Document:

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                                                       Exhibit 4.3

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                    PREFERRED SECURITIES GUARANTEE AGREEMENT

                                 BY AND BETWEEN

                               MB FINANCIAL, INC.

                                       AND

                            WILMINGTON TRUST COMPANY

                        Dated as of August 16, 2002

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                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                                      Page

<S>                                                                                                                   <C>
ARTICLE I.         DEFINITIONS AND INTERPRETATION..................................................................     1
            Section 1.1.     Definitions and Interpretation........................................................     1

ARTICLE II.        TRUST INDENTURE ACT.............................................................................     5
            Section 2.1.     Trust Indenture Act; Application......................................................     5
            Section 2.2.     The List of Holders of the Securities.................................................     5
            Section 2.3.     Reports by the Preferred Guarantee Trustee............................................     5
            Section 2.4.     Periodic Reports to the Preferred Guarantee Trustee...................................     5
            Section 2.5.     Evidence of Compliance with Conditions Precedent......................................     5
            Section 2.6.     Events of Default; Waiver.............................................................     6
            Section 2.7.     Event of Default; Notice..............................................................     6
            Section 2.8.     Conflicting Interests.................................................................     6

ARTICLE III.       POWERS, DUTIES AND RIGHTS OF THE PREFERRED GUARANTEE TRUSTEE....................................     6
            Section 3.1.     Powers and Duties of the Preferred Guarantee Trustee..................................     6
            Section 3.2.     Certain Rights of the Preferred Guarantee Trustee.....................................     8
            Section 3.3.     Not Responsible for Recitals or Issuance of Guarantee.................................    10

ARTICLE IV.        THE PREFERRED GUARANTEE TRUSTEE.................................................................    10
            Section 4.1.     The Preferred Guarantee Trustee; Eligibility..........................................    10
            Section 4.2.     Appointment, Removal and Resignation of the Preferred
                             Guarantee Trustee.....................................................................    11

ARTICLE V.         GUARANTEE.......................................................................................    11
            Section 5.1.     Guarantee.............................................................................    11
            Section 5.2.     Waiver of Notice and Demand...........................................................    11
            Section 5.3.     Obligations not Affected..............................................................    12
            Section 5.4.     Rights of the Holders.................................................................    13
            Section 5.5.     Guarantee of Payment..................................................................    13
            Section 5.6.     Subrogation...........................................................................    13
            Section 5.7.     Independent Obligations...............................................................    13

ARTICLE VI.        LIMITATION OF TRANSACTIONS; SUBORDINATION.......................................................    13
            Section 6.1.     Limitation on Transactions............................................................    13
            Section 6.2.     Ranking...............................................................................    14

ARTICLE VII.       TERMINATION.....................................................................................    14
            Section 7.1.     Termination...........................................................................    14

ARTICLE VIII.      INDEMNIFICATION.................................................................................    14
            Section 8.1.     Exculpation...........................................................................    14
            Section 8.2.     Indemnification.......................................................................    15

ARTICLE IX.        MISCELLANEOUS...................................................................................    15

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            Section 9.1.     Successors and Assigns................................................................    15
            Section 9.2.     Amendments............................................................................    15
            Section 9.3.     Notices...............................................................................    15
            Section 9.4.     Benefit...............................................................................    16
            Section 9.5.     Governing Law.........................................................................    16
</Table>

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                              CROSS-REFERENCE TABLE

<Table>
<Caption>
                                                                   Section of
Section of  Trust Indenture                                         Guarantee
  Act of 1939, as amended                                           Agreement
  -----------------------                                           ---------

<S>                                                               <C>
310(a)          .............................................         4.1(a)
310(b)          .............................................       4.1(c), 2.8
310(c)          .............................................     Not Applicable
311(a)          .............................................         2.2(b)
311(b)          .............................................         2.2(b)
311(c)          .............................................     Not Applicable
312(a)          .............................................         2.2(a)
312(b)          .............................................         2.2(b)
313             .............................................           2.3
314(a)          .............................................           2.4
314(b)          .............................................     Not Applicable
314(c)          .............................................           2.5
314(d)          .............................................     Not Applicable
314(e)          .............................................      1.1, 2.5,3.2
314(f)          .............................................        2.1, 3.2
315(a)          .............................................         3.1(d)
315(b)          .............................................           2.7
315(c)          .............................................           3.1
315(d)          .............................................         3.1(d)
316(a)          .............................................      1.1, 2.6, 5.4
316(b)          .............................................           5.3
317(a)          .............................................           3.1
317(b)          .............................................     Not Applicable
318(a)          .............................................         2.1(a)
318(b)          .............................................           2.1
318(c)          .............................................         2.1(b)
</Table>

Note:  This Cross-Reference Table does not constitute part of this Agreement and
shall not affect the interpretation of any of its terms or provisions.

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                    PREFERRED SECURITIES GUARANTEE AGREEMENT

         This PREFERRED SECURITIES GUARANTEE AGREEMENT (this "Preferred
Securities Guarantee"), dated as of August 16, 2002, is executed and
delivered by MB FINANCIAL, INC., a Maryland corporation (the "Guarantor"), and
WILMINGTON TRUST COMPANY, a banking corporation organized and existing under the
laws of Delaware, as trustee (the "Preferred Guarantee Trustee"), for the
benefit of the Holders (as defined herein) from time to time of the Preferred
Securities (as defined herein) of MB FINANCIAL CAPITAL TRUST I, a Delaware
statutory business trust (the "Trust").

                                    RECITALS

         WHEREAS, pursuant to an Amended and Restated Trust Agreement (the
"Trust Agreement"), dated as of August 16, 2002, among the trustees of the
Trust named therein, the Guarantor, as depositor, and the holders from time
to time of undivided beneficial interests in the assets of the Trust, the
Trust is issuing on the date hereof up to 2,080,000 preferred securities,
having an aggregate liquidation amount of $52,000,000, designated the 8.60%
Cumulative Trust Preferred Securities (the "Preferred Securities");

         WHEREAS, as incentive for the Holders to purchase the Preferred
Securities, the Guarantor desires irrevocably and unconditionally to agree, to
the extent set forth in this Preferred Securities Guarantee, to pay to the
Holders of the Preferred Securities the Guarantee Payments (as defined herein)
and to make certain other payments on the terms and conditions set forth herein.

         NOW, THEREFORE, in consideration of the purchase by each Holder of
Preferred Securities, which purchase the Guarantor hereby agrees shall benefit
the Guarantor, the Guarantor executes and delivers this Preferred Securities
Guarantee for the benefit of the Holders.

                                   ARTICLE I.
                         DEFINITIONS AND INTERPRETATION

         Section 1.1. Definitions and Interpretation. In this Preferred
Securities Guarantee, unless the context otherwise requires:

         (a)      capitalized terms used in this Preferred Securities Guarantee
but not defined in the preamble above have the respective meanings assigned to
them in this Section 1.1;

         (b)      terms defined in the Trust Agreement as at the date of
execution of this Preferred Securities Guarantee have the same meaning when used
in this Preferred Securities Guarantee, unless otherwise defined in this
Preferred Securities Guarantee;

         (c)      a term defined anywhere in this Preferred Securities Guarantee
has the same meaning throughout;

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         (d)      all references to "the Preferred Securities Guarantee" or
"this Preferred Securities Guarantee" are to this Preferred Securities Guarantee
as modified, supplemented or amended from time to time;

         (e)      all references in this Preferred Securities Guarantee to
Articles and Sections are to Articles and Sections of this Preferred Securities
Guarantee, unless otherwise specified;

         (f)      a term defined in the Trust Indenture Act has the same meaning
when used in this Preferred Securities Guarantee, unless otherwise defined in
this Preferred Securities Guarantee or unless the context otherwise requires;
and

         (g)      a reference to the singular includes the plural and vice
versa.

