Document:

<PAGE>   1
                                                                    EXHIBIT 10.5

                               GUARANTY AGREEMENT

         This Guaranty Agreement (this "Agreement") is made as of the 5th day of
July, 2001, by Lakes Gaming, Inc., a Minnesota corporation (the "Guarantor"),
and agreed to by The Nipmuc Nation, which is or will be a federally recognized
Indian tribe (the "Tribe").

                                    RECITALS

         A. The Tribe intends to acquire lands which the Unites States
government will hold in trust for the benefit of the Tribe ("Tribal Lands"), and
over which the Tribe will possess sovereign governmental powers.

         B. In connection with the construction, development, operation, and
management of a Class III gaming facility on the Tribal Lands, the Tribe desires
to enter into separate agreements (the "Development Agreement" and "Management
Agreement") with Lakes Nipmuc, LLC ("Lakes Nipmuc"), a Minnesota limited
liability company.

         C. The Tribe is unwilling to enter into said Development Agreement and
Management Agreement with Lakes Nipmuc unless the Guarantor enters into this
Agreement for the benefit of the Tribe and guarantees the obligations of Lakes
Nipmuc arising out of the Development Agreement and the Management Agreement.

         D. The Guarantor owns all of the membership interests in Lakes Nipmuc
through its wholly-owned subsidiary, Lakes Gaming and Resorts, LLC.

         E. The Guarantor will derive substantial economic benefit from its
execution and delivery of this Agreement, the board of directors of Guarantor
has approved this Agreement as in furtherance of and necessary for the promotion
of its corporate purposes, and the Guarantor is receiving reasonably equivalent
value in return for this Agreement; therefore, the Guarantor is willing to enter
into this Agreement to induce the Tribe to enter into the Development Agreement
and the Management Agreement with Lakes Nipmuc.

         NOW, THEREFORE, in consideration of the good and valuable consideration
paid, the receipt and sufficiency of which is hereby acknowledged, the Guarantor
covenants and agrees with the Tribe as follows:

         1. Due Authorization. This Agreement is the valid and binding
obligation of the Guarantor, enforceable in accordance with its terms. The
execution and performance of this Agreement will not violate or constitute a
default under any agreement or instrument binding upon the Guarantor or its
properties or any applicable law or regulation of any governmental authority.

                                      -1-
<PAGE>   2

         2. Guarantor's Tax Returns and Payments. To the best of Guarantor's
knowledge, all tax returns and reports of the Guarantor required by law to be
filed have been duly filed and all taxes, fees and other governmental charges
shown thereon which are due and payable have been paid unless extended in
accordance with applicable law or as may be contested in good faith.

         3. No Untrue or Omitted Statements. This Agreement does not contain any
untrue statement of a material fact concerning the Guarantor or omit to state a
material fact necessary in order to make the statements contained in this
document with respect to the Guarantor not misleading.

         4. Prompt Payment and Performance. The Guarantor absolutely and
unconditionally guarantees to the Tribe the full and prompt payment and
performance of all liabilities and obligations, covenants, and agreements of
Lakes Nipmuc to the Tribe when due under the Development Agreement and the
Management Agreement (the foregoing obligations being hereinafter referred to as
the "Obligations").

         5. Unconditional Obligation. The Obligations of the Guarantor under
this Agreement shall be absolute and unconditional and shall remain in full
force and effect until all of the Obligations shall have been paid or performed
in accordance with their respective terms and this Agreement, and, until such
payment or provision, shall not be affected or impaired upon the happening from
time to time of any event, including, without limitation, any of the following,
whether or not with notice to or the consent of the Guarantor:

                  (a) the rescission, waiver, modification, amendment,
         compromise, settlement, release or termination unless the same are
         entered into voluntarily between the Tribe and Lakes Nipmuc of any or
         all of the obligations, covenants or agreements of the Lakes Nipmuc
         under the Development Agreement and/or the Management Agreement;

                  (b) the failure to give notice to the Guarantor of the
         occurrence of an event of default under the terms and provisions of the
         Development Agreement and/or the Management Agreement, except as
         specifically provided in this Agreement;

