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EXHIBIT 10.16  

 
 

SECOND AMENDMENT TO NOTE PURCHASE AGREEMENT    
    

        This SECOND AMENDMENT TO NOTE PURCHASE AGREEMENT dated as of June 30, 2004 (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 Note Purchase Agreement (as defined below) provides that the Lenders may make Term Loans to the Borrower; and 

        WHEREAS,
the Credit Parties wish to amend the Note Purchase Agreement to permit the Borrower and the other Credit Parties to permit additional transactions with Affiliates; 

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

        1.    Reference to Note Purchase Agreement.    Reference is made to the Amended and Restated Note Purchase Agreement
dated as of June 24, 2003, as amended by the First Amendment to the Note Purchase Agreement dated as of February 18, 2004, 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
"Note Purchase Agreement"). Capitalized terms used herein which are defined in the Note Purchase
Agreement have the same meanings herein as therein, except to the extent that such meanings are amended hereby. 

        2.    Amendment to Note Purchase Agreement.    The Credit Parties, the Lenders, and the Agents agree that
Section 7.7 of the Note Purchase Agreement is hereby amended, effective as of the date hereof, by deleting the reference to "$2,000,000" in clause (v) of the proviso at the end of said
section and replacing it with "$10,000,000." 

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

        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: 

        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 Note Purchase Agreement and an amendment to the Credit Agreement signed on behalf of
the Lenders which are parties to the Credit 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 Agreements. 

1

 

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

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

        5.    Miscellaneous.    

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

        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. 

        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. 

2

 

        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: Sr. Vice President
	

 	
 	
SUBSIDIARIES/GUARANTORS
	

 	
 	

AFFINITY ADVERTISING, LP
	

 	
 	

By:	

VBI, INC., its General Partner
	

 	
 	

By:	

/s/  THOMAS F. WOLFE      
 Name: Thomas F. Wolfe

Title: Sr. Vice President
	

 	
 	

AFFINITY BROKERAGE, INC.

AFFINITY ROAD AND TRAVEL CLUB, INC.

CAMP COAST TO COAST, INC.

CAMPING REALTY, INC.

CAMPING WORLD, INC.

CAMPING WORLD INSURANCE SERVICES OF NEVADA, 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: Sr. Vice President

3

 
 
 

AGREEMENT OF HOLDING COMPANY AND
  
    RATIFICATION OF NONRECOURSE GUARANTY    
    

        The undersigned hereby agrees to the provisions of Section 2 and 3 and as guarantor hereby acknowledges and consents to the foregoing Amendment as of the
date hereof, and agrees that the Amended and Restated Nonrecourse Guaranty and Pledge Agreement dated as of June 24, 2003 remains in full force and effect, and the undersigned confirms and
ratifies all of its obligations thereunder. 

	 	 	AGI HOLDING CORP.
	

 	
 	

By:	

/s/  PAUL SCHEDLER      
 Name: Paul Schedler

Title: Vice President
	

 	
 	
ADMINISTRATIVE AGENT and

SYNDICATION AGENT
	

 	
 	

CANADIAN IMPERIAL BANK OF

COMMERCE, as Administrative Agent and

Syndication Agent
	

 	
 	

By:	

/s/  JONATHAN RABINOWITZ      
 Name: Jonathan Rabinowitz

Title: CIBC World Markets Corp. As Agent
	

 	
 	
LENDER
	

 	
 	

APEX (IDM) CDO I, LTD.

ELC (CAYMAN) LTD.

ELC (CAYMAN) LTD. CDO SERIES 1999-I

ELC (CAYMAN) LTD. 1999-II

ELC (CAYMAN) LTD. 1999-III

ELC (CAYMAN) LTD. 2000-I

TRYON CLO LTD. 2000-I

By: David L. Babson & Company & Company Inc.

as Collateral Manager
	

 	
 	

By:	

/s/  ADRIENNE MUSGNUG      
 Name: Adrienne Musgnug

Title: Managing Director
	 	 	 	 

4

 

	

 	
 	
LENDER
	

 	
 	

BABSON CLO LTD. 2003-i

By: David L. Babson & Company Inc. as Collateral

Manager
	

 	
 	

By:	

/s/  ADRIENNE MUSGNUG      
 Name: Adrienne Musgnug

Title: Managing Director
	

 	
 	
LENDER
	

 	
 	

By Callidus Debt Partners CLO Fund II, Ltd.

