Document:

exhibit4-8.htm

     

    
      Exhibit 4.8

       

    

    
      	EXECUTION COPY
	 

    

    CABELA’S INCORPORATED
CABELA’S
CATALOG, INC.
CABELA’S RETAIL, INC.
CABELA’S OUTDOOR ADVENTURES,
INC.
CABELAS.COM, INC.
CABELA’S WHOLESALE, INC.
CABELA’S
VENTURES, INC.
WILD
WINGS, LLC
CABELA’S LODGING, LLC
VAN DYKE SUPPLY
COMPANY, INC.
CABELA’S MARKETING AND BRAND MANAGEMENT, INC.
CABELA’S
RETAIL LA, LLC
CABELA’S TROPHY
PROPERTIES, LLC
ORIGINAL CREATIONS,
LLC
CABELA’S
RETAIL TX, L.P.
CABELA’S RETAIL
GP, LLC
LEGACY TRADING COMPANY
CRLP, LLC
CABELA’S RETAIL
MO, LLC
CABELA’S RETAIL
IL, INC.

     

    

SECOND SUPPLEMENT TO NOTE PURCHASE AGREEMENT 

     

    
Dated as of January 16,
2008
 

     

    
      	Re:       
    	$57,000,000 7.20% SERIES 2008-A SENIOR NOTES	 
	  	DUE JANUARY 16, 2018	
            

    

    
    

     

    
      	 

    

    
    

     

    

    
    

     

    
    

    CABELA’S
INCORPORATED
CABELA’S
CATALOG, INC.
CABELA’S RETAIL, INC.
CABELA’S OUTDOOR ADVENTURES,
INC.
CABELAS.COM, INC.
CABELA’S WHOLESALE, INC.
CABELA’S
VENTURES, INC.
WILD
WINGS, LLC
CABELA’S LODGING, LLC
VAN DYKE SUPPLY
COMPANY, INC.
CABELA’S MARKETING AND BRAND MANAGEMENT, INC.
CABELA’S
RETAIL LA, LLC
CABELA’S TROPHY
PROPERTIES, LLC
ORIGINAL CREATIONS,
LLC
CABELA’S
RETAIL TX, L.P.
CABELA’S RETAIL
GP, LLC
LEGACY TRADING COMPANY
CRLP, LLC
CABELA’S RETAIL
MO, LLC
CABELA’S RETAIL
IL, INC. 

     

    Dated as of
January 16,
2008

     

    To the Purchaser(s) named
in
Schedule A hereto

     

    Ladies and Gentlemen:

     

         This Second Supplement to Note Purchase Agreement
(the “Second Supplement”) is among (i) CABELA’S
INCORPORATED, a Delaware
corporation (the “Company”), (ii) CABELA’S CATALOG, INC., a Nebraska corporation
(“Catalog”), (iii) CABELA’S RETAIL, INC., a Nebraska corporation
(“Retail”), (iv) CABELA’S OUTDOOR ADVENTURES,
INC., a Nebraska corporation
(“Adventures”), (v) CABELAS.COM,
INC., a Nebraska corporation
(“Cabelas.com”), (vi) CABELA’S WHOLESALE, INC., a Nebraska corporation
(“Wholesale”), (vii) CABELA’S VENTURES, INC., a Nebraska corporation
(“Ventures”), (viii) WILD WINGS,
LLC, a Minnesota limited liability
company (“Wild Wings”), (ix) CABELA’S LODGING, LLC,
a Nebraska limited liability company (“Lodging”), (x) VAN DYKE SUPPLY
COMPANY, INC., a South Dakota corporation (“Van Dyke”), (xi) CABELA’S MARKETING AND BRAND MANAGEMENT, INC., a Nebraska corporation (“Marketing”), (xii) CABELA’S RETAIL
LA, LLC,
a Nebraska limited liability company (“Retail LA”), (xiii) CABELA’S TROPHY
PROPERTIES, LLC,
a Nebraska limited liability company (“Trophy”), (xiv) ORIGINAL CREATIONS,
LLC, a Minnesota limited liability
company (“Creations”), (xv) CABELA’S RETAIL
TX, L.P.,
a Nebraska limited partnership (“Retail TX”), (xvi) CABELA’S RETAIL
GP, LLC,
a Nebraska limited liability company (“Retail GP”), (xvii) LEGACY TRADING COMPANY, a South Dakota
corporation (“Legacy”), (xviii) CRLP, LLC, a Nebraska limited liability
company (“CRLP”), (xix) Cabela’s Retail MO, LLC, a Nebraska limited
liability company (“Retail MO”), and (xx) Cabela’s Retail IL, Inc., an Illinois
corporation (“Retail Illinois,” and, together with the Company, Catalog, Retail,
Adventures, Cabelas.com, Wholesale, Ventures, Wild Wings, Lodging, Van Dyke,
Marketing, Retail LA, Trophy, Creations, Retail TX, Retail GP, Legacy, CRLP and
Retail MO are individually referred to as an “Obligor” and collectively as the “Obligors”) and the institutional investors named on Schedule A
attached hereto (the “Purchasers”).

     

    

    
    

         Reference is hereby made to the Note Purchase
Agreements dated as of February 27, 2006 as amended and supplemented by the
Amendment No. 1 to the Note Purchase Agreements dated June 15, 2007 and the
First Supplement dated as of June 15, 2007 (the “First Supplement”) (together, the “Note Purchase Agreement”) among the Obligors and the purchasers listed on
Schedule A thereto. All capitalized terms not otherwise defined herein shall
have the same meaning as specified in the Note Purchase Agreement. Reference is
further made to Section 4.13 of the Note Purchase Agreement which requires that,
prior to the delivery of any Additional Notes, the Obligors and each Additional
Purchaser shall execute and deliver a Supplement. 

     

         Each Obligor hereby
jointly and severally agrees with the Purchasers as follows: 

     

         Section 1. Each Obligor has authorized the issue and sale of
$57,000,000 aggregate principal amount of its 7.20% Series 2008-A Senior Notes
due January 16, 2018 (the “Series 2008-A Notes”). The Series 2008-A Notes, together with the Series
2006-A Notes initially issued pursuant to the Note Purchase Agreement and the
Series 2007-A Notes issued under the First Supplement and each series of
Additional Notes which may from time to time hereafter be issued pursuant to the
provisions of Section 2.2 of the Note Purchase Agreement, are collectively
referred to as the “Notes”
(such term shall also include any such notes issued in substitution therefor
pursuant to Section 13 of the Note Purchase Agreement). The Series 2008-A Notes
shall be substantially in the form set out in Exhibit 1 hereto with such changes
therefrom, if any, as may be approved by the Purchasers and the
Obligors.

     

         Section 2. Subject to the terms and conditions hereof and as
set forth in the Note Purchase Agreement and on the basis of the representations
and warranties hereinafter set forth, the Obligors agree to issue and sell to
each Purchaser, and each Purchaser agrees to purchase from the Obligors, Series
2008-A Notes in the principal amount set forth opposite such Purchaser’s name on
Schedule A hereto at a price of 100% of the principal amount thereof on the
closing date hereafter mentioned. 

     

         Section 3. The sale and purchase of the Series 2008-A Notes to
be purchased by each Purchaser shall occur at the offices of Chapman and Cutler
LLP, 111 West Monroe Street, Chicago, Illinois 60603, at 10:00 A.M. Chicago time, at a closing
(the “Closing”) on January 16, 2008 or on such other Business Day
thereafter on or prior to January 18, 2008 as may be agreed upon by the Company
and the Purchasers. At the Closing, the Obligors will deliver to each Purchaser
the Series 2008-A Notes to be purchased by such Purchaser in the form of a
single Series 2008-A Note (or such greater number of Series 2008-A Notes in
denominations of at least $100,000 as such Purchaser may request) dated the date
of the Closing and registered in such Purchaser’s name (or in the name of such
Purchaser’s nominee), against delivery by such Purchaser to the Obligors or
their order of immediately available funds in the amount of the purchase price
therefor by wire transfer of immediately available funds for the account of the
Company to account number 149401303867 at US Bank, 233 South 13th Street,
Lincoln, Nebraska 68508, ABA No. 104000029, Swift Code: USBKUS44IMT, Account
Name: Cabela’s Inc. If, at the Closing, the Obligors shall fail to tender such
Series 2008-A Notes to any Purchaser as provided above in this Section 3, or any
of the conditions specified in Section 4 shall not have been fulfilled to any
Purchaser’s satisfaction, such Purchaser shall, at such Purchaser’s election, be
relieved of all further obligations under this Agreement, without thereby
waiving any rights such Purchaser may have by reason of such failure or such
nonfulfillment.

     

    -2- 

     

    

    
    

         Section 4. The obligation of each Purchaser to purchase and pay
for the Series 2008-A Notes to be sold to such Purchaser at the Closing is
subject to the fulfillment to such Purchaser’s satisfaction, prior to the
Closing, of the conditions set forth in Section 4 of the Note Purchase Agreement
with respect to the Series 2008-A Notes to be purchased at the Closing, and to
the following additional conditions: 

     

         (a) Except as
supplemented, amended or superceded by the representations and warranties set
forth in Exhibit A hereto, each of the representations and warranties of the
Obligors set forth in Section 5 of the Note Purchase Agreement shall be correct
as of the date of Closing and the Obligors shall have delivered to each
Purchaser an Officer’s Certificate, dated the date of the Closing certifying
that such condition has been fulfilled. 

     

         (b) Contemporaneously
with the Closing, the Obligors shall sell to each Purchaser, and each Purchaser
shall purchase, the Series 2008-A Notes to be purchased by such Purchaser at the
Closing as specified in Schedule A.

     

         Section 5. Required
Prepayments. On January 16, 2012
and on each January 16 thereafter to and including January 16, 2017 the Obligors
will prepay $8,142,857 principal amount (or such lesser principal amount as
shall then be outstanding) of the Series 2008-A Notes at par and without payment
of the Make-Whole Amount or any premium, provided that upon any partial prepayment of the Series
2008-A Notes pursuant to section 6 the principal amount of each required
prepayment of the Series 2008-A Notes becoming due under this Section 5 on and
after the date of prepayment shall be reduced in the same proportion as the
aggregate unpaid principal amount of the Series 2008-A Notes is reduced as the
result of such prepayment.

     

         Section 6. Optional Prepayments with
Make-Whole Amount. The Obligors
may, at their option, upon notice as provided below, prepay at any time all, or
from time to time any part of, the Series 2008-A Notes, in an amount not less
than 5% of the aggregate principal amount of the Series 2008-A Notes then
outstanding in the case of a partial prepayment, at 100% of the principal amount
so prepaid, together with interest accrued thereon to the date of such
prepayment, plus the Make-Whole Amount determined for the prepayment date with
respect to such principal amount. The Company will give each holder of Series
2008-A Notes written notice of each optional prepayment under this Section 6 not
less than 30 days and not more than 60 days prior to the date fixed for such
prepayment. Each such notice shall specify such date (which shall be a Business
Day), the aggregate principal amount of the Series 2008-A Notes to be prepaid on
such date, the principal amount of each Series 2008-A Note held by such holder
to be prepaid (determined in accordance with Section 7 of this Second
Supplement), and the interest to be paid on the prepayment date with respect to
such principal amount being prepaid, and shall be accompanied by a certificate
of a Senior Financial Officer as to the estimated Make-Whole Amount due in
connection with such prepayment (calculated as if the date of such notice were
the date of the prepayment), setting forth the details of such computation. Two
Business Days prior to such prepayment, the Company shall deliver to each holder
of Series 2008-A Notes a certificate of a Senior Financial Officer specifying
the calculation of such Make-Whole Amount as of the specified prepayment
date.

     

    -3- 

     

    

    
    

         Section 7. Allocation of Partial
Prepayments for Series 2008-A Notes. In the case of each partial prepayment of the
Series 2008-A Notes pursuant to Section 5 and Section 6 of this Second
Supplement, the principal amount of the Series 2008-A Notes to be prepaid shall
be allocated among all of the Series 2008-A Notes at the time outstanding in
proportion, as nearly as practicable, to the respective unpaid principal amounts
thereof. 

     

         Section 8. Maturity; Surrender,
etc. In the case of each
prepayment of Series 2008-A Notes pursuant to Section 5 and Section 6 of this
Second Supplement the principal amount of each Series 2008-A Note to be prepaid
shall mature and become due and payable on the date fixed for such prepayment
(which shall be a Business Day), together with interest on such principal amount
accrued to such date and the applicable Make-Whole Amount, if any. From and
after such date, unless the Obligors shall fail to pay such principal amount
when so due and payable, together with the interest and Make-Whole Amount, if
any, as aforesaid, interest on such principal amount shall cease to accrue. Any
Series 2008-A Note paid or prepaid in full shall be surrendered to the Obligors
and cancelled and shall not be reissued, and no Series 2008-A Note shall be
issued in lieu of any prepaid principal amount of any Series 2008-A Note.

     

         Section 9. Purchase of Series 2008-A
Notes. The Obligors will not and
will not permit any Affiliate to purchase, redeem, prepay or otherwise acquire,
directly or indirectly, any of the outstanding Series 2008-A Notes except upon
the payment or prepayment of the Series 2008-A Notes in accordance with the
terms of the Note Purchase Agreement and the Series 2008-A Notes. The Obligors
will promptly cancel all Series 2008-A Notes acquired by them or any Affiliate
pursuant to any payment, prepayment or purchase of Series 2008-A Notes pursuant
to any provision of the Note Purchase Agreement and no Series 2008-A Notes may
be issued in substitution or exchange for any such Series 2008-A Notes.

     

    -4- 

     

    

    
    

     

         Section 10. Make-Whole
Amount. The term “Make-Whole Amount” means, with respect to any Series 2008-A Note, an
amount equal to the excess, if any, of the Discounted Value of the Remaining
Scheduled Payments with respect to the Called Principal of such Series 2008-A
Note over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less
than zero. For the purposes of determining the Make-Whole Amount, the following
terms have the following meanings: 

         “Called Principal” means, with respect to any Series 2008-A Note, the
principal of such Series 2008-A Note that is to be prepaid pursuant to Section 6
of this Second Supplement or has become or is declared to be immediately due and
payable pursuant to Section 12.1 of the Note Purchase Agreement, as the context
requires. 

     

         “Discounted Value” means, with respect to the Called Principal of any
Series 2008-A Note, the amount obtained by discounting all Remaining Scheduled
Payments with respect to such Called Principal from their respective scheduled
due dates to the Settlement Date with respect to such Called Principal, in
accordance with accepted financial practice and at a discount factor (applied on
the same periodic basis as that on which interest on the Series 2008-A Notes is
payable) equal to the Reinvestment Yield with respect to such Called Principal.

     

         “Reinvestment Yield” means, with respect to the Called Principal of any
Series 2008-A Note, .50% over the yield to maturity implied by (i) the yields
reported, as of 10:00 A.M. (New York City time) on the second Business Day
preceding the Settlement Date with respect to such Called Principal, on the
display designated as “Page PX1” (or such other display as may replace Page PX1)
on Bloomberg Financial Markets for the most recently issued actively traded on
the run U.S. Treasury securities having a maturity equal to the Remaining
Average Life of such Called Principal as of such Settlement Date, or (ii) if
such yields are not reported as of such time or the yields reported as of such
time are not ascertainable (including by way of interpolation), the Treasury
Constant Maturity Series Yields reported, for the latest day for which such
yields have been so reported as of the second Business Day preceding the
Settlement Date with respect to such Called Principal, in Federal Reserve
Statistical Release H.15 (or any comparable successor publication) for U.S.
Treasury securities having a constant maturity equal to the Remaining Average
Life of such Called Principal as of such Settlement Date. In the case of
determination under clause (i) or clause (ii), as the case may be, of the
preceding paragraph, such implied yield will be determined, if necessary, by (a)
converting U.S. Treasury bill quotations to bond-equivalent yields in accordance
with accepted financial practice and (b) interpolating linearly between (1) the
U.S. Treasury security with the maturity closest to and greater than such
Remaining Average Life and (2) the U.S. Treasury security with the maturity
closest to and less than such Remaining Average Life. The Reinvestment Yield
shall be rounded to the number of decimal places as appears in the interest rate
of the applicable Series 2008-A Note. 

     

         “Remaining Average Life” means, with respect to any Called Principal, the
number of years (calculated to the nearest one-twelfth year) obtained by
dividing (i) such Called Principal into (ii) the sum of the products obtained by
multiplying (a) the principal component of each Remaining Scheduled Payment with
respect to such Called Principal by (b) the number of years (calculated to the
nearest one-twelfth year) that will elapse between the Settlement Date with
respect to such Called Principal and the scheduled due date of such Remaining
Scheduled Payment. 

     

    -5- 

     

    

    
    

         “Remaining Scheduled Payments” means, with respect to the Called Principal of any
Series 2008-A Note, all payments of such Called Principal and interest thereon
that would be due after the Settlement
Date with respect to such Called Principal if no payment of such Called
Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which
interest payments are due to be made under the terms of the Series 2008-A Notes,
then the amount of the next succeeding scheduled interest payment will be
reduced by the amount of interest accrued to such Settlement Date and required
to be paid on such Settlement Date pursuant to Section 6 of this Second
Supplement or Section 12.1 of the Note Purchase Agreement. 

     

         “Settlement Date” means, with respect to the Called Principal of any
Series 2008-A Note, the date on which such Called Principal is to be prepaid
pursuant to Section 6 of this Second Supplement or has become or is declared to
be immediately due and payable pursuant to Section 12.1 of the Note Purchase
Agreement, as the context requires. 

     

         Section 11. Each Purchaser represents and warrants that the
representations and warranties set forth in Section 6 of the Note Purchase
Agreement are true and correct on the date hereof with respect to the purchase
of the Series 2008-A Notes by such Purchaser. 

     

         Section 12. The Obligors and each Purchaser agree to be bound by
and comply with the terms and provisions of the Note Purchase Agreement as fully
and completely as if such Purchaser were an original signatory to the Note
Purchase Agreement. 

     

    -6- 

     

    

    
    

         The execution hereof shall constitute a contract
between the Obligors and the Purchasers for the uses and purposes hereinabove
set forth, and this agreement may be executed in any number of counterparts,
each executed counterpart constituting an original but all together only one
agreement. 

     

    
      	
            	CABELA’S INCORPORATED
	
            	CABELA’S CATALOG, INC.
	
            	CABELA’S RETAIL, INC.
	
            	CABELA’S OUTDOOR ADVENTURES, INC.
	
            	CABELAS.COM, INC.
	
            	CABELA’S WHOLESALE, INC.
	
            	CABELA’S VENTURES, INC.
	
            	WILD WINGS, LLC
	
            	CABELA’S LODGING, LLC
	
            	CABELA’S MARKETING AND BRAND
	
            	     
       MANAGEMENT, INC.
	
            	CABELA’S RETAIL LA, LLC
	
            	ORIGINAL CREATIONS, LLC
	
            	CABELA’S TROPHY PROPERTIES, LLC
	
            	CABELA’S RETAIL GP, LLC
	
            	LEGACY TRADING COMPANY
	
            	CRLP, LLC
	
            	CABELA’S RETAIL MO, LLC
	
            	CABELA’S RETAIL IL, INC.
	
            	   
	
            	   
	
            	By:  	/s/ Ralph Castner   
	
            	
            	Name:
      Ralph W. Castner   
	
            	
            	Title: Vice President, CFO, Secretary
      or   
	
            	
            	              Treasurer   
	
            	  
	
            	CABELA’S RETAIL TX, L.P.
	
            	  
	
            	By: Cabela’s Retail GP, LLC
	
            	Its: General Partner
	
            	  
	
            	By:
      	/s/ Ralph Castner   
	
            	
            	Name: Ralph W.
    Castner   
	
            	
            	Title: Secretary and
Treasurer  
	
            	  
	
            	VAN DYKE SUPPLY COMPANY, INC.
	
            	  
	
            	By: 	/s/ Jeff Jung 
	
            	
            	Name: Jeff
      Jung         
	
            	
            	Title: Secretary and
  Treasurer

    

    -7- 

     

    

    
    

    Accepted as of January 16,
2008 

     

    
      	
            	THE PRUDENTIAL INSURANCE COMPANY OF
	
            	     
       AMERICA
	
            	  
	
            	  
	
            	By:
       	/s/ G. Anthony Coletta   
	
            	
            	Name: G. Anthony Coletta  
	
            	
            	Title: Vice President 
  

    

    

    
    

    Accepted as of January 16,
2008 

     

    
      	
            	PRUDENTIAL RETIREMENT INSURANCE AND
	
            	     
       ANNUITY COMPANY
	
            	   
	
            	  
	
            	By:
       	Prudential Investment
      Management, Inc.,   
	
            	
            	as investment manager
	
            	
            	  
	
            	
            	 
	
            	
            	By:  	/s/ G. Anthony Coletta   
	
            	
            	
            	Name: G. Anthony
      Coletta    
	
            	
            	
            	Title: Vice President   
    

    

    

    
    

    
Accepted as of January 16, 2008 

     

    
      	
            	ZURICH AMERICAN INSURANCE COMPANY
	
            	 	 
	
            	
            	 
	 	By:  	Prudential Private Placement
    Investors,
	
            	  	L.P. (as Investment Advisor)
	
            	 
	
            	   
	
            	By:	Prudential Private Placement
    Investors,
	
            	  	Inc. (as its General Partner)
	
            	
            	 
	
            	
            	 
	
            	       	By:  	/s/ G. Anthony Coletta   
	
            	
            	
            	Name: G. Anthony Coletta
	
            	
            	
            	Title: Vice President 
  

    

    

    
    

    Accepted as of January 16,
2008 

     

    
      	
            	UNIVERSAL PRUDENTIAL ARIZONA
	
            	     
       REINSURANCE COMPANY
	
            	     
	
            	
            	  
	
            	By:  	Prudential Investment
      Management, Inc.   
	
            	
            	as investment manager 
  
	
            	      
	
            	     
	
            	
            	By:  	/s/ G. Anthony Coletta
	
            	
            	
            	Name: G. Anthony Coletta  
	
            	
            	
            	Title: Vice President

    

    

    
    

    Accepted as of January 16,
2008 

     

    
      	
            	LIFE INVESTORS INSURANCE COMPANY OF
	
            	     
       AMERICA
	
            	   
	
            	   
	
            	By:  	/s/ Debra R. Thompson   
	
            	
            	Name: Debra R. Thompson  
	
            	
            	Title: Vice President 
  

    

    

    
    

    Accepted as of January 16,
2008 

     

    
    

     

    
      	
            	TRANSAMERICA LIFE INSURANCE COMPANY
	
            	   
	
            	   
	
            	By:  	/s/ Debra R. Thompson 
	
            	
            	Name: Debra R. Thompson  
	
            	
            	Title: Vice President 
  

    

     

    
      

    

    
    

    Accepted as of January 16,
2008 

     

    
    

     

    
      	
            	TRANSAMERICA FINANCIAL LIFE INSURANCE
	
            	          COMPANY   
	
            	
            
	
            	   
	
            	By:  	/s/ Debra R. Thompson 
	
            	
            	Name: Debra R. Thompson  
	
            	
            	Title: Vice President 
  

    

    
    

     

    

    
    

     

    
    

    Accepted as of January 16,
2008 

     

    
      	
            	SYMETRA LIFE INSURANCE COMPANY, a
	
            	     
       Washington corporation
	 	   
	 	  
	 	By:   	Principal Global Investors, LLC, a
	
            	  	Delaware limited liability company,
    its
	
            	  	Authorized Signatory
	
            	
            	  
	
            	
            	  
	
            	
            	By:  	/s/ Colin Pennycooke   
	
            	
            	
            	Name: Colin Pennycooke  
	
            	
            	
            	Title: Counsel  
	
            	
            	 
	
            	
            	 
	
            	
            	By:   	/s/ James C. Fifield 
	
            	
            	
            	Name: James C. Fifield, Assistant 
    
	
            	
            	
            	General Counsel 

    

    

    
    

    Accepted as of January 16,
2008 

     

    
      	
            	LIFE INSURANCE COMPANY OF THE SOUTHWEST
	 	   
	
            	   
	
            	By:   	/s/ R. Scott Higgins 
	
            	
            	Name:
       	R. Scott Higgins   
	
            	
            	Title: 	Vice President  
	
            	
            	
            	Sentinel Asset Management 
  

    

    

    
    

    Accepted as of January 16,
2008 

     

    
    

     

    
      	
            	ASSURITY LIFE INSURANCE COMPANY
	 	   
	
            	   
	
            	By:   	/s/ Victor Weber 
	
            	
            	Name:
       	Victor Weber   
	
            	
            	Title: 	Senior Director - Investments
  

    

     

    
      

    

    
    

    INFORMATION RELATING TO PURCHASERS

     

    
      	  	
            	PRINCIPAL AMOUNT OF
	  	
            	SERIES 2008-A NOTES
	NAME AND ADDRESS OF PURCHASER 	
            	NOTES TO BE PURCHASED
	  	 	 
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA	 	$9,750,000
	c/o
      Prudential Capital Group	 	$5,000,000
	Two
      Prudential Plaza	
            	  
	180
      North Stetson, Suite 5600	
            	  
	Chicago, IL 60601-6716	
            	  
	Attention: Managing Director	
            	  

    

    Payments 

     

    All payments on account of
Notes held by such purchaser shall be made by wire transfer of immediately
available funds for credit to: 

     

    
      	     	Account
      Name: Prudential Managed Portfolio
	 	Account
      No.: P86188 (please do not include spaces) (in the case
	 	of
      payments on account of the Note originally issued in the
	
            	principal amount of $9,750,000)
	
            	  
	
            	Account
      Name: Privest Plus
	
            	Account
      No.: P86288 (please do not include spaces) (in the case
	
            	of
      payments on account of the Note originally issued in the
	
            	principal amount of $5,000,000)
	
            	  
	
            	JPMorgan Chase Bank
	
            	New
      York, NY
	
            	ABA
      No.: 021-000-021
	
            	  
	
            	
              Each such wire
      transfer shall set forth the name of the Company, a reference to “Cabela’s
      Incorporated et al, 7.20% Senior Notes due January 16, 2018, Security No.
      INV10673, PPN 12681# AC1” and the due date and application (as among
      principal, interest and Make-Whole Amount) of the payment being
      made.

            

    

    SCHEDULE A
(to
Second Supplement) 

     

    

    
    

    Notices 

     

    All notices with respect to
payments, and written confirmation of each such payment, to be addressed to:

     

    
      	     	The
      Prudential Insurance Company of America
	
            	c/o
      Investment Operations Group
	
            	Gateway
      Center Two, 10th Floor
	 	100
      Mulberry Street
	
            	Newark,
      New Jersey 07102-4077
	
            	Attention: Manager, Billings and
      Collections
	 	  
	
            	Recipient of telephonic prepayment
      notices:
	
            	  
	
            	Manager, Trade Management Group
	
            	Telephone: (973) 367-3141
	
            	Facsimile: (888)
889-3832

    

    Name of Nominee in which
Notes are to be issued: None 

     

    Taxpayer I.D. Number:
22-1211670 

     

    A-2 

     

    

    
    

    
      	  	
            	PRINCIPAL AMOUNT OF
	  	
            	SERIES 2008-A NOTES
	NAME AND ADDRESS OF PURCHASER 	
            	NOTES TO BE PURCHASED
	  	 	 
	PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY	 	$4,800,000
	COMPANY	
            	  
	c/o
      Prudential Capital Group	 	  
	Two
      Prudential Plaza	
            	 
	180
      North Stetson, Suite 5600	
            	  
	Chicago, IL 60601-6716	
            	  
	Attention: Managing Director	
            	  

    

    Payments 

     

    All payments on account of
Notes held by such purchaser shall be made by wire transfer of immediately
available funds for credit to: 

     

    
      	     	JPMorgan Chase Bank
	 	New
      York, NY
	
            	ABA
      No.: 021000021
	
            	  
	
            	Account
      Name: PRIAC - SA - New York Carpenters - Privates
	
            	Account
      No. P86337 (please do not include spaces)
	
            	  
	
            	
              Each such wire
      transfer shall set forth the name of the Company, a reference to “Cabela’s
      Incorporated et al, 7.20% Senior Notes due January 16, 2018, Security No.
      INV10673, PPN 12681# AC1” and the due date and application (as among
      principal, interest and Make-Whole Amount) of the payment being
      made.