                  (c) the extension of the time for the meeting of any
         obligation, covenant or agreement of Lakes Nipmuc contained in or
         arising out of the Development Agreement and/or the Management
         Agreement, or the renewal thereof;

                  (d) the taking or the omission of any of the actions referred
         to in the Development Agreement and/or the Management Agreement;

                  (e) any failure, omission, delay or lack on the part of the
         Tribe, to enforce, assert or exercise any right, power or remedy
         conferred on it in the Development Agreement and/or the Management
         Agreement, or any other act or acts on the part of the Tribe;

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<PAGE>   3

                  (f) the voluntary or involuntary liquidation, dissolution,
         sale or other disposition of all or substantially all the assets of,
         the marshalling of assets and liabilities, receivership, insolvency,
         bankruptcy, assignment for the benefit of creditors, reorganization,
         arrangement, composition with creditors or readjustment of, or other
         similar proceedings affecting Lakes Nipmuc, or any other guarantor or
         any of its assets, or any allegation or contest of the validity of the
         Development Agreement and/or the Management Agreement in any such
         proceeding;

                  (g) to the extent permitted by law, the substitution, release
         or discharge of Lakes Nipmuc or any guarantor from the performance or
         observance of any obligation, covenant or agreement contained in or
         arising out of the Development Agreement and/or the Management
         Agreement by operation of law, equitable principles or otherwise;

                  (h) the default or failure of the Guarantor fully to perform
         any of its obligations set forth in the Development Agreement and/or
         the Management Agreement;

                  (i) the transfer or assignment by the Tribe of all or any part
         of its right, title or interest in the Tribal Lands, except as
         restricted by the Development Agreement and/or the Management
         Agreement;

                  (j) any allegation or contest of the validity or
         enforceability of the Development Agreement and/or the Management
         Agreement or any part thereof or of the validity of Lakes Nipmuc's
         legal existence;

                  (k) adequacy of any rights the Tribe may have against any
         collateral or other means of obtaining repayment of the obligations of
         Lakes Nipmuc under the Development Agreement and/or the Management
         Agreement; or

                  (l) any other act or omission which might in any manner or to
         any extent vary the risk of the Guarantor or otherwise operate as a
         release or discharge of the Guarantor, all of which may be done without
         notice to the Guarantor.

         6. Waivers by Guarantor. The Guarantor waives: notice of acceptance of
this Agreement; notice of any action taken by or omitted by the Tribe in
reliance upon the Agreement; any requirement that the Tribe be diligent or
prompt in making demands against the Guarantor, giving notice of any default by
Lakes Nipmuc or assisting any other right of the Tribe under this Agreement; any
right to require a proceeding first against Lakes Nipmuc or any other person or
entity; or the filing of a claim against them in the event of bankruptcy; notice
of dishonor or nonpayment of any liability guaranteed under this Agreement; all
suretyship and similar defenses; and all defenses which may be available in
respect of the Guarantor's Obligations under this

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<PAGE>   4

Agreement by virtue of any homestead exemption, statute of limitations,
valuation, stay, moratorium law or other similar law. Guarantor shall have no
right of, and hereby waives any claim for, subrogation or reimbursement against
Lakes Nipmuc or any manager or member thereof by reason of any payment or
performance by Guarantor under this Agreement, whether such right or claim
arises at law or in equity or under any contract or statute, until the
Obligations have been satisfied in full.

         7. Defaults; Events of Default. The following shall constitute an
"event of default" under this Agreement:

                  (a) Default by Lakes Nipmuc in payment or performance of the
         Obligations when and as the same shall become due;

                  (b) Failure by the Guarantor to perform or observe any other
         covenant, agreement or condition on his part contained in this
         Agreement, or under the Development Agreement and/or the Management
         Agreement;

                  (c) The material inaccuracy or incompleteness of any material
         representation or warranty made in writing by or on behalf of the
         Guarantor or Lakes Nipmuc in connection with the transactions
         contemplated by this Agreement or by the Development Agreement and/or
         the Management Agreement;

