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Exhibit 10.20  

 
 

Lease Agreement    
    

        THIS LEASE AGREEMENT (this "Lease") is made and entered into on this 17th day of December, 2004, by and between Red Rock Partners, LLC, a Kentucky limited
liability company whose address is 2718 Uhls Road, Franklin Kentucky 42134, hereinafter referred to as "LESSOR", and CWI, INC., a Kentucky corporation, hereinafter referred as "LESSEE" whose
address is 650 Three Springs Road, Bowling Green, KY 42104. 

Witnesseth:  

        WHERAS, the LESSOR is the owner of certain real property (hereinafter sometimes referred to as the "Real Property") located at the intersection Page Drive and
Highway 100, Franklin, Simpson County, Kentucky, more particularly described in Exhibit "A" which is attached hereto and made a part hereof by
reference, and all improvements located on the Real Property, including, without limitation, the building (the "Building") outlined on the site plan attached hereto as Exhibit
"A-1" (the Real Property, the Building and all other improvements now or hereafter existing on the Real Property are sometimes referred to herein, collectively, as
the "Property"); 

        WHERAS,
the LESSOR proposes to complete renovations to the Property by making certain improvements to the Property and the Building so that it will be suitable by LESSEE for the uses
contemplated by this Lease all in accordance with the specifications set forth in Exhibit "B" attached hereto and made a part hereof by reference (hereinafter the "LESSOR'S Work"); and 

        WHERAS,
the LESSOR desires to lease a portion of the Property during the Preliminary Term (as defined below) and the entire Property during the New Term (as defined below) and LESSEE
desires to lease a portion of the Property during the Preliminary Term and the entire Property during the New Term pursuant to the terms and conditions of this Lease. 

        NOW,
THEREFORE, in consideration of the rents to be paid by the LESSEE to the LESSOR as hereinafter provided, and the covenants and agreements hereinafter set forth, to be kept and
performed by both parties hereto, the LESSOR does hereby let, demise and lease the Premises (as defined below) unto the LESSEE for the Term and LESSOR hereby grants to LESSEE, its customers, guests,
invitees, employees, agents and licensees all easements, rights and privileges appurtenant thereto, under the following terms and conditions: 

        1.    PREMISES.    During the Preliminary Term the "Premises" (herein so called) shall consist of that portion of the
Real Property identified on the Site Plan as the "Initial Premises" and that portion of the Building consisting of approximately 175,000 square feet and identified on the floor plan (the "Floor Plan")
attached hereto as Exhibit "A-2" as the Initial Premises". Effective as of the date (the "New Term Commencement Date") which is the later to
occur of (a) February 1, 2008 or (b) the date upon which LESSOR delivers the Additional Premises to LESSEE in the condition required herein and continuing through the remainder of
the Term, the Premises shall also consist of that portion of the Real Property identified on the Site Plan as the "Additional Premises" and that portion of the Building identified on the Floor Plan as
the "Additional Premises". The portion of the Property identified on the Site Plan and the Floor Plan as the Initial Premises and the Additional Premises shall, collectively, constitute the entire
Property. LESSOR represents and warrants that the Building consists of approximately 250,000 square feet and the Real Property consists of approximately 33 acres. 

        2.    LEASE TERM.    The primary term (the "Primary Term") of this Lease (a) shall commence on the date (the
"Commencement Date") which is the later to occur of (i) February 15, 2005 or (ii) the date upon which LESSOR substantially completes LESSOR'S Work and delivers the Premises to
LESSEE in substantially the condition required herein and (b) shall end at midnight on the last day of the twentieth (20th) Lease Year (as defined below) following the Commencement Date. The
Primary Term shall consist of a preliminary term (the "Preliminary Term") commencing on the Commencement Date and ending at midnight on the last day of the third (3rd) Lease Year and a
new term (the "New 

 

Term")
commencing on the New Term Commencement Date and ending upon the expiration of the Primary Term. Notwithstanding anything to the contrary contained herein, (a) in the event the
Commencement Date has not occurred by February 15, 2005, Lessee shall receive two (2) days free rent for each day after February 15, 2005 until the Commencement Date occurs and
(b) in the event the Commencement Date has not occurred by March 1, 2005, LESSEE shall have the right to extend the Commencement Date to November 1, 2005, in which event the free
rent in (a) above shall be limited to a total of twenty-six (26) days. In the event LESSEE accepts possession of the Premises prior to February 15, 2005, the
Commencement Date shall be the date upon which the LESSEE accepts possession. For purposes of this Lease, a "Lease Year" shall be defined as those
consecutive twelve (12) month periods during the Primary Term or any Extension Term (as defined below), with the first Lease Year commencing on the Commencement Date and each subsequent Lease
Year commencing on the annual anniversary thereof. Upon the establishment of the Commencement Date, LESSOR and LESSEE shall execute a form of Commencement Agreement acknowledging and agreeing to the
Commencement Date. 

        3.    EXTENSIONS.    LESSEE shall have the option of extending this Lease for two (2) additional terms
(hereinafter, collectively referred to as the "Extension Terms", or individually as an "Extension Term")
of five (5) years each on the same terms and conditions as provided herein. Notice of the exercise of such option shall be delivered by LESSEE to LESSOR, in writing, not later than ninety
(90) days prior to expiration of the Primary Term or the then expiring Extension Term, as applicable. The Primary Term and the Extension Terms are sometimes referred to herein, collectively, as
the "Term". 

        4.    CONSTRUCTION OF LESSOR'S WORK.    LESSOR shall complete, at LESSOR'S sole cost and expense, LESSOR'S WORK
according to plans and specifications to be prepared by LESSOR, at LESSOR'S expense, and approved by LESSEE, such approval not to be unreasonably withheld, conditioned or delayed (the "Plans"). The
Plans shall be prepared in accordance with the scope of work attached hereto as Exhibit "B". LESSOR'S Work shall be completed in accordance with the
Plans and the scope of work attached hereto as Exhibit "B" in a good and workmanlike manner and LESSOR shall deliver the Premises to Tenant in
substantially the condition required herein on or before the Commencement Date. LESSOR shall utilize first quality new materials in connection with LESSOR'S Work and complete LESSOR'S Work in
compliance with all applicable laws, ordinances, rules and statutes. The LESSEE from time to time, shall have the right, but not the obligation to inspect the progress of the construction of LESSOR'S
Work. LESSOR'S Work shall be deemed substantially completed when, notwithstanding LESSEE'S possession of the Premises, that (a) LESSOR'S Work has been completed with the exception of Punchlist
Items (as defined below) and (b) a Certificate of Occupancy, or its equivalent, has been unconditionally issued for LESSEE'S occupancy of the Premises; provided, however, in the event the
portion of LESSOR'S Work consisting of asphalt paving cannot be completed prior to the Commencement Date as the result of adverse weather conditions, for purposes hereof, LESSOR'S Work shall be deemed
substantially completed so long as the area to be paved has been graded and graveled for parking, with the asphalt paving to be completed as soon as the weather permits. As used herein, "Punchlist
Items" shall mean minor items which can be completed by LESSOR following the Commencement Date without interference with LESSEE'S business operations or ability to complete necessary improvements
necessary for LESSEE'S business operations, such as, without limiting the generality thereof, finish work and painting that would not interfere with LESSOR'S ability to operate its business in the
Premises. 

