Document:

Amended and Restated Intercreditor Agreement dated as of September 5, 2002

 Exhibit 10.16 
  
 AMENDED AND RESTATED INTERCREDITOR AGREEMENT 
 Dated as of September 5, 2002 
 Among 
 United of Omaha Life Insurance Company, 
 Companion Life Insurance Company 
  
 and 
  
 Mutual of Omaha Insurance Company 
 (THE “1995 NOTEHOLDERS”) 
  
 AND 
  
 Jackson National Life Insurance Company,

 Jackson National Life Insurance Company of New York, 
 The Prudential Assurance Company Limited, 
 AIG SunAmerica Life Assurance Company 
 First SunAmerica Life Insurance Company, 
 General Electric Capital Assurance Company, 
 GE Life and Annuity Assurance Company, 
 Teachers Insurance and Annuity Association of America, 
 TIAA CREF Life Insurance Company 
 Nationwide Life Insurance Company, 
 Nationwide Life and Annuity Insurance Company, 
 Provident Mutual Life Insurance Company,

 Pacific Life Insurance Company, 
 Massachusetts Mutual Life Insurance Company, 
 C.M. Life Insurance Company, 
 MassMutual Asia Limited 
  
 and 
  
 Principal Life Insurance
Company 
 (THE “2002 NOTEHOLDERS”) 
  
 AND 
  
 U.S. Bank National Association, 
 Wachovia Bank, National Association, 
 LaSalle Bank National Association, 
 Comerica
Bank 
  
 and 
  
 Wells Fargo Bank Nebraska, National Association 
 (THE “BANKS”) 
  
 AND 
  
 U.S. Bank National Association, 
 as Collateral Agent 
 (THE “COLLATERAL AGENT”) 
  

 TABLE OF CONTENTS 
  

			
		
	 Section 1. DEFINITIONS
	  	2
		
	 Section 2. INTENTIONALLY RESERVED
	  	5
		
	 Section 3. REMEDIES; APPLICATION OF PROCEEDS, RECOVERIES AND OTHER AMOUNTS
	  	5
		
	 Section 3.1.   Remedies
	  	5
		
	 Section 3.2.   Application of Proceeds and Other Recoveries
	  	6
		
	 Section 3.3.   Subaccounts for Unfunded LICC Obligations
	  	7
		
	 Section 3.4.   Sharing of Recoveries
	  	7
		
	 Section 3.5.   Return of Amounts
	  	7
		
	 Section 4. AGREEMENTS AMONG THE SENIOR CREDITORS
	  	8
		
	 Section 4.1.   Delivery of Notice of Actionable Default
	  	8
		
	 Section 4.2.   Notifications
	  	8
		
	 Section 4.3.   Effect of Non Compliance
	  	8
		
	 Section 4.4.   Agreement to Cooperate and to Pursue Remedies
	  	8
		
	 Section 4.5.   Independent Actions by Senior Creditors
	  	8
		
	 Section 4.6.   Relation of Senior Creditors
	  	9
		
	 Section 4.7.   Amendments and Waivers of Agreements
	  	9
		
	 Section 4.8.   Amendments and Waivers of This Agreement
	  	9
		
	 Section 4.9.   Solicitation of Senior Creditors
	  	9
		
	 Section 4.10. Parity of Treatment
	  	9
		
	 Section 5. THE COLLATERAL AGENT
	  	10
		
	 Section 5.1.   Duties of Collateral Agent
	  	10
		
	 Section 5.2.   Collateral Agent’s Liability
	  	10
		
	 Section 5.3.   No Responsibility of Collateral Agent for Recitals
	  	11
		
	 Section 5.4.   Certain Limitations on Collateral Agent’s Rights to Compensation and Indemnification
	  	11
		
	 Section 5.5.   Status of Moneys Received
	  	11
		
	 Section 5.6.   Resignation or Termination of Collateral Agent
	  	12
		
	 Section 5.7.   Succession of Successor Collateral Agent
	  	12
		
	 Section 5.8.   Eligibility of Collateral Agent
	  	12
		
	 Section 5.9.   Successor Collateral Agent by Merger
	  	12
		
	 Section 5.10. Compensation and Reimbursement of Collateral Agent; Indemnification of Collateral Agent
	  	13

  

			
		
	 Section 5.11. Self Dealing
	  	13
		
	 Section 6. MISCELLANEOUS
	  	14
		
	 Section 6.1.   Entire Agreement; Parties
	  	14
		
	 Section 6.2.   Notices
	  	14
		
	 Section 6.3.   Successors and Assigns
	  	16
		
	 Section 6.4.   Successor Collateral Agent
	  	17
		
	 Section 6.5.   Governing Law
	  	17
		
	 Section 6.6.   Counterparts
	  	17
		
	 Section 6.7.   Sale of Interest
	  	17
		
	 Section 6.8.   Additional Parties
	  	17
		
	 Section 6.9.   Termination
	  	17
		
	 Section 6.10. Severability
	  	17

  

 2 

 TABLE OF CONTENTS 
  
 AMENDED AND RESTATED INTERCREDITOR AGREEMENT 
  
 AMENDED AND RESTATED INTERCREDITOR AGREEMENT dated for convenience as of September 5, 2002 between (i) United of Omaha Life
Insurance Company, Companion Life Insurance Company and Mutual of Omaha Insurance Company (collectively, the “1995 Noteholders”) as parties to the 1995 Note Agreements (as hereinafter defined), (ii) Jackson National Life Insurance Company,
Jackson National Life Insurance Company of New York, The Prudential Assurance Company Limited, AIG SunAmerica Life Assurance Company, First SunAmerica Life Insurance Company, General Electric Capital Assurance Company, GE Life and Annuity Assurance
Company, Teachers Insurance and Annuity Association of America, TIAA CREF Life Insurance Company, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, Provident Mutual Life Insurance Company, Pacific Life Insurance
Company, Massachusetts Mutual Life Insurance Company, C.M. Life Insurance Company, MassMutual Asia Limited and Principal Life Insurance Company (collectively, the “2002 Noteholders”) as parties to the 2002 Note Agreements (as hereinafter
defined), (iii) LaSalle Bank National Association (“LaSalle”), Wachovia Bank, National Association (“Wachovia”), U.S. Bank National Association (formerly known as First Bank, National Association, which was formerly FirsTier
Bank, National Association) (“U.S. Bank”), Comerica Bank (“Comerica”) and Wells Fargo Bank Nebraska, National Association (formerly known as National Bank of Commerce Trust and Savings Association) ( “Wells Fargo”, and,
together with LaSalle, Wachovia, U.S. Bank and Comerica, individually, a “Bank,” and, collectively, the “Banks”, such term to include Wells Fargo in its capacity as the beneficiary of the Parent Guaranty (as hereinafter
defined)), as parties to the New Bank Agreement (as hereinafter defined), (iv) Wells Fargo, as the beneficiary of the Parent Guaranty, and (v) U.S. Bank National Association, as Collateral Agent (the “Collateral Agent”). 
  
 RECITALS: 
  
 A. Cabela’s Incorporated, a Nebraska corporation (the “Company”), has heretofore entered into the separate
Note Agreements dated as of January 1, 1995 (collectively, the “Original Note Agreements”) with each of the 1995 Noteholders, pursuant to which the Company heretofore issued and sold to the 1995 Noteholders (i) $10,000,000 in aggregate
principal amount of its 8.79% Senior Notes, Series A, due January 1, 2007 (the “1995 Series A Notes”), (ii) $5,000,000 in aggregate principal amount of its 9.01% Senior Notes, Series B, due January 1, 2007 (the “1995 Series B
Notes”), and (iii) $5,000,000 in aggregate principal amount of its 9.19% Senior Notes, Series C, due January 1, 2010 (the “1995 Series C Notes”) (the Series A Notes, the Series B Notes and the Series C Notes being collectively the
“1995 Notes”). 
  
 B. The Company and the Banks entered
into a Credit Agreement dated as of October 9, 2001 (the “2001 Bank Agreement”) with the borrowers thereunder consisting of the Company and the following Subsidiaries of the Company (such Subsidiaries being “Original Co Obligor
Subsidiaries”, and such Original Co Obligor Subsidiaries, together with the Company, the “Original Obligors”): (i) Cabela’s Catalog, Inc., (ii) Cabela’s Promotions, Inc., (iii) Cabela’s Retail, Inc., (iv) Cabela’s
Outdoor Adventures, Inc., (v) Cabelas.com, Inc., (vi) Cabela’s Wholesale, Inc., (vii) Cabela’s Ventures, Inc. and (viii) Van Dyke Supply Company, Inc. The Obligors (as hereinafter defined) and the Banks, referred to in such 2001 Bank
Agreement, intend to amend the 2001 Bank Agreement by entering into a First Amendment to Credit Agreement dated as of September 5, 2002 (the 2001 Bank Agreement, as amended by the First Amendment is the “New Bank Agreement”) in which the
Original Obligors, Wild Wings, LLC, a Minnesota limited liability company (“Wild Wings”), Cabela’s Lodging, LLC, a Nebraska limited liability company (“Lodging”) and Herter’s, LLC, a Nebraska limited liability company
(“Herter’s”, together with Wild Wings, Lodging and the Original Obligors are collectively, the “Obligors”) will become additional borrowers under the New Bank Agreement. The Obligors are sometimes referred to as
“Borrowers” under the New Bank Agreement. 
  

 C. World’s Foremost Bank, National Association, a national banking association and a subsidiary of
the Company (“WFB”) and Wells Fargo entered into a Revolving Loan Agreement dated as of October 9, 2001 (the “WFB Loan Agreement”) pursuant to which Wells Fargo agreed to extend a revolving line of credit to WFB, and the Company
agreed to provide an unconditional and unlimited guarantee of the revolving loan to be made under the WFB Loan Agreement, pursuant to a Guaranty dated as of October 9, 2001 (the “Parent Guaranty”). 
  
 D. The Company and the 1995 Noteholders amended the Original Note Agreements
pursuant to the terms of Amendment No. 1 dated as of June 30, 1997 (“Amendment No. 1”) and Amendment No. 2 dated as of September 1, 2000 (“Amendment No. 2”) and Amendment No. 3 dated as of October 9, 2001 (“Amendment No.
3”) with the Company and each of the Original Co Obligor Subsidiaries pursuant to which the Original Note Agreements were further amended to, inter alia, permit the execution and delivery of the 2001 Bank Agreement by the Original Obligors. The
Company and the Obligors intend to enter into Amendment No. 4 dated as of September 5, 2002 to the Original Note Agreements (the Original Note Agreements, as amended by Amendment No. 1, Amendment No. 2, Amendment No. 3 and Amendment No. 4 being
collectively, the “1995 Note Agreements”). 
  
 E. The
Obligors and the 2002 Noteholders have agreed to enter into the separate Note Purchase Agreements dated as of September 5, 2002 (collectively, the “2002 Note Agreements”) with each of the 2002 Noteholders pursuant to which the Obligors
will issue and sell to the 2002 Noteholders $125,000,000 in aggregate principal amount of its 4.95% Senior Notes, Series 2002 A, due September 5, 2009 (the “2002 Notes”). 
  
 F. The 1995 Notes and all principal thereof, premium, if any, and interest thereon, the 2002 Notes and all principal
thereof, premium, if any and interest thereon, the Bank Loans (as hereinafter defined) and all principal thereof and interest thereon and any and all other obligations of the Obligors to the 1995 Noteholders, the 2002 Noteholders and the Banks of
every kind and description, direct or indirect, absolute or contingent, primary or secondary, due or to become due, now existing or hereafter arising or acquired, under the terms of the 1995 Notes, the 2002 Notes, the Bank Notes (as hereinafter
defined), the 1995 Note Agreements, the 2002 Note Agreements, the New Bank Agreement, the Parent Guaranty or any other document or instrument executed and delivered by any of the Obligors pursuant to the 1995 Note Agreements, the 2002 Note
Agreements, or the New Bank Agreement and any modification, renewal or replacement thereof, regardless of how they arise or are acquired or by what agreement or instrument, if any, including obligations to perform acts and refrain from taking action
as well as obligations to pay money and including, without limitation, the obligation of the Obligors in respect of undrawn amounts of Letters of Credit, are hereinafter collectively referred to as the “Obligations.” 
  
 G. The 1995 Noteholders, the 2002 Noteholders and the Banks have reached
certain agreements concerning the interests of each and have set forth said agreements below. 
  

	SECTION	1. DEFINITIONS. 

  
 Unless the context otherwise requires, the terms hereinafter set forth when used herein shall have the following meanings and the following definitions
shall be equally applicable to both the singular and plural forms of any of the terms herein defined: 
  
 “Bank Loans” shall mean the Revolver Loans, the L/C Loans, the Term Loans and the Swing Line Loans. 
  

 2 

 “Bank Notes” shall mean, collectively, the Revolving Loan Notes evidencing the Revolver Loans
outstanding from time to time under the New Bank Agreement, the Term Loan Notes evidencing the Term Loans outstanding from time to time under the New Bank Agreement and the Swing Line Note evidencing the Swing Line Loans outstanding from time to
time under the New Bank Agreement. 
  
