Exhibit 10.1

AMENDMENT NO. 1 TO SECURITY AGREEMENT

AMENDMENT No. 1 dated as of September 28, 2011 (this “Amendment”) to the Security Agreement dated as of May 28, 2009 (the “Security Agreement”) among WMG Acquisition Corp., a Delaware corporation (the “Company”), WMG Holdings Corp., a Delaware corporation (“Holdings”), the other Persons listed on the signature pages hereof (the Company, Holdings and the Persons so listed being, collectively, the “Grantors”), Wells Fargo Bank, National Association, as Collateral Agent (in such capacity, together with any successors in such capacity, the “Collateral Agent”), Wells Fargo Bank, National Association, as trustee under the Indenture (in such capacity, together with any successor trustee, the “Notes Authorized Representative”) and the other Authorized Representatives listed on the signature pages hereof.

RECITALS:

WHEREAS the parties wish to amend the Security Agreement as set forth herein;

THEREFORE, the parties hereto therefore agree as follows:

Section 1. Defined Terms; References. Unless otherwise specifically defined herein, each term used herein that is defined in the Security Agreement has the meaning assigned to such term in the Security Agreement. Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Security Agreement shall, after this Amendment becomes effective, refer to the Security Agreement as amended hereby.

Section 2. Amendments. The following defined terms are amended and restated in their entirety to read as follows:

(i) “Applicable Authorized Representative” means, as of the date hereof, the Notes Authorized Representative; provided that such term shall mean:

(a) following the incurrence of Bank Obligations after the date hereof and assumption by the Credit Agreement Authorized Representative of its role as an Applicable Authorized Representative pursuant to an Additional Secured Party Consent, (i) until the earlier of (x) the Discharge of Bank Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date, the Credit Agreement Authorized Representative, and (ii) from the earlier of (x) the Discharge of Bank Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date, the Major Additional Authorized Representative; and

(b) to the extent no Bank Obligations have been incurred or remain outstanding, following the incurrence of any Series of Secured Obligations that constitutes the largest outstanding principal amount of any then outstanding Series of Secured Obligations (excluding Hedging Obligations) and assumption by the Authorized Representative thereunder of its role as an Applicable Authorized Representative pursuant to an Additional Secured Party Consent, the Major Additional Authorized Representative.

(ii) “Major Additional Authorized Representative” means the Authorized Representative of the Series of Secured Obligations that constitutes the largest outstanding principal amount of any then outstanding Series of Secured Obligations (excluding Hedging Obligations).

(iii) “Notes Obligations” means the Obligations (as defined in the Indenture) incurred pursuant to the Indenture.

Section 3. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

Section 4. Full Force and Effect; Ratification. Except as modified herein, all of the terms and conditions of the Security Agreement are, and shall remain, in full force and effect and, as modified hereby, the Grantors confirm and ratify all of the terms, covenants and conditions of the Security Agreement. This Amendment constitutes the entire and final agreement among the parties hereto with respect to the subject matter hereof and there are no other agreements, understandings, undertakings, representations or warranties among the parties hereto with respect to the subject matter hereof except as set forth herein.

Section 5. Counterparts. This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

Section 6. Effectiveness. This Amendment shall become effective on the date when the Collateral Agent shall have received from each of the Grantors, the Collateral Agent and each Authorized Representative a counterpart hereof signed by such party or facsimile or other written confirmation (in form satisfactory to the Collateral Agent) that such party has signed a counterpart hereof (the “Amendment Effective Date”).

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