By: Its Collateral Manager,

Callidus Capital Management, LLC
	

 	
 	

By:	

/s/  MAVIS TAINTOR      
 Name: Mavis Taintor

Title: Managing Director
	

 	
 	

Denali Capital LLC, managing member of DC

Funding Partners, portfolio manager for DENALI

CAPITAL CLO I, LTD., or an affiliate
	

 	
 	

By:	

/s/  CHARLES A. STEARNS      
 Name: Charles A. Stearns

Title: Vice President
	

 	
 	

Denali Capital LLC, managing member of DC

Funding Partners, portfolio manager for

DENALI CAPITAL CLO III, LTD., or an affiliate
	

 	
 	

By:	

/s/  CHARLES A. STEARNS      
 Name: Charles A. Stearns

Title: Vice President
	 	 	 	 

5

 

	

 	
 	
LENDER
	

 	
 	

ELF Funding Trust III
	

 	
 	

By:	

New York Life Investment Management

LLC, as Attorney-in-Fact
	

 	
 	

By:	

/s/  ROBERT H. DIAL      
 Name: Robert H. Dial

Title: Director
	

 	
 	

New York Life Insurance and Annuity Corporation
	

 	
 	

By:	

New York Life Investment Management

LLC, its Investment Manager
	

 	
 	

By:	

/s/  ROBERT H. DIAL      
 Name: Robert H. Dial

Title: Director
	

 	
 	

NYLIM Flatiron CLO 2003-1 Ltd.
	

 	
 	

By:	

New York Life Investment Management

LLC, as Collateral Manager and Attorney-

in-Fact
	

 	
 	

By:	

/s/  ROBERT H. DIAL      
 Name: Robert H. Dial

Title: Director
	

 	
 	
LENDER
	

 	
 	

Franklin CLO I, Limited
	

 	
 	

By:	

/s/  RICHARD HSU      
 Name: Richard Hsu

Title: Vice President
	 	 	 	 

6

 

	

 	
 	
LENDER
	

 	
 	

Franklin CLO III, Limited
	

 	
 	

By:	

/s/  RICHARD HSU      
 Name: Richard Hsu

Title: Vice President
	

 	
 	
LENDER
	

 	
 	

Franklin CLO IV, Limited
	

 	
 	

By:	

/s/  RICHARD HSU      
 Name: Richard Hsu

Title: Vice President
	

 	
 	
LENDER
	

 	
 	

FRANKLIN FLOATING RATE DAILY ACCESS FUND
	

 	
 	

By:	

/s/  RICHARD HSU      
 Name: Richard Hsu

Title: Vice President
	

 	
 	
LENDER
	

 	
 	

FRANKLIN FLOATING RATE MASTER SERIES
	

 	
 	

By:	

/s/  RICHARD HSU      
 Name: Richard Hsu

Title: Vice President
	

 	
 	
LENDER
	

 	
 	

FRANKLIN FLOATING RATE TRUST
	

 	
 	

By:	

/s/  RICHARD HSU      
 Name: Richard Hsu

Title: Vice President
	 	 	 	 

7

 

	

 	
 	
LENDER
	

 	
 	

GoldenTree High Yield Master Fund, Ltd.
	

 	
 	

By:	

GoldenTree Asset Management, LP
	

 	
 	

By:	

/s/  FREDERICK S. HADDAD      
 Name: Frederick S. Haddad

Title: Portfolio Manager
	

 	
 	
LENDER
	

 	
 	

GoldenTree High Yield Opportunities I, LP.
	

 	
 	

By:	

GoldenTree Asset Management, LP
	

 	
 	

By:	

/s/  FREDERICK S. HADDAD      
 Name: Frederick S. Haddad

Title: Portfolio Manager
	

 	
 	
LENDER
	

 	
 	

GoldenTree High Yield Opportunities II, LP.
	

 	
 	

By:	

GoldenTree Asset Management, LP
	

 	
 	

By:	

/s/  FREDERICK S. HADDAD      
 Name: Frederick S. Haddad

Title: Portfolio Manager
	

 	
 	
LENDER
	

 	
 	

GoldenTree Loan Opportunities I, Limited
	

 	
 	

By:	

GoldenTree Asset Management, LP
	

 	
 	

By:	

/s/  FREDERICK S. HADDAD      
 Name: Frederick S. Haddad

Title: Portfolio Manager
	 	 	 	 

8

 

	

 	
 	
LENDER
	

 	
 	

GoldenTree Loan Opportunities II, Limited
	

 	
 	

By:	

GoldenTree Asset Management, LP
	

 	
 	

By:	

/s/  FREDERICK S. HADDAD      
 Name: Frederick S. Haddad

Title: Portfolio Manager
	

 	
 	
LENDER
	

 	
 	

Hamilton CDO, LTD.
	

