Document:

EX-10.2

 

Exhibit 10.2

SECOND AMENDMENT 

Dated as of June 1, 2007

     This SECOND AMENDMENT (this “Amendment”) is entered into by and between CKX, INC., a
Delaware corporation (the “Borrower”), and BEAR STEARNS CORPORATE LENDING INC., as
administrative agent (in such capacity the “Administrative Agent”).

Preliminary Statements

     1. Reference is made to the Credit Agreement, dated as of May 24, 2006 (as amended by the
First Amendment and Waiver, dated as of February 20, 2007, and as further 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 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.

     (a) Section 1.1 of the Credit Agreement is hereby amended by adding the following definitions
in appropriate alphabetical order:

     ““FXLR”: means FX Luxury Realty LLC, a Delaware limited liability company.”

     ““FXLR Acquisition”: the acquisition by the Borrower of 50% of the equity ownership
interests in FXLR pursuant to and in accordance with the terms and conditions of the Membership
Interest Purchase Agreement, dated as of June 1, 2007, by and among FXLR, the Borrower and Flag
Luxury Properties, LLC, for cash consideration not to exceed $100,000,000.”

     ““FXLR License Agreements”: agreements whereby (i) one or more of the Elvis Operating
Companies will grant to FXLR an exclusive worldwide license to develop, among other things, Elvis
Presley-themed hotels and real estate-based attractions (including Elvis Presley-themed
casinos) and (ii) the GOAT Operating Company will grant to FXLR an exclusive worldwide license
to develop, among other things, Muhammad Ali-themed hotels and real estate-based attractions, in
each

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case, which license agreements collectively shall provide for the payment to the licensor of
license fees equal to at least 3.0% of the total gross revenues generated from such hotels,
attractions and casinos (with minimum aggregate licensing fees of $10,000,000 during each of the
first three years of their respective terms, $20,000,000 during each of the fourth, fifth and sixth
years of their respective terms, and $25,000,000 each year thereafter).”

     ““Second Amendment”: the Second Amendment to the Credit Agreement, dated as of June
1, 2007, by and between the Borrower and the Administrative Agent (at the direction of the Required
Lenders).”

     ““Second Amendment Effective Date”: the date on which the Second Amendment became
effective in accordance with Section 2 thereof.”

     (b) Section 1.1 of the Credit Agreement is hereby amended by deleting the defined terms set
forth below and replacing them in their entirety with the following new definitions in appropriate
alphabetical order:

     ““Addendum”: an instrument, substantially in the form of Exhibit A to this Agreement
or Exhibit A to the Second Amendment, by which a Lender becomes a party to this Agreement as of the
Closing Date or as of the Second Amendment Effective Date.”

     ““Subsidiary”: as to any Person, a company, a corporation, partnership, limited
liability company or other entity of which shares of stock or other ownership interests having
ordinary voting power (other than stock or such other ownership interests having such power only by
reason of the happening of a contingency) to elect a majority of the board of directors or other
managers of such corporation, partnership or other entity are at the time owned, or the management
of which is otherwise controlled, directly or indirectly through one or more intermediaries, or
both, by such Person. Unless otherwise qualified, all references to a “Subsidiary” or to
“Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower.
Notwithstanding the foregoing, FXLR shall at all times be deemed not to be a Subsidiary.

     ““Swingline Commitment”: the obligation of the Swingline Lender to make Swingline
Loans pursuant to Section 2.3 in an aggregate principal amount at any one time outstanding not to
exceed $10,000,000 (provided that the Swingline Commitment shall be $100,000,000 for the period
commencing on May 31, 2007 and ending on June ___, 2007, such additional Swingline Commitment to be
available for the sole purpose of funding the FXLR Acquisition).”

     ““Total Revolving Commitments”: at any time, the aggregate amount of the Revolving
Commitments then in effect. The original amount of the Total Revolving Commitments as of the
Closing Date was $125,000,000. The amount of the Total Revolving Commitments as of the Second
Amendment Effective Date is $150,000,000.”

