LODGENET ENTERTAINMENT CORP
EXHIBIT 10.1
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<BR></FONT><FONT SIZE=2><B>LODGENET ENTERTAINMENT CORPORATION<BR>  FIRST AMENDMENT TO CREDIT AGREEMENT    <BR>  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This </FONT><FONT SIZE=2><B>FIRST AMENDMENT TO CREDIT AGREEMENT</B></FONT><FONT SIZE=2> (this "</FONT><FONT SIZE=2><B>Amendment</B></FONT><FONT SIZE=2>") is
dated as of August&nbsp;19, 2002 and entered into by and between </FONT><FONT SIZE=2><B>LODGENET ENTERTAINMENT CORPORATION</B></FONT><FONT SIZE=2>, a Delaware corporation
("</FONT><FONT SIZE=2><B>Borrower</B></FONT><FONT SIZE=2>") and </FONT><FONT SIZE=2><B>CANADIAN IMPERIAL BANK OF COMMERCE</B></FONT><FONT SIZE=2>, as administrative agent for the Lenders (in such
capacity, "</FONT><FONT SIZE=2><B>Administrative Agent</B></FONT><FONT SIZE=2>"), and is made with reference to that certain Credit Agreement dated as of August&nbsp;29, 2001 (the
"</FONT><FONT SIZE=2><B>Credit Agreement</B></FONT><FONT SIZE=2>"), 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. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kc1491_recitals"> </A>
<A NAME="toc_kc1491_2"> </A>
<BR></FONT><FONT SIZE=2><B>RECITALS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Borrower and Lenders desire to amend the Credit Agreement to (i)&nbsp;adjust the financial covenants set forth herein; and (ii)&nbsp;make certain
other amendments as set forth below. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>NOW, THEREFORE,</B></FONT><FONT SIZE=2> in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree
as follows: </FONT></P>

<UL>

<P><FONT SIZE=2><B> Section&nbsp;1. AMENDMENTS TO THE CREDIT AGREEMENT  </B></FONT></P>

</UL>

<P><FONT SIZE=2><B> 1.1&nbsp;</B></FONT><FONT SIZE=2><B><I>Amendments to Section&nbsp;1: Provisions Relating to Defined Terms</I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
definition of "Indebtedness" in subsection 1.1 of the Credit Agreement is hereby amended by adding at the end thereof the following sentence: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"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." </FONT></P>

<P><FONT SIZE=2><B>1.2&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Amendments to Section&nbsp;7: Borrower's Negative Covenants</I></B></FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Minimum Consolidated Interest Coverage Ratio.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subsection 7.6A of the Credit Agreement is hereby amended by deleting the
Minimum Consolidated Interest Coverage Ratios set forth for the 2<SUP>nd</SUP> Fiscal Quarter of Fiscal Year 2003 and each Fiscal Quarter thereafter and substituting in lieu thereof the following: </FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="73%" ALIGN="CENTER"><FONT SIZE=1><B>Period</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="25%" ALIGN="CENTER"><FONT SIZE=1><B>Minimum Consolidated Interest<BR>
Coverage Ratio</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="73%"><FONT SIZE=2>2<SUP>nd</SUP> Fiscal Quarter, Fiscal Year 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2>2.25:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="73%"><FONT SIZE=2>3<SUP>rd</SUP> Fiscal Quarter, Fiscal Year 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2>2.25:1.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="73%"><FONT SIZE=2>4<SUP>th</SUP> Fiscal Quarter, Fiscal Year 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2>2.25:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="73%"><FONT SIZE=2>1<SUP>st</SUP> Fiscal Quarter, Fiscal Year 2004</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2>2.25:1.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="73%"><FONT SIZE=2>2<SUP>nd</SUP> Fiscal Quarter, Fiscal Year 2004</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2>2.25:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="73%"><FONT SIZE=2>3<SUP>rd</SUP> Fiscal Quarter, Fiscal Year 2004</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2>2.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="73%"><FONT SIZE=2>4<SUP>th</SUP> Fiscal Quarter, Fiscal Year 2004</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2>2.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="73%"><FONT SIZE=2>1<SUP>st</SUP> Fiscal Quarter, Fiscal Year 2005</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2>2.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="73%"><FONT SIZE=2>2<SUP>nd</SUP> Fiscal Quarter, Fiscal Year 2005</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2>2.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="73%"><FONT SIZE=2>3<SUP>rd</SUP> Fiscal Quarter, Fiscal Year 2005</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2>2.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="73%"><FONT SIZE=2>4<SUP>th</SUP> Fiscal Quarter, Fiscal Year 2005</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2>2.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="73%"><FONT SIZE=2>1<SUP>st</SUP> Fiscal Quarter, Fiscal Year 2006 and each Fiscal Quarter thereafter</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2>2.75:1.00</FONT></TD>
</TR>
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<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Maximum Consolidated Total Leverage Ratio.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subsection 7.6B of the Credit Agreement is hereby amended by deleting the
Maximum Consolidated Total Leverage Ratios set forth for the 4<SUP>th</SUP> </FONT></P>