                  (d) The Guarantor shall terminate or dissolve; or the
         Guarantor shall become insolvent or shall generally not be paying its
         debts as they become due, or shall file a voluntary petition under the
         Bankruptcy Reform Act of 1978, or any amendatory or successor Federal
         legislation (the "Bankruptcy Code"), or shall admit in writing its
         inability to pay its debts as they become due, or shall file an answer
         admitting the jurisdiction of the court and the material allegations of
         any involuntary petition filed pursuant to the Bankruptcy Code, or an
         order for relief under the Bankruptcy Code shall be entered; or the
         Guarantor shall make an assignment or arrangement or enter into a trust
         indenture for the benefit of its creditors, or shall apply for or
         consent to the appointment of any receiver, custodian or trustee for
         all or a substantial part of its property, or any such receiver,
         custodian or trustee shall be appointed and shall not be discharged
         within 60 days after the date of such appointment; or the Guarantor
         shall suffer any judgment in excess of $10,000 to be entered against
         it, or any writ of attachment or execution or any similar process to be
         issued or levied against all or a substantial part of its other
         property, which judgment, writ or process is not discharged, released,
         stayed, bonded or vacated within 30 days after its entry, issue or
         levy.

         Notwithstanding any other term or provision in this Guaranty to the
contrary, the events set forth in clauses 7(a) and (b) above shall not become
"events of default" under this Guaranty until the same have been resolved
pursuant to the dispute resolution provisions contained in the Development
Agreement and the Management Agreement, and if arbitration is demanded, issuance
of an arbitration award against the Lakes Nipmuc and/or the Guarantor, as
applicable.

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<PAGE>   5

         8. Remedies on Default. Whenever any event of default shall have
occurred under this Guaranty, the Tribe may make demand upon the Guarantor for
the payment or performance of the Obligations then due, and the Tribe shall have
the right to proceed first and directly against the Guarantor under this
Agreement or for the payment and performance of all Lakes Nipmuc's obligations
then due under the Development Agreement and/or the Management Agreement without
proceeding against or exhausting any other remedies which the Tribe may have and
without resorting to any other security held by Lakes Nipmuc.

         9. Further Assurances. The Guarantor agrees to do all such things and
execute all such documents, including financing statements, as the Tribe may
consider necessary or desirable to give full effect to this Agreement and to
perfect and preserve the rights and powers of the Tribe.

         10. Costs. The Guarantor agrees to pay all costs, expenses and fees,
including all reasonable attorney's fees, which may be incurred by or on behalf
of the Tribe, in enforcing or attempting to enforce this Agreement (but
excluding costs and fees associated with resolving any disputes between the
Tribe and Lakes Nipmuc) following any default on the part of the Guarantor,
whether the same shall be enforced by suit or otherwise, provided that the Tribe
is the prevailing party in any proceeding seeking such enforcement.

         11. Successors and Assigns. Every promise, warranty, guarantee,
covenant and representation extended under this Agreement by the Guarantor to
the Tribe shall also extend to any assignee of the Tribe's interest under the
Development Agreement and the Management Agreement; and the Guarantor shall on
the written request of any such participant or assignee of the Tribe, execute
and deliver an instrument extending all such promises, warranties, guaranties,
covenants and representations to such participant or assignee.

         12. Enforcement. The terms of this Agreement may be enforced as to any
one or more breaches either separately or cumulatively. If two or more persons
or entities execute this Agreement as Guarantor, their liability for any breach
of the Agreement shall be joint and several.

         13. Remedies Cumulative. No remedy conferred upon or reserved to the
Tribe under this Agreement is intended to be exclusive of any other available
remedy or remedies, but each and every such remedy shall be cumulative and shall
be in addition to every other remedy given under this Agreement or the
Development Agreement and/or the Management Agreement or now or subsequently
existing at law or in equity or by statute. No delay or omission by the Tribe to
exercise any right or power accruing upon any default, omission or failure of
performance under this Agreement shall impair any such right or power or shall
be construed to be a waiver thereof, but any such right and power may be
exercised from time to time and as often as may be deemed expedient. In the
event any provision contained in this Agreement should be breached by any party
and subsequently duly waived by the other party so empowered to act, such waiver
shall be limited to the particular breach so waived and shall not be deemed to
waive any other breach under this Agreement. No waiver, amendment, release or
modification of this Agreement shall be established by conduct, custom or course
of dealing, but solely by an instrument in writing duly executed by the Tribe.

