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Exhibit 10.22  

 
 

FOURTH AMENDMENT TO NOTE PURCHASE AGREEMENT    
    

        This FOURTH AMENDMENT TO NOTE PURCHASE AGREEMENT dated as of March 24, 2005 (this "Amendment"), among
AFFINITY GROUP, INC. (the "Borrower"), THE GUARANTORS PARTY HERETO (the "Guarantors"), THE
NOTEHOLDERS PARTY HERETO (the "Noteholders"), CANADIAN IMPERIAL BANK OF COMMERCE, as Syndication Agent (the "Syndication
Agent"), CANADIAN IMPERIAL BANK OF COMMERCE ("CIBC"), as Administrative Agent (the "Administrative
Agent"), and GENERAL ELECTRIC CAPITAL CORPORATION, as Documentation Agent (the "Documentation Agent" and together with the
Administrative Agent and the Syndication Agent, the "Agents"). 

        WHEREAS,
the Note Purchase Agreement (as defined below) provides that the Noteholders may make Term Loans to the Borrower; 

        WHEREAS,
the Credit Parties wish to amend the Note Purchase Agreement to reflect the formation of a new holding company as the sole shareholder of the Borrower; 

        WHEREAS,
the new holding company will issue senior notes due 2012 and the parties wish to amend the Note Purchase Agreement to reflect such issuance; and 

        WHEREAS,
the parties wish to amend certain provisions of the Note Purchase Agreement to remove certain provisions that no longer apply; 

        NOW,
THEREFORE, in consideration of the foregoing and the agreements contained herein, the parties hereby agree as follows: 

        1.    Reference to Note Purchase Agreement.    Reference is made to the Senior Secured
Floating Rate Note Purchase Agreement dated as of June 24, 2003, as amended by the First Amendment to the Note Purchase Agreement dated as of February 18, 2004, the Second Amendment to
the Note Purchase
Agreement dated as of June 30, 2004 and the Third Amendment to the Note Purchase Agreement dated as of November 12, 2004, among the Borrower, the Guarantors, the Noteholders, the
Syndication Agent, the Administrative Agent and the Documentation Agent (as amended on or prior to the date hereof and as it may be further amended or amended and restated from time to time, the
"Note Purchase Agreement"). Capitalized terms used herein which are defined in the Note Purchase Agreement have the same meanings herein as therein,
except to the extent that such meanings are amended hereby. 

        2.    Amendments to Note Purchase Agreement.    The Credit Parties, the Noteholders, and the
Agents agree that the Note Purchase Agreement is hereby amended, effective as of the date hereof, as follows: 

Amendments Related to the Issuance of the Holding Company Notes:  

        (a)   Clause (b)
of the definition of "Cash Interest Expense" is hereby deleted and replaced by the following: 

        (b)   the
amount of Restricted Junior Payments made to the Holding Company pursuant to Section 7.6(a)(i) during such period unless such Restricted Junior Payment
is made with the proceeds of distributions or other payments made by FRH to CWFR in respect of the FRH Preferred Equity Interest and is subsequently distributed by CWFR to the Borrower 

        (b)   The
definition of Credit Party is hereby deleted and replaced by the following: 

        "Credit Parties" means (a) the Borrower and (b) its Subsidiaries other than CWFR. 

        (c)   The
definitions of Holding Company, Holding Company Collateral Documents and Holding Company Notes are hereby deleted and replaced by the following: 

        "Holding Company" means Affinity Group Holding, Inc., a Delaware corporation which holds all the outstanding capital stock of the
Borrower. 

        "Holding Company Collateral Documents" means the Nonrecourse Guaranty and Pledge Agreement executed and delivered by the Holding Company
on the Fourth Amendment Date substantially in the form of Exhibit A annexed hereto, as such agreement may be amended, supplemented or otherwise
modified from time to time. 

        "Holding Company Notes" means the Holding Company's unsecured Senior Notes due 2012 issued pursuant to the Holding Company Notes Indenture
in an aggregate principal amount not in excess of the principal amount of the Holding Company Notes issued on the date of initial issuance of the Holding Company Notes (plus any paid in kind interest)
which notes are not guaranteed by any of the Credit Parties. 

        (d)   The
following definitions are hereby added to Section 1.1 in alphabetical order: 

        "Asset Sale" has the meaning given to that term in the FRH Preferred. 

        "CWFR" means CWFR Capital Corp., a Wholly Owned Subsidiary of CWI, Inc. 

        "FRH" means FreedomRoads Holding Company, LLC, a Minnesota limited liability company, all the common equity of which is held by the
Stephen Adams Trust and certain minority holders and all the preferred equity of which is held by CWFR. 

        "FRH Restricted Distribution" means any distribution by FRH to its members with respect to their membership interests other than
(a) distributions to CWFR with respect to the FRH Preferred Equity Interest and (b) distributions to members in respect of tax obligations to the extent permitted by the terms of the FRH
Preferred. 

        "FRH Preferred" means the rights and preferences of the preferred membership interest in FRH as adopted by the Board of Governors of FRH
on the date of issuance of the Holding Company Notes. 

        "FRH Preferred Equity Interest" means the membership interest in FRH having the rights and preferences of the FRH Preferred. 

        "Liquidation Payment" has the meaning given to that term in the FRH Preferred and includes any payment made on account of the FRH
Preferred Equity Interest as a result of a redemption made pursuant to Section 5 of the FRH Preferred. 

        "Holding Company Notes Indenture" means the Indenture dated as of the Fourth Amendment Date between the Holding Company and The Bank of
New York, as Trustee, as supplemented or amended from time to time but excluding any supplement or amendment which increases the interest rate or any premium applicable to the Holding Company Notes,
increases the principal amount outstanding of the Holding Company Notes or creates sinking fund or other principal payment or offer to purchase requirements. 

        (e)   The
last sentence of Section 2.10(b)(iii) is hereby deleted and replaced by the following: 

Notwithstanding
the preceding sentence or anything herein to the contrary if and to the extent that any Net Cash Payments would otherwise be required to be used to repay the Senior Subordinated Notes
or the Holding Company Notes or purchase or repurchase any notes issued under the Senior Subordinated Notes Indenture or the Holding Company Notes Indenture, the Borrower shall prepay the Loans and
reduce the Commitments as provided in clause (B) above. 

        (f)    Section 6.2
is hereby amended to add the following clause (g): 

        (g)   the
occurrence of any default under the Holding Company Notes Indenture or the Senior Subordinated Notes Indenture or the receipt of any notice delivered by the trustee 

pursuant
to the Holding Company Notes Indenture or the Senior Subordinated Notes Indenture (and a copy of such notice shall be delivered to the Administrative Agent). 

        (g)   Section 7.5(a)
is hereby amended by adding the following new clause (ix): 

        (ix)  the
Investment by CWI, Inc. on or about the date of issuance of the Holding Company Notes in the equity capital of CWFR in an aggregate amount equal to the
amount of the proceeds of the capital contribution made to the Borrower by the Holding Company on the date of issuance of the Holding Company Notes. 