         "Affiliate" has the same meaning as given to that term in Rule 405 of
the Securities Act of 1933, as amended, or any successor rule thereunder.

         "Business Day" means any day other than a Saturday, Sunday, a day on
which federal or state banking institutions in the Borough of Manhattan, the
City of New York are authorized or required by law, executive order or
regulation to close or a day on which the Corporate Trust Office of the
Preferred Guarantee Trustee is closed for business.

         "Code" means the Internal Revenue Code of 1986, as amended.

         "Corporate Trust Office" means the office of the Preferred Guarantee
Trustee at which the corporate trust business of the Preferred Guarantee Trustee
shall, at any particular time, be principally administered, which office at the
date of execution of this Preferred Securities Guarantee is located at Rodney
Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001,
Attention: Corporate Trust Department.

         "Covered Person" means any Holder or beneficial owner of Preferred
Securities.

         "Debentures" means the 8.60% Subordinated Debentures due 2032, of the
Debenture Issuer held by the Property Trustee of the Trust.

         "Debenture Issuer" means MB Financial, Inc., issuer of the Debentures
under the Indenture.

         "Event of Default" means a default by the Guarantor on any of its
payment or other obligations under this Preferred Securities Guarantee.

         "Guarantee Payments" means the following payments or distributions,
without duplication, with respect to the Preferred Securities, to the extent not
paid or made by the Trust: (i) any accrued and unpaid Distributions that are
required to be paid on such Preferred Securities, to the extent the Trust shall
have funds available therefor, (ii) the redemption price, including all accrued
and unpaid Distributions to the date of redemption (the "Redemption Price"), to
the extent the Trust has funds available therefor, with respect to any Preferred
Securities called for redemption by the Trust, and (iii) upon a voluntary or
involuntary dissolution, winding-up or

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termination of the Trust (other than in connection with the distribution of the
Debentures to the Holders in exchange for the Preferred Securities as provided
in the Trust Agreement), the lesser of (A) the aggregate of the Liquidation
Amount and all accrued and unpaid Distributions on the Preferred Securities to
the date of payment, to the extent the Trust shall have funds available therefor
(the "Liquidation Distribution"), and (B) the amount of assets of the Trust
remaining available for distribution to Holders in liquidation of the Trust.

         "Guarantor" means MB Financial, Inc., a Maryland corporation.

         "Holder" means a Person in whose name a Preferred Security is or
Preferred Securities are registered in the Securities Register; provided,
however, that, in determining whether the holders of the requisite percentage of
the Preferred Securities have given any request, notice, consent or waiver
hereunder, "Holder" shall not include the Guarantor, the Preferred Guarantee
Trustee or any of their respective Affiliates.

         "Indemnified Person" means the Preferred Guarantee Trustee, any
Affiliate of the Preferred Guarantee Trustee, or any officers, directors,
shareholders, members, partners, employees, representatives, nominees,
custodians or agents of the Preferred Guarantee Trustee.

         "Indenture" means the Indenture, dated as of August 16, 2002, among
the Debenture Issuer and Wilmington Trust Company, as trustee, and any
indenture supplemental thereto pursuant to which the Debentures are to be
issued to the Property Trustee of the Trust.

         "Liquidation Amount" means the stated value of $25 per Preferred
Security.

         "Liquidation Distribution" has the meaning provided therefor in the
definition of Guarantee Payments.

         "List of Holders" has the meaning set forth in Section 2.2 of this
Preferred Securities Guarantee.

         "Majority in Liquidation Amount of the Preferred Securities" means the
holders of more than 50% of the Liquidation Amount (including the stated amount
that would be paid on redemption, liquidation or otherwise, plus accrued and
unpaid Distributions to the date upon which the voting percentages are
determined) of all of the Preferred Securities.

         "Officers' Certificate" means, with respect to any Person, a
certificate signed by two authorized officers of such Person, at least one of
whom shall be the principal executive officer, principal financial officer,
principal accounting officer, treasurer or any vice president of such Person.
Any Officers' Certificate delivered with respect to compliance with a condition
or covenant provided for in this Preferred Securities Guarantee shall include:

         (a)      a statement that each officer signing the Officers'
Certificate has read the covenant or condition and the definition relating
thereto;

         (b)      a brief statement of the nature and scope of the examination
or investigation undertaken by each officer in rendering the Officers'
Certificate;

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         (c)      a statement that each such officer has made such examination
or investigation as, in such officer's opinion, is necessary to enable such
officer to express an informed opinion as to whether or not such covenant or
condition has been complied with; and

         (d)      a statement as to whether, in the opinion of each such
officer, such condition or covenant has been complied with.

         "Person" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association, or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

         "Preferred Guarantee Trustee" means Wilmington Trust Company, until a
Successor Preferred Guarantee Trustee has been appointed and has accepted such
appointment pursuant to the terms of this Preferred Securities Guarantee and
thereafter means each such Successor Preferred Guarantee Trustee.

         "Preferred Securities" means the 8.60% Cumulative Trust Preferred
Securities representing undivided beneficial interests in the assets of the
Trust which rank pari passu with Common Securities issued by the Trust;
provided, however, that upon the occurrence of an Event of Default, the
rights of holders of Common Securities to payment in respect of distributions
and payments upon liquidation, redemption and otherwise are subordinated to
the rights of holders of Preferred Securities.

         "Redemption Price" has the meaning provided therefor in the definition
of Guarantee Payments.

         "Responsible Officer" means, with respect to the Preferred Guarantee
Trustee, any officer within the Corporate Trust Office of the Preferred
Guarantee Trustee with direct responsibility for the administration of this
Preferred Securities Guarantee, including any vice-president, any assistant
vice-president, the secretary, any assistant secretary, the treasurer, any
assistant treasurer or other officer of the Corporate Trust Office of the
Preferred Guarantee Trustee customarily performing functions similar to those
performed by any of the above designated officers and also means, with respect
to a particular corporate trust matter, any other officer to whom such matter is
referred because of that officer's knowledge of and familiarity with the
particular subject.

         "Securities Register" and "Securities Registrar" have the meanings
assigned to such terms as in the Trust Agreement (as defined in the Indenture).

         "Successor Preferred Guarantee Trustee" means a successor Preferred
Guarantee Trustee possessing the qualifications to act as Preferred Guarantee
Trustee under Section 4.1.

         "Trust Indenture Act" means the Trust Indenture Act of 1939, as
amended, as in force at the date of which this instrument was executed;
provided, however, that in the event the Trust Indenture Act of 1939, as
amended, is amended after such date, "Trust Indenture Act" means, to the extent
required by any such amendment, the Trust Indenture Act of 1939, as so amended.