        LESSOR
hereby consents to LESSEE constructing all work necessary for LESSEE'S business operations, including, without limitation, installing racking and fixtures and wiring and cabling
for computer and phone systems (collectively, "LESSEE'S WORK"). LESSEE shall have access to the Premises following the full execution of this Lease and prior to the Commencement Date to complete
LESSEE'S Work and prepare the Premises for the operation of LESSEE'S business. Notwithstanding 

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anything
to the contrary, LESSEE'S access to the Premises prior to the date upon which LESSOR completes LESSOR'S Work for the purpose of completing LESSEE'S Work shall not be deemed an acceptance by
LESSEE of possession of the Premises, provided LESSEE has not begun business operations. LESSEE shall be deemed to have begun business operations when LESSEE commences shipping and distributing
products from the Premises. 

        5.    IMPROVEMENT ALLOWANCE.    LESSOR shall pay to LESSEE an "Improvement Allowance" (herein so called) in an amount
equal to the amount by which Five Hundred Twenty-Five Thousand and No/100 Dollars ($525,000) exceeds the actual costs incurred by LESSOR in completing LESSOR'S Work; provided, however, for
purposes hereof the cost incurred by LESSOR in completing LESSOR'S WORK shall in no event be deemed to exceed the Budget Amount (as defined below) and no individual component of LESSOR'S Work shall be
deemed to exceed the Budget Amount therefor. The Improvement Allowance, less a reserve for the anticipated cost for completing the Punchlist Items, shall be paid by LESSOR to LESSEE within fifteen
(15) days following LESSEE'S delivery to LESSOR of the final list of Punchlist Items. Within fifteen (15) days following completion of the Punchlist Items, LESSOR shall pay to LESSEE the
unused portion, if any, of the reserve for Punchlist Items. As used herein, the "Budget Amount" shall mean the amount set forth on Exhibit "B" as the
amount budgeted for the completion of LESSOR'S WORK and the amount budgeted for each individual component of LESSOR'S Work; provided, however, in the event LESSEE requests any changes to the scope of
LESSOR'S Work set forth on Exhibit "B", LESSOR and LESSEE shall mutually agree to a revised budgeted amount (the "New Budget Amount") based upon the
additions or deletions, as applicable, requested by LESSEE to the scope of LESSOR'S Work. LESSEE shall reimburse LESSOR for the amount of the New Budget Amount which exceeds Five Hundred
Twenty-Five Thousand and No/100 Dollars ($525,000). Following the completion of LESSOR'S WORK, LESSOR shall provide to LESSEE copies of all invoices for LESSOR'S Work evidencing the total
cost of LESSOR'S Work. In addition to the Improvement Allowance, LESSOR acknowledges that LESSEE is negotiating with certain governmental and quasi-governmental authorities for certain incentives (the
"Incentives") for relocating LESSEE'S distribution business to the City of Franklin, Simpson County, Kentucky. A portion of the Incentives may be paid in the form of a reimbursement for certain of the
costs incurred by LESSOR in completing certain portions of LESSOR'S Work. LESSOR acknowledges and agrees that all such Incentives shall belong to LESSEE and in the event any of the Incentives are paid
to LESSOR, such Incentives shall immediately be paid by LESSOR to LESSEE. The Incentives shall be in addition to the Improvement Allowance payable by LESSOR to LESSEE hereunder and in no event shall
the Incentives reduce the amount of the Improvement Allowance payable by LESSOR to LESSEE. If LESSOR fails to pay the Improvement Allowance or any portion of the Incentives paid to LESSOR as set forth
above, then the unpaid portion thereof shall accrue interest at the Default Rate (as defined below) until paid and, in addition to all other remedies available to LESSEE hereunder as the result of a
default by LESSOR, at LESSEE's option, LESSEE may offset the unpaid portion thereof, and all interest accrued thereon, against the rent payable hereunder. As used herein, the "Default Rate" shall mean
the rate of interest equal to the lesser of (i) the maximum rate permitted by law or (ii) fifteen percent (15%) per anum. 

        6.    LEASE PRICE.    Commencing on the Rent Commencement Date (as defined below) and continuing during the Primary
Term of this Lease, the LESSEE shall pay to the LESSOR rent for the use and occupancy of the Premises in accordance with the attached Exhibit "C" (hereafter the "Base Rent). The Base Rent shall be
based upon a rate equal to $2.75 per square foot contained in the Building portion of the Premises, subject to increases as set forth herein; provided, however, for purposes hereof the Building
portion of the Premises shall be deemed not to exceed 175,000 square feet during the Preliminary Term or 250,000 square feet during the New Term. As used herein, the Rent Commencement Date shall be
the date which is the earlier to occur of (a) the Commencement Date or (b) the date upon which LESSEE accepts possession of the Premises. The rent shall be paid to LESSOR at the address
set forth herein, in advance, on a monthly basis. In addition to the monthly 

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Base
Rent payment, commencing on the Rent Commencement Date, the LESSEE shall be responsible for maintaining the Premises, as set forth herein, paying premiums for insurance required to be maintained
by LESSEE hereunder, paying real estate taxes assessed against the Premises, as set forth herein, and shall pay all sales and uses taxes levied or assessed against all Rent payments due under this
lease (if any) simultaneously with each payment required hereunder.. Commencing with the eleventh (11th) Lease Year, the Base Rent shall increase by an amount equal to the Base Rent for
the tenth (10th) Lease Year multiplied by the percentage increase in the CPI (as defined below) over the preceding five year period, with such five year period commencing with the month
which is three months prior to the end of the fifth (5th) Lease Year and ending with the month which is three months prior to the end of the tenth (10th) Lease Year;
provided, however any such increase shall not exceed ten percent (10%). Commencing with the sixteenth (16th) Lease Year, the Base Rent shall increase by an amount equal to the Base Rent
for the fifteenth (15th) Lease Year multiplied by the percentage increase in the CPI over the preceding five year period, with such five year period commencing with the month which is
three months prior to the end of the tenth (10th) Lease Year and ending with the month which is three months prior to the end of the fifteenth (15th) Lease Year; provided,
however any such increase shall not exceed ten percent (10%). In the event LESSEE exercises a right to extend the Term for an Extension Term, the Base Rent for the applicable Extension Term shall be
equal to the Base Rent for the last year of the immediately preceding Primary Term or Extension Term, as applicable, multiplied by the percentage increase in the CPI over the preceding five year
period, with such five year period commencing with the month which is sixty-three months prior to commencement of the applicable Extension Term and ending with the month which is three months prior to
the commencement of the applicable Extension Term; provided, however, any such increase shall not exceed ten percent (10%). As used herein, the "CPI" shall mean the "All Urban Consumer Price
Index—United States City average" (1987 = 100) published by the United States Department of Labor (the "Department"). In the event the Department ceases publishing the CPI, LESSOR
and LESSEE shall mutually agree upon a comparable index. 