        (h)   Section 7.6
is amended as follows: 

        (i)    Clause (a)(i) is
hereby deleted and replaced with the following: 

          (i)  commencing
on the third anniversary of the date of issuance of the Holding Company Notes, so long as no Default shall have occurred or be continuing or shall be caused
thereby the Borrower may declare and make Restricted Junior Payments to the Holding Company in amounts equal to the cash interest payments to the holders of the Holding Company Notes in accordance
with, and only to the extent required by, the Holding Company Notes Indenture; provided that the Credit Parties shall be in pro forma compliance with
the financial covenants set forth in Section 7.9 assuming such Restricted Junior Payment had been made at the beginning of the most recently ended period of four fiscal quarters of the Credit
Parties as shown on a Compliance Certificate (in form and substance satisfactory to the Administrative Agent) delivered to the Administrative Agent prior to the making of any such Restricted Junior
Payment; provided further that the amount of each such Restricted Junior Payment permitted under this clause (i) shall be reduced by the amount
of any FRH Restricted Distribution, 

         (ii)  Clause (a)(iii) is
hereby deleted and replaced with the following: 

        (iii)  so
long as no Default shall have occurred or be continuing or shall be caused thereby, the Borrower may make Restricted Junior Payments to the Holding Company
(A) in an amount equal to a Liquidation Payment paid to CWFR in respect of an Asset Sale or in connection with a voluntary redemption of the FRH Preferred Equity Interest to provide funds to
the Holding Company to redeem Holding Company Notes in accordance with the Holding Company Notes Indenture; provided that the Credit Parties shall be in
pro forma compliance with the financial covenants set forth in Section 7.9 assuming such Restricted Junior Payment had been made at the beginning of the most recently ended period of four
fiscal quarters of the Credit Parties as shown on a Compliance Certificate (in form and substance satisfactory to the Administrative Agent) delivered to the Administrative Agent prior to the making of
any such Restricted Junior Payment, and (B) in an aggregate amount not in excess of $100,000 in any fiscal year to provide funds to the Holding Company to pay administrative expenses and costs
of registration of the Holding Company Notes, 

        (i)    The
proviso to Section 7.7 is hereby amended by adding the following new clause (vi): 

        (vi)  CWI
may make the Investment permitted by Section 7.5(a)(ix). 

        (j)    The
proviso to Section 7.8 is hereby amended by deleting clause (vi) and replacing it with the following new clause (vi): 

        (vi)  the
foregoing shall not apply to restrictions and conditions contained in (A) the Senior Subordinated Notes or the Senior Subordinated Notes Indenture or
(B) the Holding Company Notes or the Holding Company Notes Indenture. 

        (k)   The
following Sections 7.17 and 7.18 are hereby added to Article VII: 

        7.17    Restrictions on the Holding Company.    The Holding Company
Collateral Documents shall provide that the Holding Company will not engage in any business activities other than ownership of all the outstanding equity of the Borrower and ongoing activities related
to the 

outstanding
Holding Company Notes and will not create, incur, assume or permit to exist any Indebtedness other than the Holding Company Notes in an aggregate principal amount not in excess of the
principal amount of the Holding Company Notes issued on the date of initial issuance thereof (plus any notes issued to pay interest thereon in accordance with the Holding Company Notes Indenture). The
Holding Company Collateral Documents shall provide that the Holding Company will not consent to any modification, amendment, supplement or waiver of the Holding Company Notes Indenture without the
prior consent of the Required Senior Lenders. 

        7.18    Restrictions on CWFR.    (a) The Credit Parties will
not permit CWFR to (i) engage in any business activities or create, incur, assume or permit to exist any Indebtedness other than ownership of the FRH Preferred Equity Interest and ongoing
activities related thereto, (ii) agree to any amendment, modification, supplement or waiver to any of the terms of the FRH Preferred or any agreement which limits or restricts the rights of the
members of FRH without, in each case, the prior consent of the Administrative Agent, (iii) assign, sale, dispose, pledge or otherwise transfer any of the FRH Preferred Equity Interest unless,
as a result thereof, the Credit Parties have received an amount at least equal to the Liquidation Payment, or (iv) agree to the filing of any voluntary bankruptcy petition or similar filing by
FRH without the prior consent of the Required Senior Lenders. 

        (b)   Upon
the receipt by CWFR of any distribution, Liquidation Payment or other payment from FRH, the Credit Parties shall cause CWFR to distribute such distribution,
Liquidation Payment or other payment to CWI, Inc., and such distribution, Liquidation Payment or other payment shall be distributed by the Credit Parties to the Borrower. 

        (l)    Section 8.1(m)(vi) is
hereby deleted and replaced by the following: 

        (vi)  a
Change of Control will be deemed to have occurred under the Senior Subordinated Notes Indenture or the Holding Company Notes Indenture; 

        (m)  Section 8.1(r)
is hereby deleted and replaced by the following: 

         (r)  a
default or an event of default shall have occurred under the notes or indenture in respect of (i) the Senior Subordinated Notes or the Senior Subordinated Notes
Indenture or (ii) the Holding Company Notes or the Holding Company Notes Indenture, which default or event of default entitles the holders of such notes to accelerate the maturity of the
indebtedness thereunder. 

Clean Up Amendments:  

        (n)   The
following definitions are hereby added to Section 1.1 in alphabetical order: 

        "Fourth Amendment Date" means March 24, 2005. 

        (o)   All
references to "Holding Company Notes Borrower Refinancing Indebtedness" are hereby deleted and replaced with "Senior Subordinated Notes." 

        (p)   Clause (a)(ii) of
the definition of "Consolidated Total Leverage Ratio" is hereby deleted and replaced by "[Reserved]." 

        (q)   The
following definitions are hereby deleted in their entirety, "Holding Company Notes Borrower Refinancing Indebtedness," "Holding Company Notes Borrower Refinancing
Payment," "Holding Company Notes Call," "Holding Company Notes Refunding," "Holding Company Notes Tender Offer," "Intercompany Merger," and "Redemption Notice." 

        (r)   Clause (iii)
of the definition of "Net Cash Payments" is hereby amended by deleting the following parenthetical, "(or the Holding Company with respect to any
Holding Company Notes Refinancing Indebtedness)." 

        (s)   The
definition of Parent is hereby deleted and replaced by the following: 

        "Parent" means AGI Holding Corp., a Delaware corporation which holds all the outstanding capital stock of the Holding Company. 

        (t)    Section 2.7(a),
2.9(a) and (b) are hereby amended by deleting the second paragraph of each such subsection. 

        (u)   Section 2.10(b)(ii) is
hereby amended by deleting the parenthetical, "(or in the case of Holding Company Notes Refinancing Indebtedness, by the Holding
Company)" in the two instances it occurs in such paragraph. 

        (v)   Sections
2.10(b)(v), (vi) and (viii) are hereby deleted and replaced by "[Reserved]." 

        (w)  Clause (ii)
of Section 4.6(a) is hereby deleted and replaced with the following: 

         (ii)  that
involve any of the Basic Documents or the Transactions. 

        (x)   Clause (y)
of each of Sections 6.1(a) and (b) are hereby deleted and replaced with the following, "(y) earlier of the date the Holding Company's or the
Borrower's financial statements of the type referred to in clause (i) below are required to be filed with the Securities and Exchange Commission:" 

        (y)   Section 6.15
is hereby deleted. 

