Document:

exhibit10_1.htm

    
      

    

    
 

    Exhibit
      10.1

    
      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

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        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

            	 
	
              Section
                1.

            	
              Definitions

            	
              4

            
	 	 	 
	
              Section
                2.

            	
              [Intentionally
                Reserved]

            	
              
                8

              

            
	 	 	 
	
              Section
                3.

            	
              Remedies;
                Application of Proceeds, Recoveries and Other Amounts

            	
              8

            
	 	 	 	 
	 	
              Section 3.1.

            	
              Remedies

            	
              8

            
	 	
              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

            	
              13

            
	 	 	 	 
	 	
              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-

        
          

        

      

      
        
        

      

    

     

     

     

    
      	 	 
              
              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

            	
              27

            
	 	
              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”). 

     

     

        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. 

        

        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,

    
 

    
      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

    

    

    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”).

     

        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 

    
 

    
      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

    

    

    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-

        
          

        

      

      
        
        

      

    

     

    “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-

        
          

        

      

      
        
        

      

    

     

    “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-

        
          

        

      

      
        
        

      

    

     

     

    “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.

       

      “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, 

    

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    
 

    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].

           

        

        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 

    

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    
       

    

    
      
        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;

       

          (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 

    

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

     

    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 

    

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    shall
      pay
      such amount to the Senior Creditors in accordance with the provisions set forth
      in Section 3.2. 

     

            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, 

    

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    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. 

     

            (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 

    

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

    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. 

     

            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. 

       

      
        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:

    

     

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

     

        

            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, 

    

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

     

    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; 

     

            (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 

    

    
 

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

    interest
      in the Collateral as security for such compensation, expenses, disbursements
      and
      indemnification provided for in Section 3.2 hereof.

     

            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 

    

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

     

    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.
      

     

    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

    
 

    
      
        
          
          

        

        
          -17-

          
            

          

        

        
          
          

        

      

    

    

     

    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

     

        (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 

    
 

    
      
        
          
          

        

        
          -18-

          
            

          

        

        
          
          

        

      

    

    

    Noteholders,
      (v) all Persons who are signatories
      and parties to the New Bank Agreement and (vi) all Additional Noteholders.

     

            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)
                351-291

            
	 	 	 
	 	
              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-

          
            

          

        

        
          
          

        

      

    

    
 

    

    
      	 	 	
              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-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	 	
              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-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	 	
              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-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	 	
              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
                AmerUs 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-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	 	
              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-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              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-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	 	
              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-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              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.

     

            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 

    

    
      
        
          
          

        

        
          -27-

          
            

          

        

        
          
          

        

      

    

    

     

    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-

          
            

          

        

        
          
          

        

      

    

    

     

    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:

            	
              /s/
                Curtis R. Caldwell

            
	 	
              Name:

            	
              Curtis
                R. Caldwell

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    
      	 	
              Companion
                Life Insurance Company, as a 1995 Noteholder

            
	 
	 	
              By:

            	
              /s/
                Curtis R. Caldwell

            
	 	
              Name:

            	
              Curtis
                R. Caldwell

            
	 	
              Title:

            	
              Authorized
                Signer

            

    

     

    

    
      	 	
              Mutual
                of Omaha Insurance Company, as a 1995 Noteholder

            
	 
	 	
              By:

            	
              /s/
                Curtis R. Caldwell

            
	 	
              Name:

            	
              Curtis
                R. Caldwell

            
	 	
              Title:

            	
              Vice
                President

            

    

     

    

    

    
      
        
          
          

        

        
          -29-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              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:

            	
              /s/
                Mark Staub

            
	 	
              Name:

            	
              Mark
                Staub

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    

    
      	 	
              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:

            	
              /s/
                Mark Staub

            
	 	
              Name:

            	
              Mark
                Staub

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    
      	 	
              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:

            	
              /s/
                Mark Staub

            
	 	
              Name:

            	
              Mark
                Staub

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    

    
      
        
          
          

        

        
          -30-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              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:

            	
              /s/
                Gerald F. Herman

            
	 	
              Name:

            	
              Gerald
                F. Herman

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    

    

