Document:

Exhibit 10.8 Second Amendment to Amended and Restated Credit Agreement

Exhibit 10.8

Execution Version

SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

THIS SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is made as of August 4, 2015 (the “Effective Date”) by and between CABELA’S INCORPORATED, a Delaware corporation (the “Borrower”), the lenders listed on the signature pages hereto (the “Lenders”), and U.S. BANK NATIONAL ASSOCIATION, as LC Issuer, Swing Line Lender, and as Administrative Agent on behalf of the Lenders (in such capacity, the “Administrative Agent”).  

RECITALS
1.The Administrative Agent, the LC Issuer, the Swing Line Lender, the Borrower and the financial institutions from time to time party thereto entered into that certain Credit Agreement dated as of November 2, 2011, as amended by that certain Omnibus Amendment to Loan Documents dated as of June 18, 2014 (as further amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”); and
2.The Borrower has requested that the Lenders and the Administrative Agent agree to make certain modifications to the Credit Agreement, and the Borrower, the Lenders and the Administrative Agent have so agreed on the terms and conditions set forth herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby covenant and agree to be bound as follows:
Section 1.Capitalized Terms.  Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement, unless the context shall otherwise require.
Section 2.    Amendments to Credit Agreement.
2.1.    Definitions.  Article I of the Credit Agreement is hereby amended by (a) adding thereto the definition of “Permitted Liens” and “Second Amendment” and (b) amending the definitions of “Change in Control,” “Daily Eurocurrency Base Rate,” “Eurocurrency Base Rate” and “Senior Notes” therein, in each case to read in their entirety as follows:
“Change in Control”:  Any of (a) the acquisition by any Person, or two or more Persons acting in concert, of beneficial ownership (within the meaning of Rule 13d‐3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934) of 40% or more of the outstanding shares of voting stock of the Borrower (other than by Richard N. Cabela or James W. Cabela or a group controlled by Richard N. Cabela or James W. Cabela); (b) within any twelve-month period, the board of directors of the Borrower shall cease to have as a majority of its members individuals who either (i) were directors of the Borrower on the first day of such period or (ii) were elected or nominated for election to the 

board of directors of the Borrower at the recommendation of or other approval, or whose election to the board of directors of the Borrower was otherwise approved, by at least a majority of the directors then still in office at the time of such election or nomination who were directors of the Borrower on the first day of such period, or whose election or nomination for election was so approved; or (c) the Borrower shall cease to own, free and clear of all Liens or other encumbrances other than Permitted Liens, 100% of the outstanding shares of voting stock or other equity interest of each Material Subsidiary on a fully diluted basis.
“Daily Eurocurrency Base Rate”:  With respect to a Swing Line Loan, the greater of (a) zero percent (0.0%) and (b) the applicable interest settlement rate for deposits in Dollar LIBOR for one month appearing on the applicable Reuters Screen LIBOR01 (or on any successor or substitute page on such screen) as of 11:00 a.m. (London time) on a Business Day, provided that, if the applicable Reuters Screen LIBOR01 for Dollar LIBOR (or any successor or substitute page) is not available to the Administrative Agent for any reason, the applicable Daily Eurocurrency Base Rate for one month for purposes of clause (b) above shall instead be the applicable interest settlement rate for deposits in Dollar LIBOR for one month as reported by any other generally recognized financial information service selected by the Administrative Agent as of 11:00 a.m. (London time) on a Business Day, provided that, if no such interest settlement rate is available to the Administrative Agent, the applicable Daily Eurocurrency Base Rate for one month for purposes of clause (b) above shall instead be the rate determined by the Administrative Agent to be the rate at which U.S. Bank or one of its Affiliate banks offers to place deposits in U.S. dollars with first-class banks in the interbank market at approximately 11:00 a.m. (London time) on a Business Day in the approximate amount of U.S. Bank’s relevant Swing Line Loan and having a maturity equal to one month.  For purposes of determining any interest rate hereunder or under any other Loan Document that is based on the Daily Eurocurrency Base Rate, such interest rate shall change as and when the Daily Eurocurrency Base Rate shall change.
“Eurocurrency Base Rate”:  With respect to a Eurocurrency Advance for the relevant Interest Period, the greater of (a) zero percent (0.0%) and (b) the applicable interest settlement rate for deposits in the applicable Agreed Currency (Dollar LIBOR, Sterling LIBOR or EURIBOR, as applicable) appearing on the applicable Reuters Screen (or any successor or substitute page) for such Agreed Currency as of 11:00 a.m. (London time) on the Quotation Date for such Interest Period, and having a maturity equal to such Interest Period, provided that, if the applicable Reuters Screen (or any successor or substitute page) for such Agreed Currency is not available to the Administrative Agent for any reason, the applicable Eurocurrency Base Rate for the relevant Interest Period for purposes of clause (b) above shall instead be the applicable interest settlement rate for deposits in the applicable Agreed Currency as reported by any other generally recognized financial information service selected by the Administrative Agent as 