                                      -5-
<PAGE>   6

         14. Notices. All notices and other communications called for hereunder
shall be made in writing and, unless otherwise specifically provided herein,
shall be deemed to have been duly made or given when delivered by hand or mailed
first class postage prepaid or, in the case of faxed or telexed notice, when
transmitted, answer back received, addressed as follows:

         If to the Guarantor:       Lakes Gaming, Inc.
                                    130 Cheshire Lane
                                    Minnetonka, MN 55305
                                    Attention: Timothy J. Cope

         With a copy to:            Kevin C. Quigley, Esq.
                                    Johnson Hamilton Quigley Twait & Foley PLC
                                    W1450 First National Bank Building
                                    332 Minnesota Street
                                    St. Paul, MN 55101-1314

                  and               Brian Klein, Esq.
                                    Maslon, Edelman, Borman & Brand, LLP
                                    3300 Wells Fargo Center
                                    90 South Seventh Street
                                    Minneapolis, MN 55402-4140

         If to the Tribe:           The Nipmuc Nation Tribal Council
                                    156 Worcester-Providence Highway
                                    Suite 28
                                    Sutton Square Mall
                                    Sutton, MA 01590
                                    Attention: Chairman

         With a copy to:            Christopher P. Sullivan, Esq.
                                    Robins, Kaplan, Miller & Ciresi LLP
                                    222 Berkeley Street, Suite 2200
                                    Boston, MA 02116

         15. Governing Law; Consent to Jurisdiction. The Guaranty is intended to
take effect as a sealed instrument and shall be governed by, and construed in
accordance with, the laws of The Commonwealth of Massachusetts.

         16. Entire Agreement. This Agreement constitutes the entire agreement,
and supersedes all prior agreements and undertakings, both written and oral,
among the parties with respect to the subject matter hereof and may be executed
simultaneously in several counterparts,

                                      -6-
<PAGE>   7

each of which shall be deemed an original, but all of which shall constitute one
and the same instrument.

         17. Severability. The invalidity or unenforceability of any one or more
phrases, sentences, clauses or Sections in this Agreement shall not affect the
validity or enforceability of the remaining portions of this Agreement.

         18. Miscellaneous. The meanings of all defined terms used in this
Guaranty shall be equally applicable to the singular and plural forms of the
terms defined and pronouns of any gender shall include all genders.

         19. Sovereign Immunity. Except for the Resolution of Limited Waiver
attached hereto as Exhibit A and incorporated herein by reference, nothing in
this Agreement shall be deemed or construed to constitute a waiver of sovereign
immunity of the Tribe and the only applicable waivers of sovereign immunity
shall be those expressly provided and executed by the Tribe's duly authorized
representative and substantially conforming to the form as approved by the
parties. The parties agree that they will not amend or alter the Resolution of
Limited Waiver which will in any way lessen the rights of any party as set forth
in the Resolution of Limited Waiver, including without limitation the covenant
therein of the Tribe to preserve its effective terms in the event of future
changes in its legal status or governance.

         20. Disputes Between the Tribe and Guarantor. Disputes between the
Tribe and Guarantor with respect to this Agreement, the Development Agreement
and Management Agreement or any other Transaction Document (as defined in the
Development Agreement and/or the Management Agreement) or a party's performance
hereunder or thereunder, shall be resolved by the following dispute resolution
process and pursuant to the Resolution of Limited Waiver attached hereto.

         (a) The parties shall first meet and confer in a good faith attempt to
resolve the dispute through negotiations not later than ten (10) calendar days
after receipt of written notice of the dispute, unless both parties agree in
writing to an extension of time.