 “Banks” shall
have the meaning set forth in the introductory paragraph of this Agreement. 
  
 “Borrowers” shall have the meaning set forth in paragraph B of the Recitals hereto. 
  
 “Collateral” shall mean any amounts received by the Collateral Agent hereunder to pay Obligations including, without limitation, any Recoveries
and any other collateral from time to time securing the Obligations. 
  
 “Collateral Agent” shall mean U.S. Bank National Association, in its capacity as collateral agent hereunder, and any successor collateral agent appointed pursuant to Section 5.6 hereof. 
  
 “Company” shall mean Cabela’s Incorporated, a Nebraska
corporation, and any Person who succeeds to all, or substantially all, of the assets and business of Cabela’s Incorporated. 
  
 “Event of Default” means (i) any Event of Default under the New Bank Agreement, (ii) any Event of Default under the WFB Loan Agreement, (iii)
any Event of Default under the 1995 Note Agreements or (iv) any Event of Default under the 2002 Note Agreements. 
  
 “Funded LICC Obligations” shall mean at any time the obligations of the Borrowers with respect to any Letter of Credit which has been partially
or fully drawn upon. 
  
 “LICC Funding Event” shall mean
the occurrence of an event which causes an Unfunded L/C Obligation to become a Funded L/C Obligation. 
  
 “LICC Loans” means the loans of the Banks with respect to Letters of Credit. 
  
 “Letters of Credit” shall mean the Letters of Credit available to the Borrowers under the New Bank Agreement.

  
 “New Bank Agreement” shall have the meaning set
forth in paragraph B of the Recitals hereto. 
  
 “1995 Note
Agreements” shall have the meaning set forth in paragraph D of the Recitals hereto. 
  
 “1995 Noteholders” shall mean United of Omaha Life Insurance Company, Companion Life Insurance Company and Mutual of Omaha Insurance Company, as the initial purchasers of the 1995 Notes, and any Persons who
succeed to their respective benefits in accordance with Sections 6.3 and 6.7 hereof. 
  
 “1995 Notes” shall have the meaning set forth in paragraph A of the Recitals hereto. 
  
 “Nonpayment Event of Default” shall mean the occurrence of any Event of Default other than a Payment Event of Default. 
  
 “Notice of Actionable Default” shall mean a written notice issued
by a Senior Creditor or Senior Creditors to the Collateral Agent, with a copy thereof to the Company, certifying (1) that a Payment Event of Default under the 1995 Note Agreements; the 2002 Note Agreements, the New Bank Agreement, the Parent
Guaranty or the WFB Loan Agreement, as the case may be, to which such Senior 

  

 3 

 
Creditor or Senior Creditors shall be a party has occurred and is continuing or (2) that a Nonpayment Event of Default under the 1995 Note Agreements, the
2002 Note Agreements or the New Bank Agreement, as the case may be, to which such Senior Creditor or Senior Creditors shall be a party has occurred and is continuing, and that at least 10 days prior to the issuance of such notice, a Senior Creditor
shall have delivered to the Collateral Agent, the Company and every other Senior Creditor prior written notice of such Nonpayment Event of Default. 
  
 “Obligations” shall have the meaning set forth in paragraph F the Recitals hereto. 
  
 “Obligors” shall have the meaning set forth in paragraph B of the Recitals hereto. 
  
 “Original Co Obligor Subsidiaries” shall have the meaning set forth
in paragraph B of the Recitals hereto. 
  
 “Original
Obligors” shall have the meaning set forth in paragraph B of the Recitals hereto. 
  
 “Parent Guaranty” shall have the meaning set forth in paragraph C of the Recitals hereto. 
  
 “Payment Event of Default” shall mean (1) the occurrence of a default or an event of default under the 1995 Note Agreements as a result of the
failure of the Obligors to pay when due principal of, premium, if any, or interest on any 1995 Note, (2) the occurrence of a default or an event of default under the 2002 Note Agreements as a result of the failure of the Obligors to pay when due
principal of, premium, if any, or interest on any 2002 Note, (3) the occurrence of a default or an event of default under the New Bank Agreement as a result of the failure of the Obligors to pay when due interest, unused commitment fee and/or
prepayment compensation, if any, or principal on the Revolver Loans, the Term Loans or the Swing Line Loans, (4) the occurrence of a default or an event of default under the New Bank Agreement as a result of the failure of the Obligors to pay when
due reimbursement obligations on Letters of Credit or (5) the occurrence of a default or an event of default under the WFB Loan Agreement as a result of the failure of WFB to pay when due interest, unused commitment fee and/or prepayment
compensation, if any, or principal on the WFB Revolver Loan and the failure of the Company to pay the same under the Parent Guaranty. 
  
 “Person” shall mean an individual, partnership, corporation, limited liability company, bank, trust or unincorporated organization, and a
government or agency or political subdivision thereof. 
  
 “Reallocation Event” shall mean an event which causes an Unfunded L/C Obligation to cease to exist without becoming a Funded L/C Obligation, including the termination of a Letter of Credit without being drawn upon. 
  
 “Recovery” shall have the meaning set forth in Section 3.4 hereof.

  
 “Revolver Loans” shall mean the Revolver Loans
available to the Borrowers under the New Bank Agreement. 
  
 “Secured Documents” shall mean the 1995 Notes, the 1995 Note Agreements, the 2002 Notes, the 2002 Note Agreements, the Bank Notes, the New Bank Agreement, the Letters of Credit, the Parent Guaranty and any and all amendments and
supplements thereof. 
  
 “Senior Creditors” shall mean
the 1995 Noteholders, the 2002 Noteholders and the Banks. 
  

 4 

 “Swing Line Loans” shall mean the Swing Line Loans available to the Borrowers under the New
Bank Agreement. 
  
 “Term Loans” shall mean the Term
Loans available to the Borrowers under the New Bank Agreement. 
  
 “2001 Bank Agreement” shall have the meaning set forth in paragraph B of the Recitals hereto. 
  
 “2002 Note Agreements” shall have the meaning set forth in paragraph E of the Recitals hereto. 
  
 “2002 Noteholders” shall mean Jackson National Life Insurance
Company, Jackson National Life Insurance Company of New York, The Prudential Assurance Company Limited, AIG SunAmerica Life Assurance Company, First SunAmerica Life Insurance Company, General Electric Capital Assurance Company, GE Life and Annuity
Assurance Company, Teachers Insurance and Annuity Association of America, TIAA CREF Life Insurance Company, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, Provident Mutual Life Insurance Company, Pacific Life
Insurance Company, Massachusetts Mutual Life Insurance Company, C.M. Life Insurance Company, MassMutual Asia Limited and Principal Life Insurance Company, as the initial purchasers of the 2002 Notes, and any Persons who succeed to their respective
benefits in accordance with Sections 6.3 and 6.7 hereof. 
  
 “2002 Notes” shall have the meaning set forth in paragraph E of the Recitals hereto. 
  
 “Unfunded LICC Obligations” shall mean at any time the obligations of the Borrowers to the Banks in respect of undrawn amounts of outstanding
Letters of Credit issued by such Banks. Each such Unfunded Obligation will be deemed to be in an amount equal to the undrawn amount of the related Letter of Credit. 
  
 “Uniform Commercial Code” shall mean the Uniform Commercial Code, as in effect in the applicable jurisdiction.

  
 “Wells Fargo” shall have the meaning set forth in
the introductory paragraph of this Agreement. 
  
 “WFB”
shall have the meaning set forth in paragraph C of the Recitals hereto. 
  
 “WFB Loan Agreement” shall have the meaning set forth in paragraph C of the Recitals hereto. 
  
 “WFB Notes” shall mean the Revolving Credit Note evidencing the WFB Revolver Loan outstanding from time to time under the WFB Loan Agreement.

  
 “WFB Revolver Loan” shall mean the loan available to
WFB under the WFB Loan Agreement. 
  
 SECTION 2. INTENTIONALLY RESERVED.

  
 SECTION 3. REMEDIES; APPLICATION OF PROCEEDS, RECOVERIES AND OTHER AMOUNTS.

  
 Section 3.1. Remedies. Upon receipt of a Notice of
Actionable Default, the Collateral Agent shall, pursuant to the written direction of the Senior Creditor, or Senior Creditors giving the Notice of Actionable Default, exercise each of the remedies available to the Collateral Agent and specified in
each written direction to the Collateral Agent, it being expressly understood that no remedy herein conferred is 

  

 5 

 
intended to be exclusive of any other remedy or remedies; but each and every remedy shall be cumulative and shall be in addition to every other remedy given
herein or now or hereafter existing at law or in equity or by statute; provided, that (i) a Notice of Actionable Default may be withdrawn at any time by delivery of a written notice to the Collateral Agent to such effect by the Senior Creditor or
Senior Creditors which gave the Notice of Actionable Default and upon receipt of such written notice, the Collateral Agent shall no longer follow the written directions of such Senior Creditor or Senior Creditors with respect to the exercise of
remedies hereunder, and (ii) if there shall be more than one Notice of Actionable Default outstanding at any time and the written directions fom the respective Senior Creditors shall be conflicting, the Collateral Agent may exercise such remedies as
it shall, in its sole discretion, deem appropriate, which will include the following: 
  
 (a) The Collateral Agent shall have the right immediately and without prior notice or demand to set off against Obligations, whether or
not due, all money and other amounts owed by the Collateral Agent in any capacity to any of the Obligors, and the Collateral Agent may freeze any bank account of any of the Obligors with the Collateral Agent prior to and in anticipation of said
setoff; 
  
 (b) The Collateral Agent may proceed
to protect and enforce its rights by a suit or suits in equity or at law, or for the specific performance of any covenant or agreement contained herein, or in aid of the execution of any power herein granted, or for the enforcement of this
Agreement, or for the enforcement of any other appropriate legal or equitable remedy permitted by applicable law. 
  
 Section 3.2. Application of Proceeds and Other Recoveries. In the event that any Notice of Actionable Default shall have been delivered to the
Collateral Agent, amounts recovered from the Obligors or pursuant to Section 3.4 hereof shall be applied, as promptly as reasonably practicable, but in no event, later than 5 business days after receipt thereof, subject to the following provisions
of this Section 3, to the payment of the Obligations as follows: 
  
 (a) To the payment of costs and expenses of suit, if any, and the costs of collecting and recovering any such amounts including, without limitation, the reasonable compensation of the Collateral Agent, its agents,
attorneys and counsel, and of all reasonable expenses, liabilities and advances incurred or made hereunder by the Collateral Agent; 
  
 (b) to the application to the Obligations in the following order: 
  
 (i) to pay all accrued interest, fees and other amounts (excluding the items described in clause (ii) below)
which are payable under the Secured Documents apportioned among the Senior Creditors in proportion to the aggregate amount thereof then due each Senior Creditor; 
  
 (ii) to be allocated among all outstanding principal, and premium, if any (including, in the case of the
1995 Notes, the Make Whole Amounts, as defined in the 1995 Note Agreements and in the case of the 2002 Notes, the Make Whole Amount as defined in the 2002 Note Agreements), due on the Bank Loans, the 1995 Notes, the 2002 Notes, the Parent Guaranty
and all Unfunded L/C Obligations, apportioned among the Senior Creditors in proportion to the aggregate amount of (w) the outstanding principal of the Bank Loans, 1995 Notes or 2002 Notes of each Senior Creditor, (x) the amount of principal due and
payable under the Parent Guaranty of Wells Fargo, (y) the aggregate Unfunded L/C Obligations of each Senior Creditor, and (z) the premium, if any, then due each Senior Creditor thereunder; and any amount so allocated under clauses (w), (x) or

  

 6 

 
(z) of this paragraph (b)(ii) to a Senior Creditor, shall be paid to such Senior Creditor and any amount so allocated under clause (y) of this paragraph
(b)(ii) to any Senior Creditor shall be held in a separate subaccount established under Section 3.3 hereof for disposition in accordance with the provisions thereof; 
  
 provided that for purposes of this Section 3.2(b), any amount which is owing as interest, fees, principal or premium under
the WFB Loan Agreement and is payable under the Parent Guaranty shall be deemed to be owing as interest, fees, principal or premium, as the case may be, under the Parent Guaranty; and 
  
 (c) the payment of the surplus, if any, to the Obligors, their successors or to whomsoever may be lawfully
entitled to receive the same. 
  
 Section 3.3. Subaccounts
for Unfunded LICC Obligations. Whenever any amount (‘proceeds”) is allocated to a Senior Creditor of Unfunded L/C Obligations pursuant to Section 3.2 above, such proceeds shall be held by the Collateral Agent for the benefit of such Senior
Creditor and shall be suballocated by the Collateral Agent to separate subaccounts for each of the Unfunded L/C Obligations of such Senior Creditor based upon the Senior Creditors’ share of, each of such Unfunded L/C Obligations. Upon the
subsequent occurrence of an L/C Funding Event with respect to an Unfunded L/C Obligation to which proceeds have been suballocated, the Collateral Agent shall pay the amount(s) suballocated in respect of such Unfunded L/C Obligations (adjusted for
any partial draws or investment losses or gains pursuant to this Section 3.3) to the Senior Creditors for whom the related subaccounts were established. Pending the distribution of such amounts, the Collateral Agent shall hold the amounts allocated
to separate subaccounts pursuant to the foregoing provisions and may invest such amounts in direct obligations of the United States of America or obligations for which the full faith and credit of the United States is pledged to provide for the
payment of principal and interest, maturing not more than 90 days from the date of such investment. 
  