    
      
        
          
          

        

        
          -31-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              Genworth
                Life Insurance Company, as a 2002 Noteholder

            
	 
	 	
              By:

            	
              /s/
                Morian C. Mooers

            
	 	
              Name:

            	
              Morian
                C. Mooers

            
	 	
              Title:

            	
              Investment
                Officer

            

    

    

    

    

    
      	 	
              Genworth
                Life and Annuity Insurance Company, as a 2002
                Noteholder

            
	 
	 	
              By:

            	
              /s/
                Morian C. Mooers

            
	 	
              Name:

            	
              Morian
                C. Mooers

            
	 	
              Title:

            	
              Investment
                Officer

            

    

    

    

    

    
      
        
          
          

        

        
          -32-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              Teachers
                Insurance and Annuity Association of America, as a 2002
                Noteholder

            
	 
	 	
              By:

            	
              /s/
                Brian Noelae

            
	 	
              Name:

            	
              Brian
                Noelae

            
	 	
              Title:

            	
              Director

            

    

    

    

    

    
      	 	
              TIAA-CREF
                Life Insurance Company, as a 2002 Noteholder

            
	 
	 	
              By:

            	
              Teachers
                Insurance and Annuity Association of America, as Investment
                Manager

            
	 
	 
	 	
              By:

            	
              /s/
                Brian Noelae

            
	 	
              Name:

            	
              Brian
                Noelae

            
	 	
              Title:

            	
              Director

            

    

    

    

    

    

    
      
        
          
          

        

        
          -33-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              Nationwide
                Life Insurance Company

              Nationwide
                Life and Annuity Insurance Company

              Provident
                Mutual Life Insurance Company, as 2002 Noteholders

            
	 
	 	
              By:

            	
              /s/
                Joseph P. Young

            
	 	
              Name:

            	
              Joseph
                P. Young

            
	 	
              Title:

            	
              Authorized
                Signatory

            

    

    

    

    

    

    
      
        
          
          

        

        
          -34-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              Pacific
                Life Insurance Company, as a 2002 Noteholder

            
	 
	 	
              By:

            	
              /s/
                Matthew Levane

            
	 	
              Name:

            	
              Matthew
                Levane

            
	 	
              Title:

            	
              Assistant
                Vice President

            

    

    

    
      	 	
              By:

            	
              /s/
                Cathy Schwartz

            
	 	
              Name:

            	
              Cathy
                Schwartz

            
	 	
              Title:

            	
              Assistant
                Secretary

            

    

    

    

    

    
      
        
          
          

        

        
          -35-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              Massachusetts
                Mutual Life Insurance Company, as a 2002 Noteholder

            
	 
	 	
              By:

            	
              Babson
                Capital Management LLC as Investment Adviser

            
	 
	 
	 	
              By:

            	
              /s/
                Elisabeth A. Perenick

            
	 	
              Name:

            	
              Elisabeth
                A. Perenick

            
	 	
              Title:

            	
              Managing
                Director

            

    

    

    

    
      	 	
              C.M.
                Life Insurance Company, as a 2002 Noteholder

            
	 
	 	
              By:

            	
              Babson
                Capital Management LLC as Investment Sub-Adviser

            
	 
	 
	 	
              By:

            	
              /s/
                Elisabeth A. Perenick

            
	 	
              Name:

            	
              Elisabeth
                A. Perenick

            
	 	
              Title:

            	
              Managing
                Director

            

    

    

    

    
      	 	
              MassMutual
                Asia Limited, as a 2002 Noteholder

            
	 
	 	
              By:

            	
              Babson
                Capital Management LLC as Investment Adviser

            
	 
	 
	 	
              By:

            	
              /s/
                Elisabeth A. Perenick

            
	 	
              Name:

            	
              Elisabeth
                A. Perenick

            
	 	
              Title:

            	
              Managing
                Director

            

    

    

    

    

    

    

    
      
        
          
          

        

        
          -36-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              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:

            	
              /s/
                Alan P. Kress

            
	 	
              Name:

            	
              Alan
                P. Kress

            
	 	
              Title:

            	
              Counsel

            
	 
	 
	 	
              By:

            	
              /s/
                Alan P. Kress

            
	 	
              Name:

            	
              Alan
                P. Kress

            
	 	
              Title:

            	
              Counsel

            

    

    

    

    

    
      
        
          
          

        

        
          -37-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              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:

            	
              /s/
                Colin Pennycooke

            
	 	
              Name:

            	
              Colin
                Pennycooke

            
	 	
              Title:

            	
              Counsel

            
	 
	 
	 	
              By:

            	
              /s/
                James C. Fifield

            
	 	
              Name:

            	
              James
                C. Fifield

            
	 	
              Title:

            	
              Assistant
                General Counsel

            

    

    

    

    

    

    

    
      
        
          
          

        

        
          -38-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              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:

            	
              /s/
                Julia B. Buthman

            
	 	
              Name:

            	
              Julia
                B. Buthman

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    

    

    
      
        
          
          

        

        
          -39-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              The
                Prudential Insurance Company of America, as a 2006
                Noteholder

            
	 
	 
	 	
              By:

            	
              /s/
                Julia B. Buthman

            
	 	
              Name:

            	
              Julia
                B. Buthman

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    

    

    

    

    
      
        
          
          

        

        
          -40-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              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:

            	
              /s/
                Julia B. Buthman

            
	 	
              Name:

            	
              Julia
                B. Buthman

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    

    

    

    
      
        
          
          

        

        
          -41-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              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:

            	
              /s/
                Julia B. Buthman

            
	 	
              Name:

            	
              Julia
                B. Buthman

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    

    

    

    
      
        
          
          

        

        
          -42-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              The
                Variable Annuity Life Insurance Company

              AIG
                Annuity Insurance Company, as 2006 Noteholders

            
	 
	 	
              By:

            	
              AIG
                Global Investment Corp., investment adviser

            
	 
	 	
              By:

            	
              /s/
                Gerald F. Herman

            
	 	
              Name:

            	
              Gerald
                F. Herman

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    

    

    

    

    
      
        
          
          

        

        
          -43-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              The
                Guardian Life Insurance Company of America, as a 2006
                Noteholder

            
	 
	 
	 	
              By:

            	
              /s/
                Barry Scheinholtz

            
	 	
              Name:

            	
              Barry
                Scheinholtz

            
	 	
              Title:

            	
              Private
                Placements Manager

            

    

    

    

    

    

    
      
        
          
          

        

        
          -44-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              Berkshire
                Life Insurance Company of America, as a 2006 Noteholder

            
	 
	 
	 	
              By:

            	
              /s/
                Barry Scheinholtz

            
	 	
              Name:

            	
              Barry
                Scheinholtz

            
	 	
              Title:

            	
              Private
                Placement Manager

            

    

    

    

    

    

    

    
      
        
          
          

        

        
          -45-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              Transamerica
                Occidental Life Insurance Company, as a 2006 Noteholder

            
	 
	 
	 	
              By:

            	
              s/
                Debra R. Thompson

            
	 	
              Name:

            	
              Debra
                R. Thompson

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    

    

    

    

    
      
        
          
          

        

        
          -46-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              AmerUs
                Life Insurance Company, as a 2006 Noteholder

            
	 
	 	
              By:

            	
              AmerUs
                Capital Management Group, Inc., its authorized
                attorney-in-fact

            
	 
	 	
              By:

            	
              /s/
                Roger D. Fors

            
	 	
              Name:

            	
              Roger
                D. Fors

            
	 	
              Title:

            	
              VP-Private
                Placement

            

    

    

    

    

    

    

    

    
      
        
          
          

        

        
          -47-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              American
                Investors Life Insurance Company, as a 2006 Noteholder

            
	 
	 	
              By:

            	
              AmerUs
                Capital Management Group, Inc., its authorized
                attorney-in-fact

            
	 
	 	
              By:

            	
              /s/
                Roger D. Fors

            
	 	
              Name:

            	
              Roger
                D. Fors

            
	 	
              Title:

            	
              VP-Private
                Placement

            

    

    

    

    

    

    

    