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                                   ARTICLE II.
                               TRUST INDENTURE ACT

         Section 2.1. Trust Indenture Act; Application.

         (a)      This Preferred Securities Guarantee is subject to the
provisions of the Trust Indenture Act that are required to be part of this
Preferred Securities Guarantee and shall, to the extent applicable, be governed
by such provisions.

         (b)      If and to the extent that any provision of this Preferred
Securities Guarantee limits, qualifies or conflicts with the duties imposed by
Section 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties
shall control.

         Section 2.2. The List of Holders of the Securities.

         (a)      In the event the Preferred Guarantee Trustee is not also the
Securities Registrar, the Guarantor shall provide the Preferred Guarantee
Trustee with a list, in such form as the Preferred Guarantee Trustee may
reasonably require, of the names and addresses of the Holders of the Preferred
Securities (the "List of Holders") (i) within five (5) Business Days after March
15, June 15, September 15 and December 15 in each year, and (ii) at any other
time within thirty (30) days of receipt by the Guarantor of a written request
for a List of Holders as of a date no more than fifteen (15) days before such
List of Holders is given to the Preferred Guarantee Trustee; provided, that the
Guarantor shall not be obligated to provide such List of Holders at any time the
List of Holders does not differ from the most recent List of Holders given to
the Preferred Guarantee Trustee by the Guarantor. The Preferred Guarantee
Trustee may destroy any List of Holders previously given to it on receipt of a
new List of Holders.

         (b)      The Preferred Guarantee Trustee shall comply with its
obligations under Sections 311(a), 311(b) and Section 312(b) of the Trust
Indenture Act.

         Section 2.3. Reports by the Preferred Guarantee Trustee. On or before
October 15 of each year, commencing October 15, 2002, the Preferred Guarantee
Trustee shall provide to the Holders of the Preferred Securities such reports as
are required by Section 313 of the Trust Indenture Act, if any, in the form and
in the manner provided by Section 313 of the Trust Indenture Act. The Preferred
Guarantee Trustee shall also comply with the requirements of Section 313(d) of
the Trust Indenture Act.

         Section 2.4. Periodic Reports to the Preferred Guarantee Trustee. The
Guarantor shall provide to the Preferred Guarantee Trustee such documents,
reports and information as required by Section 314 (if any) and the compliance
certificate required by Section 314 of the Trust Indenture Act in the form, in
the manner and at the times required by Section 314 of the Trust Indenture Act.

         Section 2.5. Evidence of Compliance with Conditions Precedent. The
Guarantor shall provide to the Preferred Guarantee Trustee such evidence of
compliance with any conditions precedent, if any, provided for in this Preferred
Securities Guarantee that relate to any of the matters set forth in Section
314(c) of the Trust Indenture Act. Any certificate or opinion

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required to be given by an officer pursuant to Section 314(c)(1) may be given in
the form of an Officers' Certificate.

         Section 2.6. Events of Default; Waiver. The Holders of a Majority in
Liquidation Amount of the Preferred Securities may, by vote, on behalf of the
Holders of all of the Preferred Securities, waive any past Event of Default and
its consequences. Upon such waiver, any such Event of Default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been
cured, for every purpose of this Preferred Securities Guarantee, but no such
waiver shall extend to any subsequent or other default or Event of Default or
impair any right consequent thereon.

         Section 2.7. Event of Default; Notice.

         (a)      The Preferred Guarantee Trustee shall, within ninety (90) days
after the occurrence of an Event of Default, transmit by mail, first class
postage prepaid, to the Holders of the Preferred Securities, notices of all
Events of Default actually known to a Responsible Officer of the Preferred
Guarantee Trustee, unless such defaults have been cured before the giving of
such notice; provided, that the Preferred Guarantee Trustee shall be protected
in withholding such notice if and so long as a Responsible Officer of the
Preferred Guarantee Trustee in good faith determines that the withholding of
such notice is in the interests of the Holders of the Preferred Securities.

         (b)      The Preferred Guarantee Trustee shall not be deemed to have
knowledge of any Event of Default unless the Preferred Guarantee Trustee shall
have received written notice, or of which a Responsible Officer of the Preferred
Guarantee Trustee charged with the administration of the Trust Agreement shall
have obtained actual knowledge of such Event of Default.

         Section 2.8. Conflicting Interests. The Trust Agreement shall be deemed
to be specifically described in this Preferred Securities Guarantee for the
purposes of clause (i) of the first proviso contained in Section 310(b) of the
Trust Indenture Act.

                                  ARTICLE III.
                            POWERS, DUTIES AND RIGHTS
                       OF THE PREFERRED GUARANTEE TRUSTEE

         Section 3.1. Powers and Duties of the Preferred Guarantee Trustee.

         (a)      This Preferred Securities Guarantee shall be held by the
Preferred Guarantee Trustee for the benefit of the Holders of the Preferred
Securities, and the Preferred Guarantee Trustee shall not transfer this
Preferred Securities Guarantee to any Person except a Holder of Preferred
Securities exercising his or her rights pursuant to Section 5.4(b) or to a
Successor Preferred Guarantee Trustee on acceptance by such Successor Preferred
Guarantee Trustee of its appointment to act as Successor Preferred Guarantee
Trustee. The right, title and interest of the Preferred Guarantee Trustee shall
automatically vest in any Successor Preferred Guarantee Trustee, and such
vesting and cessation of title shall be effective whether or not conveyancing
documents have been executed and delivered pursuant to the appointment of such
Successor Preferred Guarantee Trustee.

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         (b)      If an Event of Default actually known to a Responsible Officer
of the Preferred Guarantee Trustee has occurred and is continuing, the Preferred
Guarantee Trustee shall enforce this Preferred Securities Guarantee for the
benefit of the Holders of the Preferred Securities.

         (c)      The Preferred Guarantee Trustee, before the occurrence of any
Event of Default and after the curing of all Events of Default that may have
occurred, shall undertake to perform only such duties as are specifically set
forth in this Preferred Securities Guarantee, and no implied covenants shall be
read into this Preferred Securities Guarantee against the Preferred Guarantee
Trustee. In case an Event of Default has occurred (that has not been cured or
waived pursuant to Section 2.6) and is actually known to a Responsible Officer
of the Preferred Guarantee Trustee, the Preferred Guarantee Trustee shall
exercise such of the rights and powers vested in it by this Preferred Securities
Guarantee, and use the same degree of care and skill in its exercise thereof, as
a prudent man would exercise or use under the circumstances in the conduct of
his own affairs.