 Upon the occurrence of a Reallocation Event with respect to any Unfunded L/C Obligation for which proceeds have been suballocated pursuant to the
foregoing provisions of this Section 3.3, the Collateral Agent shall reapply the proceeds which have been so suballocated (adjusted for any investment losses or gains pursuant to this Section 3.3) as if such proceeds had then been received for
application pursuant to Section 3.2 hereof. 
  
 Section 3.4.
Sharing of Recoveries. If (i) a Notice of Actionable Default shall have been delivered to the Collateral Agent and (ii) such Notice shall not have been withdrawn and the Event of Default described therein shall then be continuing, any Senior
Creditor which shall receive any payment of any fee, expense, principal, premium or interest under any of the Secured Documents, including any amount received by the exercise of any right of setoff (any such payment or amount being hereinafter
referred to as a “Recovery”), shall pay the amount of such Recovery to the Collateral Agent for distribution to the Senior Creditors and the Collateral Agent shall pay such amount to the Senior Creditors in accordance with the provisions
set forth in Section 3.2. 
  
 Section 3.5. Return of
Amounts. In the event that any Senior Creditor which shall receive any payments pursuant to Section 3.4 above (a “Recovering Party”) shall be legally required to return or repay any Recovery to any of the Obligors, or the representative or
successor in interest of any of the Obligors because any such payments are subsequently invalidated, voided, declared to be fraudulent or preferential,, set aside or required to be paid to a trustee under the bankruptcy code, each other Senior
Creditor which shall have received any portion of such Recovery shall, promptly upon its receipt of notice thereof from the Collateral Agent or such Recovering Party, pay to the Collateral Agent such portion, and the Collateral Agent shall promptly
return such portion to such Obligors, their representative or successor 

  

 7 

 
in interest of such Obligors, as the case may be. If any such Recovery, or any part thereof, is subsequently re recovered by the Recovering Party from any
Obligors or the representative or successor in interest of the Obligors, such Recovery shall be paid by the Recovering Party to the Collateral Agent, and the Collateral Agent shall redistribute such Recovery to the other Senior Creditors on the same
basis as such amounts were originally distributed. In addition, if any Senior Creditor shall have its right to share in the proceeds of any part of the Collateral released, terminated or invalidated; whether voluntarily or involuntarily, then such
proceeds shall be reallocated among the Senior Creditors entitled to receive such proceeds and the indebtedness owing to such Senior Creditor shall no longer be considered in determining the allocation of proceeds received with respect to said
Collateral, and such Senior Creditor shall have no claim on said Collateral or the proceeds thereof. The obligations of the Senior Creditors and the Collateral Agent under this paragraph shall survive the repayment of the Obligations and the
termination of the Collateral Documents. 
  
 SECTION 4. AGREEMENTS AMONG THE
SENIOR CREDITORS. 
  
 Section 4.1. Delivery of Notice of
Actionable Default. Each Senior Creditor shall have the right to issue a Notice of Actionable Default. 
  
 Section 4.2. Notifications. Prior to the delivery to the Collateral Agent of a Notice of Actionable Default by a Senior Creditor, each Senior
Creditor shall deliver notice thereof to every other Senior Creditor and the Company. 
  
 Section 4.3. Effect of Non Compliance. The failure of any Senior Creditor to perform any of its obligations under the 1995 Note Agreements, the 2002 Note Agreements, the New Bank Agreement, the Parent Guaranty,
or this Agreement,, including without limitation, the failure of any Senior Creditor to pay to the Collateral Agent any amounts required to be so paid under this Agreement, shall not relieve any other Senior Creditor of its obligations under the
1995 Note Agreements, the 2002 Note Agreements, the New Bank Agreement, the Parent Guaranty or this Agreement. 
  
 Section 4.4. Agreement to Cooperate and to Pursue Remedies. (a) Each Senior Creditor hereby agrees to cooperate fully with each other Senior
Creditor, in order to promptly discharge the terms and provisions of this Agreement. Each Senior Creditor also agrees, from time to time, to execute and deliver any and all other agreements, documents or instruments and to take such other actions,
all as may be reasonably necessary or desirable to effectuate the terms, provisions and the intent of this Agreement. 
  
 (b) Each Senior Creditor agrees that, until its Obligations have been paid in full, it will diligently pursue, or cause the Collateral Agent to diligently
pursue, any and all collection actions and remedies available to such Senior Creditor or to the Collateral Agent under applicable law which actions and remedies such Senior Creditor deems reasonably likely to result in the recovery of amounts to be
applied to Obligations for the benefit of the Senior Creditors, which Obligations shall include, without limitation, any amounts distributed to such Secured Party by the Collateral Agent as a sharing of a Recovery under Section 3.4 hereof.

  
 Section 4.5. Independent Actions by Senior Creditors.
Nothing contained in this Agreement shall prohibit any Senior Creditor from accelerating the maturity of or demanding payment on any indebtedness of any of the Obligors to such Senior Creditor or exercising any right of set off against any amounts
owed to any of the Obligors or from instituting legal action against any of the Obligors, to obtain a judgment or other legal process in respect of such indebtedness, but any funds received in connection with any such set off or enforcement of any
such judgment shall be subject to the terms of this Agreement and, if received by a Senior Creditor, shall be turned over to the Collateral Agent to the extent required hereunder for application as set forth herein. 
  

 8 

 Section 4.6. Relation of Senior Creditors. This Agreement is entered into solely for the purposes
set forth herein and, except as expressly provided otherwise herein, no Senior Creditor assumes any responsibility to any other party hereto to advise such other party of information known to such other party regarding the financial condition of the
Company or the other Obligors or of any other circumstances bearing upon the risk of nonpayment of the obligations of the Obligors to the Senior Creditors. Each Senior Creditor shall be responsible for managing its relations with the Obligors, and
no party shall be deemed the agent of any other party for any purpose except as expressly set forth herein. Each Senior Creditor specifically acknowledges and agrees that nothing contained in this Agreement is or is intended to be for the benefit of
any of the Obligors and nothing contained herein shall limit or in any way modify any of the obligations of the Obligors to the Senior Creditors. 
  
 Section 4.7. Amendments and Waivers of Agreements. The Senior Creditors agree that (i) the Banks may enter into any amendment or modification of
the New Bank Agreement without the consent of the 1995 Noteholders or the 2002 Noteholders, (ii) the 1995 Noteholders may enter into any amendment or modification of the 1995 Notes or the 1995 Note Agreements without the consent of the Banks or the
2002 Noteholders, (iii) the 2002 Noteholders may enter into any amendment or modification of the 2002 Notes or the: 2002 Note Agreements without the consent of the Banks or the 1995 Noteholders and (iv) Wells Fargo may enter into any amendment or
modification of the WFB Loan Agreement or the Parent Guaranty without the consent of the 1995 Noteholders, the 2002 Noteholders, or any Bank (other than Wells Fargo); provided, that upon the Banks, Wells Fargo, the 1995 Noteholders or the 2002
Noteholders entering into any such amendment or modification, the Persons executing such amendment or modification shall promptly furnish a copy thereof to all of the other Senior Creditors. 
  
 Section 4.8. Amendments and Waivers of This Agreement. Any provision
of this Agreement may be amended or compliance therewith waived with the written consent thereto of (i) the holders of at least 51% in aggregate principal amount of the 1995 Notes then outstanding, (ii) the holders of at least 51% in aggregate
principal amount of the 2002 Notes then outstanding, (iii) each of the Banks which is a party to the New Bank Agreement and (iv) Wells Fargo, as the beneficiary of the Parent Guaranty (or its successors and assigns in such capacity). 
  
 Section 4.9. Solicitation of Senior Creditors. Each of the Obligors
hereby agrees that it will not offer to any Senior Creditor any benefit or consideration (whether immediate or prospective, definite or contingent) of any kind as an inducement to such Senior Creditor to consent to an amendment or waiver of any of
the foregoing documents or instruments without concurrently offering a comparable benefit or consideration. to each other Senior Creditor as an inducement to consent to such amendment or waiver. 
  
 Section 4.10. Parity of Treatment. Each Senior Creditor agrees that it
will not accept from any of the Obligors or any other Person any benefit or consideration (whether immediate or prospective, definite or contingent) with respect to the Obligations (including, without limitation, any guaranty from any third party or
any collateral security) without the prior written consent of each other Senior Creditor unless such benefit or consideration shall also be conferred upon or paid to each other Senior Creditor on a pro rata basis based upon the amount of Obligations
owed thereto. 
  
 SECTION 5. THE COLLATERAL AGENT. 
  
 The Collateral Agent accepts the duties hereunder and agrees to perform the
same, but only upon the terms and conditions hereof, including the following, to all of which the Obligors and the respective Senior Creditors by their acceptance hereof agree: 
  

 9 

 Section 5.1. Duties of Collateral Agent. (a) In the event that a Responsible Officer of the
Collateral Agent shall have received written notice from a Senior Creditor or any of the Obligors of an Event of Default, the Collateral Agent shall give prompt written notice of such Event of Default to each Senior Creditor. Subject to the terms of
Section 5.2(g), the Collateral Agent shall take such action or refrain from taking such action as the Collateral Agent shall be directed pursuant to a Notice of Actionable Default. The term “Responsible Officer” of the Collateral Agent
shall mean (i) any officer of the Collateral Agent which is a loan officer on the account of the Obligors under the New Bank Agreement, (ii) any other officer which has direct or indirect supervisory responsibility of the account of the Obligors
under the New Bank Agreement, and (iii) any Person to whom notice may be given on behalf of the Collateral Agent under Section 6 hereof. 
  
 (b) The Collateral Agent shall not have any duty or obligation to take or refrain from taking any action under, or in connection with, this Agreement,
except as expressly provided by the terms and conditions of this Agreement, or expressly provided in written instructions received pursuant to the terms of this Agreement. 
  
 (c) The Collateral Agent may, but shall not be under any obligation to, take any action which is discretionary with the
Collateral Agent or otherwise requires judgment to be made by the Collateral Agent under the provisions hereof, except on written request by the Senior Creditors. 
  
 Section 5.2. Collateral Agent’s Liability. No provision of this Agreement (except to the extent provided in
Section 5.11 hereof) shall be construed to relieve the Collateral Agent from liability for its own grossly negligent action, grossly negligent failure to act, or its own willful misconduct, and provided further that: 
  
 (a) the Collateral Agent shall not be liable except for the
performance of such duties as are specifically set forth in this Agreement and no implied covenants or obligations of the Collateral Agent shall be read into this Agreement but the duties and obligations of the Collateral Agent shall be determined
solely by the express provisions of this Agreement; 
  
 (b) in the absence of bad faith on the part of the Collateral Agent, the Collateral Agent may rely upon the authenticity of, and the truth of the statements and the correctness of the opinions expressed in, and shall be protected in acting
upon, any resolution, officer’s certificate, opinion of counsel, note, request, notice, consent, waiver, order, signature guaranty, notarial seal, stamp; acknowledgment, verification, appraisal, report, stock certificate, or other paper or
document believed by the Collateral Agent to be genuine and to have been signed, affixed or presented by the proper party or parties; 
  
 (c) in the absence of bad faith on the pant of the Collateral Agent, whenever the Collateral Agent, or any of its agents, representatives,
experts or counsel, shall consider it necessary or desirable that any matter be proved or established, such matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established
by an officer’s certificate; provided, however, that the Collateral Agent, or such agent, representative, expert or counsel, may require such further and additional evidence and make such further investigation as it or they may consider
reasonable; 
  
 (d) the Collateral Agent may
consult with counsel and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered hereunder in good faith and in accordance with such advice or opinion of counsel;

  
  

 10 

 (e) the Collateral Agent shall not be liable with respect to any action taken or omitted
to be taken by it in good faith in accordance; with any direction or request of a Senior Creditor pursuant to the terms of this Agreement; 
  
 (f) the Collateral Agent shall not be liable for any error of judgment made in good faith by an officer of the Collateral Agent unless it
shall be proved that the Collateral Agent was grossly negligent in ascertaining the pertinent facts; 
  
 (g) whether or not an Event of Default shall have occurred, the Collateral Agent shall not be under any obligation to take or refrain from
taking any action under this Agreement which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it by the security afforded to it by the terms of this
Agreement, unless and until it is requested in writing so to do by a Senior Creditor and furnished, from time to time as it may require, with reasonable security and indemnity; and 
  
 (h) the Collateral Agent shall not be concerned with or accountable to any Person for the use or application
of any deposited moneys which shall be released or withdrawn in accordance with the provisions of this Agreement. 
  
 Section 5.3. No Responsibility of Collateral Agent for Recitals. The recitals and statements contained in this Agreement and in the Secured
Documents shall be taken as the recitals and statements of the Obligors, and the Collateral Agent assumes no responsibility for the correctness of the same. 
  