    
      
        
          
          

        

        
          -48-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              Indianapolis
                Life Insurance Company, as a 2006 Noteholder

            
	 
	 	
              By:

            	
              AmerUs
                Capital Management Group, Inc., its authorized
                attorney-in-fact

            
	 
	 	
              By:

            	
              /s/
                Roger D. Fors

            
	 	
              Name:

            	
              Roger
                D. Fors

            
	 	
              Title:

            	
              VP-Private
                Placement

            

    

    

    

    

    

    
      
        
          
          

        

        
          -49-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              Genworth
                Life and Annuity Insurance Company, as a 2006
                Noteholder

            
	 
	 
	 	
              By:

            	
              /s/
                Morian C. Mooers

            
	 	
              Name:

            	
              Morian
                C. Mooers

            
	 	
              Title:

            	
              Investment
                Officer

            

    

    

    

    

    

    

    

    
      
        
          
          

        

        
          -50-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              Life
                Insurance Company of the Southwest, as a 2006
                Noteholder

            
	 
	 
	 	
              By:

            	
              /s/
                R. Scott Higgins

            
	 	
              Name:

            	
              R.
                Scott Higgins

            
	 	
              Title:

            	
              Vice
                President Sentinel Asset Management

            

    

    

    

    
      
        
          
          

        

        
          -51-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              Ameritas
                Life Insurance Corp. - Closed Block, as a 2006
                Noteholder

            
	 
	 	
              By:

            	
              Ameritas
                Investment Advisors Inc., as Agent

            
	 
	 	
              By:

            	
              /s/
                Andrew S. White

            
	 	
              Name:

            	
              Andrew
                S. White

            
	 	
              Title:

            	
              Vice
                President - Fixed Income Securities

            

    

    

    

    

    

    
      
        
          
          

        

        
          -52-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              Ameritas
                Life Insurance Corp., as a 2006 Noteholder

            
	 
	 	
              By:

            	
              Ameritas
                Investment Advisors Inc., as Agent

            
	 
	 	
              By:

            	
              /s/
                Andrew S. White

            
	 	
              Name:

            	
              Andrew
                S. White

            
	 	
              Title:

            	
              Vice
                President - Fixed Income Securities

            

    

    

    

    

    

    
      
        
          
          

        

        
          -53-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              Acacia
                Life Insurance Company, as a 2006 Noteholder

            
	 
	 	
              By:

            	
              Ameritas
                Investment Advisors Inc. as Agent

            
	 
	 	
              By:

            	
              /s/
                Andrew S. White

            
	 	
              Name:

            	
              Andrew
                S. White

            
	 	
              Title:

            	
              Vice
                President - Fixed Income Securities

            

    

    

    

    

    

    

    
      
        
          
          

        

        
          -54-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              Equitrust
                Life Insurance Company, as a 2006 Noteholder

            
	 
	 
	 	
              By:

            	
              /s/
                Herman L. Riva

            
	 	
              Name:

            	
              Herman
                L. Riva

            
	 	
              Title:

            	
              Senior
                Portfolio Manager

            

    

    

    

    

    

    

    
      
        
          
          

        

        
          -55-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              Assurity
                Life Insurance Company, as a 2006 Noteholder

            
	 
	 
	 	
              By:

            	
              /s/
                Victor Weber

            
	 	
              Name:

            	
              Victor
                Weber

            
	 	
              Title:

            	
              Senior
                Director - Investments

            

    

    

    

    

    

    

    
      
        
          
          

        

        
          -56-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              Security
                Financial Life Insurance Co., as a 2006 Noteholder

            
	 
	 
	 	
              By:

            	
              /s/
                Victor Weber

            
	 	
              Name:

            	
              Victor
                Weber

            
	 	
              Title:

            	
              Senior
                Director - Investments

            

    

    

    

    

    
      
        
          
          

        

        
          -57-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              Metropolitan
                Life Insurance Company, as a 2007 Noteholder

            
	 
	 
	 	
              By:

            	
              /s/
                Judith A. Gulotta

            
	 	
              Name:

            	
              Judith
                A. Gulotta

            
	 	
