FIRST AMENDMENT AND WAIVER
Dated as of February 20, 2007
This FIRST AMENDMENT AND WAIVER (this “ Amendment ”) is entered into among CKX, INC., a
Delaware corporation (the “ Borrower ”), and BEAR STEARNS CORPORATE LENDING INC. , as
administrative agent (in such capacity the “ Administrative Agent ”).
1. Reference is made to the Credit Agreement, dated as of May 24, 2006 (as amended, restated,
supplemented or otherwise modified from time to time, the “ Credit Agreement ”), among the Borrower, the
Lenders party thereto, Bear, Stearns & Co. Inc., as exclusive advisor, sole lead arranger and sole bookrunner,
UBS Securities LLC and The Bank of New York, as co-syndication agents, Lehman Commercial Paper, Inc.
and Credit Suisse, as co-documentation agents, and the Administrative Agent. Capitalized terms used but not
otherwise defined herein are used with the meanings given in the Credit Agreement.
2. The Borrower has requested that the Credit Agreement be amended as herein set forth.
3. The Borrower is currently in default of its obligations under Section 7.7 of the Credit Agreement to not, nor
to permit any of its Subsidiaries to, directly or indirectly, make or commit to make any Capital Expenditures in the
ordinary course of business exceeding $10,000,000 in any fiscal year as a result of the fact that it incurred capital
expenditures for its fiscal year 2006 in an amount equal to approximately $10,500,000 (the “ Capex Default ”).
4. The Borrower has requested that the Required Lenders waive the Capex Default.
5. The Required Lenders are willing to consent to the amendment and waiver request described above on the
terms and subject to the conditions set forth below.
NOW, THEREFORE , in consideration of the premises and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1. Amendment to Credit Agreement.