         (d)      No provision of this Preferred Securities Guarantee shall be
construed to relieve the Preferred Guarantee Trustee from liability for its own
negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

                  (i)      prior to the occurrence of any Event of Default and
         after the curing or waiving of all such Events of Default that may have
         occurred:

                           (A)      the duties and obligations of the Preferred
                  Guarantee Trustee shall be determined solely by the express
                  provisions of this Preferred Securities Guarantee, and the
                  Preferred Guarantee Trustee shall not be liable except for the
                  performance of such duties and obligations as are specifically
                  set forth in this Preferred Securities Guarantee, and no
                  implied covenants or obligations shall be read into this
                  Preferred Securities Guarantee against the Preferred Guarantee
                  Trustee; and

                           (B)      in the absence of bad faith on the part of
                  the Preferred Guarantee Trustee, the Preferred Guarantee
                  Trustee may conclusively rely, as to the truth of the
                  statements and the correctness of the opinions expressed
                  therein, upon any certificates or opinions furnished to the
                  Preferred Guarantee Trustee and conforming to the requirements
                  of this Preferred Securities Guarantee; but in the case of any
                  such certificates or opinions that by any provision hereof are
                  specifically required to be furnished to the Preferred
                  Guarantee Trustee, the Preferred Guarantee Trustee shall be
                  under a duty to examine the same to determine whether or not
                  they conform to the requirements of this Preferred Securities
                  Guarantee;

                  (ii)     the Preferred Guarantee Trustee shall not be liable
         for any error of judgment made in good faith by a Responsible Officer
         of the Preferred Guarantee Trustee, unless it shall be proved that the
         Preferred Guarantee Trustee was negligent in ascertaining the pertinent
         facts upon which such judgment was made;

                  (iii)    the Preferred Guarantee Trustee shall not be liable
         with respect to any action taken or omitted to be taken by it in good
         faith in accordance with the direction of

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         the Holders of not less than a Majority in Liquidation Amount of the
         Preferred Securities relating to the time, method and place of
         conducting any proceeding for any remedy available to the Preferred
         Guarantee Trustee, or exercising any trust or power conferred upon the
         Preferred Guarantee Trustee under this Preferred Securities Guarantee;
         and

                  (iv)     no provision of this Preferred Securities Guarantee
         shall require the Preferred Guarantee Trustee to expend or risk its own
         funds or otherwise incur personal financial liability in the
         performance of any of its duties or in the exercise of any of its
         rights or powers, if the Preferred Guarantee Trustee shall have
         reasonable grounds for believing that the repayment of such funds or
         liability is not reasonably assured to it under the terms of this
         Preferred Securities Guarantee or indemnity, reasonably satisfactory to
         the Preferred Guarantee Trustee, against such risk or liability is not
         reasonably assured to it.

         Section 3.2. Certain Rights of the Preferred Guarantee Trustee.

         (a)      Subject to the provisions of Section 3.1:

                  (i)      the Preferred Guarantee Trustee may conclusively
         rely, and shall be fully protected in acting or refraining from acting
         upon, any resolution, certificate, statement, instrument, opinion,
         report, notice, request, direction, consent, order, bond, debenture,
         note, other evidence of indebtedness or other paper or document
         believed by it to be genuine and to have been signed, sent or presented
         by the proper party or parties;

                  (ii)     any direction or act of the Guarantor contemplated by
         this Preferred Securities Guarantee shall be sufficiently evidenced by
         an Officers' Certificate;

                  (iii)    whenever, in the administration of this Preferred
         Securities Guarantee, the Preferred Guarantee Trustee shall deem it
         desirable that a matter be proved or established before taking,
         suffering or omitting any action hereunder, the Preferred Guarantee
         Trustee (unless other evidence is herein specifically prescribed) may,
         in the absence of bad faith on its part, request and conclusively rely
         upon an Officers' Certificate which, upon receipt of such request,
         shall be promptly delivered by the Guarantor;

                  (iv)     the Preferred Guarantee Trustee shall have no duty to
         see to any recording, filing or registration of any instrument (or any
         rerecording, refiling or registration thereof);

                  (v)      the Preferred Guarantee Trustee may consult with
         counsel, and the written advice or opinion of such counsel with respect
         to legal matters shall be full and complete authorization and
         protection in respect of any action taken, suffered or omitted by it
         hereunder in good faith and in accordance with such advice or opinion.
         Such counsel may be counsel to the Guarantor or any of its Affiliates
         and may include any of its employees. The Preferred Guarantee Trustee
         shall have the right at any time to seek instructions concerning the
         administration of this Preferred Securities Guarantee from any court of
         competent jurisdiction;

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                  (vi)     the Preferred Guarantee Trustee shall be under no
         obligation to exercise any of the rights or powers vested in it by this
         Preferred Securities Guarantee at the request or direction of any
         Holder, unless such Holder shall have provided to the Preferred
         Guarantee Trustee such security and indemnity, reasonably satisfactory
         to the Preferred Guarantee Trustee, against the costs, expenses
         (including reasonable attorneys' fees and expenses and the expenses of
         the Preferred Guarantee Trustee's agents, nominees or custodians) and
         liabilities that might be incurred by it in complying with such request
         or direction, including such reasonable advances as may be requested by
         the Preferred Guarantee Trustee; provided that, nothing contained in
         this Section 3.2(a)(vi) shall be taken to relieve the Preferred
         Guarantee Trustee, upon the occurrence and during the continuance of an
         Event of Default, of its obligation to exercise the rights and powers
         vested in it by this Preferred Securities Guarantee;

                  (vii)    the Preferred Guarantee Trustee shall not be bound to
         make any investigation into the facts or matters stated in any
         resolution, certificate, statement, instrument, opinion, report,
         notice, request, direction, consent, order, bond, debenture, note,
         other evidence of indebtedness or other paper or document, but the
         Preferred Guarantee Trustee, in its discretion, may make such further
         inquiry or investigation into such facts or matters as it may see fit;

                  (viii)   the Preferred Guarantee Trustee may execute any of
         the trusts or powers hereunder or perform any duties hereunder either
         directly or by or through agents, nominees, custodians or attorneys,
         and the Preferred Guarantee Trustee shall not be responsible for any
         misconduct or negligence on the part of any agent or attorney appointed
         with due care by it hereunder;

                  (ix)     no third party shall be required to inquire as to the
         authority of the Preferred Guarantee Trustee to so act or as to its
         compliance with any of the terms and provisions of this Preferred
         Securities Guarantee, both of which shall be conclusively evidenced by
         the Preferred Guarantee Trustee's or its agent's taking such action;

                  (x)      whenever in the administration of this Preferred
         Securities Guarantee the Preferred Guarantee Trustee shall deem it
         desirable to receive instructions with respect to enforcing any remedy
         or right or taking any other action hereunder, the Preferred Guarantee
         Trustee (A) may request instructions from the Holders of a Majority in
         Liquidation Amount of the Preferred Securities, (B) may refrain from
         enforcing such remedy or right or taking such other action until such
         instructions are received, and (C) shall be protected in conclusively
         relying on or acting in accordance with such instructions.

         (b)      No provision of this Preferred Securities Guarantee shall be
deemed to impose any duty or obligation on the Preferred Guarantee Trustee to
perform any act or acts or exercise any right, power, duty or obligation
conferred or imposed on it in any jurisdiction in which it shall be illegal, or
in which the Preferred Guarantee Trustee shall be unqualified or incompetent in
accordance with applicable law, to perform any such act or acts or to exercise
any such right, power, duty or obligation. No permissive power or authority
available to the Preferred Guarantee Trustee shall be construed to be a duty.

                                        9
<Page>

           Section 3.3. Not Responsible for Recitals or Issuance of Guarantee.
The Recitals contained in this Guarantee shall be taken as the statements of the
Guarantor, and the Preferred Guarantee Trustee does not assume any
responsibility for their correctness. The Preferred Guarantee Trustee makes no
representation as to the validity or sufficiency of this Preferred Securities
Guarantee.

                                   ARTICLE IV.
                         THE PREFERRED GUARANTEE TRUSTEE

         Section 4.1. The Preferred Guarantee Trustee; Eligibility.