        (z)   Section 7.1(f)
is hereby deleted and replaced with the following: 

        (f)    Senior
Subordinated Notes in an aggregate principal amount not in excess of $200,000,000; and 

        (aa)
Section 7.4(e) is hereby deleted in its entirety. 

        (bb)
Clause (a)(iv) of section 7.6 are hereby deleted in their entirety and replaced with "[Reserved]." 

        (cc)
Section 8.1(m)(ii) is hereby amended by deleting the phrase "prior to the Intercompany Merger." 

        (dd)
Section 8.1(m)(v) is hereby deleted and replaced by the following: 

         (v)  the
Holding Company shall cease to own, directly or indirectly, at least 90% of the outstanding capital stock of the Borrower; or 

        (ee)
Section 8.1(o) is hereby amended by deleting the parenthetical, "(or after the Intercompany Merger, the Parent)." 

        3.    No Default; Representations and Warranties, etc.    The Credit Parties hereby confirm
that: (a) the representations and warranties of the Credit Parties contained in Article 4 of the Note Purchase Agreement are true on and as of the date hereof as if made on such date;
(b) the Credit Parties are in compliance in all material respects with all of the terms and provisions set forth in the Note Purchase Agreement on their part to be observed or performed
thereunder; and (c) after giving effect to this Amendment, no Event of Default, nor any event which with the giving of notice or expiration of any applicable grace period or both would
constitute such an Event of Default, shall have occurred and be continuing. 

        Each
of the Credit Parties represents and warrants to the Noteholders and the Administrative Agent, as to itself and each other Credit Party, that (i) no Credit Party is or shall
be liable for the repayment of the Holding Company Notes as a borrower and guarantor nor does any Credit Party provide collateral to secure the repayment of the Holding Company Notes, (ii) the
incurrence by the Holding Company of the Holding Company Notes pursuant to the Holding Company Notes Indenture does not violate, breach or cause a default under the Senior Subordinated Notes Indenture
and (iii) none of the transactions described in this Amendment violate, breach or cause a default under the Senior Subordinated Notes Indenture and the Loans and the other obligations 

of
the Credit Parties under the Note Purchase Agreement as amended hereby and under the other Loan Documents shall continue to constitute "Senior Indebtedness" and "Designated Senior Indebtedness"
under and as defined in the Senior Subordinated Notes Indenture. 

        4.    Conditions to this Amendment.    This Amendment shall not become effective until the
date on which each of the following conditions is satisfied or waived in writing by the Required Senior Lenders: 

        (a)    Counterparts of Amendment.    The Administrative Agent shall have received from the Credit Parties and the
Required Senior Lenders either (i) a counterpart of this Amendment signed on behalf of the Noteholders which are parties to the Note Purchase Agreement and an amendment to the Credit Agreement
signed on behalf of the Lenders which are parties to the Note Purchase Agreement or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a
signed signature page of this Amendment) that such parties have signed counterparts of such Amendments. 

        (b)    Holding Company, CWFR and FRH Organizational Matters.    The Administrative Agent shall have received such
documents and certificates as the Administrative Agent or Special Counsel may reasonably request relating to the organization, existence and good standing of the Holding Company, CWFR and FRH, the
authorization of the transactions described in this Amendment and any other legal matters relating to such Persons, this Amendment, the other Loan Documents or such transactions, all in form and
substance reasonably satisfactory to the Administrative Agent and its counsel. 

        (c)    Holding Company Notes Offering.    The terms of the Holding Company Notes and the Holding Company Notes
Indenture shall be satisfactory to the Administrative Agent and the Administrative Agent shall have received a certificate of a Financial Officer of the Borrower, in form and substance satisfactory to
the Administrative Agent, certifying (i) that the Borrower has received, on the date of issuance of the Holding Company Notes, a cash capital contribution in an aggregate amount not less than
the amount of the proceeds of the Holding Company Notes less the amount of transaction expenses, (ii) such cash capital contribution has been contributed by the Borrower to Camping
World, Inc., (iii) such cash capital contribution has been contributed by Camping World, Inc. to CWI, Inc., (iv) CWI, Inc. has made the Investment in CWFR
permitted by Section 7.5(a)(ix), and (v) CWFR has invested such amount in the FRH Preferred Equity Interest. 

        (d)    Amendment to Holding Company Collateral Documents.    The Holding Company shall have executed the Holding
Company Collateral Documents in form and substance satisfactory to the Administrative Agent. 

        (e)    Senior Subordinated Notes Indenture.    The Administrative Agent shall have received a certificate of a
Financial Officer of the Borrower, in form and substance satisfactory to the Administrative Agent, certifying that the transactions described in this Amendment, including, without limitation the
formation of the Holding Company, the issuance of the Holding Company Notes, the formation of CWFR, and the FRH Preferred Equity Interest, in each case, will not violate or result in a default under
the Senior Subordinated Notes Indenture (including, without limitation, certification (and calculations in reasonable detail) as to the satisfaction of the requirements set forth in the Senior
Subordinated Notes Indenture for designating CWFR an unrestricted subsidiary under the Senior Subordinated Notes Indenture and that such transactions shall not violate or result in a default under
Sections 4.11, 4.16, 4.23 or 4.24 of the Senior Subordinated Notes Indenture and no Change of Control (as defined in the Senior Subordinated Notes Indenture) shall be caused by such transactions). 

        (f)    Pledge of CWFR.    Pursuant to an amendment to the Pledge Agreement, CWI shall have pledged to the
Administrative Agent for the benefit of the Senior Lenders, all the outstanding equity of CWFR. 

        (g)    Certificate on Holding Company Notes Indenture.    The Administrative Agent shall have received a certificate,
dated the Effective Date and signed by the President, a Vice President or a 

Financial
Officer of the Borrower, certifying that the obligations of the Credit Parties with respect to the Loans and Letters of Credit and with respect to the Term B2 Loans are, in each case,
permitted to be incurred and secured by the assets of the Credit Parties as "Permitted Indebtedness" under the Holding Company Notes Indenture. 

        (h)    CWFR Covenant.    CWFR shall have entered into an agreement with the Administrative Agent pursuant to which
CWFR covenants that it will not agree to the filing of any voluntary bankruptcy petition or similar filing by FRH without the prior consent of the Required Senior Lenders. 

        (i)    Other Documents.    The Administrative Agent shall have received such other documents as any Agent or Special
Counsel shall have reasonably requested. 

        (j)    Expenses.    The Administrative Agent shall have received all fees and other amounts due and payable on or
prior to the date hereof, including, to the extent invoiced, all reasonable expenses, including legal fees and disbursements incurred by the Administrative Agent in connection with this Amendment and
the transactions contemplated hereby and the reimbursement or payment of all other out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Note
Purchase Agreement. 

        5.    Miscellaneous.    

        (a)   Except
to the extent specifically amended or waived hereby, the Note Purchase Agreement, the Loan Documents and all related documents shall remain in full force and
effect. Whenever the terms or sections amended hereby shall be referred to in the Note Purchase Agreement, Loan Documents or such other documents (whether directly or by incorporation into other
defined terms), such defined terms shall be deemed to refer to those terms or sections as amended by this Amendment. The foregoing waivers shall apply solely to the provisions of the Note Purchase
Agreement specified herein
for the periods and purposes specified herein. Nothing herein shall be deemed to constitute a modification, amendment or waiver of any other term or condition of the Note Purchase Agreement. 