 	
 	

By:	

Stanfield Capital Partners LLC

As its Collateral Manager
	

 	
 	

By:	

/s/  CHRISTOPHER E. JANSEN      
 Name: Christopher E. Jansen

Title: Managing Partner
	

 	
 	
LENDER
	

 	
 	

Landmark CDO Limited
	

 	
 	

By:	

/s/  ALEX BALDWIN      
 Name: Alex Baldwin

Title: Authorized Signatory
	

 	
 	
LENDER
	

 	
 	

Landmark II CDO Limited
	

 	
 	

By:	

/s/  ALEX BALDWIN      
 Name: Alex Baldwin

Title: Authorized Signatory
	 	 	 	 

9

 

	

 	
 	
LENDER
	

 	
 	

MAPLEWOOD (CAYMAN) LIMITED
	

 	
 	

By:	

David L. Babson & Company Inc. under

delegated authority from Massachusetts

Mutual Life Insurance Company as Investment

Manager
	

 	
 	

By:	

/s/  ADRIENNE MUSGNUG      
 Name: Adrienne Musgnug

Title: Managing Director
	

 	
 	
LENDER
	

 	
 	

MASSACHUSETTS MUTUAL LIFE INSURANCE

COMPANY
	

 	
 	

By:	

David L. Babson & Company Inc. as

Investment Adviser
	

 	
 	

By:	

/s/  ADRIENNE MUSGNUG      
 Name: Adrienne Musgnug

Title: Managing Director
	

 	
 	
LENDER
	

 	
 	

SIMSBURY CLO, LIMITED
	

 	
 	

By:	

David L. Babson & Company Inc. under

delegated authority from Massachusetts

Mutual Life Insurance Company as Collateral

Manager
	

 	
 	

By:	

/s/  ADRIENNE MUSGNUG      
 Name: Adrienne Musgnug

Title: Managing Director
	 	 	 	 

10

 

	

 	
 	
LENDER
	

 	
 	

Stanfield Carrera CLO, Ltd.
	

 	
 	

By:	

Stanfield Capital Partners LLC as its Asset

Manager
	

 	
 	

By:	

/s/  CHRISTOPHER E. JANSEN      
 Name: Christopher E. Jansen

Title: Managing Partner
	

 	
 	
LENDER
	

 	
 	

SUFFIELD CLO, LIMITED
	

 	
 	

By:	

David L. Babson & Company Inc. as

Collateral Manager
	

 	
 	

By:	

/s/  ADRIENNE MUSGNUG      
 Name: Adrienne Musgnug

Title: Managing Director
	

 	
 	
LENDER
	

 	
 	

SunAmerica Senior Floating Rage Fund Inc.
	

 	
 	

By:	

Stanfield Capital Partners LLC as

subadvisor
	

 	
 	

By:	

/s/  CHRISTOPHER E. JANSEN      
 Name: Christopher E. Jansen

Title: Managing Partner
	

 	
 	
LENDER
	

 	
 	

UNION BANK OF CALIFORNIA, N.A.
	

 	
 	

By:	

/s/  RICHARD J. SALMON      
 Name: Richard J. Salmon

Title: Vice President
	 	 	 	 

11

 

	

 	
 	
LENDER
	

 	
 	

Venture CDO 2002, Limited
	

 	
 	

By	

its investment advisor MJX Asset

Management LLC
	

 	
 	

By:	

/s/  MICHAEL G. REGAN      
 Name: Michael G. Regan

Title: Director
	

 	
 	
LENDER
	

 	
 	

Venture II CDO, Limited
	

 	
 	

By	

its investment advisor MJX Asset

Management LLC
	

 	
 	

By:	

/s/  MICHAEL G. REGAN      
 Name: Michael G. Regan

Title: Director
	

 	
 	
LENDER
	

 	
 	

Windsor Loan Funding, Limited
	

 	
 	

By:	

Stanfield Capital Partners LLC as its

Investment Manager
	

 	
 	

By:	

/s/  CHRISTOPHER E. JANSEN      
 Name: Christopher E. Jansen

Title: Managing Partner

12

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SECOND AMENDMENT TO NOTE PURCHASE AGREEMENT

AGREEMENT OF HOLDING COMPANY AND RATIFICATION OF NONRECOURSE GUARANTYQuickLinks
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EXHIBIT 10.17  

 
 

THIRD AMENDMENT TO CREDIT AGREEMENT    

        This
THIRD AMENDMENT TO CREDIT AGREEMENT dated as of November 12, 2004 (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; and 

        WHEREAS,
the Credit Parties wish to amend the Credit Agreement to reduce the Applicable Margin for the Term B1 Loans; 

        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, as amended by the Second Amendment to the Credit Agreement dated as of June 30, 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: 

        (a)   The
definition of "Applicable Margin" is hereby amended by deleting the number "3.00%" in clause (a)(i) and replacing it with the number "2.00%" and
further amended by deleting the number "4.00%" in clause (a)(ii) and replacing it with the number "3.00%." 