         (b) If the dispute is not resolved to the satisfaction of the parties
within thirty (30) calendar days after the first meeting in Subsection 19(a)
above, then any claim, controversy or dispute arising out of or relating to this
Guaranty, Development Agreement and/or the Management Agreement, or any other
Transaction Document, or any alleged default thereunder or breach of any
provisions thereof shall be submitted to binding arbitration in accordance with
the Commercial Arbitration Rules of the American Arbitration Association in
effect at the time of submission; except that: (i) the question whether or not a
dispute is arbitrable under this Agreement, the Development Agreement and/or the
Management Agreement, or any other Transaction Document shall be a matter for
binding arbitration by the arbitrators, such question shall not be determined by
any court and, in determining any such question, all doubts shall be resolved in
favor of arbitrability; and (ii) discovery shall be permitted in accordance with
the Federal Rules of Civil Procedure, subject to supervision as to scope and
appropriateness by the arbitrators. Judgment on any arbitration award may be
entered in any court having jurisdiction over the parties pursuant to the
Resolution of Limited Waiver attached to the Development Agreement and the
Management Agreement and incorporated herein by reference.

                                      -7-
<PAGE>   8

         (c) Unless the parties hereto otherwise agree in writing prior of the
submission of such claim, controversy or dispute to arbitration, arbitration
proceedings under this Section 19 shall be held in Boston, Massachusetts.

         (d) Either party may, at any time prior to the selection of an
arbitrator or arbitrators, require that the arbitrator or arbitrators selected
be an attorney or attorneys licensed to practice law in the United States and
that the attorneys have experience in Indian gaming regulatory and development
issues.

         (e) Unless the parties hereto otherwise agree in writing, any matter to
be arbitrated shall be submitted to a panel of three arbitrators. One arbitrator
shall be selected by the Tribe, one arbitrator shall be selected by Guarantor
and the third arbitrator shall be selected by mutual agreement of the two
arbitrators selected by the parties hereto.

         (f) The arbitration award shall be in writing signed by each of the
arbitrators, and shall state the basis for the award. The arbitration award
shall be set forth in reasonable detail as to its findings of fact and law, and
basis of determination of award form and amount. In connection with any
arbitration award, the arbitrators shall be empowered to take the actions and
enforce the judicial remedies described in Paragraph 5 of the Resolution of
Limited Waiver.

         (g) Except to the extent such enforcement will be inconsistent with a
specific provision of this Agreement, arbitration awards made pursuant to this
Section 20 shall be enforceable under Title 9 of the United States Code and any
applicable tribal, federal or state law governing the enforcement of arbitration
awards.

         (h) In addition to any basis for appeal of an arbitration award stated
in Title 9 of the United States Code or any applicable law governing the
enforcement of arbitration awards, either party hereto may appeal an arbitration
award on the basis that the arbitrator or arbitrators incorrectly decided a
question of law in making the award, or the award was made in an arbitrary or
capricious manner or in manifest disregard of the factual evidence.

         (i) Either party hereto, without having to exhaust any tribal remedies
first, shall have the right to seek and obtain a court order from a court having
jurisdiction over the parties requiring that the circumstances specified in the
order be maintained pending completion of the arbitration proceeding, to the
extent permitted by applicable law.

         21. Definitions. Capitalized terms used herein and not defined shall
have the meanings given them in the Development Agreement and the Management
Agreement.

         [THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.]

                                      -8-
<PAGE>   9

         IN WITNESS WHEREOF, the Guarantor has executed and the Tribe has
accepted this Agreement, under seal, all as of the date first above written.

Witness:                               LAKES GAMING, INC.

    /s/ Timothy J. Cope                By: /s/ Lyle Berman
   ---------------------------------      -------------------------------------
    Name:                                  Name:
                                           Title:

Accepted and Agreed to:

The Nipmuc Nation

By: /s/ Robert Hazzard
   ---------------------------------
    Name:  Robert Hazzard
    Title: Chair<PAGE>   1

                                                                    EXHIBIT 10.1

                FIFTH AMENDMENT TO CREDIT AND SECURITY AGREEMENT

     This Fifth Amendment, dated as of August 14, 2001, is made by and between
The Sportsman's Guide, Inc., a Minnesota corporation (the "Borrower"), and Wells
Fargo Bank Minnesota, National Association, f/k/a Norwest Bank Minnesota,
National Association, a national banking association (the "Lender").