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<P><FONT SIZE=2>
Fiscal Quarter of Fiscal Year 2002 and each Fiscal Quarter thereafter and substituting in lieu thereof the following: </FONT></P>

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<TH WIDTH="62%" ALIGN="CENTER"><FONT SIZE=1><B>Period</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=1><B>Maximum Consolidated Total Leverage Ratio</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>4<SUP>th</SUP> Fiscal Quarter, Fiscal Year 2002</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>4.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>1<SUP>st</SUP> Fiscal Quarter, Fiscal Year 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>4.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>2<SUP>nd</SUP> Fiscal Quarter, Fiscal Year 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>4.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>3<SUP>rd</SUP> Fiscal Quarter, Fiscal Year 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>4.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>4<SUP>th</SUP> Fiscal Quarter, Fiscal Year 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>4.40:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>1<SUP>st</SUP> Fiscal Quarter, Fiscal Year 2004</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>4.25:1.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>2<SUP>nd</SUP> Fiscal Quarter, Fiscal Year 2004</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>4.25:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>3<SUP>rd</SUP> Fiscal Quarter, Fiscal Year 2004</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>4.00:1.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>4<SUP>th</SUP> Fiscal Quarter, Fiscal Year 2004</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>4.00:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>1<SUP>st</SUP> Fiscal Quarter, Fiscal Year 2005</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>4.00:1.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>2<SUP>nd</SUP> Fiscal Quarter, Fiscal Year 2005</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>4.00:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>3<SUP>rd</SUP> Fiscal Quarter, Fiscal Year 2005</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>4.00:1.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>4<SUP>th</SUP> Fiscal Quarter, Fiscal Year 2005</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>3.75:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>1<SUP>st</SUP> Fiscal Quarter, Fiscal Year 2006</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>3.75:1.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>2<SUP>nd</SUP> Fiscal Quarter, Fiscal Year 2006</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>3.75:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>3<SUP>rd</SUP> Fiscal Quarter, Fiscal Year 2006</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>3.75:1.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>4<SUP>th</SUP> Fiscal Quarter, Fiscal Year 2006</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>3.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>1<SUP>st</SUP> Fiscal Quarter, Fiscal Year 2007</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>3.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>2<SUP>nd</SUP> Fiscal Quarter, Fiscal Year 2007</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>3.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>3<SUP>rd</SUP> Fiscal Quarter, Fiscal Year 2007</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>3.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>4<SUP>th</SUP> Fiscal Quarter, Fiscal Year 2007</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>3.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>1<SUP>st</SUP> Fiscal Quarter, Fiscal Year 2008 and each Fiscal Quarter thereafter</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>3.25:1.00</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Maximum Consolidated Senior Secured Leverage Ratio.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subsection 7.6C of the Credit Agreement is hereby amended by deleting
the Maximum Consolidated Senior Secured Leverage Ratios set forth for the 4<SUP>th</SUP> Fiscal Quarter of Fiscal Year 2002 and each Fiscal Quarter thereafter and substituting in lieu thereof the
following: </FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="55%" ALIGN="LEFT"><FONT SIZE=1><B>Period<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="43%" ALIGN="CENTER"><FONT SIZE=1><B>Maximum Consolidated Senior Secured Leverage Ratio</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="55%"><FONT SIZE=2>4<SUP>th</SUP> Fiscal Quarter, Fiscal Year 2002</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><FONT SIZE=2>2.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="55%"><FONT SIZE=2>1<SUP>st</SUP> Fiscal Quarter, Fiscal Year 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><FONT SIZE=2>2.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="55%"><FONT SIZE=2>2<SUP>nd</SUP> Fiscal Quarter, Fiscal Year 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><FONT SIZE=2>2.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="55%"><FONT SIZE=2>3<SUP>rd</SUP> Fiscal Quarter, Fiscal Year 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><FONT SIZE=2>2.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="55%"><FONT SIZE=2>4<SUP>th</SUP> Fiscal Quarter, Fiscal Year 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><FONT SIZE=2>2.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="55%"><FONT SIZE=2>1<SUP>st</SUP> Fiscal Quarter, Fiscal Year 2004</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><FONT SIZE=2>2.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="55%"><FONT SIZE=2>2<SUP>nd</SUP> Fiscal Quarter, Fiscal Year 2004</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><FONT SIZE=2>2.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="55%"><FONT SIZE=2>3<SUP>rd</SUP> Fiscal Quarter, Fiscal Year 2004</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><FONT SIZE=2>2.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="55%"><FONT SIZE=2>4<SUP>th</SUP> Fiscal Quarter, Fiscal Year 2004</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><FONT SIZE=2>2.50:1.00</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="55%"><FONT SIZE=2>1<SUP>st</SUP> Fiscal Quarter, Fiscal Year 2005 and each Fiscal Quarter thereafter</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><FONT SIZE=2>2.25:1.00</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P><FONT SIZE=2><B> Section&nbsp;2. CONDITIONS TO EFFECTIVENESS  </B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;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 "</FONT><FONT SIZE=2><B>Amendment Effective Date</B></FONT><FONT SIZE=2>"): </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>A.</B></FONT><FONT SIZE=2> 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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>B.</B></FONT><FONT SIZE=2> 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. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;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 </FONT><FONT SIZE=2><B>Exhibit&nbsp;A</B></FONT><FONT SIZE=2>
(a "</FONT><FONT SIZE=2><B>Lender Consent</B></FONT><FONT SIZE=2>") on or before August&nbsp;19, 2002. </FONT></P>