              Title:

            	
              Director

            

    

    

    

    
      	 	
              Metropolitan
                Tower Life Insurance Company, as a 2007 Noteholder

            
	 
	 
	 	
              By:

            	
              /s/
                Judith A. Gulotta

            
	 	
              Name:

            	
              Judith
                A. Gulotta

            
	 	
              Title:

            	
              Director

            

    

    

    

    

    

    

    

    
      
        
          
          

        

        
          -58-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              U.S.
                BANK NATIONAL ASSOCIATION

            
	 
	 
	 	
              By:

            	
              /s/
                James M. Williams

            
	 	
              Name:

            	
              James
                M. Williams

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    

    

    

    
      
        
          
          

        

        
          -59-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              U.S.
                BANK NATIONAL ASSOCIATION, as Collateral Agent

            
	 
	 
	 	
              By:

            	
              /s/
                James M. Williams

            
	 	
              Name:

            	
              James
                M. Williams

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    

    
      
        
          
          

        

        
          -60-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              WACHOVIA
                BANK, NATIONAL ASSOCIATION

            
	 
	 
	 	
              By:

            	
              /s/
                Mark S. Supple

            
	 	
              Name:

            	
              Mark
                S. Supple

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    

    

    

    
      
        
          
          

        

        
          -61-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              LASALLE
                BANK NATIONAL ASSOCIATION

            
	 
	 
	 	
              By:

            	
              /s/
                Darren L. Lemkau

            
	 	
              Name:

            	
              Darren
                L. Lemkau

            
	 	
              Title:

            	
              Senior
                Vice President

            

    

    

    

    

    
      
        
          
          

        

        
          -62-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              COMERICA
                BANK

            
	 
	 
	 	
              By:

            	
              /s/
                Timothy O’Rourke

            
	 	
              Name:

            	
              Timothy
                O’Rourke

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    

    

    
      
        
          
          

        

        
          -63-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              WELLS
                FARGO BANK, NATIONAL ASSOCIATION

            
	 
	 
	 	
              By:

            	
              /s/
                Rick Warren

            
	 	
              Name:

            	
              Rick
                Warren

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    

    
      
        
          
          

        

        
          -64-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              SOVEREIGN
                BANK

            
	 
	 
	 	
              By:

            	
              /s/
                Jeffrey N. Kruffman

            
	 	
              Name:

            	
              Jeffrey
                N. Kruffman

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    

    

    
      
        
          
          

        

        
          -65-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              JPMORGAN
                CHASE BANK, N.A.

            
	 
	 
	 	
              By:

            	
              /s/
                Christine Herrick

            
	 	
              Name:

            	
              Christine
                Herrick

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    

    

    
      
        
          
          

        

        
          -66-

          
            

          

        

        
          
          

        

      

    

    

    

     

    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.

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              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:

            	
              /s/
                Dennis Highby

            
	 	
              Name:

            	
              Dennis
                Highby

            
	 	
              Title:

            	
              President,
                CEO, or Manager

            
	 
	 	
              Cabela’s
                Trophy Properties, LLC

            
	 
	 	
              By:

            	
              /s/
                Gregg Severinson

            
	 	
              Name:

            	
              Gregg
                Severinson

            
	 	
              Title:

            	
              Vice
                President and Manager

            
	 
	 	
              Cabela’s
                Retail TX, L.P.

            
	 
	 	
              By:

            	
              Cabela’s
                Retail GP, LLC

            
	 	
              Its:

            	
              General
                Partner

            
	 
	 	
              By:

            	
              /s/
                Dennis Highby

            
	 	
              Name:

            	
              Dennis
                Highby

            
	 	
              Title:

            	
              President

            

    

     

     

     

     

    -2-

    
 

    Back
      to Form 8-Kexhibit10_2.htm

    
      

    

     

    Exhibit
      10.2

     

    

      JOINDER
        AGREEMENT

       

      This
        Joinder Agreement (this “Agreement”), dated as of June 15, 2007 (the “Effective
        Date”), is made by Cabela’s Retail IL, Inc., an Illinois corporation (the “New
        Borrower”), in favor of U.S. Bank National Association, as Agent for the
        Banks under the Credit Agreement (each as defined below).