        (b)   This
Amendment may be executed in any number of counterparts, each of which, when executed and delivered, shall be an original, but all counterparts shall together
constitute one instrument. 

        (c)   This
Amendment shall be governed by the laws of the Commonwealth of Massachusetts and shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. 

[The remainder of this page is intentionally left blank.]

        IN
WITNESS WHEREOF, the parties hereto have executed this Amendment which shall be deemed to be a sealed instrument as of the date first above written. 

	

 	
 	
BORROWER
	

 	
 	

AFFINITY GROUP, INC.
	

 	
 	

By:	
 	

/s/  THOMAS F. WOLFE      

	 	 	 	 	Name:	 	Thomas F. Wolfe
	 	 	 	 	Title:	 	Senior Vice President and Chief Financial Officer
	

 	
 	
SUBSIDIARIES/GUARANTORS
	

 	
 	

AFFINITY ADVERTISING, LP
	

 	
 	

By:	
 	

VBI, INC., its General Partner
	

 	
 	

By:	
 	

/s/  THOMAS F. WOLFE      

	 	 	 	 	Name:	 	Thomas F. Wolfe
	 	 	 	 	Title:	 	Senior Vice President and Chief Financial Officer

	 	 	AFFINITY BROKERAGE, INC.

AFFINITY ROAD AND TRAVEL CLUB, INC.

ARU, INC.

CAMP COAST TO COAST, INC.

CAMPING REALTY, INC.

CAMPING WORLD, INC.

CAMPING WORLD INSURANCE SERVICES OF NEVADA, INC.

CAMPING WORLD INSURANCE SERVICES OF TEXAS, INC.

COAST MARKETING GROUP, INC.

CWI, INC.

CW MICHIGAN, INC.

EHLERT PUBLISHING GROUP, INC.

GOLF CARD INTERNATIONAL CORP.

GOLF CARD RESORT SERVICES, INC.

GSS ENTERPRISES, INC.

POWER SPORTS MEDIA, INC.

TL ENTERPRISES, INC.

VBI, INC.
	

 	
 	

By:	
 	

/s/  THOMAS F. WOLFE      

	 	 	 	 	Name:	 	Thomas F. Wolfe
	 	 	 	 	Title:	 	Senior Vice President and Chief Financial Officer

	 	 	ADMINISTRATIVE AGENT and SYNDICATION AGENT
	

 	
 	

CANADIAN IMPERIAL BANK OF COMMERCE, as Administrative Agent and Syndication Agent
	

 	
 	

By:	
 	

/s/  JONATHAN RABINOWITZ      

	 	 	 	 	Name:	 	Jonathan Rabinowitz
	 	 	 	 	Title:	 	Executive Director CIBC WorldMarkets Corp. As Agent

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Exhibit 10.23  

 
 

PREFERRED MEMBERSHIP INTEREST
  UNIT SUBSCRIPTION AGREEMENT    
    

        THIS PREFERRED MEMBERSHIP INTEREST UNIT SUBSCRIPTION AGREEMENT (this
"Agreement") is made as of March 24, 2005, by and between FreedomRoads Holding Company, LLC, a Minnesota limited liability company (the
"Company") and CWFR Capital Corp., a Delaware corporation (the "Preferred Member"). 

        WHEREAS, the Preferred Member is a subsidiary of CWI, Inc., a Kentucky corporation ("Camping
World"), the owner and operator of Camping World retail supercenters throughout the United States which supercenters provide, inter
alia, parts, accessories and related goods and service to recreational vehicle users; 

        WHEREAS, FreedomRoads, LLC, a Minnesota limited liability company and a wholly-owned subsidiary of the Company
("FreedomRoads"), owns and operates a nationwide network of recreational vehicle dealerships and proposes, inter
alia, to expand such network with a view to being the largest network of recreational vehicle dealerships in the United States; 

        WHEREAS, Camping World seeks to locate its retail supercenters next to recreational vehicle dealerships with a view to enhancing Camping
World's retail traffic through a dealer alliance program; 

        WHEREAS, the Company seeks funds to, inter alia, expand its network of nationwide
recreational vehicle dealerships; 

        WHEREAS, the Preferred Member has determined that making an investment in the Company is in the best interests of the Preferred Member and
the Preferred Member desires to make an investment in the Company on the terms set forth in this Agreement; 

        WHEREAS, the Articles of Organization of the Company provide that the Board of Governors of the Company may establish or designate one or
more classes or series of units of membership interest in the Company and may fix the relative rights and preferences of each such class or series; 

        WHEREAS, the Board of Governors of the Company has established a class of units of membership interest in the Company having the rights
and preferences set forth on Exhibit A attached hereto (the "Preferred Membership Interest") and has authorized the issuance of the Preferred
Units described in such Exhibit A; and 

        WHERAS, the Company wishes to issue all of the Preferred Units to the Preferred Member, and the Preferred Member wishes to subscribe for
and acquire all of the Preferred Units, all on the terms and conditions set forth in this Agreement. 

        NOW, THEREFORE, in order to implement the foregoing and in consideration of the mutual representations, warranties, covenants and
agreements contained herein, the parties hereto agree as follows: 

	1.
	Definitions. 

        1.1    Acquired Preferred Units.    The term "Acquired Preferred Units" means 88,200 Preferred Units, constituting all
of the Preferred Units. 

        1.2    Amended Membership Interest Schedule.    The term "Amended Membership Interest Schedule" is defined in
Section 2.3 (a) of this Agreement. 

        1.3    Agreement.    The term "Agreement" has the meaning set forth in the opening paragraph of this Agreement. 

        1.4    Camping World.    The term "Camping World" has the meaning set forth in the recitals to this Agreement. 

 

        1.5    Closing.    The term "Closing" means the consummation of the issuance and acquisition of the Preferred
Membership Interest against payment of the Subscription Price by the Preferred Member. 

        1.6    Closing Date.    The term "Closing Date" means the date on which the Closing occurs. 

        1.7    Company.    The term "Company" has the meaning set forth in the opening paragraph of this Agreement. 

        1.8    FreedomRoads.    The term "FreedomRoads" has the meaning set forth in the recitals to this Agreement. 

        1.9    GAAP.    The term "GAAP" means generally accepted accounting principles consistently applied as in effect in
the United States from time to time. 

        1.10    Material Adverse Effect.    The term "Material Adverse Effect" has the meaning set forth in
Section 3.1(a) of this Agreement. 

        1.11    Member Control Agreement.    The term "Member Control Agreement" means the Member Control Agreement of the
Company by and among the Company and the members of the Company other than the Preferred Member. 

        1.12    Person.    The term "Person" means any individual, corporation, partnership, limited liability company, trust,
joint stock company, business trust, unincorporated association, joint venture, governmental authority or other entity of any nature whatsoever. 