<UL>

<P><FONT SIZE=2><B> Section&nbsp;3. BORROWER'S REPRESENTATIONS AND WARRANTIES  </B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Corporate Power and Authority.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;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 "</FONT><FONT SIZE=2><B>Amended
Agreement</B></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Authorization of Agreements.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. No Conflict.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The execution and delivery by Borrower of this Amendment and the performance by Borrower of the Amended
Agreement do not and will not (i)&nbsp;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)&nbsp;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)&nbsp;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)&nbsp;require any approval of
stockholders or any approval or consent of any Person under any Contractual Obligation of Borrower or any of its Subsidiaries. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Governmental Consents.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Binding Obligation.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>


<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Incorporation of Representations and Warranties From Credit Agreement.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties contained in
Section&nbsp;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. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Absence of Default.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<UL>

<P><FONT SIZE=2><B> Section&nbsp;4. MISCELLANEOUS  </B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>A. Reference to and Effect on the Credit Agreement and the Other Loan Documents</B></FONT><FONT SIZE=2>. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>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.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>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.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>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. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Fees and Expenses.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Headings.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>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.</B></FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Counterparts; Effectiveness.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;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 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2>
Amendment (other than the provisions of Section&nbsp;1 hereof, the effectiveness of which is governed by Section&nbsp;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. </FONT></P>

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of page intentionally left blank) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>IN WITNESS WHEREOF,</B></FONT><FONT SIZE=2> 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. </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><B>LODGENET ENTERTAINMENT CORPORATION</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>GARY H. RITONDARO</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Name: Gary H. Ritondaro</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Title: Chief Financial Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>CANADIAN IMPERIAL BANK OF COMMERCE,</B></FONT><FONT SIZE=2><BR>
as Administrative Agent</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DEAN J. DECKER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Name: Dean J. Decker</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Title: Managing Director<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIBC World Markets Corp., as AGENT</FONT></TD>
</TR>
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<P><br><A NAME="02MOC1491_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_kc1491_1">LODGENET ENTERTAINMENT CORPORATION FIRST AMENDMENT TO CREDIT AGREEMENT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_kc1491_2">RECITALS</A></FONT><BR>
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