 The Collateral Agent makes no representation as to the validity or sufficiency of this Agreement or of the Obligations. 
  
 Section 5.4. Certain Limitations on Collateral Agent’s Rights to
Compensation and Indemnification. Except to the extent otherwise expressly provided in Section 5.10, the Collateral Agent shall have no right against a Senior Creditor for the payment of compensation for its services hereunder or any expenses or
disbursements incurred in connection with the exercise and performance of its powers and duties hereunder or any indemnification against liabilities which it may incur in the exercise and performance of such powers and duties, but on the contrary,
shall look solely to the Obligors for such payment and indemnification which the Obligors hereby acknowledge, and the Collateral Agent shall have a lien on and a security interest in the Collateral as security for such compensation, expenses,
disbursements and indemnification provided for in Section 3.2 hereof. 
  
 Section 5.5. Status of Moneys Received. (a) All moneys received by the Collateral Agent shall, until used or applied as herein provided, be held for the purposes for which they were received, but need not be segregated in any manner
from any other moneys, except to the extent required by law, and may be deposited by the Collateral Agent under such general conditions as may be prescribed by law in the Collateral Agent’s general banking department, and the Collateral Agent
shall be under no liability for interest on any moneys received by it hereunder. The Collateral Agent and any affiliated corporation may become the owner of any of the Obligations and be interested in any financial transaction, with any Obligor, or
the Collateral Agent may act as depository or otherwise in respect to other securities of any Obligor, all with the same rights which it would have if not the Collateral Agent. 
  
 (b) The Collateral Agent may invest and reinvest any funds from time to time held by the Collateral Agent in direct
obligations of the United States of America or obligations for which the full faith and credit of the United States is pledged to provide for the payment of principal and interest, maturing not more than 90 days from the date of such investment.

  

 11 

 Section 5.6. Resignation or Termination of Collateral Agent. The Collateral Agent may resign as
Collateral Agent upon not less than 30 days’ written notice to each of the Senior Creditors. In addition, any Senior Creditor may by written notice at any time remove the Collateral Agent for cause by giving written notice thereof, including a
description of the reason for such removal, to the Collateral Agent, the other Senior Creditors and the Company. Upon any such resignation, or any such removal, the Senior Creditors shall have the right to jointly appoint a successor Collateral
Agent. If no successor Collateral Agent shall have been so appointed, and shall have accepted such appointment in writing within 30 days after the retiring Collateral Agent’s giving of notice of resignation or its removal, as the case may be,
then the retiring Collateral Agent may, on behalf of the Senior Creditors, appoint a successor Collateral Agent, which shall be a commercial bank organized under the laws of the United States of America or of any state thereof with the legal
capacity to act as Collateral Agent hereunder and having a combined capital, surplus and undivided profits of not less than $100,000,000, and the Company agrees to pay such reasonable fees and expenses of any such commercial bank as shall be
necessary to induce such commercial bank to agree to become a successor Collateral Agent hereunder. Upon acceptance of appointment as Collateral Agent, such successor shall thereupon and forthwith succeed to and become vested with all the rights,
powers and privileges, immunities and duties of the retiring Collateral Agent, and the retiring Collateral Agent, upon the signing, transferring and setting over to such successor Collateral Agent all rights, moneys and other collateral held by it
in its capacity as Collateral Agent, shall be discharged from its duties and obligations hereunder. After any retiring Collateral Agent’s resignation or removal as Collateral Agent, the provisions of this Section 5, shall govern as to any
actions taken or omitted to be taken by it while it acted as Collateral Agent. 
  
 Section 5.7. Succession of Successor Collateral Agent. Any successor Collateral Agent appointed hereunder shall execute, acknowledge and deliver to the Obligors and the predecessor Collateral Agent an
instrument accepting such appointment, and thereupon such successor Collateral Agent, without any further act, deed, conveyance or transfer, shall become vested with the security interest in the Collateral, and with all the rights, powers, duties
and obligations of the predecessor Collateral Agent in the trust hereunder, with like effect as if originally named as Collateral Agent herein. 
  
 Upon the request of any such successor Collateral Agent, however, the Obligors and the predecessor Collateral Agent shall execute and deliver such
instruments of conveyance and further assurance and do such other things as may reasonably be required for more fully and certainly vesting and confirming in such successor Collateral Agent its interest in the Collateral and all such rights, powers,
duties and obligations of the predecessor Collateral Agent hereunder, and the predecessor Collateral Agent shall also assign and deliver to the successor Collateral Agent any Collateral subject to the lien and security interest of this Agreement
which may then be in its possession. 
  
 Section 5.8.
Eligibility of Collateral Agent. Any successor Collateral Agent shall be a state or national bank or trust company in good standing, organized under the laws of the United States of America or of any State, having capital, surplus and undivided
profits aggregating at least $100,000,000 or a guaranty of its obligations hereunder from such a bank or trust company or holding company in good standing, organized under the laws of the United States of America or of any State having a capital,
surplus and undivided profits aggregating at least $100,000,000, if there be such a bank or trust company willing and able to accept the duties hereunder upon reasonable and customary terms. 
  
 Section 5.9. Successor Collateral Agent by Merger. Any corporation
into which the Collateral Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Collateral Agent shall be a party, or any state or national bank or trust company in any
manner succeeding to the corporate trust business of the Collateral Agent as a whole or substantially as a whole, if eligible as provided in Section 5.8, shall be the successor of the Collateral 

  

 12 

 
Agent hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything to the contrary contained
herein notwithstanding. 
  
 Section 5.10. Compensation and
Reimbursement of Collateral Agent; Indemnification of Collateral Agent. The Obligors agree: 
  
 (a) to pay to the Collateral Agent all of its out of pocket expenses in connection with the preparation, execution and delivery of this
Agreement and the transactions contemplated hereby, including but not limited to the reasonable charges and disbursements of its counsel; 
  
 (b) to pay to the Collateral Agent from tine to time reasonable compensation for all services rendered by it hereunder; provided, that the
Collateral Agent may waive any such compensation; 
  
 (c) except as otherwise expressly provided herein, to reimburse the Collateral Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Collateral Agent in accordance with any provision of this
Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel.), except any such expense, disbursement or advance as may be attributable to its gross negligence or willful misconduct; and 

 
 (d) to indemnify the Collateral Agent for, and to hold it
harmless against, any loss, liability or expense incurred without gross negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the Agreement, including, but not limited to, the costs
and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder, and any loss, liability, expense or claim arising out of its possession, management, control,
use or operation of the Collateral. 
  
 The Senior Creditors
agree, severally but not jointly and severally, to indemnify the Collateral Agent (to the extent not reimbursed under Section 5.10(a) through (d) inclusive), ratably on the basis of the respective principal amounts of the Obligations outstanding,
for any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever that may be imposed on, incurred by or asserted against the Collateral Agent
(including the costs and expenses that the Obligors are obligated to pay under this Section 5.10 regardless of whether the obligation of the Obligors to pay such costs and expenses is enforceable) arising out of the actions of the Collateral Agent
hereunder or the transactions contemplated thereby or the enforcement of any of the terms thereof or of any such other documents, provided that no Senior Creditor shall be liable for any of the foregoing to the extent they arise from the gross
negligence, willful misconduct or knowing violations of law by the Collateral Agent. 
  
 Notwithstanding any other provision of this Agreement, the Collateral Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall be indemnified to its satisfaction by the
Senior Creditors against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. 
  
 Section 5.11. Self Dealing. The Collateral Agent or any holding company, trust company or corporation in or with which the Collateral Agent or the
Collateral Agent’s stockholders may be interested or affiliated, or any officer or director of the Collateral Agent or of any other such entity, or any agent appointed by the Collateral Agent, may have commercial relations or otherwise deal
with any of the Obligors, or any Senior Creditor, or with any other corporation having relations with any of the Obligors 

  

 13 

 
or any Senior Creditor, and with any other entity, whether or not affiliated with the Collateral Agent, without affecting its rights hereunder. 

 

	SECTION	6. MISCELLANEOUS. 

  
 Section 6.1. Entire Agreement; Parties. This Agreement represents the entire Agreement between the Senior Creditors and the Collateral Agent and,
except as otherwise provided, this Agreement may not be altered, amended or modified except in a writing executed by all the parties to this Agreement. The persons who shall be parties to this Agreement shall be (i) all 1995 Noteholders, (ii) all
2002 Noteholders, (iii) all Persons who are signatories and parties to the New Bank Agreement and (iv) Wells Fargo as the beneficiary of the Parent Guaranty (in addition to its capacity as a Bank under the New Bank Agreement). 
  
 Section 6.2. Notices. All communications provided for herein shall be
in writing, delivered or mailed prepaid by registered or certified mail or overnight air courier, or by facsimile communication at the addresses set forth below, or to such other address as such person may designate to the other persons named below
by notice given in accordance with this Section: 
  

			
	 If to the 1995 Noteholders:
	  	 United of Omaha Life Insurance Company
 Companion Life
Insurance Company
 Mutual of Omaha Insurance Company
 Mutual of
Omaha Plaza
 Omaha, Nebraska 68175
 Attention: Kent
Knudsen
 Telefacsimile: (402) 351 2913

		
	 If to the 2002 Noteholders:
	  	 Jackson National Life Insurance Company
 Jackson
National Life Insurance Company of New York
 The Prudential Assurance Company Limited
 c/o PPM America Inc.
 225 West Wacker Drive, Suite 1200
 Chicago, Illinois 60606 1228
 Attention: Michael Harrington
 Telefacsimile: (312) 634 0054

		
	 	  	 AIG SunAmerica Life Assurance Company
 First
SunAmerica Life Insurance Company
 c/o AIG Global Investment Corporation
 2929 Allen Parkway, Suite A36 01
 Houston, Texas 77019 2155
 Attention: Legal Department Investment Management Telefacsimile: (713) 831 2328

		
	 	  	 General Electric Capital Assurance Company
 GE Life
and Annuity Assurance Company
 c/o GE Financial Assurance
 Two
Union Square, 601 Union Street
 Seattle, Washington 98101
 Attention: Investment Department, Private Placements Telefacsimile: (206) 516 4578

  

 14 

			
	 	  	 Teachers Insurance and Annuity Association of America
 730 Third Avenue
 New York, New York 10017 3206
 Attention: Securities Accounting Division
 Telefacsimile: 212 916 6955

		
	 	  	 TIAA CREF Life Insurance Company
 730 Third
Avenue
 New York, New York 10017 3206
 Attention: Securities
Accounting Division
 Telefacsimile: 212 916 6955

		
	 	  	 Nationwide Life Insurance Company
 Nationwide Life and
Annuity Insurance Company
 Provident Mutual Life Insurance Company
 One Nationwide Plaza (1 33 07)
 Columbus, Ohio 43215 2220
 Attention: Corporate Fixed Income Securities
 Telefacsimile:

		
	 	  	 Pacific Life Insurance Company
 700 Newport Center
Drive
 Newport Beach, California 92660 6397
 Attention:
Securities Administration Cash Team
 Telefacsimile: (949) 640 4013

		
	 	  	 Massachusetts Mutual Life Insurance Company
 C.M. Life
Insurance Company MaSSM1:Ltual Asia
 Limited c/o David L. Babson & Company Inc. 1500
 Main Street, Suite 2800 Springfield, Massachusetts
 01115 Attention: Securities Investment Division
 Telefacsimile:

		
	 	  	 Principal Life Insurance Company
 c/o Principal
Capital Income Investors, LLC
 801 Grand Avenue
 Des Moines, Iowa
50392 0800
 Attention: Investment Department Securities
 Telefacsimile: (515) 248 2490

		
	 If to the Banks:
	  	 U.S. Bank National Association
 233 South 13th
Street
 Lincoln, Nebraska 68508
 Attention: James M. Williams,
V.P.

		
	 	  	with a copy to:
		
	 	  	 Dorsey & Whitney, LLP
 50 South. Sixth Street,
Suite 1500

  

 15 

			
	 	  	 Minneapolis, MN 55402
 Attention: Mike
Pignato

		
	 	  	 Wachovia Bank, National Association
 One South Penn
Square
 MC: PA4843
 Philadelphia, PA 19107
 Attention: Mark S. Supple

		
	 	  	 LaSalle Bank National Association
 801 Grand Avenue,
Suite 3150
 Des Moines, IA 50309
 Attention: Darren L.
Lemkau

		
	 	  	 Comerica Bank
 Comerica Bank at Detroit
Center
 500 Woodward Avenue
 Detroit, Michigan 48226

Attention: Timothy H. O’Rourke, Vice President

		
	 	  	 Wells Fargo Bank Nebraska, National Association
 1248
O Street
 Lincoln, Nebraska 68508
 Attention: Bill
Weber

		
	 If to the Collateral Agent:
	  	 U.S. Bank National Association
 233 South 13th
Street
 Lincoln, Nebraska 68508
 Attention: James M. Williams,
Vice President

		
	 If to the Company:            
	  	 Cabela’s Incorporated
 One Cabela
Drive
 Sidney, Nebraska 69160
 Attention: David Roehr, Vice
President
 Telefacsimile: (308) 254 6969

		
	 	  	with a copy to:
		
	 	  	 Koley Jessen, P.C.
 1125 South 103rd Street, Suite
800
 Omaha, Nebraska 68124
 Attention: Michael M. Hupp

Telefacsimile: (402) 390 9005

  
 Section 6.3.
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of each of the Senior Creditors and their respective successors and assigns, whether so expressed or not, and, in particular, shall inure to the benefit of and
be enforceable by any future holder or holders of any Obligations, and the term “Senior Creditor” shall mean and include only the Persons referred to in the second sentence of Section 6.1 above. 
  