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of 11:00 a.m. (London time) on the Quotation Date for such Interest Period, and having a maturity equal to such Interest Period, provided that, if no such interest settlement rate is available to the Administrative Agent, the applicable Eurocurrency Base Rate for the relevant Interest Period for purposes of clause (b) above shall instead be the rate determined by the Administrative Agent to be the rate at which U.S. Bank or one of its Affiliate banks offers to place deposits in such Agreed Currency with first-class banks in the interbank market at approximately 11:00 a.m. (London time) on the Quotation Date for such Interest Period, in the approximate amount of U.S. Bank’s relevant Eurocurrency Loan and having a maturity equal to such Interest Period    
“Permitted Liens”:  Liens permitted pursuant to clauses (a) through (p) of Section 6.14.
“Second Amendment”:  The Second Amendment to Amended and Restated Credit Agreement dated as of August 4, 2015 between the Borrower, the Administrative Agent and the Lenders party thereto.
“Senior Notes”:  Collectively, (a) (i) the $215,000,000 5.99% Senior Notes, Series 2006‐A, due February 27, 2016, (ii) the $60,000,000 6.08% Senior Notes, Series 2007‐A, due June 15, 2017, and (iii) the $57,000,000 7.20% Series 2008‐A Notes, due January 16, 2018, each issued pursuant to that certain Note Purchase Agreement, dated February 27, 2006, as amended and/or supplemented by (A) that certain Amendment No. 1 to Note Purchase Agreement, dated June 15, 2007, (B) that certain First Supplement to Note Purchase Agreement, dated June 15, 2007, and (C) that certain Second Supplement to Note Purchase Agreement, dated January 16, 2008, as further amended, supplemented, restated or replaced from time to time, and any other notes that may from time to time be issued pursuant thereto, and (b) (i) the $100,000,000 3.23% Senior Unsecured Notes, Series A, due August 4, 2020, (ii) the $122,000,000 3.70% Senior Unsecured Notes, Series B, due August 4, 2022, (iii) the $128,000,000 3.82% Senior Unsecured Notes, Series C, due December 2, 2022, (iv) the $28,000,000 4.01% Senior Unsecured Notes, Series D, due August 4, 2025 and (v) the $172,000,000 4.11% Senior Unsecured Notes, Series E, due December 3, 2025, each issued or to be issued by the Borrower pursuant to that certain Note Purchase Agreement, dated on or about August 4, 2015, as amended, supplemented, restated or replaced from time to time, and any other notes that may from time to time be issued pursuant thereto.
2.2.    Taxes.  Section 3.5(f)(ii)(D) of the Credit Agreement is hereby amended by adding the following sentence to the end of such section:
For purposes of determining withholding Taxes imposed by FATCA, from and after the effective date of the Second Amendment, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Loans and this Agreement as not qualifying as a 

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“grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).  
2.3.    Liens.  Section 6.14(g) of the Credit Agreement is hereby amended to read in its entirety as follows:
(g)    Liens in favor of the Administrative Agent, for the benefit of the Lenders, granted pursuant to any Collateral Document, and equal and ratable Liens in favor of the Senior Noteholders in respect of the collateral subject to a Collateral Document, so long as the Liens in favor of the Senior Noteholders are subject to an intercreditor agreement with the Senior Noteholders to the extent deemed necessary by the Required Lenders pursuant to Section 6.18. 
Section 3.    Effectiveness of Amendments.  The amendments contained in this Amendment shall become effective upon delivery to the Administrative Agent by the Borrower of (a) this Amendment duly executed by the Borrower, the Administrative Agent and the Required Lenders and (b) the attached Guarantor Acknowledgement duly executed by each Guarantor.  This Amendment shall constitute a Loan Document.
Section 4.    Covenants, Representations, Warranties, Authority, No Adverse Claim.
4.1.    Reassertion of Representations and Warranties, No Default.  The Borrower hereby represents that on and as of the date hereof and after giving effect to this Amendment (a) all of the representations and warranties contained in the Credit Agreement are (i) with respect to any representations or warranties that contain a materiality qualifier, true and correct in all respects and (ii) with respect to any representations or warranties that do not contain a materiality qualifier, true, correct and complete in all material respects as of the date hereof as though made on and as of such date except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct on and as of such earlier date, except in each case for changes permitted by the terms of the Credit Agreement, and (b) there will exist no Default or Event of Default under the Credit Agreement, as amended by this Amendment on such date, nor would a Default or Event of Default result from the effectiveness of this Amendment.
4.2.    Authority, No Conflict, No Consent Required.  The Borrower represents and warrants that it has the power and legal right and authority to enter into this Amendment and has duly authorized as appropriate the execution and delivery of this Amendment by proper corporate action, and neither this Amendment nor the agreements contained herein contravenes or constitutes a default under any agreement, instrument or indenture to which the Borrower is a party or a signatory or a provision of the Borrower’s Articles of Incorporation, Bylaws or any other agreement or requirement of law, or result in the imposition of any Lien on any of its property under any agreement binding on or applicable to the Borrower or any of its property except, if any, in favor of the Administrative Agent for the benefit of the Lenders.  The Borrower represents and warrants that no consent, approval or authorization of or registration or declaration with 