        7.    CONDITIONS OF PREMISES.    LESSEE shall have a period of thirty (30) days from the completion of LESSOR'S
Work to provide LESSOR with a list of any Punchlist Items. LESSOR shall be obligated within a reasonable amount of time not to exceed thirty (30) days to cure the Punchlist Items. If LESSOR
fails to prosecute such repairs diligently and continuously until completion, then LESSEE, after providing five (5) days written notice to Lessor of its intent to do so, may prosecute such
repairs itself and apply the cost of same against the next rent obligations due hereunder. This thirty (30) day time period set forth above shall not apply to latent defects. LESSOR warrants
that, upon completion of LESSOR'S Work and the delivery of the Premises to LESSEE, the Premises will meet with all laws,
codes, regulations and ordinances in effect at the time the Premises is delivered by LESSOR to LESSEE. LESSOR represents and warrants that the Building and LESSOR's Work have been constructed and
completed in a first class manner with good workmanship and guarantees the construction thereof and materials used therein against defects for a period of twelve (12) months following the
Commencement Date, provided that such time limit shall not apply to latent defects. After expiration of said twelve (12) month warranty period, LESSOR shall assign to LESSEE any and all
warranties and guaranties of third parties held by LESSOR with respect to any items LESSEE is obligated to repair or maintain hereunder, except in the event same are un-assignable, in
which event LESSOR shall enforce same for the benefit of LESSEE. 

        8.    ADDITIONAL PREMISES.    On or before February 1, 2008, LESSOR shall deliver to LESSEE the Additional
Premises in the condition LESSOR is obligated to deliver the Premises to LESSEE hereunder, with any demising walls, partitions or fencing separating the Initial Premises from the Additional Premises
removed. All representations and warranties contained herein with respect to the Premises shall be deemed restated and reaffirmed with respect to the Additional Premises as of the New Term
Commencement Date. Notwithstanding anything to the contrary contained herein, in no event shall LESSEE have any obligation to pay rent or any other amounts with respect to the 

4

 

Additional
Premises prior to the earlier of: (i) the date LESSEE accepts possession of the Additional Premises; or (ii) the date the Additional Premises is delivered to LESSEE in the
condition required herein. 

        9.    MAINTENCE AND REPAIR OBLIGATIONS.    

        (a)   Except
for the repair and maintenance obligations of LESSOR hereunder, including, without limitation, LESSOR's obligations set forth below and LESSOR's obligation in
connection with a casualty or condemnation, the LESSEE shall have the absolute responsibility for maintaining the Premises in good condition and repair during the Term, which shall include all
necessary repairs and replacements, whether covered by insurance or not. Notwithstanding the foregoing, LESSEE'S obligation with respect to the Retention Pond (as defined below) shall be limited to
normal and routine maintenance of the Retention Pond. 

        (b)   The
LESSEE shall maintain the Premises in a good state of repair and shall upon expiration of the Term return the Premises to the LESSOR in as good a condition as when
received, reasonable and ordinary wear and tear and damage due to casualty or condemnation excepted. The LESSEE shall promptly remove debris of all kinds and keep the Premises in a clean and sanitary
condition. 

        (c)   LESSOR
covenants and agrees, at its expense without reimbursement or contribution by LESSEE, to keep, maintain and repair or replace, if necessary, the structural
systems of the Building, including, without limitation, the roof, roof membrane roof covering, load-bearing walls and floor
slabs and masonry walls and foundations and (ii) make any repairs or improvements to the drainage and retention pond constructed on the Property (collectively, the "Retention Pond") necessary
to cause the Retention Pond to comply with any applicable governmental laws, rules regulations or ordinances or any drainage or retention plans or agreements applicable to the Property.
Notwithstanding the foregoing, subject to the waiver of subrogation provisions contained herein, LESSOR shall not be responsible for any repairs necessary as the result of the negligence of LESSEE
hereunder. If such repairs are not completed within thirty (30) days after LESSOR has received notice from LESSEE of such state of disrepair or if such repairs cannot reasonably be completed
within such thirty (30) day period and LESSOR shall fail to commence such repairs within ten (10) days after notice and proceed diligently thereafter then LESSEE may, without waiving any
rights or remedies as the result of any default by LESSOR, prosecute such repairs itself, and apply the cost of such repairs against the next maturing monthly installment or installments of Base Rent
due hereunder. Notwithstanding the foregoing, in the case of an emergency (such as, without limitation, a leaky roof), in the event LESSOR is unable to immediately prosecute necessary repairs, LESSEE
shall have the right to immediately prosecute any and all necessary repairs and shall deliver contemporaneous notification to LESSOR of the emergency and related repairs, and offset the cost of such
repairs against the next maturing monthly installment or installments of Base Rent due hereunder; provided further that if contemporaneous notice is not practicable, then LESSEE shall provide such
notice as soon thereafter as reasonably practicable. Notwithstanding the obligations of LESSOR provided in this paragraph, LESSEE's remedy in the event of damage to its personal property shall be
limited to LESSEE's separate insurance coverage. 

        10.    INSURANCE OBLIGATIONS.    During the Term of this Lease and for any further time that the LESSEE shall hold the
Premises following the expiration of the Term, the LESSEE shall obtain at its expense, subject to contribution from LESSOR as set forth below, the following types and amounts of insurance: 

        (a)   The
LESSEE shall keep the Premises, including all alterations and additions thereto, insured against loss or damage by fire or other peril, with all standard extended
coverage that may be required by any first mortgagee, with a reputable and solvent insurance carrier. The insurance 

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value
of the Premises shall be in the amount of EIGHT MILLION DOLLARS ($8,000,000.00) initially, and shall be reviewed and adjusted every three years thereafter by the LESSEE and the LESSOR. LESSEE
shall have unrestricted access to all parts of the Building as well as to any systems (and contracted vendors) that support the operations of the Building during the Term. During the Preliminary Term
and any period prior to the date LESSOR delivers the Additional Premises to LESSEE in the condition required herein, (a) LESSOR shall pay to LESSEE thirty percent (30%) of the premiums paid by
LESSEE for the insurance set forth above, (b) LESSOR shall be responsible for any increases in the premiums for the Property resulting from the nature of use for the Additional Premises and
(c) the security or fire protections systems for the Additional Premises shall not be modified or disconnected without the prior written consent of LESSEE. Such amount shall be paid by LESSOR
to LESSEE within thirty (30) days following LESSEE'S delivery of an invoice therefor. LESSEE shall have the right to implement and control practices which may affect the safety and security of
the Property. 

        (b)   The
LESSEE shall, at its own expense, at all times during the Term of this Lease, maintain in force a policy or policies of insurance, written by one or more responsible
insurance carries naming LESSOR as an additional insured, against liability for property loss or injury to or death of persons occurring in or about the Premises. The liability amount under such
insurance shall not be less than Two Million and No/100 Dollars ($2,000,000.00) for any single occurrence of bodily injury or property damage. 