     (c) Section 4.16 of the Credit Agreement is hereby amended by adding the words “and the FXLR
Acquisition” at the end thereof and prior to the period (“.”).

     (d) Section 7.3(l) of the Credit Agreement is hereby amended by adding the phrase “, licenses
granted pursuant to the FXLR License Agreements” immediately after the words “non-exclusive
licenses”.

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     (e) Section 7.5(b) of the Credit Agreement is hereby amended by adding the phrase “or pursuant
to the FXLR License Agreements” immediately after the words “non-exclusive basis”.

     (f) Section 7.6 of the Credit Agreement is hereby amended by (i) deleting the word “and” at
the end of clause (g) thereof; (ii) deleting the period at the end of clause (h) thereof and
replacing it with “; and”; and (iii) inserting the following new clause (i) at the end thereof:

                    “(i) the Borrower shall be permitted to make a one time distribution to its shareholders
consisting of up to 50% of its equity ownership interest in FXLR (provided that (x) the Borrower
shall have obtained all necessary corporate and governmental approvals necessary for such
distribution and (y) the Borrower shall have taken such action as the Administrative Agent may
reasonably request in order to maintain a perfected security interest in the remaining ownership
interests in FXLR that are retained by the Borrower).”

     (g) Section 7.8 of the Credit Agreement is hereby amended by (i) deleting the word “and” at
the end of clause (n) thereof; (ii) deleting the period at the end of clause (o) thereof and
replacing it with “; and”; and (iii) inserting the following new clause (p) at the end thereof:

     “(p) Investments made by the Borrower after the Closing Date consisting of the
FXLR Acquisition; provided that (i) the aggregate amount paid by the Borrower
pursuant to this clause (p) in connection with such acquisition shall not exceed
$100,000,000 (plus reasonable and customary fees and expenses related thereto), (ii)
the Borrower shall be in compliance with the financial covenants set forth in Section
7.1 on a pro forma basis after giving effect to such acquisition (and a Responsible
Officer of the Borrower shall have certified to such compliance) and (iii)
immediately prior, and after giving effect, to such acquisition, no Default or Event
of Default shall have occurred and be continuing.”

     (h) Section 7.16 of the Credit Agreement is hereby amended by (i) deleting the phrase “clause
(b)” in the third line thereof and replacing it the with the phrase “clause (a)” and (ii) adding
the following sentence at the end thereof: “For the avoidance of doubt, this Section 7.16 shall
not prohibit FXLR from engaging in the business of owning and developing hotel and casino
properties or engaging in other real estate ventures and activities related thereto.”

     (i) Section 10.17 of the Credit Agreement is hereby amended by adding the words “and each
Lender with additional Revolving Commitments as of the Second Amendment Effective Date” immediately
after the words “Each initial Lender”.

SECTION 2. Conditions to Effectiveness. The amendments contained in Section 1 shall
not be effective unless and until each of the following conditions precedent is satisfied (the date
on which such conditions are satisfied, the “Amendment Effective Date”):

     (a) the Administrative Agent shall have received counterparts of this Amendment executed by
the Administrative Agent and the Borrower and counterparts of the Consent appended hereto (the
“Consent”) executed by the Subsidiary Guarantors;

     (b) the Administrative Agent shall have received executed counterparts of this Amendment or a
signed authorization to execute this Amendment from the Required Lenders;

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     (c) all fees and expenses then due and payable to the Lead Arranger or any Agent or Lender
under the Loan Documents or relating thereto (to the extent invoiced at least one Business Day
prior) shall have been paid in full in immediately available funds;

     (d) each of the representations and warranties set forth in Section 3 below shall be true and
correct in all material respects;

     (e) no Default or Event of Default shall have occurred and be continuing, as certified by the
Borrower;

     (f) the Borrower shall have provided a certificate of a Responsible Officer to the effect that
after giving effect to the FXLR Acquisition, the Borrower will be in compliance with the financial
covenants set forth in Section 7.1 of the Credit Agreement on a pro forma basis and no Loan Party
will be under any Contractual Obligation to make Investments or incur Guarantee Obligations in
connection with the FXLR Acquisition that would be in violation of the Credit Agreement;

