 10:00 a.m.,
      New York City time, on such day (or, if such day is not a Business Day, on
      the
      next preceding Business Day) by the Administrative Agent from three negotiable
      certificate of deposit dealers of recognized standing selected by
      it.

     

    “Transactions”
means
      the execution, delivery and performance by the Borrower and its Subsidiaries
      a
      party thereto of this Agreement and other Loan Documents, the borrowing of
      Loans
      and the issuance of Letters of Credit hereunder.

     

    “Type”,
      when
      used in reference to any Loan or Borrowing, refers to whether the rate of
      interest on such Loan, or on the Loans comprising such Borrowing, is determined
      by reference to the Adjusted LIBO Rate or the Alternate Base Rate.

     

    “UCC”
means
      the Uniform Commercial Code as in effect from time to time in the State of
      New
      York.

     

    “Withdrawal
      Liability”
means
      liability to a Multiemployer Plan as a result of a complete or partial
      withdrawal from such Multiemployer Plan, as such terms are defined in Part
      I of
      Subtitle E of Title IV of ERISA.

     

    “Wholly-Owned
      Subsidiary”
of
      a
      Person means, any Subsidiary all of the outstanding Equity Interests of which
      shall at the time be owned, directly or indirectly, by such Person or one or
      more Wholly-Owned Subsidiaries of such Person, or by such Person and one or
      more
      Wholly-Owned Subsidiaries of such Person, it being understood that, for purposes
      of this definition, a Foreign Subsidiary shall be deemed to be a “Wholly-Owned
      Subsidiary” even though applicable law requires that a certain number of Equity
      Interests be nominally owned by other Persons so long as such Person
      beneficially owns and controls such Equity Interests.

     

    
      
        
        

      

      
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    SECTION
      1.02  Classification
      of Loans and Borrowings.
      For
      purposes of this Agreement, Loans may be classified and referred to by Class
      (e.g.,
      a
“Revolving
      Loan”)
      or by
      Type (e.g.,
      a
“Eurodollar
      Loan”)
      or by
      Class and Type (e.g.,
      a
“Eurodollar
      Revolving Loan”).
      Borrowings also may be classified and referred to by Class (e.g.,
      a
“Revolving
      Borrowing”)
      or by
      Type (e.g.,
      a
“Eurodollar
      Borrowing”)
      or by
      Class and Type (e.g.,
      a
“Eurodollar
      Revolving Borrowing”).

     

    SECTION
      1.03  Terms
      Generally.
      The
      definitions of terms herein shall apply equally to the singular and plural
      forms
      of the terms defined. Whenever the context may require, any pronoun shall
      include the corresponding masculine, feminine and neuter forms. The words
“include”, “includes” and “including” shall be deemed to be followed by the
      phrase “without limitation”. The word “will” shall be construed to have the same
      meaning and effect as the word “shall”. Unless the context requires otherwise
      (a) any definition of or reference to any agreement, instrument or other
      document herein shall be construed as referring to such agreement, instrument
      or
      other document as from time to time amended, supplemented or otherwise modified
      (subject to any restrictions on such amendments, supplements or modifications
      set forth herein), (b) any reference herein to any Person shall be
      construed to include such Person’s successors and assigns, (c) the words
“herein”, “hereof” and “hereunder”, and words of similar import, shall be
      construed to refer to this Agreement in its entirety and not to any particular
      provision hereof, (d) all references herein to Articles, Sections, Exhibits
      and Schedules shall be construed to refer to Articles and Sections of, and
      Exhibits and Schedules to, this Agreement and (e) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer
      to any and all tangible and intangible assets and properties, including cash,
      securities, accounts and contract rights. Notwithstanding anything to the
      contrary contained in this Agreement or in the Disclosure Schedules, all
      disclosure set forth in the Disclosure Schedules shall clearly identify the
      sentences in this Agreement to which it relates and shall not be deemed to
      modify, qualify or relate to any other sentences or provisions of this
      Agreement.

     

    SECTION
      1.04  Accounting
      Terms; GAAP.
      Except
      as otherwise expressly provided herein, all terms of an accounting or financial
      nature shall be construed in accordance with GAAP, as in effect from time to
      time; provided
      that, if
      the Borrower notifies the Administrative Agent that the Borrower requests an
      amendment to any provision hereof to eliminate the effect of any change
      occurring after the date hereof in GAAP or in the application thereof on the
      operation of such provision (or if the Administrative Agent notifies the
      Borrower that the Required Lenders request an amendment to any provision hereof
      for such purpose), regardless of whether any such notice is given before or
      after such change in GAAP or in the application thereof, then such provision
      shall be interpreted on the basis of GAAP as in effect and applied immediately
      before such change shall have become effective until such notice shall have
      been
      withdrawn or such provision amended in accordance herewith.

     

    
      
        
        

      

      
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    ARTICLE II 

     

    THE
      CREDITS

     

    SECTION
      2.01  Commitments.
      Subject
      to the terms and conditions set forth herein, each Lender agrees to make
      Revolving Loans to the Borrower from time to time during the Availability Period
      in an aggregate principal amount that will not result in such Lender’s Revolving
      Credit Exposure exceeding such Lender’s Commitment. Within the foregoing limits
      and subject to the terms and conditions set forth herein, the Borrower may
      borrow, prepay and reborrow Revolving Loans.

     

    SECTION
      2.02  Loans
      and Borrowings.
      (a) Each
      Revolving Loan shall be made as part of a Borrowing consisting of Revolving
      Loans made by the Lenders ratably in accordance with their respective
      Commitments. The failure of any Lender to make any Loan required to be made
      by
      it shall not relieve any other Lender of its obligations hereunder; provided
      that the
      Commitments of the Lenders are several and no Lender shall be responsible for
      any other Lender’s failure to make Loans as required.

     

    (b)  Subject
      to Section 2.14, each Revolving Borrowing shall be comprised entirely of
      ABR Loans or Eurodollar Loans as the Borrower may request in accordance
      herewith. Each Swingline Loan shall be an ABR Loan. Each Lender at its option
      may make any Eurodollar Loan by causing any domestic or foreign branch or
      Affiliate of such Lender to make such Loan; provided
      that any
      exercise of such option shall not affect the obligation of the Borrower to
      repay
      such Loan in accordance with the terms of this Agreement.

     

    (c)  At
      the
      commencement of each Interest Period for any Eurodollar Revolving Borrowing,
      such Borrowing shall be in an aggregate amount that is an integral multiple
      of
      $1,000,000 and not less than $1,000,000. At the time that each ABR Revolving
      Borrowing is made, such Borrowing shall be in an aggregate amount that is an
      integral multiple of $100,000 and not less than $500,000; provided
      that an
      ABR Revolving Borrowing may be in an aggregate amount that is equal to the
      entire unused balance of the total Commitments or that is required to finance
      the reimbursement of an LC Disbursement as contemplated by Section 2.06(e).
      Each Swingline Loan shall be in an amount that is an integral multiple of
      $100,000 and not less than $100,000. Borrowings of more than one Type and Class
      may be outstanding at the same time; provided
      that
      there shall not at any time be more than a total of five (5) Eurodollar
      Revolving Borrowings outstanding.

     

    (d)  Notwithstanding
      any other provision of this Agreement, the Borrower shall not be entitled to
      request, or to elect to convert or continue, any Borrowing if the Interest
      Period requested with respect thereto would end after the Maturity
      Date.

     

    SECTION
      2.03  Requests
      for Revolving Borrowings.
      To
      request a Revolving Borrowing, the Borrower shall notify the Administrative
      Agent of such request by telephone (a) in the case of a Eurodollar
      Borrowing, not later than 11:00 a.m., Chicago time, two Business Days
      before the date of the proposed Borrowing or (b) in the case of an ABR
      Borrowing, not later than 11:00 a.m., Chicago time, one Business Day before
      the date of the proposed Borrowing; provided
      that any
      such notice of an ABR Revolving Borrowing to finance the reimbursement of an
      LC
      Disbursement as contemplated by Section 2.06(e) may be given not later than
      10:00 a.m., Chicago time, on the date of the proposed Borrowing. Each such
      telephonic Borrowing Request shall be irrevocable and shall be confirmed
      promptly by hand delivery or telecopy to the Administrative Agent of a written
      Borrowing Request in a form approved by the Administrative Agent and signed
      by
      the Borrower. Each such telephonic and written Borrowing Request shall specify
      the following information in compliance with Section 2.02:

     

    
      
        
        

      

      
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    (i)  the
      aggregate amount of the requested Borrowing;

     

    (ii)  the
      date
      of such Borrowing, which shall be a Business Day;

     

    (iii)  whether
      such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing;

     

    (iv)  in
      the
      case of a Eurodollar Borrowing, the initial Interest Period to be applicable
      thereto, which shall be a period contemplated by the definition of the term
      “Interest Period”; and

     

    (v)  the
      location and number of the Borrower’s account to which funds are to be
      disbursed, which
      shall comply with the requirements of Section 2.07.

     

    If
      no
      election as to the Type of Revolving Borrowing is specified, then the requested
      Revolving Borrowing shall be an ABR Borrowing. If no Interest Period is
      specified with respect to any requested Eurodollar Revolving Borrowing, then
      the
      Borrower shall be deemed to have selected an Interest Period of one month’s
      duration. Promptly following receipt of a Borrowing Request in accordance with
      this Section, the Administrative Agent shall advise each Lender of the details
      thereof, of the amount of such Lender’s Loan to be made as part of the requested
      Borrowing and, in the case of a requested Eurodollar Revolving Borrowing, the
      LIBO Rate applicable thereto.

     

    SECTION
      2.04  Increase
      in the Commitments.

     

    (a)  So
      long
      as no Default has occurred and is continuing or would arise therefrom, the
      Borrower shall have the right at any time, and from time to time, to request
      an
      increase of the aggregate amount of Commitments from $100,000,000 to an
      aggregate amount not to exceed $125,000,000. Any such requested increase shall
      be first made to all existing Lenders on a pro rata basis. To the extent that
      the existing Lenders decline to increase their Commitments, or decline to
      increase their Commitments to the amount requested by the Borrower, the
      Administrative Agent (or an Affiliate of the Administrative Agent as directed
      by
      the Administrative Agent), in consultation with the Borrower, will use its
      reasonable efforts to arrange for other Persons to become a Lender hereunder
      and
      to issue commitments in an amount equal to increase in the aggregate Commitments
      requested by the Borrower and not accepted by the existing Lenders (each such
      increase by either means, a “Commitment
      Increase,”
and
      each Person issuing, or Lender increasing, its Commitment, an “Additional
      Commitment Lender”),
      provided, however, that (i) no Lender shall be obligated to provide a Commitment
      Increase as a result of any such request by the Borrower, (ii) any Additional
      Commitment Lender which is not an existing Lender shall be subject to the
      consent of the Administrative Agent, Issuing Bank and the Borrower (which
      consent shall not be unreasonably withheld), but without the consent of any
      other Lender and (iii) each Commitment Increase shall be (unless the
      Administrative Agent otherwise agrees in writing) in integral multiples of
      $1,000,000, and not less than (x) with respect to any Additional Commitment
      Lender that is not an existing Lender, $10,000,000 or (y) with respect to any
      Additional Commitment Lender that is an existing Lender, an amount equal to
      the
      positive difference (if any) of $10,000,000 less such Lender’s existing
      Commitment.

     

    
      
        
        

      

      
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    (b)  No
      Commitment Increase shall become effective unless and until each of the
      following conditions have been satisfied: 

     

    (i)  If
      an
      Additional Commitment Lender is not an existing Lender, the Additional
      Commitment Lender shall have executed and delivered to Administrative Agent
      a
      joinder to this Agreement and the other Loan Documents specified by
      Administrative Agent all in such form and substance reasonably acceptable to
      the
      Administrative Agent; 

     

    (ii)  Borrower
      shall have paid such fees and other compensation to the Additional Commitment
      Lenders as the Borrower and such Additional Commitment Lenders shall agree
      (it
      being understood that such fees and other compensation are in addition to the
      fees and other compensation referred to in Section 2.12 of this
      Agreement);

     

    (iii)  Borrower
      shall have paid such arrangement fees to the Administrative Agent (or an
      Affiliate of Administrative Agent as directed by Administrative Agent) as the
      Borrower and the Administrative Agent shall agree (it being understood that
      such
      fees are in addition to the fees and other compensation referred to in
      Section 2.12 of this Agreement);

     

    (iv)  Each
      Loan
      Party shall deliver to the Administrative Agent and the Lenders certificates
      of
      the Secretary or Assistant Secretary of such Person attaching a true, complete
      and correct copy of the resolutions of such Person authorizing the Commitment
      Increase and certifying that such resolution is in full force and effect, it
      being understood and agreed that such resolutions may be adopted at any time
      and
      provide for Commitment Increases from time to time requested;

     

    (v)  To
      the
      extent requested pursuant to Section 2.10 hereof, Borrower shall execute a
      Note to each such Additional Commitment Lender, to be in conformity with
      requirements of Section 2.10 hereof (with appropriate modification) to the
      extent necessary to reflect the new Commitment of such Additional Commitment
      Lender; and 

     

    (vi)  Borrower,
      its Subsidiaries, and the Additional Commitment Lender shall have delivered
      such
      other instruments, documents and agreements as the Administrative Agent may
      reasonably have requested, including, without limitation, in the case of an
      Additional Commitment Lender which is a Foreign Lender, such documents as are
      required by Section 2.17 hereof to evidence an exemption from withholding tax
      with respect to payments made to such Additional Commitment Lender.

     

    (c)  The
      Administrative Agent shall promptly notify each Lender as to the effectiveness
      of each Commitment Increase (with each date of such effectiveness being referred
      to herein as a “Commitment
      Increase Date”),
      and
      at such time (i) the aggregate Commitments under, and for all purposes of,
      this
      Agreement shall be increased by the aggregate amount of such Commitment
      Increases, (ii) Schedule
      2.01
      shall be
      deemed modified, without further action, to reflect the revised Commitments
      and
      Applicable Percentages of the Lenders, and (iii) this Agreement shall be
      deemed amended, without further action, to the extent necessary to reflect
      such
      increased aggregate Commitments (including, without limitation, Section
      2.01).

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    In
      connection with Commitment Increases hereunder, the Lenders and the Borrower
      agree that, notwithstanding anything to the contrary in this Agreement,
      (i) the Borrower shall, in coordination with the Administrative Agent,
      (x) repay outstanding Loans of certain Lenders, and obtain Loans from
      certain other Lenders (including the Additional Commitment Lenders), or
      (y) take such other actions as reasonably may be required by the
      Administrative Agent, in each case to the extent necessary so that all of the
      Lenders effectively participate in each of the outstanding Loans pro rata on
      the
      basis of their Applicable Percentages (determined after giving effect to any
      increase in the aggregate Commitments pursuant to this Section 2.04), and
      (ii) the Borrower shall pay to the Lenders any costs of the type referred
      to in Section 2.16 in connection with any repayment and/or Loans required
      pursuant to preceding clause (i). Without limiting the obligations of the
      Borrower provided for in this Section 2.04, the Administrative Agent and the
      Lenders agree that they will use their commercially reasonable efforts to
      attempt to minimize the costs of the type referred to in Section 2.16 which
      the
      Borrower would otherwise incur in connection with the implementation of an
      increase in the aggregate Commitments.

     

    SECTION
      2.05  Swingline
      Loans.
      (a) Subject
      to the terms and conditions set forth herein, the Swingline Lender agrees to
      make Swingline Loans to the Borrower from time to time during the Availability
      Period, in an aggregate principal amount at any time outstanding that will
      not
      result in (i) the aggregate principal amount of outstanding Swingline Loans
      exceeding $10,000,000 or (ii) the total Revolving Credit Exposures
      exceeding the total Commitments; provided
      that the
      Swingline Lender shall not be required to make a Swingline Loan to refinance
      an
      outstanding Swingline Loan. Within the foregoing limits and subject to the
      terms
      and conditions set forth herein, the Borrower may borrow, prepay and reborrow
      Swingline Loans.

     

    (b)  To
      request a Swingline Loan, the Borrower shall notify the Administrative Agent
      of
      such request by telephone (confirmed by telecopy), not later than 12:00 noon,
      Chicago time, on the day of a proposed Swingline Loan. Each such notice shall
      be
      irrevocable and shall specify the requested date (which shall be a Business
      Day)
      and amount of the requested Swingline Loan. The Administrative Agent will
      promptly advise the Swingline Lender of any such notice received from the
      Borrower. The Swingline Lender shall make each Swingline Loan available to
      the
      Borrower by means of a credit to the general deposit account of the Borrower
      with the Swingline Lender (or, in the case of a Swingline Loan made to finance
      the reimbursement of an LC Disbursement as provided in Section 2.06(e), by
      remittance to the Issuing Bank) by 2:00 p.m., Chicago time, on the
      requested date of such Swingline Loan.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    (c)  The
      Swingline Lender may by written notice given to the Administrative Agent not
      later than 10:00 a.m., Chicago time, on any Business Day require the
      Lenders to acquire participations on such Business Day in all or a portion
      of
      the Swingline Loans outstanding. Such notice shall specify the aggregate amount
      of Swingline Loans in which Lenders will participate. Promptly upon receipt
      of
      such notice, the Administrative Agent will give notice thereof to each Lender,
      specifying in such notice such Lender’s Applicable Percentage of such Swingline
      Loan or Loans. Each Lender hereby absolutely and unconditionally agrees, upon
      receipt of notice as provided above, to pay to the Administrative Agent, for
      the
      account of the Swingline Lender, such Lender’s Applicable Percentage of such
      Swingline Loan or Loans. Each Lender acknowledges and agrees that its obligation
      to acquire participations in Swingline Loans pursuant to this paragraph is
      absolute and unconditional and shall not be affected by any circumstance
      whatsoever, including the occurrence and continuance of a Default or reduction
      or termination of the Commitments, and that each such payment shall be made
      without any offset, abatement, withholding or reduction whatsoever. Each Lender
      shall comply with its obligation under this paragraph by wire transfer of
      immediately available funds, in the same manner as provided in Section 2.07
      with respect to Loans made by such Lender (and Section 2.07 shall apply,
mutatis
      mutandis,
      to the
      payment obligations of the Lenders), and the Administrative Agent shall promptly
      pay to the Swingline Lender the amounts so received by it from the Lenders.
      The
      Administrative Agent shall notify the Borrower of any participations in any
      Swingline Loan acquired pursuant to this paragraph, and thereafter payments
      in
      respect of such Swingline Loan shall be made to the Administrative Agent and
      not
      to the Swingline Lender. Any amounts received by the Swingline Lender from
      the
      Borrower (or other party on behalf of the Borrower) in respect of a Swingline
      Loan after receipt by the Swingline Lender of the proceeds of a sale of
      participations therein shall be promptly remitted to the Administrative Agent;
      any such amounts received by the Administrative Agent shall be promptly remitted
      by the Administrative Agent to the Lenders that shall have made their payments
      pursuant to this paragraph and to the Swingline Lender, as their interests
      may
      appear; provided that any such payment so remitted shall be repaid to the
      Swingline Lender or to the Administrative Agent, as applicable, if and to the
      extent such payment is required to be refunded to the Borrower for any reason.
      The purchase of participations in a Swingline Loan pursuant to this paragraph
      shall not relieve the Borrower of any default in the payment
      thereof.

     

    SECTION
      2.06  Letters
      of Credit.
      (a) General.
      Subject
      to the terms and conditions set forth herein, the Borrower may request the
      issuance of Letters of Credit for its own account (or the benefit of one of
      its
      Subsidiaries), in a form reasonably acceptable to the Administrative Agent
      and
      the Issuing Bank, at any time and from time to time during the Availability
      Period. In the event of any inconsistency between the terms and conditions
      of
      this Agreement and the terms and conditions of any form of the LC Application
      or
      other agreement submitted by the Borrower to, or entered into by the Borrower
      with, the Issuing Bank relating to any Letter of Credit, the terms and
      conditions of this Agreement shall control.

     

    (b)  Notice
      of Issuance, Amendment, Renewal, Extension; Certain
      Conditions.
      To
      request the issuance of a Letter of Credit (or the amendment, renewal or
      extension of an outstanding Letter of Credit), the Borrower shall hand deliver
      or telecopy (or transmit by electronic communication, if arrangements for doing
      so have been approved by the Issuing Bank) to the Issuing Bank and the
      Administrative Agent (reasonably in advance of the requested date of issuance,
      amendment, renewal or extension) a notice requesting the issuance of a Letter
      of
      Credit, or identifying the Letter of Credit to be amended, renewed or extended,
      and specifying the date of issuance, amendment, renewal or extension (which
      shall be a Business Day during the Availability Period), the date on which
      such
      Letter of Credit is to expire (which shall comply with paragraph (c) of this
      Section), the amount of such Letter of Credit, the name and address of the
      beneficiary thereof and such other information as shall be necessary to prepare,
      amend, renew or extend such Letter of Credit. If requested by the Issuing Bank,
      the Borrower also shall submit a letter of credit application on the Issuing
      Bank’s standard form in connection with any request for a Letter of Credit
      (each, an “LC
      Application”).
      A
      Letter of Credit shall be issued, amended, renewed or extended only if (and
      upon
      issuance, amendment, renewal or extension of each Letter of Credit the Borrower
      shall be deemed to represent and warrant that), after giving effect to such
      issuance, amendment, renewal or extension (i) the LC Exposure shall not
      exceed $10,000,000 and (ii) the total Revolving Credit Exposures shall not
      exceed the total Commitments.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    (c)  Expiration
      Date.
      Each
      Letter of Credit shall expire at or prior to the close of business on the
      earlier of (i) the date one year after the date of the issuance of such
      Letter of Credit (or, in the case of any renewal or extension thereof, one
      year
      after such renewal or extension) and (ii) the date that is five Business
      Days prior to the Maturity Date unless such Letter of Credit is cash
      collateralized as hereinafter provided in which case such Letter of Credit
      shall
      expire no later than the date that is five Business Days prior to the first
      anniversary of the Maturity Date. If any Letter of Credit is outstanding for
      any
      reason on the Maturity Date, Borrower shall deliver to the Administrative Agent
      on or prior to the Maturity Date cash collateral in an amount equal to 105%
      of
      the undrawn and unexpired amount of such Letter of Credit pursuant to
      documentation satisfactory to the Administrative Agent.

     

    (d)  Participations.
      By the
      issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing
      the amount thereof) and without any further action on the part of the Issuing
      Bank or the Lenders, the Issuing Bank hereby grants to each Lender, and each
      Lender hereby acquires from the Issuing Bank, a participation in such Letter
      of
      Credit equal to such Lender’s Applicable Percentage of the aggregate amount
      available to be drawn under such Letter of Credit. In consideration and in
      furtherance of the foregoing, each Lender hereby absolutely and unconditionally
      agrees to pay to the Administrative Agent, for the account of the Issuing Bank,
      such Lender’s Applicable Percentage of each LC Disbursement made by the Issuing
      Bank and not reimbursed by the Borrower on the date due as provided in paragraph
      (e) of this Section, or of any reimbursement payment required to be refunded
      to
      the Borrower for any reason. Each Lender acknowledges and agrees that its
      obligation to acquire participations pursuant to this paragraph in respect
      of
      Letters of Credit is absolute and unconditional and shall not be affected by
      any
      circumstance whatsoever, including any amendment, renewal or extension of any
      Letter of Credit or the occurrence and continuance of a Default or reduction
      or
      termination of the Commitments, and that each such payment shall be made without
      any offset, abatement, withholding or reduction whatsoever.

     

    (e)  Reimbursement.
      If the
      Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit,
      the Borrower shall reimburse such LC Disbursement by paying to the
      Administrative Agent an amount equal to such LC Disbursement not later than
      2:00
      p.m., Chicago time, on the date that such LC Disbursement is made, if the
      Borrower shall have received notice of such LC Disbursement prior to
      10:00 a.m., Chicago time, on such date, or, if such notice has not been
      received by the Borrower prior to such time on such date, then not later than
      2:00 p.m., Chicago time, on (i) the Business Day that the Borrower receives
      such notice, if such notice is received prior to 10:00 a.m., Chicago time,
      on the day of receipt, or (ii) the Business Day immediately following the
      day that the Borrower receives such notice, if such notice is not received
      prior
      to such time on the day of receipt; provided
      that the
      Borrower may, subject to the conditions to borrowing set forth herein, request
      in accordance with Section 2.03 or 2.05 that such payment be financed with
      an ABR Revolving Borrowing or Swingline Loan in an equivalent amount and, to
      the
      extent so financed, the Borrower’s obligation to make such payment shall be
      discharged and replaced by the resulting ABR Revolving Borrowing or Swingline
      Loan. If the Borrower fails to make such payment when due, the Administrative
      Agent shall notify each Lender of the applicable LC Disbursement, the payment
      then due from the Borrower in respect thereof and such Lender’s Applicable
      Percentage thereof. Promptly following receipt of such notice, each Lender
      shall
      pay to the Administrative Agent its Applicable Percentage of the payment then
      due from the Borrower, in the same manner as provided in Section 2.07 with
      respect to Loans made by such Lender (and Section 2.07 shall apply,
mutatis
      mutandis,
      to the
      payment obligations of the Lenders), and the Administrative Agent shall promptly
      pay to the Issuing Bank the amounts so received by it from the Lenders. Promptly
      following receipt by the Administrative Agent of any payment from the Borrower
      pursuant to this paragraph, the Administrative Agent shall distribute such
      payment to the Issuing Bank or, to the extent that Lenders have made payments
      pursuant to this paragraph to reimburse the Issuing Bank, then to such Lenders
      and the Issuing Bank as their interests may appear. Any payment made by a Lender
      pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement
      (other than the funding of ABR Revolving Loans or a Swingline Loan as
      contemplated above) shall not constitute a Loan and shall not relieve the
      Borrower of its obligation to reimburse such LC Disbursement.