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any Person, including but not limited to any governmental authority, is required in connection with the execution and delivery by the Borrower of this Amendment or the performance of obligations of the Borrower herein described, except for those which the Borrower has obtained or provided and as to which the Borrower has delivered certified copies of documents evidencing each such action to the Administrative Agent.
4.3.    No Adverse Claim.  The Borrower warrants, acknowledges and agrees that no events have taken place and no circumstances exist at the date hereof which would give the Borrower a basis to assert a defense, offset or counterclaim to any claim of the Lenders or the Administrative Agent with respect to the Obligations.
Section 5.    Affirmation of Credit Agreement, Further References.  The Administrative Agent, the Lenders and the Borrower each acknowledge and affirm that the Credit Agreement, as hereby amended, is hereby ratified and confirmed in all respects and all terms, conditions and provisions of the Credit Agreement, except as amended by this Amendment, shall remain unmodified and in full force and effect.  All references in any document or instrument to the Credit Agreement are hereby amended and shall refer to the Credit Agreement, as amended by this Amendment.  
Section 6.    Merger and Integration, Superseding Effect.  This Amendment, from and after the date hereof, embodies the entire agreement and understanding between the parties hereto and supersedes and has merged into this Amendment all prior oral and written agreements on the same subjects by and between the parties hereto with the effect that this Amendment, shall control with respect to the specific subjects hereof and thereof.
Section 7.    Severability.  Whenever possible, each provision of this Amendment and any other statement, instrument or transaction contemplated hereby or thereby or relating hereto or thereto shall be interpreted in such manner as to be effective, valid and enforceable under the applicable law of any jurisdiction, but, if any provision of this Amendment or any other statement, instrument or transaction contemplated hereby or thereby or relating hereto or thereto shall be held to be prohibited, invalid or unenforceable under the applicable law, such provision shall be ineffective in such jurisdiction only to the extent of such prohibition, invalidity or unenforceability, without invalidating or rendering unenforceable the remainder of such provision or the remaining provisions of this Amendment or any other statement, instrument or transaction contemplated hereby or thereby or relating hereto or thereto in such jurisdiction, or affecting the effectiveness, validity or enforceability of such provision in any other jurisdiction.
Section 8.    Successors.  This Amendment shall be binding upon the Borrower, the Administrative Agent and the Lenders and their respective successors and assigns, and shall inure to the benefit of the Borrower, the Administrative Agent and the Lenders and the successors and assigns of the Lenders.
Section 9.    Headings.  The headings of various sections of this Amendment have been inserted for reference only and shall not be deemed to be a part of this Amendment.
Section 10.    Counterparts.  This Amendment may be executed in several counterparts as deemed necessary or convenient, each of which, when so executed, shall be deemed an 

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original, provided that all such counterparts shall be regarded as one and the same document, and either party to the Amendment may execute any such agreement by executing a counterpart of such agreement.
Section 11.    Governing Law.  THE AMENDMENT DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS) OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.  
(REMAINDER OF PAGE INTENTIONALLY LEFT BLANK)

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date and year first above written.
	
		
	CABELA’S INCORPORATED, as Borrower

	 
	 

	 
	 

	By:
	/s/ Ralph W. Castner

	Name:
	Ralph W. Castner

	Title
	Executive Vice President and Chief 
   Financial Officer

Signature Page to
Second Amendment to Amended and Restated Credit Agreement

	
					
	 
	 
	U.S. BANK NATIONAL ASSOCIATION,

	 
	as a Lender, as LC Issuer, as Swing Line Lender and as Administrative Agent

	 
	 

	 
	By:
	/s/ Patrick Spethman

	 
	Name:  Patrick Spethman

	 
	Title:
	Vice President

	 
	 

Signature Page to
Second Amendment to Amended and Restated Credit Agreement

	
					
	 
	 
	WELLS FARGO BANK, N.A.,

	 
	as a Lender and as a LC Issuer

	 
	 

	 
	By:
	/s/ Nathan R. Rantala

	 
	Name:  Nathan R. Rantala

	 
	Title:
	Director

	 
	 

Signature Page to
Second Amendment to Amended and Restated Credit Agreement

	
					
	 
	 
	BANK OF AMERICA, N.A.,

	 
	as a Lender

	 
	 

	 
	By:
	/s/ Michael T. Letsch

	 
	Name:  Michael T. Letsch

	 
	Title:
	Senior Vice President

	 
	 

Signature Page to
Second Amendment to Amended and Restated Credit Agreement

	
					
	 
	 
	BARCLAYS BANK PLC,

	 
	as a Lender

	 
	 

	 
	By:
	/s/ Ronnie Glenn

	 
	Name:  Ronnie Glenn

	 
	Title:
	Vice President

	 
	 

Signature Page to
Second Amendment to Amended and Restated Credit Agreement

	
					
	 
	 
	ROYAL BANK OF CANADA,

	 
	as a Lender

	 
	 

	 
	By:
	/s/ Gordon MacArthur

	 
	Name:  Gordon MacArthur

	 
	Title:
	Authorized Signatory

	 
	 

Signature Page to
Second Amendment to Amended and Restated Credit Agreement

	
					
	 
	 
	SANTANDER BANK, N.A. (formerly 
known as Sovereign Bank, N.A.), as a 
Lender

	 
	 

	 
	 

	 
	By:
	/s/ Justin Kleeberg

	 
	Name:  Justin Kleeberg

	 
	Title:
	Executive Director

	 
	 

Signature Page to
Second Amendment to Amended and Restated Credit Agreement

	
					
	 
	 
	BMO HARRIS BANK N.A.

	 
	as a Lender

	 
	 