       

       

      RECITALS

       

      A.           Cabela’s
        Incorporated, a Delaware corporation, Cabela’s Retail, Inc., a Nebraska
        corporation, Van Dyke Supply Company, Inc., a South Dakota corporation, Cabela’s
        Ventures, Inc., a Nebraska corporation, Cabela’s Outdoor Adventures, Inc., a
        Nebraska corporation, Cabela’s Catalog, Inc., a Nebraska corporation, Cabela’s
        Wholesale, Inc., a Nebraska corporation, Cabela’s Marketing and Brand
        Management, Inc., a Nebraska corporation, Cabelas.com, Inc., a Nebraska
        corporation, Wild Wings, LLC, a Minnesota limited liability company, Cabela’s
        Lodging, LLC, a Nebraska limited liability company, Cabela’s Retail LA, LLC, a
        Nebraska limited liability company, Cabela’s Trophy Properties, LLC, a Nebraska
        limited liability company, Original Creations, LLC, a Minnesota limited
        liability company, Cabela’s Retail TX, L.P., a Nebraska limited partnership,
        Cabela’s Retail GP, LLC, a Nebraska limited liability company, CRLP, LLC, a
        Nebraska limited liability company, Legacy Trading Company, a South Dakota
        corporation, and Cabela’s Retail MO, LLC, a Nebraska limited liability company
        (individually, an “Existing Borrower” and, collectively, the “Existing
        Borrowers”), the banks which are signatories hereto (individually, a “Bank” and,
        collectively, the “Banks”), and U.S. Bank National Association, one of the
        Banks, as agent for the Banks (in such capacity, the “Agent”), have entered into
        a Second Amended and Restated Credit Agreement, dated as of July 15, 2005
        (as
        the same may be amended, restated, supplemented or otherwise modified from
        time
        to time, the “Credit Agreement”); and

       

      B.           The
        New Borrower desires to become a borrower under the Credit Agreement and
        the
        other Loan Documents (as defined therein).

       

      NOW
        THEREFORE, for and in consideration of the mutual covenants, conditions,
        stipulations and agreements set forth herein and in the Credit Agreement
        and the
        other Loan Documents, and other valuable consideration, the receipt of which
        is
        hereby acknowledged, the undersigned hereby consents and agrees as
        follows:

       

      1.           Capitalized
        terms used in this Agreement, but not otherwise defined, shall have the meanings
        ascribed to them in the Credit Agreement.

       

      2.           Without
        in any manner affecting the Existing Borrowers’ joint and several liability
        under the Loan Documents, the New Borrower hereby jointly and severally assumes
        and agrees to perform all of the terms, restrictions, obligations and conditions
        of a “Borrower” under the Credit Agreement, the Notes and, by execution of this
        Agreement, is hereby designated a “Borrower” for purposes of, and agrees to be
        bound by, each and all terms of the Credit Agreement and the
        Notes.  Without limiting the generality of the forgoing, the New
        Borrower hereby (a) expressly agrees that it is jointly and severally liable
        for
        and assumes all Obligations under the Credit Agreement, the Notes and all
        other
        Loan Documents to which any Existing Borrower
        is a party, and (b) agrees to perform for the Agent’s and the Banks’ benefit and
        be bound by the terms and covenants of the Credit Agreement, the Notes or
        all
        other Loan Document to which any Existing Borrower is a
        party.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      3.           Subject
        to Section 5 hereof, the Agent confirms that the New Borrower is a “Borrower”
under the Credit Agreement and all of the rights and obligations of a Borrower
        under the Credit Agreement shall inure to and bind, as a joint and several
        obligor, the New Borrower.

       

      4.           The
        New Borrower represents to the Agent and the Banks that:

       

      (a)           It
        is a corporation or limited liability company duly organized, validly existing
        and in good standing under the laws of the jurisdiction of its organization
        and
        has the power and authority and the legal right to own and operate its
        properties and to conduct the business in which it is currently
        engaged.