     

    
      
        
        

      

      
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    (f)  Obligations
      Absolute.
      The
      Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e)
      of this Section shall be absolute, unconditional and irrevocable, and shall
      be performed strictly in accordance with the terms of this Agreement under
      any
      and all circumstances whatsoever and irrespective of (i) any lack of
      validity or enforceability of any Letter of Credit or this Agreement, or any
      term or provision therein, (ii) any draft or other document presented under
      a Letter of Credit proving to be forged, fraudulent or invalid in any respect
      or
      any statement therein being untrue or inaccurate in any respect,
      (iii) payment by the Issuing Bank under a Letter of Credit against
      presentation of a draft or other document that does not comply with the terms
      of
      such Letter of Credit, or (iv) any other event or circumstance whatsoever,
      whether or not similar to any of the foregoing, that might, but for the
      provisions of this Section, constitute a legal or equitable discharge of, or
      provide a right of setoff against, the Borrower’s obligations hereunder. Neither
      the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their
      Related Parties, shall have any liability or responsibility by reason of or
      in
      connection with the issuance or transfer of any Letter of Credit or any payment
      or failure to make any payment thereunder (irrespective of any of the
      circumstances referred to in the preceding sentence), or any error, omission,
      interruption, loss or delay in transmission or delivery of any draft, notice
      or
      other communication under or relating to any Letter of Credit (including any
      document required to make a drawing thereunder), any error in interpretation
      of
      technical terms or any consequence arising from causes beyond the control of
      the
      Issuing Bank; provided
      that the
      foregoing shall not be construed to excuse the Issuing Bank from liability
      to
      the Borrower to the extent of any direct damages (as opposed to consequential
      damages, claims in respect of which are hereby waived by the Borrower to the
      extent permitted by applicable law) suffered by the Borrower that are caused
      by
      the Issuing Bank’s failure to exercise care when determining whether drafts and
      other documents presented under a Letter of Credit comply with the terms
      thereof. The parties hereto expressly agree that, in the absence of gross
      negligence or wilful misconduct on the part of the Issuing Bank (as finally
      determined by a court of competent jurisdiction), the Issuing Bank shall be
      deemed to have exercised care in each such determination. In furtherance of
      the
      foregoing and without limiting the generality thereof, the parties agree that,
      with respect to documents presented which appear on their face to be in
      substantial compliance with the terms of a Letter of Credit, the Issuing Bank
      may, in its sole discretion, either accept and make payment upon such documents
      without responsibility for further investigation, regardless of any notice
      or
      information to the contrary, or refuse to accept and make payment upon such
      documents if such documents are not in strict compliance with the terms of
      such
      Letter of Credit.

     

    
      
        
        

      

      
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    (g)  Disbursement
      Procedures.
      The
      Issuing Bank shall, promptly following its receipt thereof, examine all
      documents purporting to represent a demand for payment under a Letter of Credit.
      The Issuing Bank shall promptly notify the Administrative Agent and the Borrower
      by telephone (confirmed by telecopy) of such demand for payment and whether
      the
      Issuing Bank has made or will make an LC Disbursement thereunder; provided
      that any
      failure to give or delay in giving such notice shall not relieve the Borrower
      of
      its obligation to reimburse the Issuing Bank and the Lenders with respect to
      any
      such LC Disbursement.

     

    (h)  Interim
      Interest.
      If the
      Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall
      reimburse such LC Disbursement in full on the date such LC Disbursement is
      made,
      the unpaid amount thereof shall bear interest, for each day from and including
      the date such LC Disbursement is made to but excluding the date that the
      Borrower reimburses such LC Disbursement, at the rate per annum then applicable
      to ABR Revolving Loans; provided
      that, if
      the Borrower fails to reimburse such LC Disbursement when due pursuant to
      paragraph (e) of this Section, then Section 2.13(c) shall apply. Interest
      accrued pursuant to this paragraph shall be for the account of the Issuing
      Bank,
      except that interest accrued on and after the date of payment by any Lender
      pursuant to paragraph (e) of this Section to reimburse the Issuing Bank shall
      be
      for the account of such Lender to the extent of such payment.

     

    (i)  Replacement
      of the Issuing Bank.
      The
      Issuing Bank may be replaced at any time by written agreement among the
      Borrower, the Administrative Agent, the replaced Issuing Bank and the successor
      Issuing Bank. The Administrative Agent shall notify the Lenders of any such
      replacement of the Issuing Bank. At the time any such replacement shall become
      effective, the Borrower shall pay all unpaid fees accrued for the account of
      the
      replaced Issuing Bank pursuant to Section 2.12(b). From and after the
      effective date of any such replacement, (i) the successor Issuing Bank
      shall have all the rights and obligations of the Issuing Bank under this
      Agreement with respect to Letters of Credit to be issued thereafter and
      (ii) references herein to the term “Issuing Bank” shall be deemed to refer
      to such successor or to any previous Issuing Bank, or to such successor and
      all
      previous Issuing Banks, as the context shall require. After the replacement
      of
      an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto
      and shall continue to have all the rights and obligations of an Issuing Bank
      under this Agreement with respect to Letters of Credit issued by it prior to
      such replacement, but shall not be required to issue additional Letters of
      Credit.

     

    
      
        
        

      

      
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    (j)  Cash
      Collateralization.
      If any
      Event of Default shall occur and be continuing and the Loans shall have been
      accelerated, on the Business Day that the Borrower receives notice from the
      Administrative Agent or Lenders with LC Exposure representing greater than
      50%
      of the total LC Exposure demanding the deposit of cash collateral pursuant
      to
      this paragraph, the Borrower shall deposit in an account with the Administrative
      Agent, in the name of the Administrative Agent and for the benefit of the
      Lenders, an amount in cash equal to 105% of the LC Exposure as of such date
      plus
      any accrued and unpaid interest thereon; provided
      that the
      obligation to deposit such cash collateral shall become effective immediately,
      and such deposit shall become immediately due and payable, without demand or
      other notice of any kind, upon the occurrence of any Event of Default with
      respect to any Loan Party described in clause (h) or (i) of
      Article VII. Such deposit shall be held by the Administrative Agent as
      collateral for the payment and performance of the LC Exposure and fees referred
      to in Section 2.12(b). The Administrative Agent shall have exclusive dominion
      and control, including the exclusive right of withdrawal, over such account,
      and
      Borrower hereby grants Administrative Agent a security interest in such account
      to secure the LC Exposure and fees referred to in Section 2.12(b). Other than
      any interest earned on the investment of such deposits, which investments shall
      be made at the option and sole discretion of the Administrative Agent and at
      the
      Borrower’s risk and expense, such deposits shall not bear interest. Interest or
      profits, if any, on such investments shall accumulate in such account. Moneys
      in
      such account shall be applied by the Administrative Agent to reimburse the
      Issuing Bank for LC Disbursements for which it has not been reimbursed and,
      to
      the extent not so applied, shall be held for the satisfaction of the
      reimbursement obligations of the Borrower for the LC Exposure and fees referred
      to in Section 2.12(b). If the Borrower is required to provide an amount of
      cash
      collateral hereunder as a result of the occurrence of an Event of Default,
      such
      amount (to the extent not applied as aforesaid) shall be returned to the
      Borrower after all Events of Default have been cured or waived and the Loans
      de-accelerated within two Business Days’ after Agent’s receipt of Borrower’s
      written request for the return thereof.

     

    SECTION
      2.07  Funding
      of Borrowings.
      (a) Each
      Lender shall make each Loan to be made by it hereunder on the proposed date
      thereof by wire transfer of immediately available funds by 12:00 noon, Chicago
      time, to the account of the Administrative Agent most recently designated by
      it
      for such purpose by notice to the Lenders; provided
      that
      Swingline Loans shall be made as provided in Section 2.05. The
      Administrative Agent will make such Loans available to the Borrower by promptly
      crediting the amounts so received, in like funds, to an account of the Borrower
      maintained with the Administrative Agent in Chicago and designated by the
      Borrower in the applicable Borrowing Request; provided
      that ABR
      Revolving Loans made to finance the reimbursement of an LC Disbursement as
      provided in Section 2.06(e) shall be remitted by the Administrative Agent
      to the Issuing Bank.

     

    (b)  Unless
      the Administrative Agent shall have received notice from a Lender prior to
      the
      proposed date of any Borrowing that such Lender will not make available to
      the
      Administrative Agent such Lender’s share of such Borrowing, the Administrative
      Agent may assume that such Lender has made such share available on such date
      in
      accordance with paragraph (a) of this Section and may, in reliance upon such
      assumption, make available to the Borrower a corresponding amount. In such
      event, if a Lender has not in fact made its share of the applicable Borrowing
      available to the Administrative Agent, then the applicable Lender and the
      Borrower severally agree to pay to the Administrative Agent forthwith on demand
      such corresponding amount with interest thereon, for each day from and including
      the date such amount is made available to the Borrower to but excluding the
      date
      of payment to the Administrative Agent, at (i) in the case of such Lender,
      the greater of the Federal Funds Effective Rate and a rate determined by the
      Administrative Agent in accordance with banking industry rules on interbank
      compensation or (ii) in the case of the Borrower, the interest rate
      applicable to ABR Loans. If such Lender pays such amount to the Administrative
      Agent, then such amount shall constitute such Lender’s Loan included in such
      Borrowing.

    
      
        
        

      

      
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    SECTION
      2.08  Interest
      Elections.
      (a) Each
      Revolving Borrowing initially shall be of the Type specified in the applicable
      Borrowing Request and, in the case of a Eurodollar Revolving Borrowing, shall
      have an initial Interest Period as specified in such Borrowing Request.
      Thereafter, the Borrower may elect to convert such Borrowing to a different
      Type
      or to continue such Borrowing and, in the case of a Eurodollar Revolving
      Borrowing, may elect Interest Periods therefor, all as provided in this Section.
      The Borrower may elect different options with respect to different portions
      of
      the affected Borrowing, in which case each such portion shall be allocated
      ratably among the Lenders holding the Loans comprising such Borrowing, and
      the
      Loans comprising each such portion shall be considered a separate Borrowing.
      This Section shall not apply to Swingline Borrowings, which may not be converted
      or continued.

     

    (b) 
       To
      make
      an election pursuant to this Section, the Borrower shall notify the
      Administrative Agent of such election by telephone by the time that a Borrowing
      Request would be required under Section 2.03 if the Borrower were
      requesting a Revolving Borrowing of the Type resulting from such election to
      be
      made on the effective date of such election. Each such telephonic Interest
      Election Request shall be irrevocable and shall be confirmed promptly by hand
      delivery or telecopy to the Administrative Agent of a written Interest Election
      Request in a form approved by the Administrative Agent and signed by the
      Borrower.

     

    (c)    Each
      telephonic and written Interest Election Request shall specify the following
      information in compliance with Section 2.02:

     

    (i)  the
      Borrowing to which such Interest Election Request applies and, if different
      options are being elected with respect to different portions thereof, the
      portions thereof to be allocated to each resulting Borrowing (in which case
      the
      information to be specified pursuant to clauses (iii) and (iv) below shall
      be
      specified for each resulting Borrowing);

     

    (ii)  the
      effective date of the election made pursuant to such Interest Election Request,
      which shall be a Business Day;

     

    (iii)  whether
      the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing;
      and

     

    (iv)  if
      the
      resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be
      applicable thereto after giving effect to such election, which shall be a period
      contemplated by the definition of the term “Interest Period”.

     

    If
      any
      such Interest Election Request requests a Eurodollar Borrowing but does not
      specify an Interest Period, then the Borrower shall be deemed to have selected
      an Interest Period of one month’s duration.

     

    
      
        
        

      

      
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    (d)  Promptly
      following receipt of an Interest Election Request, the Administrative Agent
      shall advise each Lender of the details thereof and of such Lender’s portion of
      each resulting Borrowing.

     

    (e)  If
      the
      Borrower fails to deliver a timely Interest Election Request with respect to
      a
      Eurodollar Revolving Borrowing prior to the end of the Interest Period
      applicable thereto, then, unless such Borrowing is repaid as provided herein,
      at
      the end of such Interest Period such Borrowing shall be converted to an ABR
      Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default
      has occurred and is continuing and the Administrative Agent, at the request
      of
      the Required Lenders, so notifies the Borrower, then, so long as an Event of
      Default is continuing (i) no outstanding Revolving Borrowing may be
      converted to or continued as a Eurodollar Borrowing and (ii) unless repaid,
      each Eurodollar Revolving Borrowing shall be converted to an ABR Borrowing
      at
      the end of the Interest Period applicable thereto.

     

    SECTION
      2.09  Termination
      and Reduction of Commitments.
      (a) Unless previously terminated, the Commitments shall terminate on the
      Maturity Date.

     

    (b)  The
      Borrower may at any time terminate, or from time to time reduce, the
      Commitments; provided
      that
      (i) each reduction of the Commitments shall be in an amount that is an
      integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the
      Borrower shall not terminate or reduce the Commitments if, after giving effect
      to any concurrent prepayment of the Loans in accordance with Section 2.11,
      the total Revolving Credit Exposures would exceed the total
      Commitments.

     

    (c)  The
      Borrower shall notify the Administrative Agent of any election to terminate
      or
      reduce the Commitments under paragraph (b) of this Section at least three
      Business Days prior to the effective date of such termination or reduction,
      specifying such election and the effective date thereof. Promptly following
      receipt of any notice, the Administrative Agent shall advise the Lenders of
      the
      contents thereof. Each notice delivered by the Borrower pursuant to this Section
      shall be irrevocable; provided
      that a
      notice of termination of the Commitments delivered by the Borrower may state
      that such notice is conditioned upon the effectiveness of other credit
      facilities, in which case such notice may be revoked by the Borrower (by notice
      to the Administrative Agent on or prior to the specified effective date) if
      such
      condition is not satisfied. Any termination or reduction of the Commitments
      shall be permanent. Each reduction of the Commitments shall be made ratably
      among the Lenders in accordance with their respective Commitments.

     

    SECTION
      2.10  Repayment
      of Loans; Evidence of Debt.
      (a) The
      Borrower hereby unconditionally promises to pay (i) to the Administrative
      Agent for the account of each Lender the then unpaid principal amount of each
      Revolving Loan on the Maturity Date, and (ii) to the Swingline Lender the
      then unpaid principal amount of each Swingline Loan on the earlier of the
      Maturity Date and the first date after such Swingline Loan is made that is
      the
      15th or last day of a calendar month and is at least two Business Days after
      such Swingline Loan is made; provided
      that on
      each date that a Revolving Borrowing is made, the Borrower shall repay all
      Swingline Loans then outstanding.

     

    
      
        
        

      

      
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    (b)  Each
      Lender shall maintain in accordance with its usual practice an account or
      accounts evidencing the indebtedness of the Borrower to such Lender resulting
      from each Loan made by such Lender, including the amounts of principal and
      interest payable and paid to such Lender from time to time
      hereunder.

     

    (c)  The
      Administrative Agent shall maintain accounts in which it shall record
      (i) the amount of each Loan made hereunder, the Class and Type thereof and
      the Interest Period applicable thereto, (ii) the amount of any principal or
      interest due and payable or to become due and payable from the Borrower to
      each
      Lender hereunder and (iii) the amount of any sum received by the
      Administrative Agent hereunder for the account of the Lenders and each Lender’s
      share thereof.

     

    (d)  The
      entries made in the accounts maintained pursuant to paragraph (b) or (c) of
      this
      Section shall be prima
      facie
      evidence
      of the existence and amounts of the obligations recorded therein; provided
      that the
      failure of any Lender or the Administrative Agent to maintain such accounts
      or
      any error therein shall not in any manner affect the obligation of the Borrower
      to repay the Loans in accordance with the terms of this Agreement.

     

    (e)  Any
      Lender may request that Loans made by it be evidenced by a promissory note.
      In
      such event, the Borrower shall prepare, execute and deliver to such Lender
      a
      promissory note payable to the order of such Lender (or, if requested by such
      Lender, to such Lender and its registered assigns) and in a form approved by
      the
      Administrative Agent. Thereafter, the Loans evidenced by such promissory note
      (each a “Note”)
      and
      interest thereon shall at all times (including after assignment pursuant to
      Section 9.04) be represented by one or more Notes in such form payable to
      the order of the payee named therein.

     

    SECTION
      2.11  Prepayment
      of Loans.
      (a) The
      Borrower shall have the right at any time and from time to time to prepay any
      Borrowing in whole or in part, subject to prior notice in accordance with
      paragraph (b) of this Section.

     

    (b)  The
      Borrower shall notify the Administrative Agent (and, in the case of prepayment
      of a Swingline Loan, the Swingline Lender) by telephone (confirmed by telecopy)
      of any prepayment hereunder (i) in the case of prepayment of a Eurodollar
      Revolving Borrowing, not later than 11:00 a.m., Chicago time, two Business
      Days before the date of prepayment, (ii) in the case of prepayment of an
      ABR Revolving Borrowing, not later than 11:00 a.m., Chicago time, one
      Business Day before the date of prepayment or (iii) in the case of
      prepayment of a Swingline Loan, not later than 12:00 noon, Chicago time, on
      the
      date of prepayment. Each such notice shall be irrevocable and shall specify
      the
      prepayment date and the principal amount of each Borrowing or portion thereof
      to
      be prepaid; provided
      that, if
      a notice of prepayment is given in connection with a conditional notice of
      termination of the Commitments as contemplated by Section 2.09, then such
      notice of prepayment may be revoked if such notice of termination is revoked
      in
      accordance with Section 2.09. Promptly following receipt of any such notice
      relating to a Revolving Borrowing, the Administrative Agent shall advise the
      Lenders of the contents thereof. Each partial prepayment of any Revolving
      Borrowing shall be in an amount that would be permitted in the case of an
      advance of a Revolving Borrowing of the same Type as provided in
      Section 2.02. Each prepayment of a Revolving Borrowing shall be applied
      ratably to the Loans included in the prepaid Borrowing. Prepayments shall be
      accompanied by accrued interest to the extent required by
      Section 2.13.

     

    
      
        
        

      

      
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    SECTION
      2.12  Fees.
      (a) The
      Borrower agrees to pay to the Administrative Agent for the account of each
      Lender a commitment fee at a per annum rate equal to the Applicable Rate on
      the
      average daily unused portion of such Lender’s Commitment from the date hereof to
      and including the date on which the Commitments terminate (the “Commitment
      Fee”).
      Accrued Commitment Fees shall be payable in arrears on the last day of March,
      June, September and December of each year and on the date on which the
      Commitments terminate, commencing on the first such date to occur after the
      date
      hereof. All Commitment Fees shall be computed on the basis of a year of 360
      days
      and shall be payable for the actual number of days elapsed (including the first
      day but excluding the last day).

     

    (b)  The
      Borrower agrees to pay (i) to the Administrative Agent for the account of
      each Lender a participation fee (the “LC
      Fee”)
      with
      respect to its participations in Letters of Credit, which shall accrue at the
      Applicable Rate on the average daily amount of such Lender’s LC Exposure
      (excluding any portion thereof attributable to unreimbursed LC Disbursements)
      during the period from and including the Effective Date to but excluding the
      later of the date on which such Lender’s Commitment terminates and the date on
      which such Lender ceases to have any LC Exposure, and (ii) to the Issuing
      Bank its standard fees with respect to the issuance, amendment, renewal or
      extension of any Letter of Credit or processing of drawings thereunder. LC
      Fees
      accrued through and including the last day of March, June, September and
      December of each year shall be payable on the third Business Day following
      such
      last day, commencing on the first such date to occur after the Effective Date;
      provided
      that all
      such fees shall be payable on the date on which the Commitments terminate and
      any such fees accruing after the date on which the Commitments terminate shall
      be payable on demand. Any other fees payable to the Issuing Bank pursuant to
      this paragraph shall be payable within 10 days after demand. All LC Fees shall
      be computed on the basis of a year of 360 days and shall be payable for the
      actual number of days elapsed (including the first day but excluding the last
      day).

     

    (c)  The
      Borrower agrees to pay to Administrative Agent, for its own account, for the
      account of the Arranger and for the account of the Lenders, as applicable,
      the
      fees set forth in the Fee Letters in the amounts and at the times described
      therein.

     

    (d)  All
      fees
      payable hereunder shall be paid on the dates due, in immediately available
      funds, to the Administrative Agent (or to the Issuing Bank, in the case of
      fees
      payable to it) for distribution, in the case of Commitment Fees and LC Fees,
      to
      the Lenders. Fees paid shall not be refundable under any
      circumstances.

     

    SECTION
      2.13  Interest.
      (a) The
      Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear
      interest at the Alternate Base Rate plus the Applicable Rate.

     

    (b)  The
      Loans
      comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO
      Rate for the Interest Period in effect for such Borrowing plus the Applicable
      Rate.

     

    
      
        
        

      

      
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    (c)  Notwithstanding
      the foregoing, if any principal of or interest on any Loan or any fee or other
      amount payable by the Borrower hereunder is not paid when due, whether at stated
      maturity, upon acceleration or otherwise, such overdue amount shall bear
      interest, after as well as before judgment, at a rate per annum equal to
      (i) in the case of overdue principal of any Loan, 2% plus the rate
      otherwise applicable to such Loan as provided in the preceding paragraphs of
      this Section or (ii) in the case of any other amount, 2% plus the rate
      applicable to ABR Loans as provided in paragraph (a) of this
      Section.

     

    (d)  Accrued
      interest on each Loan shall be payable in arrears on each Interest Payment
      Date
      for such Loan and, in the case of Revolving Loans, upon termination of the
      Commitments; provided
      that
      (i) interest accrued pursuant to paragraph (c) of this Section shall be
      payable on demand, (ii) in the event of any repayment or prepayment of any
      Loan (other than a prepayment of an ABR Revolving Loan prior to the end of
      the
      Availability Period), accrued interest on the principal amount repaid or prepaid
      shall be payable on the date of such repayment or prepayment and (iii) in
      the event of any conversion of any Eurodollar Revolving Loan prior to the end
      of
      the current Interest Period therefor, accrued interest on such Loan shall be
      payable on the effective date of such conversion.

     

    (e)  All
      interest hereunder shall be computed on the basis of a year of 360 days, except
      that interest computed by reference to the Alternate Base Rate at times when
      the
      Alternate Base Rate is based on the Prime Rate shall be computed on the basis
      of
      a year of 365 days (or 366 days in a leap year), and in each case shall be
      payable for the actual number of days elapsed (including the first day but
      excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO
      Rate
      or LIBO Rate shall be determined by the Administrative Agent, and such
      determination shall be conclusive absent manifest error.

     

    SECTION
      2.14  Alternate
      Rate of Interest.
      If
      prior to the commencement of any Interest Period for a Eurodollar
      Borrowing:

     

    (a)  the
      Administrative Agent determines (which determination shall be conclusive absent
      manifest error) that adequate and reasonable means do not exist for ascertaining
      the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest
      Period; or

     

    (b)  the
      Administrative Agent is advised by the Required Lenders that the Adjusted LIBO
      Rate or the LIBO Rate, as applicable, for such Interest Period will not
      adequately and fairly reflect the cost to such Lenders (or Lender) of making
      or
      maintaining their Loans (or its Loan) included in such Borrowing for such
      Interest Period;

     

    then
      the
      Administrative Agent shall give notice thereof to the Borrower and the Lenders
      by telephone or telecopy as promptly as practicable thereafter and, until the
      Administrative Agent notifies the Borrower and the Lenders that the
      circumstances giving rise to such notice no longer exist, (i) any Interest
      Election Request that requests the conversion of any Revolving Borrowing to,
      or
      continuation of any Revolving Borrowing as, a Eurodollar Borrowing shall be
      ineffective, and (ii) if any Borrowing Request requests a Eurodollar
      Revolving Borrowing, such Borrowing shall be made as an ABR Borrowing;
provided
      that if
      the circumstances giving rise to such notice affect only one Type of Borrowings,
      then the other Type of Borrowings shall be permitted.