	 
	By:
	/s/ Kevin D. Munro

	 
	Name:  Kevin D. Munro

	 
	Title:
	Managing Director

	 
	 

Signature Page to
Second Amendment to Amended and Restated Credit Agreement

GUARANTOR ACKNOWLEDGMENT

The undersigned, each a guarantor of the indebtedness and other “Obligations” of CABELA’S INCORPORATED, a Delaware corporation (the “Borrower”), to the lenders that are party to the Credit Agreement described in the foregoing Second Amendment to Amended and Restated Credit Agreement (the “Lenders”), and U.S. BANK NATIONAL ASSOCIATION, as LC Issuer, Swing Line Lender, and as Administrative Agent on behalf of the Lenders (in such capacity, the “Administrative Agent”), pursuant to a Guaranty dated as of November 2, 2011, as amended by that certain Omnibus Amendment to Loan Documents dated as of June 18, 2014 (as further amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), hereby each (a) acknowledges receipt of the forgoing foregoing Second Amendment to Amended and Restated Credit Agreement , (b) consents to the terms and execution thereof, (c) reaffirms its obligations to the Lenders and the Administrative Agent pursuant to the terms of the Guaranty, and (d) acknowledges that the Lenders and the Administrative Agent may amend, restate, extend, renew or otherwise modify the Credit Agreement and any indebtedness or agreement of the Borrower, or enter into any agreement or extend additional or other credit accommodations, without notifying or obtaining the consent of the undersigned and without impairing the liability of the undersigned under the Guaranty for all of the Borrower’s present and future indebtedness and other “Obligations” to the Lenders and the Administrative Agent.

[Remainder of page intentionally left blank.]

CABELA’S MARKETING AND BRAND MANAGEMENT, INC., as Guarantor

By:      /s/ Ralph W. Castner                 
Name: Ralph W. Castner 
Title: Executive Vice President, Secretary and         Treasurer

CABELA’S OUTDOOR ADVENTURES, INC., as Guarantor

By:     /s/ Ralph W. Castner                
Name: Ralph W. Castner 
Title: Executive Vice President, Secretary and         Treasurer

CABELA’S RETAIL IL, INC., as Guarantor

By: /s/ Ralph W. Castner                 
Name: Ralph W. Castner 
Title: Secretary and  Treasurer

CABELA’S RETAIL LA, LLC, as Guarantor

By: /s/ Ralph W. Castner                 
Name: Ralph W. Castner 
Title: Executive Vice President, Secretary and         Treasurer

CABELA’S RETAIL MO, LLC, as Guarantor

By:      /s/ Ralph W. Castner                 
Name: Ralph W. Castner 
Title: Executive Vice President, Secretary and         Treasurer

Signature Page to
Guarantor Acknowledgment

CABELA’S VENTURES, INC., as Guarantor

By:      /s/ Ralph W. Castner                 
Name: Ralph W. Castner 
Title: Executive Vice President, Secretary and         Treasurer

CABELA’S WHOLESALE, INC., as Guarantor

By:      /s/ Ralph W. Castner                 
Name: Ralph W. Castner 
Title: Executive Vice President, Secretary and          Treasurer

CABELA’S TROPHY PROPERTIES, LLC, as Guarantor

By:      /s/ Ralph W. Castner                 
Name: Ralph W. Castner 
Title: Secretary and Treasurer

Signature Page to
Guarantor AcknowledgmentExhibit 10.9 Amendment No 2 to Note Purchase Agreements

Exhibit 10.9

CABELA’S INCORPORATED
CABELA’S MARKETING AND BRAND MANAGEMENT, INC.
CABELA’S OUTDOOR ADVENTURES, INC.
CABELA’S RETAIL IL, INC.
CABELA’S RETAIL LA, LLC
CABELA’S RETAIL MO, LLC
CABELA’S TROPHY PROPERTIES, LLC
CABELA’S VENTURES, INC.
CABELA’S WHOLESALE, INC.

AMENDMENT NO. 2 TO NOTE PURCHASE AGREEMENTS

Dated as of August 4, 2015

Re:    Note Purchase Agreements dated February 27, 2006

    

Exhibit 10.9 Amendment No 2 to Note Purchase Agreements
4174173

Cabela’s Incorporated, et al.    Amendment No. 2 to Note Purchase Agreements

AMENDMENT NO. 2 TO NOTE PURCHASE AGREEMENTS
Re:    Note Purchase Agreements dated as of February 27, 2006