        1.13    Preferred Member.    The term "Preferred Member" has the meaning set forth in the opening paragraph of this
Agreement. 

        1.14    Preferred Unit.    The term "Preferred Unit" is defined in Exhibit A attached hereto. 

        1.15    Preferred Membership Interest.    The term "Preferred Membership Interest" has the meaning set forth in the
recitals to this Agreement. 

        1.16    Securities Act.    The term "Securities Act" means the Securities Act of 1933, as amended, and all rules and
regulations promulgated thereunder, as the same may be amended from time to time. 

        1.17    Subscription Price.    The term "Subscription Price" is defined in Section 2.2 of this Agreement. 

	2.
	Subscription for and Issuance of Preferred Units.

        2.1    Issuance of the Preferred Units.    At the Closing, upon the terms and subject to the conditions set forth in
this Agreement, the Company shall issue to the Preferred Member, and the Preferred Member shall acquire from the Company, the Acquired Preferred Units against payment at the Closing of the
Subscription Price by wire transfer of immediately available funds to one or more accounts specified by the Company. 

        2.2    Subscription Price.    The aggregate price to be paid by the Preferred Member for the Acquired Preferred Units
(the "Subscription Price") is $81,005,000.00. 

        2.3    Closing Events.    At the Closing, the parties hereto shall consummate the following Closing transactions: 

        (a)   The
Company shall amend Schedule A to the Member Control Agreement to reflect the issuance of the Preferred Units to the Preferred Member (Schedule A to
the Member Control Agreement, as so amended, is referred to herein as the "Amended Membership Interest  

2

 

 Schedule"). The Preferred Units are not certificated and the amendment of Schedule A to the Member Control Agreement shall constitute issuance of the Preferred Units;
and 

        (b)   The
Preferred Member shall pay the Subscription Price to the Company as set forth in Section 2.1 of this Agreement. 

        (c)   Each
of the parties hereto shall execute such other and further documents and certificates as the other may reasonably request to vest the Preferred Membership Interest
in the Preferred Member and to otherwise effect the intent hereof. 

	3.
	Representations and Warranties. 

        3.1    Representations and Warranties of the Company.    The Company represents and warrants to and agrees with the
Preferred Member that: 

        (a)   The
Company and each of its subsidiaries has been duly formed and is validly existing in good standing as a corporation, partnership or limited liability company, as the
case may be, under the laws of its jurisdiction of organization or formation with the requisite corporate or other power and authority to own its properties and conduct its business as now conducted
and is duly qualified to do business as a foreign corporation in good standing in all jurisdictions where the ownership or leasing of its properties or the conduct of its business requires such
qualification, except where the failure to be so qualified would not, individually or in the aggregate, have a material adverse effect on the general affairs, management, business, condition
(financial or other), properties, prospects or results of operations of the Company and its subsidiaries, taken as a whole (any such event, a "Material Adverse
Effect"); as of the Closing Date, the Company will have the authorized, issued and outstanding membership interests as set forth in the Amended Membership Interest Schedule;
all of the Acquired Preferred Units have been duly authorized and validly issued, are fully paid and nonassessable and were not issued in violation of any preemptive or similar rights and are owned
free and clear of all liens, encumbrances, equities and restrictions (other than those imposed by the Securities Act and the state securities or "Blue Sky" laws); no options, warrants or other rights
to purchase from the Company or any subsidiary, agreements or other obligations of the Company or any subsidiary to issue or other rights to convert any obligation into, or exchange any securities
for, membership interests or other ownership interests in the Company or any subsidiary are outstanding and no holder of membership interests or other ownership interests in the Company or any
subsidiary is entitled to have such membership interest registered under the Securities Act; and the Acquired Preferred Units constitute all of the Preferred Units issued or authorized for issuance. 

        (b)   The
Company has the requisite power and authority to execute, deliver and perform its obligations under this Agreement. This Agreement has been duly and validly
authorized by the Company and constitutes a valid and legally binding agreement of the Company, enforceable against the Company in accordance with its terms. The issuance of the Acquired Preferred
Units has been duly and validly authorized by the Company and, when paid for by the Preferred Member in accordance with the terms hereof, the Acquired Preferred Units will have been duly issued and
delivered and will constitute valid
and legally binding obligations of the Company, entitled to the benefits of the Amended Membership Interest Schedule and enforceable against the Company in accordance with its terms. 

        (c)   No
consent, approval, authorization, license, qualification, exemption or order of any court or governmental agency or body or third party is required for the
performance of this Agreement or for the consummation by the Company of any of the transactions contemplated hereby. 

3

 

        (d)   Neither
the Company nor any of its subsidiaries is (i) in violation of its articles of organization, member control agreement, operating agreement, limited
liability company agreement (or similar organizational document), (ii) in breach or violation of any statute, judgment, decree, order, rule or regulation applicable to it or any of its
properties or assets, which breach or violation would, individually or in the aggregate, have a Material Adverse Effect, or (iii) in default in (and no event has occurred that with notice or
passage of time, or both, would constitute a default), has received any notice or claim of any such default or has knowledge of any breach of or in the performance or observance of any obligation,
agreement, covenant or condition contained in this Agreement or any other contract, indenture, mortgage, deed of trust, loan agreement, note, lease, license, franchise agreement, permit, certificate
or agreement or instrument to which it is a party or to which it is subject, which default or breach would, individually or in the aggregate, have a Material Adverse Effect. 

        (e)   The
execution, delivery and performance by the Company of this Agreement and the consummation by the Company of the transactions contemplated hereby and the fulfillment
of the terms hereof will not (i) violate, conflict with or constitute or result in a breach of or a default under (or an event that, with notice or lapse of time, or both, would constitute a
breach of or a default under) any of (A) the terms or provisions of any contract, indenture, mortgage, deed of trust, loan agreement, note, lease, license, franchise agreement, permit,
certificate or agreement or instrument to which the Company or any of its subsidiaries is a party or to which any of their respective properties or assets are subject, (B) the articles of
organization, member control agreement, operating agreement, limited liability company agreement (or similar organizational document) of the Company or any of its subsidiaries, or (C) any
statute, judgment, decree, order, rule or regulation of any court or governmental agency or other body applicable to the Company or its subsidiaries or any of their respective properties or assets or
(ii) result in the imposition of any lien upon or with respect to any of the properties or assets now owned or hereafter acquired by the Company or any of its subsidiaries, which violation,
conflict, breach, default or lien would, individually or in the aggregate, have a Material Adverse Effect. 

        (f)    The
financial statements of the Company and its subsidiaries provided to the Preferred Member present fairly the consolidated financial position, results of operations
and cash flows of such entities at the dates and for the periods to which they relate and have been prepared in accordance with GAAP. 

        (g)   There
is not pending or, to the best knowledge of the Company, threatened any action, suit, proceeding, inquiry or investigation, governmental or otherwise, to which any
of the Company or any of its subsidiaries is a party, or to which their respective properties or assets are subject, before or brought by any court, arbitrator or governmental agency or body, that, if
determined adversely to the Company or any such subsidiary would, individually or in the aggregate, have a Material Adverse Effect or that seeks to restrain, enjoin, prevent the consummation of or
otherwise challenge the transactions contemplated hereby or the issuance of Preferred Units. 