 16 

 Section 6.4. Successor Collateral Agent. In the event that a successor Collateral Agent is
appointed hereunder, each of the Senior Creditors and the Obligors hereby agree to use its best efforts and to take all actions necessary and appropriate to provide for the collection of Obligations by the successor Collateral Agent upon the
delivery of a Notice of Actionable Default. 
  
 Section 6.5.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nebraska. 
  
 Section 6.6. Counterparts. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one
Agreement, and any of the parties hereto may execute this Agreement by signing any such counterpart. 
  
 Section 6.7. Sale of Interest. No Senior Creditor will sell, transfer or dispose of any interest in the Obligations unless such purchaser or
transferee shall agree, in writing, to be bound by the terms of this Agreement. 
  
 Section 6.8. Additional Parties. Any Person which becomes a 1995 Noteholder, a 2002 Noteholder, a party to the New Bank Agreement or a beneficiary under the Parent Guaranty shall become a party to this
Agreement which shall be evidenced by such Person executing a counterpart signature page of this Agreement. 
  
 Section 6.9. Termination. In the event that (i) no Event of Default exists and no event or circumstance which, with the passage of time or the
giving of notice would constitute an Event of Default (a “Default”) exists and (ii) the Collateral Agent and each of the Senior Creditors receives written notice (the “Termination Notice”) from the Company certifying in a manner
reasonably satisfactory to the Collateral Agent and the Senior Creditors that (a) the Company is the sole Obligor with respect to any and all Obligations and that all other Obligors have been fully and properly released from their respective
Obligations (including, without limitation, any existing Obligations in respect of fees, costs or other liabilities relative to the Collateral Agent, the Senior Creditors or otherwise) and (b) no Default or Event of Default then exists, this
Agreement shall be deemed terminated in its entirety on the first business day which is 10 days after the date of the Termination Notice. 
  
 Section 6.10. Severability. In case any one or more of the provisions contained in this Agreement shall be invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby. 
  
 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as of the date fast above written. 
  

			
	 UNITED OF OMAHA LIFE INSURANCE
 COMPANY

		
	By	 	 /s/ Edwin H. Garrison, Jr.

	 	 	

	 Its
	 	 First Vice President

  

			
	COMPANION LIFE INSURANCE COMPANY
		
	By	 	 /s/ Edwin H. Garrison, Jr.

	 	 	

	 Its
	 	 Authorized Representative

  

 17 

			
	 MUTUAL OF OMAHA INSURANCE COMPANY

		
	 By
	 	 /s/ Edwin H. Garrison, Jr.

	 	 	

	 Its
	 	 First Vice President

  

					
	 JACKSON NATIONAL LIFE INSURANCE
 COMPANY

	 	 	 
	 By:
	 	PPM America, Inc., as attorney in fact, on behalf of Jackson National Life Insurance Company
			
	 	 	 By
	 	 /s/ Chris Ranb

	 	 	 	 	

	 	 	 Its
	 	 Senior Managing Director

  

					
	JACKSON NATIONAL LIFE INSURANCE COMPANY of NEW YORK
	 	 	 	 	 
	 By: PPM America, Inc., as attorney in fact, on behalf
 of Jackson National Life Insurance Company of New
 York

			
	 	 	 By
	 	 /s/ Chris Ranb

	 	 	 	 	

	 	 	 Its
	 	 Senior Managing Director

  

					
	THE PRUDENTIAL ASSURANCE COMPANY LIMITED
	 	 	 
	 By: PPM America, Inc., as attorney in fact, on behalf
 of Jackson National Life Insurance Company of New
 York

			
	 	 	 By
	 	 /s/ Chris Ranb

	 	 	 	 	

	 	 	 Its
	 	 Senior Managing Director

  

					
	FIRST SUNAMERICA LIFE INSURANCE COMPANY
	 	 	 
	 AIG SUNAMERIVA LIFE ASSURANCE
 COMPANY F/K/A AND D.B.A. ANCHOR NATIONAL LIFE INSURANCE COMPANY

	 	 	 
	 By: AIG Global Investment Corp., investment
 advisor

			
	 	 	 By
	 	 /s/ Gerald F. Herman

	 	 	 	 	

	 	 	 Its
	 	 Vice President

  

 18 

					
	GENERAL ELECTRIC CAPITAL ASSURANCE COMPANY
	 	 	 
	 By: GE ASSET MANAGEMENT
 INCORPORATED, ITS INVESTMENT ADVISOR

			
	 	 	 By
	 	 /s/ Morian C. Mooers

	 	 	 	 	

	 	 	 Title:
	 	 Vice President – Private Investments

  

					
	 GE LIFE AND ANNUITY ASSURANCE
 COMPANY

	 	 	 	 	 
	 By: GE ASSET MANAGEMENT
 INCORPORATED, ITS INVESTMENT ADVISOR

			
	 	 	 By
	 	 /s/ Morian C. Mooers

	 	 	 	 	

	 	 	 Title:
	 	 Vice President – Private Investments

  

			
	TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
		
	 BY
	 	 /s/ John Goodreds

	 	 	

	 	 	 Title: Associate Director – Private Placements

  

			
	TIAA-CREF LIFE INSURANCE COMPANY
	 
	 By:
	 	Teachers Insurance and Annuity Association of America, as Investment Manager
		
	 By
	 	 /s/ John Goodreds

	 	 	

	 	 	 Title: Associate Director – Private Placements

  

 19 

			
	 NATIONWIDE LIFE INSURANCE COMPANY

		
	 By
	 	 /s/ Mark W. Poeppelman

	 	 	

	 	 	 Title: Associate Vice President

  

			
	 NATIONWIDE LIFE INSURANCE COMPANY

		
	 By
	 	 /s/ Mark W. Poeppelman

	 	 	

	 	 	 Title: Associate Vice President

  

			
	NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY
		
	 By
	 	 /s/ Mark W. Poeppelman

	 	 	

	 	 	 Title: Associate Vice President

  

			
	PROVIDENT MUTUAL LIFE INSURANCE COMPANY
		
	 By
	 	 /s/ Mark W. Poeppelman

	 	 	

	 	 	 Title: Associate Vice President

  

			
	PACIFIC LIFE INSURANCE COMPANY
		
	 By
	 	 /s/ Peter S. Fiek

	 	 	

	 	 	 Title: Assistant Vice President

		
	 By
	 	 /s/ Jane M. Guon

	 	 	

	 	 	 Title: Assistant Secretary

  

					
	 PRINCIPAL LIFE INSURANCE COMPANY,
 an Iowa
corporation

	 	 	 	 	 
	 By:
	 	 Principal Capital Income Investors, LLC, a
 Delaware limited liability company, its
 authorized signatory

			
	 	 	By:	 	 /s/ Jon C. Heiny

	 	 	 	 	

	 	 	 Title:
	 	 Counsel

			
	 	 	 By:
	 	 /s/ Douglas A. Drees

	 	 	 	 	

	 	 	 Title:
	 	 Counsel

  

 20 

			
	 U.S. BANK NATIONAL ASSOCIATION, as
 Collateral Agent

		
	By	 	 /s/ James M. Williams

	 	 	

	 Its:
	 	 Vice President

  

			
	COMERICA BANK
		
	By	 	 /s/

	 	 	

	 Its:
	 	 Vice President

  

			
	LASALLE BANK NATIONAL ASSOCIATION
		
	By	 	 /s/

	 	 	

	 Its:
	 	 First Vice President

  

			
	U.S. BANK NATIONAL ASSOCIATION
		
	By	 	 /s/ James M. Williams

	 	 	

	 Its:
	 	 Vice President

  

			
	WACHOVIA BANK, NATIONAL ASSOCIATION
		
	By	 	 /s/ Mark S. Supple

	 	 	

	 Its:
	 	 Vice President

  

			
	 WELLS FARGO BANK NEBRASKA, NATIONAL ASSOCIATION

		
	By	 	 /s/ Bill Weber

	 	 	

	 Its:
	 	 Vice President

  

 21 

 ACKNOWLEDGEMENT, CONSENT AND AGREEMENT 
  
 Each of Cabela’s Incorporated (the “Company”) and the
Subsidiaries of the company consisting of (i) Cabela’s Catalog, Inc., (ii) Cabela’s Promotions, Inc., (iii) Cabela’s Retail, Inc., (iv) Cabela’s Outdoor Adventures, Inc., (v) Cabelas.com, Inc. (vi) Cabela’s Wholesale, Inc.,
(vii) Cabela’s Ventures, Inc, (viii) Wild Wings, LLC, (ix) Cabela’s Lodging, LLC, (x) Herter’s, LLC, a Nebraska limited liability company and (xi) Van Dyke Supply Company. Inc. (such subsidiaries being “Co-Obligor
Subsidiaries” and together with the Company, the “Obligors”) hereby: (a) acknowledges receipt of the foregoing Amended and Restated Intercreditor Agreement, (b) agrees to be bound by each of the obligations applicable to it set forth
in the Amended and Restated Intercreditor Agreement, (c) believes it is in its best interests to have the Senior Creditors (as defined in the Amended and Restated Intercreditor Agreement) enter into the Amended and Restated Intcrcreditor Agreement
and to cooperate among themselves regarding their respective financial relationships with the Obligors, (d) consents to the free exchange of information among the Senior Creditors regarding their respective financial relationships with the Obligors,
including any and all information obtained from any of the Obligors, (c) waives any claim of confidentiality with respect to the exchange of information among the Senior Creditors, and (f) acknowledges and agrees that pursuant to the Amended and
Restated Intercreditor Agreement (i) the Senior Creditors have agreed as set forth therein to share amounts recovered under any of the Secured Documents and (ii) the Obligations (including, without limitation, any amounts paid by or recovered from
any Obligor in satisfaction thereof) of any Senior Creditor shall be deemed to be outstanding, except to the extent such Senior Creditor has received a distribution of amounts from the Collateral Agent for application on the Obligations pursuant to
Section 3.2 of the Amended and Restated Intercreditor Agreement. 
  

			
	CABELA’S INCORPORATED
		
	By:	 	 /s/ David A. Roehr

	 	 	

	 Title:
	 	 Vice President and Treasurer

  

			
	CABELA’S CATALOG, INC.
		
	By:	 	 /s/ David A. Roehr

	 	 	

	 Title:
	 	 President and Treasurer

  

 22 

			
	CABELA’S PROMOTIONS., INC.
		
	By:	 	 /s/ David A. Roehr

	 	 	

	 Title:
	 	 Vice President and Secretary

  

			
	CABELA’S RETAIL, INC.
		
	By:	 	 /s/ David A. Roehr

	 	 	

	 Title:
	 	 Vice President and Secretary

  

			
	CABELA’S OUTDOOR ADVENTURES, INC.
		
	By:	 	 /s/ David A. Roehr

	 	 	

	 Title:
	 	 Vice President and Secretary

  

			
	CABELAS.COM, INC.
		
	By:	 	 /s/ David A. Roehr

	 	 	

	 Title:
	 	 President and Treasurer

  

			
	CABELA’S WHOLSALE, INC.
		
	By:	 	 /s/ David A. Roehr

	 	 	

	 Title:
	 	 Vice President and Secretary

  

			
	CABELA’S VENTURES, INC.
		
	By:	 	 /s/ David A. Roehr

	 	 	

	 Title:
	 	 President and Treasurer

  

			
	WILD WINGS, LLC
		
	 By:
	 	 /s/ David A. Roehr

	 	 	

	 Title:
	 	 Manager

  

			
	 CABELA’S LODGING, LLC

		
	 By:
	 	 /s/ David A. Roehr

	 	 	

	 Title:
	 	 Manager and President

  

			
	 HERTER’S, LLC

	 
	 By: Cabela’s Wholesale Inc., Manager

		
	 By:
	 	 /s/ David A. Roehr

	 	 	

	 Title:
	 	 Vice President and Secretary

  

			
	 VAN DYKE SUPPLY COMPANY, INC.

		
	By:	 	 /s/ David A. Roehr

	 	 	

	 Title:
	 	 Secretary and Treasurer

  

 23Revolving Loan Agreement, dated as of October 9, 2001

 Exhibit 10.17 
  
 REVOLVING LOAN AGREEMENT 
  
 THIS LOAN AGREEMENT (this “Agreement”), dated as of October 9, 2001, is entered into between World’s Foremost Bank, National
Association, a national banking association with its main office located in Sidney, Nebraska (“Borrower”), and Wells Fargo Bank Nebraska, National Association, a national banking association with its main office located in Omaha, Nebraska
and its principal lending office under this Agreement in Lincoln, Nebraska (“Bank”). 
  