     (g) the Administrative Agent shall have received favorable legal opinions of (i) Paul,
Hastings, Janofsky and Walker LLP, counsel in the United States to the Borrower and its
Subsidiaries, and (ii) Baker & McKenzie, counsel in England and Wales to the Borrower and the UK
Subsidiary Guarantors, in each case addressed to the Lenders and dated the Amendment Effective
Date, covering such matters relating to the additional Revolving Commitments, this Amendment, the
Credit Agreement as amended hereby, and the other Loan Documents and security interests thereunder
as the Administrative Agent may reasonably request, which opinions shall be reasonably satisfactory
to the Administrative Agent;

     (h) the Administrative Agent shall have received for each of the Borrower and each Subsidiary
Guarantor, a certificate of a Responsible Officer of the Borrower and each such Subsidiary
Guarantor, dated the Amendment Effective Date and certifying that attached thereto is a true and
complete copy of resolutions (or consent by members or partners, where applicable, to the extent
required) duly adopted by the board of directors (or members or partners, where applicable) of the
Borrower and each such Subsidiary Guarantor authorizing the execution, delivery and performance of
this Amendment and the Credit Agreement as amended hereby, and the amendment of any other Loan
Documents to which it is party required to be amended hereby;

     (i) the Administrative Agent shall have received for each of the Borrower and each Subsidiary
Guarantor, a certificate of Responsible Officer of the Borrower and each such Subsidiary Guarantor,
dated the Amendment Effective Date and certifying that attached thereto is a true and complete copy
of resolutions (or consent by members or partners, where applicable, to the extent required) duly
adopted by the board of directors (or members or partners, where applicable) of the Borrower and
each such Subsidiary Guarantor authorizing the execution, delivery and performance of this
Amendment and the Credit Agreement as amended hereby, and the amendment of any other Loan Documents
to which it is party required to be amended hereby;

     (j) the Administrative Agent shall have received a signed Addendum from one or more financial
institutions satisfactory to it representing not less than $25,000,000 in additional Revolving
Commitments;

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     (k) the Administrative Agent shall have received evidence reasonably satisfactory to it that
(i) the Borrower has obtained any approvals from an independent committee of its board of directors
as may be necessary to consummate the FXLR Acquisition and related transactions, (ii) the minority
equity owners of the GOAT Operating Company and the Elvis Operating Companies have consented to the
proposed FXLR License Agreements, (iii) the minority equity owners of the Elvis Operating Companies
have consented to the proposed Graceland Groundlease and (iv) the Borrower has obtained any and all
other third party and governmental approvals as may be necessary to consummate the FXLR Acquisition
and related transactions;

     (l) the Administrative Agent shall have received share certificates and related transfer
powers (executed in blank) representing 50% of the equity ownership interests in FXLR; and

     (m) the Administrative Agent shall have received such other documents and instruments as it or
the Lead Arranger may reasonably request.

SECTION 3. Representations and Warranties. The Borrower represents and warrants to the
Lead Arranger, Agents and Lenders that:

     (a) Authority. The Borrower has the requisite corporate power and authority to
execute and deliver this Amendment and to perform its obligations hereunder and under the Credit
Agreement (as amended hereby) and the other transactions contemplated hereby. Each Subsidiary
Guarantor has the requisite power and authority to execute, deliver and perform its obligations
under the Consent and the Loan Documents, as amended hereby. The execution, delivery and
performance by the Borrower of this Amendment and by the Guarantors of the Consent and the
performance by the Borrower of the Credit Agreement (as amended hereby) and the other transactions
contemplated hereby have been duly approved by all necessary corporate action of the Borrower, and
no other corporate proceedings on the part of the Borrower or any Guarantor are necessary to
consummate such transactions.