Dated as of
August 4, 2015
To each of the holders (the “Holders”) of Notes
  under the Note Agreements (hereinafter defined)
Ladies and Gentlemen:
Reference is made to the separate Note Purchase Agreements, each dated as of February 27, 2006 (as amended from time to time by joinder agreements and Amendment No. 1 to Note Purchase Agreements dated as of June 15, 2007 and as supplemented by the First Supplement to Note Purchase Agreement dated as of June 15, 2007 and the Second Supplement to Note Purchase Agreement dated as of January 16,  2008, the “Existing Note Agreements” and, as amended hereby, the “Note Agreements”), between Cabela’s Incorporated (the “Company”) and certain Subsidiaries of the Company (such Subsidiaries and the Company are individually referred to as an “Obligor” and, collectively as the “Obligors”), and each of the Purchasers named in Schedule A thereto, respectively, under and pursuant to which (i) $215,000,000 aggregate principal amount of 5.99% Senior Notes, Series 2006-A, due February 27, 2016 (the “Series 2006-A Notes”), (ii) $60,000,000 aggregate principal amount of 6.08% Series 2007-A Senior Notes due June 15, 2017 (the “Series 2007-A Notes”), and (iii) $57,000,000 aggregate principal amount of 7.20% Series 2008-A Senior Notes due January 16, 2018 (the “Series 2008-A Notes” and, together with the Series 2006-A Notes and the Series 2007-A Notes, the “Notes”), of the Obligors were issued.
For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Obligors request the amendment of a certain provision of the Existing Note Agreements as hereinafter provided.
Upon your acceptance hereof in the manner hereinafter provided and upon satisfaction of all conditions to the effectiveness hereof and receipt by the Obligors of similar acceptances from the Holders of the Notes, this Amendment No. 2 to Note Purchase Agreements shall constitute a contract between us amending the Existing Note Agreements, as of the Closing Date (hereinafter defined), but only in the respects hereinafter set forth:
		
	SECTION 1.
	AMENDMENT TO EXISTING NOTE AGREEMENTS.    

Section 1.1.    The definition of “Priority Debt” in Schedule B of the Existing Note Agreements is amended and restated in its entirety to read as follows:

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Cabela’s Incorporated, et al.    Amendment No. 2 to Note Purchase Agreements

     “Priority Debt” means the sum, without duplication, of (i) Debt of the Company and its Restricted Subsidiaries secured by Liens not otherwise permitted by clauses (a) through (h) of Section 10.3 and excluding any secured Debt with which the Notes are equally and ratably secured in accordance with Section 10.3; and (ii) all unsecured Debt of Restricted Subsidiaries (other than to the Company or another Restricted Subsidiary) excluding unsecured Debt of any Restricted Subsidiary to the extent that such Restricted Subsidiary is an Obligor under this Agreement.
		
	SECTION 2.
	REPRESENTATIONS AND WARRANTIES.    

The Obligors hereby represent and warrant that as of the date hereof and as of the date of execution and delivery of this Amendment No. 2 to Note Purchase Agreements (this “Amendment No. 2”), there are no Defaults or Events of Default under the Existing Note Agreements before and after giving effect to this Amendment No. 2 and the representations and warranties set forth in Schedule I hereto are true and correct before and after giving effect to this Amendment No. 2.
		
	SECTION 3.
	CONDITIONS PRECEDENT.    

This Amendment No. 2 shall not become effective until, and shall become effective on, the Business Day when each of the following conditions shall have been satisfied (the “Second Amendment Closing Date”):
Section 3.1.    Consent.      The Obligors shall have obtained your written consent as evidenced by your signature at the foot of this Amendment No. 2.
Section 3.2.    Payment of Fees and Expenses.  The reasonable fees and disbursements of Chapman and Cutler LLP, your special counsel, relating to the preparation, execution and delivery of this Amendment No. 2 and related matters shall have been paid by the Company to the extent reflected in a statement of such counsel rendered to the Company.
Section 3.3.    Representations and Warranties.  The representations and warranties of each of the Obligors in this Amendment No. 2 shall be correct when made and on the Second Amendment Closing Date.
Section 3.4.    Proceedings and Documents.  All corporate or limited liability company or limited partnership and other proceedings in connection with the transactions contemplated by this Amendment No. 2 and all documents and instruments incident to such transactions shall be satisfactory to you and your special counsel, and you and your special counsel shall have received all such counterpart originals or certificated or other copies of such documents as your or they may reasonably request.

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Cabela’s Incorporated, et al.    Amendment No. 2 to Note Purchase Agreements

		
	SECTION 4.
	MISCELLANEOUS PROVISIONS.    

Section 4.1.    Except as amended herein, all terms and provisions of the Existing Note Agreements and the Notes and related agreements and instruments are hereby ratified, confirmed and approved in all respects.
Section 4.2.    Any and all notices, requests, certificates and other instruments, including the Notes, may refer to the Note Agreements without making specific reference to this Amendment No. 2, but nevertheless all such references shall be deemed to include this Amendment No. 2 unless the context shall otherwise require.  
Section 4.3.    This Amendment No. 2 and all covenants herein contained shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereunder.  All covenants made by the Obligors herein shall survive the closing and the delivery of this Amendment No. 2.
Section 4.4.    This Amendment No. 2 shall be governed by and construed in accordance with Nebraska law.
Section 4.5.    The capitalized terms used in this Amendment No. 2 shall have the respective meanings specified in the Note Agreements unless otherwise herein defined, or the context hereof shall otherwise require.
[Remainder of this Page Intentionally Left Blank; Signature Pages follow]

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Cabela’s Incorporated, et al.                                Amendment No. 2 to Note Purchase Agreements

The execution hereof by the Holders shall constitute a contract among the Obligors and the Holders for the uses and purposes hereinabove set forth.  This Amendment No. 2 may be executed in any number of counterparts, each executed counterpart constituting an original but all together only one agreement.

CABELA’S INCORPORATED
CABELA’S MARKETING AND BRAND MANAGEMENT, INC.
CABELA’S OUTDOOR ADVENTURES, INC.
CABELA’S RETAIL IL, INC.
CABELA’S RETAIL LA, LLC
CABELA’S RETAIL MO, LLC
CABELA’S TROPHY PROPERTIES, LLC
CABELA’S VENTURES, INC.
CABELA’S WHOLESALE, INC.