     

    
      
        
        

      

      
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    SECTION
      2.15  Increased
      Costs.
      (a) If
      any Change in Law shall:

     

    (i)  impose,
      modify or deem applicable any reserve, special deposit or similar requirement
      against assets of, deposits with or for the account of, or credit extended
      by,
      any Lender (except any such reserve requirement reflected in the Adjusted LIBO
      Rate) or the Issuing Bank; or

     

    (ii)  impose
      on
      any Lender or the Issuing Bank or the London interbank market any other
      condition affecting this Agreement or Eurodollar Loans made by such Lender
      or
      any Letter of Credit or participation therein;

     

    and
      the
      result of any of the foregoing shall be to increase the cost to such Lender
      of
      making or maintaining any Eurodollar Loan (or of maintaining its obligation
      to
      make any such Loan) or to increase the cost to such Lender or the Issuing Bank
      of participating in, issuing or maintaining any Letter of Credit or to reduce
      the amount of any sum received or receivable by such Lender or the Issuing
      Bank
      hereunder (whether of principal, interest or otherwise), then the Borrower
      will
      pay to such Lender or the Issuing Bank, as the case may be, such additional
      amount or amounts as will compensate such Lender or the Issuing Bank, as the
      case may be, for such additional costs incurred or reduction
      suffered.

     

    (b)  If
      any
      Lender or the Issuing Bank determines that any Change in Law regarding capital
      requirements has or would have the effect of reducing the rate of return on
      such
      Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the
      Issuing Bank’s holding company, if any, as a consequence of this Agreement or
      the Loans made by, or participations in Letters of Credit held by, such Lender,
      or the Letters of Credit issued by the Issuing Bank, to a level below that
      which
      such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding
      company could have achieved but for such Change in Law (taking into
      consideration such Lender’s or the Issuing Bank’s policies and the policies of
      such Lender’s or the Issuing Bank’s holding company with respect to capital
      adequacy), then from time to time the Borrower will pay to such Lender or the
      Issuing Bank, as the case may be, such additional amount or amounts as will
      compensate such Lender or the Issuing Bank or such Lender’s or the Issuing
      Bank’s holding company for any such reduction suffered.

     

    (c)  A
      certificate of a Lender or the Issuing Bank setting forth the amount or amounts
      necessary to compensate such Lender or the Issuing Bank or its holding company,
      as the case may be, as specified in paragraph (a) or (b) of this Section shall
      be delivered to the Borrower and shall be conclusive absent manifest error.
      The
      Borrower shall pay such Lender or the Issuing Bank, as the case may be, the
      amount shown as due on any such certificate within 10 days after receipt
      thereof.

     

    (d)  Failure
      or delay on the part of any Lender or the Issuing Bank to demand compensation
      pursuant to this Section shall not constitute a waiver of such Lender’s or the
      Issuing Bank’s right to demand such compensation; provided
      that the
      Borrower shall not be required to compensate a Lender or the Issuing Bank
      pursuant to this Section for any increased costs or reductions incurred more
      than 270 days prior to the date that such Lender or the Issuing Bank, as the
      case may be, notifies the Borrower of the Change in Law giving rise to such
      increased costs or reductions and of such Lender’s or the Issuing Bank’s
      intention to claim compensation therefor; provided
      further
      that, if
      the Change in Law giving rise to such increased costs or reductions is
      retroactive, then the 270-day period referred to above shall be extended to
      include the period of retroactive effect thereof.

     

     

    
      
        
        

      

      
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    SECTION
      2.16  Break
      Funding Payments.
      In the
      event of (a) the payment of any principal of any Eurodollar Loan other than
      on the last day of an Interest Period applicable thereto (including as a result
      of an Event of Default), (b) the conversion of any Eurodollar Loan other
      than on the last day of the Interest Period applicable thereto, (c) the
      failure to borrow, convert, continue or prepay any Eurodollar Loan on the date
      specified in any notice delivered pursuant hereto (regardless of whether such
      notice may be revoked under Section 2.11(b) and is revoked in accordance
      therewith), or (d) the assignment of any Eurodollar Loan other than on the
      last day of the Interest Period applicable thereto as a result of a request
      by
      the Borrower pursuant to Section 2.19, then, in any such event, the
      Borrower shall compensate each Lender for the loss, cost and expense
      attributable to such event. In the case of a Eurodollar Loan, such loss, cost
      or
      expense to any Lender shall be deemed to include an amount determined by such
      Lender to be the excess, if any, of (i) the amount of interest which would
      have accrued on the principal amount of such Loan had such event not occurred,
      at the Adjusted LIBO Rate that would have been applicable to such Loan, for
      the
      period from the date of such event to the last day of the then current Interest
      Period therefor (or, in the case of a failure to borrow, convert or continue,
      for the period that would have been the Interest Period for such Loan), over
      (ii) the amount of interest which would accrue on such principal amount for
      such period at the interest rate which such Lender would bid were it to bid,
      at
      the commencement of such period, for dollar deposits of a comparable amount
      and
      period from other banks in the eurodollar market. A certificate of any Lender
      setting forth any amount or amounts that such Lender is entitled to receive
      pursuant to this Section shall be delivered to the Borrower and shall be
      conclusive absent manifest error. The Borrower shall pay such Lender the amount
      shown as due on any such certificate within 10 days after receipt
      thereof.

     

    SECTION
      2.17  Taxes.
      (a) Any
      and all payments by or on account of any obligation of the Borrower hereunder
      or
      under the other Loan Documents shall be made free and clear of and without
      deduction for any Indemnified Taxes or Other Taxes; provided
      that if
      the Borrower shall be required to deduct any Indemnified Taxes or Other Taxes
      from such payments, then (i) the sum payable shall be increased as
      necessary so that after making all required deductions (including deductions
      applicable to additional sums payable under this Section) the Administrative
      Agent, Lender or Issuing Bank (as the case may be) receives an amount equal
      to
      the sum it would have received had no such deductions been made, (ii) the
      Borrower shall make such deductions and (iii) the Borrower shall pay the
      full amount deducted to the relevant Governmental Authority in accordance with
      applicable law.

     

    (b)  In
      addition, the Borrower shall pay any Other Taxes to the relevant Governmental
      Authority in accordance with applicable law.

     

    (c)  The
      Borrower shall indemnify the Administrative Agent, each Lender and the Issuing
      Bank, within fifteen (15) days after written demand therefor, for the full
      amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent,
      such Lender or the Issuing Bank, as the case may be, on or with respect to
      any
      payment by or on account of any obligation of the Borrower hereunder or under
      any other Loan Document (including Indemnified Taxes or Other Taxes imposed
      or
      asserted on or attributable to amounts payable under this Section) and any
      penalties, interest and reasonable expenses arising therefrom or with respect
      thereto, whether or not such Indemnified Taxes or Other Taxes were correctly
      or
      legally imposed or asserted by the relevant Governmental Authority. A
      certificate as to the amount of such payment or liability delivered to the
      Borrower by a Lender or the Issuing Bank, or by the Administrative Agent on
      its
      own behalf or on behalf of a Lender or the Issuing Bank, shall be conclusive
      absent manifest error.

     

    
      
        
        

      

      
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    (d)  As
      soon
      as practicable after any payment of Indemnified Taxes or Other Taxes by the
      Borrower to a Governmental Authority, the Borrower shall deliver to the
      Administrative Agent the original or a certified copy of a receipt issued by
      such Governmental Authority evidencing such payment, a copy of the return
      reporting such payment or other evidence of such payment reasonably satisfactory
      to the Administrative Agent.

     

    (e)  Any
      Foreign Lender that is entitled to an exemption from or reduction of withholding
      tax under the law of the jurisdiction in which the Borrower is located, or
      any
      treaty to which such jurisdiction is a party, with respect to payments under
      this Agreement shall deliver to the Borrower (with a copy to the Administrative
      Agent), at the time or times prescribed by applicable law, such properly
      completed and executed documentation prescribed by applicable law or reasonably
      requested by the Borrower as will permit such payments to be made without
      withholding or at a reduced rate.

     

    (f)  If
      the
      Administrative Agent or a Lender determines, in its reasonable discretion,
      that
      it has received a refund of any Taxes or Other Taxes as to which it has been
      indemnified by the Borrower or with respect to which the Borrower has paid
      additional amounts pursuant to this Section 2.17, it shall pay over such
      refund to the Borrower (but only to the extent of indemnity payments made,
      or
      additional amounts paid, by the Borrower under this Section 2.17 with
      respect to the Taxes or Other Taxes giving rise to such refund), net of all
      reasonable out-of-pocket expenses of the Administrative Agent or such Lender
      (including, without limitation, reasonable attorneys’ fees) and without interest
      (other than any interest paid by the relevant Governmental Authority with
      respect to such refund); provided, that the Borrower, upon the request of the
      Administrative Agent or such Lender, agrees to repay the amount paid over to
      the
      Borrower (plus any penalties, interest or other charges imposed by the relevant
      Governmental Authority) to the Administrative Agent or such Lender in the event
      the Administrative Agent or such Lender is required to repay such refund to
      such
      Governmental Authority. This Section shall not be construed to require the
      Administrative Agent or any Lender to make available its tax returns (or any
      other information relating to its taxes which it deems confidential) to the
      Borrower or any other Person.

     

    
      
        
        

      

      
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    SECTION
      2.18  Payments
      Generally; Pro Rata Treatment; Sharing of Set-offs.
      (a)
      The
      Borrower shall make each payment required to be made by it hereunder (whether
      of
      principal, interest, fees or reimbursement of LC Disbursements, or of amounts
      payable under Section 2.15, 2.16 or 2.17, or otherwise) or under any other
      Loan Document prior to 12:00 noon, Chicago time, on the date when due, in
      immediately available funds, without set-off or counterclaim. Any amounts
      received after such time on any date may, in the discretion of the
      Administrative Agent, be deemed to have been received on the next succeeding
      Business Day for purposes of calculating interest thereon. All such payments
      shall be made to the Administrative Agent at its offices at 10 South
      Dearborn, Suite IL1-0318, 19th Floor, Chicago, Illinois, 60603, except
      payments to be made directly to the Issuing Bank or Swingline Lender as
      expressly provided herein and except that payments pursuant to
      Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons
      entitled thereto. The Administrative Agent shall distribute any such payments
      received by it for the account of any other Person to the appropriate recipient
      promptly following receipt thereof. If any payment hereunder or under any other
      Loan Document shall be due on a day that is not a Business Day, the date for
      payment shall be extended to the next succeeding Business Day, and, in the
      case
      of any payment accruing interest, interest thereon shall be payable for the
      period of such extension. All payments hereunder and under any other Loan
      Document shall be made in dollars.

     

    (b)  If
      at any
      time insufficient funds are received by and available to the Administrative
      Agent to pay fully all amounts of principal, unreimbursed LC Disbursements,
      interest and fees then due hereunder, such funds shall be applied
      (i) first, towards payment of interest and fees then due hereunder, ratably
      among the parties entitled thereto in accordance with the amounts of interest
      and fees then due to such parties, and (ii) second, towards payment of
      principal and unreimbursed LC Disbursements then due hereunder, ratably among
      the parties entitled thereto in accordance with the amounts of principal and
      unreimbursed LC Disbursements then due to such parties.

     

    (c)  If
      any
      Lender shall, by exercising any right of set-off or counterclaim or otherwise,
      obtain payment in respect of any principal of or interest on any of its
      Revolving Loans or participations in LC Disbursements or Swingline Loans
      resulting in such Lender receiving payment of a greater proportion of the
      aggregate amount of its Revolving Loans and participations in LC Disbursements
      and Swingline Loans and accrued interest thereon than the proportion received
      by
      any other Lender, then the Lender receiving such greater proportion shall
      purchase (for cash at face value) participations in the Revolving Loans and
      participations in LC Disbursements and Swingline Loans of other Lenders to
      the
      extent necessary so that the benefit of all such payments shall be shared by
      the
      Lenders ratably in accordance with the aggregate amount of principal of and
      accrued interest on their respective Revolving Loans and participations in
      LC
      Disbursements and Swingline Loans; provided
      that
      (i) if any such participations are purchased and all or any portion of the
      payment giving rise thereto is recovered, such participations shall be rescinded
      and the purchase price restored to the extent of such recovery, without
      interest, and (ii) the provisions of this paragraph shall not be construed
      to apply to any payment made by the Borrower pursuant to and in accordance
      with
      the express terms of this Agreement or any payment obtained by a Lender as
      consideration for the assignment of or sale of a participation in any of its
      Loans or participations in LC Disbursements to any assignee or participant,
      other than to the Borrower or any Subsidiary or Affiliate thereof (as to which
      the provisions of this paragraph shall apply). The Borrower consents to the
      foregoing and agrees, to the extent it may effectively do so under applicable
      law, that any Lender acquiring a participation pursuant to the foregoing
      arrangements may exercise against the Borrower rights of set-off and
      counterclaim with respect to such participation as fully as if such Lender
      were
      a direct creditor of the Borrower in the amount of such
      participation.

     

    
      
        
        

      

      
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    (d)  Unless
      the Administrative Agent shall have received notice from the Borrower prior
      to
      the date on which any payment is due to the Administrative Agent for the account
      of the Lenders or the Issuing Bank hereunder that the Borrower will not make
      such payment, the Administrative Agent may assume that the Borrower has made
      such payment on such date in accordance herewith and may, in reliance upon
      such
      assumption, distribute to the Lenders or the Issuing Bank, as the case may
      be,
      the amount due. In such event, if the Borrower has not in fact made such
      payment, then each of the Lenders or the Issuing Bank, as the case may be,
      severally agrees to repay to the Administrative Agent forthwith on demand the
      amount so distributed to such Lender or Issuing Bank with interest thereon,
      for
      each day from and including the date such amount is distributed to it to but
      excluding the date of payment to the Administrative Agent, at the greater of
      the
      Federal Funds Effective Rate and a rate determined by the Administrative Agent
      in accordance with banking industry rules on interbank
      compensation.

     

    (e)  If
      any
      Lender shall fail to make any payment required to be made by it pursuant to
      Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), then the
      Administrative Agent may, in its discretion (notwithstanding any contrary
      provision hereof), apply any amounts thereafter received by the Administrative
      Agent for the account of such Lender to satisfy such Lender’s obligations under
      such Sections until all such unsatisfied obligations are fully
      paid.

     

    SECTION
      2.19  Mitigation
      Obligations; Replacement of Lenders.
      (a) If
      any Lender requests compensation under Section 2.15, or if the Borrower is
      required to pay any additional amount to any Lender or any Governmental
      Authority for the account of any Lender pursuant to Section 2.17, then such
      Lender shall use reasonable efforts to designate a different lending office
      for
      funding or booking its Loans hereunder or to assign its rights and obligations
      hereunder to another of its offices, branches or affiliates, if, in the judgment
      of such Lender, such designation or assignment (i) would eliminate or
      reduce amounts payable pursuant to Section 2.15 or 2.17, as the case may
      be, in the future and (ii) would not subject such Lender to any
      unreimbursed cost or expense and would not otherwise be disadvantageous to
      such
      Lender. The Borrower hereby agrees to pay all reasonable costs and expenses
      incurred by any Lender in connection with any such designation or
      assignment.

     

    (b)  If
      any
      Lender requests compensation under Section 2.15, or if the Borrower is
      required to pay any additional amount to any Lender or any Governmental
      Authority for the account of any Lender pursuant to Section 2.17, or if any
      Lender defaults in its obligation to fund Loans hereunder, or if a Lender is
      the
      subject of a Lender Disqualification or is no longer an Eligible Assignee under
      clause (B) of the definition thereof, then the Borrower may, at its sole
      expense and effort, upon notice to such Lender and the Administrative Agent,
      require such Lender to assign and delegate, without recourse (in accordance
      with
      and subject to the restrictions contained in Section 9.04), all its
      interests, rights and obligations under this Agreement to an assignee that
      shall
      assume such obligations (which assignee may be another Lender, if a Lender
      accepts such assignment); provided
      that
      (i) the Borrower shall have received the prior written consent of the
      Administrative Agent (and if a Commitment is being assigned, the Issuing Bank),
      which consent shall not unreasonably be withheld, (ii) such Lender shall
      have received payment of an amount equal to the outstanding principal of its
      Loans and participations in LC Disbursements and Swingline Loans, accrued
      interest thereon, accrued fees and all other amounts payable to it hereunder,
      from the assignee (to the extent of such outstanding principal and accrued
      interest and fees) or the Borrower (in the case of all other amounts),
      (iii) in the case of any such assignment resulting from a claim for
      compensation under Section 2.15 or payments required to be made pursuant to
      Section 2.17, such assignment will result in a reduction in such
      compensation or payments, and (iv) in the case of any such assignment resulting
      from a Lender becoming the subject of a Lender Disqualification or no longer
      qualifying as an Eligible Assignee under clause (B) of the definition
      thereof, such assignment will be to an Eligible Assignee. A Lender shall not
      be
      required to make any such assignment and delegation if, prior thereto, as a
      result of a waiver by such Lender or otherwise, the circumstances entitling
      the
      Borrower to require such assignment and delegation cease to apply.

     

    
      
        
        

      

      
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    ARTICLE III

     

    REPRESENTATIONS
      AND WARRANTIES

     

    Each
      Loan
      Party represents and warrants to the Lenders that except as expressly set forth
      in the Disclosure Schedules:

     

    SECTION
      3.01  Organization;
      Powers.
      Each of
      the Borrower and the other Loan Parties is duly organized, validly existing
      and
      in good standing under the laws of the jurisdiction of its organization, has
      all
      requisite power and authority to carry on its business as now conducted and,
      except where the failure to do so, individually or in the aggregate, could
      not
      reasonably be expected to result in a Material Adverse Effect, is qualified
      to
      do business in, and is in good standing in, every jurisdiction where such
      qualification is required.

     

    SECTION
      3.02  Authorization;
      Enforceability.
      The
      Transactions are within the Borrower’s and each applicable Loan Party’s
      corporate powers and have been duly authorized by all necessary corporate and,
      if required, stockholder action. Each of this Agreement and the other Loan
      Documents has been duly executed and delivered by Borrower and each Loan Party
      party thereto and constitutes a legal, valid and binding obligation of such
      Person, enforceable in accordance with its terms, subject to applicable
      bankruptcy, insolvency, reorganization, moratorium or other laws affecting
      creditors’ rights generally and subject to general principles of equity,
      regardless of whether considered in a proceeding in equity or at
      law.

     

    SECTION
      3.03  Governmental
      Approvals; No Conflicts.
      The
      Transactions (a) do not require any consent or approval of, registration or
      filing with, or any other action by, any Governmental Authority, except (i)
      such
      as have been obtained or made and are in full force and effect, and (ii) notices
      and filings under applicable Gaming Laws which are not required to be taken
      prior to the date of this Agreement which notices or filings the Borrower will
      seek in due course after the date of this Agreement), (b) will not violate
      any applicable law or regulation or the charter, by-laws or other organizational
      documents of the Borrower or any of its Subsidiaries or any order of any
      Governmental Authority, (c) will not violate or result in a default under
      any indenture, material agreement or other material instrument binding upon
      the
      Borrower or any of its Subsidiaries or its assets, or give rise to a right
      thereunder to require any payment to be made by the Borrower or any of its
      Subsidiaries, and (d) will not result in the creation or imposition of any
      Lien on any asset of the Borrower or any of its Subsidiaries.

     

    SECTION
      3.04  Financial
      Condition; No Material Adverse Change.
      (a) The
      Borrower has heretofore furnished to the Lenders its consolidated balance sheet
      and statements of income, stockholders equity and cash flows (i) as of and
      for the fiscal year ended June 30, 2005, reported on by Ernst & Young LLP,
      independent public accountants, and (ii) as of and for the fiscal quarter
      and the portion of the fiscal year ended December 31, 2005, certified by its
      chief financial officer. The financial statements present fairly, in all
      material respects, the financial position and results of operations and cash
      flows of the Borrower and its consolidated Subsidiaries as of such dates and
      for
      such periods in accordance with GAAP, subject to year-end audit adjustments
      and
      the absence of footnotes in the case of the statements referred to in clause
      (ii) above.

     

    
      
        
        

      

      
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    (b)  Since
      June 30, 2005, there has been no material adverse change in the business,
      assets, operations or financial condition of the Borrower and its Subsidiaries,
      taken as a whole, and since the date of this Agreement there has been no other
      Material Adverse Effect.

     

    SECTION
      3.05  Properties.
      (a) Each
      of Borrower, the other Loan Parties and Material Subsidiaries has good title
      to,
      or valid leasehold interests in, all its real and personal property material
      to
      its business, except for minor defects in title that do not interfere with
      its
      ability to conduct its business as currently conducted.

     

    (b)  Each
      of
      the Borrower, the other Loan Parties and Material Subsidiaries owns, or is
      licensed to use, all trademarks, tradenames, copyrights, patents and other
      intellectual property material to its business, and the use thereof by the
      Borrower and its Subsidiaries does not infringe upon the rights of any other
      Person, except for any such infringements that, individually or in the
      aggregate, could not reasonably be expected to result in a Material Adverse
      Effect.

     

    SECTION
      3.06  Litigation
      and Environmental Matters.
      (a)
      There
      are no actions, suits or proceedings by or before any arbitrator or Governmental
      Authority pending against or, to the knowledge of the Borrower, threatened
      against or affecting the Borrower or any of its Subsidiaries (i) as to
      which there is a reasonable possibility of an adverse determination and that,
      if
      adversely determined, could reasonably be expected, individually or in the
      aggregate, to result in a Material Adverse Effect or (ii) that involve this
      Agreement, any other Loan Document or the Transactions. Neither Borrower nor
      any
      Subsidiary has any material contingent obligations incident to any actions,
      suits or proceedings not provided for or disclosed in the financial statements
      referred to in Section 3.04 that would reasonably be expected to have a
      Material Adverse Effect.

     

    (b)  Except
      with respect to any other matters that, individually or in the aggregate, could
      not reasonably be expected to result in a Material Adverse Effect, neither
      the
      Borrower nor any of its Subsidiaries (i) has failed to comply with any
      Environmental Law or to obtain, maintain or comply with any permit, license
      or
      other approval required under any Environmental Law, (ii) has become
      subject to any Environmental Liability, (iii) has received notice of any
      claim with respect to any Environmental Liability or (iv) knows of any
      basis for any Environmental Liability.

     

    (c)  Since
      the
      date of this Agreement, there has been no change in the status of the matters
      disclosed in the Disclosure Schedules that, individually or in the aggregate,
      has resulted in, or would reasonably be expected to result in, Material Adverse
      Effect.

     

    
      
        
        

      

      
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    SECTION
      3.07  Compliance
      with Laws and Agreements.
      Each of
      the Borrower and its Subsidiaries is in compliance with all laws, regulations
      and orders of any Governmental Authority applicable to it or its property and
      all indentures, agreements and other instruments binding upon it or its
      property, except where the failure to do so, individually or in the aggregate,
      could not reasonably be expected to result in a Material Adverse Effect. No
      Event of Default has occurred and is continuing.

     

    SECTION
      3.08  Investment
      and Holding Company Status.
      Neither
      the Borrower nor any of its Subsidiaries is (a) an “investment company” as
      defined in, or subject to regulation under, the Investment Company Act of 1940
      or (b) a “holding company” as defined in, or subject to regulation under,
      the Public Utility Holding Company Act of 1935.

     

    SECTION
      3.09  Taxes.
      Each of
      the Borrower and its Subsidiaries has filed or caused to be filed all Tax
      returns and reports required to have been filed and has paid or caused to be
      paid all Taxes required to have been paid by it, except (a) Taxes and
      returns and reports which are not yet delinquent; (b) Taxes that are being
      contested in good faith by appropriate proceedings which prevent enforcement
      thereof and for which the Borrower or such Subsidiary, as applicable, has set
      aside on its books adequate reserves or (c) to the extent that the failure
      to do so could not reasonably be expected to result in a Material Adverse
      Effect.

     

    SECTION
      3.10  ERISA.
      No
      ERISA Event has occurred or is reasonably expected to occur that, when taken
      together with all other such ERISA Events for which liability is reasonably
      expected to occur, could reasonably be expected to result in a Material Adverse
      Effect.

     

    SECTION
      3.11  Labor
      Disputes.
      As of
      the Effective Date, there are no strikes, lockouts or slowdowns against Borrower
      or any Subsidiary pending or, to the knowledge of the Borrower, threatened,
      which would, individually or in the aggregate, reasonably be expected to have
      a
      Material Adverse Effect.

     

    SECTION
      3.12  Subsidiaries.
      The
      Disclosure Schedules contain an accurate list of all Subsidiaries of Borrower
      as
      of the date of this Agreement, setting forth their respective types and
      jurisdictions of organization and the percentage of their respective Equity
      Interests owned by Borrower or another Subsidiary of Borrower.

     

    SECTION
      3.13  Solvency.
      Immediately after the consummation of the Transactions to occur on the Effective
      Date, (i) the fair value of the assets of each Loan Party, at a fair
      valuation, will exceed its debts and liabilities, subordinated, contingent
      or
      otherwise (as such liabilities would reasonably be expected to be evaluated
      by a
      court under applicable federal and state laws related to the insolvency of
      debtors); (ii) the present fair saleable value of the property of each Loan
      Party will be greater than the amount that will be required to pay the probable
      liability of its debts and other liabilities, subordinated, contingent or
      otherwise, as such debts and other liabilities become absolute and matured;
      (iii) each Loan Party will be able to pay its debts and liabilities,
      subordinated, contingent or otherwise, as such debts and liabilities become
      absolute and matured; and (iv) each Loan Party will not have unreasonably
      small capital with which to conduct the business in which it is engaged as
      such
      business is now conducted and is proposed to be conducted after the Effective
      Date.