     (b) Enforceability. This Amendment has been duly executed and delivered by the
Borrower and the Consent has been duly executed and delivered by each Subsidiary Guarantor. When
this Amendment becomes effective in accordance with its terms, this Amendment, the Credit Agreement
(as amended hereby), and the Consent each will be the legal, valid and binding obligation of such
party enforceable against it in accordance with its terms, except as enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors’ rights generally and by general equitable principles (whether enforcement
is sought in proceedings in equity or at law).

     (c) Representations and Warranties. The representations and warranties of the
Borrower in the Credit Agreement (other than any such representations and warranties that, by their
terms, are specifically made as of a date other than the date hereof, in which case, such
representation and warranties were true and correct as of such date) are and will be true and
correct on and as of the date of this Amendment and the Amendment Effective Date as though made on
and as of each such date.

     (d) No Conflicts. Neither the execution and delivery of this Amendment, nor the
execution and delivery of the Consent, nor the consummation of the transactions contemplated
hereby

5

 

or thereby, nor the performance of and compliance with the terms and provisions hereof or of the
Credit Agreement (as amended hereby) or the other Loan Documents by the Borrower or any Subsidiary
Guarantors will, at the time of such performance, (i) violate or conflict with any provision of
its articles or certificate of incorporation or bylaws or other organizational or governing
documents, (ii) violate, contravene or materially conflict with any Requirement of Law (including,
without limitation, Regulation U) or Contractual Obligation, except for any violation,
contravention or conflict which could not reasonably be expected to have a Material Adverse Effect
or (iii) result in or require the creation of any Lien (other than those permitted by the Loan
Documents) upon or with respect to its properties. No consent or authorization of, filing with,
notice to or other act by or in respect of, any Governmental Authority or any other Person is
required in connection with the transactions contemplated hereby.

     (e) No Default. No event has occurred and is continuing that constitutes a Default
or Event of Default.

SECTION 4. Reference to and Effect on Credit Agreement.

     (a) Upon and after the effectiveness of this Amendment, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the
Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and
be a reference to the Credit Agreement as amended hereby. This Amendment is a Loan Document.

     (b) Except as specifically amended above, the Credit Agreement and the Guarantee and
Collateral Agreement and the other Loan Documents are and shall continue to be in full force and
effect and is hereby in all respects ratified and confirmed.

     (c) The execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of any Secured Party
under any of the Loan Documents, nor, except as expressly provided herein, constitute a waiver or
amendment of any provision of the Credit Agreement or any other Loan Document.

SECTION 5. Counterparts. This Amendment may be executed by one or more of the
parties to this Amendment on any number of separate counterparts, and all of said counterparts
taken together shall be deemed to constitute one and the same instrument. Delivery of an executed
signature page of this Agreement by facsimile transmission shall be effective as delivery of a
manually executed counterpart hereof. A set of the copies of this Amendment signed by all the
parties shall be lodged with the Borrower and the Administrative Agent.

SECTION 6. Severability. Any provision of this Amendment that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

SECTION 7. Headings. Section headings set forth in this Amendment are for purposes
of reference only and shall not limit or otherwise affect the meaning hereof.

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SECTION 8. Governing Law. This Amendment and the rights and obligations of the
parties under this Amendment shall be governed by, and construed and interpreted in accordance
with, the law of the State of New York.

[signature pages follow]

7

 

     IN WITNESS WHEREOF, the party hereto has caused this Amendment to be executed by its
respective officers thereunto duly authorized, as of the date first written above.

	 	 	 	 	 	 	 
	 	 	CKX, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Thomas P. Benson
 

	 	 
	 

	 	Name:
	 	Thomas P. Benson	 	 
	 

	 	Title:
	 	 Executive Vice President, Chief Financial
Officer and Treasurer	 	 

[signatures continued on the next page]

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	 	 	BEAR STEARNS CORPORATE LENDING INC.,

 as
Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Victor F. Bulzacchelli
 

	 	  
	 

	 	Name:
	 	Victor F. Bulzacchelli	 	 
	 

	 	Title:
	 	Vice President	 	 

9EX-10.3

 

Exhibit 10.3

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”).

Preliminary Statements

     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.