        (h)   The
Company and its subsidiaries own or possess adequate licenses or other rights to use all patents, trademarks, service marks, trade names, copyrights and
know-how that are necessary to conduct their respective businesses. None of the Company or any of its subsidiaries has received any notice of infringement of or conflict with (or knows of
any such infringement of or conflict with) asserted rights of others with respect to any patents, trademarks, service marks, trade names, copyrights or know-how that, if such assertion of
infringement or conflict were sustained, would, individually or in the aggregate, have a Material Adverse Effect. 

4

 

        (i)    The
Company and each of its subsidiaries possesses all licenses, permits, certificates, consents, orders, approvals and other authorizations from, and has made all
declarations and filings with, all federal, state, local and other governmental authorities, all self-regulatory organizations and all courts and other tribunals presently required or
necessary to own or lease, as the case may be, and to operate its respective properties and to carry on its respective businesses as now or proposed to be conducted, except where the failure to obtain
such permits would not, individually or in the aggregate, have a Material Adverse Effect; the Company and each of its subsidiaries has fulfilled and performed all of its obligations with respect to
such permits and no event has occurred that allows, or after notice or lapse of time would allow, revocation or termination thereof or results in any other material impairment of the rights of the
holder of any such permit; and neither the Company nor any of its subsidiaries has received any notice of any proceeding relating to revocation or modification of any such permit, except where such
revocation or modification would not, individually or in the aggregate, have a Material Adverse Effect. 

        (j)    The
Company and each of its subsidiaries has filed all necessary federal, state and foreign income and franchise tax returns, except where the failure to so file such
returns would not, individually or in the aggregate, have a Material Adverse Effect, and have paid all taxes shown as due thereon; and other than tax deficiencies that the Company or any subsidiary is
contesting in good faith and for which adequate reserves have been provided in accordance with generally accepted accounting principles, there is no tax deficiency that has been asserted against the
Company or any subsidiary that would, individually or in the aggregate, have a Material Adverse Effect. 

        (k)   Neither
the Company nor any of its subsidiaries or any of such entities' governors, directors, officers, employees, agents or controlling persons has taken, directly or
indirectly, any action designed, or that might reasonably be expected, to cause or result, under the Securities Act. 

        (l)    Neither
the Company nor any of its subsidiaries or any of their respective Affiliates (as defined in Rule 501(b) of Regulation D under the Securities Act)
directly, or through any agent, (i) sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of any "security" (as defined in the Securities Act) that would require
the registration under the Securities Act or (ii) engaged in any form of general solicitation or general advertising (as those terms are used in Regulation D under the Securities Act) in
connection with the offering of the Preferred Units or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act. It is not necessary in connection with
the offer, sale and delivery of the Acquired Preferred Units to the Preferred Member in the manner contemplated by this Agreement to register any of the Acquired Preferred Units under the Securities
Act. 

        (m)  The
Company and each of its subsidiaries carries insurance (including self-insurance) in such amounts and covering such risks as in its reasonable
determination is adequate for the conduct of its business and the value of its properties. 

        (n)   The
Company and each of its subsidiaries (i) makes and keeps accurate books and records and (ii) maintains internal accounting controls that provide
reasonable assurance that (A) transactions are executed in accordance with management's authorization, (B) transactions are recorded as necessary to permit preparation of its financial
statements and to maintain accountability for its assets, (C) access to its assets is permitted only in accordance with management's authorization and (D) the reported accountability for
its assets is compared with existing assets at reasonable intervals. 

5

 

        3.2    Representations and Warranties of the Preferred Member.    The Preferred Member represents and warrants to and
agrees with the Company that: 

        (a)    Organization and Power.    The Preferred Member is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware, with full power and authority to enter into this Agreement and perform its obligations hereunder. 

        (b)    Authorization.    The execution, delivery and performance of this Agreement by the Preferred Member and the
consummation by the Preferred Member of the transactions contemplated hereby have been duly and validly authorized by all requisite company action on the part of the Preferred Member, and no other
proceedings on its part are necessary to authorize the execution, delivery or performance of this Agreement. This Agreement has been duly executed and delivered by the Preferred Member, and this
Agreement constitutes a valid and binding obligation of the Preferred Member, enforceable in accordance with its terms and conditions. The Preferred Member need not give any notice to, make
any filing with, or obtain any authorization, consent or approval of any government or governmental agency in order to consummate the transactions contemplated by this Agreement. 

        (c)    Noncontravention.    Neither the execution and the delivery of this Agreement, nor the consummation of the
transactions contemplated hereby, will violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental
agency, or court to which the Preferred Member is subject or any provision of its charter or bylaws or conflict with, result in a breach of, constitute a default under, result in the acceleration of,
create in any party the right to accelerate, terminate, modify, or cancel, or require any notice under any agreement, contract, lease, license, instrument, or other arrangement to which Investors is a
party or by which it is bound or to which any of its assets is subject. 

        (d)    Investment.    The Preferred Member is not acquiring the Acquired Preferred Units with a view to or for sale in
connection with any distribution thereof within the meaning of the Securities Act. 

	4.
	Certain Covenants. The Company covenants and agrees with the Preferred Member that, for so long as any of the Preferred Units remain
outstanding, 

        (a)    Financial Statements.    The Company shall at all times maintain and shall cause its subsidiaries to at all
times maintain complete and accurate books of account and records. The Company shall maintain and shall cause its subsidiaries to maintain a standard system of accounting and will furnish the
following statements and reports to the Preferred Member at the Company's' expense: 

        (i)    Within
120 days after the end of each fiscal year of the Company, audited consolidated financial statements of the Company, in each case together with all notes
thereto, prepared in reasonable detail in accordance with GAAP, together with an opinion, based on an audit using United States generally accepted auditing standards, by independent certified public
accountants of national reputation selected by the Company, stating that such financial statements have been so prepared. The consolidated financial statements of the Company shall contain a balance
sheet as of the end of such fiscal year and a statement of operations, cash flows and members' equity for such fiscal year, each setting forth in comparative form the corresponding figures for the
preceding fiscal year. Within ten days of request by the Preferred Member, the Company shall mail to the Preferred Member a copy of any final letter issued by the Company's independent accountants
concerning the Company's financial or accounting systems or controls, including all "management letters," and any final letter issued by the Company's legal 

6

 

counsel
providing information to the independent accountants concerning litigation and related matters relevant to the accountants' fiscal year review. 

        (ii)   Within
45 days after the end of each fiscal quarter, the Company's consolidated balance sheet as of the end of such fiscal quarter and a consolidated statement
of operations and consolidated statement of cash flows for such fiscal quarter and for the period from the beginning of the then current fiscal year to the end of such fiscal quarter, setting forth in
each case, figures for the corresponding periods in the preceding fiscal year, all in reasonable detail and prepared in accordance with GAAP, without footnotes, subject to changes resulting from
normal or recurring year-end adjustments. 