            

    

    Notices 

     

    All notices with respect to
payments, and written confirmation of each such payment, to be addressed to:

     

    
      	     	Prudential Retirement Insurance and Annuity
      Company
	
            	c/o
      Prudential Investment Management, Inc.
	
            	Private
      Placement Trade Management
	
            	PRIAC
      Administration
	
            	Gateway
      Center Four, 7th Floor
	
            	100
      Mulberry Street
	
            	Newark,
      New Jersey 07102
	
            	Telephone: (973) 802-8107
	
            	Facsimile: (888)
889-3832

    

    Name of Nominee in which
Notes are to be issued: None

     

    Taxpayer I.D. Number:
06-1050034 

     

    A-3 

     

    

    
    

    
      	  	
            	PRINCIPAL AMOUNT OF
	  	
            	SERIES 2008-A NOTES
	NAME AND ADDRESS OF PURCHASER	
            	NOTES TO BE PURCHASED
	  	 	 
	ZURICH AMERICAN INSURANCE COMPANY	 	$3,350,000
	Prudential Private Placement Investors,
      L.P.	 	  
	c/o
      Prudential Capital Group	
            	 
	Two
      Prudential Plaza	
            	  
	180
      North Stetson, Suite 5600	
            	  
	Chicago, IL 60601-6716	
            	  
	Attention: Managing Director	
            	  

    

    Payments 

     

    All payments on account of
Notes held by such purchaser shall be made by wire transfer of immediately
available funds for credit to: 

     

    
      	     	Hare
      & Co.
	
            	c/o The
      Bank of New York
	
            	ABA
      No.: 021-000-018
	 	BNF:
      IOC566
	
            	Attn:
      William Cashman
	
            	Ref:
      ZAIC Private Placements #399141
	
            	  
	
            	
              Each such wire
      transfer shall set forth the name of the Company, a reference to “Cabela’s
      Incorporated et al, 7.20% Senior Notes due January 16, 2018, Security No.
      INV10673, PPN 12681# AC1” and the due date and application (as among
      principal, interest and Make-Whole Amount) of the payment being
      made.

            

    

    Notices 

     

    All notices with respect to
payments, and written confirmation of each such payment, to be addressed to:

     

    
      	
            	Zurich
      North America
	
            	Attn:
      Treasury T1-19
	
            	1400
      American Lane
	 	Schaumburg, IL 60196-1056
	 	 
      
	
            	Contact: Mary Fran Callahan, Vice
      President-Treasurer
	
            	Telephone: (847) 605-6447
	
            	Facsimile: (847) 605-7895
	
            	E-mail:
      mary.callahan@zurichna.com

    

    Name of Nominee in which
Notes are to be issued: Hare & Co.

     

    Taxpayer I.D. Number:
13-6062916 

     

    A-4 

     

    

    
    

    
      	  	
            	PRINCIPAL AMOUNT OF
	  	
            	SERIES 2008-A NOTES
	NAME AND ADDRESS OF PURCHASER	
            	NOTES TO BE PURCHASED
	  	 	 
	UNIVERSAL
      PRUDENTIAL ARIZONA REINSURANCE	 	$2,100,000
	COMPANY	
            	  
	c/o
      Prudential Capital Group	 	 
	Two
      Prudential Plaza	
            	  
	180
      North Stetson, Suite 5600	
            	  
	Chicago, IL 60601-6716	
            	  
	Attention: Managing Director	
            	  

    

    Payments 

     

    All payments on account of
Notes held by such purchaser shall be made by wire transfer of immediately
available funds for credit to: 

     

    
      	     	JPMorgan Chase Bank
	
            	New
      York, NY
	
            	ABA
      No.: 021-000-021
	
            	Account
      No. P86393 (please do not include spaces)
	
            	Account
      Name: UPARC PLAZ Trust 2 - Privates
	
            	  
	 	
              Each such wire
      transfer shall set forth the name of the Company, a reference to “Cabela’s
      Incorporated et al, 7.20% Senior Notes due January 16, 2018, Security No.
      INV10673, PPN 12681# AC1” and the due date and application (as among
      principal, interest and Make-Whole Amount) of the payment being
      made.

            

    

    Notices 

     

    All notices with respect to
payments, and written confirmation of each such payment, to be addressed to:

     

    
      	     	Universal Prudential Arizona Reinsurance
      Company
	
            	c/o The
      Prudential Insurance Company of America
	
            	c/o
      Investment Operations Group
	
            	Gateway
      Center Two, 10th Floor
	
            	100
      Mulberry Street
	
            	Newark,
      New Jersey 07102-4077
	
            	Attention: Manager, Billings and
      Collections

    

    A-5 

     

    

    
    

    
      	     	Recipient of telephonic prepayment
      notices:
	 	  
	
            	Manager, Trade Management Group
	
            	Telephone: (973) 367-3141
	
            	Facsimile: (888)
889-3832

    

    Name of Nominee in which
Notes are to be issued: None 

     

    Taxpayer I.D. Number:
41-2214052 

     

    A-6 

     

    

    
    

    
      	  	
            	PRINCIPAL AMOUNT OF
	  	
            	SERIES 2008-A NOTES
	NAME AND ADDRESS OF PURCHASER	
            	NOTES TO BE PURCHASED
	  	 	 
	LIFE INVESTORS INSURANCE COMPANY
      OF AMERICA	 	$7,500,000
	c/o
      AEGON USA Investment Management, LLC	
            	 
	4333
      Edgewood Road N.E.	
            	 
	Cedar
      Rapids, Iowa 52499-5335	 	  
	Attention: Director of Private
    Placements	
            	  
	Phone:
      (319) 355-2432	
            	  
	Fax:
      (319) 355-2666	
            	  

    

    Payments 

     

    All payments on or in
respect of the Notes to be by bank wire transfer of Federal or other immediately
available funds (identifying each payment as “Cabela’s Incorporated et al, 7.20%
Senior Notes due January 16, 2018, PPN 12681# AC1, principal, premium or
interest”) to: 

     

    
      	
            	Citibank, N.A.
	     	111
      Wall Street
	 	New
      York, New York 10043
	 	ABA
      #021000089
	
            	DDA
      #36218394
	
            	Custody
      Account No. 851295
	
            	FC
      LIICA FMD3 01

    

    Notices 

     

    All notices and confirmation
of PAYMENT information with respect to the Notes should be sent
to: 

     

    
      	     	Email:
      paymentnotifications@aegonusa.com
	
            	AEGON
      USA Investment Management, LLC
	
            	Attention: Custody
  Operations-Privates
	
            	4333
      Edgewood Road N.E.
	
            	Cedar
      Rapids, Iowa 52499-7013

    

    A-7 

     

    

    
    

    All other notices and
communications (including financials, legal and prepayment) to be addressed to:

     

    Routine correspondence and
reporting: 

     

    
      	
            	AEGON
      USA Investment Management, LLC
	
            	Attention: Debbie Thompson - Private Corporate
      Finance
	
            	400
      West Market Street, 10th Floor
	 	Louisville, Kentucky 40202
	
            	Phone:
      (502) 560-2961
	
            	Fax:
      (502) 560-2030
	
            	Email:
      drthompson@aegonusa.com
	
            	  
	
            	and
	
            	  
	
            	AEGON
      USA Investment Management, LLC
	
            	Attention: Director of Private
    Placements
	
            	4333
      Edgewood Road N.E.
	
            	Cedar
      Rapids, Iowa 52499-5335
	
            	Phone:
      (319) 355-2432
	
            	Fax:
      (319) 369-2666

    

    Name of Nominee in which
Notes are to be issued: None 

     

    Taxpayer I.D. Number:
42-0191090 

     

    A-8 

     

    

    
    

    
      	  	
            	PRINCIPAL AMOUNT OF
	  	
            	SERIES 2008-A NOTES
	NAME AND ADDRESS OF PURCHASER	
            	NOTES TO BE PURCHASED
	  	 	 
	TRANSAMERICA
      LIFE INSURANCE COMPANY	 	$5,000,000
	c/o
      AEGON USA Investment Management, LLC	 	  
	4333
      Edgewood Road N.E.	
            	 
	Cedar
      Rapids, Iowa 52499-5335	
            	  
	Attention: Director of Private
    Placements	
            	  
	Phone:
      (319) 355-2432	
            	  
	Fax:
      (319) 355-2666	
            	  

    

    Payments 

     

    All payments on or in
respect of the Notes to be by bank wire transfer of Federal or other immediately
available funds (identifying each payment as “Cabela’s Incorporated et al, 7.20%
Senior Notes due January 16, 2018, PPN 12681# AC1, principal, premium or
interest”) to: 

     

    
      	     	Citibank, N.A.
	
            	111
      Wall Street
	 	New
      York, NY 10043
	 	ABA
      #021000089
	
            	DDA
      Account #36218394
	
            	Custody
      Account No. 851242
	
            	FC TLIC
      – IND1 07

    

    Notices 

     

    All notices and confirmation
of PAYMENT information with respect to the Notes should be sent
to: 

     

    
      	 	Email:
      paymentnotifications@aegonusa.com
	
            	AEGON
      USA Investment Management, LLC
	
            	Attention: Custody
  Operations-Privates
	
            	4333
      Edgewood Road N.E.
	
            	Cedar
      Rapids, Iowa 52499-7013

    

    A-9 

     

    

    
    

    All other notices and
communications (including financials, legal and prepayment) to be addressed to:

     

    Routine correspondence and
reporting:

    
    

     

    
      	
            	AEGON USA Investment Management, LLC
  
	
            	Attention: Debbie Thompson - Private
      Corporate Finance
	
            	400 West Market Street, 10th Floor
	 	Louisville, Kentucky 40202
	
            	Phone: (502) 560-2961
	
            	Fax: (502) 560-2030
	
            	
              Email:
      drthompson@aegonusa.com 

            
	
            	  
	
            	and 
	
            	  
	
            	AEGON USA Investment Management,
  LLC
	
            	Attention: Director of Private
    Placements
	
            	
              4333 Edgewood Road
      N.E. 

            
	
            	Cedar Rapids, Iowa 52499-5335
	
            	Phone: (319) 355-2432
	
            	Fax: (319) 355-2666

    

     

    Name of Nominee in which
Notes are to be issued: None 

     

    Taxpayer I.D. Number:
39-0989781 

     

    A-10 

     

    

    
    

    
      	  	
            	PRINCIPAL AMOUNT OF
	  	
            	SERIES 2008-A NOTES
	NAME AND ADDRESS OF PURCHASER	
            	NOTES TO BE PURCHASED
	  	 	 
	TRANSAMERICA
      FINANCIAL LIFE
      INSURANCE COMPANY	 	$2,500,000
	c/o
      AEGON USA Investment Management, LLC	
            	 
	4333
      Edgewood Road N.E.	 	  
	Cedar
      Rapids, Iowa 52499-5335	
            	  
	Attention: Director of Private
    Placements	
            	  
	Phone:
      (319) 355-2432	
            	  
	Fax:
      (319) 355-2666	
            	  

    

    Payments 

     

    All payments on or in
respect of the Notes to be by bank wire transfer of Federal or other immediately
available funds (identifying each payment as “Cabela’s Incorporated et al, 7.20%
Senior Notes due January 16, 2018, PPN 12681# AC1, principal, premium or
interest”) to: 

     

    
      	
            	Bank of
      New York
	 	ABA # 021000018
	
            	IOC566
	
            	FC
      TFLIC – EQG2 10

    

    Notices 

     

    All notices and confirmation
of PAYMENT information with respect to the Notes should be sent
to: 

     

    
      	
            	Email:
      paymentnotifications@aegonusa.com
	
            	AEGON
      USA Investment Management, LLC
	 	Attention: Custody
  Operations-Privates
	
            	4333
      Edgewood Road N.E.
	
            	Cedar
      Rapids, Iowa 52499-7013

    

    All other notices and
communications (including financials, legal and prepayment) to be addressed to:

     

    Routine correspondence and
reporting: 

     

    
      	
            	AEGON
      USA Investment Management, LLC
	
            	Attention: Debbie Thompson - Private Corporate
      Finance
	
            	400
      West Market Street, 10th Floor
	
            	Louisville, Kentucky 40202
	 	Phone:
      (502) 560-2961
	
            	Fax:
      (502) 560-2030
	
            	Email:
      drthompson@aegonusa.com

    

    A-11 

     

    

    
    

    
      	
            	and
	 	  
	
            	AEGON
      USA Investment Management, LLC
	
            	Attention: Director of Private
    Placements
	
            	4333
      Edgewood Road N.E.
	
            	Cedar
      Rapids, Iowa 52499-5335
	
            	Phone:
      (319) 355-2432
	
            	Fax:
      (319) 355-2666

    

    Name of Nominee in which
Notes are to be issued: None 

     

    Taxpayer I.D. Number:
36-6071399 

    A-12 

     

    

    
    

    
      	  	
            	PRINCIPAL AMOUNT OF
	  	
            	SERIES 2008-A NOTES
	NAME AND ADDRESS OF PURCHASER	
            	NOTES TO BE PURCHASED
	  	 	 
	SYMETRA LIFE INSURANCE COMPANY	 	$7,000,000
	c/o
      Principal Global Investors, LLC	 	 
	711
      High Street	
            	  
	Des
      Moines, Iowa 50392-0800	
            	  
	Attention: Fixed Income Private
      Placements	
            	  

    

    Payments 

     

    All payments on or in
respect of the Notes to be made by 12:00 noon (New York City time) by wire
transfer of immediately available funds to: 

     

    
      	
            	The
      Bank of New York
	 	ABA
      #021-000-018
	
            	BNF:
      IOC566
	
            	F/A/O
      Symetra Life – LTD Maturity #196
	
            	Account
      #318572
	
            	Attention: P & I Department
	
            	Attention: (PPN 12681# AC1 - Cabela’s
      Incorporated et al, 7.20% Senior Notes due January 16, 2018)
	
            	  
	
            	
              With sufficient
      information (including interest rate, maturity date, interest amount,
      principal amount and premium amount, if applicable) to identify the source
      and application of such funds.

            

    

    All notices to:

     

    
      	
            	Symetra
      Life Insurance Company
	
            	c/o
      Principal Global Investors, LLC
	 	711
      High Street, G-26
	
            	Des
      Moines, Iowa 50392-0800
	
            	Attention: Fixed Income Private
      Placements
	
            	  
	
            	and via
      Email:
Privateplacements2@exchange.principal.com

    

    A-13 

     

    

    
    

    With a copy of any notices
related to scheduled payments, prepayments, rate reset notices to: 

     

    
      	
            	Symetra
      Life Insurance Company
	
            	c/o
      Principal Global Investors, LLC
	
            	711
      High Street
	 	Des
      Moines, Iowa 50392-0960
	
            	Attention: Investment Accounting Fixed Income
      Securities

    

    Name of Nominee in which
Notes are to be issued: HARE & CO 

     

    Taxpayer I.D. Number:
91-074217 

     

    A-14 

     

    

    
    

    
      	  	
            	PRINCIPAL AMOUNT OF
	  	
            	SERIES 2008-A NOTES
	NAME AND ADDRESS OF PURCHASER	
            	NOTES TO BE PURCHASED
	  	 	 
	SYMETRA LIFE INSURANCE COMPANY	 	$3,000,000
	c/o
      Principal Global Investors, LLC	 	  
	711
      High Street	
            	  
	Des
      Moines, Iowa 50392-0800	
            	 
	Attention: Fixed Income Private
      Placements	
            	  

    

    Payments 

     

    All payments on or in
respect of the Notes to be made by 12:00 noon (New York City time) by wire
transfer of immediately available funds to: 

     

    
      	
            	ABA
      #021000021
	
            	JPMorgan Chase
	
            	For
      Acct: Funds Clearance
	
            	Account: 9009002859
	
            	Attention: (PPN 12681# AC1 - Cabela’s
      Incorporated et al, 7.20% Senior Notes due January 16, 2018)
	
            	                  
      Symetra Life – Annuities/AFS #P21158
	
            	  
	 	
              With sufficient
      information (including interest rate, maturity date, interest amount,
      principal amount and premium amount, if applicable) to identify the source
      and application of such funds.

            

    

    All notices to:

     

    
      	
            	Symetra
      Life Insurance Company
	 	c/o
      Principal Global Investors, LLC
	
            	711
      High Street, G-26
	
            	Des
      Moines, Iowa 50392-0800
	
            	Attention: Fixed Income Private
      Placements
	
            	  
	
            	and via
      Email:
Privateplacements2@exchange.principal.com

    

    With a copy of any notices
related to scheduled payments, prepayments, rate reset notices to: 

     

    
      	
            	Symetra
      Life Insurance Company
	 	c/o
      Principal Global Investors, LLC
	
            	711
      High Street
	
            	Des
      Moines, Iowa 50392-0960
	
            	Attention: Investment Accounting Fixed Income
      Securities

    

     

    Name of Nominee in which
Notes are to be issued: Cudd & Co. 

     

    Taxpayer I.D. Number:
91-074217 

     

    A-15 

     

    

    
    

    
      	  	
            	PRINCIPAL AMOUNT OF
	  	
            	SERIES 2008-A NOTES
	NAME AND ADDRESS OF PURCHASER	
            	NOTES TO BE PURCHASED
	  	 	 
	LIFE INSURANCE COMPANY OF THE SOUTHWEST	 	$5,000,000
	c/o
      National Life Insurance Company	
            	  
	One
      National Life Drive	 	  
	Montpelier, Vermont 05604	
            	  
	Attention: Private Placements	
            	  
	Fax
      Number: (802) 223-9332	
            	  
	E-mail:
      shiggins@nationallife.com	
            	  

    

    Payments 

     

    All payments on or in
respect of the Notes to be by bank wire transfer of Federal or other immediately
available funds (identifying each payment as “Cabela’s Incorporated et al, 7.20%
Senior Notes due January 16, 2018, PPN 12681# AC1, principal, premium or
interest”) to: 

     

    
      	 	J.P.
      Morgan Chase & Co.
	
            	New
      York, New York 10010
	 	ABA
      #021000021
	
            	Account
      Number 910-2-754349

    

    Notices 

     

    All notices and
communications, including notices with respect to payments and written
confirmation of each such payment, to be addressed as first provided above.

     

    Name of Nominee in which
Notes are to be issued: None 

     

    Taxpayer I.D. Number:
75-0953004 

     

    A-16 

     

    

    
    

    
      	  	
            	PRINCIPAL AMOUNT OF
	  	
            	SERIES 2008-A NOTES
	NAME AND ADDRESS OF PURCHASER	
            	NOTES TO BE PURCHASED
	  	 	 
	ASSURITY LIFE INSURANCE COMPANY	 	$2,000,000
	4000
      Pine Lake Road	
            	  
	P.O.
      Box 82533	 	  
	Lincoln, Nebraska 68501-2533	
            	  

    

    Payments 

     

    All payments on or in
respect of the Notes to be by bank wire transfer of Federal or other immediately
available funds (identifying each payment as “Cabela’s Incorporated et al, 7.20%
Senior Notes due January 16, 2018, PPN 12681# AC1, principal, premium or
interest”) to: 

    
    

     

    
      	 	US Bank
      National Association
	 	13th and M Street
	 	Lincoln, Nebraska 68508
	 	
              ABA #104000029
      

            
	 	  
	 	
              Account of: Assurity
      Life Insurance Company

            
	 	General Fund Account:
  1-494-0092-9092

    

     

    All notices and
communications including notices of payments on or in respect of the Notes and
written confirmation of each such payment to be addressed to: 

     

    
      	 	Assurity Life Insurance Company
	
            	4000
      Pine Lake Road
	
            	Lincoln, Nebraska 68516
	 	Attention: Investment Division
	
            	Fax:
      (402) 458-2170
	
            	Phone:
      (402) 437-3682

    

    Name of Nominee in which
Notes are to be issued: None 

     

    Taxpayer I.D. Number:
38-1843471 

     

    A-17 

     

    

    
    

    SUPPLEMENTAL REPRESENTATIONS

     

         Each Obligor represents
and warrants to each Purchaser that except as hereinafter set forth in this
Exhibit A, each of the representations and warranties set forth in Section 5 of
the Note Purchase Agreement is true and correct as of the date hereof with
respect to the Series 2008-A Notes with the same force and effect as if each
reference to “Series 2006-A Notes” set forth therein was modified to refer the
“Series 2008-A Notes” and each reference to “this Agreement” therein was
modified to refer to the Note Purchase Agreement as amended and supplemented
from time to time including the Second Supplement. The Section references
hereinafter set forth correspond to the similar sections of the Note Purchase
Agreement which are supplemented hereby: 

     

         Section 5.3.
Disclosure. The Obligors, through
their agent, SPP Capital Partners, LLC, have delivered to each Purchaser a copy
of a Confidential Direct Placement Memorandum dated December 2007 (the
“Memorandum), and provided supplemental information and
documentation pursuant to Purchaser’s due diligence review specifically relating
to the transactions contemplated by the Second Supplement. The Note Purchase
Agreement, the Memorandum, the documents, certificates or other writings
delivered to each Purchaser by or on behalf of the Obligors in connection with
the transactions contemplated by the Note Purchase Agreement and the Second
Supplement and the financial statements listed in Schedule 5.5 to the Second
Supplement, taken as a whole, do not contain any untrue statement of a material
fact or omit to state any material fact necessary to make the statements therein
not misleading in light of the circumstances under which they were made. Since
September 30, 2007, there has been no change in the financial condition,
operations, business, properties or prospects of the Obligors or any Subsidiary
except changes that individually or in the aggregate could not reasonably be
expected to have a Material Adverse Effect. 

     

         Section 5.4. Organization and
Ownership of Shares of Subsidiaries. (a) Schedule 5.4 to the Second Supplement contains
(except as noted therein) complete and correct lists of the Subsidiaries, and
showing, as to each Subsidiary, the correct name thereof, the jurisdiction of
its organization, and the percentage of shares of each class of its capital
stock or similar equity interests outstanding owned by the Obligors and each
other Subsidiary. 

     

         Section 5.13. Private Offering by
the Company. Neither the Obligors
nor anyone acting on their behalf has offered the Series 2008-A Notes or any
similar securities for sale to, or solicited any offer to buy any of the same
from, or otherwise approached or negotiated in respect thereof with, any Person
other than the Purchasers and not more than 16 other Institutional Investors,
each of which has been offered the Series 2008-A Notes at a private sale for
investment. Neither the Obligors nor anyone acting on its behalf has taken, or
will take, any action that would subject the issuance or sale of the Notes to
the registration requirements of Section 5 of the Securities
Act.  

     

    EXHIBIT A
(to
Second Supplement) 

     

    

    
    

         Section 5.14. Use of Proceeds;
Margin Regulations. The Obligors will
apply the proceeds of the sale of the Series 2008-A Notes to repay existing
indebtedness and for general corporate or limited liability company purposes. No
part of the proceeds from the sale of the Series 2008-A Notes pursuant to the
Second Supplement will be used, directly or indirectly, for the purpose of buying or carrying any margin stock
within the meaning of Regulation U of the Board of Governors of the Federal
Reserve System (12 CFR 222), or for the purpose of buying or carrying or trading
in any securities under such circumstances as to involve the Obligors in a
violation of Regulation X of said Board (12 CFR 224) or to involve any broker or
dealer in a violation of Regulation T of said Board (12 CFR 220). As used in
this Section, the terms “margin stock” and “purpose of buying or carrying” shall
have the meanings assigned to them in said Regulation U.

     

         Section 5.15. Existing Debt; Future
Liens. (a) Schedule 5.15 to the
Second Supplement sets forth a complete and correct list of all outstanding Debt
of the Obligors and the Subsidiaries as of December 15, 2007 since which date
there has been no Material change in the amounts (except for the outstanding
amounts owed to the Banks under the Credit Agreement, described in Schedule
5.15), interest rates, sinking funds, installment payments or maturities of the
Debt of the Obligors or the Subsidiaries. No Obligor nor any Subsidiary is in
default and no waiver of default is currently in effect, in the payment of any
principal or interest on any Debt of any Obligor or such Subsidiary and no event
or condition exists with respect to any Debt of any Obligor or any Subsidiary
that would permit (or that with notice or the lapse of time, or both, would
permit) one or more Persons to cause such Debt to become due and payable before
its stated maturity or before its regularly scheduled dates of payment.

     

    A-2
(to Second Supplement) 

     

    

    
    

    SUBSIDIARIES AND AFFILIATES OF EACH OBLIGOR AND
OWNERSHIP OF SUBSIDIARY AND AFFILIATE STOCK 

     

      

    
      	I.	 	Subsidiaries
      which are 100% owned Cabela’s Incorporated: 	 	 
	 	 	  	 	 	 	 
	
            	
            	
            	
            	JURISDICTION OF	
            	NO. OF SHARES HELD BY
	
            	
            	SUBSIDIARY	    
    	ORGANIZATION	    
    	CABELA’S INCORPORATED
	  	A.  	Cabela’s Retail, Inc.	
            	Nebraska	
            	10,000
	
            	B.	Van
      Dyke Supply Company, Inc.	
            	South Dakota	
            	  1,000
	  	C.	Cabela’s Ventures, Inc.  	
            	Nebraska	
            	10,000
	
            	D.	Cabela’s Outdoor Adventures, Inc.	
            	Nebraska	
            	10,000
	  	E.	Cabela’s Catalog, Inc.	
            	Nebraska	
            	10,000
	
            	F.	Cabela’s Wholesale, Inc.	
            	Nebraska	
            	10,000
	  	G.	Cabela’s Marketing and Brand	
            	Nebraska	
            	10,000
	  	  	Management, Inc.	
            	  	
            	
            
	
            	H.	Cabelas.com, Inc.	
            	Nebraska	
            	10,000
	  	I.	Cabela’s Hong Kong, Limited	
            	Hong Kong SAR	
            	10,000
	
            	J.	Cabela’s Retail Canada Inc.	
            	Nova Scotia	
            	        
      1
	  	K.	World’s Foremost Bank*	
            	Nebraska Chartered	
            	20,550
	  	  	  	
            	Bank	
            	
            
	II.
       	