     (a) Section 1.1 of the Credit Agreement is hereby amended by adding the following definition
in appropriate alphabetical order:

     ““CDS Elvis Venture”: a joint venture or similar agreement entered into between the
Borrower and/or any Subsidiary and Cirque du Soleil Nevada Inc., or an Affiliate thereof, for
purposes of creating, producing and presenting a permanent Elvis Presley-themed live show in Las
Vegas, Nevada pursuant to an agreement to be entered into with an Affiliate of MGM Mirage;
provided that

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the CDS Elvis Venture shall be predominantly engaged in media, entertainment or content related
businesses.”

     (b) Section 7.7 of the Credit Agreement is hereby amended by (i) deleting the reference to
“$10,000,000” in clause (a) thereof and replacing it with “$12,000,000” and (ii) inserting the
following at the end of clause (b) thereof: “and/or consisting of Investments made in accordance
with Section 7.8(n)”.

     (c) Section 7.8 of the Credit Agreement is hereby amended by deleting clause (j) thereof in
its entirety and replacing it with the following new clause (j):

“(j) Investments made after the Closing Date consisting of Permitted Acquisitions
and Permitted Joint Ventures; provided that (i) the aggregate amount of
Investments made in connection with all Permitted Acquisitions and Permitted Joint
Ventures in accordance with this clause (j) shall not exceed $40,000,000 (after
giving effect to any reinstatement of prior utilizations of such amount with Net Cash
Proceeds or cash dividends and other distributions in accordance with clause (iii)
below), (ii) the aggregate amount of Investments made in connection with all
Permitted Joint Ventures in accordance with this clause (j) shall not exceed
$30,000,000 (after giving effect to any reinstatement of prior utilizations of such
amount with Net Cash Proceeds or cash dividends and other distributions in accordance
with clause (iv) below), (iii) any amounts utilized in respect of the dollar cap
specified in clause (i) above shall be reinstated by an amount equal to the sum of
(x) the Net Cash Proceeds actually received by the Borrower or any Subsidiary
Guarantor in respect of any Asset Sale consisting of a Permitted Acquisition or
Permitted Joint Venture in which Investments were previously made pursuant to this
clause (j) plus (y) the aggregate amount of dividends and other distributions in the
form of cash, Cash Equivalents and non-cash assets that have been converted into cash
that have been actually received by the Borrower or any Subsidiary Guarantor from
Permitted Joint Ventures in which Investments were previously made pursuant to this
clause (j), in each case, as certified by a Responsible Officer of the Borrower
(provided that in no event shall amounts available in respect of such dollar cap be
greater than $40,000,000 at any one time after giving effect to any such
reinstatement) and (iv) any amounts utilized in respect of the dollar cap specified
in clause (ii) above shall be reinstated by an amount equal to the sum of (x) the Net
Cash Proceeds actually received by the Borrower or any Subsidiary Guarantor in
respect of any Asset Sale consisting of a Permitted Joint Venture in which
Investments were previously made pursuant to this clause (j) plus (y) the aggregate
amount of dividends and other distributions in the form of cash, Cash Equivalents and
non-cash assets that have been converted into cash that have been actually received
by the Borrower or any Subsidiary Guarantor from Permitted Joint Ventures in which
Investments were previously made pursuant to this clause (j), in each case, as
certified by a Responsible Officer of the Borrower (provided that in no event shall
amounts available in respect of such dollar cap be greater than $30,000,000 at any
one time after giving effect to any such reinstatement);”.