         (a)      There shall at all times be a Preferred Guarantee Trustee
which shall:

                  (i)      not be an Affiliate of the Guarantor; and

                  (ii)     be a corporation organized and doing business under
         the laws of the United States or any state or territory thereof or of
         the District of Columbia, or a corporation or Person permitted by the
         Securities and Exchange Commission to act as an institutional trustee
         under the Trust Indenture Act, authorized under such laws to exercise
         corporate trust powers, having a combined capital and surplus of at
         least $50,000,000, and subject to supervision or examination by
         federal, state, territorial or District of Columbia authority. If such
         corporation publishes reports of condition at least annually, pursuant
         to law or to the requirements of the supervising or examining authority
         referred to above, then, for the purposes of this Section 4.1(a)(ii),
         the combined capital and surplus of such corporation shall be deemed to
         be its combined capital and surplus as set forth in its most recent
         report of condition so published.

         (b)      If at any time the Preferred Guarantee Trustee shall cease to
be eligible to so act under Section 4.1(a), the Preferred Guarantee Trustee
shall immediately resign in the manner and with the effect set out in Section
4.2(c).

         (c)      If the Preferred Guarantee Trustee has or shall acquire any
"conflicting interest" within the meaning of Section 310(b) of the Trust
Indenture Act, the Preferred Guarantee Trustee and the Guarantor shall in all
respects comply with the provisions of Section 310(b) of the Trust Indenture
Act.

         Section 4.2. Appointment, Removal and Resignation of the Preferred
Guarantee Trustee.

         (a)      Subject to Section 4.2(b), the Preferred Guarantee Trustee may
be appointed or removed without cause at any time by the Guarantor.

         (b)      The Preferred Guarantee Trustee shall not be removed in
accordance with Section 4.2(a) until a Successor Preferred Guarantee Trustee has
been appointed and has accepted such appointment by written instrument executed
by such Successor Preferred Guarantee Trustee and delivered to the Guarantor.

                                       10
<Page>

         (c)      The Preferred Guarantee Trustee appointed to office shall hold
office until a Successor Preferred Guarantee Trustee shall have been appointed
or until its removal or resignation. The Preferred Guarantee Trustee may resign
from office (without need for prior or subsequent accounting) by an instrument
in writing executed by the Preferred Guarantee Trustee and delivered to the
Guarantor, which resignation shall not take effect until a Successor Preferred
Guarantee Trustee has been appointed and has accepted such appointment by
instrument in writing executed by such Successor Preferred Guarantee Trustee and
delivered to the Guarantor and the resigning Preferred Guarantee Trustee.

         (d)      If no Successor Preferred Guarantee Trustee shall have been
appointed and accepted appointment as provided in this Section 4.2 within sixty
(60) days after delivery to the Guarantor of an instrument of resignation, the
resigning Preferred Guarantee Trustee may petition any court of competent
jurisdiction for appointment of a Successor Preferred Guarantee Trustee. Such
court may thereupon, after prescribing such notice, if any, as it may deem
proper, appoint a Successor Preferred Guarantee Trustee.

         (e)      No Preferred Guarantee Trustee shall be liable for the acts or
omissions to act of any Successor Preferred Guarantee Trustee.

         (f)      Upon termination of this Preferred Securities Guarantee or
removal or resignation of the Preferred Guarantee Trustee pursuant to this
Section 4.2, the Guarantor shall pay to the Preferred Guarantee Trustee all fees
and expenses accrued to the date of such termination, removal or resignation.

                                   ARTICLE V.
                                    GUARANTEE

         Section 5.1. Guarantee. The Guarantor irrevocably and unconditionally
agrees to pay in full to the Holders the Guarantee Payments (without duplication
of amounts theretofore paid by the Trust), as and when due, regardless of any
defense, right of set-off or counterclaim that the Trust may have or assert. The
Guarantor's obligation to make a Guarantee Payment may be satisfied by direct
payment of the required amounts by the Guarantor to the Holders or by causing
the Trust to pay such amounts to the Holders.

         Section 5.2. Waiver of Notice and Demand. The Guarantor hereby waives
notice of acceptance of this Preferred Securities Guarantee and of any liability
to which it applies or may apply, presentment, demand for payment, any right to
require a proceeding first against the Trust or any other Person before
proceeding against the Guarantor, protest, notice of nonpayment, notice of
dishonor, notice of redemption and all other notices and demands.

           Section 5.3. Obligations not Affected. The obligations, covenants,
agreements and duties of the Guarantor under this Preferred Securities Guarantee
shall in no way be affected or impaired by reason of the happening from time to
time of any of the following:

         (a)      the release or waiver, by operation of law or otherwise, of
the performance or observance by the Trust of any express or implied agreement,
covenant, term or condition relating to the Preferred Securities to be performed
or observed by the Trust;

                                       11
<Page>

         (b)      the extension of time for the payment by the Trust of all or
any portion of the Distributions, Redemption Price, Liquidation Distribution or
any other sums payable under the terms of the Preferred Securities or the
extension of time for the performance of any other obligation under, arising out
of, or in connection with, the Preferred Securities (other than an extension of
time for payment of Distributions, Redemption Price, Liquidation Distribution or
other sum payable that results from the extension of any interest payment period
on the Debentures or any extension of the maturity date of the Debentures
permitted by the Indenture);

         (c)      any failure, omission, delay or lack of diligence on the part
of the Holders to enforce, assert or exercise any right, privilege, power or
remedy conferred on the Holders pursuant to the terms of the Preferred
Securities, or any action on the part of the Trust granting indulgence or
extension of any kind;

         (d)      the voluntary or involuntary liquidation, dissolution, sale of
any collateral, receivership, insolvency, bankruptcy, assignment for the benefit
of creditors, reorganization, arrangement, composition or readjustment of debt
of, or other similar proceedings affecting, the Trust or any of the assets of
the Trust;

         (e)      any invalidity of, or defect or deficiency in, the Preferred
Securities;

         (f)      any failure or omission to receive any regulatory approval or
consent required in connection with the Preferred Securities (or the common
equity securities issued by the Trust), including the failure to receive any
approval of the Board of Governors of the Federal Reserve System required for
the redemption of the Preferred Securities;

         (g)      the settlement or compromise of any obligation guaranteed
hereby or hereby incurred; or

         (h)      any other circumstance whatsoever that might otherwise
constitute a legal or equitable discharge or defense of a guarantor, it being
the intent of this Section 5.3 that the obligations of the Guarantor hereunder
shall be absolute and unconditional under any and all circumstances.

         There shall be no obligation of the Holders to give notice to, or
obtain consent of, the Guarantor with respect to the happening of any of the
foregoing.

         Section 5.4. Rights of the Holders.

         (a)      The Holders of a Majority in Liquidation Amount of the
Preferred Securities have the right to direct the time, method and place of
conducting of any proceeding for any remedy available to the Preferred Guarantee
Trustee in respect of this Preferred Securities Guarantee or exercising any
trust or power conferred upon the Preferred Guarantee Trustee under this
Preferred Securities Guarantee.

         (b)      Any Holder of Preferred Securities may institute a legal
proceeding directly against the Guarantor to enforce its rights under this
Preferred Securities Guarantee, without first instituting a legal proceeding
against the Trust, the Preferred Guarantee Trustee or any other Person.