       

      (b)           It
        has the power and authority and the legal right to execute and deliver, and
        to
        perform its obligations under, this Agreement, the Credit Agreement, the
        Notes
        and all other Loan Documents and has taken all necessary action required
        by its
        form of organization to authorize such execution, delivery and
        performance.

       

      (c)           This
        Agreement, the Credit Agreement, the Notes and all other Loan Documents
        constitute its legal, valid and binding obligations enforceable in accordance
        with their terms, except as enforceability may be limited by applicable
        bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
        the
        enforcement of creditors’ rights generally and by general equitable principles
        (whether enforcement is sought by proceedings in equity or at law).

       

      (d)           The
        execution, delivery and performance of this Agreement, the Credit Agreement
        and
        all other Loan Documents will not (i) violate any provision of any law, statute,
        rule or regulation or any order, writ, judgment, injunction, decree,
        determination or award of any court, governmental agency or arbitrator presently
        in effect having applicability to it, (ii) violate or contravene any provision
        of its organizational documents, or (iii) result in a breach of or constitute
        a
        default under any indenture, loan or credit agreement or any other agreement,
        lease or instrument to which it is a party or by which it or any of its
        properties may be bound or result in the creation of any lien
        thereunder.  It is not in default under or in violation of any such
        law, statute, rule or regulation, order, writ, judgment, injunction, decree,
        determination or award or any such indenture, loan or credit agreement or
        other
        agreement, lease or instrument in any case in which the consequences of such
        default or violation could have a material adverse effect on its business,
        operations, properties, assets or condition (financial or
        otherwise).

       

      (e)           No
        order, consent, approval, license, authorization or validation of, or filing,
        recording or registration with, or exemption by, any governmental or public
        body
        or authority is required on its part to authorize, or is required in connection
        with the execution, delivery and performance of, or the legality, validity,
        binding effect or enforceability of, this Agreement, the Credit Agreement,
        the
        Notes and all other Loan Documents.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (f)           There
        are no actions, suits or proceedings pending or, to its knowledge, threatened
        against or affecting it or any of its properties before any court or arbitrator,
        or any governmental department, board, agency or other instrumentality which,
        if
        determined adversely to it, would have a material adverse effect on its
        business, operations, property or condition (financial or otherwise) or on
        its
        ability to perform its obligations hereunder and under this Agreement, the
        Credit Agreement, the Notes and all other Loan Documents.

       

      (g)           It
        expects to derive benefits from the transactions resulting in the creation
        of
        the Obligations.  The Agent and the Banks may rely conclusively on the
        continuing warranty, hereby made, that the New Borrower continues to be
        benefited by the Banks’ extension of credit accommodations to the Borrowers and
        neither the Agent nor the Banks shall have no duty to inquire into or confirm
        the receipt of any such benefits, and this Agreement, the Credit Agreement,
        the
        Notes and all other Loan Documents to which it is a party shall be effective
        and
        enforceable by the Agent and the Banks without regard to the receipt, nature
        or
        value of any such benefits.

       

      (h)           The
        representations and warranties contained in Article IV of the Credit Agreement
        are true and correct, with respect to the New Borrower, as of the Effective
        Date, except to the extent such representations and warranties specifically
        relate to an earlier date, in which case they are true and correct as of
        such
        earlier date, and after giving effect to this Agreement, there will exist
        no
        breach of such representations and warranties.

       

      5.           Effectiveness.  This
        Agreement shall become effective upon satisfaction by the New Borrower of
        the
        conditions set forth in Sections 3.1(a)(ii), 3.1(a)(iii), 3.1(b), 3.1(d),
        3.1(e)
        and 3.1(f) of the Credit Agreement, provided that any such condition to be
        performed or dated on or as of the Closing Date shall be performed or dated
        on
        or as of the Effective Date.