     (d) Section 7.8 of the Credit Agreement is hereby further amended by (i) deleting the word
“and” at the end of clause (l) thereof; (ii) deleting the period at the end of clause (m) thereof
and

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replacing it with a semicolon; and (iii) inserting the following new clauses (n) and (o) at
the end thereof:

     “(n) Investments made after the Closing Date in the CDS Elvis Venture;
provided that the aggregate amount of Investments made in connection with the
CDS Elvis Venture shall not exceed $28,000,000; and

     (o) Solely to the extent that Investments are not then permitted under clause
(j) above, Investments made after the Closing Date by any Subsidiary that is not a
Subsidiary Guarantor consisting of Permitted Acquisitions and Permitted Joint
Ventures with (x) any Net Cash Proceeds actually received by such Subsidiary and not
distributed to the Borrower or any Subsidiary Guarantor as of such date in respect of
any Asset Sale consisting of a Permitted Acquisition or Permitted Joint Venture in
which Investments were previously made pursuant to clause (j) above or this clause
(o) or (y) any dividends and other distributions in the form of cash, Cash
Equivalents and non-cash assets that have been converted into cash that have been
actually received by such Subsidiary and not distributed to the Borrower or any
Subsidiary Guarantor as of such date from Permitted Joint Ventures in which
Investments were previously made pursuant to clause (j) above or this clause (o);
provided that the aggregate amount of Investments made by such Subsidiary pursuant to
this clause (o) at any time outstanding (after giving effect to any additional
amounts received as described in clauses (x) and (y) above) shall not exceed (1) the
aggregate amount of Investments previously made as of such date by such Subsidiary in
such Permitted Acquisition or Permitted Joint Venture, as the case may be, in
accordance with clause (j) above minus (2) the aggregate amount of dividends or
distributions received by the Borrower or any Subsidiary Guarantor from such
Subsidiary and credited under clauses (iii) or (iv) of clause (j) above.”

SECTION 2. Waiver. Upon the terms and subject to the conditions set forth in this
Amendment and in reliance on the representations and warranties of the Borrower set forth herein,
the Required Lenders hereby waive the Capex Default.

SECTION 3. Conditions to Effectiveness. The amendments contained in Section 1 and the
waiver contained in Section 2 shall not be effective unless and until each of the following
conditions precedent is satisfied (the date on which such conditions are satisfied, the
“Amendment Effective Date”):

     (a) the Administrative Agent shall have received counterparts of this Amendment executed by
the Administrative Agent and the Borrower and counterparts of the Consent appended hereto (the
“Consent”) executed by the Subsidiary Guarantors;

     (b) the Administrative Agent shall have received executed counterparts of this Amendment or a
signed authorization to execute this Amendment from the Required Lenders;

     (c) all fees and expenses then due and payable to the Lead Arranger or any Agent or Lender
under the Loan Documents or relating thereto (to the extent invoiced at least one day Business Day
prior) shall have been paid in full in immediately available funds;

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     (d) each of the representations and warranties set forth in Section 4 below shall be true and
correct in all material respects;

     (e) after giving effect to the waiver set forth in Section 2 above, no Default or Event of
Default shall have occurred and be continuing, as certified by the Borrower;

     (f) the Borrower shall have provided a certificate of a Responsible Officer to the effect that
after giving effect to the CDS Elvis Venture, the Borrower will be in compliance with the financial
covenants set forth in Section 7.1 of the Credit Agreement on a pro forma basis and no Loan Party
will be under any Contractual Obligation to make Investments or incur Guarantee Obligations in
connection with the CDS Elvis Venture that would be in violation of the Credit Agreement; and

     (g) the Administrative Agent shall have received such other documents and instruments as it or
the Lead Arranger may reasonably request.

SECTION 4. Representations and Warranties. The Borrower represents and warrants to the
Lead Arranger, Agents and Lenders that:

     (a) Authority. The Borrower has the requisite corporate power and authority to
execute and deliver this Amendment and to perform its obligations hereunder and under the Credit
Agreement (as amended hereby). Each Subsidiary Guarantor has the requisite power and authority to
execute, deliver and perform its obligations under the Consent and the Loan Documents, as amended
hereby. The execution, delivery and performance by the Borrower of this Amendment and by the
Guarantors of the Consent and the performance by the Borrower of the Credit Agreement (as amended
hereby) have been duly approved by all necessary corporate action of the Borrower, and no other
corporate proceedings on the part of the Borrower or any Guarantor are necessary to consummate such
transactions.