            	Subsidiaries which are 100% owned by Cabela’s
      Retail, Inc.:	
            	
            
	  	A.	Wild Wings, LLC	
            	Minnesota	
            	100% of
      Units
	  	B.	Cabela’s Retail GP, LLC	
            	Nebraska	
            	100% of Units
	  	C.	CRLP, LLC	
            	Nebraska	
            	100% of
      Units

    

    SCHEDULE 5.4
(to
Second Supplement) 

     

    

    
    

    
      	 	D.	Cabela’s Retail LA, LLC	     	Nebraska	     	100% of Units
	 	E.	Cabela’s Retail MO, LLC	
            	Nebraska	
            	100% of Units
	 	F.  	Cabela’s Retail IL,
    Inc. 	
            	Illinois	
            	10,000
	III.
      	 	Subsidiary which is 100% owned
      by Cabela’s Ventures, Inc.:
	 	A.	Cabela’s Lodging, LLC	
            	Nebraska	
            	100% of Units
	IV.  	
            	Subsidiary which is 100% owned by Van Dyke
      Supply Company, Inc.:
	 	A.	Original Creations, LLC	
            	Minnesota	
            	100% of Units
	 	B.	Legacy
      Trading Company	
            	South Dakota	
            	100% of Shares
	V.	
            	Subsidiary which is 100% owned by Cabela’s
      Outdoor Adventures, Inc.:
	 	A.	Cabela’s Trophy Properties, LLC	
            	Nebraska	
            	100% of Units
	VI.	
            	Subsidiary which is 99.9% owned by CRLP, LLC
      and 0.1% owned by Cabela’s Retail  GP, LLC.:
	 	A.	Cabela’s Retail TX, L.P.	
            	Nebraska	
            	100% of Units
	VII.	
            	Subsidiary which is 100% owned by World’s
      Foremost Bank:
	 	A.	WFB
      Funding Corporation	
            	Nebraska	
            	100% of Shares
	 	B.	WFB TI Funding I Corporation	
            	Nebraska	
            	100% of Shares
	VIII.	
            	Subsidiary which is 60% owned by World’s
      Foremost Bank and 40% owned by WFB Funding Corporation:
	 	A.	WFB Funding, LLC	
            	Nebraska	
            	100% of Units
	IX.	
            	Subsidiary which is 60% owned by World’s
      Foremost Bank and 40% owned by WFB TI Funding I Corporation:
	 	A.	WFB TI Funding, LLC	
            	Nebraska	
            	100% of
Units

    

    5.4-2 

     

    

    
    

    OFFICERS OF CABELA’S INCORPORATED AND ITS SUBSIDIARIES

     

    
      	CABELA’S INCORPORATED	  	  
	Officers	  	Directors
	Richard
      N. Cabela	Chairman of the Board	Richard
      N. Cabela
	James
      W. Cabela	Vice
      Chairman of the Board	James
      W. Cabela
	Dennis
      Highby	President and CEO	Dennis
      Highby
	Michael
      Callahan	Senior
      Vice President	Michael
      R. McCarthy
	Patrick
      A. Snyder	Senior
      Vice President	Reuben
      Mark
	Brian
      J. Linneman	Senior
      Vice President and COO	John
      Gottschalk
	Ralph
      w. Castner	Vice
      President and CFO	Theodore M. Armstrong
	Nick
      Wilson	Vice
      President	Stephen
      P. Murray
	Angelo
      Sakis	Vice
      President	Gerald
      E. Matzke (emeritus
	  	  	director)
	Joe
      Friebe	Vice
      President	  
	Ron
      Spath	Vice
      President	  
	Roger
      Verhulst	Vice
      President	  
	Tom
      Rosdail	Vice
      President	  
	Doug
      Zingula	Vice
      President	  
	Charles
      Baldwin	Vice
      President	  
	Chuck
      Denny	Vice
      President	  
	Michael
      Copeland	Vice
      President	  
	Brent
      LaSure	Assistant Secretary	  
	  
	CABELA’S CATALOG, INC.	  	  
	Officers 	  	Directors 
	Dennis
      Highby	President	Dennis
      Highby
	Patrick
      A. Snyder	Vice
      President	Patrick
      A. Snyder
	Ron
      Spath	Vice
      President	Ron
      Spath
	Tom
      Rosdail	Vice
      President	Tom
      Rosdail
	Ryan
      Watchorn	Vice
      President	  
	Ralph
      W. Castner	Secretary and Treasurer	  
	  
	CABELAS.COM, INC.	  	  
	Officers 	  	Directors 
	Dennis
      Highby	President	Dennis
      Highby
	Patrick
      A. Snyder	Senior
      Vice President	Patrick
      A. Snyder
	Brian
      J. Linneman	Vice
      President	Brian
      J. Linneman
	Ralph
      W. Castner	Secretary and Treasurer	  
	  
	CABELA’S MARKETING AND BRAND MANAGEMENT, INC.	  
	Officers	  	Directors 
	Dennis
      Highby	President	Dennis
      Highby
	Patrick
      A. Snyder	Senior
      Vice President	Patrick
      A. Snyder

    

    5.4-3 

     

    

    
    

    
      	Tom
      Rosdail	Vice
      President	Tom
      Rosdail
	Ev
      Terrell	Vice
      President	Ralph
      W. Castner
	Pat
      Hudak	Vice
      President	  
	Ralph
      W. Castner	Vice
      President, Secretary and	  
	  	Treasurer	  
	  
	CABELA’S OUTDOOR ADVENTURES, INC.	  
	Officers 	  	Directors 
	Dennis
      Highby	President	Dennis
      Highby
	Michael
      Callahan	Senior
      Vice President	Michael
      Callahan
	Gregg
      Severinson	Vice
      President	Gregg
      Severinson
	Ed
      Beattie	Vice
      President	  
	Ralph
      W. Castner	Secretary and Treasurer	 
	  
	CABELA’S RETAIL, INC.	  	  
	Officers 	  	Directors 
	Dennis
      Highby	President	Dennis
      Highby
	Michael
      Callahan	Senior
      Vice President	Michael
      Callahan
	Brian
      J. Linneman	Vice
      President	  
	Tim
      Holland	Vice
      President	  
	Mark
      Nienhueser	Vice
      President	  
	Ralph
      W. Castner	Secretary and Treasurer	  
	  
	  
	CABELA’S VENTURES, INC.	  
	Officers 	  	Directors 
	Michael
      Callahan	President	Michael
      Callahan
	Dennis
      Highby	Vice
      President	Dennis
      Highby
	Kevin
      Rhodes	Vice
      President	Kevin
      Rhodes
	Ralph
      W. Castner	Secretary and Treasurer	  
	  
	CABELA’S WHOLESALE, INC.	  
	Officers 	  	Directors 
	Dennis
      Highby	President	Dennis
      Highby
	Patrick
      A. Snyder	Senior
      Vice President	Patrick
      A. Snyder
	Nick
      Wilson	Vice
      President	Nick
      Wilson
	Angelo
      Sakis	Vice
      President	Angelo
      Sakis
	Brian
      J. Linneman	Vice
      President	  
	Ralph
      W. Castner	Secretary and Treasurer	  
	  
	LEGACY TRADING COMPANY	  
	Officers 	  	Directors 
	Dennis
      Highby	President	Dennis
      Highby
	Fred
      Neal	Vice
      President	Fred
      Neal
	Ralph
      W. Castner	Secretary and Treasurer	Ralph
      W. Castner

    

    5.4-4 

     

    

    
    

    
      	VAN DYKE SUPPLY COMPANY, INC.	  
	Officers 	  	Directors 
	Kim
      Norton	President	Dennis
      Highby
	Dennis
      Highby	Vice
      President	Ralph
      W. Castner
	Mike
      Wieser	Vice
      President	Kim
      Norton
	Fred
      Neal	Vice
      President	Mike
      Wieser
	Ryan
      Watchorn	Vice
      President	Fred
      Neal
	Gregg
      Severinson	Vice
      President	Ryan
      Watchorn
	Jeff
      Jung	Secretary and Treasurer	 
	  
	CABELA’S LODGING, LLC	  	  
	Officers 	  	Governors (Board of
      Governors) 
	Michael
      Callahan	President and Manager	Michael
      Callahan
	Dennis
      Highby	Vice
      President and Manager	Dennis
      Highby
	Kevin
      Rhodes	Vice
      President and Manager	Kevin
      Rhodes
	Ralph
      W. Castner	Secretary and Treasurer	  
	  
	CABELA’S RETAIL GP, LLC	  
	Officers 	  	Managers
      (Management 
	  	  	Committee) 
	Dennis
      Highby	President	Dennis
      Highby
	Michael
      Callahan	Senior
      Vice President	Michael
      Callahan
	Brian
      J. Linneman	Vice
      President	  
	Tim
      Holland	Vice
      President	  
	Mark
      Nienhueser	Vice
      President	  
	Ralph
      W. Castner	Secretary and Treasurer	  
	  
	CABELA’S RETAIL LA, LLC	  
	Officers 	  	Managers
      (Management  
	  	  	Committee)  
	Dennis
      Highby	President	Dennis
      Highby
	Michael
      Callahan	Senior
      Vice President	Michael
      Callahan
	Brian
      J. Linneman	Vice
      President	  
	Tim
      Holland	Vice
      President	  
	Mark
      Nienhueser	Vice
      President	  
	Ralph
      W. Castner	Secretary and Treasurer	  
	  
	CABELA’S RETAIL TX, L.P.	  
	General
Partner 	Limited Partner 	  
	Cabela’s Retail GP,	CRLP,
      LLC	  
	LLC	  	  
	  
	CABELA’S TROPHY PROPERTIES, LLC	  
	Officers 	  	Governors (Board of
      Governors) 
	Michael
      Callahan	President and Manager	Dennis
      Highby

    

    5.4-5 

     

    

    
    

    
      	Gregg
      Severinson	Vice
      President and Manager	Michael
      Callahan
	Ralph
      W. Castner	Secretary and Treasurer	Gregg
      Severinson
	  
	CRLP,
      LLC	  	  
	Officers 	  	Managers
      (Management 
	  	  	Committee) 
	Dennis
      Highby	President	Dennis
      Highby
	Michael
      Callahan	Senior
      Vice President	Michael
      Callahan
	Brian
      J. Linneman	Vice
      President	 
	Tim
      Holland	Vice
      President	  
	Mark
      Nienhueser	Vice
      President	  
	Ralph
      W. Castner	Secretary and Treasurer	  
	  
	  
	ORIGINAL CREATIONS, LLC	  
	Officers	  	Governors (Board of Governors)
	Dennis
      Highby	President and Manager	Dennis
      Highby
	Mike
      Wieser	Vice
      President and Manager	Mike
      Wieser
	Ryan
      Watchorn	Vice
      President and Manager	Ryan
      Watchorn
	Ralph
      W. Castner	Secretary and Treasurer	  
	  
	THREE CORNERS, L.L.C.	  	  
	Officers 	  	  
	Thomas
      J. Schrade	President	  
	Kevin
      Rhodes	Secretary and Treasurer	  
	  
	WILD WINGS, LLC	  	  
	Officers 	  	Governors (Board of
      Governors)  
	Dennis
      Highby	President and Manager	Doug
      Zingula
	Randy
      Eggenberger	Vice
      President and Manager	Sean
      Baker
	Doug
      Zingula	Vice
      President and Manager	Roger
      Verhulst
	Sean
      Baker	Vice
      President and Manager	Bryan
      Stave
	Ralph
      W. Castner	Secretary and Treasurer	  
	  
	  
	WORLD’S FOREMOST BANK	  
	Officers 	  	Directors 
	Joe
      Friebe	President & Chief Executive
    Officer	Ralph
      W. Castner, Chairman
	Kevin
      Werts	CFO,
      CMO & Treasurer	Dennis
      Highby
	Sue
      Saathoff	Senior
      Vice President	Thomas
      M. Boatman
	Sherry
      Hartwig	Vice
      President	James
      W. Cabela
	Michael
      Holzfaster	Vice
      President	Michael
      R. McCarthy
	Scott
      Wanetka	Vice
      President	Orrin
      A. Wilson
	Cindy
      Fulton-Serrano	Vice
      President & Cashier	Joe
      Friebe
	Doug
      Huss	Vice
      President	Theodore M.
Armstrong

    

    5.4-6 

     

    

    
    

    
      	Brent
      LaSure	Secretary	Greg
      Stine
	  
	  
	WFB FUNDING CORPORATION	  
	Officers 	  	Directors 
	Joe
      Friebe	President	Joe
      Friebe
	Kevin
      Werts	Secretary and Treasurer	Kevin
      Werts
	  	  	Frank
      B. Bilotta
	  	  	Timothy
      O’Connor
	  
	  
	WFB
      FUNDING, LLC	  	  
	Managing
Member 	  	  
	WFB
      Funding	  	  
	Corporation	  	  
	  
	CABELA’S RETAIL MO,	  	  
	LLC	  	  
	Officers 	  	Managers
      (Management 
	  	  	Committee) 
	Dennis
      Highby	President	Dennis
      Highby
	Michael
      Callahan	Senior
      Vice President	Michael
      Callahan
	Brian
      J. Linneman	Vice
      President	  
	Tim
      Holland	Vice
      President	  
	Mark
      Nienhueser	Vice
      President	  
	Ralph
      W. Castner	Secretary and Treasurer	  
	  
	CABELA’S RETAIL IL,	  	  
	INC.	  	  
	Officers 	  	Directors 
	Dennis
      Highby	President	Dennis
      Highby
	Michael
      Callahan	Senior
      Vice President	Michael
      Callahan
	Brian
      J. Linneman	Vice
      President	  
	Tim
      Holland	Vice
      President	  
	Mark
      Nienhueser	Vice
      President	  
	Ralph
      Castner	Secretary and Treasurer	  
	  
	CABELA’S RETAIL	  	  
	CANADA INC.	  	  
	Officers 	  	Directors 
	Dennis
      Highby	President	Dennis
      Highby
	Michael
      Callahan	Senior
      Vice President	Michael
      Callahan
	Pat
      Snyder	Vice
      President	Pat
      Snyder
	Ralph
      Castner	Secretary and Treasurer	Ralph
      Castner

    

    5.4-7 

     

    

    
    

    FINANCIALS

     

    
      	1.	      	10-Q filed on November
      5, 2007 for the Third Quarter of 2007.
	 
	2.	
            	10-Q filed on August 6,
      2007 for the Second Quarter of 2007.
	 
	3.	
            	10-Q filed on May 4,
      2007 for the First Quarter of 2007.
	 
	4.	
            	10-K filed on February
      27, 2007 for Calendar Year 2006.
	  

    

    SCHEDULE 5.5
(to
Second Supplement) 

     

    

    
    

    EXISTING DEBT 

     

    A. FINANCING STATEMENTS 

     

    B. CONTINGENT LIABILITIES 

     

         1.
Under Sections 2.2.2 and 2.2.3 of the Specific Venture Agreement dated November
2, 2001 (the “Agreement”) between Cabela’s Retail, Inc. (“CRI”)
and the Unified Government of Wyandotte County/Kansas City Kansas (“UG”),
as amended by that certain First Amendment to Specific Venture Agreement dated
February 7, 2003, Second Amendment to Specific Venture Agreement dated May 25,
2004, and Third Amendment to Specific Venture Agreement dated July 1, 2005, in
connection with the development of the Kansas City retail store, the UG has a
reversionary interest in the Pad Sites (as defined in the Agreement) and can
exercise said reversionary interest rights in the event that construction is not
commenced on any or all of the Pad Sites within seven (7) years and six (6)
months of the Grand Boulevard Completion Date (as defined in the Agreement).
Said reversionary rights are also set forth in that certain Special Warranty
Deed dated November 2, 2001 from the UG (as Grantor) to CRI (as Grantee). As of
December 19, 2005, all of the Pad Sites have been sold by CRI, but Lots 2 and 5
are still under development by their respective owners. In addition, if at any
time after seven (7) years and six (6) months of the Grand Completion Date, CRI
ceases to operate the Retail Store (as defined in the Agreement) in a dignified
quality manner or abandons the Retail Store, the UG has the option to purchase
the Retail Store for fair market value. Finally, CRI must obtain the approval of
the UG to transfer the Specific Venture (as defined in the Agreement) unless the
transfer is part of a sale of the assets of CRI and its affiliates to a
transferee that is a recognized high quality retailer similar in size and
ability to generate sales as CRI with a net worth at least equal to CRI and its
affiliates who unconditionally assumes CRI’s obligations under the
Agreement.

     

         2.
Cabela’s Incorporated (“Cabela’s”) has entered into Development Agreements with the
City of Prairie du Chien, Wisconsin (“PDC”)
from 1997 to 2001 under which PDC has provided tax increment financing in the
total sum of $8,104,700 in connection with the retail store and distribution
facility in PDC. Cabela’s has purchased $5,104,700 of the bonds issued pursuant
to said Development Agreements, and the purchased bonds were subsequently
retired in 2006. In the event that the real estate tax revenues are insufficient
to pay the annual debt service required under the bonds, Cabela’s has agreed to
advance PDC the sums necessary to pay any shortfall.

     

         3.
Under a Development Agreement dated April 8, 1997 between the Economic
Development Authority of the City of Owatonna, Minnesota (“City”), County of Steele (“County”) and Three Corners, L.L.C., if the City
contributions and County contributions are less than the amount necessary to pay
the current amount due under the current special assessments due in connection
with the development of the infrastructure of the project, CRI is obligated,
under an Assignment and Assumption Agreement dated June 25, 1998, to pay any
shortfalls with respect to the Cabela’s Subproject.

     

    SCHEDULE 5.15
(to Second Supplement) 

     

    

    
    

         4.
Cabela’s has entered into a Visa U.S.A., Inc. Non-Financial Institution Guaranty
under which Cabela’s guaranties any settlement obligations of WFB to
VISA.

     

         5.
CRI and Utah County, Utah (“County”) entered into that certain County Nature Museum
Purchase and Development Agreement (Utah County, Utah) dated October 12, 2004
(the “Agreement”), whereby CRI agreed to build a Cabela’s retail
store and employ a certain number of full-time equivalent employees in Lehi,
Utah by June 30, 2006. The store opened on August 25, 2005. If CRI does not keep
the store open for a period of five (5) years, CRI is obligated to pay $200,000
to the County for each year that the retail store is closed prior to its fifth
anniversary. If CRI does not attain the employee level described above, the
County may have a cause of action under Utah law.

     

         6.
CRI and Lehi City, Utah County, Utah (“City”) entered into that certain Development Agreement
(Lehi City, Utah) on October 12, 2004 (the “Agreement”), whereby CRI agreed to build a Cabela’s retail
store and employ a certain number of full-time equivalent employees in Lehi by
June 30, 2006. If CRI does not attain the specified employee levels, the City
may have a cause of action under Utah law.

     

         7.
CRI, Coor’s and The City of Wheat Ridge, a Colorado municipal corporation
(“City”) entered into that certain Annexation and
Development Agreement dated December 20, 2004, as amended (the “Agreement”), whereby CRI agreed to build a Cabela’s retail
store and employ a certain number of full-time equivalent employees in the City
by September 30, 2006. If CRI does not open the store by September 30, 2006 or
attain the specified employee levels, the City may have a cause of action in
accordance with Colorado law. The Agreement has been amended to extend the store
opening date until June 2008. 

     

         8.
CRI, the City of Fort Worth, Texas, Terrant County, Texas, and the Lone Star
Local Government Corporation entered into that certain Master Economic
Development Agreement dated effective as of July 1, 2004 (the “Agreement”), as amended, which was later assigned from CRI to
Cabela’s Retail TX, LLC, a Nebraska limited liability company (“Cabela’s Retail TX”), whereby Cabela’s Retail TX agreed to build a
Cabela’s retail store and: (i) employ sixty (60) full-time equivalent employees
that are Fort Worth Residents (as defined in the Agreement) and at least ten
(10) full-time equivalent employees that are Central City Residents (as defined
in the Agreement) by December 31, 2006; (ii) spend up to $50,000,000 on
construction of the retail store, with $8,500,000 of the Construction Costs (as
defined in the Agreement) spent with Fort Worth Companies (as defined in the
Agreement) and $2,500,000 of the Construction Costs spent with contractors that
are Certified M/WBEs (as defined in the Agreement); and (iii) spend at least
$15,000 with Fort Worth Companies for supplies and services on an annual basis
and spend at least $5,000 for supplies and services with Certified M/WBEs on an
annual basis. In the event that Cabela’s Retail TX does not meet its
construction spending goals, employment goals, or supply and service goals as
described above, Article 11 of the Agreement outlines certain amounts which
would be assessed against Cabela’s Retail TX or which would result in a
deduction from the various municipalities’ obligations to provide economic
incentives to Cabela’s Retail TX.

     

    5.15-2
(to Second
Supplement) 

     

    

    
    

         9.
CRI, the City of Buda, Texas, Hays County, Texas, the City of Buda 4B
Corporation and the Dupre Local Government Corporation entered into that certain
Master Economic Development Agreement dated on or about May 14, 2004 (the
“Agreement”), which was later assigned from CRI to Cabela’s
Retail TX, whereby Cabela’s Retail TX agreed to build a Cabela’s retail store
and employ a certain number of full-time equivalent employees. In the event that
Cabela’s Retail TX does not obtain the employment level set forth in the
Agreement, Cabela’s Retail TX shall reimburse to the applicable Governmental
Unit (as defined in the Agreement) an amount equal to $5,000 per each full-time
equivalent job below the number required.

     

         10.
In six (6) of the Cabela’s retail store locations (SD, KS, PA, TX – 2, and UT),
Cabela’s has declared a condominium on their building for purposes of separating
out a portion of the retail store as a public museum. By doing so, Cabela’s has
been able to obtain certain financing (normally in the form of bonds) and, in
exchange for the financing, Cabela’s has deeded the museum to the local
municipality that issued bonds. During the time when the municipality owns the
museum, Cabela’s manages the museum in exchange for certain management fees that
accrue. Cabela’s generally has an obligation in each of these locations to
repurchase the museum back from the municipal owner after the bonds are paid off
or otherwise expire in accordance with their terms. The purchase price for the
museum is usually based upon fair market value at the time of the sale, and
Cabela’s is to receive a credit against the purchase price in the amount of any
accrued management fees. In the event that the accrued management fees do not
match or exceed the price of the museum at the time the repurchase occurs,
Cabela’s would be required to pay an amount equal to the difference between (i)
the purchase price for the museum and (ii) the accrued management fees. The
agreements were structured with the understanding that the accrued management
fees would accumulate and pay for the museum at the time of the repurchase, but
there is no way of knowing what the fair market value for the museums will be in
the future and whether the accrued management fees will be enough to cover the
costs for the museums.

     

         11.
Cabela’s has received the following additional grant commitments, which are
contingent upon the satisfaction of conditions specified in the respective grant
agreements:

     

    
      	DESCRIPTION	AMOUNT (AS OF
	  	9/29/2007)
	Mitchell Bonds	3,695,000 	  
	Sidney
      Construction Grant II	1,000,000 	 
	Sidney Construction Grant III	1,000,000 	 
	Woonsocket Site Improvements	500,000 	  
	East Grand Forks	1,737,037 	  
	Hamburg
      PA	890,000 	  

    

    5.15-3
(to Second
Supplement) 

     

    

    
    

    
      	DESCRIPTION	AMOUNT (AS OF
	  	9/29/2007)
	North Platte	11,408 	  
	Grand
      Island	10,000 	  
	PDC 1996	2,025,000 	  
	PDC
      1997	450,000 	 
	Owatonna	1,111,133 	  
	Texas
      Enterprise Fund	206,372 	  
	Sidney CDBG – Alco Grant	250,000 	  
	Sidney
      Construction Grant IV (Boat	200,000 	  
	addition / airplane purchase)	
            	  
	Sidney Alco Building Construction	250,000 	  
	Grant	
            	  
	Total	13,335,950 	 

    

         12. Cabela’s and each
other Borrower under the Credit Agreement will guarantee the obligations of
Cabela’s Retail Canada Inc., a corporation governed by the laws of Nova Scotia,
a wholly-owned subsidiary of Cabela’s, to U.S. Bank National Association,
operating through its Canadian Branch, in an amount up to Cdn$15,000,000.

     

         13. CRI has entered
into a Development Agreement with the city of Rogers, Minnesota dated February
10, 2005 for financial incentives in an amount not to exceed $3,500,000 in the
form of proceeds from an existing TIF district as well as real estate tax
abatement. In return for the incentives, CRI is obligated to create and maintain
200 full time jobs at the project within two years of completion of the retail
store. In the event that the job creation goals are not met, CRI is required to
relinquish a pro rata portion of the incentives. 

     

         14. CRI has entered
into a Development Agreement with Washington County, WI, dated November 22, 2005
in which approximately $4,000,000 in bonds will be issued to reimburse CRI for
the cost of constructing and equipping public improvements within the project.
In return, CRI is obligated to construct and open the retail store and operate
the retail store continuously for at least five (5) years. In addition, in the
event that annual gross sales from the retail store are insufficient to generate
county sales tax revenues equal to the annual debt service on the bonds, CRI
will pay any such shortfall. Further, in return for a grant in the amount of
$750,000 from the Wisconsin Department of Commerce for infrastructure, CRI has
agreed to create a total of 180 full time jobs within one year of the date the
retail store opens to the public. The grant would have to be returned if the
requisite jobs are not created. 

     

    5.15-4
(to Second
Supplement) 

     

    

    
    

         15. CRI has entered
into a Development Agreement dated September 1, 2005 and a Ground Lease dated
December 1, 2005, both with the City of Glendale, Arizona, which provides for up
to $10,000,000 in bond proceeds for the acquisition of the property and
completion of site work. In return, CRI has agreed to construct a 165,000 sq.
ft. retail store and operate it at the site for a period of 20 years, as well as
creating at least 375 full and part time jobs at the retail store. The land has
been sold to the City of Glendale and will be leased back pursuant to the Ground
Lease. Should CRI close the retail store prior to the end of the 20 year period
or otherwise default on its obligations, CRI will be obligated to pay to the
City an amount sufficient to defease the bonds. 

     

         16. The Industrial
Development Authority of the City of Hazelwood, Missouri sold certain bonds in
the amount of $5,000,000 to UMB Bank for purposes of obtaining bond proceeds
utilized to benefit CRI’s construction of a retail store in Hazelwood, Missouri.
CRI has entered into certain agreements with the City of Hazelwood which
provides that CRI will maintain sales of at least $50,000,000 per year and also
maintain certain employee thresholds. In the event that CRI generates less than
$50,000,000 in sales each year, CRI shall pay the City an amount equal to the
sales tax revenues which the City would have otherwise obtained if sales had
reached $50,000,000. This sales tax guarantee essentially allows the City the
guarantee payment of the bonds. Additionally, in the event that certain
employment numbers are not maintained, there is a formula for CRI to reimburse
the City for each employee below the threshold during the first five (5) years.

     

         17. CRI is constructing
a new retail store in East Hartford, Connecticut. The State of Connecticut has
issued General Fund Obligation Bonds in the amount of $9,825,000 in order to
provide a grant to CRI in the amount of $9,700,071.79 for development of the
retail destination store. CRI has guaranteed that sales tax generated from the
new store will support the payment of the Bonds. In the event of any shortfall,
Cabela’s is required to guarantee such payments by July 1 of each year.

     

         18. Cabela’s Retail LA,
LLC entered into certain development agreements with the Industrial Development
Board of the City of Gonzales, Louisiana, Inc. (the “Issuer”), which resulted in the Issuer issuing $49,850,000
of Series 2007 Bonds on May 31, 2007. The Bonds were issued as part of the
Cooperative Endeavor Agreement (“Agreement”), dated September 14, 2006, entered into by and
among Cabela’s Retail Louisiana, LLC, Issuer and certain other parties. In
accordance with Section 2.07 of the Agreement, Cabela’s must maintain certain
employment levels. In the event that such employment levels are not maintained,
Cabela’s will waive receiving certain payments on the Bonds. Similarly, there
are certain operational covenants set forth in Section 2.08 of the Agreement. As
part of obtaining the benefit of the bond proceeds, Cabela’s transferred title
to the retail store to the Issuer and entered into a Lease Agreement, whereby
Cabela’s shall have the right to repurchase the retail store in accordance with
certain repurchase requirements similar to those set forth in Item #10 above.