                                    Recitals

     The Borrower and the Lender have entered into a Credit and Security
Agreement dated as of December 27, 1999, as amended by a First Amendment to
Credit and Security Agreement dated as of May 12, 2000; a Second Amendment to
Credit Agreement dated as of August 2, 2000; a Third Amendment to Credit
Agreement and Waiver of Defaults dated as of March 7, 2001; and a Fourth
Amendment to Credit and Security Agreement dated as of April 17, 2001 (the
"Credit Agreement"). Capitalized terms used in these recitals have the meanings
given to them in the Credit Agreement unless otherwise specified.

     The Borrower has requested that certain amendments be made to the Credit
Agreement. The Lender is willing to grant the Borrower's request subject to the
terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements herein contained, it is agreed as follows:

     1. Defined Terms. Capitalized terms used in this Amendment which are
defined in the Credit Agreement shall have the same meanings as defined therein,
unless otherwise defined herein. In addition, Section 1.1 of the Credit
Agreement is hereby amended by amending the following definitions:

     "`Borrowing Base' means, at any time, the lesser of:

          (a) the Maximum Line; or

          (b) subject to change from time to time in the Lender's sole
     discretion, the sum of:

               (i) 80% of Eligible Accounts; plus

               (ii) (A) from the Funding Date through August 30, 2001, 48% of
          Eligible Inventory; (B) from August 31, 2001 through September 29,
          2001, 47% of Eligible Inventory; (C) from September 30, 2001 through
          October 30, 2001, 46% of Eligible Inventory; and (D) from October 31,
          2001 and thereafter, 45% of Eligible Inventory; less

               (iii) the Landlord's Disclaimer Reserve."

<PAGE>   2

          "`Floating Rate' means an annual rate equal to the Prime Rate plus the
     Revolving Margin, which rate shall change when and as the Prime Rate
     changes."

          "`Maximum Line' means $20,000,000, unless said amount is reduced
     pursuant to Section 2.11, in which event it means such lower amount."

     2. Revolving Margin. Section 2.7(a) of the Credit Agreement is hereby
amended in its entirety to read as follows:

          "(a) REVOLVING MARGIN. The Revolving Margin through and including the
     first adjustment occurring as specified below shall be one and one-quarter
     percent (1.25%). The Revolving Margin shall be adjusted each month on the
     basis of the Borrower's year-end Net Income (commencing with the year
     ending December 31, 2001) and minimum Month-End Availability as of the end
     of the previous month, in accordance with the following table:

<TABLE>
<CAPTION>
         ------------------------------------------------------------------------------------------------------------
               FISCAL YEAR END NET INCOME            MINIMUM MONTH-END AVAILABILITY           REVOLVING MARGIN
         ------------------------------------------------------------------------------------------------------------
         <S>                                       <C>                                        <C>
                   Less than $600,000              Equal to or greater than $2,000,000              1.25%
         ------------------------------------------------------------------------------------------------------------
          Equal to or greater than $600,000 but    Equal to or greater than $2,000,000              .75%
                  less than $1,000,000
         ------------------------------------------------------------------------------------------------------------
           Equal to or greater than $1,000,000     Equal to or greater than $2,000,000              .25%
                but less than $1,500,000
         ------------------------------------------------------------------------------------------------------------
           Equal to or greater than $1,500,000     Equal to or greater than $2,000,000               0%
         ------------------------------------------------------------------------------------------------------------
</TABLE>

          The Lender shall adjust the Revolving Margin upon receipt of the
     Borrower's audited financial statements in accordance with Section 6.1(a),
     commencing with the fiscal year ending December 31, 2001. `Month-End
     Availability' shall mean, on any month-end date, the Borrower's average
     Availability for the month ending on such date as determined by the Lender.
     The adjustment in the Revolving Margin shall be effective as of the first
     day of the month following the date of delivery of the Borrower's audited
     statements. The Lender will adjust the Revolving Margin to the percentage
     in the above chart that coincides with the Borrower's year-end Net Income.
     Notwithstanding the foregoing, no reduction in the Margins will be made if
     a Default Period exists at the time that such reduction would otherwise be
     made."