By: /s/ Ralph W. Castner                                         
Name:  Ralph W. Castner
Title:  Vice President, CFO, Secretary or
              Treasurer

[Signature Page to Amendment No. 2 to Note Purchase Agreements]

Cabela’s Incorporated, et al.                                Amendment No. 2 to Note Purchase Agreements

This Amendment No. 2 is hereby accepted and agreed to as of the Second Amendment Closing Date.

METROPOLITAN LIFE INSURANCE COMPANY

METROPOLITAN TOWER LIFE INSURANCE COMPANY
		
	By:
	Metropolitan Life Insurance Company, its Investment Manager

By /s/ C. Scott Inglis                                                     
Name: C. Scott Inglis
Title: Managing Director
We acknowledge that Metropolitan Life Insurance Company holds $45,000,000 aggregate outstanding 6.08% Series 2007‐A Senior Notes due June 15, 2017.

We acknowledge that Metropolitan Tower Life Insurance Company holds $15,000,000 aggregate outstanding 6.08% Series 2007‐A Senior Notes due June 15, 2017.

[Signature Page to Amendment No. 2 to Note Purchase Agreements]

Cabela’s Incorporated, et al.                                Amendment No. 2 to Note Purchase Agreements

This Amendment No. 2 is hereby accepted and agreed to as of the Second Amendment Closing Date.

THE GIBRALTAR LIFE INSURANCE CO., LTD.

		
	By:
	Prudential Investment Management (Japan), Inc., as Investment Manager

		
	By:
	Prudential Investment Management, Inc., as Sub‐Adviser

By  /s/ Anthony Coletta                                                
Name: Anthony Coletta
Title:  Vice President
We acknowledge that The Gibraltar Life Insurance Co., Ltd. holds $12,500,000 aggregate outstanding 5.99% Senior Notes Series 2006‐A due February 27, 2016.

THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

By  /s/ Anthony Coletta                                                
Name: Anthony Coletta
Title:  Vice President
We acknowledge that The Prudential Insurance Company of America holds $6,500,000 aggregate outstanding 5.99% Senior Notes Series 2006‐A due February 27, 2016.
We acknowledge that The Prudential Insurance Company of America holds $6,321,429 aggregate outstanding 7.20% Series 2008-A Senior Notes due January 16, 2018.

[Signature Page to Amendment No. 2 to Note Purchase Agreements]

Cabela’s Incorporated, et al.                                Amendment No. 2 to Note Purchase Agreements

This Amendment No. 2 is hereby accepted and agreed to as of the Second Amendment Closing Date.

PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY

		
	By:
	Prudential Investment Management, Inc., as investment manager

By  /s/ Anthony Coletta                                                
Name: Anthony Coletta
Title:  Vice President
We acknowledge that Prudential Retirement Insurance and Annuity Company holds $2,057,143 aggregate outstanding 7.20% Series 2008-A Senior Notes due January 16, 2018.

ZURICH AMERICAN INSURANCE COMPANY

		
	By:
	Prudential Private Placement Investors, L.P. (as Investment Advisor)

		
	By:
	Prudential Private Placement Investors, Inc. (as its General Partner)

By  /s/ Anthony Coletta                                                
Name: Anthony Coletta
Title:  Vice President
We acknowledge that Zurich American Insurance Company holds $1,435,714 aggregate outstanding 7.20% Series 2008-A Senior Notes due January 16, 2018.

[Signature Page to Amendment No. 2 to Note Purchase Agreements]

Cabela’s Incorporated, et al.                                Amendment No. 2 to Note Purchase Agreements

This Amendment No. 2 is hereby accepted and agreed to as of the Second Amendment Closing Date.

MTL INSURANCE COMPANY

		
	By:
	Prudential Private Placement Investors, L.P. (as Investment Advisor)

		
	By:
	Prudential Private Placement Investors, L.P. (as its General Partner)

By  /s/ Anthony Coletta                                                
Name: Anthony Coletta
Title:  Vice President
We acknowledge that MTL Insurance Company holds $3,000,000 aggregate outstanding 5.99% Senior Notes Series 2006‐A due February 27, 2016.

SECURITY BENEFIT LIFE INSURANCE COMPANY, INC.

		
	By:
	Prudential Private Placement Investors, L.P. (as Investment Advisor)

		
	By:
	Prudential Private Placement Investors, L.P. (as its General Partner)

By  /s/ Anthony Coletta                                                
Name: Anthony Coletta
Title:  Vice President
We acknowledge that Security Benefit Life Insurance Company, Inc. holds $3,000,000 aggregate outstanding 5.99% Senior Notes Series 2006‐A due February 27, 2016.

[Signature Page to Amendment No. 2 to Note Purchase Agreements]

Cabela’s Incorporated, et al.                                Amendment No. 2 to Note Purchase Agreements

This Amendment No. 2 is hereby accepted and agreed to as of the Second Amendment Closing Date.