     

    
      
        
        

      

      
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    SECTION
      3.14  Common
      Enterprise.
      The
      successful operation and condition of each of the Loan Parties is dependent
      on
      the continued successful performance of the functions of the group of the Loan
      Parties as a whole and the successful operation of each of the Loan Parties
      is
      dependent on the successful performance and operation of each other Loan Party.
      Each Loan Party expects to derive benefit (and its board of directors or other
      governing body has determined that it may reasonably be expected to derive
      benefit), directly and indirectly, from (i) successful operations of each
      of the other Loan Parties and (ii) the credit extended by the Lenders to
      the Borrower hereunder, both in their separate capacities and as members of
      the
      group of companies. Each Loan Party has determined that execution, delivery,
      and
      performance of this Agreement and any other Loan Documents to be executed by
      such Loan Party is within its purpose, will be of direct and indirect benefit
      to
      such Loan Party, and is in its best interest.

     

    SECTION
      3.15  Material
      Agreements.
      Neither
      Borrower nor any Subsidiary is a party to any agreement or instrument the
      performance of which, or subject to any charter or other corporate restriction
      which, could reasonably be expected to have a Material Adverse Effect. Neither
      Borrower nor any Subsidiary is in default in the performance, observance or
      fulfillment of any of the obligations, covenants or conditions contained in
      (i)
      any agreement or instrument evidencing or governing Material Indebtedness or
      (ii) any other agreement or instrument which default with respect to this clause
      (ii) could reasonably be expected to result in a Material Adverse
      Effect.

     

    SECTION
      3.16  Subordinated
      Indebtedness.
      The
      Obligations constitute senior indebtedness which is entitled to the benefits
      of
      the subordination provisions of all outstanding Subordinated Indebtedness.
      The
      subordination provisions of the Subordinated Indebtedness are enforceable
      against the holders of the Subordinated Indebtedness by Agent and the Lenders.
      Each Loan Party acknowledges that each of the Administrative Agent and the
      Lenders are entering into this Agreement and are extending the Commitments
      and
      making the Loans in reliance upon the subordination provisions of the
      Subordinated Indebtedness and this Section 3.16.

     

    SECTION
      3.17  Disclosure.
      The
      Borrower has disclosed to the Administrative Agent or the Lenders all
      agreements, instruments and corporate or other restrictions to which it or
      any
      of its Subsidiaries is subject, and all other matters, in each case known to
      it,
      that, individually or in the aggregate, could reasonably be expected to result
      in a Material Adverse Effect. Neither the Information Memorandum nor any of
      the
      other reports, financial statements, certificates or other information furnished
      by or on behalf of the Borrower to the Administrative Agent or any Lender in
      connection with the negotiation of this Agreement or delivered hereunder (as
      modified or supplemented by other information so furnished) contains any
      material misstatement of fact or, to Borrower’s knowledge, omits to state any
      material fact necessary to make the statements therein when taken as a whole
      and
      in the light of the circumstances under which they were made, not misleading;
      provided
      that,
      with respect to projected financial information and consolidating financial
      statements, each Loan Party represents only that such information was prepared
      in good faith based upon assumptions believed to be reasonable at the
      time.

     

    
      
        
        

      

      
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    ARTICLE IV

     

    CONDITIONS

     

    SECTION
      4.01  Effective
      Date.
      The
      obligations of the Lenders to make Loans and of the Issuing Bank to issue
      Letters of Credit hereunder shall not become effective until the date on which
      each of the following conditions is satisfied (or waived in accordance with
      Section 9.02):

     

    (a)  The
      Administrative Agent (or its counsel) shall have received either (i) a
      counterpart of each of this Agreement and each other Loan Document signed on
      behalf of each party thereto or (ii) written evidence satisfactory to the
      Administrative Agent (which may include telecopy or electronic transmission
      of a
      signed signature page of each of this Agreement and each other Loan
      Document) that each party thereto has signed a counterpart of this
      Agreement.

     

    (b)  The
      Administrative Agent shall have received a written opinion (addressed to the
      Administrative Agent and the Lenders and dated the Effective Date) of Blank
      Rome
      LLP (and/or other counsel satisfactory to Administrative Agent), as counsel
      for
      the Borrower and its Subsidiaries, in form and substance reasonably acceptable
      to Administrative Agent, and covering such matters relating to the Borrower,
      its
      Subsidiaries, this Agreement, the other Loan Documents or the Transactions
      as
      Administrative Agent shall reasonably request. Borrower hereby requests such
      counsel to deliver such opinion.

     

    (c)  The
      Administrative Agent shall have completed its due diligence and each of the
      Borrower’s and each Subsidiary’s corporate structure, capital structure,
      governing documents and material agreements shall be acceptable to the
      Administrative Agent. In addition, the terms and conditions of all Indebtedness
      of each Borrower and each Subsidiary, including, without limitation, the
      subordination provisions of all Subordinated Indebtedness, shall be acceptable
      to Administrative Agent.

     

    (d)  All
      legal
      (including tax implications) and regulatory matters, including, but not limited
      to compliance with all Gaming Authorizations and with applicable requirements
      of
      Regulations U, T and X of the Board, shall be reasonably satisfactory to the
      Administrative Agent and the Lenders.

     

    (e)  Administrative
      Agent shall have determined that since June 30, 2005, (i) there is an absence
      of
      any material adverse change or disruption in primary or secondary loan
      syndication markets, financial markets or in capital markets generally that
      would likely impair syndication of the credit facilities hereunder, and (ii)
      there has been no Material Adverse Effect.

     

    (f)  Borrower
      shall have delivered a properly completed LC Application if the initial credit
      extension will include the issuance of a Letter of Credit.

     

    (g)  The
      Administrative Agent shall have received such documents and certificates as
      the
      Administrative Agent or its counsel may reasonably request relating to the
      organization, existence and good standing of each Loan Party, the authorization
      of the Transactions and any other legal matters relating to each Loan Party,
      this Agreement, the other Loan Documents or the Transactions, all in form and
      substance reasonably satisfactory to the Administrative Agent and its counsel,
      including, without limitation, the agreements and other documents referenced
      in
      the Closing Document List.

     

    
      
        
        

      

      
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    (h)  The
      Administrative Agent shall have received a certificate, dated the Effective
      Date
      and signed by the President, a Vice President or a Financial Officer of the
      Borrower, (i) confirming compliance with the conditions set forth in paragraphs
      (a) and (b) of Section 4.02, and (ii) either (A) attaching copies of
      all consents, licenses and approvals required in connection with the execution,
      delivery and performance by each of the Loan Parties of the Loan Documents
      to
      which it is a party, and such consents, licenses and approvals shall be in
      full
      force and effect, or (B) stating that no such consents, licenses or
      approvals are so required, other than, in the case of either clause (A) or
      (B), any such consents, licenses or approvals under applicable Gaming Laws
      which
      are not required to be obtained on or prior to the Effective Date, which
      consents, licenses or approvals the Loan Parties will seek in due course after
      the Effective Date;

     

    (i)  The
      Administrative Agent shall have received all fees and other amounts due and
      payable on or prior to the Effective Date, including, to the extent invoiced,
      reimbursement or payment of all reasonable out-of-pocket expenses (including,
      without limitation, reasonable attorneys fees) required to be reimbursed or
      paid
      by the Borrower hereunder.

     

    (j)  Administrative
      Agent shall have received evidence of the termination of Borrower’s credit
      facility with LaSalle Bank National Association satisfactory to Administrative
      Agent.

     

    The
      Administrative Agent shall notify the Borrower and the Lenders of the Effective
      Date, and such notice shall be conclusive and binding. Notwithstanding the
      foregoing, the obligations of the Lenders to make Loans and of the Issuing
      Bank
      to issue Letters of Credit hereunder shall not become effective unless each
      of
      the foregoing conditions is satisfied (or waived pursuant to Section 9.02)
      at or prior to 3:00 p.m., Chicago time, on May 1, 2006 (and, in the event
      such conditions are not so satisfied or waived, the Commitments shall terminate
      at such time).

     

    SECTION
      4.02  Each
      Credit Event.
      The
      obligation of each Lender to make a Loan on the occasion of any Borrowing,
      and
      of the Issuing Bank to issue, amend, renew or extend any Letter of Credit,
      is
      subject to the satisfaction of the following conditions:

     

    (a)  The
      representations and warranties of each Loan Party and Subsidiary Guarantor
      a
      party thereto set forth in this Agreement and each other Loan Document shall
      be
      true and correct on and as of the date of such Borrowing or the date of
      issuance, amendment, renewal or extension of such Letter of Credit, as
      applicable.

     

    (b)  At
      the
      time of and immediately after giving effect to such Borrowing or the issuance,
      amendment, renewal or extension of such Letter of Credit, as applicable, no
      Default shall have occurred and be continuing.

     

    
      
        
        

      

      
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    Each
      Borrowing and each issuance, amendment, renewal or extension of a Letter of
      Credit shall be deemed to constitute a representation and warranty by each
      Loan
      Party on the date thereof as to the matters specified in paragraphs (a) and
      (b) of this Section.

     

    ARTICLE V

     

    AFFIRMATIVE
      COVENANTS

     

    Until
      the
      Commitments have expired or been terminated and the principal of and interest
      on
      each Loan and all fees payable hereunder shall have been paid in full and all
      Letters of Credit shall have expired or terminated and all LC Disbursements
      shall have been reimbursed and all other Obligations shall have been paid in
      full, each Loan Party covenants and agrees with the Lenders that:

     

    SECTION
      5.01  Financial
      Statements and Other Information.
      The
      Borrower will furnish to the Administrative Agent and each Lender:

     

    (a)  within
      120 days after the end of each fiscal year of the Borrower, (i) its audited
      consolidated balance sheet and related statements of operations, stockholders’
equity and cash flows as of the end of and for such year, setting forth in
      each
      case in comparative form the figures for the previous fiscal year, together
      with
      an opinion (without
      a “going
      concern”
or
      like
      qualification or exception, without any qualification or exception as to the
      scope of such audit and without any other material qualification or
      exception)
      by Ernst
& Young PC or other independent public accountants of recognized national
      standing to the effect that such consolidated financial statements present
      fairly in all material respects the financial condition and results of
      operations of the Borrower and its consolidated Subsidiaries on a consolidated
      basis in accordance with GAAP and (ii) its unaudited consolidating balance
      sheet
      and related consolidating statement of operations as of the end of and for
      such
      year;

     

    (b)  within
      60
      days after the end of each of the first three fiscal quarters of each fiscal
      year of the Borrower, (i) its consolidated balance sheet and related statements
      of operations and cash flows as of the end of and for such fiscal quarter
      (except for cash flows) and the then elapsed portion of the fiscal year, setting
      forth in each case in comparative form the figures for the corresponding period
      or periods of (or, in the case of the balance sheet, as of the end of) the
      previous fiscal year, all certified by one of its Financial Officers as
      presenting fairly in all material respects the financial condition and results
      of operations of the Borrower and its consolidated Subsidiaries on a
      consolidated basis in accordance with GAAP consistently applied, subject to
      normal year-end audit adjustments and the absence of footnotes and (ii) its
      unaudited consolidating balance sheet and related consolidating statement of
      operations as of the end of and for such fiscal quarter and the then elapsed
      portion of the fiscal year;

     

    (c)  concurrently
      with any delivery of financial statements under clause (a) or (b) above, a
      certificate of a Financial Officer of the Borrower in the form attached hereto
      as Exhibit
      C
      (each, a
“Compliance
      Certificate”)
      (i) certifying as to whether an Event of Default has occurred and is
      continuing, specifying the details thereof and any action taken or proposed
      to
      be taken with respect thereto, (ii) setting forth reasonably detailed
      calculations demonstrating compliance with Sections 6.11 and 6.12 and
      (iii) stating whether any change in GAAP or in the application thereof has
      occurred since the date of the audited financial statements referred to in
      Section 3.04 and, if any such change has occurred, specifying the effect of
      such change on the financial statements accompanying such
      certificate;

     

    
      
        
        

      

      
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    (d)  promptly
      after the same become publicly available, notice of all periodic and other
      current reports filed under the Securities Exchange Act of 1934 and proxy
      statements filed by the Borrower or any Subsidiary with the Securities and
      Exchange Commission (or any Governmental Authority succeeding to any or all
      of
      the functions of the Securities and Exchange Commission) or distributed by
      the
      Borrower to its shareholders generally, as the case may be;

     

    (e)  promptly
      following approval by Borrower’s board of directors (but in any event not later
      than the commencement of each fiscal year) a three year financial plan for
      Borrower and its Subsidiaries, on a consolidated basis, for such fiscal year
      and
      the next two fiscal years (including quarterly balance sheet and related
      statements of operations and cash flows) prepared in a manner consistent with
      the financial plan delivered by Borrower to the Lenders prior to the date hereof
      or otherwise in a manner reasonably satisfactory to the Administrative Agent;
      and

     

    (f)  promptly
      following any request therefor, such other information regarding the operations,
      business affairs and financial condition of the Borrower or any Subsidiary,
      or
      compliance with the terms of this Agreement and the other Loan Documents, as
      the
      Administrative Agent or any Lender may reasonably request.

     

    SECTION
      5.02  Notices
      of Material Events.
      The
      Borrower will furnish to the Administrative Agent and each Lender prompt (and,
      in any event within 5 Business Days after the occurrence thereof) written notice
      of the following:

     

    (a)  the
      occurrence of any Event of Default;

     

    (b)  the
      filing or commencement of any action, suit or proceeding by or before any
      arbitrator or Governmental Authority against or affecting the Borrower or any
      Affiliate thereof that (i) seeks to revoke any Gaming Authorization, (ii) seeks
      damages in excess of $10,000,000, (iii) seeks injunctive relief, (iv)
      alleges criminal misconduct by any Loan Party, (v) contests any tax, fee,
      assessment, or other governmental charge in excess of $10,000,000, or (vi)
      if
      adversely determined, could reasonably be expected to result in a Material
      Adverse Effect;

     

    (c)  the
      occurrence of any ERISA Event that, alone or together with any other ERISA
      Events that have occurred, could reasonably be expected to result in liability
      of the Borrower and its Subsidiaries in an aggregate amount exceeding
      $10,000,000;

     

    (d)  the
      occurrence of any default under any agreement, instrument or other document
      evidencing Material Indebtedness that could result in such Material Indebtedness
      becoming due prior to its scheduled maturity or that enables or permits (with
      or
      without the giving of notice, the lapse of time or both) the holder or holders
      of such Material Indebtedness or any trustee or agent on its or their behalf
      to
      cause such Material Indebtedness to become due, or to require the prepayment,
      repurchase, redemption or defeasance thereof, prior to its scheduled
      maturity;

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

    (e)  any
      Governmental Authority shall take any action to condemn, seize or otherwise
      appropriate, or take control of, any Material Portion, or any Material Portion
      is lost, stolen or destroyed;

     

    (f)  any
      other
      development that results in, or could reasonably be expected to result in,
      a
      Material Adverse Effect.

     

    Each
      notice delivered under this Section shall be accompanied by a statement of
      a Financial Officer or other executive officer of the Borrower setting forth
      the
      details of the event or development requiring such notice and any action taken
      or proposed to be taken with respect thereto.

     

    SECTION
      5.03  Existence;
      Conduct of Business.
      Each
      Loan Party will, and will cause each of its Material Subsidiaries to, do or
      cause to be done all things necessary to preserve, renew and keep in full force
      and effect its legal existence and the rights, licenses, permits, privileges
      and
      franchises material to the conduct of its business; provided that the foregoing
      shall not prohibit any merger, consolidation, liquidation or dissolution
      permitted under Section 6.03.

     

    SECTION
      5.04  Payment
      of Obligations.
      Each
      Loan Party will, and will cause each of its Subsidiaries to, pay its
      obligations, including Tax liabilities, that, if not paid, could result in
      a
      Material Adverse Effect before the same shall become delinquent or in default,
      except where (a) the validity or amount thereof is being contested in good
      faith by appropriate proceedings which are sufficient to prevent the enforcement
      thereof, (b) such Loan Party or such Subsidiary has set aside on its books
      adequate reserves with respect thereto in accordance with GAAP and (c) the
      failure to make payment pending such contest could not reasonably be expected
      to
      result in a Material Adverse Effect.

     

    SECTION
      5.05  Maintenance
      of Properties; Insurance.
      Each
      Loan Party will, and will cause each of its Material Subsidiaries to,
      (a) keep and maintain all property material to the conduct of its business
      in good working order and condition, ordinary wear and tear excepted, and
      (b) maintain, with financially sound and reputable insurance companies,
      insurance in such amounts and against such risks as are customarily maintained
      by companies engaged in the same or similar businesses operating in the same
      or
      similar locations.

     

    SECTION
      5.06  Books
      and Records; Inspection Rights.
      Each
      Loan Party will, and will cause each of its Material Subsidiaries to, keep
      proper books of record and account in which full, true and correct entries
      are
      made of all dealings and transactions in relation to its business and
      activities. Each Loan Party will, and will cause each of its Material
      Subsidiaries to, permit any representatives designated by the Administrative
      Agent or any Lender, upon reasonable prior notice, to visit and inspect its
      properties, to examine and make extracts from its books and records, and to
      discuss its affairs, finances and condition with its officers and independent
      accountants, all at such reasonable times and as often as reasonably requested;
      provided that, absent the occurrence and during the continuance of an Event
      of
      Default, such inspections shall not occur more than once per fiscal
      year.

     

    SECTION
      5.07  Compliance
      with Laws.
      Each
      Loan Party will, and will cause each of its Subsidiaries to, comply with all
      laws, rules, regulations and orders of any Governmental Authority applicable
      to
      it or its property, except where the failure to do so, individually or in the
      aggregate, could not reasonably be expected to result in a Material Adverse
      Effect.

     

    
      
        
        

      

      
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    SECTION
      5.08  Use
      of Proceeds and Letters of Credit.
      The
      proceeds of the Loans will be used only for working capital and general
      corporate purposes (not otherwise prohibited by this Agreement or the other
      Loan
      Documents) including Permitted Acquisitions, and Capital Expenditures, dividends
      and share repurchases that are permitted under this Agreement. No part of the
      proceeds of any Loan will be used, whether directly or indirectly, for any
      purpose that entails a violation of any of the Regulations of the Board,
      including Regulations T, U and X.

     

    SECTION
      5.09  Further
      Assurances.
      Each
      Loan Party shall (i) cause each of its Domestic Subsidiaries (other than
      Lenc-Smith Inc. so long as it is not a Material Subsidiary) as of the Effective
      Date to become and remain Subsidiary Guarantors, and (ii) cause each of its
      Domestic Subsidiaries formed or acquired after the Effective Date that is or
      at
      any time thereafter becomes a Material Subsidiary to become a Loan Party by
      executing the Joinder Agreement substantially in the form set forth as
Exhibit
      D
      hereto
      with such changes thereto as may be required by Administrative Agent (each
      a
“Joinder
      Agreement”).
      Upon
      execution and delivery thereof, each such Person shall automatically become
      a
      Loan Party and Subsidiary Guarantor hereunder and thereupon shall have all
      of
      the rights, benefits, duties, and obligations in such capacity under the Loan
      Documents. Each Loan Party shall, and shall cause each Subsidiary to, execute
      and deliver, or cause to be executed and delivered, to the Administrative Agent
      such documents and agreements, and shall take or cause to be taken such actions
      as the Administrative Agent may, from time to time, reasonably request to carry
      out the terms and conditions of this Agreement and the other Loan
      Documents.

     

    ARTICLE VI

     

    NEGATIVE
      COVENANTS

     

    Until
      the
      Commitments have expired or terminated and the principal of and interest on
      each
      Loan and all fees payable hereunder have been paid in full and all Letters
      of
      Credit have expired or terminated and all LC Disbursements shall have been
      reimbursed, and the other Obligations shall have been paid in full, each Loan
      Party covenants and agrees with the Lenders that:

     

    SECTION
      6.01  Indebtedness.
      No Loan
      Party will, nor will it permit any Subsidiary to, create, incur or suffer to
      exist any Indebtedness, except:

     

    (a)  Indebtedness
      created hereunder;

     

    (b)  Indebtedness
      existing on the date hereof and set forth in Schedule 6.01
      of the
      Disclosure Schedules (which Schedule may reflect the amount of such Indebtedness
      as of the month most recently ended prior to the date hereof for which Borrower
      has completed its consolidated financial statements), but not any extensions,
      renewals or replacements of any such Indebtedness;

     

    
      
        
        

      

      
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    (c)  Indebtedness
      of the Borrower to any Subsidiary and of any Subsidiary to the Borrower or
      any
      other Subsidiary; provided
      that,
      (i) Indebtedness of any Subsidiary that is not a Loan Party to the Borrower
      or
      any Subsidiary that is a Loan Party shall be subject to Section 6.04 and
      (ii) Indebtedness of the Borrower to any Subsidiary and Indebtedness of any
      Subsidiary that is a Loan Party to any Subsidiary that is not a Loan Party
      shall
      be subordinated to the Obligations on terms reasonably satisfactory to the
      Administrative Agent;

     

    (d)  Guarantees
      by the Borrower of Indebtedness of any Subsidiary and by any Subsidiary of
      Indebtedness of the Borrower or any other Subsidiary; provided
      that
      (i) the Indebtedness so Guaranteed is permitted by this Section 6.01,
      (ii) Guarantees by the Borrower or any Subsidiary that is a Loan Party of
      Indebtedness of any Subsidiary that is not a Loan Party shall be subject to
      Section 6.04 and (iii) Guarantees permitted under this clause (d)
      shall be subordinated to the Obligations of the applicable Subsidiary on the
      same terms as the Indebtedness so Guaranteed is subordinated to the
      Obligations;

     

    (e)  Indebtedness
      of the Borrower or any Subsidiary incurred to finance the acquisition,
      construction or improvement of any fixed or capital assets, including Capital
      Lease Obligations and any Indebtedness assumed in connection with the
      acquisition of any such assets or secured by a Lien on any such assets prior
      to
      the acquisition thereof, and extensions, renewals and replacements of any such
      Indebtedness that do not increase the outstanding principal amount thereof;
      provided
      that
      (i) such Indebtedness is incurred prior to or within 90 days after
      such acquisition or the completion of such construction or improvement and
      (ii) the aggregate principal amount of Indebtedness permitted by this
      clause (e) shall not exceed $10,000,000 at any time
      outstanding;

     

    (f)  Indebtedness
      of any Person that becomes a Subsidiary after the date hereof in connection
      with
      a Permitted Acquisition; provided
      that
      (i) such Indebtedness exists at the time such Person becomes a Subsidiary
      or is refinanced in contemplation of or in connection with such Person becoming
      a Subsidiary and (ii) the aggregate principal amount of Indebtedness
      permitted by this clause (f) shall not exceed $20,000,000 at any time
      outstanding;

     

    (g)  Indebtedness
      of the Borrower or any Subsidiary in the form of any deferred purchase price
      or
      post closing obligation in connection with a Permitted Acquisition;

     

    (h)  Indebtedness
      of the Borrower or any Subsidiary as an account party in respect of trade
      letters of credit;

     

    (i)  Indebtedness
      evidenced by the Subordinated Notes in an aggregate principal amount not
      exceeding $115,000,000 at any time outstanding including any extensions,
      renewals or refinancing of such Indebtedness provided that, (i) the
      principal amount or interest rate of such Indebtedness is not increased,
      (ii) such Indebtedness is unsecured and no Loan Party that is not
      originally obligated with respect to repayment of such Indebtedness is required
      to become obligated with respect thereto, (iii) such extension, refinancing
      or renewal does not result in a shortening of the maturity of the Indebtedness
      so extended, refinanced or renewed, and the maturity of such Indebtedness is
      at
      least six month after the Maturity Date, (iv) the terms of any such
      extension, refinancing, or renewal are not less favorable to the obligor
      thereunder than the original terms of such Indebtedness and (iv) the terms
      and conditions of the refinancing, renewal, or extension Indebtedness must
      include subordination terms and conditions that are at least as favorable to
      the
      Administrative Agent and the Lenders as those that were applicable to the
      refinanced, renewed, or extended Indebtedness;

     

    
      
        
        

      

      
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    (j)  Indebtedness
      under Swap Agreements permitted by Section 6.05; and

     

    (k)  other
      unsecured Indebtedness in an aggregate principal amount not exceeding $5,000,000
      at any time outstanding.

     

    For
      greater certainty, it is understood and agreed that all Indebtedness permitted
      by clauses (f) and (g) above shall be included in the calculation of “aggregate
      consideration” for purposes of clause (f) of the definition of Permitted
      Acquisition.