        (c)   The
LESSEE shall maintain and keep in force all workers's compensation insurance required by the laws of the State of Kentucky with respect to the operation of Tenant's
business at the Premises. 

        (d)   In
the event the Premises shall be damaged or destroyed by fire or other casualty so insured against, except as otherwise set forth herein, the LESSEE shall claim no
interest in any insurance settlement arising out of any such loss, except loss of the LESSEE'S personal property of whatever kind, under its own coverage, and LESSEE will execute all documents
reasonably required by LESSOR or the insurance company or companies that may be necessary for use in connection with settlement of any such loss and to make the proceeds available to LESSOR for the
repair of the Premises.. 

        (e)   Should
the LESSEE fail to keep in effect and pay for such insurance as in this section is required to be maintained, the LESSOR may do so, in which event the insurance
premiums paid by the LESSOR shall become due payable forthwith at twelve (12%) percent per annum interest and failure of the LESSEE to pay same on demand after written notice shall constitute a breech
of this Lease Agreement. 

        11.    PROPERTY TAXES.    The LESSEE shall pay all real property taxes assessed against the Premises during the term
of this Lease; provided, however, during the Preliminary Term and any period prior to the New Term Commencement Date, LESSOR shall pay to LESSEE thirty percent (30%) of the real property taxes
assessed on the Premises. Such amount shall be paid by LESSOR to LESSEE within thirty (30) days following LESSEE'S delivery of an invoice therefor. LESSOR shall furnish to LESSEE copies of all
tax invoices and receipts which LESSOR receives on the Premises. LESSEE shall have the right, but not the obligation, to reasonably contest with the appropriate governing agency any such tax and
LESSOR shall cooperate and provide assistance in connection with any such contest, including, but not limited to execution of any necessary documents. The expenses of any such contest, or related
matter, shall be the sole responsibility of LESSEE. The LESSEE shall pay all assessments against its personal property in, on and about the Premises. Notwithstanding anything to the contrary contained
herein, with regard to special tax assessments, LESSEE shall have the right to elect to pay such special assessments over the longest installment plan allowed by the applicable governmental 

6

 

authority
and LESSEE shall be liable only for those installments of special assessments coming due prior to the date this Lease is terminated, as and when such installments come due. 

        12.    REPRESENTATIONS AND WARRANTIES.    The LESSOR covenants, warrants, and represents that (a) it has good
fee simple title to the Property, (b) LESSOR has not received any notice, and does not have any knowledge, of any eminent domain or similar proceeding which would affect the Premises,
(c) no restrictive covenant, easement, lease or other written agreement restricts, prohibits or otherwise affects LESSEE'S rights set forth in this Lease or which would adversely affect
LESSEE'S use of the Premise, (d) it has full right and power to execute and perform this Lease, (e) the drainage and retention pond constructed on the Property is and shall be in
compliance with any applicable governmental laws, rules regulations or ordinances or any drainage or retention plans or agreements applicable to the Property and (f) the LESSEE, upon paying the
rent herein stated and performing the covenants and agreements hereof, shall have the right to peaceable have, hold, and enjoy the Premises during the Term of this Lease. The LESSEE further covenants,
warrants, and represents that it has full right and power to execute and perform this Lease Agreement. 

        13.    CONDITION OF PREMISES.    LESSOR represents and warrants that the construction of the Improvements shall be
carried on and completed so as to comply with the specifications set forth in "Exhibit B" attached hereto and that the Improvements shall comply
with all general building code and construction requirements., 

        14.    USE OF PREMISES.    LESSEE shall have the right to use the Premises for a Distribution center, which shall
include, without limiting the generality thereof, the storage and distribution of product and all uses incidental or ancillarty thereto. During the Preliminary Term and any period prior to the date
the Additional Premises is delivered to LESSEE in the condition required herein, LESSOR shall not permit the Additional Premises to be used for (a) any obnoxious or hazardous use or,
(b) the storage of any hazardous, explosive or toxic materials. 

	•
	INSTALLATION OF FIXTURES.    The LESSEE shall make no additions or alterations to the Premises which will detract
from the value of the Building or structurally weaken same. The necessary installation of LESSE'S equipment and machinery incident to operating its business shall not be considered as a disallowed
addition or alteration of the Building. The LESSEE may from time to time make nonstructural alterations or improvements to the Premises, so long as such work is performed in a good and workman like
manner, and so long as LESSEE agrees to return the Premises as required hereunder upon the expiration of the Term, such alterations or improvements shall be deemed not to detract from the value of the
Building. All items permanently affixed to the Building by either gluing, cementing, screwing or otherwise fastening same shall remain with the Premises, except equipment, machinery, and electrical
fixtures originally installed by LESSEE, which shall remain the property of LESSEE. Any equipment, furnishings or fixtures remaining in the Premises after expiration of the Lease Term shall, unless
removed following written notice by LESSOR, be deemed abandoned by the LESSEE and shall become the property of the LESSOR. The LESSEE shall pay and be responsible for the damage resulting from the
removal of any fixture by LESSEE from the Premises. All fixtures, machinery and equipment which my be placed in, upon or about the Premises by the LESSEE shall always remain the property of the
LESSEE, irrespective of the manner in which the same may be affixed or attached to the Premises, and LESSEE shall have the right to remove same when vacating the Premises or at any time from time to
time during the Term of this Lease. The LESSEE shall have the right to expand, renovate, and alter the décor and appearance of the Building and appurtenances throughout the Term of this
Lease at their sole expense provided that same do not materially alter or affect the integrity of the original construction, unless otherwise agreed by the LESSOR. 

7

 

	•
	UTILITIES.    All applications and connections for utility service on the Premises shall be in the name of the
LESSEE only, and the LESSEE shall be solely liable for utility charges as they become due, including those for sewer, water, gas, electricity and telephone service. The electricity for the Additional
Premises shall be separately metered by LESSOR and paid by LESSOR during the Preliminary Term and any period prior to the New Term Commencement Date; provided, however, to the extent the water and
sewer use for the Additional Premises is a minimal amount which would be used by one individual on a daily basis, the water and sewer shall not be separately metered and LESSEE shall be responsible
for the entire water and sewer usage at the Property.

	•
	COMPLIANCE WITH LAWS.    The LESSEE shall comply with all local, state and federal laws, rules, regulations, and
requirements applicable to the conduct of its business on the Premises, in particular those concerning the correction, prevention and abatement of nuisances. The LESSEE shall promptly comply with all
new rules, orders, and regulations of the State of Kentucky or its insurer applicable to LESSEE'S business, at its own expense, including the making of any nonstructural alterations for the protection
or extinguishment of fire. The LESSEE shall not permit the Premises to be used for any disreputable or illegal purpose. During the Preliminary Term and any period prior to the New Term Commencement
Date, LESSOR shall maintain the Additional Premises in compliance with all applicable governmental laws, rules, regulations and ordinances and shall not permit the Additional Premises to be used for
any disreputable or illegal purpose.