UNIVERSAL PRUDENTIAL ARIZONA REINSURANCE COMPANY

		
	By:
	Prudential Investment Management, Inc., as investment manager

By  /s/ Anthony Coletta                                                
Name: Anthony Coletta
Title:  Vice President
We acknowledge that Universal Prudential Arizona Reinsurance Company holds $900,000 aggregate outstanding 7.20% Series 2008-A Senior Notes due January 16, 2018.

[Signature Page to Amendment No. 2 to Note Purchase Agreements]

Cabela’s Incorporated, et al.                                Amendment No. 2 to Note Purchase Agreements

This Amendment No. 2 is hereby accepted and agreed to as of the Second Amendment Closing Date.

TRANSAMERICA LIFE INSURANCE COMPANY
		
	By:
	  AEGON USA INVESTMENT MANAGEMENT,  

          LLC, ITS INVESTMENT MANAGER

By  /s/ Christopher D. Pahlke                                                
Name: Christopher D. Pahlke
Title:  Vice President
We acknowledge that Transamerica Life Insurance Company holds $25,000,000 aggregate outstanding 5.99% Senior Notes Series 2006‐A due February 27, 2016.

TRANSAMERICA LIFE INSURANCE COMPANY
		
	By:
	  AEGON USA INVESTMENT MANAGEMENT,  

          LLC, ITS INVESTMENT MANAGER

By  /s/ Christopher D. Pahlke                                                
Name: Christopher D. Pahlke
Title:  Vice President
We acknowledge that Transamerica Life Insurance Company holds $5,357,142.87 aggregate outstanding 7.20% Series 2008-A Senior Notes due January 16, 2018.

TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY
		
	By:
	  AEGON USA INVESTMENT MANAGEMENT,               

          LLC, ITS INVESTMENT MANAGER 

By  /s/ Christopher D. Pahlke                                                 
Name: Christopher D. Pahlke
Title:  Vice President 
We acknowledge that Transamerica Financial Life Insurance Company holds $1,071,428.57 aggregate outstanding 7.20% Series 2008-A Senior Notes due January 16, 2018.

[Signature Page to Amendment No. 2 to Note Purchase Agreements]

Cabela’s Incorporated, et al.                                Amendment No. 2 to Note Purchase Agreements

 This Amendment No. 2 is hereby accepted and agreed to as of the Second Amendment Closing Date.

UNITED OF OMAHA LIFE INSURANCE COMPANY

By  /s/ Justin P. Kavan                                                   
Name: Justin P. Kavan
Title:  Vice President
We acknowledge that United of Omaha Life Insurance Company holds $10,000,000 aggregate outstanding 5.99% Senior Notes Series 2006‐A due February 27, 2016.

[Signature Page to Amendment No. 2 to Note Purchase Agreements]

Cabela’s Incorporated, et al.                                Amendment No. 2 to Note Purchase Agreements

This Amendment No. 2 is hereby accepted and agreed to as of the Second Amendment Closing Date.

ATHENE ANNUITY AND LIFE COMPANY
(f/k/a Aviva Life and Annuity Company)

By:  Athene Asset Management, L.P., its investment advisor

By:  AAM GP Ltd., its general partner

By  /s/ Roger D. Fors                                            
Name:  Roger D. Fors
Title:    Senior Vice President, Fixed 
             Income
We acknowledge that Athene Annuity and Life Company holds $25,000,000 aggregate outstanding 5.99% Senior Notes Series 2006‐A due February 27, 2016.

[Signature Page to Amendment No. 2 to Note Purchase Agreements]

Cabela’s Incorporated, et al.                                Amendment No. 2 to Note Purchase Agreements

This Amendment No. 2 is hereby accepted and agreed to as of the Second Amendment Closing Date.

LIFE INSURANCE COMPANY OF THE SOUTHWEST

By /s/ Chris P. Gudmastad                                            
Name: Chris P. Gudmastad
Title: Assistant Vice President
We acknowledge that Life Insurance Company of the Southwest holds $7,000,000 aggregate outstanding 5.99% Senior Notes Series 2006‐A due February 27, 2016.
We acknowledge that Life Insurance Company of the Southwest holds $2,142,857.19 aggregate outstanding 7.20% Series 2008-A Senior Notes due January 16, 2018.

[Signature Page to Amendment No. 2 to Note Purchase Agreements]

Cabela’s Incorporated, et al.                                Amendment No. 2 to Note Purchase Agreements

This Amendment No. 2 is hereby accepted and agreed to as of the Second Amendment Closing Date.

ASSURITY LIFE INSURANCE COMPANY

By /s/ Kevin W. Hammond                                          
Name: Kevin W. Hammond
Title: Senior Director - Investments
We acknowledge that Assurity Life Insurance Company holds $5,000,000 aggregate outstanding 5.99% Senior Notes Series 2006‐A due February 27, 2016.
We acknowledge that Assurity Life Insurance Company holds $857,142.84 aggregate outstanding 7.20% Series 2008-A Senior Notes due January 16, 2018.

[Signature Page to Amendment No. 2 to Note Purchase Agreements]

Cabela’s Incorporated, et al.                                Amendment No. 2 to Note Purchase Agreements

This Amendment No. 2 is hereby accepted and agreed to as of the Second Amendment Closing Date.