                                       12
<Page>

         Section 5.5. Guarantee of Payment. This Preferred Securities Guarantee
creates a guarantee of payment and not of collection.

         Section 5.6. Subrogation. The Guarantor shall be subrogated to all (if
any) rights of the Holders of the Preferred Securities against the Trust in
respect of any amounts paid to such Holders by the Guarantor under this
Preferred Securities Guarantee; provided, however, that the Guarantor shall not
(except to the extent required by mandatory provisions of law) be entitled to
enforce or exercise any right that it may acquire by way of subrogation or any
indemnity, reimbursement or other agreement, in all cases as a result of payment
under this Preferred Securities Guarantee, if, at the time of any such payment,
any amounts are due and unpaid under this Preferred Securities Guarantee. If any
amount shall be paid to the Guarantor in violation of the preceding sentence,
the Guarantor agrees to hold such amount in trust for the Holders and to pay
over such amount to the Holders.

         Section 5.7. Independent Obligations. The Guarantor acknowledges that
its obligations hereunder are independent of the obligations of the Trust with
respect to the Preferred Securities, and that the Guarantor shall be liable as
principal and as debtor hereunder to make Guarantee Payments pursuant to the
terms of this Preferred Securities Guarantee notwithstanding the occurrence of
any event referred to in subsections (a) through (h), inclusive, of Section 5.3
hereof.

                                   ARTICLE VI.
                    LIMITATION OF TRANSACTIONS; SUBORDINATION

         Section 6.1. Limitation on Transactions. So long as any of the
Preferred Securities remain outstanding, if any of the circumstances described
in Section 5.6 of the Indenture shall have occurred, then (a) the Guarantor
shall not declare or pay any dividend on, make any distributions with respect
to, or redeem, purchase, acquire or make a liquidation payment with respect to,
any of its capital stock (other than (i) dividends or distributions in common
stock of the Guarantor or any declaration of a non-cash dividend in connection
with the implementation of a shareholder rights plan, or the issuance of stock
under any such plan in the future, or the redemption or repurchase of any such
rights pursuant thereto, (ii) purchases of common stock of the Guarantor related
to the rights under any of the Guarantor's benefit plans for its directors,
officers or employees, (iii) as a result of a reclassification of its capital
stock, or (iv) dividends or distributions made by a subsidiary of the Guarantor,
provided that such dividends or distributions are necessary in order for such
subsidiary to qualify as a "real estate investment trust" under Sections 856 and
857 of the Code or are made to the Guarantor or to any subsidiary of the
Guarantor), and (b) the Guarantor shall not make any payment of principal or
interest on or repay, repurchase or redeem any debt securities issued by the
Guarantor which rank pari passu with or junior to the Debentures (including the
Company's Floating Rate Junior Subordinated Deferrable Interest Debentures
issued to Coal City Capital Trust I) other than payments under this Preferred
Securities Guarantee.

           Section 6.2 Ranking. This Preferred Securities Guarantee will
constitute an unsecured obligation of the Guarantor and will rank (a)
subordinate and junior in right of payment to all Senior Debt, Subordinated
Debt and Additional Senior Obligations (as defined in the Indenture) of the
Guarantor, (b) pari passu with the most senior preferred securities or
preference stock now or hereafter issued by the Guarantor and with any
guarantee now or hereafter entered into by the

                                       13
<Page>

Guarantor in respect of any preferred securities or preference stock of any
Affiliate of the Guarantor, and (c) senior to the Guarantor's common stock.

                                  ARTICLE VII.
                                   TERMINATION

         Section 7.1. Termination. This Preferred Securities Guarantee shall
terminate upon (a) full payment of the Redemption Price of all the Preferred
Securities, (b) full payment of the amounts payable in accordance with the Trust
Agreement upon liquidation of the Trust, or (c) distribution of the Debentures
to the Holders of the Preferred Securities. Notwithstanding the foregoing, this
Preferred Securities Guarantee shall continue to be effective or shall be
reinstated, as the case may be, if at any time any Holder of Preferred
Securities must restore payment of any sums paid under the Preferred Securities
or under this Preferred Securities Guarantee.

                                  ARTICLE VIII.
                                 INDEMNIFICATION

         Section 8.1. Exculpation.

         (a)      No Indemnified Person shall be liable, responsible or
accountable in damages or otherwise to the Guarantor or any Covered Person for
any loss, damage or claim incurred by reason of any act or omission performed or
omitted by such Indemnified Person in good faith in accordance with this
Preferred Securities Guarantee and in a manner that such Indemnified Person
reasonably believed to be within the scope of the authority conferred on such
Indemnified Person by this Preferred Securities Guarantee or by law, except that
an Indemnified Person shall be liable for any such loss, damage or claim
incurred by reason of such Indemnified Person's negligence or willful misconduct
with respect to such acts or omissions.

         (b)      An Indemnified Person shall be fully protected in relying in
good faith upon the records of the Guarantor and upon such information,
opinions, reports or statements presented to the Guarantor by any Person as to
matters the Indemnified Person reasonably believes are within such other
Person's professional or expert competence and who has been selected with
reasonable care by or on behalf of the Guarantor, including information,
opinions, reports or statements as to the value and amount of the assets,
liabilities, profits, losses, or any other facts pertinent to the existence and
amount of assets from which Distributions to the Holders of the Preferred
Securities might properly be paid.

         Section 8.2. Indemnification. The Guarantor agrees to indemnify each
Indemnified Person for, and to hold each Indemnified Person harmless against,
any loss, liability or expense incurred without negligence or bad faith on its
part, arising out of or in connection with the acceptance or administration of
the trust or trusts hereunder, including the costs and expenses (including
reasonable legal fees and expenses) of defending itself against, or
investigating, any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder. The obligation to
indemnify as set forth in this Section 8.2 shall survive the termination of this
Preferred Securities Guarantee.

                                   ARTICLE IX.
                                  MISCELLANEOUS

                                       14
<Page>

         Section 9.1. Successors and Assigns. All guarantees and agreements
contained in this Preferred Securities Guarantee shall bind the successors,
assigns, receivers, trustees and representatives of the Guarantor and shall
inure to the benefit of the Holders of the Preferred Securities then
outstanding.

         Section 9.2. Amendments. Except with respect to any changes that do not
adversely affect the rights of the Holders (in which case no consent of the
Holders will be required), this Preferred Securities Guarantee may only be
amended with the prior approval of the Holders of at least a Majority in
Liquidation Amount of the Preferred Securities. The provisions of Article VI of
the Trust Agreement with respect to meetings of the Holders of the Preferred
Securities apply to the giving of such approval.

         Section 9.3. Notices. All notices provided for in this Preferred
Securities Guarantee shall be in writing, duly signed by the party giving such
notice, and shall be delivered, telecopied or mailed by registered or certified
mail, as follows:

         (a)      If given to the Preferred Guarantee Trustee, at the Preferred
Guarantee Trustee's mailing address set forth below (or such other address as
the Preferred Guarantee Trustee may give notice of to the Holders of the
Preferred Securities):

                           Wilmington Trust Company
                           Rodney Square North
                           1100 North Market Street
                           Wilmington, Delaware 19809-0001
                           Attention:  Corporate Trust Department

         (b)      If given to the Guarantor, at the Guarantor's mailing address
set forth below (or such other address as the Guarantor may give notice of to
the Holders of the Preferred Securities):

                           MB Financial, Inc.
                           801 West Madison Street
                           Chicago, Illinois 60607
                           Attention:  Chief Financial Officer

         (c)      If given to any Holder of Preferred Securities, at the address
set forth on the books and records of the Trust.