	•
	DESTRUCTION OF IMPROVEMENTS

        (a)    Total Destruction:    In the event during the Term of this Lease, the Premises are fully destroyed or rendered
unfit for their accustomed use (hereinafter "destruction") by fire or other casualty, the duties of both parties shall be as follows: 

        LESSOR
shall commence repair of the Premises within sixty (60) days after such casualty and, within one hundred eighty (180) days after commencement of such repair, restore
the Premises to substantially the same condition in which the Premises were immediately prior to the occurrence of the casualty. From the date of such casualty, until the Premises is so repaired and
restored, Rent and all other charges and items payable hereunder shall abate in such proportion as the part of the Premises thus destroyed or rendered untenantable bears to the total Premises.
However, if the Premises is destroyed or rendered untenantable by fire or other casualty to the extent of more than thirty percent (30%) of its replacement cost during the last two (2) years of
the Primary Term, or any Extension Term of this Lease, then LESSOR or LESSEE shall have right to terminate this Lease effective as of the date of the casualty, by giving written notice of termination
to the other within thirty (30) days of such casualty; provided, however, LESSEE shall have the right to nullify any LESSOR termination by exercising an option to extend this Lease (if
available) within fifteen (15) days after LESSEE'S receipt of LESSOR'S termination notice If said notice of termination is given within this thirty-day period, this Lease shall
terminate and rent and all other charges shall abate as aforesaid from the date of such casualty, and LESSOR shall promptly repay to LESSEE any Rent paid in advance which has not been earned as of the
date of such casualty. In the event that the insurance proceeds are inadequate to fully repair the Premises then LESSOR, in its discretion, shall have the right to terminate this Lease; provided,
however, LESSEE shall have the right to nullify any such termination by agreeing to repairs which would be covered by the insurance proceeds. 

        (b)    Partial Destruction:    In the event the Premises are partially destroyed by fire or other casualty or rendered
unfit for their accustomed use during the Term, the LESSOR shall forthwith repair same, beginning repairs as promptly as reasonably possible after the date of such damage and completing such repairs
within 90 days. A partial destruction shall not void this Lease, though 

8

 

the
LESSEE shall be entitled to a proportionate reduction of the rent until the Premises are restored, the proportionate reduction to be in a percentage corresponding to the percentage area of leased
space rendered unusable for the accustomed use by the destruction. 

        (c)    LESSEE Repair.    If LESSOR does not commence the repair and restoration work required pursuant to this Section
as set forth herein, or if the Premises are not repaired or restored by LESSOR in accordance with all provisions of this Section, LESSEE shall have the right, at its option, after ten (10) days
written notice to LESSOR, to: (i) repair and restore the Premises as LESSEE may deem
necessary to reasonably conduct its business in the Premises, at the sole cost of LESSOR, which costs LESSOR shall pay to LESSEE during the course of such repairs or restoration within thirty
(30) days of receipt of a properly documented invoice from LESSEE; or (ii) seek to obtain specific performance of LESSOR'S repair and restoration obligations; or (iii) terminate
this Lease by written notice to LESSOR without waiving LESSEE'S rights to damages for LESSOR'S failure to perform its covenants and obligations hereunder. 

        (d)    MINOR DAMAGE:    Should the Premises suffer damage to a slight extent such that occupancy and use of the
premises for accustomed use are not materially affected, notwithstanding anything to the contrary contained herein, the insurance proceeds therefore shall be paid to LESSEE and LESSEE, at its sole
expense shall restore and repair such damage as quickly as possible, but no reduction in rent shall be allowed. 

        (e)    WAIVER OF SUBROGATION.    LESSOR and LESSEE, and all parties claiming under them, mutually release and
discharge each other from all claims and liabilities arising from, or caused by any casualty, hazard or other matter, covered by insurance on the Premises or in connection with property on, or
activities conducted on, the Premises, and waive any right of subrogation which might otherwise exist in, or accrue to, any person on account thereof. 

	•
	LESSOR RIGHT OF ENTRY.    The LESSOR, its agents or representatives, shall have the right to enter the Premises, or
any part thereof, at reasonable times, for the purpose of examining the Premises and making any repairs or alterations as may be deemed necessary to preserve the Premises and keep it safe. Except in
the case of an emergency, such reentry shall be preceded by reasonable notice to the LESSEE from the LESSOR.

	•
	BREACH AND DEFAULT.

        (a)   Any
one of the following shall be deemed an event of default and a breach of this Lease by the LESSEE if it: 

        (1)   Files
a voluntary petition in bankruptcy or for reorganization under any bankruptcy act; 

        (2)   Has
an involuntary bankruptcy proceeding instituted against it which is not dismissed within sixty (60) days following the filing therof; 

        (3)   Makes
an assignment for the benefit of creditors; 

        (4)   Fails
to pay any rent within thirty (30) days of the date due; 

        (5)   Has
appointed a receiver in any court preceding to take charge of and manage the affairs of the LESSEE being conducted upon the Premises, or 

        (6)   Fails
to perform or comply with any of the covenants or conditions of this Lease and does not cure such breach within 30 days after LESSOR has given LESSEE notice
of such breach or if such breach is not capable of cure within such thirty (30) day period, if LESSEE fails to commence curative actions prior to the expiration of such thirty (30) day
period and diligently prosecute such curative actions to completion. 

9

 

        (b)   Any
one of the following shall be deemed an event of default and breach of this Lease by the LESSOR if it: 

        (i)    Fails
to perform the duties and obligations called for by this Lease or 

        (ii)   Breaches
any covenants, warranties, or representations required of the LESSOR by this Lease. 

	•
	REMEDIES ON BREACH AND DEFAULT.    In the event of a breach of this Lease by LESSEE by any act set forth in the
preceding paragraph, the LESSOR'S rights shall be as follows: 

        (a)   To
cancel and terminate this Lease by giving LESSEE at least ten (10) days written notice of the cancellation and termination. After such notice, this lease shall
terminate in the same manner and with the same force and effect as if the date fixed in the notice of cancellation and termination were the end of the Lease Term, except as to the LESSEE'S, costs, and
charges imposed hereunder. 

        (b)   In
the event of a default by Lessee in the making of any payment required under the terms of this Lease, then LESSOR may make such required payment of the LESSEE herein
or may otherwise comply with any agreement, term, or condition required hereby to be performed by the LESSEE, and the LESSOR shall have the right to enter the Premises for the purpose of correcting or
remedying any such defect and to remain until the defect has been corrected or remedied. No expenditure by the LESSOR for the correction or remedy shall be deemed to waive or release the LESSEE'S
default or the LESSOR'S right to take any action as may be otherwise permissible hereunder in the event of default. Expenses incurred by the LESSOR in fulfilling the LESSEE'S obligations shall be
treated as additional rent and shall bear interest at the rate of 12 percent per annum from the time incurred until collection. 