     

    C. UNSECURED REVOLVING CREDIT FACILITY 

     

         Unsecured revolving credit facility under that
certain Second Amended and Restated Credit Agreement, dated July 15, 2005, by
and between Cabela’s Incorporated, Cabela’s Retail, Inc., Van Dyke Supply
Company, Inc., Cabela’s Ventures, Inc., Cabela’s Outdoor Adventures, Inc.,
Cabela’s Catalog, Inc., Cabela’s Wholesale, Inc., Cabela’s Marketing and Brand
Management, Inc., Cabelas.com, Inc., Wild Wings, LLC, Cabela’s Lodging, LLC,
Cabela’s Retail LA, LLC, Cabela’s Trophy Properties, LLC, Original Creations,
LLC, Cabela’s Retail TX, L.P., Cabela’s Retail GP, LLC, CRLP, LLC, Legacy
Trading Company (pursuant to a Joinder Agreement dated on or about February 22,
2006) and Cabela’s Retail MO, LLC (pursuant to a Joinder Agreement dated on or
about February 22, 2006) (collectively, the “Borrowers”) and LaSalle Bank National Association, Wachovia
Bank, Comerica Bank, Wells Fargo Bank, JP Morgan Chase Bank, Sovereign Bank and
U.S. Bank National Association. On December 30, 2006 there was $0 outstanding on
the line of credit, $41,256,586.00 outstanding on letters of credit, and
$13,325,387.00 standby letters of credit.

     

    5.15-5
(to Second
Supplement) 

     

    

    
    

    D. 1995 SENIOR
NOTES 

     

         Notes issued under Note Agreements, dated January 1,
1995, from the Borrowers to United of Omaha Life Insurance Company, Companion
Life Insurance Company and Mutual of Omaha Insurance Company, as amended by that
certain Amendment No. 1 to Note Agreements dated as of June 30, 1997, as amended
by that certain Amendment No. 2 to Note Agreements dated as of September 1,
2000, as amended by that certain Amendment No. 3 to Note Agreements dated as of
October 9, 2001, as amended by that certain Amendment No. 4 to Note Agreements
dated as of September 5, 2002, as amended by that certain Amendment No. 5 to
Note Agreements dated as of May 5, 2004, and as amended by that certain
Amendment No. 6 to Note Agreements dated as of February 27, 2006. 

     

    E. 2002 SENIOR NOTES 

     

         Notes issued under Note Agreements, dated September
5, 2002, as amended, from the Borrowers to Jackson National Life Insurance
Company, Jackson National Life Insurance Company of New York, The Prudential
Assurance Company Limited, AIG SunAmerica Life Assurance Company, First
SunAmerica Life Insurance Company, General Electric Capital Assurance Company,
GE Life and Annuity Assurance Company, Teachers Insurance and Annuity
Association of America, TIAA-CREF Life Insurance Company, Nationwide Life
Insurance Company, Nationwide Life and Annuity Insurance Company, Provident
Mutual Life Insurance Company, Pacific Life Insurance Company, Massachusetts
Mutual Life Insurance Company, C.M. Life Insurance Company, MassMutual Asia
Limited, and Principal Life Insurance Company. 

     

    F. OTHER LIENS

     

         1. Under the Note
Purchase Agreements dated January 1, 1995 between certain of the Borrowers and
United of Omaha Life Insurance Company, Companion Life Insurance Company and
Mutual of Omaha Life Insurance Company, as amended by Amendment No. 1 to Note
Agreements dated June 30, 1997, as amended by Amendment No. 2 to Note Agreements
dated September 1, 2000, as amended by Amendment No. 3 to Note Agreements dated
as of October 9, 2001, as amended by Amendment No. 4 to Note Agreements dated as
of September 5, 2002, as amended by Amendment No. 5 to Note Agreements dated as
of May 5, 2004, and as amended by that certain Amendment No. 6 to Note
Agreements dated as of February 27, 2006, Cabela’s has agreed to restrictions on
granting Liens on the assets of Cabela’s and its Restricted
Subsidiaries.

     

         5.15-6
(to Second Supplement) 

     

    

    
    

         2. As part of an
agreement to issue $5,000,000.00 in Sales Tax Bonds (the “Bonds”) from the City of Mitchell, South Dakota, a South
Dakota municipality (“Mitchell”), Cabela’s Retail, Inc. (“CRI”)
entered into an Operating Agreement dated November 1, 1999, with Mitchell and
The City of Mitchell Public Museum Board whereby CRI agreed to pay Mitchell a
“Shortfall Fee” in an amount equal to the difference between (i) the annual debt
service on the Bonds, and (ii) the actual sales tax collections attributable to
CRI’s retail center in Mitchell, South Dakota. In addition, CRI is obligated to
make payment to the City in such amounts and at such times as necessary to
enable the City to prepay the second lien bonds to reduce the outstanding
principal amount of the second lien bonds to $4,000,000 if the City determines
that it needs extra sales tax bond borrowing capacity at any time prior to April
1, 2006. To the extent that future sales tax collections are greater than the
annual debt service requirement, the Agreement provides that one-half of the
excess will be available to reimburse CRI for previous Shortfall Fees. To secure
CRI’s performance of its obligations, CRI entered into an Assignment and Pledge
of Second Lien and Sales Tax Bonds dated May 10, 2000 pursuant to which the
bonds were pledged to a Trustee. One or more of the agreements contain a
restriction against granting liens on the collateral covered thereby.

     

         3. The Specific Venture
Agreement dated November 2, 2001, between Cabela’s Retail, Inc. (“CRI”)
and the Unified Government of Wyandotte County/Kansas City Kansas, as amended by
that certain First Amendment to Specific Venture Agreement dated May 25, 2004,
Second Amendment to Specific Venture Agreement dated May 25, 2004, and Third
Amendment to Specific Venture Agreement dated July 1, 2005, in connection with
the development of the Kansas City retail store which includes a covenant
whereby certain real estate adjacent to the retail store will have to be
conveyed back to the Unified Government if not developed by a certain date. The
Specific Venture Agreement also provides that the Unified Government shall have
the option to purchase the Kansas City retail store in the event of certain
fundamental breaches by Cabela’s Retail, Inc. and contains a restriction against
mortgaging the store property without the prior consent of the Unified
Government. 

     

         4. Under the
Development Agreement dated November 19, 2003, by and among CRI, the State of
West Virginia, the County Commission of Ohio County, West Virginia (the
“County”) and the Ohio County Development Authority (the
“Authority”), as amended by that certain First Amendment to
Development Agreement dated January 10, 2005, the Authority had an option to
purchase approximately 15 acres of real estate from CRI for $1.00 if the
Authority and County refinanced or otherwise replaced certain Bonds purchased by
Cabela’s, whereby the proceeds from said refinancing or replacement would be
used to pay off the Cabela’s Bonds in full; provided, however, the Authority’s option to purchase the real estate
for $1.00 was supposed to expire on January 10, 2006 if the Cabela’s Bonds were
not paid off in full by said date. Cabela’s, the County and the Authority
entered into that certain First Supplemental and Amendatory Bond Trust Indenture
(Series 2005C and Series 2005D) dated as of December 1, 2005, whereby Cabela’s
deeded the 15 acres to the County and the Authority has until June 30, 2007, to
redeem all of the Cabela’s Bonds. In the event that all of the Cabela’s Bonds
are redeemed prior to July 1, 2007, then Cabela’s shall be deemed to have been
paid in full on $3,000,000 of the Series 2005D Bonds. In the event that all of
the Cabela’s Bonds are not redeemed prior to July 1, 2007, then the Authority
shall be required to also redeem the $3,000,000 of Series 2005D Bonds in
accordance with their natural term.** Under a Lease Agreement dated February 5,
2004 between the Ohio County Development Authority and Cabela’s Wholesale, Inc.,
Cabela’s is obligated to relinquish rights to 21.56 acres of undeveloped and/or
unused real property if it is not developed by January 1, 2008. Currently,
Cabela’s is in the process of expanding its distribution center on said 21.56
acres. Accordingly, effective as of July 1, 2006, the Ohio County Development
Authority and Cabela’s Wholesale, Inc. entered into an Amended and Restated
Lease Agreement with Option to Purchase whereby Cabela’s obligation to
relinquish rights to the 21.56 acres shall no longer be in effect. **
As of April 23, 2007 all bonds have been fully
redeemed.

     

    5.15-7
(to Second
Supplement) 

     

    

    
    

         5. Under the Note
Purchase Agreement dated as of September 5, 2002, as amended, between certain of
the Borrowers and Jackson National Life Insurance Company, Jackson National Life
Insurance Company of New York, the Prudential Assurance Company Limited, First
Sun-America Life Insurance Company, AIG SunAmerica Life Assurance Company,
General Electric Capital Assurance Company, GELife and Annuity Assurance
Company, Teachers Insurance and Annuity Association of America, TIAA-CREF Life
Insurance Company, Nationwide Life Insurance Company, Nationwide Life and
Annuity Insurance Company, Provident Mutual Life Insurance Company, Pacific Life
Insurance Company, Massachusetts Mutual Life Insurance Company, C.M. Life
Insurance Company, Mass Mutual Asia Limited and Principal Life Insurance
Company, the Borrowers have agreed to restrictions on granting Liens on the
property or assets of the Borrowers and any “Restricted Subsidiary.”

     

         6. Under the Agreement
and Right of First Refusal dated as of October 8, 2004, by and between Traverse
Mountain Commercial Investments, LLC, a Utah limited liability company
(“Traverse”) and CRI, Traverse has a right of first refusal for
seven and one-half (7.5) years from October 8, 2004 on approximately forty (40)
acres (“Property”) owned by CRI in the event that CRI ever sells,
exchanges or otherwise transfers any portion of the Property. Additionally,
under the Traverse Mountain Commercial Investments, LLC Real Estate Option
Agreement dated October 8, 2004, by and between Traverse and CRI, Traverse has
the option to purchase the Property from CRI in the event that CRI fails to
construct a retail store by October 8, 2006 or fails to keep a Cabela’s retail
store open for any ninety (90) consecutive days from October 8, 2007 until seven
and one-half (7.5) years after October 8, 2004. 

     

         7. Under the Real
Estate Purchase and Sale Agreement dated July 6, 2004, as amended by that
certain Amendment No. 1 to Real Estate Purchase and Sale Agreement dated
December 1, 2004, by and between CRI and Coor’s Brewing Company, a Colorado
corporation (“Coors”), Coors has certain rights to repurchase certain
portions of the approximately eighty (80) acres that CRI purchased from Coors in
the event that CRI has not maintained a Cabela’s retail store open for business
under certain conditions for (i) five (5) years after the Completion Date of the
retail store and (ii) ten (10) years after the Completion Date of the retail
store, all in accordance with Section 8.12 of said Agreement. 

     

    5.15-8
(to Second
Supplement) 

     

    

    
    

         8. Under the Contract
of Sale dated March 26, 2004, as amended by that certain First Amendment to
Contract for Sale dated June 10, 2004, by and between Cabela’s Retail TX, L.P.
(“Cabela’s”) and AIL Investment L.P., a Texas limited
partnership (“AIL”), and in accordance with Exhibit “D” to that certain
Special Warranty Deed given by AIL to Cabela’s on June 10, 2004, AIL retains
certain rights to purchase approximately fifty (50) acres of land from Cabela’s
for a period of ten (10) years after recording of the Deed in the event that
Cabela’s ever receives a bona fide offer to sell said property. 

     

         9. Pursuant to the Real
Estate Purchase between CRI and Citation Land Company, LLC, doing business in
Arizona as Zanjero Boulevard Land Company, LLC, dated July 28, 2005, Citation
retained an exclusive option to repurchase an out-parcel containing
approximately 1.6 acres for a period of eighteen (18) months from the closing of
the sale to CRI. The repurchase option expires March 10, 2007. 

     

         10. Pursuant to the
Repurchase Option Agreement between CRI and The Pointe, LLC, a Delaware Limited
Liability Company, dated November 15, 2006, The Pointe, LLC retained an
exclusive option to repurchase certain out-parcels containing approximately
9.747 acres for a period of twenty-four (24) months after the opening of the
Cabela’s retail store in Post Falls, Idaho. The repurchase option expires
November 9, 2009. 

     

    G. OTHER EXISTING DEBT

     

    
      	  	
            	AMOUNT AT BOOK VALUE
	OBLIGATION:	
            	(AS OF 9/29/2007)
	     
                   Notes Payable – MOO	
            	$2,032,545
	         
               Notes
      Payable – SPP Capital	
            	$50,000,000
	     
                   Bond Payable – SHQ	
            	$291,849
	         
               Lincoln
      Econ Development Loans	
            	$0
	     
                   Assessment Payable – Owatonna	
            	$1,111,133
	         
               Bond
      Payable – PDC 1996	
            	$2,025,000
	     
                   Bond Payable – PDC 1997	
            	$450,000
	         
               Notes
      Payable – Employee	
            	$0
	Capital Lease – Wheeling, WV	
            	$13,948,326
	as amended and restated 2005 – effective
      7/01/06  	
            	  
	Notes Payable – SPP Capital	
            	$215,000,000
	Notes Payable – SPP Capital	
            	$60,000,000
	Canada Revolver	
            	$9,333,333
	LOC US Bank	
            	$195,000,000

    

    5.15-9
(to Second
Supplement) 

     

    

    
    

    [FORM OF SERIES 2008-A NOTE]

     

    CABELA’S
INCORPORATED
CABELA’S
CATALOG, INC.
CABELA’S RETAIL, INC.
CABELA’S OUTDOOR ADVENTURES,
INC.
CABELAS.COM, INC.
CABELA’S WHOLESALE, INC.
CABELA’S
VENTURES, INC.
WILD
WINGS, LLC
CABELA’S LODGING, LLC
VAN DYKE SUPPLY
COMPANY, INC.
CABELA’S MARKETING AND BRAND MANAGEMENT, INC.
CABELA’S
RETAIL LA, LLC
CABELA’S TROPHY
PROPERTIES, LLC
ORIGINAL CREATIONS,
LLC
CABELA’S
RETAIL TX, L.P.
CABELA’S RETAIL
GP, LLC
LEGACY TRADING COMPANY
CRLP, LLC
CABELA’S RETAIL
MO, LLC
CABELA’S RETAIL
IL, INC. 

     

    7.20% SENIOR NOTE, SERIES
2008-A DUE
JANUARY 16, 2018

     

    
      	No. RA
      [_____]	[Date] 
	$[____________]	PPN
      12681# AC1 

    

         FOR
VALUE RECEIVED, the undersigned, Cabela’s Incorporated (herein
called the “Company”), a corporation organized and existing under the
laws of the State of Delaware, and the Subsidiaries of the Company consisting of
(i) Cabela’s Catalog, Inc., (ii) Cabela’s Retail, Inc., (iii) Cabela’s Outdoor
Adventures, Inc., (iv) Cabelas.com, Inc., (v) Cabela’s Wholesale, Inc., (vi)
Cabela’s Ventures, Inc., (vii) Wild Wings, LLC, (viii) Cabela’s Lodging, LLC,
(ix) Van Dyke Supply Company, Inc., (x) Cabela’s Marketing and Brand Management,
Inc., (xi) Cabela’s Retail LA, LLC, (xii) Cabela’s Trophy Properties, LLC,
(xiii) Original Creations, LLC, (xiv) Cabela’s Retail TX, L.P., (xv) Cabela’s
Retail GP, LLC, (xvi) Legacy Trading Company, (xvii) CRLP, LLC, (xviii) Cabela’s
Retail MO, LLC, and (xix) Cabela’s Retail IL, Inc. (the Subsidiaries together
with the Company being herein referred to collectively as the “Obligors”) hereby jointly and severally promise to pay to
[________________], or registered assigns, the principal sum of
[________________] DOLLARS on January 16, 2018, with
interest (computed on the basis of a 360-day year of twelve 30-day months) (a)
on the unpaid balance thereof at the rate of 7.20% per annum from the date
hereof, payable semi-annually, on the 16th day of January and July in
each year, commencing with the January or July next succeeding the date hereof,
until the principal hereof shall have become due and payable, and (b) to the
extent permitted by law on any overdue payment (including any overdue
prepayment) of principal, any overdue payment of interest and any overdue
payment of any Make-Whole Amount (as defined in the Second Supplement referred
to below), payable semi-annually, as aforesaid (or, at the option of the
registered holder hereof, on demand), at a rate per annum from time to time
equal to the greater of (i) 9.20% or (ii) 2% over the rate of interest publicly
announced by US Bank, N.A. from time to time in Lincoln, Nebraska as its “base”
or “prime” rate.

     

    EXHIBIT 1
(to
Second Supplement)

     

    

    
    

         Payments of principal of, interest on and any
Make-Whole Amount with respect to this Note are to be made in lawful money of
the United States of America at US Bank, N.A. or at such other place as the
Company shall have designated by written notice to the holder of this Note as
provided in the Note Purchase Agreement referred to below. 

     

         This Note is one of a series of Senior Notes (herein
called the “Notes”) issued pursuant to that certain Second Supplement
dated as of January 16, 2008 to Note Purchase Agreements, dated as of February
27, 2006 (as from time to time amended and supplemented, the
“Second Supplement”), between the Obligors and the respective Purchasers
named therein and is entitled to the benefits thereof. Each holder of this Note
will be deemed, by its acceptance hereof, (i) to have agreed to the
confidentiality provisions set forth in Section 20 of the Note Purchase
Agreement (as defined in the Second Supplement) and (ii) to have made the
representation set forth in Section 6.2 of the Note Purchase Agreement (as
defined in the Second Supplement). 

     

         This Note is a registered Note and, as provided in
the Note Purchase Agreement, upon surrender of this Note for registration of
transfer, duly endorsed, or accompanied by a written instrument of transfer duly
executed, by the registered holder hereof or such holder’s attorney duly
authorized in writing, a new Note for a like principal amount will be issued to,
and registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Obligors may treat the person in whose name this
Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Obligors will not be affected by any notice to
the contrary. 

     

         This Note is subject to optional prepayment, in whole
or from time to time in part, at the times and on the terms specified in the
Second Supplement, but not otherwise. 

     

         If an Event of Default, as defined in the Note
Purchase Agreement, occurs and is continuing, the principal of this Note may be
declared or otherwise become due and payable in the manner, at the price
(including any applicable Make-Whole Amount) and with the effect provided in the
Note Purchase Agreement. 

     

    E-1-2
(to Second Supplement) 

     

    

    
    

         This Note shall be construed and enforced in
accordance with, and the rights of the parties shall be governed by, the law of
the State of Nebraska excluding choice-of-law principles of law of such State
that would require the application of the laws of a jurisdiction other than such
State. 

     

    
      	
            	CABELA’S INCORPORATED
	
            	CABELA’S CATALOG, INC.
	
            	CABELA’S RETAIL, INC.
	
            	CABELA’S OUTDOOR ADVENTURES, INC.
	
            	CABELAS.COM, INC.
	
            	CABELA’S WHOLESALE, INC.
	
            	CABELA’S VENTURES, INC.
	
            	WILD WINGS, LLC
	
            	CABELA’S LODGING, LLC
	
            	CABELA’S MARKETING AND BRAND
	
            	     
       MANAGEMENT, INC.
	
            	CABELA’S RETAIL LA, LLC
	
            	ORIGINAL CREATIONS, LLC
	
            	CABELA’S TROPHY PROPERTIES, LLC
	
            	CABELA’S RETAIL GP, LLC
	
            	LEGACY TRADING COMPANY
	
            	CRLP, LLC
	
            	CABELA’S RETAIL MO, LLC
	
            	CABELA’S RETAIL IL, INC.
	
            	   
	
            	   
	
            	By:  	 
	
            	
            	Name:
      Ralph W. Castner   
	
            	
            	Title: Vice President, CFO, Secretary
      or   
	
            	
            	              Treasurer   
	
            	  
	
            	CABELA’S RETAIL TX, L.P.
	
            	  
	
            	By: Cabela’s Retail GP, LLC
	
            	Its: General Partner
	
            	  
	
            	By:
      	 
	
            	
            	Name: Ralph W.
    Castner   
	
            	
            	Title: Secretary and
Treasurer  
	
            	  
	
            	VAN DYKE SUPPLY COMPANY, INC.
	
            	  
	
            	By: 	 
	
            	
            	Name: Jeff
      Jung         
	
            	
            	Title: Secretary and
  Treasurer

    

    E-1-3
(to Second Supplement)exhibit4-9.htm

     

    
      Exhibit
4.9
 

    

    
      	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      
      

      CABELA’S
INCORPORATED
CABELA’S CATALOG, INC.
CABELA’S RETAIL, INC.
CABELA’S OUTDOOR ADVENTURES,
INC.
CABELAS.COM, INC.
CABELA’S WHOLESALE, INC.
CABELA’S VENTURES, INC.
WILD WINGS, LLC
CABELA’S LODGING,
LLC
VAN DYKE SUPPLY COMPANY,
INC.
CABELA’S MARKETING AND
BRAND MANAGEMENT, INC.
CABELA’S RETAIL LA, LLC
CABELA’S TROPHY PROPERTIES, LLC
ORIGINAL
CREATIONS, LLC
CABELA’S RETAIL
TX, L.P.
CABELA’S RETAIL GP, LLC
LEGACY TRADING COMPANY
CRLP, LLC
CABELA’S RETAIL MO, LLC
CABELA’S RETAIL IL,
INC.

       

       

       

      AMENDMENT NO. 1 TO
NOTE PURCHASE AGREEMENTS 

       

       

       

      Dated as of June 15,
2007 

       

      Re:     Note Purchase Agreements dated as
of February 27, 2006

       

      1 

       

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

      CABELA’S INCORPORATED 

       

      AMENDMENT NO. 1 TO NOTE PURCHASE AGREEMENTS

       

      Re:     Note Purchase Agreements dated as
of February 27, 2006
 

      
        	To the Holders of the Notes 	Dated as of 
	named on Schedule I hereto 	June 15, 2007 

      

      Ladies and Gentlemen:

       

           Reference is made to the separate Note
Purchase Agreements, each dated as of February 27, 2006 (as amended from time to
time by joinder agreements, the “Existing Note Agreements” and, as amended hereby, the “Note Agreements”),
between Cabela’s Incorporated (the “Company”) and the
Subsidiaries of the Company consisting of (i) Cabela’s Catalog, Inc., a Nebraska
corporation (“Catalog”), (ii) Cabela’s Retail, Inc., a Nebraska
corporation (“Retail”), (iii) Cabela’s Outdoor Adventures, Inc., a
Nebraska corporation (“Adventures”), (iv)
Cabelas.com, Inc., a Nebraska corporation (“Cabelas.com”), (v)
Cabela’s Wholesale, Inc., a Nebraska corporation (“Wholesale”), (vi)
Cabela’s Ventures, Inc., a Nebraska corporation (“Ventures”), (vii)
Wild Wings, LLC, a Minnesota limited liability company (“Wild Wings”),
(viii) Cabela’s Lodging, LLC, a Nebraska limited liability company (“Lodging”), (ix)
Van Dyke Supply Company, Inc., a South Dakota corporation (“Van Dyke”), (x)
Cabela’s Marketing and Brand Management, Inc., a Nebraska corporation
(“Marketing”), (xi) Cabela’s Retail LA, LLC, a Nebraska
limited liability company (“Retail LA”), (xii)
Cabela’s Trophy Properties, LLC, a Nebraska limited liability company
(“Trophy”), (xiii) Original Creations, LLC, a Minnesota
limited liability company (“Creations”), (xiv)
Cabela’s Retail TX, L.P., a Nebraska limited partnership (“Retail TX”), (xv)
Cabela’s Retail GP, LLC, a Nebraska limited liability company (“Retail GP”), (xvi)
Legacy Trading Company, a South Dakota corporation (“Legacy”), (xvii)
CRLP, LLC, a Nebraska limited liability company (“CRLP”), (xviii)
Cabela’s Retail MO, LLC, a Nebraska limited liability company (“Retail MO”), (xix)
Cabela’s Retail IL, Inc., an Illinois corporation (“Retail IL”), and,
together with the Company, Catalog, Retail, Adventures, Cabelas.com, Wholesale,
Ventures, Wild Wings, Lodging, Van Dyke, Marketing, Retail LA, Trophy,
Creations, Retail TX, Retail GP, Legacy, CRLP, and Retail MO are, individually,
referred to as an “Obligor” and, collectively, as the “Obligors”), and
each of the Purchasers named in Schedule A thereto, respectively, under and
pursuant to which $215,000,000 aggregate principal amount of 5.99% Senior Notes,
Series 2006-A, due February 27, 2016 (the “Notes”) of the
Obligors were issued.

       

           For good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Obligors request
the amendment of a certain provision of the Existing Note Agreements as
hereinafter provided. 

       

      2 

       

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

           Upon your acceptance hereof in the manner hereinafter provided and upon
satisfaction of all conditions to the effectiveness hereof and receipt by the
Obligors of similar acceptances from the Holders of the Notes, this Amendment
No. 1 shall constitute a contract between us amending the Existing Note
Agreements, as of the First Amendment Closing Date (hereinafter defined), but
only in the respects hereinafter set forth: 

       

      SECTION
1. AMENDMENTS TO EXISTING NOTE
AGREEMENT.

       

           Section 1.1. The
“and” at the end of Section 7.1(f) shall be deleted, the “.” at the end of
Section 7.1(g) shall be replaced with “; and” and the following shall be added
as a new section 7.1(h): 

       

           “(h) Supplements, Restatements and Amendments
— promptly and in any event within five (5)
Business Days after the execution and delivery of any amendment, restatement or
supplement of the 1995 Note Agreements, the 2002 Note Agreements or the Credit
Agreement, a copy thereof.” 

       

           Section 1.2. The
following definitions in Schedule B of the Existing Note Agreements are either
added or otherwise restated: 

       

           “Amended and Restated Intercreditor
Agreement” shall mean the
Fourth Amended and Restated Intercreditor Agreement dated as of June 15, 2007,
among the holders of the Notes, holders under the 1995 Note Agreements, holders
under the 2002 Note Agreements, holders under this Agreement, Banks and
Collateral Agent named therein, as amended or restated from time to
time.

       

            “Obligors” is defined in the preamble of Amendment No.
1 and shall include any other party that executes a joinder agreement pursuant
to Section 9.8(d) of this Agreement.

       

      SECTION
2. WARRANTIES AND REPRESENTATIONS. 

       

           The Obligors hereby represent and warrant that
as of the date hereof and as of the date of execution and delivery of this
Amendment No. 1, there are no Defaults or Events of Default under the Existing
Note Agreements before and after giving effect to this Amendment No. 1 and the
representations and warranties set forth in Schedule II hereto are true and
correct before and after giving effect to this Amendment No. 1. 

       

      SECTION
3. CONDITIONS PRECEDENT.

       

           This Amendment No. 1 to Note
Agreements shall not become effective until, and shall become effective on the
Business Day when each of the following conditions shall have been satisfied
(the “First Amendment Closing
Date”): 

       

           Section 3.1. Consent. The Obligors shall have obtained your
written consent as evidenced by your signature at the foot of this Amendment No.
1. 

       

           Section 3.2. Payment of Fees and
Expenses. The reasonable
fees and disbursements of Chapman and Cutler, LLP your special counsel, relating
to the preparation, execution and delivery of this Amendment No. 1 and related
matters shall have been paid by the Company to the extent reflected in a
statement of such counsel rendered to the Company. 