        (b)    Other Information and Inspections.    The Company shall furnish to the Preferred Member any information that
the Preferred Member from time to time reasonably requests concerning any provision or condition of this Agreement or any matter in connection with the business and operations of the Company or its
subsidiaries. During normal business hours, upon written notice, the Company shall permit a representative of the Preferred Member to visit and inspect any of the properties of the Company or its
subsidiaries, to examine and make abstracts from any of their respective books and records and to discuss their respective affairs, finances and accounts with their respective executive officers and
independent public accountants, all at reasonable times, but no more than once per fiscal quarter. Upon request, but no more than once per fiscal quarter, the Company shall make such respective
executive officers available to report to the Preferred Member or such other Persons as designated by the Preferred Member on the respective affairs, finances and accounts of the Company and such
subsidiaries. 

        (c)    Notice of Material Events.    The Company shall notify the Preferred Member (i) promptly of the
existence of an event or condition that is reasonably likely to result in a Material Adverse Effect, (ii) promptly of the acceleration of the maturity of any debt owed by the Company or any of
its subsidiaries having an outstanding principal balance of $1 million or more, (iii) promptly of any claim asserted against the Company or any of its subsidiaries or with respect to
the Company's or any of its subsidiaries' properties that is reasonably likely to have a Material Adverse Effect and (iv) promptly of the filing of any suit or proceeding against the Company or
any of its subsidiaries in which an adverse decision would be reasonably likely to have a Material Adverse Effect. 

        (d)    Maintenance of Properties.    The Company shall, and shall cause its subsidiaries to, maintain, preserve,
protect and keep all property material to the conduct of their business in good working condition and in compliance with all applicable laws, rules and regulations (except for such
non-compliance as would not, individually or in the aggregate, have a Material Adverse Effect), and will from time to time make all repairs, renewals and replacements needed to enable the
business and operations carried on in connection therewith to be promptly and advantageously conducted in all material respects. 

        (e)    Maintenance of Existence and Qualifications.    The Company shall, and shall cause each of its subsidiaries to,
maintain and preserve their corporate existence and their rights, franchises and privileges in full force and effect in all material respects and shall qualify to do business as a foreign corporation
in all states or jurisdictions where required by applicable law, except where the failure so to maintain, preserve or qualify would not have a Material Adverse Effect. 

        (f)    Insurance.    The Company shall keep or cause to be kept, and shall cause each of its subsidiaries to keep or
cause to be kept, insured by financially sound and reputable insurers, all property of a character usually insured by similar Persons engaged in the same or similar businesses. The Company shall, and
shall cause each of its subsidiaries to, at all times 

7

 

maintain
insurance against their liability for injury to persons or property, which insurance shall be by financially sound and reputable insurers. 

        (g)    Compliance with Agreements and Law.    The Company shall, and shall cause each of its subsidiaries to, perform
all obligations they are required to perform under the terms of each indenture, mortgage, deed of trust, security agreement, lease, franchise, agreement, contract or other instrument or obligation to
which they are a party or by which they or any of their properties are bound, except for such non-performance as would not, individually or in the aggregate, have a Material Adverse
Effect. The Company shall, and shall cause each of its subsidiaries to, conduct their business and affairs in compliance with all laws, regulations and orders applicable thereto, except for such
noncompliances as would not, individually or in the aggregate, have a Material Adverse Effect. 

        (h)    Indemnity.    The Company agrees to indemnify the Preferred Member and its direct and indirect shareholders and
affiliates and the respective officers, directors, representatives, agents and employees of the Preferred Member and its direct and indirect shareholders and affiliates (each of the foregoing being
referred to as an "indemnified party"), upon demand, from and against any and all liabilities, obligations, claims, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements (including reasonable fees of attorneys, accountants, experts and advisors) of any kind or nature whatsoever that to any extent (in whole or in part) may be imposed on, incurred by, or
asserted against an indemnified party growing out of, resulting from or in any other way associated with the purchase or ownership of the Acquired Preferred Units and the transactions and events
associated herewith or contemplated herein, other than (A) taxes imposed upon amounts received by the Preferred Member hereunder, and (B) as result of a breach of a representation,
warranty or covenant contained in Section 3.2 hereof or other breach by the Preferred Member of the terms hereof. Each party will cooperate with the other in resolving or attempting to resolve
any claim and will permit the other party access to all books and records which might be useful for such purpose, during normal business hours and at the place, where the same are normally kept, full
right to make copies thereof or extracts therefrom at the cost of the copying party. 

        (i)    Best Efforts.    The Company will use its best efforts to do and perform all things required to be done and
performed by it under this Agreement prior to or after the Closing Date and to satisfy all conditions precedent on its part to the obligations of the Preferred Member. 

	5.
	Miscellaneous. 

        5.1    Binding Effect.    The provisions of this Agreement shall be binding upon and accrue to the benefit of the
parties hereto and their respective successors and assigns. 

        5.2    Amendment; Waiver.    This Agreement may be amended only by a written instrument signed by the parties hereto.
No waiver by any party hereto of any of the provisions hereof shall be effective unless set forth in a writing executed by the party so waiving. 

        5.3    Governing Law.    This Agreement shall be governed by and construed and enforced in accordance with the laws of
the State of Delaware applicable to contracts made and to be performed therein. 

        5.4    Integration.    This Agreement and the documents referred to herein or delivered pursuant hereto which
form a part hereof contain the entire understanding of the parties with respect to the subject matter hereof and thereof. There are no restrictions, agreements, promises, representations,
warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein and therein. This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter. 

8

 

        5.5    Counterparts.    This Agreement may be executed in separate counterparts (including by means of telecopied
signature pages), and by different parties on separate counterparts each of which shall be deemed an original, but all of which shall constitute one and the same instrument. 

        5.6    Rights Cumulative; Waiver.    The rights and remedies of the parties hereto shall be cumulative and not
exclusive of any rights or remedies which either would otherwise have hereunder or at law or in equity or by statute, and no failure or delay by either party in exercising any right or remedy shall
impair any such right or remedy or operate as a waiver of such right or remedy, nor shall any single or partial exercise of any power or right preclude such party's other or further exercise or the
exercise of any other power or right. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any preceding or succeeding breach
and no failure by either party to exercise any right or privilege hereunder shall be deemed a waiver of such party's rights or privileges hereunder or shall be deemed a waiver of such party's rights
to exercise the same at any subsequent time or times hereunder. 

        5.7    No Third Party Beneficiaries.    This Agreement is solely for the benefit of the parties hereto and their
respective successors and assigns, and no provision of this Agreement shall be deemed to create or
confer upon any other person any remedy, claim, liability, reimbursement, cause of action or other right whatsoever. 

        IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed all as of the date and year first above written. 

	 	 	FREEDOMROADS HOLDING COMPANY, LLC
	

 	
 	
By:	

/s/ Marcus A. Lemonis
 Its: Chairman and Chief Executive Officer
	

 	
 	
CWFR CAPITAL CORP.
	

 	
 	
By:	

/s/ Thomas F. Wolfe
 Its: Senior Vice President and Chief Financial Officer

9

 
 
 

EXHIBIT A    
    
    Rights and Preferences
  of
  Preferred Membership Interest    
    

        Unless otherwise defined in this Exhibit A, capitalized terms used herein have the meanings given them in the Member Control Agreement of the Company. The
rights and preferences of the Preferred Membership Interest are as follows: 

        1.    Capital Contribution and Face Amount.    The "Capital Contribution" for the Preferred Membership Interest shall
be $918.42 per Preferred Unit. The "Face Amount" for the Preferred Membership Interest shall be $1,000 per Preferred Unit. 