        (c)   In
the event of a material default by the LESSEE which is not cured prior to the expiration of any applicable grace or cure period, LESSOR shall have the right, to
reenter the Premises and remove the property and personnel of the LESSEE and store the property in a public warehouse or at a place selected by the LESSOR, at the expense of the LESSEE. After reentry,
the LESSOR may re-let the Premises or any part thereof at the rent and on the terms the LESSOR may choose. If the premises are re-let, the duties and liabilities of the parties
shall be as follows: 

        (i)    In
addition to the LESSEE'S liability to the LESSOR for breach of Lease, the LESSEE shall be liable for all reasonable expenses of re-letting, for performing
LESSEE'S maintenance and repair obligations hereunder, and for the difference between the rent received by the LESSOR under the new lease agreement and the rental installment due for the same period
under this Lease. Any re-letting of the Premises shall be pursuant to the terms of a bona-fide arms length transaction. 

        (ii)   The
LESSOR shall apply rent received from re-letting the premises first to reduce the LESSEE'S indebtedness to the LESSOR under this Lease, not including
indebtedness for rent, secondly to the expense of re-letting and making alterations and repairs, thirdly to the rent due under this Lease, and lastly to payment of future rent under this
Lease as it becomes due. 

        (d)   In
the event of a default by LESSOR which is not cured prior to the expiration of any applicable grace or cure period set forth herein, LESSEE may, in addition to any
other remedy available at law or in equity, at its option, (i) upon written notice, terminate this Lease, or (ii) incur any expense necessary to perform the obligation of LESSOR
specified in such notice and deduct such expense from the rent or other charges next becoming due. 

10

 

	•
	ATTORNEY'S FEES AND EXPENSES.    Should the LESSEE breach any of the material terms of this Lease, particularly the
terms relating to occupancy and payment of the rent, and should the LESSOR incur attorney's fees, costs, and other expenses in the connection therewith, then the LESSEE agrees to reimburse the LESSOR
for such reasonable fees, costs and expenses. Should the LESSOR breach any of the material terms of this lease, particularly those related to representations, covenants and warranties to LESSEE, and
should the LESSEE incur attorney's fees, costs, and other expenses in connection therewith, then the LESSOR agrees to reimburse the LESSEE for such reasonable fees, costs, and expenses.

	•
	INDEMNIFICATION.    The LESSOR shall at all times indemnify and hold the LESSEE harmless against all actions,
claims, demands, costs, damages, or expenses of any kind which may be brought or made against the LESSEE or which the LESSEE may pay or incur, by reason of the LESSOR'S negligent performance of, or
failure to perform, any of its obligations under this Lease. Nothing contained in this Agreement shall, however, detract from the LESSOR'S rights to protection under the public liability insurance
policy or policies obtained and maintained by the LESSEE as hereinabove stated. Likewise, the LESSEE shall at all times indemnify and hold the LESSOR harmless against all actions, claims, demands,
costs, damages, or expenses which may be brought or made against the LESSOR, or which the LESSOR may pay or incur, by reason of the LESSEE'S negligent performance of, or failure to perform, any of its
obligations under this lease.

	•
	CONDEMNATION.    In the event all of the Premises are taken or condemned for any public purpose, this Lease shall
terminate as of the date of such taking, and the award for such taking of the Premises shall belong to the LESSOR; provided, however, LESSEE shall have the right to pursue its claim for damages in
connection with any eminent domain or condemnation proceeding. In the event that a portion of the Premises is taken or condemned for any public use, this Lease shall terminate as to the part taken and
shall continue as to the remainder of the Premises for the balance of the Lease Term, with the rent reduced in the same ratio as the total value of the Premises after condemnation; provided, however,
in event there is not enough of the Premises remaining after condemnation for the accustomed use by the LESSEE in its normal enterprise or the remaining Premises is not sufficient for LESSEE'S
business purpose or needs, then LESSEE shall have the right to terminate this Lease.

	•
	SUBLEASE AND ASSIGNMENT.    LESSEE shall have the right at any time during the Term of this Lease to assign this
Lease or to sublet the Premises in whole or in part, without the written consent of the LESSOR unless such sublease is in direct conflict with other provisions of this Lease, and endangers LESSOR'S
interest. However in no event shall the LESSEE, by subleasing or assigning its leased interest, be relieved of the primary responsibility for payment of the rent and performance of the terms and
conditions imposed upon it hereunder.

	•
	LAW GOVERNING.    This Lease shall be deemed to have been entered into in the Sate of Kentucky, and its provisions
shall be constructed in accordance with the laws thereof.

	•
	MODIFICATIONS.    This Lease may only be changed, amended, or modified by writing signed by all of the parties
hereto. The terms embodied herein and any subsequent written modifications shall constitute the entire agreement between the parties.

	•
	NOTICES.    Any and all notices, consents, or directives by either party intended for the other shall be either
hand-delivered or mailed by certified mail, return receipt requested, to the 

11

 

following
addresses(or to the last known address specified in writing by the party to whom such notice is to be given): 

If
to the LESSOR 

Red
Rock Partners, LLC

Attention: Kent Kelley

2718 Uhls Road

Franklin, KY 42134 

With
a copy to: 

Greg
Betterton, Esq.

981 Ridgewood Avenue, #101

Venice, FL 34285 

If
to the LESSEE: 

CWI, Inc.

650 Three Springs Road

Bowling Green, HY 42104

Attention: President 

With
a copy to: 

CWI, Inc.

650 Three Springs Road

Bowling Green, KY 42104

Attention: General Counsel 

        Or
at such other address and to such other person or persons as the parties may from time to time designate. 

	•
	SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT.

        (a)   Upon
written request of LESSOR, LESSEE will in writing, subordinate its right hereunder to the lien of any mortgage or deed of trust, now or hereafter in force, against
the Premises and to all advances made or hereafter to be made upon the security thereof; provided, however, that the mortgagee or trustee, as applicable, named in said mortgage or trust deed shall
agree that LESSEE'S peaceable possession of the Demised Premises and its rights under this Lease will not be disturbed or diminished on account thereof. 

        (b)   In
the event (i) any proceedings are brought for foreclosure, or (ii) of the exercise of the power of sale under any mortgage or deeds of trust, then, upon
any such foreclosure or sale, LESSEE agrees to recognize such beneficiary or purchaser as LESSOR under this Lease, provided that LESSEE'S right to possession continues unabated and LESSEE'S rights
under this Lease continue undiminished. 

        (c)   LESSOR
agrees to obtain a Subordination, Non-Disturbance and Attornment Agreement from its current lender(s) and/or any lender that records a mortgage, deed
of trust or similar security instrument against the Premises prior to the recordation of the memorandum of lease contemplated herein, if any, in form and substance reasonably acceptable to LESSEE
("SNDA"), and deliver same to LESSEE within thirty (30) days from the later of the date hereof or the date of recording such mortgage, deed of
trust or similar security instrument. If said SNDA from LESSOR'S current lender(s), if any, is not so delivered, LESSEE may, at its option, terminate this Lease by written notice to LESSOR 

12

 

        (d)   LESSOR
represents and warrants that LESSOR is the current fee simple owner of the Property, subject to no mortgage, deed or trust or similar security instrument. 