 RECITALS 
  
 Bank and
Borrower are parties to a “Letter Agreement” dated June 30, 2001, pursuant to which Bank has provided a revolving line of credit to Borrower in the amount of Thirty Million Dollars ($30,000,000), which revolving line of credit matures on
September 30, 2001. Bank is willing to provide a revolving loan to Borrower pursuant to the terms set forth in this Loan. Agreement. Cabela’s, Incorporated, a Nebraska corporation (“Guarantor”) has provided an unconditional and
unlimited guarantee of the loan made pursuant to the terms of the “Letter Agreement” and will provide an unconditional and unlimited guarantee of the revolving loan to be made pursuant to the terms of this Loan Agreement. 
  
 NOW, THEREFORE, in consideration of the mutual representations,
warranties, covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 AGREEMENTS 
  
 ARTICLE 1 
  
 DEFINITIONS AND CONSTRUCTION 
  
 Section 1.1. Definitions. In addition to those
terms defined throughout this Agreement, the following terms, when used herein, shall have the following meanings: 
  
 (a) “Affiliate” when used with reference to any Person, means (a) each Person that, directly or indirectly,
controls, is controlled by or is under common control with, the Person referred to, (b) each Person which beneficially owns or holds, directly or indirectly, five percent (5%) or more of any class of voting stock of the Person referred to (or if the
Person referred to is not a corporation, five percent (5%) or more of the equity interest), (c) each Person, five percent (5%) or more of the voting stock (or if such Person is not a corporation, five percent (5%) or more of the equity interest) of
which is beneficially owned or held, directly or indirectly, by the Person referred to, and (d) each of such Person’s officers, directors, joint ventures and partners. The term “control” (including the terms “controlled by”
and “under common control with”) means the 

  

 
possession, directly, of the power to direct or cause the direction of the management and policies of the Person in question. 
  
 (b) “Applicable Fee Percentage”
means the Applicable Fee Percentage set forth in the table below as in effect: from time to time and determined based on the Cash Flow Leverage Ratio calculated as of the end of the most recent fiscal quarter and in accordance with the terms of the
Cabela’s Credit Agreement (as hereinafter defined), as applicable for the previous four (4) fiscal quarters (adjustments to the Applicable Fee Percentage to become effective as of the first (1st) day of the month to correspond with the
adjustments to the Applicable Fee Percentage in effect from time to time pursuant to the terms of the Cabela’s Credit Agreement): 
  

			
	 Cash Flow Leverage Ratio

	  	 Applicable Fee

	 Less than or equal to 0.50
	  	0.125%
		
	 Greater than 0.50 to 1.00 but
 less than or equal to 1.00 to 1.00
	  	0.15%
		
	 Greater than 1.00 to 1.00 but
 less than or equal to 1.50 to 1.00
	  	0.175%
		
	 Greater than 1.50 to 1.00 but
 less than or equal to 2.00 to 1.00
	  	0.20%
		
	 Greater than 2.00 to 1.00
	  	0.25%

  
 (c)
“Applicable Rate” means the rate per annum quoted from time to time by Bank and agreed to by the Borrower. 
  
 (d) “Borrowing” means the borrowing of all Loans from Bank on a given date. 
  
 (e) “Borrower’s Credit Card Receivables
Delinquency Ratio” means the ratio of Borrower’s Delinquent Credit Card Receivables to Borrower’s Total Available Credit Card Receivables plus Borrower’s Securitized Receivables. 
  
 (f) “Borrowing Base” means an amount equal
to 90% of the total Eligible Receivables of the Borrower. 
  
 (g) “Borrowing Base Certificate” means a certificate in the form of Exhibit B attached hereto executed by an authorized officer of the Borrower. 
  

 2 

 (h) “Business Day” means (i) for all purposes other than as covered by
clause (ii) below, any day except Saturday, Sunday and any day on which Bank is authorized or required by law or other government action to close, and (ii) with respect to all notices and determinations in connection with, and payments of principal
and interest on, Eurodollar Rate Loans, any day which is a Business Day described in clause (i) above and which is also a day for trading by and between banks in the London interbank Eurodollar market. 
  
 (i) “Cabela’s Credit Agreement” means
that certain Credit Agreement of even date herewith between Cabela’s Incorporated, Cabela’s Retail, Inc., Van Dyke Supply Company, Inc., Cabela’s Ventures, Inc., Cabela’s Outdoor Adventures, Inc., Cabela’s Catalog, Inc.,
Cabela’s ‘Wholesale, Inc., Cabela’s Promotions, Inc. and Cabelas.Com, Inc. and U.S. Bank National Association, LaSalle Bank, National Association, First Union National Bank, Comerica Bank, and Bank. 
  
 (j) “Call Report” means the quarterly
report of income and condition required to be filed by each depository institution with the Federal Deposit Insurance Corporation. 
  
 (k) “Cash Flow Leverage Ratio” shall have the same meaning and shall be calculated at all times as defined in the
Cabela’s Credit Agreement. 
  
 (l)
“Closing Date” means the date on which Bank makes the initial Loan under this Agreement which, in any event, shall be on or before September 28, 2001. 
  
 (m) “Commitment” means $20,000,000. 
  
 (n) “Compliance Certificate” means a
certificate in the form of Exhibit C attached hereto, executed by an authorized officer of the Borrower. 
  
 (o) “Delinquent Credit Card Receivable” means any credit card receivable which is past due more than sixty (60) days
after the original due date. 
  
 (p)
“Eligible Receivables” means the Borrower’s Total Available Credit Card Receivables exclusive of any Delinquent Credit Card Receivable. 
  

(q) “Governmental Agency” means any federal or state governmental department, commission, board, regulatory authority
or agency, including the Comptroller of the Currency, the Federal Reserve Board and the Federal Deposit Insurance Corporation, and collectively the “Governmental Agencies.” 
  
 (r) “Hazardous Material” as used herein means any asbestos, polychlorinated byphenyls and
petroleum products, solid wastes, urea formaldehyde, discharges of sewer or effluent, paint containing lead and any other hazardous or toxic material, substance or waste which is defined, determined or identified by those or 

  

 3 

 
similar terms or is regulated as such under any statute, law, ordinance, rule or regulation or by any local, state or federal authority (whether as the
result of any judicial or administrative interpretation of any such statute, law, ordinance, rule or regulation or otherwise) including any material, substance or waste which is a hazardous substance within the meaning of 33 U.S.C. § 1251 et
seq., as amended, or 42 U.S.C. §960 1 et seq., as amended, or is a hazardous waste within the meaning of 42 U.S.C. §6901 et seq., as amended. 
  
 (s) “Indebtedness” means any of the indebtedness described in this paragraph that is pari passu or senior in terms
of repayment obligation to any of the Loans, which indebtedness shall include: 
  
 (i) all items arising from the borrowing of money, which according to GAAP now in effect, would be included in determining total
liabilities as shown on a balance sheet; 
  
 (ii)
all indebtedness secured by any lien on property owned by the respective debtor whether or not such indebtedness shall have been assumed; 
  
 (iii) all guarantees and similar contingent liabilities in respect to indebtedness of others; and 
  
 (iv) all other interest bearing obligations evidencing
indebtedness to others. 
  
 (t)
“Knowledge” with respect to: 
  
 (i) an individual means that the individual will be deemed to have “Knowledge” of a particular fact or other matter if: (A) such individual is actually aware of such fact or other matter; or (B) a prudent individual could be
expected to discover or otherwise become aware of such fact or other matter in the course of conducting a reasonably comprehensive investigation concerning the existence of such fact or other matter; and 
  
 (ii) a Person (other than an individual) means that the
Person will be deemed to have “Knowledge” of a particular fact or other matter if any individual who is serving, or who has at any rime served, as a director, outside advisor, officer, manager, partner, executor or trustee of the Person
(or in any similar capacity) has, or at any time had, Knowledge of such fact or other matter. 
  
 (u) “Loan Documents” mean this Agreement, the Note and all other documents and instruments entered into or delivered in
connection with or relating to the Loans contemplated by this Agreement. 
  

 4 

 (v) “Material Adverse Change” means any occurrence of whatsoever nature
(including, without limitation, any adverse determination in any litigation, arbitration, or governmental investigation or proceeding) which could reasonably be expected to materially and adversely affect (a) the financial condition or operations of
the Borrower and/or Cabela’s and its Subsidiaries, (b) the ability of the Borrower or Cabela’s or any Subsidiary to perform its obligations under any Loan Document, or any writing executed pursuant thereto, (c) the validity or
enforceability of the material obligations of any Borrower under any Loan Document, (d) the rights and remedies of the Bank against the Borrower, (e) the timely payment of the principal of and interest on the Loan or other amounts payable by the
Borrower hereunder, or (f) the validity of the nature of the obligations of the Borrower and Cabela’s with respect to all of the obligations. 
  
 (w) “Maturity Date” means October 9, 2004. 
  
 (x) “Net Excess Spread” shall have; the same definition as the Series 2001__ Supplement
Dated as of March 23, __001 to Pooling and Servicing Agreement Dated as of March 23, 2001 between World’s Foremost Bank, National Association and U.S. Bank National Association, as in effect on the date of this Agreement. 
  
 (y) “Person” means any individual, bank,
corporation (including any nonprofit corporation), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization, labor union or other entity or government agency or authority. 
  
 (z) “Prime Rate” means the commercial
lending rate of the Bank as publicly announced to be in effect from time to time, such rate to be adjusted automatically, without notice, on the effective date of any change in such rate. This rate of interest is determined from time to time by the
Bank as a means of pricing certain loans to its customers and is neither tied to any external rate of interest or index nor does it necessarily reflect the lowest rate of interest actually charged by the Bank to any particular class or category of
customers of the Bank. 
  
 (aa)
“Securitized Receivables” means credit card receivables held or pledged in trust for the benefit of the Triple A One Funding Corporations securitization transaction or any similar successor securitization transaction. 
  
 (bb) “Subsidiary” means with respect to any
Person (the “Owner”), any corporation or other Person of which securities or other interests having the power to elect a majority of that corporation’s or other Person’s boar of directors or similar governing body, or otherwise
having the power to direct the business and policies of that corporation or other Person (other than securities or other interests having such power only upon the happening of a contingency that has not occurred) are held by the Owner or one or more
of the Owner’s Subsidiaries. 
  

 5 

 (cc) “Total Available Credit Card Receivables” means the total credit
card receivables of Borrower other than Securitized Receivables. 
  
 (dd) “Unused Commitment” means as of any date of determination the amount by which the Bank’s Commitment exceeds the principal amount outstanding on the Loan on such date. 
  
 (ee) “Well Capitalized” means’ that
level of capital required to be maintained by the Borrower to be designated well capitalized under the capital adequacy regulations or guidelines applicable to Borrower from time to time that have been adopted by the Comptroller of the Currency
under Section 38 of the Federal Reserve Insurance Act. 
  
 Section 1.2. Principles of Construction. (a) In this Agreement, unless otherwise stated or the context otherwise requires, the following uses apply: (i) actions permitted under this Agreement may be taken at any
time and from time to time in the actor’s sole discretion; (ii) references to a statute shall refer to the statute and any successor statute, and to all regulations promulgated under or implementing the statute or successor, as in effect at the
relevant time; (iii) in computing periods from a specified date to a later specified date, the words “from” and “commencing on” (and the like) mean “from anal including,” and the words “to,” “until,”
and “ending on” (and the like) mean “to, but excluding”; (iv) references to a governmental or quasi governmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of the
agency, authority= or instrumentality; (v) unless expressly provided otherwise, indications of time of day mean Lincoln, Nebraska time; (vi) “including” means “including, but not limited to”; (vii) all references to sections,
schedules and exhibits are to sections, schedules and exhibits in or to this Agreement unless otherwise specified; (viii) “dollars” or the symbol “$” means United States dollars; (ix) all words used in this Agreement will be
construed to he of such gender or number as the circumstances require; and (x) the captions and headings of articles, sections, schedules and exhibits appearing in or attached to this Agreement have been inserted solely for convenience of reference
and shall not be considered a part of this Agreement nor shall any of them affect the meaning or interpretation of this Agreement or any of its provisions. 
  
 (b) All accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting principles as applied in the
United States in conformity with those used in the preparation of the financial statements of Borrower or Guarantor, as the case may be, referred to in this Agreement (“GAAP”), or applicable banking rules and regulations, as the case may
be. All financial data submitted pursuant to this Agreement shall be prepared in accordance with such principles. 
  
 ARTICLE 2 
  
 AMOUNT AND TERMS OF CREDIT 
  
 Section 2.1.
The Commitment. Subject to the terms of this Agreement, the Bank agrees to make credit available to the Borrower on or before the Maturity Date in an amount at any one time outstanding not exceeding the lesser of the
Borrowing Base or the Commitment. 
  

 6 

 Section 2.2. The Credit. 
  
 Section 2.2.1 Revolving Credit Note.
The extension of revolving credit granted hereunder to the Borrower shall be evidenced by a certain Revolving Credit Note (Exhibit “A) which is attached hereto and the terms of which are incorporated by reference herein. Notwithstanding the
stated principal amount thereon of Twenty Million Dollars ($20,000,000), the actual balance of principal outstanding may be decreased as a result of payments by the Borrower or increased as a result of further advances of the revolving credit
granted hereunder to the Borrower by the Bank; provided, however, that the total outstanding indebtedness of the Borrower hereunder shall at no time exceed the Commitment. 
  