         All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid except that if a notice or other document is refused delivery or
cannot be delivered because of a changed address of which no notice was given,
such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

         Section 9.4. Benefit. This Preferred Securities Guarantee is solely for
the benefit of the Holders of the Preferred Securities and, subject to Section
3.1(a), is not separately transferable from the Preferred Securities.

                                       15
<Page>

         Section 9.5. Governing Law. THIS PREFERRED SECURITIES GUARANTEE SHALL
BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK (WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES).

                                    * * * * *

                                       16
<Page>

           This Preferred Securities Guarantee is executed as of the day and
year first above written.

                                      MB FINANCIAL, INC.,
                                      as Guarantor

                                      By:    ___________________________________
                                      Name:  ___________________________________
                                      Title: ___________________________________

                                      WILMINGTON TRUST COMPANY,
                                      as Preferred Guarantee Trustee

                                      By:    ___________________________________
                                      Name:  ___________________________________
                                      Title: ___________________________________

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LODGENET ENTERTAINMENT CORPORATION
  FIRST AMENDMENT TO CREDIT AGREEMENT    
  

        This FIRST AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is
dated as of August 19, 2002 and entered into by and between LODGENET ENTERTAINMENT CORPORATION, a Delaware corporation
("Borrower") and CANADIAN IMPERIAL BANK OF COMMERCE, as administrative agent for the Lenders (in such
capacity, "Administrative Agent"), and is made with reference to that certain Credit Agreement dated as of August 29, 2001 (the
"Credit Agreement"), by and among Borrower, the Lenders named therein, Administrative Agent, the Syndication Agent named therein, the
Co-Documentation Agents named therein, the Co-Lead Arrangers named therein and the Swing Line Lender named therein. Capitalized terms used herein without definition shall have
the same meanings herein as set forth in the Credit Agreement. 

 
 

RECITALS    
  

        WHEREAS, Borrower and Lenders desire to amend the Credit Agreement to (i) adjust the financial covenants set forth herein; and (ii) make certain
other amendments as set forth below. 

        NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree
as follows: 

 Section 1. AMENDMENTS TO THE CREDIT AGREEMENT  

 1.1 Amendments to Section 1: Provisions Relating to Defined Terms

        The
definition of "Indebtedness" in subsection 1.1 of the Credit Agreement is hereby amended by adding at the end thereof the following sentence: 

        "Notwithstanding
the foregoing, the long-term liability arising from the purchase by the Borrower of the internet on television and time shifted television products related
to the InnMedia LLC joint venture from Hilton Hotels Corporation as consideration for a contract extension with respect to currently installed Hilton-owned guest rooms shall not constitute
Indebtedness and shall under no circumstances exceed $9,000,000." 

1.2  Amendments to Section 7: Borrower's Negative Covenants

        A. Minimum Consolidated Interest Coverage Ratio.    Subsection 7.6A of the Credit Agreement is hereby amended by deleting the
Minimum Consolidated Interest Coverage Ratios set forth for the 2nd Fiscal Quarter of Fiscal Year 2003 and each Fiscal Quarter thereafter and substituting in lieu thereof the following: 

	Period
	 	Minimum Consolidated Interest

Coverage Ratio

	2nd Fiscal Quarter, Fiscal Year 2003	 	2.25:1.00
	3rd Fiscal Quarter, Fiscal Year 2003	 	2.25:1.00
	4th Fiscal Quarter, Fiscal Year 2003	 	2.25:1.00
	1st Fiscal Quarter, Fiscal Year 2004	 	2.25:1.00
	2nd Fiscal Quarter, Fiscal Year 2004	 	2.25:1.00
	3rd Fiscal Quarter, Fiscal Year 2004	 	2.50:1.00
	4th Fiscal Quarter, Fiscal Year 2004	 	2.50:1.00
	1st Fiscal Quarter, Fiscal Year 2005	 	2.50:1.00
	2nd Fiscal Quarter, Fiscal Year 2005	 	2.50:1.00
	3rd Fiscal Quarter, Fiscal Year 2005	 	2.50:1.00
	4th Fiscal Quarter, Fiscal Year 2005	 	2.50:1.00
	1st Fiscal Quarter, Fiscal Year 2006 and each Fiscal Quarter thereafter	 	2.75:1.00

        B. Maximum Consolidated Total Leverage Ratio.    Subsection 7.6B of the Credit Agreement is hereby amended by deleting the
Maximum Consolidated Total Leverage Ratios set forth for the 4th 

 

Fiscal Quarter of Fiscal Year 2002 and each Fiscal Quarter thereafter and substituting in lieu thereof the following: 

	Period
	 	Maximum Consolidated Total Leverage Ratio

	4th Fiscal Quarter, Fiscal Year 2002	 	4.50:1.00
	1st Fiscal Quarter, Fiscal Year 2003	 	4.50:1.00
	2nd Fiscal Quarter, Fiscal Year 2003	 	4.50:1.00
	3rd Fiscal Quarter, Fiscal Year 2003	 	4.50:1.00
	4th Fiscal Quarter, Fiscal Year 2003	 	4.40:1.00
	1st Fiscal Quarter, Fiscal Year 2004	 	4.25:1.00
	2nd Fiscal Quarter, Fiscal Year 2004	 	4.25:1.00
	3rd Fiscal Quarter, Fiscal Year 2004	 	4.00:1.00
	4th Fiscal Quarter, Fiscal Year 2004	 	4.00:1.00
	1st Fiscal Quarter, Fiscal Year 2005	 	4.00:1.00
	2nd Fiscal Quarter, Fiscal Year 2005	 	4.00:1.00
	3rd Fiscal Quarter, Fiscal Year 2005	 	4.00:1.00
	4th Fiscal Quarter, Fiscal Year 2005	 	3.75:1.00
	1st Fiscal Quarter, Fiscal Year 2006	 	3.75:1.00
	2nd Fiscal Quarter, Fiscal Year 2006	 	3.75:1.00
	3rd Fiscal Quarter, Fiscal Year 2006	 	3.75:1.00
	4th Fiscal Quarter, Fiscal Year 2006	 	3.50:1.00
	1st Fiscal Quarter, Fiscal Year 2007	 	3.50:1.00
	2nd Fiscal Quarter, Fiscal Year 2007	 	3.50:1.00
	3rd Fiscal Quarter, Fiscal Year 2007	 	3.50:1.00
	4th Fiscal Quarter, Fiscal Year 2007	 	3.50:1.00
	1st Fiscal Quarter, Fiscal Year 2008 and each Fiscal Quarter thereafter	 	3.25:1.00

        C. Maximum Consolidated Senior Secured Leverage Ratio.    Subsection 7.6C of the Credit Agreement is hereby amended by deleting
the Maximum Consolidated Senior Secured Leverage Ratios set forth for the 4th Fiscal Quarter of Fiscal Year 2002 and each Fiscal Quarter thereafter and substituting in lieu thereof the
following: 