     

    SECTION
      6.02  Liens.
      No Loan
      Party will, nor will it permit any Subsidiary to, create, incur, assume or
      permit to exist any Lien on any property or asset now owned or hereafter
      acquired by it, or assign or sell any income or revenues (including accounts
      receivable) or rights in respect of any thereof, except:

     

    (a)  Permitted
      Encumbrances;

     

    (b)  any
      Lien
      on any property or asset of the Borrower or any Subsidiary existing on the
      date
      hereof and set forth in Schedule 6.02
      of the
      Disclosure Schedules; provided
      that
      (i) such Lien shall not apply to any other property or asset of the
      Borrower or any Subsidiary and (ii) such Lien shall secure only those
      obligations which it secures on the date hereof;

     

    (c)  any
      Lien
      existing on any property or asset (other than Accounts or Inventory) prior
      to
      the acquisition thereof by the Borrower or any Subsidiary or existing on any
      property or asset (other than Accounts or Inventory) of any Person that becomes
      a Subsidiary after the date hereof prior to the time such Person becomes a
      Subsidiary; provided
      that
      (i) such Lien is not created in contemplation of or in connection with such
      acquisition or such Person becoming a Subsidiary, as the case may be,
      (ii) such Lien shall not apply to any other property or assets of the
      Borrower or any Subsidiary and (iii) such Lien shall secure only those
      obligations which it secures on the date of such acquisition or the date such
      Person becomes a Subsidiary, as the case may be;

     

    (d)  Liens
      on
      fixed or capital assets acquired, constructed or improved by the Borrower or
      any
      Subsidiary; provided
      that
      (i) such security interests secure Indebtedness permitted by clause (e) of
      Section 6.01, (ii) such security interests and the Indebtedness
      secured thereby are incurred prior to or within 90 days after such acquisition
      or the completion of such construction or improvement, (iii) the
      Indebtedness secured thereby does not exceed 100% of the cost of acquiring,
      constructing or improving such fixed or capital assets plus related fees,
      expenses and interest and (iv) such security interests shall not apply to
      any other property or assets of the Borrower or any Subsidiary;

     

    (e)  any
      Liens
      created by Borrower or any Subsidiary under any Loan Document in favor of
      Administrative Agent, for its benefit and the benefit of the
      Lenders.

     

    
      
        
        

      

      
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    Notwithstanding
      the foregoing, none of the Liens permitted pursuant to this Section 6.02,
      other than clause (e) above, may at any time attach to any Accounts or Inventory
      of any of Borrower or its Subsidiaries or Equity Interests issued by any of
      the
      Subsidiaries.

     

    SECTION
      6.03  Fundamental
      Changes.
      (a) No
      Loan Party will, nor will it permit any Subsidiary to, merge into or consolidate
      with any other Person, or permit any other Person to merge into or consolidate
      with it, or sell, transfer, lease or otherwise dispose of (in one transaction
      or
      in a series of transactions) all or any substantial part of its assets (other
      than the sale of inventory in the ordinary course of business), or any stock
      of
      any of its Subsidiaries (in each case, whether now owned or hereafter acquired),
      or liquidate or dissolve, except that, if at the time thereof and immediately
      after giving effect thereto no Default shall have occurred and be continuing
      (i) any Person may merge into the Borrower in a transaction in which the
      Borrower is the surviving corporation, any Person may merge into any
      Subsidiary in a transaction in which the surviving entity is a Wholly-Owned
      Subsidiary and, if any party to such merger is a Loan Party, is or becomes
      a
      Subsidiary that is Loan Party concurrently with such merger, (ii) any Subsidiary
      may sell, transfer, lease or otherwise dispose of its assets to the Borrower
      or
      to a Loan Party and any Subsidiary that is not a Loan Party may sell, transfer,
      lease or otherwise dispose of its assets to any Wholly-Owned Subsidiary,
      (iii) Borrower or any Subsidiary may sell on fair and reasonable terms in
      the ordinary course of its business new slot machines, slot machines
      characterized as gaming operations machines, used slot machines and other gaming
      equipment returned to such Person by a customer and any other equipment or
      assets which in the reasonable determination of Borrower is obsolete, no longer
      needed for the ordinary course of business or is otherwise replaced or upgraded,
      and (iv) any Subsidiary may liquidate or dissolve if the Borrower
      determines in good faith that such liquidation or dissolution is in the best
      interests of the Borrower and is not materially disadvantageous to the Lenders;
      provided
      that any
      such merger involving a Person that is not a Wholly-Owned Subsidiary immediately
      prior to such merger shall not be permitted unless also permitted by
      Section 6.04.

     

    (b) No
      Loan
      Party will, nor will it permit any Subsidiary to, engage to any material extent
      in any business other than businesses of the type conducted by the Borrower
      and
      its Subsidiaries on the date of execution of this Agreement and businesses
      reasonably related thereto or an expansion of such business into another related
      product or service sector.

     

    SECTION
      6.04  Investments,
      Loans, Advances, Guarantees and Acquisitions.
      No Loan
      Party will, nor will it permit any Subsidiary to, purchase, hold or acquire
      (including pursuant to any merger with any Person that was not a Wholly-Owned
      Subsidiary prior to such merger) any capital stock, evidences of indebtedness
      or
      other securities (including any option, warrant or other right to acquire any
      of
      the foregoing) of, make or permit to exist any loans or advances to, Guarantee
      any obligations of, or make or permit to exist any investment or any other
      interest in, any other Person, or purchase or otherwise acquire (in one
      transaction or a series of transactions) any assets of any other Person
      constituting a business unit, except:

     

    (a)  Permitted
      Investments;

     

    (b)  investments
      in existence on the date of this Agreement and described in Schedule 6.04
      of the
      Disclosure Schedules;

     

    
      
        
        

      

      
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    (c)  capital
      contributions, contributions in exchange for Equity Interests or similar
      investments by Borrower and its Subsidiaries in Equity Interests in their
      respective Subsidiaries, provided
      that (i)
      the aggregate amount of investments by Loan Parties in Subsidiaries that are
      not
      Loan Parties (together with outstanding intercompany loans permitted under
      the
      proviso to Section 6.04(d) and outstanding Guarantees permitted under the
      proviso to Section 6.04(e)) shall not exceed $40,000,000 at any time
      outstanding (in each case determined without regard to any write-downs or
      write-offs) and (ii) no Default or is then existing or would be caused by such
      investment;

     

    (d)  loans
      or
      advances made by the Borrower to any Subsidiary and made by any Subsidiary
      to
      the Borrower or any other Subsidiary, provided
      that (i)
      the amount of such loans and advances made by Loan Parties to Subsidiaries
      that
      are not Loan Parties (together with outstanding investments permitted under
      the
      proviso to Section 6.04(c) and outstanding Guarantees permitted under the
      proviso to Section 6.04(e)) shall not exceed $40,000,000 at any time
      outstanding (in each case determined without regard to any write-downs or
      write-offs) and (ii) no Default is then existing or would be caused by such
      loan
      or advance;

     

    (e)  Guarantees
      constituting Indebtedness permitted by Section 6.01, provided
      that the
      aggregate principal amount of Indebtedness of Subsidiaries that are not Loan
      Parties that is Guaranteed by any Loan Party shall (together with outstanding
      investments permitted under the proviso to Section 6.04(c) and outstanding
      intercompany loans permitted under the proviso to Section 6.04(d)) shall
      not exceed $40,000,000 at any time outstanding (in each case determined without
      regard to any write-downs or write-offs) and (ii) no Default is then existing
      or
      would be caused by such Guarantee; and

     

    (f)  Permitted
      Acquisitions.

     

    SECTION
      6.05  Swap
      Agreements.
      No Loan
      Party will, nor will it permit any Subsidiary to, enter into any Swap Agreement
      except (a) Swap Agreements entered into in favor of a Lender or its
      Affiliate to hedge or mitigate risks to which the Borrower or any Subsidiary
      has
      actual exposure (other than those in respect of Equity Interests of the Borrower
      or any of its Subsidiaries), (b) Swap Agreements in favor of a Lender or
      its Affiliate evidencing foreign currency hedging transactions and (c) Swap
      Agreements in favor of a Lender or its Affiliate entered into in order to
      effectively cap, collar or exchange interest rates (from fixed to floating
      rates, from one floating rate to another floating rate or otherwise) with
      respect to any interest-bearing liability or investment of the Borrower or
      any
      Subsidiary.

     

    SECTION
      6.06  Restricted
      Payments.
      No Loan
      Party will, nor will it permit any Subsidiary to, declare or make, or agree
      to
      pay or make, directly or indirectly, any Restricted Payment, except (a) the
      Borrower may declare and pay dividends with respect to its Equity Interests
      payable solely in additional shares of its common stock, (b) Wholly-Owned
      Subsidiaries may declare and pay dividends to Borrower or another Subsidiary,
      (c) the Borrower may make Restricted Payments pursuant to and in accordance
      with equity compensation plans or other benefit plans for management employees,
      members of the Board of directors or consultants of the Borrower and its
      Subsidiaries, (d) Borrower may declare and pay cash dividends with respect
      to its Equity Interests and/or make cash repurchases of its Equity Interests
      that are Permitted Restricted Payments; and (e) Subsidiaries that are not
      Wholly-Owned Subsidiaries may declare and pay cash dividends and/or make cash
      repurchases of its Equity Interests that are Permitted Restricted
      Payments.

     

    
      
        
        

      

      
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    SECTION
      6.07  Transactions
      with Affiliates.
      No Loan
      Party will, nor will it permit any Subsidiary to, sell, lease or otherwise
      transfer any property or assets to, or purchase, lease or otherwise acquire
      any
      property or assets from, or otherwise engage in any other transactions with,
      any
      of its Affiliates, except in the ordinary course of business at prices and
      on
      terms and conditions not less favorable to the Borrower or such Subsidiary
      than
      could be obtained on an arm’s-length basis from unrelated third parties, and
      (b) any Restricted Payment permitted by Section 6.06.

     

    SECTION
      6.08  Restrictive
      Agreements.
      No Loan
      Party will, nor will it permit any Subsidiary to, directly or indirectly, enter
      into, incur or permit to exist any agreement or other arrangement that
      prohibits, restricts or imposes any condition upon (a) the ability of the
      Borrower or any Subsidiary to create, incur or permit to exist any Lien upon
      any
      of its property or assets, or (b) the ability of any Subsidiary to pay
      dividends or other distributions with respect to any shares of its capital
      stock
      or to make or repay loans or advances to the Borrower or any other Subsidiary
      or
      to Guarantee Indebtedness of the Borrower or any other Subsidiary; provided
      that
      (i) the foregoing shall not apply to restrictions and conditions imposed by
      law (including, without limitation, Gaming Laws) or by this Agreement,
      (ii) the foregoing shall not apply to restrictions and conditions existing
      on the date hereof identified on Schedule 6.08
      of the
      Disclosure Schedules (but shall apply to any extension or renewal of, or any
      amendment or modification expanding the scope of, any such restriction or
      condition), (iii) clause (a) of the foregoing shall not apply to
      restrictions or conditions imposed by any agreement relating to secured
      Indebtedness permitted by this Agreement if such restrictions or conditions
      apply only to the property or assets securing such Indebtedness and
      (iv) clause (a) of the foregoing shall not apply to customary provisions in
      leases or licenses restricting the assignment thereof.

     

    SECTION
      6.09  Subordinated
      Indebtedness.
      No Loan
      Party will, nor will it permit any Subsidiary to, make any amendment or
      modification to the indenture, note or other agreement evidencing or governing
      any Subordinated Indebtedness, directly or indirectly voluntarily prepay,
      defease or in substance defease, purchase, redeem, retire or otherwise acquire,
      any Subordinated Indebtedness, or directly or indirectly make any other payment
      with respect to any Subordinated Indebtedness not expressly permitted by the
      subordination terms thereof. Notwithstanding the foregoing, no payment of
      principal shall be made on account of the Subordinated Notes without the prior
      written consent of the Required Lenders.

     

    SECTION
      6.10  Sale
      and Leaseback Transactions and other Off-Balance Sheet
      Liabilities.
      No Loan
      Party will, nor will it permit any Subsidiary to, enter into or suffer to exist
      any sale and leaseback transaction or any other Off-Balance Sheet Liability,
      except for obligations under any Swap Agreements permitted to be incurred under
      the terms of Section 6.05.

     

    
      
        
        

      

      
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    SECTION
      6.11  Capital
      Expenditures and Gaming Operations Equipment Expenditures.

     

    (a)  Capital
      Expenditures.
      No Loan
      Party will, nor will it permit any Subsidiary to, incur or make Capital
      Expenditures (excluding expenditures for gaming operations equipment) in an
      aggregate amount for the Borrower and its Subsidiaries in excess of $30,000,000
      for any fiscal year.

     

    (b)  Gaming
      Operations Equipment Expenditures.
      No Loan
      Party will, nor will it permit any Subsidiary to, incur or make expenditures
      for
      gaming operations equipment in an aggregate amount for the Borrower and its
      Subsidiaries in excess of $175,000,000 for the period from the date of this
      Agreement to and including the Maturity Date.

     

    SECTION
      6.12  Financial
      Covenants.
      

     

    (a)  Interest
      Coverage Ratio.
      The
      Borrower will not permit the ratio, determined as of the end of each of its
      fiscal quarters for the four fiscal quarter period ended on such date, of
      (a) Consolidated EBIT to (b) Consolidated Interest Expense to be less
      than 2.50 to 1.0.

     

    (b)  Total
      Debt Leverage Ratio.
      The
      Borrower will not permit the ratio, determined as of the end of each of its
      fiscal quarters, of (i) Consolidated Indebtedness as of such date to
      (ii) Consolidated EBITDA for the four fiscal quarter period ended on such
      date to be greater than (A) with respect to any fiscal quarter ending on or
      before March 31, 2008, 3.50 to 1.0, and (B) with respect to any fiscal
      quarter thereafter, 3.25 to 1.00.

     

    ARTICLE VII

     

    EVENTS
      OF DEFAULT

     

    If
      any of
      the following events (“Events
      of Default”)
      shall
      occur:

     

    (a)  the
      Borrower shall fail to pay any principal of any Loan or any reimbursement
      obligation in respect of any LC Disbursement when and as the same shall become
      due and payable, whether at the due date thereof or at a date fixed for
      prepayment thereof or otherwise, and, with respect to a failure to pay a LC
      Disbursement reimbursement obligation, such failure is not remedied within
      2
      Business Days after such failure;

     

    (b)  the
      Borrower or any Subsidiary Guarantor shall fail to pay any interest, fee or
      other amount (other than an amount referred to in clause (a) of this Article)
      payable under this Agreement or any other Loan Document when and as the same
      shall become due and payable, and such failure shall continue unremedied for
      a
      period of 5 Business Days;

     

    (c)  any
      representation or warranty made or deemed made by or on behalf of the Borrower
      or any Subsidiary Guarantor in this Agreement or any other Loan Document or
      any
      amendment or modification hereof or thereof or waiver hereunder or thereunder,
      shall prove to have been incorrect when made or deemed made, or any certificate,
      consolidated financial statement, report, notice or other writing furnished
      by
      the Borrower or any Subsidiary Guarantor to the Administrative Agent or any
      Lender in connection herewith is false or misleading in any material respect
      on
      the date as of which the facts therein set forth are stated or
      certified;

     

    
      
        
        

      

      
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    (d)  the
      Borrower or Subsidiary Guarantor shall fail to observe or perform any covenant,
      condition or agreement contained in (i) Section 5.03 (with respect to
      a Loan Party’s existence) or 5.08 or in Article VI or (ii) Section
      5.02 and such failure shall continue unremedied for a period of 5 Business
      Days
      after such failure;

     

    (e)  the
      Borrower or any Subsidiary shall fail to observe or perform any covenant,
      condition or agreement contained in this Agreement (other than those specified
      in clause (a), (b) or (d) of this Article), or in any other Loan Document,
      and
      such failure shall continue unremedied for a period of 30 days after the date
      of
      such failure or, if a grace period is already provided in the other Loan
      Document, such failure shall continue beyond such grace period;

     

    (f)  the
      Borrower or any Subsidiary shall fail to make any payment (whether of principal
      or interest and regardless of amount) in respect of any Material Indebtedness,
      when and as the same shall become due and payable;

     

    (g)  any
      event
      or condition occurs that results in any Material Indebtedness becoming due
      prior
      to its scheduled maturity or that enables or permits (with or without the giving
      of notice, the lapse of time or both) the holder or holders of any Material
      Indebtedness or any trustee or agent on its or their behalf to cause any
      Material Indebtedness to become due, or to require the prepayment, repurchase,
      redemption or defeasance thereof, prior to its scheduled maturity; provided
      that
      this clause (g) shall not apply to secured Indebtedness that becomes due as
      a
      result of the voluntary sale or transfer of the property or assets securing
      such
      Indebtedness;

     

    (h)  an
      involuntary proceeding shall be commenced or an involuntary petition shall
      be
      filed seeking (i) liquidation, reorganization or other relief in respect of
      the Borrower or any Material Subsidiary or its debts, or of a substantial part
      of its assets, under any Federal, state or foreign bankruptcy, insolvency,
      receivership or similar law now or hereafter in effect or (ii) the
      appointment of a receiver, trustee, custodian, sequestrator, conservator or
      similar official for the Borrower or any Material Subsidiary or for a
      substantial part of its assets, and, in any such case, such proceeding or
      petition shall continue undismissed for 60 days or an order or decree approving
      or ordering any of the foregoing shall be entered;

     

    (i)  the
      Borrower or any Material Subsidiary shall (i) voluntarily commence any
      proceeding or file any petition seeking liquidation, reorganization or other
      relief under any Federal, state or foreign bankruptcy, insolvency, receivership
      or similar law now or hereafter in effect, (ii) consent to the institution
      of, or fail to contest in a timely and appropriate manner, any proceeding or
      petition described in clause (h) of this Article, (iii) apply for or
      consent to the appointment of a receiver, trustee, custodian, sequestrator,
      conservator or similar official for the Borrower or any Material Subsidiary
      or
      for a substantial part of its assets, (iv) file an answer admitting the
      material allegations of a petition filed against it in any such proceeding,
      (v) make a general assignment for the benefit of creditors or
      (vi) take any action for the purpose of effecting any of the
      foregoing;

     

    
      
        
        

      

      
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    (j)  the
      Borrower or any Material Subsidiary shall become unable, admit in writing its
      inability or fail generally to pay its debts as they become due;

     

    (k)  judgments
      for payment of money which exceed an aggregate of $15,000,000 shall be rendered
      against any of Borrower and its Subsidiaries and shall not have been paid,
      discharged or vacated or had execution thereof stayed pending appeal within
      45
      days after entry or filing of such judgments, or any action shall be legally
      taken by a judgment creditor to attach or levy upon any assets of the Borrower
      or any Subsidiary to enforce any such judgment; or (ii) non-monetary judgments
      shall be rendered against any of Borrower and its Subsidiaries which
      individually or in the aggregate could reasonably be expected to have a Material
      Adverse Effect and shall not have been discharged or vacated or had execution
      thereof stayed pending appeal within 60 days after entry or filing of such
      judgments, or any action shall be legally taken by a judgment creditor to attach
      or levy upon any assets of the Borrower or any Subsidiary to enforce any such
      judgment; 

     

    (l)  an
      ERISA
      Event shall have occurred that, in the opinion of the Required Lenders, when
      taken together with all other ERISA Events that have occurred, could reasonably
      be expected to result in liability of the Borrower and its Subsidiaries in
      an
      aggregate amount exceeding $15,000,000 during the twelve-month period ending
      with the month in which the latest such ERISA Event occurs;

     

    (m)  any
      material provision of any Loan Document or any subordination provision
      applicable to any Subordinated Indebtedness that constitutes Material
      Indebtedness for any reason ceases to be valid, binding and enforceable in
      accordance with its terms (or any of Borrower and its Subsidiaries or any other
      Person a party thereto, other than a Lender) shall challenge the enforceability
      of any Loan Document or any subordination provision applicable to any
      Subordinated Indebtedness or shall assert in writing, or engage in any action
      or
      inaction based on any such assertion, that any provision of any of the Loan
      Documents or any subordination provision applicable to any Subordinated
      Indebtedness has ceased to be or otherwise is not valid, binding and enforceable
      in accordance with its terms;

     

    (n)  a
      Governmental Authority shall have revoked any Gaming Authorization of any of
      Borrower and its Subsidiaries and such revocation, when taken together with
      all
      other revocations of Gaming Authorizations of any of Borrower and its
      Subsidiaries during the twelve-month period ending with the month in which
      the
      latest such revocation occurs could reasonably be expected to result in a
      Material Adverse Effect;

     

    (o)  a
      Change
      in Control shall occur;

     

    then,
      and
      in every such event (other than an event with respect to the Borrower described
      in clause (h) or (i) of this Article), and at any time thereafter during the
      continuance of such event, the Administrative Agent may, and at the request
      of
      the Required Lenders shall, by notice to the Borrower, take either or both
      of
      the following actions, at the same or different times: (i) terminate the
      Commitments, and thereupon the Commitments shall terminate immediately, and
      (ii) declare the Loans then outstanding to be due and payable in whole (or
      in part, in which case any principal not so declared to be due and payable
      may
      thereafter be declared to be due and payable), and thereupon the principal
      of
      the Loans so declared to be due and payable, together with accrued interest
      thereon and all fees and other obligations of the Borrower accrued hereunder
      and
      the other Obligations, shall become due and payable immediately, without
      presentment, demand, protest or other notice of any kind, all of which are
      hereby waived by the Borrower; and in case of any event with respect to the
      Borrower described in clause (h) or (i) of this Article, the Commitments shall
      automatically terminate and the principal of the Loans then outstanding,
      together with accrued interest thereon and all fees and other obligations of
      the
      Borrower accrued hereunder and all other Obligations, shall automatically become
      due and payable, without presentment, demand, protest or other notice of any
      kind, all of which are hereby waived by the Borrower.

     

    
      
        
        

      

      
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    ARTICLE VIII

     

    THE
      ADMINISTRATIVE AGENT

     

    Each
      of
      the Lenders and the Issuing Bank hereby irrevocably appoints the Administrative
      Agent as its agent and authorizes the Administrative Agent to take such actions
      on its behalf, including, without limitation, the execution of the other Loan
      Documents, and to exercise such powers as are delegated to the Administrative
      Agent by the terms of the Loan Documents, together with such actions and powers
      as are reasonably incidental thereto.

     

    The
      bank
      serving as the Administrative Agent hereunder and under the other Loan Documents
      shall have the same rights and powers in its capacity as a Lender as any other
      Lender and may exercise the same as though it were not the Administrative Agent,
      and such bank and its Affiliates may accept deposits from, lend money to and
      generally engage in any kind of business with the Borrower or any Subsidiary
      or
      other Affiliate thereof as if it were not the Administrative Agent hereunder
      and
      under the other Loan Documents.

     

    The
      Administrative Agent shall not have any duties or obligations except those
      expressly set forth in the Loan Documents. Without limiting the generality
      of
      the foregoing, (a) the Administrative Agent shall not be subject to any
      fiduciary or other implied duties, regardless of whether a Default has occurred
      and is continuing, (b) the Administrative Agent shall not have any duty to
      take any discretionary action or exercise any discretionary powers, except
      discretionary rights and powers expressly contemplated by the Loan Documents
      that the Administrative Agent is required to exercise in writing as directed
      by
      the Required Lenders (or such other number or percentage of the Lenders as
      shall
      be necessary under the circumstances as provided in Section 9.02), and
      (c) except as expressly set forth in the Loan Documents, the Administrative
      Agent shall not have any duty to disclose, and shall not be liable for the
      failure to disclose, any information relating to the Borrower or any of its
      Subsidiaries that is communicated to or obtained by the bank serving as
      Administrative Agent or any of its Affiliates in any capacity. The
      Administrative Agent shall not be liable for any action taken or not taken
      by it
      with the consent or at the request of the Required Lenders (or such other number
      or percentage of the Lenders as shall be necessary under the circumstances
      as
      provided in Section 9.02) or in the absence of its own gross negligence or
      wilful misconduct. The Administrative Agent shall be deemed not to have
      knowledge of any Default unless and until written notice thereof is given to
      the
      Administrative Agent by the Borrower or a Lender, and the Administrative Agent
      shall not be responsible for or have any duty to ascertain or inquire into
      (i) any statement, warranty or representation made in or in connection with
      this Agreement or the other Loan Documents, (ii) the contents of any
      certificate, report or other document delivered hereunder or in connection
      herewith or with the other Loan Documents, (iii) the performance or
      observance of any of the covenants, agreements or other terms or conditions
      set
      forth herein or in the other Loan Documents, (iv) the validity,
      enforceability, effectiveness or genuineness of this Agreement or any other
      agreement, instrument or document, or (v) the satisfaction of any condition
      set forth in Article IV or elsewhere herein, other than to confirm receipt
      of items expressly required to be delivered to the Administrative
      Agent.

     

    
      
        
        

      

      
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    The
      Administrative Agent shall be entitled to rely upon, and shall not incur any
      liability for relying upon, any notice, request, certificate, consent,
      statement, instrument, document or other writing believed by it to be genuine
      and to have been signed or sent by the proper Person. The Administrative Agent
      also may rely upon any statement made to it orally or by telephone and believed
      by it to be made by the proper Person, and shall not incur any liability for
      relying thereon. The Administrative Agent may consult with legal counsel (who
      may be counsel for the Borrower), independent accountants and other experts
      selected by it, and shall not be liable for any action taken or not taken by
      it
      in accordance with the advice of any such counsel, accountants or
      experts.