AMERITAS LIFE INSURANCE CORP.
AMERITAS LIFE INSURANCE CORP. - CLOSED BLOCK 
AMERITAS LIFE INSURANCE CORP., AS SUCCESSOR BY MERGER TO ACACIA LIFE INSURANCE COMPANY

		
	By:
	 Ameritas Investment Partners Inc., as Agent

By /s/ Tina Udell                                                          
Name: Tina Udell
Title: Vice President & Managing Director
We acknowledge that Ameritas Life Insurance Corp. - Closed Block holds $2,000,000 aggregate outstanding 5.99% Senior Notes Series 2006‐A due February 27, 2016.

We acknowledge that Ameritas Life Insurance Corp. holds $1,000,000 aggregate outstanding 5.99% Senior Notes Series 2006‐A due February 27, 2016.

We acknowledge that Ameritas Life Insurance Corp. as successor by Merger to Acacia Life Insurance Company holds $3,000,000 aggregate outstanding 5.99% Senior Notes Series 2006‐A due February 27, 2016.

[Signature Page to Amendment No. 2 to Note Purchase Agreements]

Cabela’s Incorporated, et al.                                Amendment No. 2 to Note Purchase Agreements

This Amendment No. 2 is hereby accepted and agreed to as of the Second Amendment Closing Date.

THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA

By /s/ Barry Scheinholtz                                               
Name: Barry Scheinholtz
Title: Senior Director
We acknowledge that The Guardian Life Insurance Company of America holds $20,000,000 aggregate outstanding 5.99% Senior Notes Series 2006‐A due February 27, 2016.

BERKSHIRE LIFE INSURANCE COMPANY OF AMERICA

By /s/ Barry Scheinholtz                                               
Name: Barry Scheinholtz
Title: Senior Director
We acknowledge that Berkshire Life Insurance Company of America holds $5,000,000 aggregate outstanding 5.99% Senior Notes Series 2006‐A due February 27, 2016.

[Signature Page to Amendment No. 2 to Note Purchase Agreements]

Cabela’s Incorporated, et al.                                Amendment No. 2 to Note Purchase Agreements

This Amendment No. 2 is hereby accepted and agreed to as of the Second Amendment Closing Date.

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

By /s/ Anne Finucane                                                   
Name: Anne Finucane
Title: Investment Officer
We acknowledge that Genworth Life and Annuity Insurance Company holds $15,000,000 aggregate outstanding 5.99% Senior Notes Series 2006‐A due February 27, 2016.

[Signature Page to Amendment No. 2 to Note Purchase Agreements]

Cabela’s Incorporated, et al.                                Amendment No. 2 to Note Purchase Agreements

SCHEDULE I

REPRESENTATIONS AND WARRANTIES

Each of the Obligors represents and warrants to you as follows:
1.    Corporate or Limited Liability Company or Limited Partnership Organization and Authority.  Each Obligor:
(a)    is a corporation, limited liability company or limited partnership duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization; and
(b)    has all requisite power and authority and all necessary licenses and permits to own and operate its properties and to carry on its business as now conducted and as presently proposed to be conducted.
2.    Amendment No. 2 is Legal and Authorized.  (a) The compliance by each Obligor with all of the provisions of this Amendment No. 2 and of the Existing Note Agreements:
(i)    is within the corporate, limited liability company or limited partnership powers of such Obligor; and
(ii)    with not violate any provisions of any law or any order of any court or governmental authority or agency and will not conflict with or result in any breach of any of the terms, conditions or provisions of, or constitute a default under the Articles of Incorporation, Articles of Organization, By-laws, Operating Agreement, Limited Liability Company Agreement or Partnership Agreement of such Obligor or any indenture or other agreement or instrument to which such Obligor is a party or by which it may be bound or result in the imposition of any Liens or encumbrances on any property of such Obligor.
(b)    The execution and delivery of this Amendment No. 2 has been duly authorized by proper corporate, limited liability company or limited partnership action on the part of such Obligor (no other action by the stockholders, members or partners of such Obligor being required by law, by the Articles of Incorporation, Articles of Organization, By-laws, Operating Agreement, Limited Liability Company Agreement or Partnership Agreement of such Obligor or otherwise) and this Amendment No. 2 has been executed and delivered to such Obligor, and this Amendment No. 2 and the Existing Note Agreements each constitute the legal, valid and binding obligation, contract and agreement of such Obligor enforceable in accordance with its terms.

Cabela’s Incorporated, et al.                                Amendment No. 2 to Note Purchase Agreements

3.    No Defaults.  After giving effect to this Amendment No. 2, no Default or Event of Default has occurred and is continuing.
4.    Governmental Consents.  No approval, consent or withholding of objection on the part of, or filing, registration or qualification with any governmental body, Federal or state, is necessary in connection with the execution and delivery of this Amendment No. 2.
5.    No Conflicts.  The execution, delivery and performance by such Obligor of this Amendment No. 2 will not violate any provisions of any law or any order of any court or governmental agency or authority and will not conflict with or result in any breach of any of the provisions of, or constitute a default under or result in the creation or imposition of any Lien upon any of the property of such Obligor pursuant to the provisions of the Articles of Incorporation, Articles of Organization, By-laws, Operating Agreement, Limited Liability Company Agreement or Partnership Agreement of such Obligor or any agreement or other instrument to which the Company is a party or by which such Obligor may be bound.
6.    Each entity which is a borrower or guarantor under the Bank Agreement is an Obligor hereunder.

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