        15.    HAZARDOUS MATERIALS.    LESSOR represents and warrants that to the best of its knowledge any handling,
transportation, storage, treatment or usage of hazardous or toxic substances (as defined by any applicable government authority and hereinafter being referred to as "Hazardous
Materials") that has occurred on the Property was in compliance with all applicable federal, state and local laws, regulations and ordinances. LESSOR further represents and
warrants that to the best of its knowledge no leak, spill, discharge, emission or disposal of Hazardous Materials has occurred on the Property and that the soil, groundwater, and soil vapor on or
under the Property is free of Hazardous Materials as of the date hereof. LESSOR agrees to indemnify, defend and hold LESSEE and its officers, partners, directors, shareholders, employees and agents
harmless from any claims, judgments, damages, fines, penalties, costs (including attorney, consultant and expert fees), liabilities (including sums paid in settlement of claims) or loss which arise
during or after the Term, in connection with (a) a breach of the foregoing representation and warranty and (b) the presence of any Hazardous Materials present at the Property as of the
Commencement Date or, with respect to the Additional Premises, the New Term Commencement Date. LESSOR acknowledges and agrees that LESSEE shall have no responsibility or liability with respect to any
Hazardous Materials at the Property which are not present as the result of the acts of LESSEE, its officers, employees or agents, or LESSEE'S business operations at the Property. LESSOR hereby
releases LESSEE from any claims, judgments, damages, fines, penalties, costs (including attorney, consultant and expert fees), liabilities (including sums paid in settlement of claims) or loss which
arise during or after the Term, in connection with the presence or suspected presence of Hazardous Materials in the soil, groundwater, or soil vapor on or under the Property, except to the extent such
Hazardous Materials are present as the result of the acts or inaction of LESSEE, its officers, employees or agents, or LESSEE'S business operations at the Property. LESSEE covenants and agrees that it
will not cause or permit the generation, storage, transportation, disposal, release or discharge of any hazardous material, hazardous waste, hazardous substance, solid waste, petroleum product,
asbestos or pollutant upon, in, over or under the Premises and that Subtenant, its assignees, invitees, contractors, sublessees, transferees or licensees will not become involved in the operation at
the Premises which could lead to the imposition on LESSOR or the Premises of any liability under the Resource Conservation Recovery Act, 42 USC 6901, et seq., etc. ("RCRA"), the Comprehensive
Environmental Response Compensation and Liability Act of 1980, 42 USC 9601, et seq., etc. ("CERCLA"), or any other federal, state or local ordinance, law or regulation regarding environmental matters
or hazardous substances and that LESSEE shall comply with all such federal, state and local environmental rules, laws and regulations with respect to the operation of LESSEE's business operations at
the Premises which exist as of the Commencement Date or as may exist from
time to time. LESSEE does hereby indemnify and hold LESSOR harmless for all loss, cost or expense including, but not limited to, any investigation of site conditions or any clean-up,
remediation, removal, restoration work and/or attorneys' fees and court costs through all trial and appellate levels as the result of LESSEE's breach of its obligations as set forth herein. The
provisions of this Article 31 shall survive any termination of this Lease. LESSEE shall bear all costs associated with removal, construction,
reconstruction and the like in the event materials described herein are discovered at any time during the term of this Lease with respect to hazardous substances caused to be present as a result of
LESSEE's acts. 

        16.    ESTOPPEL.    At any time and from time to time either party, upon request of the other party, will execute,
acknowledge and deliver an instrument, stating, if the same be true, that this Lease is a true and exact copy of the Lease between the parties hereto, that there are no amendments hereof (or, if not
so, stating what amendments there may be), that this Lease is then in full force and effect and that, to the best of its knowledge, there are no offsets, defenses or counterclaims with respect to the
payment of rent reserved hereunder or in the performance of the other terms, covenants and conditions hereof on the part of LESSEE or LESSOR, as the case may be, to be performed (or, if not 

13

 

so,
setting forth those offsets, defenses or counterclaims existing) and that, as of such date, no default has been declared hereunder by either party or, if a default has been declared, such
instrument shall specify same. Such instrument will be executed by the other party and delivered to the requesting party within fifteen (15) days of receipt. 

        17.    RECORDING.    At the request of either party, the parties shall join in the execution of a memorandum or
so-called "short-form" of this Lease for the purpose of recordation. Any recording costs associated with the memorandum or short form of this Lease shall be borne by the party
requesting recordation. 

        18.    TITLE REVIEW.    LESSOR shall provide LESSEE with its most recent report on title covering the PROPERTY,
together with copies of underlying documents shown as exceptions thereon and a copy of LESSOR'S most recent survey of the Property within ten (10) days following the date hereof. If any title
matter would prohibit or restrict LESSEE'S use of the Premises for the purposes set forth herein or otherwise materially affect LESSEE'S rights under this Lease, then LESSEE may, by written notice to
LESSOR, terminate this Lease. 

        19.    LESSEE FINANCING; LIEN WAIVER.    LESSEE shall have the absolute right from time to time during the Term hereof
and without LESSOR'S further consent or approval, written or otherwise, to grant and assign a mortgage or other security interest in LESSEE'S interest in this Lease and all of LESSEE'S property to
LESSEE'S lenders in connection with LESSEE'S financing arrangements. LESSOR agrees to execute such confirmation, certificates and other documents as LESSEE'S lenders may reasonably request in
connection with any such financing. LESSOR hereby waives any contractual, statutory or other lien on LESSEE'S furniture, fixtures, supplies, equipment and inventory. 

        20.    SETTOFF.    LESSOR has subleased from LESSEE certain property located at 201 Camping World Court, Bowling
Green, Kentucky. In the event LESSOR defaults in the performance of any obligations under such sublease, LESSEE shall have the right to offset any amounts owing by LESSOR under such sublease against
the rent and any other obligations of LESSEE under this Lease. 

        21.    BROKER.    LESSOR and LESSEE represent and warrant one to the other that they have not had any dealings with
any real estate brokers or agents in connection with the negotiation of this Lease, except for Alex Nottmeier with Neal Turner Realty (hereinafter,
"Broker"). LESSOR covenants and agrees to pay Broker's commission in accordance with a separate agreement by and between LESSOR and Broker, and further
agrees to indemnify LESSEE for all claims and demands made by Broker. In addition, LESSOR and LESSEE agree to indemnify and hold each other harmless from and against any and all liability and cost
which LESSOR or LESSEE, as applicable, may suffer in connection with any other real estate brokers claiming by, through, or under LESSOR or LESSEE, as applicable, seeking any commission, fee or
payment in connection with this Lease. 

        22.    TIME OF THE ESSENCE.    Time shall be of the essence in interpreting the provisions of this Lease. 

        23.    FORCE MAJEURE.    If either party hereto shall be delayed, hindered in or prevented from, the performance
hereunder of its obligations by reason of strikes, lockouts, labor troubles, failure of power, riots, insurrection, war, acts of God, or other reason of like nature, not the fault of such party
(hereinafter, "Permitted Delay" or "Permitted Delays"), such party shall be excused for the period of
time equivalent to the delay caused by such Permitted Delay. 