     

    The
      Administrative Agent may perform any and all its duties and exercise its rights
      and powers by or through any one or more sub-agents appointed by the
      Administrative Agent. The Administrative Agent and any such sub-agent may
      perform any and all its duties and exercise its rights and powers through their
      respective Related Parties. The exculpatory provisions of the preceding
      paragraphs shall apply to any such sub-agent and to the Related Parties of
      the
      Administrative Agent and any such sub-agent, and shall apply to their respective
      activities in connection with the syndication of the credit facilities provided
      for herein as well as activities as Administrative Agent.

     

    Subject
      to the appointment and acceptance of a successor Administrative Agent as
      provided in this paragraph, the Administrative Agent may resign at any time
      by
      notifying the Lenders, the Issuing Bank and the Borrower. Upon any such
      resignation, the Required Lenders shall have the right, in consultation with
      the
      Borrower, to appoint a successor. If no successor shall have been so appointed
      by the Required Lenders and shall have accepted such appointment within 30
      days
      after the retiring Administrative Agent gives notice of its resignation, then
      the retiring Administrative Agent may, on behalf of the Lenders and the Issuing
      Bank, appoint a successor Administrative Agent which shall be a bank with an
      office in Chicago, Illinois, or an Affiliate of any such bank. Upon the
      acceptance of its appointment as Administrative Agent hereunder by a successor,
      such successor shall succeed to and become vested with all the rights, powers,
      privileges and duties of the retiring Administrative Agent, and the retiring
      Administrative Agent shall be discharged from its duties and obligations
      hereunder and under the other Loan Documents. The fees payable by the Borrower
      to a successor Administrative Agent shall be the same as those payable to its
      predecessor unless otherwise agreed between the Borrower and such successor.
      After the Administrative Agent’s resignation hereunder, the provisions of this
      Article and Section 9.03 shall continue in effect for the benefit of such
      retiring Administrative Agent, its sub-agents and their respective Related
      Parties in respect of any actions taken or omitted to be taken by any of them
      while it was acting as Administrative Agent.

     

    
      
        
        

      

      
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    Each
      Lender acknowledges that it has, independently and without reliance upon the
      Administrative Agent or any other Lender and based on such documents and
      information as it has deemed appropriate, made its own credit analysis and
      decision to enter into this Agreement. Each Lender also acknowledges that it
      will, independently and without reliance upon the Administrative Agent or any
      other Lender and based on such documents and information as it shall from time
      to time deem appropriate, continue to make its own decisions in taking or not
      taking action under or based upon this Agreement, any related agreement or
      any
      document furnished hereunder or thereunder.

     

    The
      Syndication Agent and Documentation Agent shall not have any right, power,
      obligation, liability, responsibility or duty under this Agreement other than
      those applicable to all Lenders as such.

     

    ARTICLE IX

     

    MISCELLANEOUS

     

    SECTION
      9.01  Notices.  (a) Except
      in the case of notices and other communications expressly permitted to be given
      by telephone (and subject to paragraph (b) below), all notices and other
      communications provided for herein shall be in writing and shall be delivered
      by
      hand or overnight courier service, mailed by certified or registered mail or
      sent by telecopy, as follows:

     

    (i)  if
      to the
      Borrower, to it at 800 South Northpoint Boulevard, Waukegan, Illinois 60085,
      Attention of Scott D. Schweinfurth, Chief Financial Officer (Telecopy
      No. 847-785-3790; e-mail: sschweinfurth@wmsgaming.com)
      with a
      copy to Kathleen McJohn, General Counsel at the same address (Telecopy No.
      847-785-3901; e-mail: kmcjohn@wmsgaming.com);

     

    (ii)  if
      to the
      Administrative Agent with respect to borrowing, conversion, continuation and
      payment, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group,
      10 South Dearborn, Mail Code-IL1-0010, 19th Floor, Chicago, Illinois,
      60603, Attention: Cely T. Navarro, (Telecopy
      No. 312-385-7107);

     

    (iii)  if
      to
      Administrative Agent with respect to any other matters, to JPMorgan Chase Bank,
      N.A., 1201 S. Milwaukee Avenue, Libertyville, Illinois 60048, Attention: David
      E. Lee, Joseph A. Luna and Jerry J. Allen, (Telecopy: (847) 816-4210; e-mail:
      david.e.lee@chase.com;
      joseph.a.luna@chase.com;
      and
jerry.j.allen@chase.com);

     

    (iv)  if
      to the
      Issuing Bank, to it at JPMorgan Chase Bank, N.A., Loan and Agency Services
      Group, 10 South Dearborn, Mail Code-IL1-0010, 19th Floor, Chicago,
      Illinois, 60603, Attention: Cely T. Navarro, (Telecopy
      No. 312-385-7107);

     

    (v)  if
      to the
      Swingline Lender, to it at JPMorgan Chase Bank, N.A., Loan and Agency Services
      Group, 10 South Dearborn, Mail Code-IL1-0010, 19th Floor, Chicago,
      Illinois, 60603, Attention: Cely T. Navarro, (Telecopy No. 312-385-7107));
      and

     

    
      
        
        

      

      
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    (vi)  if
      to any
      other Lender, to it at its address (or telecopy number) set forth in its
      Administrative Questionnaire.

     

    (b)  Notices
      and other communications to the Lenders hereunder may be delivered or furnished
      by electronic communications pursuant to procedures approved by the
      Administrative Agent; provided that the foregoing shall not apply to notices
      pursuant to Article II unless otherwise agreed by the Administrative Agent
      and the applicable Lender. The Administrative Agent or the Borrower may, in
      its
      discretion, agree to accept notices and other communications to it hereunder
      by
      electronic communications pursuant to procedures approved by it; provided that
      approval of such procedures may be limited to particular notices or
      communications. Borrower and Administrative Agent (with respect to notices
      under
      Section 9.01(a)(iii) above) agree to accept notices at the e-mail addresses
      set
      forth above, provided that the foregoing shall not apply to notices pursuant
      to
      Article II unless otherwise agreed by the Administrative Agent and the
      applicable Lender.

     

    (c)  Any
      party
      hereto may change its address or telecopy number for notices and other
      communications hereunder by notice to the other parties hereto. All notices
      and
      other communications given to any party hereto in accordance with the provisions
      of this Agreement shall be deemed to have been given on the date of
      receipt.

     

    SECTION
      9.02  Waivers;
      Amendments.  (a) No
      failure or delay by the Administrative Agent, the Issuing Bank or any Lender
      in
      exercising any right or power hereunder or under any other Loan Document shall
      operate as a waiver thereof, nor shall any single or partial exercise of any
      such right or power, or any abandonment or discontinuance of steps to enforce
      such a right or power, preclude any other or further exercise thereof or the
      exercise of any other right or power. The rights and remedies of the
      Administrative Agent, the Issuing Bank and the Lenders hereunder and under
      the
      other Loan Documents are cumulative and are not exclusive of any rights or
      remedies that they would otherwise have. No waiver of any provision of this
      Agreement or any other Loan Document or consent to any departure by the Borrower
      or any Subsidiary from any such provision hereof or thereof shall in any event
      be effective unless the same shall be permitted by paragraph (b) of this
      Section, and then such waiver or consent shall be effective only in the specific
      instance and for the purpose for which given. Without limiting the generality
      of
      the foregoing, the making of a Loan or issuance of a Letter of Credit shall
      not
      be construed as a waiver of any Default, regardless of whether the
      Administrative Agent, any Lender or the Issuing Bank may have had notice or
      knowledge of such Default at the time.

     

    (b)  Neither
      this Agreement nor any other Loan Document nor any provision hereof or thereof
      may be waived, amended or modified except, in the case of this Agreement,
      pursuant to an agreement or agreements in writing entered into by the Borrower
      and the Required Lenders or, in the case of any other Loan Document, pursuant
      to
      an agreement or agreements in writing entered into by the Administrative Agent
      and the Loan Party or Loan Parties that are parties thereto; provided
      that no
      such agreement shall (i) increase the Commitment of any Lender without the
      written consent of such Lender, (ii) reduce the principal amount of any
      Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any
      fees payable hereunder, without the written consent of each Lender affected
      thereby, (iii) postpone the scheduled date of payment of the principal
      amount of any Loan or LC Disbursement, or any interest thereon, or any fees
      payable hereunder, or reduce the amount of, waive or excuse any such payment,
      or
      postpone the scheduled date of expiration of any Commitment, without the written
      consent of each Lender affected thereby, (iv) change Section 2.18(b)
      or (c) in a manner that would alter the pro rata sharing of payments required
      thereby, without the written consent of each Lender, (v) release all or
      substantially all of the Subsidiary Guarantors, or (vi) change any of the
      provisions of this Section or the definition of “Required Lenders” or any other
      provision hereof specifying the number or percentage of Lenders required to
      waive, amend or modify any rights hereunder or under any Loan Document or make
      any determination or grant any consent hereunder or under any Loan Document,
      without the written consent of each Lender; provided 
      furtherthat
      no
      such agreement shall amend, modify or otherwise affect the rights or duties
      of
      the Administrative Agent, the Issuing Bank or the Swingline Lender hereunder
      without the prior written consent of the Administrative Agent, the Issuing
      Bank
      or the Swingline Lender, as the case may be.

     

    
      
        
        

      

      
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    (c)  Notwithstanding
      the foregoing, the Administrative Agent may (i) amend Schedule
      2.01
      to
      reflect Commitment Increases, Additional Commitment Lenders and other changes
      contemplated by Section 2.04 and assignments entered into pursuant to
      Section 9.04, and (ii) waive payment of the fee required under
      Section 9.04(b).

     

    SECTION
      9.03  Expenses;
      Indemnity; Damage Waiver.
      (a) The
      Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by
      the Administrative Agent and its Affiliates, including the reasonable fees,
      charges and disbursements of counsel for the Administrative Agent, in connection
      with the syndication of the credit facilities provided for herein, the
      preparation and administration of the Loan Documents or any amendments,
      modifications or waivers of the provisions of the Loan Documents (whether or
      not
      the transactions contemplated hereby or thereby shall be consummated),
      (ii) all reasonable out-of-pocket expenses incurred by the Issuing Bank in
      connection with the issuance, amendment, renewal or extension of any Letter
      of
      Credit or any demand for payment thereunder and (iii) all reasonable
      out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank
      or
      any Lender, including the reasonable fees, charges and disbursements of any
      counsel for the Administrative Agent, the Issuing Bank or any Lender, in
      connection with the enforcement or protection of its rights in connection with
      the Loan Documents, including its rights under this Section, or in connection
      with the Loans made or Letters of Credit issued hereunder, including all such
      reasonable out-of-pocket expenses incurred during any workout, restructuring
      or
      negotiations in respect of such Loans or Letters of Credit.

     

    (b)  The
      Borrower shall indemnify the Administrative Agent, the Issuing Bank and each
      Lender, and each Related Party of any of the foregoing Persons (each such Person
      being called an “Indemnitee”)
      against, and hold each Indemnitee harmless from, any and all losses, claims,
      damages, liabilities and related expenses, including the reasonable fees,
      charges and disbursements of any counsel for any Indemnitee, incurred by or
      asserted against any Indemnitee arising out of, in connection with, or as a
      result of (i) the execution or delivery of the Loan Documents or any
      agreement or instrument contemplated thereby, the performance by the parties
      hereto of their respective obligations thereunder or the consummation of the
      Transactions or any other transactions contemplated hereby, (ii) any Loan
      or Letter of Credit or the use of the proceeds therefrom (including any refusal
      by the Issuing Bank to honor a demand for payment under a Letter of Credit
      if
      the documents presented in connection with such demand do not strictly comply
      with the terms of such Letter of Credit), (iii) any actual or alleged
      presence or release of Hazardous Materials on or from any property owned or
      operated by the Borrower or any of its Subsidiaries, or any Environmental
      Liability related in any way to the Borrower or any of its Subsidiaries, or
      (iv) any actual or prospective claim, litigation, investigation or
      proceeding relating to any of the foregoing, whether based on contract, tort
      or
      any other theory and regardless of whether any Indemnitee is a party thereto;
      provided
      that
      such indemnity shall not, as to any Indemnitee, be available to the extent
      that
      such losses, claims, damages, liabilities or related expenses are determined
      by
      a court of competent jurisdiction by final and nonappealable judgment to have
      resulted from the gross negligence or wilful misconduct of such
      Indemnitee.

     

    
      
        
        

      

      
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    (c)  To
      the
      extent that the Borrower fails to pay any amount required to be paid by it
      to
      the Administrative Agent, the Issuing Bank or the Swingline Lender under
      paragraph (a) or (b) of this Section, each Lender severally agrees to pay
      to the Administrative Agent, the Issuing Bank or the Swingline Lender, as the
      case may be, such Lender’s Applicable Percentage (determined as of the time that
      the applicable unreimbursed expense or indemnity payment is sought) of such
      unpaid amount; provided
      that the
      unreimbursed expense or indemnified loss, claim, damage, liability or related
      expense, as the case may be, was incurred by or asserted against the
      Administrative Agent, the Issuing Bank or the Swingline Lender in its capacity
      as such.

     

    (d)  To
      the
      extent permitted by applicable law, no Loan Party shall assert, and each hereby
      waives, any claim against any Indemnitee, on any theory of liability, for
      special, indirect, consequential or punitive damages (as opposed to direct
      or
      actual damages) arising out of, in connection with, or as a result of, this
      Agreement or any agreement or instrument contemplated hereby, the Transactions,
      any Loan or Letter of Credit or the use of the proceeds thereof.

     

    (e)  All
      amounts due under this Section shall be payable upon written demand
      therefor.

     

    SECTION
      9.04  Successors
      and Assigns.  (a) The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the parties hereto and their respective successors and assigns permitted hereby
      (including any Affiliate of the Issuing Bank that issues any Letter of Credit),
      except that (i) the Borrower may not assign or otherwise transfer any of
      its rights or obligations hereunder or under any other Loan Document without
      the
      prior written consent of each Lender (and any attempted assignment or transfer
      by the Borrower without such consent shall be null and void) and (ii) no
      Lender may assign or otherwise transfer its rights or obligations hereunder
      or
      under any other Loan Document except in accordance with this Section. Nothing
      in
      this Agreement or the other Loan Documents, expressed or implied, shall be
      construed to confer upon any Person (other than the parties hereto, their
      respective successors and assigns permitted hereby (including any Affiliate
      of
      the Issuing Bank that issues any Letter of Credit), Participants (to the extent
      provided in paragraph (c) of this Section) and, to the extent expressly
      contemplated hereby, the Related Parties of each of the Administrative Agent,
      the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim
      under or by reason of this Agreement or any other Loan Document.

     

    
      
        
        

      

      
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    (b)
       (i)
       Subject
      to the conditions set forth in paragraph (b)(ii) below, any Lender may assign
      to
      one or more Eligible Assignees all or a portion of its rights and obligations
      under this Agreement (including all or a portion of its Commitment and the
      Loans
      at the time owing to it).

     

    (ii)  Assignments
      shall be subject to the following additional conditions:

     

    (i)  except
      in
      the case of an assignment to a Lender or an Affiliate of a Lender or an
      assignment of the entire remaining amount of the assigning Lender’s Commitment
      or Loans of any Class, the amount of the Commitment or Loans of the assigning
      Lender subject to each such assignment (determined as of the date the Assignment
      and Assumption with respect to such assignment is delivered to the
      Administrative Agent) shall not be less than $10,000,000 (and integral multiples
      of $1,000,000 in excess thereof) unless each of the Borrower and the
      Administrative Agent otherwise consent, provided
      that no
      such consent of the Borrower shall be required if an Event of Default has
      occurred and is continuing;

     

    (ii)  each
      partial assignment shall be made as an assignment of a proportionate part of
      all
      the assigning Lender’s rights and obligations under this Agreement and the other
      Loan Documents, provided
      that
      this clause shall not be construed to prohibit the assignment of a proportionate
      part of all the assigning Lender’s rights and obligations in respect of one
      Class of Commitments or Loans;

     

    (iii)  the
      parties to each assignment shall execute and deliver to the Administrative
      Agent
      an Assignment and Assumption, together with a processing and recordation fee
      of
      $3,500; 

     

    (iv)  the
      assignee, if it shall not be a Lender, shall deliver to the Administrative
      Agent
      an Administrative Questionnaire; and

     

    (v)  when
      the
      consent of Borrower is required for an assignment pursuant to the definition
      of
      Eligible Assignee, Borrower shall be provided with at least 10 days prior notice
      of such assignment.

     

    (iii) Subject
      to acceptance and recording thereof pursuant to paragraph (b)(iv) of this
      Section, from and after the effective date specified in each Assignment and
      Assumption the assignee thereunder shall be a party hereto and, to the extent
      of
      the interest assigned by such Assignment and Assumption, have the rights and
      obligations of a Lender under this Agreement and the other Loan Documents,
      and
      the assigning Lender thereunder shall, to the extent of the interest assigned
      by
      such Assignment and Assumption, be released from its obligations under this
      Agreement (and, in the case of an Assignment and Assumption covering all of
      the
      assigning Lender’s rights and obligations under this Agreement and the other
      Loan Documents, such Lender shall cease to be a party hereto and thereto but
      shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17
      and 9.03). Any assignment or transfer by a Lender of rights or obligations
      under
      this Agreement or the other Loan Documents that does not comply with this
      Section 9.04 shall be treated for purposes of this Agreement and the other
      Loan Documents as a sale by such Lender of a participation in such rights and
      obligations in accordance with paragraph (c) of this Section.

     

    
      
        
        

      

      
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    (iv)  The
      Administrative Agent, acting for this purpose as an agent of the Borrower,
      shall
      maintain at one of its offices a copy of each Assignment and Assumption
      delivered to it and a register for the recordation of the names and addresses
      of
      the Lenders, and the Commitment of, and principal amount of the Loans and LC
      Disbursements owing to, each Lender pursuant to the terms hereof from time
      to
      time (the “Register”).
      The
      entries in the Register shall be conclusive, and the Borrower, the
      Administrative Agent, the Issuing Bank and the Lenders may treat each Person
      whose name is recorded in the Register pursuant to the terms hereof as a Lender
      hereunder for all purposes of this Agreement and the other Loan Documents,
      notwithstanding notice to the contrary. The Register shall be available for
      inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable
      time and from time to time upon reasonable prior notice.

     

    (v)  Upon
      its
      receipt of a duly completed Assignment and Assumption executed by an assigning
      Lender and an assignee, the assignee’s completed Administrative Questionnaire
      (unless the assignee shall already be a Lender hereunder), the processing and
      recordation fee referred to in paragraph (b) of this Section and any
      written consent to such assignment required by paragraph (b) of this Section,
      the Administrative Agent shall accept such Assignment and Assumption and record
      the information contained therein in the Register; provided
      that if
      either the assigning Lender or the assignee shall have failed to make any
      payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or
      (e), 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall have no
      obligation to accept such Assignment and Assumption and record the information
      therein in the Register unless and until such payment shall have been made
      in
      full, together with all accrued interest thereon. No assignment shall be
      effective for purposes of this Agreement or the other Loan Documents unless
      it
      has been recorded in the Register as provided in this paragraph.

     

    (c) (i)
       Any
      Lender may, without the consent of the Borrower, the Administrative Agent,
      the
      Issuing Bank or the Swingline Lender, sell participations to one or more banks
      or other entities (a “Participant”)
      in all
      or a portion of such Lender’s rights and obligations under this Agreement and
      the other Loan Documents (including all or a portion of its Commitment and
      the
      Loans owing to it); provided
      that
      (A) such Lender’s obligations under this Agreement and the other Loan
      Documents shall remain unchanged, (B) such Lender shall remain solely
      responsible to the other parties hereto for the performance of such obligations,
      (C) the Borrower, the Administrative Agent, the Issuing Bank and the other
      Lenders shall continue to deal solely and directly with such Lender in
      connection with such Lender’s rights and obligations under this Agreement and
      the other Loan Documents and (D) to the extent required under applicable Gaming
      Laws, each Participant must be registered with, approved by, or not disapproved
      by (whichever may be required under applicable Gaming Laws), all applicable
      Gaming Boards and may not be the subject of a Lender Disqualification. Any
      agreement or instrument pursuant to which a Lender sells such a participation
      shall provide that such Lender shall retain the sole right to enforce this
      Agreement and the other Loan Documents and to approve any amendment,
      modification or waiver of any provision of this Agreement and the other Loan
      Documents; provided
      that
      such agreement or instrument may provide that such Lender will not, without
      the
      consent of the Participant, agree to any amendment, modification or waiver
      described in the first proviso to Section 9.02(b) that affects such
      Participant. Subject to paragraph (c)(ii) of this Section, the Borrower agrees
      that each Participant shall be entitled to the benefits of Sections 2.15,
      2.16 and 2.17 to the same extent as if it were a Lender and had acquired its
      interest by assignment pursuant to paragraph (b) of this Section. To the extent
      permitted by law, each Participant also shall be entitled to the benefits of
      Section 9.08 as though it were a Lender, provided such Participant agrees
      to be subject to Section 2.18(c) as though it were a Lender.

     

    
      
        
        

      

      
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    (ii)  A
      Participant shall not be entitled to receive any greater payment under
      Section 2.15 or 2.17 than the applicable Lender would have been entitled to
      receive with respect to the participation sold to such Participant, unless
      the
      sale of the participation to such Participant is made with the Borrower’s prior
      written consent. A Participant that would be a Foreign Lender if it were a
      Lender shall not be entitled to the benefits of Section 2.17 unless the
      Borrower is notified of the participation sold to such Participant and such
      Participant agrees, for the benefit of the Borrower, to comply with
      Section 2.17(e) as though it were a Lender.

     

    (d)  Any
      Lender may at any time pledge or assign a security interest in all or any
      portion of its rights under this Agreement and the other Loan Documents to
      secure obligations of such Lender, including without limitation any pledge
      or
      assignment to secure obligations to a Federal Reserve Bank, and this Section
      shall not apply to any such pledge or assignment of a security interest;
provided
      that no
      such pledge or assignment of a security interest shall release a Lender from
      any
      of its obligations hereunder and the other Loan Documents or substitute any
      such
      pledgee or assignee for such Lender as a party hereto.

     

    SECTION
      9.05  Survival.
      All
      covenants, agreements, representations and warranties made by the Loan Parties
      herein and the other Loan Documents and in the certificates or other instruments
      delivered in connection with or pursuant to this Agreement and the other Loan
      Documents shall be considered to have been relied upon by the other parties
      hereto and shall survive the execution and delivery of this Agreement and the
      other Loan Documents and the making of any Loans and issuance of any Letters
      of
      Credit, regardless of any investigation made by any such other party or on
      its
      behalf and notwithstanding that the Administrative Agent, the Issuing Bank
      or
      any Lender may have had notice or knowledge of any Default or incorrect
      representation or warranty at the time any credit is extended hereunder, and
      shall continue in full force and effect as long as the principal of or any
      accrued interest on any Loan or any fee or any other amount payable under this
      Agreement or the other Loan Documents is outstanding and unpaid or any Letter
      of
      Credit is outstanding and so long as the Commitments have not expired or
      terminated. The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and
      Article VIII shall survive and remain in full force and effect regardless
      of the consummation of the transactions contemplated hereby, the repayment
      of
      the Loans, the expiration or termination of the Letters of Credit and the
      Commitments or the termination of this Agreement and the other Loan Documents
      or
      any provision hereof or thereof.

     

    
      
        
        

      

      
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    SECTION
      9.06  Counterparts;
      Integration; Effectiveness.
      This
      Agreement and the other Loan Documents may be executed in counterparts (and
      by
      different parties hereto on different counterparts), each of which shall
      constitute an original, but all of which when taken together shall constitute
      a
      single contract. This Agreement and the other Loan Documents constitute the
      entire contract among the parties relating to the subject matter hereof and
      supersede any and all previous agreements and understandings, oral or written,
      relating to the subject matter hereof. Except as provided in Section 4.01,
      this Agreement shall become effective when it shall have been executed by the
      Administrative Agent and when the Administrative Agent shall have received
      counterparts hereof which, when taken together, bear the signatures of each
      of
      the other parties hereto, and thereafter shall be binding upon and inure to
      the
      benefit of the parties hereto and their respective successors and assigns.
      Delivery of an executed counterpart of a signature page of this Agreement
      and the other Loan Documents by telecopy shall be effective as delivery of
      a
      manually executed counterpart of this Agreement and the other Loan
      Documents.

     

    SECTION
      9.07  Severability.
      Any
      provision of this Agreement or any other Loan Document held to be invalid,
      illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
      be
      ineffective to the extent of such invalidity, illegality or unenforceability
      without affecting the validity, legality and enforceability of the remaining
      provisions hereof or thereof; and the invalidity of a particular provision
      in a
      particular jurisdiction shall not invalidate such provision in any other
      jurisdiction.