     (b) Enforceability. This Amendment has been duly executed and delivered by the
Borrower and the Consent has been duly executed and delivered by each Subsidiary Guarantor. When
this Amendment becomes effective in accordance with its terms, this Amendment, the Credit Agreement
(as amended hereby), and the Consent each will be the legal, valid and binding obligation of such
party enforceable against it in accordance with its terms, except as enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors’ rights generally and by general equitable principles (whether enforcement
is sought in proceedings in equity or at law).

     (c) Representations and Warranties. The representations and warranties of the
Borrower in the Credit Agreement (other than any such representations and warranties that, by their
terms, are specifically made as of a date other than the date hereof, in which case, such
representation and warranties were true and correct as of such date) are and will be true and
correct on and as of the date of this Amendment and the Amendment Effective Date as though made on
and as of each such date.

     (d) No Conflicts. Neither the execution and delivery of this Amendment, nor the
execution and delivery of the Consent, nor the consummation of the transactions contemplated
hereby or thereby, nor the performance of and compliance with the terms and provisions hereof or
of the Credit

4

 

Agreement (as amended hereby) or the other Loan Documents by the Borrower or any Subsidiary
Guarantors will, at the time of such performance, (i) violate or conflict with any provision of
its articles or certificate of incorporation or bylaws or other organizational or governing
documents, (ii) violate, contravene or materially conflict with any Requirement of Law (including,
without limitation, Regulation U) or Contractual Obligation, except for any violation,
contravention or conflict which could not reasonably be expected to have a Material Adverse Effect
or (iii) result in or require the creation of any Lien (other than those permitted by the Loan
Documents) upon or with respect to its properties. No consent or authorization of, filing with,
notice to or other act by or in respect of, any Governmental Authority or any other Person is
required in connection with the transactions contemplated hereby.

     (e) No Default. After giving effect to the waiver set forth in Section 2 above, no
event has occurred and is continuing that constitutes a Default or Event of Default.

SECTION 5. Reference to and Effect on Credit Agreement.

     (a) Upon and after the effectiveness of this Amendment, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the
Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and
be a reference to the Credit Agreement as amended hereby. This Amendment is a Loan Document.

     (b) Except as specifically amended above, the Credit Agreement and the Guarantee and
Collateral Agreement and the other Loan Documents are and shall continue to be in full force and
effect and is hereby in all respects ratified and confirmed.

     (c) The execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of any Secured Party
under any of the Loan Documents, nor, except as expressly provided herein, constitute a waiver or
amendment of any provision of the Credit Agreement or any other Loan Document.

SECTION 6. Counterparts. This Amendment may be executed by one or more of the
parties to this Amendment on any number of separate counterparts, and all of said counterparts
taken together shall be deemed to constitute one and the same instrument. Delivery of an executed
signature page of this Agreement by facsimile transmission shall be effective as delivery of a
manually executed counterpart hereof. A set of the copies of this Amendment signed by all the
parties shall be lodged with the Borrower and the Administrative Agent.

SECTION 7. Severability. Any provision of this Amendment that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

SECTION 8. Governing Law. This Amendment and the rights and obligations of the
parties under this Amendment shall be governed by, and construed and interpreted in accordance
with, the law of the State of New York.

5

 

[signature pages follow]

6

 

     IN WITNESS WHEREOF, the party hereto has caused this Amendment to be executed by its
respective officers thereunto duly authorized, as of the date first written above.

	 	 	 	 	 	 	 
	 	 	CKX, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Thomas P. Benson	 	 
	 

	 	Name:
	 	 

Thomas P. Benson
	 	 
	 

	 	Title:
	 	Executive Vice President, Chief Financial
Officer and Treasurer	 	 

[signatures continued on the next page]

7

 

	 	 	 	 	 	 	 
	 	 	BEAR STEARNS CORPORATE LENDING INC., 

as
Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Victor F. Bulzacchelli
 

	 	 
	 

	 	Name:
	 	Victor F. Bulzacchelli	 	 
	 

	 	Title:
	 	Vice President	 	 

8

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