 Section 2.2.2 Advances. So long as no Event of Default (as hereinafter defined) has
occurred and is continuing, the Borrower shall be entitled to advances on the Loan prior to the Maturity Date. Advances of revolving credit shall be made in multiples of One Thousand Dollars ($1,000). Such subsequent advances shall be subject
further, to the condition that the Borrower shall have. delivered to the Bank a current Borrowing Base Certificate, executed as provided for and in accordance with Section 5.2(a)(iv) hereof. Advances shall be made to an account of Borrower
maintained with the Bank, such account to be designated by Borrower to Bank from time to time. Except as hereinafter provided the amount of any of the advances made hereunder shall be limited to an amount not exceeding the Borrowing Base. Any
request by the Borrower for an advance hereunder shall be in writing or by telephone and must be given so as to be received by the Bank not later than 11:00 a.m. (Lincoln, Nebraska time) on the requested advance date. Each request for an advance
hereunder shall be irrevocable and shall be deemed a representation by Borrower that on the requested advance date and after giving effect to the requested advance the applicable conditions specified in Article 3 have been and will be satisfied. A
receipt of deposit showing such advance and the new balance shall be furnished to Borrower at the time each advance is made. The deposit of such advance shall constitute acknowledgment by the Borrower of the receipt of such funds and that the amount
thus advanced shall be payable on the maturity of the note with interest from the date of advance. 
  
 Section 2.2.3 Interest. Interest on advances of revolving credit granted to the Borrower hereunder, and as evidenced
by the Revolving Credit Note, shall be computed and paid by the Borrower in accordance with the following: 
  
 (a) Rate. Interest shall accrue and be payable on the unpaid principal amount of the Loan at the Applicable Rate. Upon the occurrence of an
Event of Default, interest shall accrue and be payable at a rate equal to the higher of (x) the Applicable Rate, plus 2.0% and (y) the Prime Rate, plus 2.0%. 
  
 (b) Payment. All interest accrued hereunder shall be due and payable by the Borrower on or before the last day of each calendar month, and
at maturity. Interest shall be assessed on the daily outstanding loan balance for the period immediately preceding the day of payment. Interest shall be computed for the actual number of days on a. Three Hundred Sixty (360) day per year basis.
Changes in the interest rate charged to and due and payable by the 

  

 7 

 
Borrower shall be adjustable and effective on the day of each Applicable Rate change and the interest rate so established shall be effective until the next
change in the Applicable Rate. 
  
 Section 2.2.4
Prepayments. In the event that the principal balance of the Revolving Credit shall exceed the Borrowing Base (as shown on the most recent Borrowing Base Certificate) or Twenty Million Dollars ($20,000,000), whichever is less,
Borrower shall immediately pay to Bank in reduction of such principal balance an amount equal to the excess principal over the Borrowing Ease or the Commitment, whichever is less, as the case may be. 
  
 Section 2.2.5 Maturity of Revolving
Credit. The maturity of the revolving credit commitment extended hereunder shall be the Maturity Date 
  
 Section 2.3. Expenses. Whether or not any advances on the Loan are made, Borrower shall: (a) pay all reasonable costs and
expenses of Bank incident to the transactions contemplated by this Agreement, including all reasonable costs and expenses, incurred in connection with the negotiation, preparation and execution of this Agreement and the other Loan Documents, or in
connection with any modification, amendment, alteration or enforcement of any terms of the Loan Documents, including Bank’s out of pocket expenses and the charges of and disbursements to counsel retained by Bank; and (b) pay and save Bank and
all other holders of any portion of the Note harmless against any and all liability with respect to amounts payable as a result of___(1) any taxes which may be determined to be payable in connection with the execution and delivery of, or any
modification, amendment or alteration of, the terms or provisions of any of the Loan Documents; (ii) any interest or penalties resulting from nonpayment or delay in payment of such expenses, charges, disbursements, liabilities or taxes; (iii) any
income taxes in respect of any reimbursement by Borrower for any of such violations, taxes, interest or penalties paid by Bank; and (iv) in the event of any prepayment of a Loan on a day which is not the last day of an Interest Period with respect
thereto, any loss or expense incurred by Bank arising from interest or fees payable by Bank to obtain the funds necessary to fund or maintain any Loans under this Agreement. The obligations of Borrower under this Section shall survive the repayment
in full of the Note. 
  
 Section 2.4. Method and
Place of Payment. All payments under this Agreement, the Note shall be made to Bank not lager than 12:00 noon on the date when due and shall be made in dollars in immediately available funds at Bank’s Lincoln, Nebraska; office
identified in this Agreement. Whenever any payment to be made hereunder or under the Note shall be staged to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day and, with respect to
payments of principal, interest shall be payable at the applicable rate during such extension. 
  
 Section 2.5. Application of Payments. All payments received by Bank from or on behalf of Borrower shall first be applied to amounts due under Section 2.3, second to accrued interest under
the Note, and then to principal amounts outstanding under the Note; provided, however, that after the Maturity Date, or following and during any Default (as defined below), all payments received on account of Borrower’s
obligations under this Agreement, the Note and the other Loan Documents shall be applied in whatever order, combination and amounts as Bank, 

  

 8 

 
in its sole and absolute discretion, decides, to all costs, expenses and other indebtedness owing from Borrower to Bank. 
  
 Section 2.6. Net Payments. All payments made by
Borrower hereunder or under the Note will be made without setoff, counterclaim or other defense. All such payments will be made free and clear of, and without deduction or withholding for, any present or future taxes, levies, imposts, duties, fees,
assessments or other charges of whatever nature now or hereafter imposed by any jurisdiction or by any political subdivision or taxing authority thereof or therein (but excluding, except as provided below, any tax imposed on or measured by the net
income of Bank pursuant to the laws of the jurisdiction (or any political subdivision or taxing authority thereof or therein) in which the principal office of Bank is located). 
  
 Section 2.7. Commitment Fee. The Borrower shall pay the Bank a Commitment Fee in aft amount
equal to the product of (i) the Applicable Fee Percentage times (ii) the average daily Unused Commitment for the period from the Closing Date to the Maturity Date. The Commitment Fee shall be payable in arrears monthly on the last day of each
month anal on the Maturity Date. 
  
 ARTICLE 3 

CONDITIONS 
  
 Notwithstanding the earlier execution of this Agreement, Bank’s obligation to make any advances on the Loan shall be ‘subject to the performance
by Borrower prior to any disbursement hereunder of all of its agreements to be performed under this Agreement and to the satisfaction of the following further conditions precedent: 
  
 Section 3.1. Documents. Bank shall have received all of the following documents, each duly
executed and dated the date of this Agreement, in form and substance reasonably satisfactory to Bank and its counsel: 
  
 (a) the Note; 
  
 (b) the Guaranty, in the form of Exhibit D attached hereto, executed by Guarantor; 
  
 (c) a copy of the articles of organization of Borrower
certified as of a recent date by the Comptroller of the Currency; 
  
 (d) a certificate of existence for Borrower issued as of a recent date by the Comptroller of the Currency; 
  
 (e) a certificate of existence for Guarantor issued as of a recent date by the Secretary of State of the State of Nebraska; 
  

 9 

 (f) copies certified by an authorized officer of Borrower of all documents evidencing any
necessary corporate action, consents and approvals of any Governmental Agency with respect to this Agreement, the Note and any other Loan Document; 
  
 (g) copies certified by an authorized officer of Guarantor of all documents evidencing any necessary corporate action, consents and
approvals of any Governmental Agency with respect to this Agreement, the Note and any other Loan Document; 
  
 (h) an incumbency certificate of an authorized officer of Borrower certifying the names of the officers of Borrower authorized to sign
this Agreement, the Guaranty and any other Loan Documents (and Bank may conclusively rely on such certificates until formally advised by a like certificate of any changes therein); 
  
 (i) an incumbency certificate of an authorized officer of Guarantor certifying the names of the officers of
Guarantor authorized to sign this Agreement, the Note, any Notice of Borrowing and any other Loan Documents (and Bank may conclusively rely on such certificates until formally advised by a like certificate of any changes therein); 
  
 (j) a certificate signed by an authorized officer of
Borrower certifying that the conditions specified in this Article have been satisfied. 
  
 (k) the Borrower shall have requested Koley Jessen, P.C., counsel for the Borrower and the Guarantor, to prepare a written opinion,
addressed to the Bank and dated the Closing Date, covering the matters set forth in Exhibit E hereto, and such opinion shall have been delivered’, to the Bank. 
  
 Section 3.2. Other Conditions of Borrowing. Notwithstanding any other provision of this Agreement, the
obligation of Bank to make any advance on the Loan shall further be subject to satisfaction of the following conditions: 
  
 (a) between the date of this Agreement and the date of any advance on the Loan, there shall not have occurred, in Bank’s reasonable
discretion, a Material Adverse Change in the financial condition or affairs of Borrower or Guarantor; 
  
 (b) no Event of Default, nor any other event that, with the giving of notice or lapse of time, or both, would constitute an Event of
Default, shall have occurred, and all representations and warranties contained herein and in the other Loan Documents shall be true and correct in all material respects with the same effect as though such representation and warranties had been made
on and as of the date of such advance; 
  
 (c)
all necessary or appropriate actions and proceedings shall have been taken in connection with, or relating to the transactions contemplated by this Agreement, and all of the Loan Documents shall have been completed and tendered for delivery, in
substance and form reasonably satisfactory to Bank; 
  

 10 

 (d) The Cabela’s Credit Agreement shall have been executed by the parties thereto
and the loans provided for therein shall have been funded and there shall exist no default as defined in the Cabela’s Credit Agreement. The Cabela’s Credit Agreement shall provide for a revolving line of credit in favor of Guarantor which
shall’ at all times provide a liquidity reserve in the amount of $10,000,000 which shall be available exclusively for deposit into Borrower and for no other purpose. 
  
 (e) Bank shall have received in substance and form reasonably satisfactory to Bank, all certificates,
affidavits, schedules, resolutions, opinions, notes, and/or other documents which are required by this Agreement, or which it may reasonably request, including a current Borrowing Base Certificate and a Compliance Certificate. 
  
 ARTICLE 4 
 REPRESENTATIONS AND WARRANTIES 
  
 To induce Bank to enter into this Agreement, and to make the Loan, Borrower makes the following representations, warranties and agreements as of the date of this Agreement, which shall survive the execution and
delivery of this Agreement arid the Note and the making of such Loan: 
  
 Section 4.1. Organization of Borrower. Borrower: (a) is a duly organized and validly existing national banking association in good standing under the laws of the United States; (b) has all requisite power and
authority, corporate or otherwise, to own, operate and lease its properties and to carry on its business as now being conducted; and (c) is duly qualified as a foreign bank or corporation and in good standing in all states in which it is doing
business, except where it is not required to qualify or where the failure to so qualify would not constitute a Material Adverse Change with respect to its business. Borrower has made payment of all franchise and similar taxes in the State of
Nebraska, and in all of the jurisdictions in which it is qualified to do business, in so far as such taxes are due and payable at the date of this Agreement. Borrower has no subsidiaries. 
  
 Section 4.2. Organization of Guarantor. Guarantor: (a) is a duly organized and validly existing
corporation in good standing under the laws of the State of Nebraska; (b) has all requisite power and authority, corporate or otherwise, to own, operate and lease its properties and to carry on its business as now being conducted; and (c) is duly
qualified as a foreign corporation and in good standing in all states in which it is doing business, except where it is not required to qualify or inhere the failure to so qualify would not constitute a Material Adverse Change with respect to its
business. Guarantor has made payment of all franchise and similar taxes in the state of Nebraska, and in all of the jurisdictions in which it is qualified to do business, in so far as ____ taxes are due and payable at the date of this Agreement.
Schedule 4.2 is a true and complete list of all of Guarantor’s Subsidiaries, each Subsidiary’s state of incorporation, and percentage of each Subsidiary’s capital stock owned by one of Guarantor’s Subsidiaries. 
  

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 Section 4.3. Legal and Authorized. The borrowing of the principal amounts of
the Loan, the execution and performance of this Agreement, the Note and the other Loan Documents and compliance by Borrower and Guarantor with all of the provisions of this Agreement and of the other Loan Documents are within the statutory powers of
Borrower and Guarantor, respectively, as applicable to each. Each of this Agreement, the Note and the other Loan Documents has been duly authorized, executed and delivered and is the legal, valid and binding obligation of Borrower and Guarantor,
respectively, and is enforceable in accordance with its respective terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other laws and subject to general principles of equity. 
  
 Section 4.4. Use of Proceeds. 
  
 (a) The proceeds of the Loan shall be used by Borrower for
the purpose of financing Borrower’s credit card receivables. 
  
 (b) Borrower will not use any part of the proceeds of the Loan: (i) directly or indirectly to purchase or carry any security or reduce or retire any indebtedness originally incurred to purchase any such security
within the meaning of Regulation G of the Federal Reserve; or (ii) so as to involve Borrower in a violation of Regulation T, U or X of the Federal Reserve. 
  