       

      3 

       

      

      
      

      
      

       

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

       

           Section 3.3.
First Supplement to 2006 Note Agreements.
Each of the parties
thereto shall have executed and delivered the First Supplement to the 2006 Note
Agreements. 

       

           Section 3.4.
Revised Intercreditor
Agreement. Each of the
parties thereto shall have executed and delivered the Fourth Amended and
Restated Intercreditor Agreement dated as of June 15, 2007 in the form attached
hereto as Exhibit A, which Fourth Amended and Restated Intercreditor Agreement
will be satisfactory to you in scope and form. 

       

           Section 3.5.
Representations and
Warranties. The
representations and warranties of each of the Obligors in this Amendment No. 1
shall be correct when made and at the time of the Closing. 

       

           Section 3.6.
Proceedings and Documents. All corporate or limited liability company
or limited partnership and other proceedings in connection with the transactions
contemplated by this Amendment No. 1 and all documents and instruments incident
to such transactions shall be satisfactory to you and your special counsel, and
you and your special counsel shall have received all such counterpart originals
or certified or other copies of such documents as you or they may reasonably
request. 

       

      SECTION
4. MISCELLANEOUS PROVISIONS.

       

           Section 4.1.
Except as amended herein,
all terms and provisions of the Existing Note Agreements and the Notes and
related agreements and instruments are hereby ratified, confirmed and approved
in all respects. 

       

           Section 4.2.
Any and all notices,
requests, certificates and other instruments, including the Notes, may refer to
the Note Agreements without making specific reference to this Amendment No. 1,
but nevertheless all such references shall be deemed to include this Amendment
No. 1 unless the context shall otherwise require.

       

           Section 4.3.
This Amendment No. 1 and
all covenants herein contained shall be binding upon and inure to the benefit of
the respective successors and assigns of the parties hereunder. All covenants
made by the Obligors herein shall survive the closing and the delivery of this
Amendment No. 1. 

       

           Section 4.4.
This Amendment No. 1 shall
be governed by and construed in accordance with Nebraska law. 

       

           Section 4.5.
The capitalized terms used
in this Amendment No. 1 shall have the respective meanings specified in the Note
Agreements unless otherwise herein defined, or the context hereof shall
otherwise require. 

       

           The execution hereof by the Holders shall
constitute a contract among the Obligors and the Holders for the uses and
purposes hereinabove set forth. This Amendment No. 1 may be executed in any
number of counterparts, each executed counterpart constituting an original but
all together only one agreement. 

       

      [Remainder of this Page Intentionally Left
Blank; Signature Pages follow] 

       

      4 

       

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      
 

      
        	
              	CABELA’S INCORPORATED
CABELA’S CATALOG, INC.
CABELA’S RETAIL, INC.
CABELA’S OUTDOOR ADVENTURES, INC.
CABELAS.COM, INC.
CABELA’S WHOLESALE, INC.
CABELA’S VENTURES, INC.
WILD WINGS, LLC
CABELA’S LODGING, LLC
CABELA’S MARKETING AND BRAND MANAGEMENT, INC.
CABELA’S RETAIL LA, LLC
ORIGINAL CREATIONS, LLC
CABELA’S TROPHY PROPERTIES, LLC
CABELA’S RETAIL GP, LLC
LEGACY TRADING COMPANY
CRLP, LLC
CABELA’S RETAIL MO, LLC
CABELA’S RETAIL IL, INC.

      

       

       

      
        	By:  	/s/ Ralph W.
  Castner
	
              	Name:  	Ralph
      W. Castner
	
              	Title:  	Vice-President, CFO,
	
              	
              	 Secretary or
Treasurer

      

       

      
        	VAN DYKE SUPPLY COMPANY, INC.
	 	
              	
              	
              
	 	
              	
              	
              
	By:  	/s/ Gregg Severinson	 	 
	  	Name:  	Gregg Severinson
	 	Title:  	Vice
President

      

       

      
        	CABELA’S RETAIL TX, L.P.
	 
	 
	By:  	Cabela’s Retail GP, LLC
	Its:  	General
Partner

      

      
        	By:  	/s/ Ralph W. Castner	 	 
	
              	Name:  	Ralph W. Castner
	
              	Title:  	Secretary and
Treasurer

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

      
      

       

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	PRINCIPAL LIFE INSURANCE COMPANY
	  	
              
	By:   	Principal Global Investors, LLC, a
	 	Delaware limited liability
company,
	
              	its
      authorized signatory

      

      
        	By:  	/s/ Colin Pennycooke	 	 
	
              	Name:  	Colin Pennycooke
	
              	Title:  	Counsel

      

      
        	By:  	/s/ James C. Fifield	 	 
	
              	Name:  	James C. Fifield
	
              	Title:  	General
Counsel

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	SYMETRA LIFE INSURANCE COMPANY
a Washington
      corporation
	  	
              
	By:   	Principal Global Investors, LLC, a
	 	Delaware limited liability
company,
	
              	its
      authorized signatory

      

      
        	By:  	/s/ Colin Pennycooke	 	 
	
              	Name:  	Colin Pennycooke
	
              	Title:  	Counsel

      

      
        	By:  	/s/ James C. Fifield	 	 
	
              	Name:  	James C. Fifield
	
              	Title:  	General
Counsel

      

      Signature Page

       

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	GIBRALTAR LIFE INSURANCE CO., LTD.
	  	
              
	By:   	Prudential Investment Management
	 	(Japan), Inc., as Investment
  Manager

      

      
        	  	 
	By:   	Prudential Investment Management,
    Inc.,
	 	as
      Sub-Adviser

      

      
        	By:  	/s/ Julia B. Buthman	 	 
	
              	Name:  	Julia B. Buthman
	
              	Title:  	Vice
President

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	THE PRUDENTIAL LIFE
      INSURANCE
COMPANY OF AMERICA
	 	
              	
              	
              
	 	
              	
              	
              
	By:  	/s/ Julia B. Buthman	 	 
	
              	Name:  	Julia B. Buthman
	
              	Title:  	Vice
President

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	MTL INSURANCE COMPANY
	  	
              
	By:   	Prudential Private Placement
	 	Investors, L.P. (as Investment
    Advisor)

        
          	  	
                
	By:   	Prudential Private Placement
	 	Investors, L.P. (as its General
    Partner)

        

      

      
 

      
        	By:  	/s/ Julia B. Buthman	 	 
	
              	Name:  	Julia B. Buthman
	
              	Title:  	Vice
President

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	SECURITY BENEFIT LIFE INSURANCE
COMPANY,
      INC.
	  	
              
	By:   	Prudential Private Placement
	 	Investors, L.P. (as Investment
    Advisor)

      

      
        	  	
              
	By:   	Prudential Private Placement
	 	Investors, L.P. (as its General
    Partner)

      

      

        	By:  	/s/ Julia B. Buthman	 	 
	
              	Name:  	Julia B. Buthman
	
              	Title:  	Vice
President

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	THE VARIABLE ANNUITY LIFE INSURANCE
COMPANY
      AIG ANNUITY INSURANCE
COMPANY
	   	
              
	By:   	AIG
      Global Investment Corp., investment
adviser

      

      
 

        	By:  	/s/ Gerald F. Herman	 	 
	
              	Name:  	Gerald F. Herman
	
              	Title:  	Vice
President

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	THE GUARDIAN LIFE INSURANCE
COMPANY OF
      AMERICA
	  	
              

 

        	By:  	/s/ Barry Scheinholtz	 	 
	
              	Name:  	Barry Scheinholtz
	
              	Title:  	Private Placements
Manager

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	BERKSHIRE LIFE INSURANCE
      COMPANY OF
AMERICA
	 	
              	
              	
              
	 	
              	
              	
              
	By:  	/s/ Barry Scheinholtz	 	 
	
              	Name:  	Barry Scheinholtz
	
              	Title:  	Private Placements
Manager

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	TRANSAMERICA OCCIDENTAL
      LIFE
INSURANCE COMPANY
	 	
              	
              	
              
	 	
              	
              	
              
	By:  	/s/ Debra R. Thompson	 	 
	
              	Name:  	Debra R. Thompson
	
              	Title:  	Vice
President

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	AMERUS LIFE INSURANCE COMPANY
	  	
              
	By:   	AmerUs Capital Management Group,
Inc., its
      authorized attorney-in-fact

      

      

        	By:  	/s/ Roger D. Fors	 	 
	
              	Name:  	Roger D. Fors
	
              	Title:  	VP – Private
Placements

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	AMERICAN INVESTORS LIFE
      INSURANCE
COMPANY
	  	
              
	By:   	Aviva Capital Management Group,
Inc., its
      authorized attorney-in-fact

      

      

        	By:  	/s/ Roger D. Fors	 	 
	
              	Name:  	Roger D. Fors
	
              	Title:  	VP – Private
Placements

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	INDIANAPOLIS LIFE INSURANCE
COMPANY
	  	
              
	By:   	AmerUs Capital Management Group,
Inc., its
      authorized attorney-in-fact

      

      

        	By:  	/s/ Roger D. Fors	 	 
	
              	Name:  	Roger D. Fors
	
              	Title:  	VP – Private
Placements

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	GENWORTH LIFE AND
      ANNUITY
INSURANCE COMPANY
	 	
              	
              	
              
	 	
              	
              	
              
	By:  	/s/ Morian C. Mooers	 	 
	
              	Name:  	Morian C. Mooers
	
              	Title:  	Investment
Officer

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	JACKSON NATIONAL LIFE
      INSURANCE
COMPANY
	  	
              
	By:   	PPM America,
      Inc., as attorney-in-fact,
On behalf of Jackson National
      Life
Insurance Company

      

      

        	By:  	/s/ Craig Radis	 	 
	
              	Name:  	Craig Radis
	
              	Title:  	Vice
President

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	LIFE INSURANCE COMPANY OF
      THE
SOUTHWEST
	 	
              	
              	
              
	 	
              	
              	
              
	By:  	/s/ R. Scott Higgins	 	 
	
              	Name:  	R. Scott Higgins
	
              	Title:  	Vice President
Sentinel Asset
      Management

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	AMERITAS LIFE INSURANCE CORP.
	  	
              
	By:   	Ameritas
      Investment Advisors Inc.,
as
Agent

      

      

        	By:  	/s/ Andrew S. White	 	 
	
              	Name:  	Andrew S. White
	
              	Title:  	Vice
President

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	ACACIA LIFE INSURANCE COMPANY
	  	
              
	By:   	Ameritas
      Investment Advisors Inc.,
as
Agent

      

      

        	By:  	/s/ Andrew S. White	 	 
	
              	Name:  	Andrew S. White
	
              	Title:  	Vice
President

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	EQUITRUST LIFE INSURANCE
      COMPANY
	 	
              	
              	
              
	 	
              	
              	
              
	By:  	/s/ Herman L. Riva	 	 
	
              	Name:  	Herman L. Riva
	
              	Title:  	Senior Portfolio
Manager

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	ASSURITY LIFE INSURANCE
    COMPANY
	 	
              	
              	
              
	 	
              	
              	
              
	By:  	/s/ Victor Weber	 	 
	
              	Name:  	Victor Weber
	
              	Title:  	Senior Director -
  Investments

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	ASSURITY LIFE INSURANCE
      COMPANY
(SUCCESSOR IN INTEREST TO SECURITY
FINANCIAL LIFE INSURANCE
      CO.)
	 	
              	
              	
              
	 	
              	
              	
              
	By:  	/s/ Victor Weber	 	 
	
              	Name:  	Victor Weber
	
              	Title:  	Senior Director -
  Investments

      

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            This Amendment No. 1 is hereby accepted and agreed
to as of the First Amendment Closing Date. 

       

      
        	METROPOLITAN LIFE
      INSURANCE
COMPANY
	 
	 
	METROPOLITAN TOWER LIFE
      INSURANCE
COMPANY
	  	
              	 
	By:   	Metropolitan
      Life Insurance Company, its
Investment Manager
	
              	 
	
              	 
	By:  	/s/ Judith A.
  Gulotta
	
              	Name:  	Judith
      A. Gulotta
	
              	Title:  	Director
	(executed by Metropolitan
      Life Insurance Company
(i) as to itself as a Purchaser and (ii) as
      investments
manager to Metropolitan Tower Life Insurance
Company as
      a Purchaser)

      

      
      

       

      

      
      

       

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

      SCHEDULE I

       

      HOLDERS 

       

      Principal Life Insurance Company
Symetra Life Insurance Company, a Washington
corporation
Gibraltar Life Insurance Co., Ltd.
The Prudential Life Insurance Company of
America
MTL Insurance Company
Security Benefit Life Insurance Company,
Inc.
The Variable Annuity Life Insurance Company
AIG Annuity Insurance
Company
The Guardian Life Insurance Company of America
Berkshire Life
Insurance Company of America
Transamerica Occidental Life Insurance
Company
AmerUs Life Insurance Company
American Investors Life Insurance
Company
Indianapolis Life Insurance Company
Genworth Life and Annuity
Insurance Company
Jackson National Life Insurance Company
Life Insurance
Company of the Southwest
Ameritas Life Insurance Corp.
Acacia Life Insurance Company
Equitrust Life
Insurance Company
Assurity Life Insurance Company
Metropolitan Life
Insurance Company
Metropolitan Tower Life Insurance Company

       

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

      SCHEDULE II

       

      REPRESENTATIONS AND WARRANTIES 

       

            Each of the Obligors represents and warrants
to you as follows: 

       

            1. Corporate or Limited Liability Company or Limited
Partnership Organization and Authority. Each Obligor 

       

            (a) is a corporation, limited liability
company or limited partnership duly organized, validly existing and in good
standing under the laws of its jurisdiction of incorporation or organization;
and 

       

            (b) has all requisite power and authority and
all necessary licenses and permits to own and operate its properties and to
carry on its business as now conducted and as presently proposed to be
conducted. 

       

            2.
Amendment No. 1 is Legal and Authorized. (a) The compliance by each Obligor with all of the
provisions of this Amendment No. 1 and of the Existing Note Agreements:

       

            (i) is within the corporate, limited
liability company or limited partnership powers of such Obligor; and

       

            (ii) will not violate any provisions of any
law or any order of any court or governmental authority or agency and will not
conflict with or result in any breach of any of the terms, conditions or
provisions of, or constitute a default under the Articles of Incorporation,
Articles of Organization, By-laws, Operating Agreement, Limited Liability
Company Agreement or Partnership Agreement of such Obligor or any indenture or
other agreement or instrument to which such Obligor is a party or by which it
may be bound or result in the imposition of any Liens or encumbrances on any
property of such Obligor. 

       

            (b) The execution and delivery of this
Amendment No. 1 has been duly authorized by proper corporate, limited liability
company or limited partnership action on the part of such Obligor (no other
action by the stockholders, members or partners of such Obligor being required
by law, by the Articles of Incorporation, Articles of Organization, By-laws,
Operating Agreement, Limited Liability Company Agreement or Partnership
Agreement of such Obligor or otherwise) and this Amendment No. 1 has been
executed and delivered by such Obligor and this Amendment No. 1 and the Existing
Note Agreement each constitute the legal, valid and binding obligation, contract
and agreement of such Obligor enforceable in accordance with its
terms.

       

            3. No
Defaults. After giving effect to
this Amendment No. 1,
no Default or Event of Default
has occurred and is continuing.

       

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

            4. Governmental Consent. No approval, consent or withholding of objection on
the part of, or filing, registration or qualification with any governmental
body, Federal or state, is necessary in connection with the execution and
delivery of this Amendment No. 1. 

       

            5. No
Conflicts. The execution,
delivery and performance by such Obligor of this Amendment No. 1 will not
violate any provisions of any law or any order of any court or governmental
agency or authority and will not conflict with or result in any breach of any of
the provisions of, or constitute a default under or result in the creation or
imposition of any Lien upon any of the property of such Obligor pursuant to the
provisions of the Articles of Incorporation, Articles of Organization, By-laws,
Operating Agreement, Limited Liability Company Agreement or Partnership
Agreement of such Obligor or any agreement or other instrument to which the
Company is a party or by which such Obligor may be bound. 

       

            6. Each entity which is a borrower or
guarantor under the Bank Agreement, 1995 Note Agreements or 2002 Note Agreements is an Obligor
hereunder. 

       

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

      EXHIBIT A

       

      FORM OF REVISED INTERCREDITOR AGREEMENT

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      
        	 

      
 

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

 

      
        	EXECUTION COPY 
	 

      

       

       

      FOURTH AMENDED AND RESTATED
INTERCREDITOR AGREEMENT
Dated as of June 15, 2007
Among
United of Omaha
Life Insurance Company,
Companion Life Insurance Company
and
Mutual of
Omaha Insurance Company
(the “1995
NOTEHOLDERS”)
AND
Jackson National Life Insurance
Company,
Jackson National Life Insurance Company of New York,
The
Prudential Assurance Company Limited,
AIG SunAmerica Life Assurance
Company
First SunAmerica Life Insurance Company,
Genworth Life Insurance
Company,
Genworth Life and Annuity Insurance Company,
Teachers Insurance
and Annuity Association of America,
TIAA-CREF Life Insurance
Company
Nationwide Life Insurance Company,
Nationwide Life and Annuity
Insurance Company,
Provident Mutual Life Insurance Company,
Pacific Life
Insurance Company,
Massachusetts Mutual Life Insurance Company,
C.M. Life
Insurance Company,
MassMutual Asia Limited
AND
Principal Life Insurance
Company
(the “2002
NOTEHOLDERS”)
AND
Principal Life Insurance Company
Symetra Life
Insurance Company
Gibraltar Life Insurance Co., Ltd.
The Prudential
Insurance Company of America
MTL Insurance Company
Security Benefit Life
Insurance Company, Inc.
The Variable Annuity Life Insurance Company
AIG
Annuity Insurance Company
The Guardian Life Insurance Company of
America
Berkshire Life Insurance Company of America
Transamerica
Occidental Life Insurance Company
AmerUs Life Insurance Company
American
Investors Life Insurance Company
Indianapolis Life Insurance Company

       

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

      

      Genworth Life and Annuity
Insurance Company
Jackson National Life Insurance Company
Life Insurance
Company of the Southwest
Ameritas Life Insurance Corp.
Acacia Life
Insurance Company
Equitrust Life Insurance Company
Assurity Life Insurance
Company
Security Financial Life Insurance Co.
(the “2006
NOTEHOLDERS”)
AND
Metropolitan Life Insurance
Company
Metropolitan Tower Life Insurance Company
(the “2007
NOTEHOLDERS”)
AND
U.S. Bank National Association,
Wachovia Bank,
National Association,
LaSalle Bank National Association,
Comerica
Bank,
Wells Fargo Bank, National Association,
Sovereign
Bank
and
JPMorgan Chase Bank, N.A.
(the “BANKS”)
AND
U.S. Bank
National Association,
as Collateral Agent
(the “COLLATERAL AGENT”)
AND
Additional Noteholders
(from time to
time)

       

      
      

       

      
        	 

      

       

      

      
      

      TABLE OF CONTENTS

       

      
        	SECTION	           
    	HEADING	PAGE
	SECTION 1.	
              	DEFINITIONS	4
	 	
              	
              	
              
	SECTION 2.	
              	[INTENTIONALLY RESERVED]	8
	 	
              	
              	
              
	SECTION 3.	
              	REMEDIES; APPLICATION OF PROCEEDS, RECOVERIES AND	
              
	
              	
              	OTHER AMOUNTS	9
	 	
              	
              	
              
	     Section 3.1.	
              	Remedies	9
	     Section 3.2.	
              	Application of Proceeds and Other
      Recoveries	9
	    
      Section 3.3.	
              	Subaccounts for Unfunded L/C
    Obligations	10
	     Section 3.4.	
              	Sharing
      of Recoveries	10
	    
      Section 3.5.	
              	Return of Amounts	11
	 	
              	
              	
              
	SECTION 4.	
              	AGREEMENTS AMONG THE SENIOR CREDITORS	11
	 	
              	
              	
              
	    
      Section 4.1.	
              	Delivery of Notice of Actionable
    Default	11
	     Section 4.2.	
              	Notifications	11
	    
      Section 4.3.	
              	Effect of Non-Compliance	11
	     Section 4.4.	
              	Agreement to Cooperate and to Pursue
      Remedies	11
	    
      Section 4.5.	
              	Independent Actions by Senior
    Creditors	12
	     Section 4.6.	
              	Relation of Senior Creditors	12
	    
      Section 4.7.	
              	Amendments and Waivers of Agreements	12
	     Section 4.8.	
              	Amendments and Waivers of This
    Agreement	13
	    
      Section 4.9.	
              	Solicitation of Senior Creditors	13
	     Section 4.10.	
              	Parity
      of Treatment	13
	 	
              	
              	
              
	SECTION 5.	
              	THE COLLATERAL AGENT	14
	 	
              	
              	
              
	    
      Section 5.1.	
              	Duties of Collateral Agent	14
	     Section 5.2.	
              	Collateral Agent’s Liability	14
	    
      Section 5.3.	
              	No Responsibility of Collateral Agent for
      Recitals	15
	     Section 5.4.	
              	Certain
      Limitations on Collateral Agent’s Rights to	
              
	
              	
              	     Compensation and
      Indemnification	15
	    
      Section 5.5.	
              	Status of Moneys Received	16
	     Section 5.6.	
              	Resignation or Termination of Collateral
      Agent	16
	    
      Section 5.7.	
              	Succession of Successor Collateral
    Agent	16
	     Section 5.8.	
              	Eligibility of Collateral Agent	17
	    
      Section 5.9.	
              	Successor Collateral Agent by Merger	17
	     Section 5.10.	
              	Compensation and Reimbursement of Collateral
      Agent;	
              
	
              	
              	     Indemnification of
      Collateral Agent	17
	    
      Section 5.11.	
              	Self Dealing	18
	 	
              	
              	
              
	SECTION 6.	
              	MISCELLANEOUS	18

      

      - i - 

       

      

      
      

      
        	Cabela's Incorporated, et al.	Amendment No. 1 To 2006 Note Purchase
  Agreements

 

      
        	     Section 6.1.	           
    	Entire Agreement; Parties	18
	     Section 6.2.	
              	Notices	19
	     Section 6.3.	
              	Successors and Assigns	27
	     Section 6.4.	
              	Successor Collateral Agent	27
	     Section 6.5.	
              	Governing Law	27
	     Section 6.6.	
              	Counterparts	27
	     Section 6.7.	
              	Sale of Interest	27
	     Section 6.8.	 	Additional Parties	27
	     Section 6.9.	
              	Termination	28
	     Section
6.10.	
              	Severability	28

      

      

      
      

      FOURTH AMENDED AND RESTATED INTERCREDITOR AGREEMENT 

       

          
FOURTH AMENDED AND RESTATED INTERCREDITOR AGREEMENT dated for convenience as of June 15, 2007 between (i) United of Omaha Life
Insurance Company, Companion Life Insurance Company and Mutual of Omaha
Insurance Company as parties to the 1995 Note Agreements (as hereinafter
defined), (ii) Jackson National Life Insurance Company, Jackson National Life
Insurance Company of New York, The Prudential Assurance Company Limited, AIG
SunAmerica Life Assurance Company, First SunAmerica Life Insurance Company,
Genworth Life Insurance Company, Genworth Life and Annuity Insurance Company,
Teachers Insurance and Annuity Association of America, TIAA-CREF Life Insurance
Company, Nationwide Life Insurance Company, Nationwide Life and Annuity
Insurance Company, Provident Mutual Life Insurance Company, Pacific Life
Insurance Company, Massachusetts Mutual Life Insurance Company, C.M. Life
Insurance Company, MassMutual Asia Limited and Principal Life Insurance Company
as parties to the 2002 Note Agreements (as hereinafter defined), Principal Life
Insurance Company, Symetra Life Insurance Company, Gibraltar Life Insurance Co.,
Ltd., The Prudential Insurance Company of America, MTL Insurance Company,
Security Benefit Life Insurance Company, Inc., The Variable Annuity Life
Insurance Company, AIG Annuity Insurance Company, The Guardian Life Insurance
Company of America, Berkshire Life Insurance Company of America, Transamerica
Occidental Life Insurance Company, AmerUs Life Insurance Company, American
Investors Life Insurance Company, Indianapolis Life Insurance Company, Genworth
Life and Annuity Insurance Company, Jackson National Life Insurance Company,
Life Insurance Company of the Southwest, Ameritas Life Insurance Corp., Acacia
Life Insurance Company, Equitrust Life Insurance Company, Assurity Life
Insurance Company and Security Financial Life Insurance Co. as parties to the
Original 2006 Note Agreements (as hereinafter defined), (iv) Metropolitan Life
Insurance Company and Metropolitan Tower Life Insurance Company as parties to
the First Supplement (as hereinafter defined), (v) LaSalle Bank National
Association (“LaSalle”), Wachovia Bank, National Association (“Wachovia”), U.S. Bank National Association (“U.S. Bank”), Comerica Bank (“Comerica”), Wells Fargo Bank, National Association
(“Wells Fargo”), Sovereign Bank (“Sovereign”) and JPMorgan Chase Bank, N.A. (“JPMorgan”), and, together with LaSalle, Wachovia, U.S. Bank,
Comerica, Wells Fargo and Sovereign, individually, a “Bank,” and, collectively, the “Banks”, as parties to the New Bank Agreement (as
hereinafter defined), (vi) U.S. Bank National Association, as Collateral Agent
(the “Collateral Agent”) and (vii) Additional Noteholders from time to
time.

       

      RECITALS:

       

           A.
Cabela’s Incorporated, a Delaware corporation (the “Company”), entered into the separate Note Agreements dated as
of January 1, 1995 (collectively, the “Original Note Agreements”) with each of the 1995 Noteholders, pursuant to
which the Company theretofore issued and sold to the 1995 Noteholders (i)
$10,000,000 in aggregate principal amount of its 8.79% Senior Notes, Series A,
due January 1, 2007 (the “1995 Series A Notes”), (ii) $5,000,000 in aggregate principal amount of
its 9.01% Senior Notes, Series B, due January 1, 2007 (the “1995 Series B Notes”), and (iii) $5,000,000 in aggregate principal amount
of its 9.19% Senior Notes, Series C, due January 1, 2010 (the “1995 Series C Notes”) (the Series A Notes, the Series B Notes and the
Series C Notes being collectively the “1995 Notes”).