        24.    OPTION TO PURCHASE.    DISCUSS 

	•
	MISCELLANEOUS.

        (a)   Whenever
the words "LESSOR" and "LESSEE" are used herein, they shall be construed to include their successors, assigns, and legal representatives 

14

 

        (b)   Whenever
used herein, the singular number shall include the plural, the plural shall include the singular, and the use of any gender shall be applicable to all genders
as the context may require. 

        (c)   Each
party shall pay its own fees and costs incurred in the negotiation of this Lease 

        (d)   This
Lease may be executed in duplicate originals and multiple counterparts, with each duplicate to have the full force and effect of an original document and all
counterparts shall constitute one and the same instrument. 

        (e)   In
the event of the sale of the Premises by the LESSOR, all rights and obligations of LESSOR shall transfer to the purchaser and the purchaser shall be deemed to have
assumed all such obligations. 

        (f)    The
LESSEE is totally responsible for special assessments levied against the Premises by local, state, and federal agencies which are to be paid during the Term of the
Lease; provided, however, (i) LESSEE may elect to pay such assessments in the maximum permissible number of installments and only those installments payable during the Term shall be the
obligation of LESSEE and (ii) LESSOR shall be responsible for thirty percent (30%) of any such assessments prior to the New Term Commencement Date. 

        (g)   Should
any clause or section of this Lease be found void or invalid, the remaining portions shall remain in full force and effect. 

        In
Witness Whereof, the parties have caused their names to be affixed hereto on the day and year first above written. 

	 	 	LESSOR: Red Rock Partners, LLC
	

 	
 	

By:	
 	

/s/  KENT KELLEY      
 Kent Kelley
	

 	
 	

LESSEE: CWI, INC.:
	

 	
 	

By:	
 	

/s/  BRENT MOODY      
 Brent Moody

Senior Vice President

15

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Exhibit 10.21  

 
 

FOURTH AMENDMENT TO CREDIT AGREEMENT    
    

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

        WHEREAS,
the Credit Agreement (as defined below) provides that the Lenders may make Revolving Credit and Term Loans to the Borrower, and that the Issuing Lender may issue Letters of
Credit; 

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

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

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

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

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

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

Amendments Related to the Issuance of the Holding Company Notes:  

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

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

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

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

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2

 

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

        (g)   the
occurrence of any default under the Holding Company Notes Indenture or the Senior Subordinated Notes Indenture or the receipt of any notice delivered by the trustee
pursuant to the Holding Company Notes Indenture or the Senior Subordinated Notes Indenture (and a copy of such notice shall be delivered to the Administrative Agent). 

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

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

        (h)   Section 7.6
is amended as follows: 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Clean Up Amendments:  

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

"Fourth Amendment Date" means March 24, 2005. 

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

4

 

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

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

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

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

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

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

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

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

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

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

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

        (y)   Section 6.15
is hereby deleted. 

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

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

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

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

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

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

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

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

        3.    No Default; Representations and Warranties, etc.    The Credit Parties hereby confirm that: (a) the
representations and warranties of the Credit Parties contained in Article 4 of the Credit Agreement are true on and as of the date hereof as if made on such date; (b) the Credit Parties
are in 

5

 

compliance
in all material respects with all of the terms and provisions set forth in the Credit Agreement on their part to be observed or performed thereunder; and (c) after giving effect to
this Amendment, no Event of Default, nor any event which with the giving of notice or expiration of any applicable grace period or both would constitute such an Event of Default, shall have occurred
and be continuing. 

        Each
of the Credit Parties represents and warrants to the Lenders, the Issuing Lender and the Administrative Agent, as to itself and each other Credit Party, that (i) no Credit
Party is or shall be
liable for the repayment of the Holding Company Notes as a borrower and guarantor nor does any Credit Party provide collateral to secure the repayment of the Holding Company Notes, (ii) the
incurrence by the Holding Company of the Holding Company Notes pursuant to the Holding Company Notes Indenture does not violate, breach or cause a default under the Senior Subordinated Notes Indenture
and (iii) none of the transactions described in this Amendment violate, breach or cause a default under the Senior Subordinated Notes Indenture and the Loans and the other obligations of the
Credit Parties under the Credit Agreement as amended hereby and under the other Loan Documents shall continue to constitute "Senior Indebtedness" and "Designated Senior Indebtedness" under and as
defined in the Senior Subordinated Notes Indenture. 

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

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

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

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

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

        (e)    Senior Subordinated Notes Indenture.    The Administrative Agent shall have received a certificate of a
Financial Officer of the Borrower, in form and substance satisfactory to the 

6

 

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

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

        (g)    Certificate on Holding Company Notes Indenture.    The Administrative Agent shall have received a certificate,
dated the Effective Date and signed by the President, a Vice President or a Financial Officer of the Borrower, certifying that the obligations of the Credit Parties with respect to the Loans and
Letters of Credit and with respect to the Term B2 Loans are, in each case, permitted to be incurred and secured by the assets of the Credit Parties as "Permitted Indebtedness" under the Holding
Company Notes Indenture. 

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

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

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

        5.    Miscellaneous.    

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

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

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

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

7

 

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

	 	 	BORROWER
	

 	
 	

AFFINITY GROUP, INC.
	

 	
 	

By:	
 	

/s/ THOMAS F. WOLFE

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

 	
 	
SUBSIDIARIES/GUARANTORS
	

 	
 	

AFFINITY ADVERTISING, LP
	

 	
 	

By:	
 	

VBI, INC., its General Partner
	

 	
 	

By:	
 	

/s/ THOMAS F. WOLFE

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

8

 

	

 	
 	

AFFINITY BROKERAGE, INC.

AFFINITY ROAD AND TRAVEL CLUB, INC.

ARU, INC.

CAMP COAST TO COAST, INC.

CAMPING REALTY, INC.

CAMPING WORLD, INC.

CAMPING WORLD INSURANCE SERVICES OF NEVADA, INC.

CAMPING WORLD INSURANCE SERVICES OF TEXAS, INC.

COAST MARKETING GROUP, INC.

CWI, INC.

CW MICHIGAN, INC.

EHLERT PUBLISHING GROUP, INC.

GOLF CARD INTERNATIONAL CORP.

GOLF CARD RESORT SERVICES, INC.

GSS ENTERPRISES, INC.

POWER SPORTS MEDIA, INC.

TL ENTERPRISES, INC.

VBI, INC.
	

 	
 	

By:	
 	

/s/ THOMAS F. WOLFE

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

9

 

	 	 	ADMINISTRATIVE AGENT and SYNDICATION AGENT
	

 	
 	

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

 	
 	

By:	
 	

/s/ JONATHAN RABINOWITZ

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

10

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FOURTH AMENDMENT TO CREDIT AGREEMENT

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