	Period
 
	 	Maximum Consolidated Senior Secured Leverage Ratio

	4th Fiscal Quarter, Fiscal Year 2002	 	2.50:1.00
	1st Fiscal Quarter, Fiscal Year 2003	 	2.50:1.00
	2nd Fiscal Quarter, Fiscal Year 2003	 	2.50:1.00
	3rd Fiscal Quarter, Fiscal Year 2003	 	2.50:1.00
	4th Fiscal Quarter, Fiscal Year 2003	 	2.50:1.00
	1st Fiscal Quarter, Fiscal Year 2004	 	2.50:1.00
	2nd Fiscal Quarter, Fiscal Year 2004	 	2.50:1.00
	3rd Fiscal Quarter, Fiscal Year 2004	 	2.50:1.00
	4th Fiscal Quarter, Fiscal Year 2004	 	2.50:1.00
	1st Fiscal Quarter, Fiscal Year 2005 and each Fiscal Quarter thereafter	 	2.25:1.00

2

 

 Section 2. CONDITIONS TO EFFECTIVENESS  

        Section 1 of this Amendment shall become effective only upon the satisfaction of all of the following conditions precedent (the date of satisfaction of
such conditions being referred to herein as the "Amendment Effective Date"): 

        A. On or before the Amendment Effective Date, Borrower shall deliver to Lenders (or to Administrative Agent for Lenders with sufficient
originally executed copies, where appropriate, for each Lender and its counsel) copies of this Amendment, executed by Borrower. 

        B. On or before the Amendment Effective Date, all corporate and other proceedings taken or to be taken in connection with the transactions
contemplated hereby and all documents incidental thereto not previously found acceptable by Administrative Agent, acting on behalf of Lenders, and its counsel shall be satisfactory in form and
substance to Administrative Agent and such counsel, and Administrative Agent and such counsel shall have received all such counterpart originals or certified copies of such documents as Administrative
Agent may reasonably request. 

        C.    On or before the Amendment Effective Date, Borrower shall have paid to Administrative Agent for distribution to each
Consenting Lender, an amendment fee for each such Consenting Lender equal to 0.125% of the sum of the Term Loan Exposure plus the Revolving Loan Exposure of such Consenting Lender. As used in the
preceding sentence, "Consenting Lender" means each Lender that has executed a consent to this Amendment in the form attached hereto as Exhibit A
(a "Lender Consent") on or before August 19, 2002. 

 Section 3. BORROWER'S REPRESENTATIONS AND WARRANTIES  

        In order to induce Lenders to enter into this Amendment and to amend the Credit Agreement in the manner provided herein, Borrower represents and warrants to each
Lender that the following statements are true, correct and complete: 

        A. Corporate Power and Authority.    Borrower has all requisite corporate power and authority to enter into this Amendment and
to carry out the transactions contemplated by, and perform its obligations under, the Credit Agreement as amended by this Amendment (the "Amended
Agreement"). 

        B. Authorization of Agreements.    The execution and delivery of this Amendment and the performance of the Amended Agreement
have been duly authorized by all necessary corporate action on the part of Borrower. 

        C. No Conflict.    The execution and delivery by Borrower of this Amendment and the performance by Borrower of the Amended
Agreement do not and will not (i) violate any provision of any law or any governmental rule or regulation applicable to Borrower or any of its Subsidiaries, the Certificate or Articles of
Incorporation or Bylaws of Borrower or any of its Subsidiaries or any order, judgment or decree of any court or other agency of government binding on Borrower or any of its Subsidiaries;
(ii) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of Borrower or any of its Subsidiaries;
(iii) result in or require the creation or imposition of any Lien upon any of the properties or assets of Borrower or any of its Subsidiaries; or (iv) require any approval of
stockholders or any approval or consent of any Person under any Contractual Obligation of Borrower or any of its Subsidiaries. 

        D. Governmental Consents.    The execution and delivery by Borrower of this Amendment and the performance by Borrower of the
Amended Agreement do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any federal, state or other governmental authority or
regulatory body. 

3

 

        E. Binding Obligation.    This Amendment and the Amended Agreement have been duly executed and delivered by Borrower and are the
legally valid and binding obligations of Borrower, enforceable against Borrower in accordance with their respective terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws relating to or limiting creditors' rights generally or by equitable principles relating to enforceability. 

        F. Incorporation of Representations and Warranties From Credit Agreement.    The representations and warranties contained in
Section 5 of the Credit Agreement are and will be true, correct and complete in all material respects on and as of the Amendment Effective Date to the same extent as though made on and as of
that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true, correct and complete in all material respects on and as of
such earlier date. 

        G. Absence of Default.    No event has occurred and is continuing or will result from the consummation of the transactions
contemplated by this Amendment that would constitute an Event of Default or a Potential Event of Default. 

 Section 4. MISCELLANEOUS  

        A. Reference to and Effect on the Credit Agreement and the Other Loan Documents. 

	(i)
	On
and after the Amendment Effective Date, each reference in the Credit Agreement to "this Agreement", "hereunder", "hereof", "herein" 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 Amended Agreement.

	(ii)
	Except
as specifically amended by this Amendment, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby
ratified and confirmed.

	(iii)
	The
execution, delivery and performance of this Amendment shall not, except as expressly provided herein, constitute a waiver of any provision of, or
operate as a waiver of any right, power or remedy of Administrative Agent or any Lender under, the Credit Agreement or any of the other Loan Documents. 

        B. Fees and Expenses.    Borrower acknowledges that all costs, fees and expenses as described in subsection 10.2 of the Credit
Agreement incurred by Administrative Agent and its counsel with respect to this Amendment and the documents and transactions contemplated hereby shall be for the account of Borrower. 

        C. Headings.    Section and subsection headings in this Amendment are included herein for convenience of reference only and
shall not constitute a part of this Amendment for any other purpose or be given any substantive effect. 

        D. Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES.

        E. Counterparts; Effectiveness.    This Amendment may be executed in any number of counterparts and by different parties hereto
in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages
may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. This 

4

 

Amendment (other than the provisions of Section 1 hereof, the effectiveness of which is governed by Section 2 hereof) shall become effective upon the execution of a counterpart hereof
by Borrower and Administrative Agent and the execution of a Lender Consent by Requisite Lenders and receipt by Borrower and Administrative Agent of written or telephonic notification of such execution
and authorization of delivery thereof. 

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of page intentionally left blank) 

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        IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective officers thereunto
duly authorized as of the date first written above. 

	 	 	LODGENET ENTERTAINMENT CORPORATION
	

 	
 	

By:	
 	

/s/  GARY H. RITONDARO      

	 	 	Name: Gary H. Ritondaro
	 	 	Title: Chief Financial Officer
	

 	
 	
CANADIAN IMPERIAL BANK OF COMMERCE,

as Administrative Agent
	

 	
 	

By:	
 	

/s/  DEAN J. DECKER      

	 	 	Name: Dean J. Decker
	 	 	Title: Managing Director

            CIBC World Markets Corp., as AGENT

QuickLinks

LODGENET ENTERTAINMENT CORPORATION FIRST AMENDMENT TO CREDIT AGREEMENT

RECITALS

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