       

      

      
      

      
        	Fourth Amended and Restated Intercreditor Agreement
  

      

           B.
The Company and certain of the Banks entered into a Credit Agreement dated as of
October 9, 2001 with the borrowers thereunder consisting of the Company and the
following Subsidiaries of the Company: (i) Cabela’s Catalog, Inc., (ii) Cabela’s
Promotions, Inc. (now, Cabela’s Marketing and Brand Management, Inc.), (iii)
Cabela’s Retail, Inc., (iv) Cabela’s Outdoor Adventures, Inc., (v) Cabelas.com,
Inc., (vi) Cabela’s Wholesale, Inc., (vii) Cabela’s Ventures, Inc. and (viii)
Van Dyke Supply Company, Inc. (together the “Original Co-Obligor Subsidiaries”
and such Original Co-Obligor
Subsidiaries, together with the Company, the “Original Obligors”). The Company and certain of the Banks entered into
an Amended and Restated Credit Agreement dated as of May 6, 2004 (the
“2004 Bank Agreement”) with the borrowers thereunder consisting of the
Company and the following Subsidiaries of the Company (such Subsidiaries being
“2004 Co-Obligor Subsidiaries”, and such 2004 Co-Obligor Subsidiaries, together
with the Company, the “2004 Obligors”): (i) Cabela’s Retail, Inc., (ii) Van Dyke Supply
Company, Inc., (iii) Cabela’s Venture, Inc., (iv) Cabela’s Outdoor Adventures,
Inc., (v) Cabela’s Catalog, Inc., (vi) Cabela’s Wholesale, Inc., (vii) Cabela’s
Marketing and Brand Management, Inc. (formerly known as Cabela’s Promotions
Inc.), (viii) Cabelas.com, Inc., (ix) Wild Wings, LLC (“Wild Wings”), (x) Cabela’s Lodging, LLC (“Lodging”), (xi) Herter’s, LLC (“Herter’s”), (xii) Cabela’s Trophy Properties, LLC
(“Trophy”), and (xiii) Original Creations, LLC (“Creations”). The Obligors (as hereinafter defined) and the
Banks amended and restated the 2004 Bank Agreement by entering into a Second
Amended and Restated Credit Agreement dated as of July 15, 2005 (as further
supplemented, amended or restated, from time to time the “New Bank Agreement”) in which Herter’s is no longer a borrower
thereunder and in which Cabela’s Retail LA, LLC, a Nebraska limited liability
company (“Cabela’s LA”), Cabela’s Retail TX, L.P., a Nebraska limited
partnership (“Cabela’s TX”), Cabela’s Retail GP, LLC, a Nebraska limited
liability company (“Cabela’s GP”), CRLP, LLC, a Nebraska limited liability company
(“CRLP”) have become additional borrowers
and certain additional borrowers
entered into the Joinder Agreement dated as of February 22, 2006 by Legacy
Trading Company (“Legacy”) and by Cabela’s Retail MO, LLC. (“Retail MO”) and have become additional borrowers under the New
Bank Agreement. An
additional borrower entered into a Joinder Agreement dated as of June 15, 2007
by Cabelas’s Retail IL, Inc., an Illinois corporation (“Retail IL”)
and together with Cabela’s LA,
Cabela’s TX, Cabela’s GP, CRLP, Legacy, Retail MO, Retail IL and the 2004
Obligors (except Herter’s, LLC), are collectively, the “Obligors”) and have become additional borrowers under the New
Bank Agreement. The Obligors are sometimes referred to as “Borrowers” under the New Bank Agreement.

       

      -2- 

       

      

      
      

      
        	Fourth Amended and Restated Intercreditor Agreement
  

      

           C.
The Original Note Agreements were amended and supplemented pursuant to the terms
of (i) Amendment No. 1 dated as of June 30, 1997 between the Company and the
1995 Noteholders (“Amendment No. 1”),
(ii) Amendment No. 2 dated as of September 1, 2000 between the Company and the
1995 Noteholders (“Amendment No. 2”), (iii) Amendment No. 3 dated as of October 9, 2001
between the Company and the 1995 Noteholders (“Amendment No. 3”), (iv) Amendment No. 4 dated as of September 5, 2002
between the Original Obligors, Wild Wings, Lodging, Herter’s and the 1995
Noteholders (“Amendment No. 4”), (v) Amendment No. 5 dated as of May 5, 2004
between the Original Obligors Wild Wings, Lodging, Herter’s and the 1995 Noteholders
(“Amendment No. 5”), (vi) Amendment No. 6 dated as of February 27, 2006
(“Amendment No. 6”), (vii) Amendment No. 7 dated as of June 15, 2007
(“Amendment No. 7”), (viii) the Joinder Agreement dated as of July 30,
2004 by Trophy, Creations, Cabela’s LA, Cabela’s TX, Cabela’s GP and CRLP (as
amended and restated by the Amended and Restated Joinder Agreement dated July
15, 2005 (the “A&R 1995 Joinder”)), (ix) the Joinder Agreement dated as of February
27, 2006 by Legacy and by Retail MO (the “2006/1995 Joinders”) and (x) the Joinder Agreement dated June 15, 2007
by Retail IL (the “2007/1995 Joinder”) (the Original Note Agreements, as amended and
supplemented by Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No.
4, Amendment No. 5, Amendment No. 6, Amendment No. 7, the 1995 A&R Joinder,
the 2006/1995 Joinders
and the 2007/1995 Joinder being
collectively, and as further supplemented, amended or related from time to time,
the “1995 Note Agreements”).

       

           D.
The Original Obligors, Wild Wings, LLC, Cabela’s Lodging, LLC, Herter’s,
(collectively, the “2002 Obligors”) and the 2002 Noteholders entered into the separate
Note Purchase Agreements dated as of September 5, 2002 (collectively, the
“Original 2002 Note Agreements”) with each of the 2002 Noteholders pursuant to which
the 2002 Obligors issued and sold to the 2002 Noteholders $125,000,000 in
aggregate principal amount of their 4.95% Senior Notes, Series 2002-A, due
September 5, 2009 (the “2002 Notes”). The Original 2002 Note Agreements were amended and
supplemented by the First Amendment Agreement dated October 31, 2005 (the
“First 2002 Amendment”), the Second Amendment Agreement dated February 27,
2006 (the “Second 2002 Amendment”), the Third Amendment Agreement dated June 15, 2007
(the “Third 2002 Amendment”), the Joinder Agreement dated as of July 30, 2004 by
Trophy, Creations, Cabela’s LA, Cabela’s TX, Cabela’s GP and CRLP (as amended
and restated by the Amended and Restated Joinder Agreement dated July 15, 2005
(the “A&R 2002 Joinder”)), the Joinder Agreement dated as of February 27,
2006 by Legacy and by Retail MO (the “2006/2002 Joinders”) and the Joinder Agreement dated June 15, 2007 by
Retail IL (the “2007/2002 Joinder”) (the Original 2002 Note Agreements as amended and
supplemented by the First 2002 Amendment, the Second 2002 Amendment, the Third
2002 Amendment, the A&R 2002 Joinder, the 2006/2002 Joinders, the 2007/2002
Joinder and as further supplemented, amended or restated from time to time are
the “2002 Note Agreements”).

       

           E.
The Obligors and the 2006 Noteholders entered into separate Note Purchase
Agreements dated as of February 27, 2006 (collectively, the “Original 2006 Note Agreements”) with each of the 2006 Noteholders pursuant to which
the Obligors issued and sold to the 2006 Noteholders $215,000,000 aggregate
principal amount of their 5.99% Senior Notes, Series 2006-A, due February 27,
2016 (the “2006 Notes”). The Original 2006 Note Agreements were amended and
supplemented by the First Amendment Agreement dated as of June 15, 2007 (the
“First 2006 Amendment”) and the Joinder Agreement dated June 15, 2007 by
Retail IL (the “2007/2006 Joinder”). 

       

      -3- 

       

      

      
      

      
        	Fourth Amended and Restated Intercreditor Agreement
  

      

           F. The Obligors and the
2007 Noteholders entered into the First Supplement dated as of June 15, 2007
(the “First Supplement”) to the Original 2006 Note Agreements (the Original
2006 Note Agreements as amended and supplemented by the First 2006 Amendment,
the 2007/2006 Joinder and by the First Supplement and as further supplemented,
amended or restated from time to time are the “2006/2007 Note Agreements”) pursuant to which the Obligors issued and sold to the 2007 Noteholders
$60,000,000 aggregate principal amount of their 6.08% Senior Notes, Series
2007-A, due June 15, 2017 (the “2007 Notes”).

       

           G. The 1995 Notes and
all principal thereof, premium, if any, and interest thereon, the 2002 Notes and
all principal thereof, premium, if any and interest thereon, the 2006 Notes and
all principal thereof, premium, if any, and interest thereof, the 2007 Notes and
all principal thereof, premium, if any, and interest thereon, the Bank Loans (as
hereinafter defined) and all principal thereof and interest thereon and any
Additional Notes and all principal thereof, premium, if any and interest thereof
and any and all other obligations of the Obligors to the 1995 Noteholders, the
2002 Noteholders, the 2006 Noteholders, the 2007 Noteholders, the Banks and any
Additional Noteholders of every kind and description, direct or indirect,
absolute or contingent, primary or secondary, due or to become due, now existing
or hereafter arising or acquired, under the terms of the 1995 Notes, the 2002
Notes, the 2006 Notes, the 2007 Notes, the Bank Notes (as hereinafter defined),
any Additional Notes, the 1995 Note Agreements, the 2002 Note Agreements, the
2006/2007 Note Agreements, the New Bank Agreement or any other document or
instrument executed and delivered by any of the Obligors pursuant to the 1995
Note Agreements, the 2002 Note Agreements, the 2006/2007 Note Agreements or the
New Bank Agreement and any modification, renewal or replacement thereof,
regardless of how they arise or are acquired or by what agreement or instrument,
if any, including obligations to perform acts and refrain from taking action as
well as obligations to pay money and including, without limitation, the
obligation of the Obligors in respect of undrawn amounts of Letters of Credit,
are hereinafter collectively referred to as the “Obligations.” 

       

           H. The 1995
Noteholders, the 2002 Noteholders, the 2006 Noteholders, the 2007 Noteholders
and the Banks have reached certain agreements concerning the interests of each
and have set forth said agreements below.

       

      SECTION 1. DEFINITIONS. 

       

           Unless the context otherwise requires, the terms
hereinafter set forth when used herein shall have the following meanings and the
following definitions shall be equally applicable to both the singular and
plural forms of any of the terms herein defined:

       

           “Additional Notes” shall have the meaning set forth in the 2002 Note
Agreements and the 2006/2007 Note Agreements (as applicable). 

       

           “Additional Noteholders” shall mean any Person who purchases Additional Notes
and executed a counterpart to this Agreement pursuant to Section 6.8 hereto and
any Persons who succeed to their respective benefits in accordance with Section
6.3 and 6.7 hereto. 

       

           “Bank Loans” shall mean the Revolver Loans, the L/C Loans and the
Swing Line Loans.

       

           “Bank Notes” shall mean, collectively, the Revolving Loan Notes
evidencing the Revolver Loans outstanding from time to time under the New Bank
Agreement and the Swing Line Note evidencing the Swing Line Loans outstanding
from time to time under the New Bank Agreement.

       

      -4- 

       

      

      
      

      
        	Fourth Amended and Restated Intercreditor Agreement
  

      

           “Banks” shall have the meaning set forth in the introductory
paragraph of this Agreement.

       

           “Borrowers” shall have the meaning set forth in paragraph B of
the Recitals hereto.

       

           “Collateral” shall mean any amounts received by the Collateral
Agent hereunder to pay Obligations including, without limitation, any Recoveries
and any other collateral from time to time securing the
Obligations.

       

           “Collateral Agent” shall mean U.S. Bank National Association, in its
capacity as collateral agent hereunder, and any successor collateral agent
appointed pursuant to Section 5.6 hereof.

       

           “Company” shall mean Cabela’s Incorporated, a Delaware
corporation, and any Person who succeeds to all, or substantially all, of the
assets and business of Cabela’s Incorporated.

       

           “Event of Default” means (i) any Event of Default under the New Bank
Agreement, (ii) any Event of Default under the 1995 Note Agreements, (iii) any
Event of Default under the 2002 Note Agreements, or (iv) any Event of Default
under the 2006/2007 Note Agreements.

       

           “First Supplement” shall have the meaning set forth in paragraph F of
the Recitals hereto. 

       

           “Funded L/C Obligations” shall mean at any time the obligations of the
Borrowers with respect to any Letter of Credit which has been partially or fully
drawn upon.

       

           “L/C Funding Event” shall mean the occurrence of an event which causes an
Unfunded L/C Obligation to become a Funded L/C Obligation.

       

           “L/C Loans” means the loans of the Banks with respect to Letters
of Credit.

       

           “Legacy Joinder” shall have the meaning set forth in paragraph D of
the Recitals thereto. 

       

           “Letters of Credit” shall mean the Letters of Credit available to the
Borrowers under the New Bank Agreement.

       

           “New Bank Agreement” shall have the meaning set forth in paragraph B of
the Recitals hereto.

       

           “1995 Note Agreements” shall have the meaning set forth in paragraph C of
the Recitals hereto.

       

           “1995 Noteholders” shall mean United of Omaha Life Insurance Company,
Companion Life Insurance Company and Mutual of Omaha Insurance Company, as the
initial purchasers of the 1995 Notes, and any Persons who succeed to their
respective benefits in accordance with Sections 6.3 and 6.7 hereof.

       

      -5- 

       

      

      
      

      
        	Fourth Amended and Restated Intercreditor Agreement
  

      

           “1995 Notes” shall have the meaning set forth in paragraph A of
the Recitals hereto.

       

           “Nonpayment Event of Default” shall mean the occurrence of any Event of Default
other than a Payment Event of Default.

       

           “Notice of Actionable Default” shall mean a written notice issued by a Senior
Creditor or Senior Creditors to the Collateral Agent, with a copy thereof to the
Company, certifying (1) that a Payment Event of Default under the 1995 Note
Agreements, the 2002 Note Agreements, the 2006/2007 Note Agreements or the New
Bank Agreement, as the case may be, to which such Senior Creditor or Senior
Creditors shall be a party has occurred and is continuing or (2) that a
Nonpayment Event of Default under the 1995 Note Agreements, the 2002 Note
Agreements, the 2006/2007 Note Agreements or the New Bank Agreement, as the case
may be, to which such Senior Creditor or Senior Creditors shall be a party has
occurred and is continuing, and that at least 10 days prior to the issuance of
such notice, a Senior Creditor shall have delivered to the Collateral Agent, the
Company and every other Senior Creditor prior written notice of such Nonpayment
Event of Default.

       

           “Obligations” shall have the meaning set forth in paragraph E of
the Recitals hereto.

       

           “Obligors” shall have the meaning set forth in paragraph B of
the Recitals hereto and shall include any other borrower or guarantor from time
to time under the New Bank Agreement, the 1995 Note Agreements, the 2002 Note
Agreements or the 2006/2007 Note Agreements. 

       

           “Original Co-Obligor Subsidiaries”
shall have the meaning set forth
in paragraph B of the Recitals hereto.

       

           “Original 2006 Note Agreements” shall have the meaning set forth in paragraph E of
the Recitals thereof. 

       

           “Original Obligors” shall have the meaning set forth in paragraph B of
the Recitals hereto.

       

           “Payment Event of Default” shall mean (1) the occurrence of a default or an
event of default under the 1995 Note Agreements as a result of the failure of
the Obligors to pay when due principal of, premium, if any, or interest on any
1995 Note, (2) the occurrence of a default or an event of default under the 2002
Note Agreements as a result of the failure of the Obligors to pay when due
principal of, premium, if any, or interest on any 2002 Note or any Additional
Note, (3) the occurrence of a default or an event of default under the 2006/2007
Note Agreements as a result of the failure of the Obligors to pay when due
principal of, premium, if any, or interest on any 2006 Note or any 2007 Note or
any Additional Note, (4) the occurrence of a default or an event of default
under the New Bank Agreement as a result of the failure of the Obligors to pay
when due interest, unused commitment fee and/or prepayment compensation, if any,
or principal on the Revolver Loans or the Swing Line Loans, or (5) the
occurrence of a default or an event of default under the New Bank Agreement as a
result of the failure of the Obligors to pay when due reimbursement obligations
on Letters of Credit.

       

      -6- 

       

      

      
      

      
        	Fourth Amended and Restated Intercreditor Agreement
  

      

           “Person” shall mean an individual, partnership, corporation,
limited liability company, bank, trust or unincorporated organization, and a
government or agency or political subdivision thereof.

       

           “Reallocation Event” shall mean an event which causes an Unfunded L/C
Obligation to cease to exist without becoming a Funded L/C Obligation, including
the termination of a Letter of Credit without being drawn upon.

       

           “Recovery” shall have the meaning set forth in Section 3.4
hereof.

       

           “Revolver Loans” shall mean the Revolver Loans available to the
Borrowers under the New Bank Agreement.

       

           “Secured Documents” shall mean the 1995 Notes, the 1995 Note Agreements,
the 2002 Notes, the 2002 Note Agreements, the 2006 Notes, the 2006/2007 Note
Agreements, the 2007 Notes, the Bank Notes, the New Bank Agreement, the Letters
of Credit, any Additional Notes and any and all amendments and supplements
thereof.

       

           “Senior Creditors” shall mean the 1995 Noteholders, the 2002
Noteholders, the 2006 Noteholders, the 2007 Noteholders, the Banks and the
Additional Noteholders.

       

           “Swing Line Loans” shall mean the Swing Line Loans available to the
Borrowers under the New Bank Agreement.

       

           “2004 Bank Agreement” shall have the meaning set forth in paragraph B of
the Recitals hereto.

       

           “2004 Co-Obligor Subsidiaries” shall have the meaning set forth in paragraph B of
the Recitals hereto.

       

           “2004 Obligors” shall have the meaning set forth in paragraph B of
the Recitals hereto.

       

           “2007 Noteholders” means Metropolitan Life Insurance Company and
Metropolitan Tower Life Insurance Company as the initial purchasers of the 2007
Notes, and any Persons who succeed to their respective benefits in accordance
with Section 6.3 and 6.7 hereof. 

       

           “2007 Notes” shall have the meaning set forth in paragraph F of
the Recitals hereto.

       

           “2006/2007 Note Agreements” shall have the meaning set forth in paragraph F of
the Recitals hereto.

       

      -7- 

       

      

      
      

      
        	Fourth Amended and Restated Intercreditor Agreement
  

      

           “2006 Noteholders” shall mean Principal Life Insurance Company, Symetra
Life Insurance Company, Gibraltar Life Insurance Co., Ltd., The Prudential
Insurance Company of America, MTL Insurance Company, Security Benefit Life
Insurance Company, Inc., The Variable Annuity Life Insurance Company, AIG
Annuity Insurance Company, The Guardian Life Insurance Company of America,
Berkshire Life Insurance Company of America, Transamerica Occidental Life Insurance Company,
AmerUs Life Insurance Company, American Investors Life Insurance Company,
Indianapolis Life Insurance Company, Genworth Life and Annuity Insurance
Company, Jackson National Life Insurance Company, Life Insurance Company of the
Southwest, Ameritas Life Insurance Corp., Acacia Life Insurance Company,
Equitrust Life Insurance Company, Assurity Life Insurance Company and Security
Financial Life Insurance Co., as the initial purchasers of the 2006 Notes, and
any Persons who succeed to their respective benefits in accordance with Sections
6.3 and 6.7 hereof.

       

           “2006 Notes” shall have the meaning set forth in paragraph E of
the Recitals hereto.

       

           “2002 Note Agreements” shall have the meaning set forth in paragraph D of
the Recitals hereto.

       

           “2002 Noteholders” shall mean Jackson National Life Insurance Company,
Jackson National Life Insurance Company of New York, The Prudential Assurance
Company Limited, AIG SunAmerica Life Assurance Company, First SunAmerica Life
Insurance Company, Genworth Life Insurance Company, Genworth Life and Annuity
Insurance Company, Teachers Insurance and Annuity Association of America,
TIAA-CREF Life Insurance Company, Nationwide Life Insurance Company, Nationwide
Life and Annuity Insurance Company, Provident Mutual Life Insurance Company,
Pacific Life Insurance Company, Massachusetts Mutual Life Insurance Company,
C.M. Life Insurance Company, MassMutual Asia Limited and Principal Life
Insurance Company, as the initial purchasers of the 2002 Notes, and any Persons
who succeed to their respective benefits in accordance with Sections 6.3 and 6.7
hereof.

       

           “2002 Notes” shall have the meaning set forth in paragraph D of
the Recitals hereto.

       

           “Unfunded L/C Obligations” shall mean at any time the obligations of the
Borrowers to the Banks in respect of undrawn amounts of outstanding Letters of
Credit issued by such Banks. Each such Unfunded Obligation will be deemed to be
in an amount equal to the undrawn amount of the related Letter of
Credit.

       

           “Uniform Commercial Code” shall mean the Uniform Commercial Code, as in effect
in the applicable jurisdiction.

       

      SECTION 2. [INTENTIONALLY RESERVED]. 

       

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        	Fourth Amended and Restated Intercreditor Agreement
  

      

      SECTION 3. REMEDIES; APPLICATION OF PROCEEDS,
RECOVERIES AND OTHER AMOUNTS. 

       

           Section 3.1. Remedies. Upon receipt of a Notice of Actionable Default, the
Collateral Agent shall, pursuant to the written direction of the Senior Creditor
or Senior Creditors giving the Notice of Actionable Default, exercise each of
the remedies available to the Collateral Agent and specified in each written
direction to the Collateral Agent, it being expressly understood that no remedy
herein conferred is intended to be exclusive of any other remedy or remedies;
but each and every remedy shall be cumulative and shall be in addition to every
other remedy given herein or now or hereafter existing at law or in equity or by
statute; provided, that (i) a Notice of Actionable Default may be
withdrawn at any time by delivery of a written notice to the Collateral Agent to such effect by the Senior
Creditor or Senior Creditors which gave the Notice of Actionable Default and
upon receipt of such written notice, the Collateral Agent shall no longer follow
the written directions of such Senior Creditor or Senior Creditors with respect
to the exercise of remedies hereunder, and (ii) if there shall be more than one
Notice of Actionable Default outstanding at any time and the written directions
from the respective Senior Creditors shall be conflicting, the Collateral Agent
may exercise such remedies as it shall, in its sole discretion, deem
appropriate, which will include the following:

       

           (a) The Collateral
Agent shall have the right immediately and without prior notice or demand to set
off against Obligations, whether or not due, all money and other amounts owed by
the Collateral Agent in any capacity to any of the Obligors, and the Collateral
Agent may freeze any bank account of any of the Obligors with the Collateral
Agent prior to and in anticipation of said setoff;

       

           (b) The Collateral
Agent may proceed to protect and enforce its rights by a suit or suits in equity
or at law, or for the specific performance of any covenant or agreement
contained herein, or in aid of the execution of any power herein granted, or for
the enforcement of this Agreement, or for the enforcement of any other
appropriate legal or equitable remedy permitted by applicable law.

       

           Section 3.2. Application of Proceeds
and Other Recoveries. In the
event that any Notice of Actionable Default shall have been delivered to the
Collateral Agent, amounts recovered from the Obligors or pursuant to Section 3.4
hereof shall be applied, as promptly as reasonably practicable, but in no event
later than 5 business days after receipt thereof, subject to the following
provisions of this Section 3, to the payment of the Obligations as
follows:

       

           (a) To the payment of
costs and expenses of suit, if any, and the costs of collecting and recovering
any such amounts including, without limitation, the reasonable compensation of
the Collateral Agent, its agents, attorneys and counsel, and of all reasonable
expenses, liabilities and advances incurred or made hereunder by the Collateral
Agent;

       

           (b) to the application
to the Obligations in the following order:

       

           (i) to pay all accrued
interest, fees and other amounts (excluding the items described in clause (ii)
below) which are payable under the Secured Documents apportioned among the
Senior Creditors in proportion to the aggregate amount thereof then due each
Senior Creditor;

       

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        	Fourth Amended and Restated Intercreditor Agreement
  

      

           (ii) to be allocated
among all outstanding principal, and premium, if any (including, in the case of
the 1995 Notes, the Make-Whole Amounts, as defined in the 1995 Note Agreements
and in the case of the 2002 Notes, the Make-Whole Amount as defined in the 2002
Note Agreements and, in the case of the 2006 Notes, the Make-Whole Amount as
defined in the Original 2006 Note Agreements and, in the case of the 2007 Notes,
the Make-Whole Amount as defined in the First Supplement and any premium related
to any Additional Notes as set forth in
a Supplement to the 2002 Note Agreements or the 2006 Note Agreements (as the
case may be)), due on the Bank Loans, the 1995 Notes, the 2002 Notes, the 2006
Notes, the 2007 Notes, any Additional Notes and all Unfunded L/C Obligations,
apportioned among the Senior Creditors in proportion to the aggregate amount of
(w) the outstanding principal of the Bank Loans, 1995 Notes, 2002 Notes, 2006
Notes, 2007 Notes or Additional Notes of each Senior Creditor, (x) the aggregate
Unfunded L/C Obligations of each Senior Creditor, and (y) the premium, if any,
then due each Senior Creditor thereunder; and any amount so allocated under
clauses (w) or (y) of this paragraph (b)(ii) to a Senior Creditor, shall be paid
to such Senior Creditor and any amount so allocated under clause (x) of this
paragraph (b)(ii) to any Senior Creditor shall be held in a separate subaccount
established under Section 3.3 hereof for disposition in accordance with the
provisions thereof;

       

           (c) the payment of the
surplus, if any, to the Obligors, their successors or to whomsoever may be
lawfully entitled to receive the same.

       

           Section 3.3. Subaccounts for
Unfunded L/C Obligations.
Whenever any amount (“proceeds”) is allocated to a Senior Creditor of Unfunded L/C
Obligations pursuant to Section 3.2 above, such proceeds shall be held by the
Collateral Agent for the benefit of such Senior Creditor and shall be
suballocated by the Collateral Agent to separate subaccounts for each of the
Unfunded L/C Obligations of such Senior Creditor based upon the Senior
Creditors’ share of each of such Unfunded L/C Obligations. Upon the subsequent
occurrence of an L/C Funding Event with respect to an Unfunded L/C Obligation to
which proceeds have been suballocated, the Collateral Agent shall pay the
amount(s) suballocated in respect of such Unfunded L/C Obligations (adjusted for
any partial draws or investment losses or gains pursuant to this Section 3.3) to
the Senior Creditors for whom the related subaccounts were established. Pending
the distribution of such amounts, the Collateral Agent shall hold the amounts
allocated to separate subaccounts pursuant to the foregoing provisions and may
invest such amounts in direct obligations of the United States of America or
obligations for which the full faith and credit of the United States is pledged
to provide for the payment of principal and interest, maturing not more than 90
days from the date of such investment.

       

           Upon the occurrence of a Reallocation Event with
respect to any Unfunded L/C Obligation for which proceeds have been suballocated
pursuant to the foregoing provisions of this Section 3.3, the Collateral Agent
shall reapply the proceeds which have been so suballocated (adjusted for any
investment losses or gains pursuant to this Section 3.3) as if such proceeds had
then been received for application pursuant to Section 3.2 hereof.

       

           Section 3.4. Sharing of
Recoveries. If (i) a Notice of
Actionable Default shall have been delivered to the Collateral Agent and (ii)
such Notice shall not have been withdrawn and the Event of Default described
therein shall then be continuing, any Senior Creditor which shall receive any
payment of any fee, expense, principal, premium or interest under any of the
Secured Documents, including any amount received by the exercise of any right of
setoff (any such payment or amount being hereinafter referred to as a
“Recovery”), shall pay the amount of such Recovery to the
Collateral Agent for distribution to the Senior Creditors and the Collateral
Agent shall pay such amount to the Senior Creditors in accordance with the
provisions set forth in Section 3.2.

       

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        	Fourth Amended and Restated Intercreditor Agreement
  

      

           Section 3.5. Return of
Amounts. In the event that any
Senior Creditor which shall receive any payments pursuant to Section 3.4 above
(a “Recovering Party”) shall be legally required to return or repay any
Recovery to any of the Obligors, or the representative or successor in interest
of any of the Obligors because any such payments are subsequently invalidated,
voided, declared to be fraudulent or preferential, set aside or required to be
paid to a trustee under the bankruptcy code, each other Senior Creditor which
shall have received any portion of such Recovery shall, promptly upon its
receipt of notice thereof from the Collateral Agent or such Recovering Party,
pay to the Collateral Agent such portion, and the Collateral Agent shall
promptly return such portion to such Obligors, their representative or successor
in interest of such Obligors, as the case may be. If any such Recovery, or any
part thereof, is subsequently re-recovered by the Recovering Party from any
Obligors or the representative or successor in interest of the Obligors, such
Recovery shall be paid by the Recovering Party to the Collateral Agent, and the
Collateral Agent shall redistribute such Recovery to the other Senior Creditors
on the same basis as such amounts were originally distributed. In addition, if
any Senior Creditor shall have its right to share in the proceeds of any part of
the Collateral released, terminated or invalidated, whether voluntarily or
involuntarily, then such proceeds shall be reallocated among the Senior
Creditors entitled to receive such proceeds and the indebtedness owing to such
Senior Creditor shall no longer be considered in determining the allocation of
proceeds received with respect to said Collateral, and such Senior Creditor
shall have no claim on said Collateral or the proceeds thereof. The obligations
of the Senior Creditors and the Collateral Agent under this paragraph shall
survive the repayment of the Obligations and the termination of the Collateral
Documents.