     

    SECTION
      9.08  Right
      of Setoff.
      If an
      Event of Default shall have occurred and be continuing, each Lender and each
      of
      its Affiliates is hereby authorized at any time and from time to time, to the
      fullest extent permitted by law, to set off and apply any and all deposits
      (general or special, time or demand, provisional or final or otherwise) except
      for any restricted cash for progressive jackpots at any time held and other
      obligations at any time owing by such Lender or Affiliate to or for the credit
      or the account of any Loan Party against any of and all the obligations of
      such
      Loan Party now or hereafter existing under the Loan Documents held by such
      Lender, irrespective of whether or not such Lender shall have made any demand
      under this Agreement and although such obligations may be unmatured. The
      applicable Lender shall notify the Borrower and the Administrative Agent of
      such
      set-off or application, provided
      that any
      failure to give or any delay in giving such notice shall not affect the validity
      of any such set-off or application under this Section. The rights of each Lender
      under this Section are in addition to other rights and remedies (including
      other
      rights of setoff) which such Lender may have.

     

    SECTION
      9.09  Governing
      Law; Jurisdiction; Consent to Service of Process.
      (a)
      The Loan
      Documents (other than those containing a contrary express choice of law
      provision) shall be governed by and construed in accordance with the law of
      the
      State of New York.

     

    (b)  Each
      Loan
      Party hereby irrevocably and unconditionally submits, for itself and its
      property, to the nonexclusive jurisdiction of the Supreme Court of the State
      of
      New York sitting in New York County and of the United States District Court
      of
      the Southern District of New York, and any appellate court from any thereof,
      in
      any action or proceeding arising out of or relating to any Loan Document, or
      for
      recognition or enforcement of any judgment, and each of the parties hereto
      hereby irrevocably and unconditionally agrees that all claims in respect of
      any
      such action or proceeding may be heard and determined in such New York State
      court or, to the extent permitted by law, in such Federal court. Each of the
      parties hereto agrees that a final judgment in any such action or proceeding
      shall be conclusive and may be enforced in other jurisdictions by suit on the
      judgment or in any other manner provided by law. Nothing in any Loan Document
      shall affect any right that the Administrative Agent, the Issuing Bank or any
      Lender may otherwise have to bring any action or proceeding relating to this
      Agreement against any Loan Party or its properties in the courts of any
      jurisdiction.

     

    
      
        
        

      

      
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    (c)  Each
      Loan
      Party hereby irrevocably and unconditionally waives, to the fullest extent
      it
      may legally and effectively do so, any objection which it may now or hereafter
      have to the laying of venue of any suit, action or proceeding arising out of
      or
      relating to this Agreement or any other Loan Document in any court referred
      to
      in paragraph (b) of this Section. Each of the parties hereto hereby
      irrevocably waives, to the fullest extent permitted by law, the defense of
      an
      inconvenient forum to the maintenance of such action or proceeding in any such
      court.

     

    (d)  Each
      party to this Agreement irrevocably consents to service of process in the manner
      provided for notices in Section 9.01. Nothing in this Agreement or any
      other Loan Document will affect the right of any party to this Agreement to
      serve process in any other manner permitted by law.

     

    SECTION
      9.10  WAIVER
      OF JURY TRIAL.
      EACH
      PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
      ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR
      INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT
      OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT,
      TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
      REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
      OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
      SEEK
      TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
      PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
      THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     

    SECTION
      9.11  Headings.
      Article
      and Section headings and the Table of Contents used herein are for convenience
      of reference only, are not part of this Agreement and shall not affect the
      construction of, or be taken into consideration in interpreting, this
      Agreement.

     

    SECTION
      9.12  Confidentiality.
      Each of
      the Administrative Agent, the Issuing Bank and the Lenders agrees to maintain
      the confidentiality of the Information (as defined below), except that
      Information may be disclosed (a) to its and its Affiliates’ directors,
      officers, employees and agents, including accountants, legal counsel and other
      advisors (it being understood that the Persons to whom such disclosure is made
      will be informed of the confidential nature of such Information and instructed
      to keep such Information confidential), (b) to the extent requested by any
      regulatory authority, (c) to the extent required by applicable laws or
      regulations or by any subpoena or similar legal process, or to the extent
      requested by any Gaming Board or any regulatory authority purporting to have
      jurisdiction over such Person (including any self-regulatory authority, such
      as
      the National Association of Insurance Commissioners), (d) to any other
      party to this Agreement or any other Loan Document, (e) in connection with
      the exercise of any remedies hereunder or any suit, action or proceeding
      relating to this Agreement or any other Loan Document or the enforcement of
      rights hereunder or thereunder, (f) subject to an agreement containing
      provisions substantially the same as those of this Section, to (i) any
      assignee of or Participant in, or any prospective assignee of or Participant
      in,
      any of its rights or obligations under this Agreement and the other Loan
      Documents or (ii) any actual or prospective counterparty (or its advisors)
      to any swap or derivative transaction relating to the Borrower and its
      obligations, (g) with the consent of the Borrower or (h) to the extent
      such Information (i) becomes publicly available other than as a result of a
      breach of this Section or (ii) becomes available to the Administrative
      Agent, the Issuing Bank or any Lender on a nonconfidential basis from a source
      other than the Borrower and its Subsidiaries. For the purposes of this Section,
      “Information”
means
      all information received from any of the Borrower and its Subsidiaries relating
      to any of the Borrower and its Subsidiaries or any of their business, other
      than
      any such information that is available to the Administrative Agent, the Issuing
      Bank or any Lender on a nonconfidential basis prior to disclosure by the
      Borrower or any Subsidiary. Any Person required to maintain the confidentiality
      of Information as provided in this Section shall be considered to have
      complied with its obligation to do so if such Person has exercised the same
      degree of care to maintain the confidentiality of such Information as such
      Person would accord to its own confidential information.

     

    
      
        
        

      

      
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    SECTION
      9.13  Interest
      Rate Limitation.
      Notwithstanding anything herein to the contrary, if at any time the interest
      rate applicable to any Loan, together with all fees, charges and other amounts
      which are treated as interest on such Loan under applicable law (collectively
      the “Charges”),
      shall
      exceed the maximum lawful rate (the “Maximum
      Rate”)
      which
      may be contracted for, charged, taken, received or reserved by the Lender
      holding such Loan in accordance with applicable law, the rate of interest
      payable in respect of such Loan hereunder, together with all Charges payable
      in
      respect thereof, shall be limited to the Maximum Rate and, to the extent lawful,
      the interest and Charges that would have been payable in respect of such Loan
      but were not payable as a result of the operation of this Section shall be
      cumulated and the interest and Charges payable to such Lender in respect of
      other Loans or periods shall be increased (but not above the Maximum Rate
      therefor) until such cumulated amount, together with interest thereon at the
      Federal Funds Effective Rate to the date of repayment, shall have been received
      by such Lender.

     

    SECTION
      9.14  USA
      PATRIOT Act.
      Each
      Lender that is subject to the requirements of the USA Patriot Act
      (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Act”)
      hereby
      notifies the Borrower that pursuant to the requirements of the Act, it is
      required to obtain, verify and record information that identifies the Borrower,
      which information includes the name and address of the Borrower and other
      information that will allow such Lender to identify the Borrower in accordance
      with the Act.

     

    SECTION
      9.15  Cooperation
      with Gaming Boards. The
      Administrative Agent and the Lenders agree to, at the request and expense of
      Borrower, commercially reasonably cooperate with all Gaming Boards in connection
      with the administration of their regulatory jurisdiction over the Borrower
      and
      its Subsidiaries, including the provision of such documents and other
      information as may be reasonably requested by any such Gaming Board relating
      to
      Borrower or any of its Subsidiaries or to the Loan Documents.

     

    
      
        
        

      

      
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    SECTION
      9.16  Subordinated
      Note Indenture.
      The
      Loan Documents and Obligations constitute “Designated Senior Debt” (as defined
      in the Subordinated Note Indenture) for purposes of the Subordinated Note
      Indenture.

     

    ARTICLE X

     

    GUARANTY

     

    SECTION
      10.01  Guaranty.
      Each
      Subsidiary Guarantor hereby agrees that it is jointly and severally liable
      for,
      and, as primary obligor and not merely as surety, absolutely and unconditionally
      guarantees to the Lenders the prompt payment when due, whether at stated
      maturity, upon acceleration or otherwise, and at all times thereafter, of the
      Obligations and all reasonable costs and expenses including, without limitation,
      all court costs and reasonable out-of-pocket attorneys’ and paralegals’ fees and
      expenses paid or incurred by the Administrative Agent, the Issuing Bank and
      the
      Lenders in endeavoring to collect all or any part of the Obligations from,
      or in
      prosecuting any action against, the Borrower, any Subsidiary Guarantor or any
      other guarantor of all or any part of the Obligations (such costs and expenses,
      together with the Obligations, collectively the “Guaranteed
      Obligations”).
      Each
      Subsidiary Guarantor further agrees that the Guaranteed Obligations may be
      extended or renewed in whole or in part without notice to or further assent
      from
      it, and that it remains bound upon its guarantee notwithstanding any such
      extension or renewal. All terms of this Subsidiary Guaranty apply to and may
      be
      enforced by or on behalf of any domestic or foreign branch or Affiliate of
      any
      Lender that extended any portion of the Guaranteed Obligations.

     

    SECTION
      10.02  Guaranty
      of Payment.
      This
      Subsidiary Guaranty is a guaranty of payment and not of collection. Each
      Subsidiary Guarantor waives any right to require the Administrative Agent,
      the
      Issuing Bank or any Lender to sue the Borrower, any Subsidiary Guarantor, any
      other guarantor, or any other person obligated for all or any part of the
      Guaranteed Obligations (each, an “Obligated
      Party”),
      or
      otherwise to enforce its payment against any collateral securing all or any
      part
      of the Guaranteed Obligations.

     

    SECTION
      10.03  No
      Discharge or Diminishment of Subsidiary Guaranty.
      (a)
      Except
      as otherwise provided for herein, the obligations of each Subsidiary Guarantor
      hereunder are unconditional and absolute and not subject to any reduction,
      limitation, impairment or termination for any reason (other than the
      indefeasible payment in full in cash of the Guaranteed Obligations), including:
      (i) any claim of waiver, release, extension, renewal, settlement,
      surrender, alteration, or compromise of any of the Guaranteed Obligations,
      by
      operation of law or otherwise; (ii) any change in the corporate existence,
      structure or ownership of the Borrower or any other guarantor of or other person
      liable for any of the Guaranteed Obligations; (iii) any insolvency,
      bankruptcy, reorganization or other similar proceeding affecting any Obligated
      Party, or their assets or any resulting release or discharge of any obligation
      of any Obligated Party; or (iv) the existence of any claim, setoff or other
      rights which any Subsidiary Guarantor may have at any time against any Obligated
      Party, the Administrative Agent, the Issuing Bank, any Lender, or any other
      person, whether in connection herewith or in any unrelated
      transactions.

     

    
      
        
        

      

      
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    (b)  The
      obligations of each Subsidiary Guarantor hereunder are not subject to any
      defense or setoff, counterclaim, recoupment, or termination whatsoever by reason
      of the invalidity, illegality, or unenforceability of any of the Guaranteed
      Obligations or otherwise, or any provision of applicable law or regulation
      purporting to prohibit payment by any Obligated Party, of the Guaranteed
      Obligations or any part thereof.

     

    (c)  Further,
      the obligations of any Subsidiary Guarantor hereunder are not discharged or
      impaired or otherwise affected by: (i) the failure of the Administrative
      Agent, the Issuing Bank or any Lender to assert any claim or demand or to
      enforce any remedy with respect to all or any part of the Guaranteed
      Obligations; (ii) any waiver or modification of or supplement to any
      provision of any agreement relating to the Guaranteed Obligations;
      (iii) any release, non-perfection, or invalidity of any indirect or direct
      security for the obligations of the Borrower for all or any part of the
      Guaranteed Obligations or any obligations of any other guarantor of or other
      person liable for any of the Guaranteed Obligations; (iv) any action or
      failure to act by the Administrative Agent, the Issuing Bank or any Lender
      with
      respect to any collateral securing any part of the Guaranteed Obligations;
      or
      (v) any default, failure or delay, willful or otherwise, in the payment or
      performance of any of the Guaranteed Obligations, or any other circumstance,
      act, omission or delay that might in any manner or to any extent vary the risk
      of such Subsidiary Guarantor or that would otherwise operate as a discharge
      of
      any Subsidiary Guarantor as a matter of law or equity (other than the
      indefeasible payment in full in cash of the Guaranteed
      Obligations).

     

    SECTION
      10.04  Defenses
      Waived.
      To the
      fullest extent permitted by applicable law, each Subsidiary Guarantor hereby
      waives any defense based on or arising out of any defense of the Borrower or
      any
      Subsidiary Guarantor or the unenforceability of all or any part of the
      Guaranteed Obligations from any cause, or the cessation from any cause of the
      liability of the Borrower or any Subsidiary Guarantor, other than the
      indefeasible payment in full in cash of the Guaranteed Obligations. Without
      limiting the generality of the foregoing, each Subsidiary Guarantor irrevocably
      waives acceptance hereof, presentment, demand, protest and, to the fullest
      extent permitted by law, any notice not provided for herein, as well as any
      requirement that at any time any action be taken by any person against any
      Obligated Party, or any other person. The Administrative Agent may, at its
      election, foreclose on any Collateral held by it by one or more judicial or
      nonjudicial sales, accept an assignment of any such Collateral in lieu of
      foreclosure or otherwise act or fail to act with respect to any collateral
      securing all or a part of the Guaranteed Obligations, compromise or adjust
      any
      part of the Guaranteed Obligations, make any other accommodation with any
      Obligated Party or exercise any other right or remedy available to it against
      any Obligated Party, without affecting or impairing in any way the liability
      of
      such Subsidiary Guarantor under this Subsidiary Guaranty except to the extent
      the Guaranteed Obligations have been fully and indefeasibly paid in cash. To
      the
      fullest extent permitted by applicable law, each Subsidiary Guarantor waives
      any
      defense arising out of any such election even though that election may operate,
      pursuant to applicable law, to impair or extinguish any right of reimbursement
      or subrogation or other right or remedy of any Subsidiary Guarantor against
      any
      Obligated Party or any security.

     

    SECTION
      10.05  Rights
      of Subrogation.
      No
      Subsidiary Guarantor will assert any right, claim or cause of action, including,
      without limitation, a claim of subrogation, contribution or indemnification
      that
      it has against any Obligated Party, or any collateral, until the Loan Parties
      and the Subsidiary Guarantors have fully performed all their obligations to
      the
      Administrative Agent, the Issuing Bank and the Lenders.

     

    
      
        
        

      

      
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    SECTION
      10.06  Reinstatement;
      Stay of Acceleration.
      If at
      any time any payment of any portion of the Guaranteed Obligations is rescinded
      or must otherwise be restored or returned upon the insolvency, bankruptcy,
      or
      reorganization of the Borrower or otherwise, each Subsidiary Guarantor’s
      obligations under this Subsidiary Guaranty with respect to that payment shall
      be
      reinstated at such time as though the payment had not been made and whether
      or
      not the Administrative Agent, the Issuing Bank and the Lenders are in possession
      of this Subsidiary Guaranty. If acceleration of the time for payment of any
      of
      the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or
      reorganization of the Borrower, all such amounts otherwise subject to
      acceleration under the terms of any agreement relating to the Guaranteed
      Obligations shall nonetheless be payable by the Subsidiary Guarantors forthwith
      on demand by the Lender.

     

    SECTION
      10.07  Information.
      Each
      Subsidiary Guarantor assumes all responsibility for being and keeping itself
      informed of the Borrower’s financial condition and assets, and of all other
      circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations
      and the nature, scope and extent of the risks that each Subsidiary Guarantor
      assumes and incurs under this Subsidiary Guaranty, and agrees that neither
      the
      Administrative Agent, the Issuing Bank nor any Lender shall have any duty to
      advise any Subsidiary Guarantor of information known to it regarding those
      circumstances or risks.

     

    SECTION
      10.08  Termination.
      The
      Lenders may continue to make loans or extend credit to the Borrower based on
      this Subsidiary Guaranty until five days after it receives written notice of
      termination from any Subsidiary Guarantor. Notwithstanding receipt of any such
      notice, each Subsidiary Guarantor will continue to be liable to the Lenders
      for
      any Guaranteed Obligations created, assumed or committed to prior to the fifth
      day after receipt of the notice, and all subsequent renewals, extensions,
      modifications and amendments with respect to, or substitutions for, all or
      any
      part of that Guaranteed Obligations.

     

    SECTION
      10.09  Taxes.
      All
      payments of the Guaranteed Obligations will be made by each Subsidiary Guarantor
      free and clear of and without deduction for any Indemnified Taxes or Other
      Taxes; provided
      that if
      any Subsidiary Guarantor shall be required to deduct any Indemnified Taxes
      or
      Other Taxes from such payments, then (i) the sum payable shall be increased
      as necessary so that after making all required deductions (including deductions
      applicable to additional sums payable under this Section) the Administrative
      Agent, Lender or Issuing Bank (as the case may be) receives an amount equal
      to
      the sum it would have received had no such deductions been made, (ii) such
      Subsidiary Guarantor shall make such deductions and (iii) such Subsidiary
      Guarantor shall pay the full amount deducted to the relevant Governmental
      Authority in accordance with applicable law.

     

    
      
        
        

      

      
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    SECTION
      10.10  Maximum
      Liability.
      Each
      Subsidiary Guarantor, and by its acceptance of this Subsidiary Guaranty, the
      Administrative Agent and each other Lender, hereby confirms that it is the
      intention of all such Persons that this Subsidiary Guaranty and the Guaranteed
      Obligations of each Subsidiary Guarantor hereunder not constitute a fraudulent
      transfer or conveyance for purposes of United States Bankruptcy Code, the
      Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any
      similar foreign, federal or state law to the extent applicable to this
      Subsidiary Guaranty and the Guaranteed Obligations of each Subsidiary Guarantor
      hereunder. To effectuate the foregoing intention, the Administrative Agent,
      the
      other Lenders and the Subsidiary Guarantors hereby irrevocably agree that if
      the
      obligations of any Subsidiary Guarantor under this Subsidiary Guaranty would
      otherwise be unlawful, avoidable, invalid or unenforceable under such laws
      on
      account of the amount of such Subsidiary Guarantor’s liability under the
      Subsidiary Guaranty (after giving effect to the right of contribution
      established in Section 10.11), then the Guaranteed Obligations of such
      Subsidiary Guarantor under this Subsidiary Guaranty shall, without further
      action by the Subsidiary Guarantors, Administrative Agent or Lenders, be
      automatically limited or reduced to the maximum amount as will result in the
      Guaranteed Obligations of such Subsidiary Guarantor under this Subsidiary
      Guaranty that would be lawful, not subject to avoidance, valid and enforceable
      under such laws (such maximum amount being the relevant Subsidiary Guarantor’s
“Maximum
      Liability”).
      Each
      Subsidiary Guarantor agrees that the Guaranteed Obligations may at any time
      and
      from time to time exceed the Maximum Liability of each Subsidiary Guarantor
      without impairing this Subsidiary Guaranty or affecting the rights and remedies
      of the Lenders hereunder, provided
      that,
      nothing in this sentence shall be construed to increase any Subsidiary
      Guarantor’s obligations hereunder beyond its Maximum Liability.

     

    SECTION
      10.11  Contribution.
      In the
      event any Subsidiary Guarantor (a “Paying
      Guarantor”)
      shall
      make any payment or payments under this Subsidiary Guaranty or shall suffer
      any
      loss as a result of any realization upon any collateral granted by it to secure
      its obligations under this Subsidiary Guaranty, each other Subsidiary Guarantor
      (each a “Non-Paying
      Guarantor”)
      shall
      contribute to such Paying Guarantor an amount equal to such Non-Paying
      Guarantor’s “Applicable Guarantor Percentage” of such payment or payments made,
      or losses suffered, by such Paying Guarantor. For purposes of this
      Article X, each Non-Paying Guarantor’s “Applicable
      Guarantor Percentage”
with
      respect to any such payment or loss by a Paying Guarantor shall be determined
      as
      of the date on which such payment or loss was made by reference to the ratio
      of
      (i) such Non-Paying Guarantor’s Maximum Liability as of such date (without
      giving effect to any right to receive, or obligation to make, any contribution
      hereunder) or, if such Non-Paying Guarantor’s Maximum Liability has not been
      determined, the aggregate amount of all monies received by such Non-Paying
      Guarantor from the Borrower after the date hereof (whether by loan, capital
      infusion or by other means (excluding payment for sales in the ordinary course
      of business)) to (ii) the aggregate Maximum Liability of all Subsidiary
      Guarantors hereunder (including such Paying Guarantor) as of such date (without
      giving effect to any right to receive, or obligation to make, any contribution
      hereunder), or to the extent that a Maximum Liability has not been determined
      for any Subsidiary Guarantor, the aggregate amount of all monies received by
      such Subsidiary Guarantors from the Borrower after the date hereof (whether
      by
      loan, capital infusion or by other means(excluding payment for sales in the
      ordinary course of business)). Nothing in this provision shall affect any
      Subsidiary Guarantor’s several liability for the entire amount of the Guaranteed
      Obligations (up to such Subsidiary Guarantor’s Maximum Liability). Each of the
      Subsidiary Guarantors covenants and agrees that its right to receive any
      contribution under this Subsidiary Guaranty from a Non-Paying Guarantor shall
      be
      subordinate and junior in right of payment to the payment in full in cash of
      the
      Guaranteed Obligations. This provision is for the benefit of both the
      Administrative Agent, the Issuing Bank, the Lenders and the Subsidiary
      Guarantors and may be enforced by any one, or more, or all of them in accordance
      with the terms hereof.

     

    
      
        
        

      

      
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    SECTION
      10.12  Liability
      Cumulative.
      The
      liability of each Loan Party as a Subsidiary Guarantor under this Article X
      is in addition to and shall be cumulative with all liabilities of each Loan
      Party to the Administrative Agent, the Issuing Bank and the Lenders under this
      Agreement and the other Loan Documents to which such Loan Party is a party
      or in
      respect of any obligations or liabilities of the other Loan Parties, without
      any
      limitation as to amount, unless the instrument or agreement evidencing or
      creating such other liability specifically provides to the
      contrary.

     

    (Signature
      Page Follows)

     

    
      
        
        

      

      
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    (Signature
      Page to Credit Agreement)

     

           
IN
      WITNESS WHEREOF,
      the
      parties hereto have caused this Agreement to be duly executed by their
      respective authorized officers as of the day and year first above
      written.

     

    
      	 	 	 BORROWER:
	 	 	
               

              WMS INDUSTRIES INC.

            
	 
 	 
 	 
 
	 	By:  	/s/ Scott
              D.
              Schweinfurth
	 	
              
                

              

              Scott
                D. Schweinfurth

              Executive
                Vice President,

              Chief
                Financial Officer and 

              Treasurer

            
	 	 

    

     

    
      
        	 	 	 OTHER
                LOAN PARTIES:
	 	 	
                 

                WMS GAMING INC.

              
	 
 	 
 	 
 
	 	By:  	/s/ Scott
                D.
                Schweinfurth
	 	
                
                  

                

                Scott
                  D. Schweinfurth

                Executive
                  Vice President,

                Chief
                  Financial Officer and 

                Treasurer

              
	 	 

      

       

    

    
      
        	 	 	 WILLIAMS
                ELECTRONICS GAMES, INC.
	 
 	 
 	 
	 	By:  	/s/ Scott
                D.
                Schweinfurth
	 	
                
                  

                

                Scott
                  D. Schweinfurth

                Executive
                  Vice President,

                Chief
                  Financial Officer and 

                Treasurer

              
	 	 

      

       

      
        
          	 	 	 WMS
                  FINANCE INC.
	 
 	 
 	 
 
	 	By:  	/s/ Scott
                  D.
                  Schweinfurth
	 	
                  
                    

                  

                  Scott
                    D. Schweinfurth

                  Executive
                    Vice President,

                  Chief
                    Financial Officer and 

                  Treasurer

                
	 	 

        

         

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (Signature
      Page to Credit Agreement)

     

    
      
        	 	 	
                JPMORGAN CHASE BANK, N.A.,

                 individually
                  and as Administrative Agent,

              
	 
 	 
 	 
 
	 	By:  	
                /s/ Joseph
                  A.
                  Luna

              
	 	
                
                  

                

                Joseph
                  A. Luna

                Vice
                  President

              
	 	 

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

     

    (Signature
      Page to Credit Agreement)

     

    
      
        	 	 	 LASALLE
                BANK NATIONAL ASSOCIATION
	 
 	 
 	 
 
	 	By:  	/s/ Bruce
                Linger
	 	
                
                  

                

                Bruce
                  Linger

                Senior
                  Vice President

              
	 	 

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

     

    (Signature
      Page to Credit Agreement)

     

    
      
        	 	 	 BANK
                OF AMERICA, N.A.
	 
 	 
 	 
 
	 	By:  	/s/ Justin
                Lien
	 	
                
                  

                

                Justin
                  Lien

                Vice
                  President

              
	 	 

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

    SCHEDULE
      2.01

     

    COMMITMENTS

     

    
      	
              Lender

            	 	
              Commitment
                Amount

            	 	
              Applicable
                Percentages

            
	
              JPMorgan
                Chase Bank, N.A.

            	 	
              $40,000,000.00

            	 	
              40%

            
	
              Bank
                of America, N.A.