        (b)   The
following definitions are hereby added to the Credit Agreement in their appropriate alphabetical order: 

"Second Amendment" means the Second Amendment to the Credit Agreement dated as of June 30, 2004. 

"Third Amendment" means the Third Amendment to the Credit Agreement dated as of November 12, 2004. 

        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
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. 

 

        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 Term B1 Loan Lenders and Term B2 Loan Lenders: 

        (a)   Counterparts of Amendment. The Administrative Agent shall have received from the Credit Parties and each Term B1 Loan
Lender and Term B2 Loan Lender 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 Agreements. 

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

        (c)   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.     Subsequent Term B1 Loan Repricing. The Borrower and the Term B1 Loan Lenders hereby agree that: 

        (a)   If,
during the period beginning on the day after the effective date of this Amendment and ending on the first anniversary thereof, the Borrower requests and obtains a
decrease in the Applicable Margin with respect to any Term B1 Loan (other than pursuant to a refinancing or an amendment and restatement of the Credit Agreement), with respect only to the first such
decrease in the Applicable Margin, the Borrower shall pay to the Administrative Agent, in immediately available funds, for the account of each Term B1 Loan Lender, a fee equal to 1% of the aggregate
principal amount of such Lender's Term B1 Loans then outstanding; provided that such fee shall be paid only to Term B1 Loan Lenders which consent to
such decrease; and 

        (b)   If
any Term B1 Loan Lender shall refuse to consent to any such request by the Borrower for a decrease in the Applicable Margin with respect to any Term B1 Loan and such
request has been approved by the Required Term Loan Lenders, then the Borrower shall have the right, if no Default then is continuing, to replace such Term B1 Loan Lender (the
"Replaced Lender") with one or more assignees as permitted by the Credit Agreement, which assignee(s) shall not be a Lender(s) who has defaulted in its
obligations to fund Loans hereunder (collectively, the "Replacement Lender"); provided, that each such
Replacement Lender satisfies all of the assignment requirements set forth in Section 10.4(b) of the Credit Agreement and the following additional requirements: 

        (i)    Each
such Replacement Lender shall consent to the request for a decrease in the Applicable Margin (and such Replacement Lender shall therefore be entitled to the fee
provided for in subsection (a) above); 

        (ii)   The
purchase price payable by the Replacement Lender to the Replaced Lender for the Replaced Lender's Term B1 Loans shall be 101% of the outstanding principal amount of
the assigned Term B1 Loans, plus all accrued, but unpaid, interest and fees and other amounts owing to the Replaced Lender on or prior to the date of replacement;  provided that such purchase price shall
apply only if such replacement occurs during the period beginning on the day after the effective date of this
Amendment and ending on the first anniversary thereof. 

2

 

        6.     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.]

3

 

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

	 	 	BORROWER
	

 	
 	

AFFINITY GROUP, INC.
	

 	
 	

By:	

/s/  THOMAS F. WOLFE      

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

 	
 	
SUBSIDIARIES/GUARANTORS
	

 	
 	

AFFINITY ADVERTISING, LP
	

 	
 	

By: VBI, INC., its General Partner	

 
	

 	
 	

By:	

/s/  THOMAS F. WOLFE      

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

 	
 	

AFFINITY BROKERAGE, INC.

AFFINITY ROAD AND TRAVEL CLUB, INC.

CAMP COAST TO COAST, INC.

CAMPING REALTY, INC.

CAMPING WORLD, INC.

CAMPING WORLD INSURANCE SERVICES OF NEVADA, 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

4

 
 
 

AGREEMENT OF HOLDING COMPANY AND
  RATIFICATION OF NONRECOURSE GUARANTY    
    

        The undersigned hereby agrees to the provisions of Section 2 and 3 and as guarantor hereby acknowledges and consents to the foregoing Amendment as of the
date hereof, and agrees that the Amended and Restated Nonrecourse Guaranty and Pledge Agreement dated as of April 27, 2004 remains in full force and effect, and the undersigned confirms and
ratifies all of its obligations thereunder. 

	 	AGI HOLDING CORP.
	

 	

By:	

/s/  PAUL E. SCHEDLER      

	 	 	Name:	Paul Schedler
	 	 	Title:	Vice President
	

 	
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

5

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THIRD AMENDMENT TO CREDIT AGREEMENT

AGREEMENT OF HOLDING COMPANY AND RATIFICATION OF NONRECOURSE GUARANTY

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