       

      SECTION 4. AGREEMENTS AMONG THE SENIOR
CREDITORS. 

       

           Section 4.1. Delivery of Notice of
Actionable Default. Each Senior
Creditor shall have the right to issue a Notice of Actionable
Default.

       

           Section 4.2. Notifications.
Prior to the delivery to the
Collateral Agent of a Notice of Actionable Default by a Senior Creditor, each
Senior Creditor shall deliver notice thereof to every other Senior Creditor and
the Company.

       

           Section 4.3. Effect of
Non-Compliance. The failure of
any Senior Creditor to perform any of its obligations under the 1995 Note
Agreements, the 2002 Note Agreements, the 2006/2007 Note Agreements, the New
Bank Agreement, or this Agreement, including without limitation, the failure of
any Senior Creditor to pay to the Collateral Agent any amounts required to be so
paid under this Agreement, shall not relieve any other Senior Creditor of its
obligations under the 1995 Note Agreements, the 2002 Note Agreements, the
2006/2007 Note Agreements, the New Bank Agreement or this
Agreement.

       

           Section 4.4. Agreement to Cooperate
and to Pursue Remedies. (a) Each
Senior Creditor hereby agrees to cooperate fully with each other Senior
Creditor, in order to promptly discharge the terms and provisions of this
Agreement. Each Senior Creditor also agrees, from time to time, to execute and
deliver any and all other agreements, documents or instruments and to take such
other actions, all as may be reasonably necessary or desirable to effectuate the
terms, provisions and the intent of this Agreement.

       

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        	Fourth Amended and Restated Intercreditor Agreement
  

      

           (b) Each Senior
Creditor agrees that, until its Obligations have been paid in full, it will
diligently pursue, or cause the Collateral Agent to diligently pursue, any and
all collection actions and remedies available to such Senior Creditor or to the
Collateral Agent under applicable law which actions and remedies such Senior
Creditor deems reasonably likely to result in the recovery of amounts to be
applied to Obligations for the benefit of the Senior Creditors, which
Obligations shall include, without limitation, any amounts distributed to such
Secured Party by the Collateral Agent as a sharing of a Recovery under Section
3.4 hereof.

       

           Section 4.5. Independent Actions by
Senior Creditors. Nothing
contained in this Agreement shall prohibit any Senior Creditor from accelerating
the maturity of or demanding payment on any indebtedness of any of the Obligors
to such Senior Creditor or exercising any right of set-off against any amounts
owed to any of the Obligors or from instituting legal action against any of the
Obligors, to obtain a judgment or other legal process in respect of such
indebtedness, but any funds received in connection with any such set-off or
enforcement of any such judgment shall be subject to the terms of this Agreement
and, if received by a Senior Creditor, shall be turned over to the Collateral
Agent to the extent required hereunder for application as set forth
herein.

       

           Section 4.6. Relation of Senior
Creditors. This Agreement is
entered into solely for the purposes set forth herein and, except as expressly
provided otherwise herein, no Senior Creditor assumes any responsibility to any
other party hereto to advise such other party of information known to such other
party regarding the financial condition of the Company or the other Obligors or
of any other circumstances bearing upon the risk of nonpayment of the
obligations of the Obligors to the Senior Creditors. Each Senior Creditor shall
be responsible for managing its relations with the Obligors, and no party shall
be deemed the agent of any other party for any purpose except as expressly set
forth herein. Each Senior Creditor specifically acknowledges and agrees that
nothing contained in this Agreement is or is intended to be for the benefit of
any of the Obligors and nothing contained herein shall limit or in any way
modify any of the obligations of the Obligors to the Senior
Creditors.

       

           Section 4.7. Amendments and Waivers
of Agreements. The Senior
Creditors agree that (i) the Banks may enter into any amendment or modification
of the New Bank Agreement without the consent of the 1995 Noteholders or the
2002 Noteholders or the 2006 Noteholders or the 2007 Noteholders or any
Additional Noteholders, (ii) the 1995 Noteholders may enter into any amendment
or modification of the 1995 Notes or the 1995 Note Agreements without the
consent of the Banks or the 2002 Noteholders or the 2006 Noteholders or the 2007
Noteholders or any Additional Noteholders, (iii) the 2002 Noteholders or the
Additional Noteholders under the 2002 Note Agreements may enter into any
amendment or modification of the 2002 Notes or the 2002 Note Agreements or such
Additional Notes without the consent of the Banks or the 1995 Noteholders or the
2006 Noteholders or the 2007 Noteholders or the Additional Noteholders under the
2006/2007 Note Agreements and (iv) the 2006 Noteholders or the 2007 Noteholders
or the Additional Noteholders under the 2006/2007 Note Agreements may enter into
any amendment or modification of the 2006 Notes, the 2007 Notes, such Additional
Notes or the 2006/2007 Note Agreements without the consent of the Banks or the
1995 Noteholders or the 2002 Noteholders or the Additional Noteholders under the
2002 Note Agreements; provided, that, upon the Banks, the 1995 Noteholders, the 2002
Noteholders, the 2006 Noteholders, the 2007 Noteholders or the Additional
Noteholders entering into any such amendment or modification, the Persons
executing such amendment or modification shall promptly furnish a copy thereof
to all of the other Senior Creditors.

       

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        	Fourth Amended and Restated Intercreditor Agreement
  

      

           Section 4.8. Amendments and Waivers
of This Agreement. Any provision
of this Agreement may be amended or compliance therewith waived with the written
consent thereto of: 

       

           (i) the holders of at
least 51% in aggregate principal amount of the 1995 Notes then
outstanding;

       

           (ii) the holders of at
least 51% in aggregate principal amount of the sum of (x) 2002 Notes and (y) any
Additional Notes under the 2002 Note Agreements then outstanding; 

       

           (iii) the holders of at
least 51% in aggregate principal amount of the sum of (x) 2006 Notes and (y) the
2007 Notes and (z) any Additional Notes under the 2006/2007 Note Agreements then
outstanding; and 

       

           (iv) each of the Banks
which is a party to the New Bank Agreement.

       

           Section 4.9. Solicitation of Senior
Creditors. Each of the Obligors
hereby agrees that it will not offer to any Senior Creditor any benefit or
consideration (whether immediate or prospective, definite or contingent) of any
kind as an inducement to such Senior Creditor to consent to an amendment or
waiver of any of the foregoing documents or instruments without concurrently
offering a comparable benefit or consideration to each other Senior Creditor as
an inducement to consent to such amendment or waiver.

       

           Section 4.10. Parity of
Treatment. Each Senior Creditor
agrees that it will not accept from any of the Obligors or any other Person any
benefit or consideration (whether immediate or prospective, definite or
contingent) with respect to the Obligations (including, without limitation, any
guaranty from any third party or any collateral security) without the prior
written consent of each other Senior Creditor unless such benefit or
consideration shall also be conferred upon or paid to each other Senior Creditor
on a pro rata basis based upon the amount of Obligations owed
thereto.

       

      
      

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        	Fourth Amended and Restated Intercreditor Agreement
  

      

      SECTION 5. THE
COLLATERAL AGENT.

       

           The Collateral Agent accepts the duties hereunder and
agrees to perform the same, but only upon the terms and conditions hereof,
including the following, to all of which the Obligors and the respective Senior
Creditors by their acceptance hereof agree:

       

           Section 5.1. Duties of Collateral
Agent. (a) In the event that a
Responsible Officer of the Collateral Agent shall have received written notice
from a Senior Creditor or any of the Obligors of an Event of Default, the
Collateral Agent shall give prompt written notice of such Event of Default to
each Senior Creditor. Subject to the terms of Section 5.2(g), the Collateral
Agent shall take such action or refrain from taking such action as the
Collateral Agent shall be directed pursuant to a Notice of Actionable Default.
The term “Responsible Officer” of the Collateral Agent shall mean (i) any officer of
the Collateral Agent which is a loan officer on the account of the Obligors
under the New Bank Agreement, (ii) any other officer which has direct or
indirect supervisory responsibility of the account of the Obligors under the New
Bank Agreement, and (iii) any Person to whom notice may be given on behalf of
the Collateral Agent under Section 6 hereof.

       

           (b) The Collateral
Agent shall not have any duty or obligation to take or refrain from taking any
action under, or in connection with, this Agreement, except as expressly
provided by the terms and conditions of this Agreement, or expressly provided in
written instructions received pursuant to the terms of this
Agreement.

       

           (c) The Collateral
Agent may, but shall not be under any obligation to, take any action which is
discretionary with the Collateral Agent or otherwise requires judgment to be
made by the Collateral Agent under the provisions hereof, except on written
request by the Senior Creditors.

       

           Section 5.2. Collateral Agent’s
Liability. No provision of this
Agreement (except to the extent provided in Section 5.11 hereof) shall be
construed to relieve the Collateral Agent from liability for its own grossly
negligent action, grossly negligent failure to act, or its own willful
misconduct, and provided further that:

       

           (a) the Collateral
Agent shall not be liable except for the performance of such duties as are
specifically set forth in this Agreement and no implied covenants or obligations
of the Collateral Agent shall be read into this Agreement but the duties and
obligations of the Collateral Agent shall be determined solely by the express
provisions of this Agreement;

       

           (b) in the absence of
bad faith on the part of the Collateral Agent, the Collateral Agent may rely
upon the authenticity of, and the truth of the statements and the correctness of
the opinions expressed in, and shall be protected in acting upon, any
resolution, officer’s certificate, opinion of counsel, note, request, notice,
consent, waiver, order, signature guaranty, notarial seal, stamp,
acknowledgment, verification, appraisal, report, stock certificate, or other
paper or document believed by the Collateral Agent to be genuine and to have
been signed, affixed or presented by the proper party or parties;

       

           (c) in the absence of
bad faith on the part of the Collateral Agent, whenever the Collateral Agent, or
any of its agents, representatives, experts or counsel, shall consider it
necessary or desirable that any matter be proved or established, such matter
(unless other evidence in respect thereof be herein specifically prescribed) may
be deemed to be conclusively proved and established by an officer’s certificate;
provided, however, that the Collateral Agent, or such agent,
representative, expert or counsel, may require such further and additional
evidence and make such further investigation as it or they may consider
reasonable;

       

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        	Fourth Amended and Restated Intercreditor Agreement
  

      

           (d) the Collateral
Agent may consult with counsel and the advice or opinion of such counsel shall
be full and complete authorization and protection in respect of any action taken
or suffered hereunder in good faith and in accordance with such advice or
opinion of counsel;

       

           (e) the Collateral
Agent shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with any direction or request of a
Senior Creditor pursuant to the terms of this Agreement;

       

           (f) the Collateral
Agent shall not be liable for any error of judgment made in good faith by an
officer of the Collateral Agent unless it shall be proved that the Collateral
Agent was grossly negligent in ascertaining the pertinent facts;

       

           (g) whether or not an
Event of Default shall have occurred, the Collateral Agent shall not be under
any obligation to take or refrain from taking any action under this Agreement
which may tend to involve it in any expense or liability, the payment of which
within a reasonable time is not, in its reasonable opinion, assured to it by the
security afforded to it by the terms of this Agreement, unless and until it is
requested in writing so to do by a Senior Creditor and furnished, from time to
time as it may require, with reasonable security and indemnity; and

       

           (h) the Collateral
Agent shall not be concerned with or accountable to any Person for the use or
application of any deposited moneys which shall be released or withdrawn in
accordance with the provisions of this Agreement.

       

           Section 5.3. No Responsibility of
Collateral Agent for Recitals.
The recitals and statements contained in this Agreement and in the Secured
Documents shall be taken as the recitals and statements of the Obligors, and the
Collateral Agent assumes no responsibility for the correctness of the
same.

       

           The Collateral Agent makes no representation as to
the validity or sufficiency of this Agreement or of the
Obligations.

       

           Section 5.4. Certain Limitations on
Collateral Agent’s Rights to Compensation and Indemnification.
Except to the extent otherwise
expressly provided in Section 5.10, the Collateral Agent shall have no right
against a Senior Creditor for the payment of compensation for its services
hereunder or any expenses or disbursements incurred in connection with the
exercise and performance of its powers and duties hereunder or any
indemnification against liabilities which it may incur in the exercise and
performance of such powers and duties, but on the contrary, shall look solely to
the Obligors for such payment and indemnification which the Obligors hereby
acknowledge, and the Collateral Agent shall have a lien on and a security interest in the Collateral as security for such
compensation, expenses, disbursements and indemnification provided for in
Section 3.2 hereof.

       

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        	Fourth Amended and Restated Intercreditor Agreement
  

      

           Section 5.5. Status of
Moneys Received. (a) All moneys
received by the Collateral Agent shall, until used or applied as herein
provided, be held for the purposes for which they were received, but need not be
segregated in any manner from any other moneys, except to the extent required by
law, and may be deposited by the Collateral Agent under such general conditions
as may be prescribed by law in the Collateral Agent’s general banking
department, and the Collateral Agent shall be under no liability for interest on
any moneys received by it hereunder. The Collateral Agent and any affiliated
corporation may become the owner of any of the Obligations and be interested in
any financial transaction with any Obligor, or the Collateral Agent may act as
depository or otherwise in respect to other securities of any Obligor, all with
the same rights which it would have if it was not the Collateral
Agent.

       

           (b) The Collateral
Agent may invest and reinvest any funds from time to time held by the Collateral
Agent in direct obligations of the United States of America or obligations for
which the full faith and credit of the United States is pledged to provide for
the payment of principal and interest, maturing not more than 90 days from the
date of such investment.

       

           Section 5.6.
Resignation or Termination of Collateral Agent. The Collateral Agent may resign as Collateral Agent
upon not less than 30 days’ written notice to each of the Senior Creditors. In
addition, any Senior Creditor may by written notice at any time remove the
Collateral Agent for cause by giving written notice thereof, including a
description of the reason for such removal, to the Collateral Agent, the other
Senior Creditors and the Company. Upon any such resignation, or any such
removal, the Senior Creditors shall have the right to jointly appoint a
successor Collateral Agent. If no successor Collateral Agent shall have been so
appointed, and shall have accepted such appointment in writing within 30 days
after the retiring Collateral Agent’s giving of notice of resignation or its
removal, as the case may be, then the retiring Collateral Agent may, on behalf
of the Senior Creditors, appoint a successor Collateral Agent, which shall be a
commercial bank organized under the laws of the United States of America or of
any state thereof with the legal capacity to act as Collateral Agent hereunder
and having a combined capital, surplus and undivided profits of not less than
$100,000,000, and the Company agrees to pay such reasonable fees and expenses of
any such commercial bank as shall be necessary to induce such commercial bank to
agree to become a successor Collateral Agent hereunder. Upon acceptance of
appointment as Collateral Agent, such successor shall thereupon and forthwith
succeed to and become vested with all the rights, powers and privileges,
immunities and duties of the retiring Collateral Agent, and the retiring
Collateral Agent, upon the signing, transferring and setting over to such
successor Collateral Agent all rights, moneys and other collateral held by it in
its capacity as Collateral Agent, shall be discharged from its duties and
obligations hereunder. After any retiring Collateral Agent’s resignation or
removal as Collateral Agent, the provisions of this Section 5 shall govern as to
any actions taken or omitted to be taken by it while it acted as Collateral
Agent.

       

           Section 5.7. Succession
of Successor Collateral Agent.
Any successor Collateral Agent appointed hereunder shall execute, acknowledge
and deliver to the Obligors and the predecessor Collateral Agent an instrument
accepting such appointment, and thereupon such successor Collateral Agent,
without any further act, deed, conveyance or transfer, shall become vested with
the security interest in the Collateral, and with all the rights, powers, duties
and obligations of the predecessor Collateral Agent in the trust hereunder, with
like effect as if originally named as Collateral Agent herein.

       

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      Fourth Amended and
Restated Intercreditor Agreement 

       

           Upon the request of any such successor
Collateral Agent, however, the Obligors and the predecessor Collateral Agent
shall execute and deliver such instruments of conveyance and further assurance
and do such other things as may reasonably be required for more fully and
certainly vesting and confirming in such successor Collateral Agent its interest
in the Collateral and all such rights, powers, duties and obligations of the
predecessor Collateral Agent hereunder, and the predecessor Collateral Agent
shall also assign and deliver to the successor Collateral Agent any Collateral
subject to the lien and security interest of this Agreement which may then be in
its possession.

       

           Section 5.8. Eligibility of
Collateral Agent. Any
successor Collateral Agent shall be a state or national bank or trust company in
good standing, organized under the laws of the United States of America or of
any State, having capital, surplus and undivided profits aggregating at least
$100,000,000 or a guaranty of its obligations hereunder from such a bank or
trust company or holding company in good standing, organized under the laws of
the United States of America or of any State having a capital, surplus and
undivided profits aggregating at least $100,000,000, if there be such a bank or
trust company willing and able to accept the duties hereunder upon reasonable
and customary terms.

       

           Section 5.9. Successor Collateral
Agent by Merger. Any
corporation into which the Collateral Agent may be merged or with which it may
be consolidated, or any corporation resulting from any merger or consolidation
to which the Collateral Agent shall be a party, or any state or national bank or
trust company in any manner succeeding to the corporate trust business of the
Collateral Agent as a whole or substantially as a whole, if eligible as provided
in Section 5.8, shall be the successor of the Collateral Agent hereunder without
the execution or filing of any paper or any further act on the part of any of
the parties hereto, anything to the contrary contained herein
notwithstanding.

       

           Section 5.10. Compensation and
Reimbursement of Collateral Agent; Indemnification of Collateral Agent.
The Obligors
agree:

       

           (a) to pay to the
Collateral Agent all of its out-of-pocket expenses in connection with the
preparation, execution and delivery of this Agreement and the transactions
contemplated hereby, including but not limited to the reasonable charges and
disbursements of its counsel;

       

           (b) to pay to the
Collateral Agent from time to time reasonable compensation for all services
rendered by it hereunder; provided, that the
Collateral Agent may waive any such compensation;

       

           (c) except as otherwise
expressly provided herein, to reimburse the Collateral Agent upon its request
for all reasonable expenses, disbursements and advances incurred or made by the
Collateral Agent in accordance with any provision of this Agreement (including
the reasonable compensation and the expenses and disbursements of its agents and
counsel), except any such expense, disbursement or advance as may be
attributable to its gross negligence or willful misconduct; and

       

      -17- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

           (d) to indemnify the Collateral Agent for, and
to hold it harmless against, any loss, liability or expense incurred without
gross negligence or willful misconduct on its part, arising out of or in
connection with the acceptance or administration of the Agreement, including,
but not limited to, the costs and expenses of defending itself against any claim
or liability in connection with the exercise or performance of any of its powers
or duties hereunder, and any loss, liability, expense or claim arising out of
its possession, management, control, use or operation of the
Collateral.

       

           The Senior Creditors agree, severally but not
jointly and severally, to indemnify the Collateral Agent (to the extent not
reimbursed under Section 5.10(a) through (d) inclusive), ratably on the basis of
the respective principal amounts of the Obligations outstanding, for any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind and nature whatsoever that may be
imposed on, incurred by or asserted against the Collateral Agent (including the
costs and expenses that the Obligors are obligated to pay under this Section
5.10 regardless of whether the obligation of the Obligors to pay such costs and
expenses is enforceable) arising out of the actions of the Collateral Agent
hereunder or the transactions contemplated thereby or the enforcement of any of
the terms thereof or of any such other documents, provided that no
Senior Creditor shall be liable for any of the foregoing to the extent they
arise from the gross negligence, willful misconduct or knowing violations of law
by the Collateral Agent.

       

           Notwithstanding any other provision of this
Agreement, the Collateral Agent shall in all cases be fully justified in failing
or refusing to act hereunder unless it shall be indemnified to its satisfaction
by the Senior Creditors against any and all liability and expense that may be
incurred by it by reason of taking or continuing to take any such
action.

       

           Section 5.11. Self
Dealing. The Collateral
Agent or any holding company, trust company or corporation in or with which the
Collateral Agent or the Collateral Agent’s stockholders may be interested or
affiliated, or any officer or director of the Collateral Agent or of any other
such entity, or any agent appointed by the Collateral Agent, may have commercial
relations or otherwise deal with any of the Obligors, or any Senior Creditor, or
with any other corporation having relations with any of the Obligors or any
Senior Creditor, and with any other entity, whether or not affiliated with the
Collateral Agent, without affecting its rights hereunder.

       

      SECTION 6. MISCELLANEOUS.

       

           Section 6.1. Entire Agreement;
Parties. This Agreement
represents the entire Agreement between the Senior Creditors and the Collateral
Agent and, except as otherwise provided, this Agreement may not be altered,
amended or modified except in a writing executed by all the parties to this
Agreement. The persons who shall be parties to this Agreement shall be (i) all
1995 Noteholders, (ii) all 2002 Noteholders, (iii) all 2006 Noteholders, (iv)
all 2007 Noteholders, (v) all Persons
who are signatories and parties to the New Bank Agreement and (vi) all
Additional Noteholders.

       

      -18- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

           Section 6.2. Notices. All communications provided for
herein shall be in writing, delivered or mailed prepaid by registered or
certified mail or overnight air courier, or by facsimile communication at the
addresses set forth below, or to such other address as such person may designate
to the other persons named below by notice given in accordance with this
Section:

       

      
        	             
      If to the 1995 Noteholders:	      	United of Omaha Life Insurance Company
	
              	
              	Companion Life Insurance Company
	
              	
              	Mutual of Omaha Insurance Company
	
              	
              	Mutual of Omaha Plaza
	
              	
              	Omaha, Nebraska 68175
	
              	
              	Attention: Kent Knudsen
	
              	
              	Telefacsimile: (402) 351-2913
	
              	
              	 
	             
      If to the 2002 Noteholders:	
              	Jackson National Life Insurance Company
	
              	
              	Jackson National Life Insurance Company of New York
	
              	
              	The Prudential Assurance Company Limited
	
              	
              	c/o PPM America Inc.
	
              	
              	225 West Wacker Drive, Suite 1200
	
              	
              	Chicago, Illinois 60606-1228
	
              	
              	Attention: Michael Harrington Telefacsimile:
	
              	
              	(312) 634-0054
	
              	
              	 
	
              	
              	AIG SunAmerica Life Assurance Company
	
              	
              	First SunAmerica Life Insurance Company
	
              	
              	c/o AIG Global Investment Corporation
	
              	
              	2929 Allen Parkway, Suite A36-01
	
              	
              	Houston, Texas 77019-2155
	
              	
              	Attention: Legal Department -Investment Management
	
              	 	Telefacsimile: (713) 831-2328
	
              	
              	 
	
              	
              	Genworth Life Insurance Company
	
              	
              	Genworth Life and Annuity Insurance Company
	
              	
              	c/o GE Financial Assurance
	
              	
              	Two Union Square, 601 Union Street
	
              	
              	Seattle, Washington 98101
	
              	
              	Attention: Investment Department, Private
      Placements
	
              	
              	Telefacsimile: (206) 516-4578

      

      -19- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	Teachers Insurance and Annuity
      Association of America
	730 Third Avenue
	New York, New York
  10017-3206
	Attention: Securities Accounting
      Division
	Telefacsimile: 212-916-6955
	 
	TIAA-CREF Life Insurance
    Company
	730 Third Avenue
	New York, New York 10017-3206
      Attention:
	Securities Accounting
  Division
	Telefacsimile: 212-916-6955
	 
	Nationwide Life Insurance
    Company
	Nationwide Life and Annuity Insurance
      Company
	Provident Mutual Life Insurance
      Company
	One Nationwide Plaza
  (1-33-07)
	Columbus, Ohio 43215-2220
	Attention: Corporate
      Fixed -Income Securities
	Telefacsimile:
	 
	Pacific Life Insurance
  Company
	700 Newport Center Drive
	Newport Beach, California
      92660-6397
	Attention: 	Securities Administration –
      Cash Team
	Telefacsimile: (949)
  640-4013
	 
	Massachusetts Mutual Life Insurance
      Company
	C.M. Life Insurance Company
	MassMutual Asia Limited
	c/o Babson Capital Management
    LLC
	1500 Main Street
	Springfield, Massachusetts
    01115
	Attention: Securities Investment
      Division
	Telefacsimile:

      

      -20- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	
              	      	Principal Life Insurance Company
	
              	
              	c/o Principal Capital Income Investors, LLC
	
              	
              	801 Grand Avenue
	
              	
              	Des Moines, Iowa 50392-0800
	
              	
              	Attention: Investment Department -
      Securities
	
              	
              	Telefacsimile: (515) 248-2490
	
              	
              	 
	             
      If to the 2006 Noteholders:	
              	Principal Life Insurance Company
	
              	
              	c/o Principal Global Investors, LLC
	
              	
              	711 High Street
	
              	
              	Des Moines, Iowa 50392-0800
	
              	
              	 
	
              	
              	Symetra Life Insurance Company
	
              	
              	c/o Principal Global Investors, LLC
	
              	
              	711 High Street
	
              	
              	Des Moines, Iowa 50392-0800
	
              	
              	Attention: Fixed Income Private Placement
	
              	
              	 
	
              	
              	Gibraltar Life Insurance Co., Ltd.
	
              	
              	Prudential Private Placement Investors, L.P.
	
              	
              	c/o Prudential Capital Group
	
              	
              	Two Prudential Plaza
	
              	
              	180 North Stetson Street, Suite 5600
	
              	
              	Chicago, Illinois 60601-6716
	
              	
              	Attention: Managing Director
	
              	
              	 
	
              	
              	The Prudential Insurance Company of America
	
              	
              	c/o Prudential Capital Group
	
              	
              	Two Prudential Plaza
	
              	
              	180 North Stetson Street, Suite 5600
	
              	
              	Chicago, Illinois 60601-6716
	
              	
              	Attention: Managing Director
	
              	
              	 
	
              	
              	MTL Insurance Company
	
              	
              	Prudential Private Placement Investors, L.P.
	