       

      6.           Governing
        Law and Construction.  THE VALIDITY, CONSTRUCTION AND
        ENFORCEABILITY OF THIS AGREEMENT SHALL BE GOVERNED BY THE INTERNAL LAWS OF
        THE
        STATE OF NEBRASKA, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF,
        BUT GIVING EFFECT TO FEDERAL LAWS OF THE UNITED STATES APPLICABLE TO NATIONAL
        BANKS.  Whenever possible, each provision of this Agreement
        and any other statement, instrument  or transaction contemplated
        hereby or thereby or relating hereto or thereto shall be interpreted in such
        manner as to be effective and valid under such applicable law, but, if any
        provision of this Agreement or any other statement, instrument or transaction
        contemplated hereby or thereby or relating hereto or thereto shall be held
        to be
        prohibited or invalid under such applicable law, such provision shall be
        ineffective only to the extent of such prohibition or invalidity, without
        invalidating the remainder of such provision or the remaining provisions
        of this
        Agreement or any other statement, instrument or transaction contemplated
        hereby
        or thereby or relating hereto or thereto.

       

      7.           Waiver
        of Jury Trial.  EACH OF THE PARTIES HERETO IRREVOCABLY
        WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
        OUT OF
        OR RELATING TO THIS AGREEMENT.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      9.           New
        Borrower Acknowledgements.  The New Borrower hereby acknowledges
        that (a) it has received from the Borrowers’ Agent true and correct copies of
        each Loan Document, (b) it has been advised by counsel in the negotiation,
        execution and delivery of this Agreement, and (c) the New Borrower shall
        rely
        entirely upon its own judgment with respect to its business, and any review,
        inspection or supervision of, or information supplied to, the New Borrower
        by
        the Banks is for the protection of the Banks and neither the New Borrower
        nor
        any third party is entitled to rely thereon.

       

      [REMAINDER
        OF PAGE IS INTENTIONALLY LEFT BLANK]

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      

      
        	 	
                Cabela’s
                  Retail IL, Inc., an Illinois corporation, New Borrower

              
	 
	 	
                By:

              	
                /s/
                  Ralph W. Castner

              
	 	
                Name:

              	
                Ralph
                  W. Castner

              
	 	
                Title:

              	
                Secretary
                  and Treasurer

              
	 
	 
	 	
                U.S.
                  Bank National Association, as
                  Agent

              
	 
	 	
                By:

              	
                /s/
                  James M. Williams

              
	 	
                Name:

              	
                James
                  M. Williams

              
	 	
                Title:

              	
                Vice
                  President

              

      

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      REAFFIRMATION
        BY EXISTING BORROWERS

       

      The
        undersigned, each an Existing
        Borrower, as defined in the Joinder Agreement (the “Joinder Agreement”), dated
        as of June 15, 2007, from Cabela’s Retail IL, Inc. in favor of U.S. Bank
        National Association, as Agent for the Banks under the Credit Agreement (each
        as
        defined in the Joinder Agreement), each acknowledges receipt of the Joinder
        Agreement and acknowledges and affirms that the Credit Agreement, as modified
        by
        the Joinder Agreement, is hereby ratified and confirmed in all respects and
        all
        terms, conditions and provisions of the Credit Agreement, except as modified
        by
        the Joinder Agreement, shall remain unmodified and in full force and
        effect.  All references in any document or instrument to the Credit
        Agreement are hereby amended and shall refer to the Credit Agreement as modified
        by the Joinder 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

                Legacy
                  Trading Company

                Cabela’s
                  Trophy Properties, LLC

                Cabela’s
                  Marketing and Brand Management, Inc.

                Cabela’s
                  Retail LA, LLC

                Original
                  Creations, LLC

                Cabela’s
                  Retail GP, LLC

                CRLP,
                  LLC

                Cabela’s
                  Retail MO, LLC

              
	 
	 	
                By:

              	
                /s/
                  Ralph W. Castner

              
	 	
                Name:

              	
                Ralph
                  W. Castner

              
	 	
                Title:

              	
                Vice
                  President, CFO, Secretary or Treasurer

              
	 
	 	
                Van
                  Dyke Supply Company, Inc.

              
	 
	 	
                By:

              	
                /s/
                  Jeff Jung

              
	 	
                Name:

              	
                Jeff
                  Jung

              
	 	
                Title:

              	
                Secretary
                  and Treasurer

              
	 
	 	
                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

              

      

      

    Back
      to Form 8-K

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