            	 	
              $30,000,000.00

            	 	
              30%

            
	
              LaSalle
                Bank National Association

            	 	
              $30,000,000.00

            	 	
              30%

            
	
              TOTALS

            	 	
              $100,000,000.00

            	 	
              100%

            

    

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    EXHIBIT A

     

    ASSIGNMENT
      AND ASSUMPTION

     

    This
      Assignment and Assumption (the “Assignment
      and Assumption”)
      is
      dated as of the Effective Date set forth below and is entered into by and
      between [Insert
      name of Assignor]
      (the
“Assignor”)
      and
      [Insert
      name of Assignee]
      (the
“Assignee”).
      Capitalized terms used but not defined herein shall have the meanings given
      to
      them in the Credit Agreement identified below (as amended, the “Credit
      Agreement”),
      receipt of a copy of which is hereby acknowledged by the Assignee. The Standard
      Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed
      to
      and incorporated herein by reference and made a part of this Assignment and
      Assumption as if set forth herein in full.

     

    For
      an
      agreed consideration, the Assignor hereby irrevocably sells and assigns to
      the
      Assignee, and the Assignee hereby irrevocably purchases and assumes from the
      Assignor, subject to and in accordance with the Standard Terms and Conditions
      and the Credit Agreement, as of the Effective Date inserted by the
      Administrative Agent as contemplated below (i) all of the Assignor’s rights
      and obligations in its capacity as a Lender under the Credit Agreement and
      any
      other documents or instruments delivered pursuant thereto to the extent related
      to the amount and percentage interest identified below of all of such
      outstanding rights and obligations of the Assignor under the respective
      facilities identified below (including any letters of credit, guarantees, and
      swingline loans included in such facilities) and (ii) to the extent
      permitted to be assigned under applicable law, all claims, suits, causes of
      action and any other right of the Assignor (in its capacity as a Lender) against
      any Person, whether known or unknown, arising under or in connection with the
      Credit Agreement, any other documents or instruments delivered pursuant thereto
      or the loan transactions governed thereby or in any way based on or related
      to
      any of the foregoing, including contract claims, tort claims, malpractice
      claims, statutory claims and all other claims at law or in equity related to
      the
      rights and obligations sold and assigned pursuant to clause (i) above (the
      rights and obligations sold and assigned pursuant to clauses (i) and (ii) above
      being referred to herein collectively as the “Assigned
      Interest”).
      Such
      sale and assignment is without recourse to the Assignor and, except as expressly
      provided in this Assignment and Assumption, without representation or warranty
      by the Assignor.

     

    

      
        	
                1.

              	
                Assignor:

              	 	 

      

      

       

      
        	
                2.

              	
                Assignee:

              	 	 
	 	 	
                [and
                  is an Affiliate/Approved Fund of [identify
                  Lender]1 ]

              	 

      

      

       

      
        	
                3.

              	
                Borrower(s):

              	 	 

      

    

    
       

      
        	
                4.

              	
                Administrative
                  Agent: ______________________, as the administrative agent under
                  the
                  Credit Agreement

              

      

    

     

    
      
        

      

    

    1
      Select
      as applicable.

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    

    5. Credit
      Agreement: The Credit Agreement dated as of May 1, 2006 (as amended, restated,
      supplemented or otherwise modified from time to time) among WMS INDUSTRIES
      INC.,
      the other Loan Parties, the Lenders parties thereto, JPMORGAN CHASE BANK, N.A.,
      as Administrative Agent, and the other agents parties thereto]

     

    6. Assigned
      Interest:

     

    
      	
              Facility
                Assigned

            	 	
              Aggregate
                Amount of 

              Commitment/Loans
                for all 

              Lenders

            	 	
              Amount
                of

               Commitment/Loans

               Assigned

            	 	
              Percentage
                Assigned 

              of
                

              Commitment/Loans2

            
	 	 	
              $

            	 	
              $

            	 	
                  %

            
	 	 	
              $

            	 	
              $

            	 	
                  %

            
	 	 	
              $

            	 	
              $

            	 	
                  %

            

    

    

    Effective
      Date: _____________ ___, 20___ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND
      WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER
      THEREFOR.]

     

    The
      terms
      set forth in this Assignment and Assumption are hereby agreed to:

     

    
      	 	 	 	 ASSIGNOR
	 	 	 
	 	 
 	 
 	 [NAME
              OF ASSIGNOR]
 
	 	 	By:  	 
	 	 	
              

            
	 	 	Title: 

    

     

    
      	 	 	 ASSIGNEE
	 	 
	 
 	 
 	 [NAME
              OF ASSIGNEE]
 
	 	By:  	 
	 	
              

            
	 	Title:

    

    
    

     

    
      

    

    
      2
        Set
        forth, to at least 9 decimals, as a percentage of the Commitment/Loans of
        all
        Lenders thereunder.

    

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

    
      	 	  [Consented
              to and]3
              Accepted:	 	 
	 	 	 
	 	JPMORGAN
              CHASE BANK, N.A.,
              as Administrative Agent
 	 
 	 
 
	 By:	 	  	 
	 Title: 	 	 

    

    

      	 	  [Consented
              to:]4	 	 
	 	 	 
	 	 [NAME
              OF RELEVANT PARTY]
 	 
 	 
 
	 By:  	 	 	 
	 Title: 	 	 

    

     

    
      

    

    3
      To be
      added only if the consent of the Administrative Agent is required by the terms
      of the Credit Agreement.

    

    4
      To be
      added only if the consent of the Borrower and/or other parties (e.g. Swingline
      Lender, Issuing Bank) is required by the terms of the Credit
      Agreement.

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

    ANNEX
      1

     

    STANDARD
      TERMS AND CONDITIONS FOR

    ASSIGNMENT
      AND ASSUMPTION

     

    1.     Representations
      and Warranties.

     

    1.1    Assignor.
      The
      Assignor (a) represents and warrants that (i) it is the legal and
      beneficial owner of the Assigned Interest, (ii) the Assigned Interest is
      free and clear of any lien, encumbrance or other adverse claim and (iii) it
      has full power and authority, and has taken all action necessary, to execute
      and
      deliver this Assignment and Assumption and to consummate the transactions
      contemplated hereby; and (b) assumes no responsibility with respect to
      (i) any statements, warranties or representations made in or in connection
      with the Credit Agreement or any other Loan Document, (ii) the execution,
      legality, validity, enforceability, genuineness, sufficiency or value of the
      Loan Documents or any collateral thereunder, (iii) the financial condition
      of the Borrower, any of its Subsidiaries or Affiliates or any other Person
      obligated in respect of any Loan Document or (iv) the performance or
      observance by the Borrower, any of its Subsidiaries or Affiliates or any other
      Person of any of their respective obligations under any Loan
      Document.

     

    1.2.   Assignee.
      The
      Assignee (a) represents and warrants that (i) it has full power and
      authority, and has taken all action necessary, to execute and deliver this
      Assignment and Assumption and to consummate the transactions contemplated hereby
      and to become a Lender under the Credit Agreement, (ii) it satisfies the
      requirements, if any, specified in the Credit Agreement that are required to
      be
      satisfied by it in order to acquire the Assigned Interest and become a Lender,
      (iii) from and after the Effective Date, it shall be bound by the
      provisions of the Credit Agreement as a Lender thereunder and, to the extent
      of
      the Assigned Interest, shall have the obligations of a Lender thereunder,
      (iv) it has received a copy of the Credit Agreement, together with copies
      of the most recent financial statements delivered pursuant to Section 5.01
      thereof, as applicable, and such other documents and information as it has
      deemed appropriate to make its own credit analysis and decision to enter into
      this Assignment and Assumption and to purchase the Assigned Interest on the
      basis of which it has made such analysis and decision independently and without
      reliance on the Administrative Agent or any other Lender, and (v) if it is
      a Foreign Lender, attached to the Assignment and Assumption is any documentation
      required to be delivered by it pursuant to the terms of the Credit Agreement,
      duly completed and executed by the Assignee; and (b) agrees that
      (i) it will, independently and without reliance on the Administrative
      Agent, the Assignor or any other Lender, and based on such documents and
      information as it shall deem appropriate at the time, continue to make its
      own
      credit decisions in taking or not taking action under the Loan Documents, and
      (ii) it will perform in accordance with their terms all of the obligations
      which by the terms of the Loan Documents are required to be performed by it
      as a
      Lender.

     

    2.   
Payments.
      From
      and after the Effective Date, the Administrative Agent shall make all payments
      in respect of the Assigned Interest (including payments of principal, interest,
      fees and other amounts) to the Assignor for amounts which have accrued to but
      excluding the Effective Date and to the Assignee for amounts which have accrued
      from and after the Effective Date.

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

     

    3.     General
      Provisions.
      This
      Assignment and Assumption shall be binding upon, and inure to the benefit of,
      the parties hereto and their respective successors and assigns. This Assignment
      and Assumption may be executed in any number of counterparts, which together
      shall constitute one instrument. Delivery of an executed counterpart of a
      signature page of this Assignment and Assumption by telecopy shall be effective
      as delivery of a manually executed counterpart of this Assignment and
      Assumption. This Assignment and Assumption shall be governed by, and construed
      in accordance with, the law of the State of New York.

     

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

    

    

     

    EXHIBIT B

     

    JPMORGAN
      CHASE BANK, N.A.

     

    CLOSING
      CHECKLIST

     

    WMS
      INDUSTRIES INC.

    AND
      THE OTHER LOAN PARTIES

     

    $100,000,000
      Revolving Loan Facility

     

    CLOSING
      DATE: May 1, 2006

     

    PARTIES
      TO THE TRANSACTION

     

    
      	
              AGENT:

            	
              JPMORGAN
                CHASE BANK, N.A.

              1201
                S. Milwaukee Avenue

              Libertyville,
                Illinois 60048

               

              Attn:
                David E. Lee

              Telephone
                No.: (847) 816-4244

              Fax:
                (847) 816-4210

              E-mail:
                david.e.lee@bankone.com

               

              Attn:
                Joseph A. Luna

              Tel:
                (847) 816-4241

              Fax:
                (847) 816-4210

              E-mail:
                joseph.a.luna@chase.com

               

              Attn:
                Jerry J. Allen

              Tel:
                 (847) 816-4245

              Fax:
                (847) 816-4210

              Email:
                jerry.j.allen@jpmchase.com

               

            	 
	
              AGENT’S
                COUNSEL (“AC”):

            	
              Vedder,
                Price, Kaufman & Kammholz, P.C.

              222
                North LaSalle Street, 24th
                Floor

              Chicago,
                Illinois 60601

              Facsimile
                No.: (312) 609-5005

               

              Attn:
                Paul R. Hoffman

              Telephone
                No.: (312) 609-7733

              E-mail:
                phoffman@vedderprice.com

               

              Attn:
                Eliza Hommel

              Telephone
                No.: (312) 609-7573

              E-mail:
                ehommel@vedderprice.com

               

            	 

    

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

     

    
      	
              BORROWER:

            	
              WMS
                INDUSTRIES INC., a Delaware corporation (“Borrower”)

               

            	 
	
              OTHER
                LOAN PARTIES:

            	
              WMS
                GAMING INC., a Delaware corporation (“WMS
                Gaming”)

               

            	 
	 	
              WILLIAMS
                ELECTRONICS GAMES INC., a Delaware corporation (“Williams
                Electronics”)

               

            	 
	 	
              WMS
                FINANCE INC., a Delaware corporation (“WMS
                Finance”)

               

            	 
	 	
              c/o
                WMS INDUSTRIES INC.

              800
                South Northpoint Boulevard

              Waukegan,
                Illinois 60085

              Attention:
                Scott D. Schweinfurth

              Telecopy
                No. (847) 785-3790

              Email:
                sschweinfurth@wmsgaming.com

            	 
	 	 	 
	
              COUNSEL
                TO BORROWER AND OTHER LOAN PARTIES (“BC”):

            	
              Kathleen
                McJohn, General Counsel

              Telecopy
                No. (847) 785-3901

              Email:
                kmcjohn@wmsgaming.com

            	 
	 	 	 
	 	
              McLaurin
                Hill Files, Assistant General Counsel

              Telephone
                No.: (847) 785.3995

              Telecopy
                No.: (847) 785.3786

              Email:
                mfiles@wmsgaming.com 

            	 
	 	 	 
	 	
              Blank
                Rome LLP

              The
                Chrysler Building, 405 Lexington Avenue

              New
                York, NY 10174

              Attention:
                Pamela E. Flaherty

              Phone:
                (212) 885-5174

              Fax:
                (646) 366-3724

              Email:
                pflaherty@blankrome.com 

            	 

    

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

     

    
      	
              A.    Loan
                Documents

               

            	 
	
              Credit
                Agreement among Borrower, the other Loan Parties, the Lenders and
                Administrative Agent

               

            	
              AC

            
	
              Exhibits:

            	 
	 	 
	
              Exhibit
                A - Form of Assignment and Acceptance

            	
              AC

            
	
              Exhibit
                B - Form of Document Checklist

            	
              AC

            
	
              Exhibit
                C - Form of Compliance Certificate

            	
              AC

            
	
              Exhibit
                D - Form of Joinder Agreement

            	
              AC

            
	 	 
	
              Schedules

            	 
	 	 
	
              Schedule 2.01
                - Commitments

            	
              AC

            
	 	 
	
              Disclosure
                Schedules

            	
              Borrower

            
	 	 
	
              Revolving
                Note

               

            	
              AC

            
	
              JPMorgan
                Chase Bank, N.A. $40,000,000

            	 
	
              LaSalle
                Bank National Association $30,000,000

            	 
	
              Bank
                of America, N.A. $30,000,000

            	 
	 	 
	
              Officer’s
                Closing Certificate

               

            	
              AC

            
	 	 
	
              B.    UCC
                Information

               

            	 
	
              UCC,
                Tax Lien and Judgment Searches

               

            	
              AC

               

            
	
              C.    Organizational
                Documents

               

            	
              Borrower

            
	
              Borrower’s
                Secretary’s Certificate re:

               

            	 
	
              Certificate
                of Incorporation, certified as of a recent date by the Secretary
                of State
                of Delaware

            	 
	
              By-Laws

            	 
	
              Resolutions

            	 
	
              Incumbency

            	 
	 	 
	
              WMS
                Gaming Secretary’s Certificate re:

               

            	 
	
              Certificate
                of Incorporation, certified as of a recent date of the Secretary
                of State
                of Delaware

            	 
	
              By-Laws

            	 
	
              Resolutions

            	 
	
              Incumbency

            	 

    

     

    
      
        
        

      

      
        B-3

        
          

        

      

      
        
        

      

    

     

    
      	 	 
	
              Williams
                Electronics’ Secretary’s Certificate re:

               

            	 
	
              Certificate
                of Incorporation, certified as of a recent date of the Secretary
                of State
                of Delaware

            	 
	
              By-Laws

            	 
	
              Resolutions

            	 
	
              Incumbency

            	 
	 	 
	
              WMS
                Finance’s Secretary’s Certificate re:

               

            	 
	
              Certificate
                of Incorporation, certified as of a recent date of the Secretary
                of State
                of Delaware

            	 
	
              By-Laws

            	 
	
              Resolutions

            	 
	
              Incumbency

            	 
	 	 
	
              Good
                Standing Certificates

               

            	
              Borrower

            
	
              Borrower

            	 
	
              Delaware

            	 
	
              Illinois

            	 
	 	 
	
              WMS
                Gaming

            	 
	
              Delaware

            	 
	
              Illinois

            	 
	 	 
	
              Williams
                Electronics

            	 
	
              Delaware

            	 
	
              Illinois

            	 
	 	 
	
              WMS
                Finance

            	 
	
              Delaware

            	 
	 	 
	
              D.    Attorney
                Opinions

               

            	 
	
              Opinions
                re Loan Documents

               

            	
              BC

            
	
              Blank
                Rome LLP

            	 
	
              Kathleen
                McJohn, Esq.

            	 
	
              Daurean
                G. Sloan, Esq.

            	 
	
              E.    Other

               

            	 
	
              Evidence
                of termination of LaSalle Bank National Association loan
                facilities

               

            	
              AC

            
	
              Fee
                Letters

               

            	
              AC

            
	
              Executed
                Information Certificate 

               

            	
              Borrower

            

    

     

    
      
        
        

      

      
        B-4

        
          

        

      

      
        
        

      

    

     

    

     

    

    EXHIBIT C

     

    COMPLIANCE
      CERTIFICATE

     

    
      	
              To:

            	
              The
                Lenders parties to the

              Credit
                Agreement Described
                Below

            

    

     

    This
      Compliance Certificate is furnished pursuant to that certain Credit Agreement
      dated as of May 1, 2006 (as amended, modified, renewed or extended from time
      to
      time, the “Agreement”)
      among
      WMS INDUSTRIES INC. (the “Borrower”),
      the
      other Loan Parties, the Lenders party thereto and JPMorgan Chase Bank, N.A.,
      as
      Administrative Agent for the Lenders and as the Issuing Bank. Unless otherwise
      defined herein, capitalized terms used in this Compliance Certificate have
      the
      meanings ascribed thereto in the Agreement.

     

    THE
      UNDERSIGNED HEREBY CERTIFIES THAT:

     

    1.    I
      am the
      duly elected of the Borrower;

     

    2.    I
      have
      reviewed the terms of the Agreement and I have made, or have caused to be made
      under my supervision, a detailed review of the transactions and conditions
      of
      the Borrower and its Subsidiaries during the accounting period covered by the
      attached consolidated financial statements [for
      quarterly financial statements add:
      and such
      consolidated financial statements present fairly in all material respects the
      financial condition and results of operations of the Borrower and its
      consolidated Subsidiaries on a consolidated basis in accordance with GAAP
      consistently applied, subject to normal year-end audit adjustments and the
      absence of footnotes];

     

    3.    The
      review described in paragraph 2 did not disclose, except as set forth
      below, and I have no knowledge of (i) the existence of any condition or
      event which constitutes an Event of Default during or at the end of the
      accounting period covered by the attached financial statements or as of the
      date
      of this Certificate or (ii) any change in GAAP or in the application
      thereof that has occurred since the date of the audited financial statements
      referred to in Section 3.04 of the Agreement, except as disclosed
      below;

     

    4.    Schedule I
      attached hereto sets forth financial data and computations evidencing the
      Borrower’s compliance with the covenants contained in Sections 6.01 (clauses
      (e), (f) and (j)), 6.04 (clauses (c), (d) and (e)), 6.11 and 6.12 of the
      Agreement, all of which data and computations are true, complete and correct;
      and

     

    5.    Schedule II
      hereto sets forth the computations necessary to determine the Applicable Rate
      commencing five (5) Business Days after the consolidated financial statements
      attached hereto are delivered to Administrative Agent.

     

    6.    [If
      applicable:
      Each of
      the conditions set forth in the definition of Permitted Restricted Payment
      for
      Restricted Payments made during the accounting period covered by the attached
      financial statements has been satisfied. Schedule III sets forth the
      computations necessary to determine compliance with clauses (i) and (ii) of
      such
      definition are satisfied.]

     

    
      
        
          
          

        

        
          Exhibit
            C –
            Page
            1

          
            

          

        

        
          
          

        

      

    

    

    Described
      below are the exceptions, if any, to paragraph 3 by listing, in detail, the
      (i) nature of the condition or event, the period during which it has
      existed and the action which the Borrower has taken, is taking, or proposes
      to
      take with respect to each such condition or event or (i) the change in GAAP
      or the application thereof and the effect of such change on the attached
      financial statements:

    
      	 
	 
	 

    

     

    The
      foregoing certifications, together with the computations set forth in
      Schedule I and Schedule II hereto, are made and delivered, and the
      financial statements delivered with this Certificate in support hereof are
      delivered, this ___ day of ___________, ________.

     

    
      	 	 	 
	 	WMS
              INDUSTRIES
              INC.
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
              

              Name:

            
	 	Title 

    

     

     

    
      
        
          
          

        

        
          Exhibit
            C –
            Page
            2

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE I

     

    Compliance
      as of _________, ____ with

    Provisions
      of and of

    the
      Agreement

     

    
      
        
        

      

      
        Schedule I
          – Page
          1

        
          

        

      

      
        
        

      

    

     

    
      SCHEDULE II

       

      Borrower’s
        Applicable Rate Calculation

       

    

    
      
        
          
          

        

        
          Schedule II
            – Page 1

          
            

          

        

        
          
          

        

      

    

     

    SCHEDULE III

     

    Permitted
      Restricted Payments

     

    
      
        
          
          

        

        
          Schedule II
            – Page 1

          
            

          

        

        
          
          

        

      

    

     

    
      EXHIBIT
        D

    

     

    JOINDER
      AGREEMENT

     

    THIS
      JOINDER AGREEMENT
      (this
“Agreement”),
      dated
      as of __________, ____, 200_, is entered into between
      ________________________________, a _________________ (the “New
      Subsidiary”)
      and
JPMORGAN
      CHASE BANK, N.A.,
      in its
      capacity as administrative agent (the “Administrative
      Agent”)
      under
      that certain Credit Agreement, dated as of May 1, 2006 among WMS
      INDUSTRIES, INC.
      (the
“Borrower”), the other Loan Parties party thereto, the Lenders party thereto and
      the Administrative Agent (as the same may be amended, restated, supplemented
      or
      otherwise modified from time to time, the “Credit
      Agreement”).
      All
      capitalized terms used herein and not otherwise defined shall have the meanings
      set forth in the Credit Agreement.

     

    The
      New
      Subsidiary and the Administrative Agent, for the benefit of the Lenders, hereby
      agree as follows:

     

    1. The
      New
      Subsidiary hereby acknowledges, agrees and confirms that, by its execution
      of
      this Agreement, the New Subsidiary will be deemed to be a Loan Party under
      the
      Credit Agreement and a “Subsidiary Guarantor” for all purposes of the Credit
      Agreement and shall have all of the obligations of a Loan Party and a Subsidiary
      Guarantor thereunder as if it had executed the Credit Agreement. The New
      Subsidiary hereby ratifies, as of the date hereof, and agrees to be bound by,
      all of the terms, provisions and conditions contained in the Credit Agreement,
      including without limitation (a) all of the representations and warranties
      of the Loan Parties set forth in Article III of the Credit Agreement,
      (b) all of the covenants set forth in Articles V and VI of the Credit
      Agreement and (c) all of the guaranty obligations set forth in
      Article X of the Credit Agreement. Without limiting the generality of the
      foregoing terms of this paragraph 1, the New Subsidiary, subject to the
      limitations set forth in Section 10.10 of the Credit Agreement, hereby
      guarantees, jointly and severally with the other Subsidiary Guarantors, to
      the
      Administrative Agent and the Lenders, as provided in Article X of the
      Credit Agreement, the prompt payment and performance of the Guaranteed
      Obligations in full when due (whether at stated maturity, as a mandatory
      prepayment, by acceleration or otherwise) strictly in accordance with the terms
      thereof and agrees that if any of the Guaranteed Obligations are not paid or
      performed in full when due (whether at stated maturity, as a mandatory
      prepayment, by acceleration or otherwise), the New Subsidiary will, jointly
      and
      severally together with the other Subsidiary Guarantors, promptly pay and
      perform the same, without any demand or notice whatsoever, and that in the
      case
      of any extension of time of payment or renewal of any of the Guaranteed
      Obligations, the same will be promptly paid in full when due (whether at
      extended maturity, as a mandatory prepayment, by acceleration or otherwise)
      in
      accordance with the terms of such extension or renewal.

     

    2. If
      required, the New Subsidiary is, simultaneously with the execution of this
      Agreement, executing and delivering such Loan Documents (and such other
      documents and instruments) as requested by the Administrative Agent in
      accordance with the Credit Agreement.

     

    
      
        
          
          

        

        
          
            Exhibit
              D
– Page 1

          

          
            

          

        

        
          
          

        

      

    

    

    3. The
      address of the New Subsidiary for purposes of Section 9.01 of the Credit
      Agreement is as follows:

     

    
      	 	 
	 	 
	 	 
	 	 

    

    

    4. The
      New
      Subsidiary hereby waives acceptance by the Administrative Agent and the Lenders
      of the guaranty by the New Subsidiary upon the execution of this Agreement
      by
      the New Subsidiary.

     

    5. This
      Agreement may be executed in any number of counterparts, each of which when
      so
      executed and delivered shall be an original, but all of which shall constitute
      one and the same instrument.

     

    6. THIS
      AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
      GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE
      STATE OF NEW YORK.

     

    IN
      WITNESS WHEREOF,
      the New
      Subsidiary has caused this Agreement to be duly executed by its authorized
      officer, and the Administrative Agent, for the benefit of the Lenders, has
      caused the same to be accepted by its authorized officer, as of the day and
      year
      first above written.

     

    
      	 	 	 
	 	
              [NEW
                SUBSIDIARY]

            
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
              

              Name:

            
	 	Title: 

    

     

    
      	 	 	 
	 	
              JPMORGAN
                CHASE BANK, N.A., as Administrative Agent

            
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
              
Name:
	 	Title 

    

     

     

    
      
        
        

      

      
        
          Exhibit
            D
– Page 2

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