              	
              	c/o Prudential Capital Group
	
              	
              	Two Prudential Plaza
	
              	
              	180 North Stetson Street, Suite 5600
	
              	
              	Chicago, Illinois 60601-6716
	
              	
              	Attention: Managing Director

      

      -21- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	Security Benefit Life Insurance Company, Inc.
	Prudential Private Placement Investors, L.P.
	c/o Prudential Capital Group
	Two Prudential Plaza
	180 North Stetson Street, Suite 5600
	Chicago, Illinois 60601-6716
	Attention: Managing Director
	 
	The Variable Annuity Life Insurance Company
	c/o AIG Global Investment Group
	2929 Allen Parkway, Suite A36-01
	Houston, Texas 77019-2155
	Attn: Legal Department - Investment
	Management
	Facsimile Number: (713) 831-2328
	 
	AIG Annuity Insurance Company
	c/o AIG Global Investment Group
	2929 Allen Parkway, A36-01
	Houston, Texas 77019-2155
	Attention: Legal Department-Investment
	Management
	Fax Number: (713) 831-2328
	 
	The Guardian Life Insurance Company of America
	7 Hanover Square
	New York, NY 10004-2616
	Attention: Barry Scheinholtz
	Investment Department 20-D
	Fax Number: (212) 919-2658/2656
	 
	Berkshire Life Insurance Company of America
	c/o The Guardian Life Insurance Company of America
	7 Hanover Square
	New York, NY 10004-2616
	Attention: Barry Scheinholtz
	Investment Department 20-D
	Telefacsimile: (212)
919-2658/2656

      

      -22- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	Transamerica Occidental Life Insurance Company
	c/o AEGON USA Investment Management, LLC
	4333 Edgewood Road N.E.
	Cedar Rapids, Iowa 52499-5335
	Attention: Director of Private Placements
	Phone: (319) 369-2432
	Fax: (319) 369-2666
	 
	AmerUs Life Insurance Company
	c/o AmerUs Capital Management
	699 Walnut Street, Suite 1700
	Des Moines, Iowa 50309
	Attention: Steve Sweeney
	Telephone: (515) 362-3542
	Facsimile: (515) 362-3631
	 
	American Investors Life Insurance Company
	c/o AmerUs Capital Management
	699 Walnut Street, Suite 1700
	Des Moines, Iowa 50309
	Attention: Steve Sweeney
	Telephone: (515) 362-3542
	Facsimile: (515) 362-3631
	 
	Indianapolis Life Insurance Company
	c/o Aviva Capital Management
	699 Walnut Street, Suite 1700
	Des Moines, Iowa 50309
	Attention: Steve Sweeney
	Telephone: (515) 362-3542
	Facsimile: (515) 362-3631
	 
	Genworth Life and Annuity Insurance Company
	c/o Genworth Financial
	Account: Genworth Life and Annuity
	Insurance Company
	601 Union Street, Suite 2200
	Seattle, Washington 98101
	Attention: Private Placements
	Phone Number: (206) 516-4515
	Fax Number: (206) 516-4578

      

      -23- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	Jackson National Life Insurance Company
	5901 Executive Drive
	Lansing, Michigan 48911
	 
	Life Insurance Company of the Southwest
	c/o National Life Insurance Company
	One National Life Drive
	Montpelier, Vermont 05604
	Attention: Private Placements
	Fax Number: (802) 223-9332
	E-mail: shiggins@nationallife.com
	 
	Ameritas Life Insurance Corp. - Closed Block
	5900 “O” Street
	Lincoln, Nebraska 68510-2234
	 
	Ameritas Life Insurance Corp.
	5900 “O” Street
	Lincoln, Nebraska 68510-2234
	 
	Acacia Life Insurance Company
	5900 “O” Street
	Lincoln, Nebraska 68510-2234
	 
	Equitrust Life Insurance Company
	5400 University Avenue
	West Des Moines, Iowa 50266-5997
	Attention: Securities Department
	 
	Assurity Life Insurance Company
	Attention: Investment Division
	4000 Pine Lake Road
	Lincoln, Nebraska 68516
	 
	Security Financial Life Insurance Co.
	4000 Pine Lake Road
	P. O. Box 82248
	Lincoln, Nebraska 68501-2248

      

      -24- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	          If to the
      2007 Noteholders:	     	Metropolitan Life Insurance Company
	
              	
              	1 MetLife Plaza
	
              	
              	27-01 Queens Plaza North
	
              	
              	Long Island City, New York 11101
	
              	
              	 
	
              	
              	Metropolitan Tower Life Insurance Company
	
              	
              	1 MetLife Plaza
	
              	
              	27-01 Queens Plaza North
	
              	
              	Long Island City, New York 11101
	
              	
              	 
	          If to the
      Banks:	
              	U.S. Bank National Association
	
              	
              	233 South 13th Street
	
              	
              	Lincoln, Nebraska 68508
	
              	
              	Attention: James M. Williams
	
              	
              	 
	
              	
              	with a copy to:
	
              	
              	 
	
              	
              	Dorsey & Whitney, LLP
	
              	
              	50 South Sixth Street, Suite 1500
	
              	
              	Minneapolis, MN 55402
	
              	
              	Attention: Mike Pignato
	
              	
              	 
	
              	
              	Wachovia Securities
	
              	
              	One South Broad Street
	
              	
              	MC: PA4843
	
              	
              	Philadelphia, PA 19107
	
              	
              	Attention: Mark Supple
	
              	
              	 
	
              	
              	LaSalle Bank National Association
	
              	
              	Republic Plaza
	
              	
              	370 17th Street, Suite 3590
	
              	
              	Denver, CO 80202
	
              	
              	Attention: Darren L. Lemkau
	
              	
              	 
	
              	
              	Comerica Bank
	
              	 	Comerica Bank at Detroit Center
	
              	
              	500 Woodward Avenue
	
              	
              	Detroit, Michigan 48226
	
              	
              	Attention: Timothy H.
O’Rourke,

      

      -25- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	
              	     	Wells Fargo Bank, National Association
	
              	
              	1248 O Street
	
              	
              	Lincoln, Nebraska 68508
	
              	
              	Attention: Bill Weber
	
              	
              	 
	
              	
              	Sovereign Bank
	
              	
              	601 Penn St.
	
              	
              	10-6438-CM9
	 	
              	Reading, PA 19601
	
              	
              	Attention: Kevin Cornwall
	
              	
              	 
	
              	
              	JPMorgan Chase Bank, N.A.
	
              	
              	227 W. Monroe Street, Fl. 28
	
              	
              	Chicago, IL 60606
	
              	
              	Attention: John Runger
	
              	
              	 
	             
      If to the Collateral Agent:	
              	U.S. Bank National Association
	
              	
              	233 South 13th Street
	
              	
              	Lincoln, Nebraska 68508
	
              	
              	Attention: James M. Williams, Vice President
	
              	
              	 
	             
      If to the Company:	
              	Cabela’s Incorporated
	
              	
              	One Cabela Drive
	
              	
              	Sidney, Nebraska 69160
	
              	
              	Attention: Ralph Castner, CFO & Vice President
	
              	
              	Telefacsimile: (308) 254-6969
	
              	
              	 
	
              	
              	with a copy to:
	
              	
              	 
	
              	
              	Koley Jessen, P.C.
	
              	
              	1125 South 103rd Street, Suite 800
	
              	
              	Omaha, Nebraska 68124
	
              	
              	Attention: Michael M. Hupp
	
              	
              	Telefacsimile: (402) 390-9005
	
              	
              	 
	
              	
              	Cabela’s Incorporated
	
              	
              	One Cable Drive
	
              	
              	Sidney, Nebraska 69160
	
              	
              	Attention: Legal Department
	
              	
              	Telefacsimile: (308) 254-8060

      

      -26- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	              If
      to the Additional Noteholders:	     	At an address provided by such Additional
	
              	
              	Noteholder at the time of the execution of
	
              	
              	a counterpart hereto.

      

           Section 6.3. Successors and
Assigns. This Agreement shall be
binding upon and inure to the benefit of each of the Senior Creditors and their
respective successors and assigns, whether so expressed or not, and, in
particular, shall inure to the benefit of and be enforceable by any future
holder or holders of any Obligations, and the term “Senior Creditor” shall mean
and include only the Persons referred to in the second sentence of Section 6.1
above.

       

          
Section 6.4. Successor
Collateral Agent. In the event
that a successor Collateral Agent is appointed hereunder, each of the Senior
Creditors and the Obligors hereby agree to use its best efforts and to take all
actions necessary and appropriate to provide for the collection of Obligations
by the successor Collateral Agent upon the delivery of a Notice of Actionable
Default.

       

          
Section 6.5. Governing
Law. This Agreement shall be
governed by and construed in accordance with the laws of the State of
Nebraska.

       

          
Section 6.6.
Counterparts. This Agreement may
be executed in any number of counterparts, all of which taken together shall
constitute one Agreement, and any of the parties hereto may execute this
Agreement by signing any such counterpart.

       

          
Section 6.7. Sale of
Interest. No Senior Creditor will
sell, transfer or dispose of any interest in the Obligations unless such
purchaser or transferee shall agree, in writing, to be bound by the terms of
this Agreement.

       

          
Section 6.8. Additional
Parties. Any Person which becomes
a 1995 Noteholder, a 2002 Noteholder, a 2006 Noteholder, a 2007 Noteholder or a
party to the New Bank Agreement shall become a party to this Agreement which
shall be evidenced by such Person executing a counterpart signature page of this
Agreement whereby such holder shall then be a Secured Creditor hereunder and
shall have all the rights and benefits hereunder as a Secured Creditor as if it
had signed this Agreement on the date hereof. It is understood and agreed that
any Person that purchases Additional Notes under the 2002 Note Agreements and/or
the 2006/2007 Note Agreements and becomes a holder (as defined in the 2002 Note
Agreements and the 2006/2007 Note Agreements respectively) thereunder after the
date hereof shall become a Secured Creditor hereunder by executing a counterpart
signature page of this Agreement whereby such holder shall then be a Secured
Creditor hereunder and shall have all the rights and benefits hereunder as a
Secured Creditor as if it had signed this Agreement on the date hereof. Any such
Person who executes a counterpart signature page of this Agreement shall deliver
a copy of such counterpart to the Company who shall distribute a copy of such
counterpart to all Secured Parties. 

       

      -27- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

          
Section 6.9. Termination.
In the event that (i) no Event of
Default exists and no event or circumstance which, with the passage of time or
the giving of notice would constitute an Event of Default (a “Default”) exists and (ii) the Collateral Agent and each of
the Senior Creditors receives written notice (the “Termination Notice”) from the Company certifying in a manner reasonably
satisfactory to the Collateral Agent and the Senior Creditors that (a) the
Company is the sole Obligor with respect to any and all Obligations and that all
other Obligors have been fully and properly released from their respective
Obligations (including, without limitation, any existing Obligations in respect
of fees, costs or other liabilities relative to the Collateral Agent, the Senior
Creditors or otherwise) and (b) no Default or Event of Default then exists, this
Agreement shall be deemed terminated in its entirety on the first business day
which is 10 days after the date of the Termination Notice.

       

           Section 6.10.
Severability. In case any one or
more of the provisions contained in this Agreement shall be invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions of this Agreement shall not in any way be affected or
impaired thereby.

       

      -28- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be executed as of the date first above written.

       

      
        	UNITED OF OMAHA LIFE INSURANCE COMPANY, as a
	1995 Noteholder
	
              	 
	
              	 
	By   	 
	
              	Name:	 
	
              	Title:	 
	
              	 
	
              	  
	COMPANION LIFE INSURANCE COMPANY, as a 1995
	Noteholder
	
              	 
	
              	 
	By	 
	
              	Name:	 
	
              	Title:	 
	
              	 
	
              	 
	MUTUAL OF OMAHA INSURANCE COMPANY, as a
	1995 Noteholder
	
              	 
	
              	 
	By	 
	
              	Name:	 
	
              	Title:	 

      

      -29- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement

       

      
      

      
        	JACKSON
      NATIONAL LIFE INSURANCE COMPANY, as
    a
	2002 Noteholder and as a 2006
    Noteholder
	
              	
              	 
	By:	PPM America,
      Inc.,
	
              	as attorney in
      fact, on behalf of Jackson
	
              	National Life
      Insurance Company
	
              	
              	 
	
              	
              	 
	By   	 
	
              	Name:	
              
	
              	Title:	 
	
              	
              	 
	
              	
              	 
	JACKSON
      NATIONAL LIFE INSURANCE COMPANY OF
	NEW
      YORK, as a 2002 Noteholder
	
              	
              	 
	By:	PPM America,
      Inc.,
	
              	as attorney in
      fact, on behalf of Jackson
	
              	National Life
      Insurance Company of New York
	
              	
              	 
	
              	
              	 
	By	
              	 
	
              	Name:	 
	
              	Title:	 
	
              	
              	 
	
              	
              	 
	THE
      PRUDENTIAL ASSURANCE COMPANY LIMITED,
	as a 2002 Noteholder
	
              	
              	 
	By:	PPM America,
      Inc.,
	
              	as attorney in
      fact, on behalf of The
	
              	Prudential
      Assurance Company Limited
	
              	
              	 
	
              	
              	 
	By	
              	 
	
              	Name:	 
	
              	Title:	 

      

       

      -30- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	FIRST SUNAMERICA LIFE INSURANCE COMPANY
	AIG
      SUNAMERICA LIFE ASSURANCE COMPANY
	F.K.A
      AND D.B.A. ANCHOR NATIONAL LIFE
	INSURANCE COMPANY, as 2002
Noteholders

      

      
        	By:	AIG Global Investment
  Corp.,
	
              	investment adviser
	
              	 
	
              	 
	By   	 
	
              	Name:	 
	
              	Title:	 

      

      -31- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	GENWORTH LIFE INSURANCE COMPANY, as a
  2002
	Noteholder
	
              	 
	
              	 
	By   	 
	
              	Name:	 
	
              	Title:	 
	 
	 
	GENWORTH LIFE AND ANNUITY INSURANCE
	COMPANY, as a 2002 Noteholder
	
              	 
	
              	 
	By   	 
	
              	Name:	 
	
              	Title:	 

      

       

      -32- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement

       

      
        	TEACHERS INSURANCE AND ANNUITY ASSOCIATION
	OF AMERICA, as a 2002
      Noteholder
	
              	 
	
              	 
	By   	 
	
              	Name:	 
	
              	Title:	 

      

      
        	TIAA-CREF LIFE INSURANCE COMPANY, as a 2002
	Noteholder
	
              	 
	By:	Teachers Insurance and
    Annuity
	
              	Association of America, as
      Investment
	
              	Manager
	
              	 
	
              	 
	By   	 
	
              	Name:	 
	
              	Title:	 

      

       

      -33- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	NATIONWIDE LIFE INSURANCE COMPANY
	NATIONWIDE LIFE AND ANNUITY INSURANCE
	COMPANY
	PROVIDENT MUTUAL LIFE INSURANCE COMPANY, as
	2002 Noteholders
	
              	 
	
              	 
	By  	 
	
              	Name:	 
	
              	Title:	 

      

      -34- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	PACIFIC LIFE INSURANCE COMPANY, as a 2002
	Noteholder
	
              	 
	
              	 
	By  	 
	
              	Name:	 
	
              	Title:	 

      

      

        	
              	 
	By 
      	 
	
              	Name:	 
	
              	Title:	 

      

      -35- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
      

      
      

      
        	MASSACHUSETTS MUTUAL LIFE INSURANCE
	COMPANY, as a 2002
      Noteholder
	
              	
              	 
	By:	Babson Capital Management LLC
      as
	
              	Investment Adviser
	
              	
              	 
	
              	
              	 
	By  	 
	
              	Name:	
              
	
              	Title:	 
	
              	
              	 
	
              	
              	 
	C.M. LIFE INSURANCE COMPANY, as a
      2002
	Noteholder
	
              	
              	 
	By:	Babson Capital Management LLC
      as
	
              	Investment Sub-Adviser
	
              	
              	 
	
              	
              	 
	By	
              	 
	
              	Name:	 
	
              	Title:	 
	
              	
              	 
	
              	
              	 
	MASSMUTUAL ASIA LIMITED, as a 2002 Noteholder
	as a 2002 Noteholder
	
              	
              	 
	By:	Babson Capital Management LLC
      as
	
              	Investment Adviser
	
              	
              	 
	
              	
              	 
	By	
              	 
	
              	Name:	 
	
              	Title:	 

      

       

      -36- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	PRINCIPAL LIFE INSURANCE COMPANY, as a 2002
	Noteholder and a 2006
  Noteholder

      

      
        	By:	Principal Global Investors,
      LLC, a
	
              	Delaware limited liability
      company, its
	
              	authorized signatory
	
              	
              	 
	 	 	  
	By  	 
	
              	Name:	 
	
              	Title:	 
	
              	
              	 

      

      

        	By  	 
	
              	Name:	 
	
              	Title:	 

      

      -37- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	SYMETRA LIFE INSURANCE COMPANY, a Washington
	corporation, as a 2006
  Noteholder

      

       

      
        	By:	Principal Global Investors,
      LLC, a 
	
              	Delaware limited liability
      company, its
	
              	authorized
  signatory 
	
              	
              	 
	
              	
              	 
	By  	 
	
              	Name:	
              
	
              	Title:	 
	
              	
              	 

      

      

        	By  	 
	
              	Name:	
              
	
              	Title:	 

      

      -38- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	GIBRALTAR LIFE INSURANCE CO., LTD., as a 2006
	Noteholder

      

       

      
        	By:	Prudential Investment
      Management
	
              	(Japan), Inc., as Investment
      Manager
	
              	 
	By:	Prudential Investment
      Management, Inc.,
	
              	as Sub-Adviser
	
              	
              	 
	
              	
              	 
	By   	 
	
              	Name:  	
              
	
              	Title:	Vice
President

      

      -39- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	THE PRUDENTIAL INSURANCE COMPANY OF
	AMERICA, as a 2006
      Noteholder

      

      
 

      
        	By   	 
	
              	Name: 	
              
	
              	Title:	Vice President

      

      -40- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	MTL
      INSURANCE COMPANY, as a 2006
      Noteholder

      

       

      
        	By:	Prudential Private Placement
      Investors,
	
              	L.P. (as Investment
  Advisor)
	
              	 
	By:	Prudential Private Placement
      Investors,
	
              	L.P. (as its General
    Partner)
	
              	
              	 
	
              	
              	 
	By  	 
	
              	Name:  	
              
	
              	Title:	Vice
President 

      

      -41- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	SECURITY BENEFIT LIFE INSURANCE COMPANY,
	INC., as a 2006
      Noteholder

        	By:	Prudential Private Placement
      Investors,
	
              	L.P. (as Investment
  Advisor)
	
              	 
	By:	Prudential Private Placement
      Investors,
	
              	L.P. (as its General
    Partner)
	
              	
              	 
	
              	
              	 
	By  	 
	
              	Name:  	
              
	
              	Title:	Vice
President 

      -42- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	THE VARIABLE ANNUITY LIFE INSURANCE
	COMPANY
	AIG
      ANNUITY INSURANCE COMPANY, as 2006
	Noteholders

        	By:	AIG Global Investment Corp.,
      investment
	
              	adviser
	
              	
              	
              	 
	
              	
              	
              	 
	By   	 
	
              	Name:	
              
	
              	Title:	
              

      

       

      -43- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	THE GUARDIAN LIFE INSURANCE COMPANY OF
	AMERICA, as a 2006
      Noteholder

        	By   	 
	
              	Name: 	 
	
              	Title:	 

      

      -44- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	BERKSHIRE LIFE INSURANCE COMPANY OF
	AMERICA, as a 2006
      Noteholder

        	By   	 
	
              	Name: 	 
	
              	Title:	 

      

       

      -45- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	
                TRANSAMERICA OCCIDENTAL LIFE INSURANCE

              
	
                COMPANY, as a 2006
  Noteholder

              

 

      
        	By   	 
	
              	Name: 	 
	
              	Title:	 

      

      -46- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	AMERUS LIFE INSURANCE COMPANY, as a
  2006
	Noteholder

        	By:	Aviva Capital Management
      Group, Inc.,
	
              	its authorized attorney-in-fact
	
              	
              	  
	
              	
              	 
	By   	 
	
              	Name:	
              
	
              	Title:	
              

      

      -47- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	AMERICAN INVESTORS LIFE INSURANCE COMPANY,
	as a
      2006 Noteholder

        	By:	Aviva Capital Management
      Group, Inc.,
	
              	its authorized attorney-in-fact
	
              	
              	  
	
              	
              	 
	By   	 
	
              	Name:	
              
	
              	Title:	
              

      

      -48- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	INDIANAPOLIS LIFE INSURANCE COMPANY, as a
	2006
      Noteholder

        	By:	Aviva Capital Management
      Group, Inc.,
	
              	its authorized attorney-in-fact
	
              	
              	  
	
              	
              	 
	By   	 
	
              	Name:	
              
	
              	Title:	
              

      

       

      -49- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	GENWORTH LIFE AND ANNUITY INSURANCE
	COMPANY, as a 2006
      Noteholder

      

      
        	By   	 
	
              	Name: 	 
	
              	Title:	 

      

      -50- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	LIFE INSURANCE COMPANY OF THE SOUTHWEST, as a
	2006
      Noteholder

 

        	By   	 
	
              	Name: 	 
	
              	Title:	 

      

      -51- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	AMERITAS LIFE INSURANCE CORP. - CLOSED BLOCK,
	as a
      2006 Noteholder

        	By:	Ameritas Investment Advisors
      Inc., as
	
              	Agent
	
              	
              	  
	
              	
              	 
	By   	 
	
              	Name:  	Andrew S. White  
	
              	Title:	Vice President - Fixed Income
	
              	
              	    
  Securities

      

      -52- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	AMERITAS LIFE INSURANCE CORP., as a 2006
	Noteholder

        	By:	Ameritas Investment Advisors
      Inc., as
	
              	Agent
	
              	
              	  
	
              	
              	 
	By   	 
	
              	Name:  	Andrew S. White  
	
              	Title:	Vice President - Fixed Income
	
              	
              	    
  Securities

      

      -53- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	ACACIA LIFE INSURANCE COMPANY, as a 2006
	Noteholder

        	By:	Ameritas Investment Advisors
      Inc. as
	
              	Agent
	
              	
              	  
	
              	
              	 
	By   	 
	
              	Name:  	Andrew S. White  
	
              	Title:	Vice President - Fixed Income
	
              	
              	    
  Securities

      

      -54- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	EQUITRUST LIFE INSURANCE COMPANY, as a 2006
	Noteholder

        	By   	 
	
              	Name: 	 
	
              	Title:	 

      

      -55- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	ASSURITY LIFE INSURANCE COMPANY, as a 2006
	Noteholder

        	By   	 
	
              	Name: 	 
	
              	Title:	 

      

      -56- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	SECURITY FINANCIAL LIFE INSURANCE CO., as a
	2006
      Noteholder

        	By   	 
	
              	Name: 	 
	
              	Title:	 

      

      -57- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	METROPOLITAN LIFE INSURANCE COMPANY, as a
	2007
      Noteholder

      

      
        	By   	 
	
              	Name: 	 
	
              	Title:	 

      

      
        	METROPOLITAN TOWER LIFE INSURANCE COMPANY,
	as a
      2007 Noteholder

      

      
        	By   	 
	
              	Name: 	 
	
              	Title:	 

      

      -58- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	U.S.
      BANK NATIONAL ASSOCIATION

        	By   	 
	
              	Name: 	 
	
              	Title:	 

      

      -59- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	U.S.
      BANK NATIONAL ASSOCIATION, as Collateral
	Agent

        	By   	 
	
              	Name: 	 
	
              	Title:	 

      

      -60- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	WACHOVIA BANK, NATIONAL ASSOCIATION

        	By   	 
	
              	Name: 	 
	
              	Title:	 

      

      -61- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	LASALLE BANK NATIONAL ASSOCIATION

        	By   	 
	
              	Name: 	 
	
              	Title:	 

      

      -62- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	COMERICA BANK

        	By   	 
	
              	Name: 	 
	
              	Title:	 

      

      -63- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	WELLS FARGO BANK, NATIONAL ASSOCIATION

        	By   	 
	
              	Name: 	 
	
              	Title:	 

      

      -64- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	SOVEREIGN BANK

        	By   	 
	
              	Name: 	 
	
              	Title:	 

      

      -65- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	JPMORGAN CHASE BANK,
  N.A.

        	By   	 
	
              	Name: 	 
	
              	Title:	 

      

      -66- 

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      ACKNOWLEDGMENT, CONSENT AND AGREEMENT 

       

           Each of Cabela’s Incorporated (the “Company”) and the Subsidiaries of the Company consisting of
(i) Cabela’s Catalog, Inc., (ii) Cabela’s Retail, Inc., (iii) Cabela’s Outdoor
Adventures, Inc., (iv) Cabelas.com, Inc., (v) Cabela’s Wholesale, Inc., (vi)
Cabela’s Ventures, Inc., (vii) Wild Wings, LLC, (viii) Cabela’s Lodging, LLC,
(ix) Van Dyke Supply Company, Inc., (x) Cabela’s Marketing and Brand Management,
Inc., (xi) Cabela’s Retail LA, LLC, (xii) Cabela’s Trophy Properties, LLC,
(xiii) Original Creations, LLC, (xiv) Cabela’s Retail TX, L.P., (xv) Cabela’s
Retail GP, LLC, (xvi) Legacy Trading Company, (xvii) CRLP, LLC and (xviii)
Cabela’s Retail MO, LLC and (xix) Cabela’s Retail IL, Inc. (such subsidiaries
being “Co-Obligor Subsidiaries” and together with the Company, the “Obligors”) hereby: (a) acknowledges receipt of the foregoing
Fourth Amended and Restated Intercreditor Agreement, (b) agrees to be bound by
each of the obligations applicable to it set forth in the Fourth Amended and
Restated Intercreditor Agreement (including but not limited to the obligations
under Section 6.8), (c) believes it is in its best interests to have the Senior
Creditors (as defined in the Fourth Amended and Restated Intercreditor
Agreement) enter into the Fourth Amended and Restated Intercreditor Agreement
and to cooperate among themselves regarding their respective financial
relationships with the Obligors, (d) consents to the free exchange of
information among the Senior Creditors regarding their respective financial
relationships with the Obligors, including any and all information obtained from
any of the Obligors, (e) waives any claim of confidentiality with respect to the
exchange of information among the Senior Creditors, and (f) acknowledges and
agrees that pursuant to the Fourth Amended and Restated Intercreditor Agreement
(i) the Senior Creditors have agreed as set forth therein to share amounts
recovered under any of the Secured Documents and (ii) the Obligations
(including, without limitation, any amounts paid by or recovered from any
Obligor in satisfaction thereof) of any Senior Creditor shall be deemed to be
outstanding, except to the extent such Senior Creditor has received a
distribution of amounts from the Collateral Agent for application on the
Obligations pursuant to Section 3.2 of the Fourth Amended and Restated
Intercreditor Agreement.

       

      

      
      

      Fourth Amended and
Restated Intercreditor Agreement 

       

      
        	CABELA’S INCORPORATED
	CABELA’S CATALOG, INC.
	CABELA’S RETAIL, INC.
	CABELA’S OUTDOOR ADVENTURES, INC.
	CABELAS.COM, INC.
	CABELA’S WHOLESALE, INC.
	CABELA’S VENTURES, INC.
	WILD WINGS, LLC
	CABELA’S LODGING, LLC
	VAN DYKE SUPPLY COMPANY, INC.
	CABELA’S MARKETING AND BRAND MANAGEMENT, INC.
	CABELA’S RETAIL LA, LLC
	ORIGINAL CREATIONS, LLC
	CABELA’S RETAIL GP, LLC
	LEGACY TRADING COMPANY
	CRLP,
      LLC
	CABELA’S RETAIL MO, LLC
	CABELA’S RETAIL IL, INC.

      

      
        	By:   	 
	
              	Name: 	Dennis Highby
	
              	Title:	President, CEO, or Manager

      
 

      
        	CABELA’S TROPHY PROPERTIES,
LLC

      
 

      
        	By:   	 
	
              	Name: 	Gregg Severinson
	
              	Title:	Vice President and Manager

      
 

      
        	CABELA’S RETAIL TX,
  L.P.

      
 

      
        	By:
      Cabela’s Retail GP, LLC
	Its:
      General Partner

      
 

      
        	By:   	 
	
              	Name: 	Dennis Highby
	
              	Title:	President

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