        2.    Voting Rights.    The holders of Preferred Units (the "Preferred Holders") shall be entitled to veto any action
of the Members or the Board of Governors affecting the rights and preferences applicable to the Preferred Membership Interest. The Company shall not voluntarily commence any proceeding or file any
petition seeking liquidation, organization or other relief under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect without the prior consent
of the Preferred Holders. The Preferred Holders shall not have other voting rights in the Company. 

        3.    Distributions.    The Preferred Holders shall be entitled to receive, when and as declared by the Board of
Governors from any source legally available therefor, cash in an amount equal to the Preferred Return. Any portion of the Preferred Return not paid shall accumulate and shall be compounded
semi-annually until paid. 

        4.    Liquidation Preference.    In the event of any voluntary dissolution, liquidation, partial liquidation or
winding up of the Company, after due payment or provision for payment of the debts and other liabilities of the Company, the Preferred Holders shall be entitled to receive from the net assets an
amount (the "Liquidation Payment") equal to the Face Amount plus distributions accumulated and unpaid pursuant to Section 3 above. 

        5.    Redemption.    

        A.    Voluntary Redemption.    The Company shall, on any date, have the option of redeeming and retiring the Preferred
Membership Interest by payment to the Preferred Holders of an amount equal to the Liquidation Payment. 

        B.    Mandatory Redemption.    The Company shall redeem the Preferred Membership Interests contemporaneously with the
closing of an Asset Sale. 

        C.    Asset Sales.    In case at any time (i) there shall be any capital reorganization or reclassification of
the Membership Interests or consolidation or merger of the Company with or into another entity; (ii) there shall occur a sale of a material amount of assets of the Company (including shares of
stock of any entity owned by the Company) to an unaffiliated entity (other than sales of inventory and similar assets of the Company in the ordinary course of business); (iii) if theretofore
transferred to an affiliate, there shall occur (a) a sale of such assets by such affiliate to an unaffiliated entity, (b) a capital reorganization or reclassification of the ownership of
such affiliate, (c) the consolidation or merger of such affiliate with or into another entity, (d) a distribution in respect of any such assets or (e) a voluntary or involuntary
dissolution or winding up of any such assets or such affiliate; or (v) there shall be a voluntary or involuntary dissolution or winding up of the Company (each of the foregoing events
constituting, for purposes hereof, an "Asset Sale"), the Company shall be deemed to have 

10

 

been
liquidated and the Preferred Holders shall be paid an amount equal to the Liquidation Payment. 

        D.    Terms of Redemption.    The redemption price for each Preferred Unit under any subsection of this
Section 5 shall be equal to the Liquidation Payment as of the date of redemption and shall be paid by the Company in cash. The Company shall give notice by mail of redemptions to the Preferred
Holders at least five calendar days prior to any date of redemption. Such notice (i) shall specify the date of redemption, and (ii) shall be addressed to the Preferred Holders at the
Preferred Holders' address as shown on the records of the Company. 

        If
the Company deposits, on or prior to any date fixed for redemption of the Preferred Membership Interest, with any bank or trust company having capital and surplus of at least
$50,000,000 as a trust fund, an amount equal to the Liquidation Payment with instructions and authority to such bank or trust company to pay the Liquidation Payment on or after the date fixed for
redemption or prior thereto, then, upon the surrender of any certificates (or other evidence of the issuance of the Preferred Membership Interest), from and after the date of such deposit, and
notwithstanding that the termination of the Preferred Membership Interest shall not have been memorialized by an appropriate amendment to the governing instruments for the Company, the Preferred
Membership Interest shall no longer be deemed to be outstanding and all rights with respect thereto shall forthwith cease and terminate, except only the rights of the Preferred Holders to receive from
such bank or trust company at any time after the date of such deposit, the amount of the Liquidation Payment so deposited, without interest. Any funds so deposited and unclaimed at the end of three
years from such redemption date shall be released or repaid to the Company, after which the sole right of the Preferred Holders shall be to receive payment of the Liquidation Payment from the Company. 

        6.    Restricted Distributions.    The Company shall not make a Restricted Distribution except in accordance with this
Section 6. As of any date (a "Distribution Date") on which the Company proposes to make a Restricted Distribution, the Company may make the Restricted Distribution only to the extent the amount
of the Restricted Distribution does not exceed (a) 50% of the amount equal to (i) the Company's Net Profit for the period from January 1, 2005 to the Distribution Date (the
"Calculation Period") less (ii) the aggregate amount of Permitted Tax Distributions theretofore made during the Calculation Period, less (b) the aggregate amount of Restricted
Distributions theretofore made during the Calculation Period. The provisions of this Section 6 shall not prohibit Permitted Tax Distributions or distributions to the Preferred Holders with
respect to the Preferred Membership Interest. 

        7.    Transfers.    By acceptance of the Preferred Membership Interest, each Preferred Holder agrees not to sell,
give, pledge, assign or otherwise transfer any Preferred Unit held by such Preferred Holder. The provisions of Article V and Article VI of the Member Control Agreement do not apply to
the Preferred Membership Interest. 

        8.    Definitions.    As used herein the following terms have the meanings given to them hereinbelow: 

        "Disproportionate
Distribution" means that portion of a distribution made by the Company to the Members other than the Preferred Holder that was not made in proportion to the Percentage
of Financial Rights of the Members. 

        "GAAP"
means generally accepted accounting principles consistently applied as in effect in the United States from time to time. 

        "Net
Profit" means, for any period, the aggregate amount of the net income for such period of the Company and all entities that are required in accordance with GAAP to be consolidated
with the 

11

 

Company
for financial statement purposes, as such net income is determined in accordance with GAAP consistently applied. 

        "Permitted
Tax Distributions" means, for any year, cash distributions to Members aggregating an amount equal to (a) the sum of (i) the highest marginal individual federal
income tax rate plus (ii) an assumed individual state tax rate of 10%, times (b) taxable income of the Company (based on reasonable estimates made by the Company during the year of the
amount of taxable income that is to be reported on the Company's partnership tax return for such year). 

        "Preferred
Return" means an amount equal to (a) 10.875% per annum on the Face Amount from the date of issuance of the Preferred Membership Interest to the date of redemption, less
(b) the amount of any capital contribution made directly or indirectly to the Preferred Holder (or to the direct or indirect parent company of the Preferred Holder) by a Member other than the
Preferred Holder from the proceeds of a Disproportionate Distribution. 

        "Preferred
Unit" means a unit of Preferred Membership Interest in the Company having the rights and preferences set forth herein. 

        "Restricted
Distribution" means any distribution to Members with respect to a Membership Interest other than (a) distributions to the Preferred Holders with respect to the
Preferred Membership Interest and (b) Permitted Tax Distributions. 

12

QuickLinks

PREFERRED MEMBERSHIP INTEREST UNIT SUBSCRIPTION AGREEMENT

EXHIBIT A Rights and Preferences of Preferred Membership Interest

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