     3. Amendment Fee. The Borrower shall pay the Lender as of the date hereof a
fully earned, non-refundable fee in the amount of $8,500 in consideration of the
Lender's execution of this Amendment. Such amendment fee includes all fees and
disbursements of counsel to the Lender for the services performed by such
counsel in

                                      -2-
<PAGE>   3

connection with the preparation of this Amendment and the documents and
instruments incidental hereto in satisfaction of the Borrower's obligations
under paragraph 10.

     4. No Other Changes. Except as explicitly amended by this Amendment, all of
the terms and conditions of the Credit Agreement shall remain in full force and
effect and shall apply to any advance or letter of credit thereunder.

     5. Conditions Precedent. This Amendment shall be effective when the Lender
shall have received an executed original hereof, the amendment fee as described
in paragraph 3, and such other matters as the Lender may require.

     6. Representations and Warranties. The Borrower hereby represents and
warrants to the Lender as follows:

          (a) The Borrower has all requisite power and authority to execute this
     Amendment and to perform all of its obligations hereunder, and this
     Amendment has been duly executed and delivered by the Borrower and
     constitutes the legal, valid and binding obligation of the Borrower,
     enforceable in accordance with its terms.

          (b) The execution, delivery and performance by the Borrower of this
     Amendment have been duly authorized by all necessary corporate action and
     do not (i) require any authorization, consent or approval by any
     governmental department, commission, board, bureau, agency or
     instrumentality, domestic or foreign, (ii) violate any provision of any
     law, rule or regulation or of any order, writ, injunction or decree
     presently in effect, having applicability to the Borrower, or the articles
     of incorporation or by-laws of the Borrower, or (iii) result in a breach of
     or constitute a default under any indenture or loan or credit agreement or
     any other agreement, lease or instrument to which the Borrower is a party
     or by which it or its properties may be bound or affected.

          (c) All of the representations and warranties contained in Article V
     of the Credit Agreement are correct on and as of the date hereof as though
     made on and as of such date, except to the extent that such representations
     and warranties relate solely to an earlier date.

     7. References. All references in the Credit Agreement to "this Agreement"
shall be deemed to refer to the Credit Agreement as amended hereby; and any and
all references in the Security Documents to the Credit Agreement shall be deemed
to refer to the Credit Agreement as amended hereby.

     8. No Waiver. The execution of this Amendment and acceptance of any
documents related hereto shall not be deemed to be a waiver of any Default or
Event of Default under the Credit Agreement or breach, default or event of
default under any Security Document or other document held by the Lender,
whether or not known to the Lender and whether or not existing on the date of
this Amendment.

                                      -3-
<PAGE>   4

     9. Release. The Borrower hereby absolutely and unconditionally releases and
forever discharges the Lender, and any and all participants, parent
corporations, subsidiary corporations, affiliated corporations, insurers,
indemnitors, successors and assigns thereof, together with all of the present
and former directors, officers, agents and employees of any of the foregoing,
from any and all claims, demands or causes of action of any kind, nature or
description, whether arising in law or equity or upon contract or tort or under
any state or federal law or otherwise, which the Borrower has had, now has or
has made claim to have against any such person for or by reason of any act,
omission, matter, cause or thing whatsoever arising from the beginning of time
to and including the date of this Amendment, whether such claims, demands and
causes of action are matured or unmatured or known or unknown.

     10. Costs and Expenses. The Borrower hereby reaffirms its agreement under
the Credit Agreement to pay or reimburse the Lender on demand for all costs and
expenses incurred by the Lender in connection with the Credit Agreement, the
Security Documents and all other documents contemplated thereby, including
without limitation all reasonable fees and disbursements of legal counsel.

     11. Miscellaneous. This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an
original and all of which counterparts, taken together, shall constitute one and
the same instrument.

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

WELLS FARGO BANK MINNESOTA,            THE SPORTSMAN'S GUIDE, INC.
 NATIONAL ASSOCIATION

By /s/ Perry T. Larson                 By /s/ Charles B. Lingen
  -----------------------------------    -----------------------------------
  Perry T. Larson                         Charles B. Lingen
  Its Vice President                      Its Chief Financial Officer

                                      -4-

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