 (c) Borrower shall not use any proceeds from any Loan to pay any interest or principal due to Bank under the Loan. 
  
 Section 4.5. Financial Statements. Borrower has
delivered to Bank copies of: 
  
 (a)
Borrower’s unaudited balance sheet as of August 31, 2001; and 
  
 (b) Borrower’s Call Reports as of March 31, 2001 and June 30, 
  
 Taken together, the financial statements described in clauses (a) and (b) above (collectively, the “Financial Statements”), fairly and accurately present in all material respects the respective financial
position, assets, liabilities and results of operations of Borrower at the respective dates of, and for the periods referred to in, the Financial Statements. The financial statements described in clauses (a) and (b) above have been prepared on a
basis consistent with past accounting practices and as required by applicable rules or regulations and fairly present the consolidated financial condition and results of operations at the dates and for the periods presented, subject to year end
audit adjustments (which changes in the aggregate would not reasonably be expected to have a material adverse effect on Borrower on a consolidated basis). Since the organization of the Borrower, there has been no Material Adverse Change in the
financial condition, business, properties or operations of Borrower. The Financial Statements contain and reflect provisions for taxes, reserves and other liabilities of Borrower, in accordance with GAAP or applicable banking rules and regulations,
as the case may be. Neither Borrower nor or any of its Subsidiaries has any material debt, liability or obligation of any nature (whether 

  

 12 

 
accrued, contingent, absolute or otherwise) which is not provided for or disclosed in the Financial Statements. 
  
 Section 4.6. Title to Properties. 
  
 (a) Borrower has good and marketable fee title to all real
property, and good and marketable title to all other property and assets reflected in the latest balance sheet for Borrower that is included as part of the Financial Statements or purported to have been acquired by Borrower subsequent to such dates,
except property and assets sold or otherwise; disposed of subsequent to the date of such balance sheet in the ordinary course of business. Except as disclosed in the Financial Statements, all material property and assets of any kind (real or
personal, tangible or intangible) of Borrower are free from any material liens, encumbrances or defects in title, other than the Securitized Receivables. 
  
 (b) None of the assets or property the value of which is reflected in the latest balance sheets that are included as part of the Financial
Statements is held by Borrower as lessee under any lease, or as conditional vendee under any conditional sales contract or other title retention agreement. Borrower enjoys peaceful and undisturbed possession under all of the material leases under
which they are operating, all of which permit the customary operations of Borrower. More of such leases is in material default and no event has occurred which with the passage of time or the giving of notice, or both, would constitute a material
default under any such lease. 
  
 Section 4.7. No
Defaults or Restrictions. Neither the execution, delivery or performance by Borrower of any of the Loan Documents, or by Guarantor of the Guaranty?, nor compliance by any of them, respectively, with the terms and provisions hereof or
thereof: (a) will contravene any provision of any law, statute, rule or regulation or any order, writ, injunction or decree of any court or governmental instrumentality; (b) will conflict or result in any breach of any of the terms, covenants,
conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any lien upon any of the property or assets of the Borrower, Guarantor or any of Guarantor’s
Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, credit agreement, lean agreement or any other agreement, contract or instrument to which the Borrower or Guarantor or any of Guarantor’s Subsidiaries is a party or by
which any of them or any of their respective property or assets is bound or to .which they may be subject; or (c) will violate any provision of the articles of association or bylaws of Borrower or the organizational documents, charter or bylaws of
Guarantor or any of Guarantor’s Subsidiaries. None of the Borrower, Guarantor or any of Guarantor’s Subsidiaries is in material default in the performance, observance or fulfillment of any of the terms, obligations, covenants, conditions
or provisions contained in any indenture or other agreement creating, evidencing or securing indebtedness of any kind or pursuant to which any such indebtedness is issued, or other agreement or instrument to which the Borrower, Guarantor or any of
Guarantor’s Subsidiaries is a party or by «which any of the foregoing or its respective properties may be bound or affected, which would have a material adverse effect on 

  

 13 

 
the financial condition and operations of the Borrower, Guarantor or any of Guarantor’s Subsidiaries. 
  
 Section 4.8. Governmental Consent. No order,
consent, approval, license, authorization or validation of, or filing, recording or registration with (except as have been obtained or made prior to the date of this Agreement), or exemption by, any governmental or public body or authority, or any
subdivision thereof, is required to authorize, or is required in connection with: (a) the execution, delivery and performance by Borrower of this Agreement, the Note or any of the other Loan Documents; or (b) the legality, validity, binding effect
or enforceability of any of the Loan Documents, including the Guaranty. 
  
 Section 4.9. Taxes. Each of Borrower, Guarantor and Guarantor’s Subsidiaries has filed and will continue to file all tax returns required to be filed by them and has paid and will pay all income taxes
payable by them which have become due pursuant to such tax returns and all other taxes and assessments payable by them which have became due, other than those not yet delinquent and except for those contested in good faith and for which adequate
reserves have been established. Each of Borrower, Guarantor and Guarantor’s Subsidiaries has paid, or has provided adequate reserves (in the good faith judgment of the management of Borrower) for the payment of, all federal and state income
taxes applicable for all prior fiscal years and for the current fiscal year to the date hereof. Borrower has no Knowledge of any audit, assessment or other proposed action or inquiry of the Internal Revenue Service or any other taxing authority with
respect to any tax liability of the Borrower, Guarantor or any of Guarantor’s Subsidiaries. 
  
 Section 4.10. Compliance with Law. Each of Borrower, Guarantor and Guarantor’s Subsidiaries is and will continue to be in
compliance with all applicable statutes, regulations and orders of, and all applicable restrictions imposed by, all governmental bodies, domestic or foreign, in respect of the conduct of its business and the ownership of its property (including
..applicable statutes, regulations, orders and restrictions relating to environmental standards and controls), except such noncompliance as would not, in the aggregate, constitute a Material Adverse Change in the business, operations, property,
assets, condition (financial or otherwise) or prospects of the Borrower, Guarantor or any of Guarantor’s Subsidiaries. 
  
 Section 4.11. Employee Benefit Plans. All employee benefit plans, as defined in Section 3(3) of the Employee Retirement:
Income Security Act of 1974, as amended (“ERISA”), established or maintained by Borrower, Guarantor or any of Guarantor’s Subsidiaries or to which any of them contributes, are in compliance in all material respects with all applicable
requirements of ERISA, and are in compliance in all material respects with all applicable requirements (including qualification and non discrimination requirements in effect) of the Internal Revenue Code of 1986, as amended (the “Code”),
for obtaining the tax benefits the Code thereupon permits with respect to such employee benefit plans. For purposes of this Section, non compliance with the Code and ERISA is material if such non compliance would reasonably be expected to be a
Material Adverse Change in the financial condition, assets or business of Borrower, Guarantor or any of Guarantor’s Subsidiaries. No such employee benefit plan has, or at the time of any Loan will have, any amount of unfunded benefit
liabilities (as defined in 

  

 14 

 
Section 4001(a)(18) of ERISA) for which Borrower, Guarantor or any of Guarantor’s Subsidiaries would be liable to any Person under Title IV of ERISA if
any such employee benefit plan were terminated as of the date hereof or as of the date of such Loan, which amounts would be material to Borrower, Guarantor or any of Guarantor’s Subsidiaries. Such employee benefit plans are funded in accordance
with Section 412 of the Code (if applicable). There would be no obligations which would be material to Borrower, Guarantor or any of Guarantor’s Subsidiaries under Title IV of ERISA relating to any such employee benefit plan that is a multi
employer plan if any such plan were terminated or if Borrower, Guarantor or any of Guarantor’s Subsidiaries withdrew from any such plan as of the date hereof or as of the date of any Loan. 
  
 Section 4.12. No Material Adverse Change. Since
August 31, 2001, none of the business, operations, properties or assets of the Borrower, Guarantor or any of Guarantor’s Subsidiaries has suffered a Material Adverse Change. 
  
 Section 4.13. Regulatory Enforcement Actions. None of the Borrower, Guarantor or any of
Guarantor’s Subsidiaries, nor any of the trustee, managers, officers or directors or any of them, is now operating under any restrictions, agreements, memoranda, or commitments (other than restrictions of general application) imposed by any
Governmental Agency, nor to Borrower’s Knowledge are any such restrictions threatened or agreements, memoranda or commitments being sought by any Governmental Agency. 
  
 Section 4.14. Hazardous Materials. To Borrower’s or Guarantor’s Knowledge, none of the
Borrower, Guarantor or any of Guarantor’s Subsidiaries is in violation of any applicable statute, regulation, ordinance or policy of any governmental entity relating to the ecology, human health, safety or the environment and no Hazardous
Material (as defined above) is located on any real property owned or leased by the Borrower, Guarantor or any of Guarantor’s Subsidiaries or has been discharged from or to, or penetrated into, any real property (or surface or subsurface rivers
or streams crossing or adjoining any real property) owned or leased by the Borrower, Guarantor or any of Guarantor’s Subsidiaries or the aquifer underlying any real property owned or leased by the Borrower, Guarantor or any of Guarantor’s
Subsidiaries, which could reasonably be expected to constitute a Material Adverse Change with respect to Borrower, Guarantor or any of Guarantor’s Subsidiaries. 
  
 Section 4.15. Pending Litigation. Except as set forth on Schedule 4.15, there are no actions,
suits, proceedings or written agreements pending, or, to Borrower’s or Guarantor’s Knowledge, threatened or proposed, against any of the Borrower, Guarantor or any of Guarantor’s Subsidiaries at lain or in equity or before or by any
federal, state, municipal, or other governmental department, commission, board, or other administrative agency, domestic or foreign that if adversely determined would be a Material Adverse Change with respect to any of the Borrower, Guarantor or any
of Guarantor’s Subsidiaries; and none of the Borrower, Guarantor or any of Guarantor’s Subsidiaries is in default with respect to any order, writ, injunction, or decree of, or any written agreement with, any court, commission, board or
agency, domestic or foreign. 
  

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 Section 4.16. Investment Company Act. None of the Borrower, Guarantor or any
of Guarantor’s Subsidiaries is an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. 
  
 Section 4.17. No Misstatement of Material Fact.
No information, exhibit, report or document furnished by Borrower or Guarantor to Bank in connection with the negotiation or execution of this Agreement or any of the other Loan Documents contained any material misstatement of fact or omitted to
state a material fact or any fact necessary to make the statements contained therein not materially misleading, all as of the date when furnished to Bank. 
  
 Section 4.18. Survival of Representations and Warranties. The foregoing representations and warranties in this Article shall
survive the making of this Agreement, and execution and delivery of the Note, and shall be deemed to be continuing representations and warranties until such time as Borrower has satisfied all of its obligations to Bank, including the obligation to
pay in full all principal, interest and other amounts in accordance with the terms of this Agreement and the Note. 
  
 ARTICLE 5 
 COVENANTS 
  
 Section 5.1. Negative Covenants. Borrower agrees
that until it satisfies all of its obligations to Bank, including its obligations to pay in full all principal, interest and other amounts due in accordance with the terms of this Agreement, the Note and the other Loan Documents, it shall not take
any of the following actions without the prior written consent of Bank, which consent shall not be unreasonably withheld. 
  
 (a) Borrowing. Borrower will not create, assume, incur, have outstanding, or in any manner become liable in respect of any
Indebtedness other than that represented by this Agreement and the Revolving Note, provided, however, that the foregoing shall not restrict nor operate to prevent: 
  
 (i) contingent obligations incurred with respect to the endorsement of instruments for deposit or collection
in the ordinary course of business; 
  
 (ii)
indebtedness of Borrower for deposits and other similar transactions entered into by Borrower in the ordinary course of its banking business; 
  
 (iii) inter company receivables and payables for services performed by or for Borrower with Guarantor or Guarantor’s Subsidiaries in
the ordinary course of business; 
  
 (iv) any
inter company advances between WFB and Guarantor; and 
  

 16 

 (v) purchase money Indebtedness secured by a lien on the purchased asset as described in
Section 5.1(b)(v). 
  
 (b) Encumbrances.
Borrower will not directly or indirectly create, assume, incur, suffer or permit to exist any pledge, encumbrance, security interest, assignment, lien or charge of any kind or character on any of its assets, excepting only liens existing on the date
hereof as shown on the Financial Statements, provided, however, that the foregoing shall not restrict nor operate to prevent: 
  
 (i) liens arising by statute in connection with worker’s compensation, unemployment insurance, old age benefits, social security
obligations, taffies, assessments, statutory obligations or other similar charges, good faith cash deposits in connection with tenders, contracts or leases to which Borrower is a party or other cash deposits in any such foregoing case that is
required to be made in the ordinary course of business, provided in each case that the obligation is not for borrowed money and that the obligation secured is not overdue or, if overdue, is being contested in good faith by appropriate proceedings
which prevent enforcement of the matter under contest and adequate reserves have been established therefor; 
  
 (ii) mechanics’, workmen’s, materialmen’s, landlords’, carriers’, or other similar liens arising in the ordinary
course of business with respect to obligations which are not due or which are being contested in good faith by appropriate proceedings which prevent enforcement of the matter under contest; 
  
 (iii) liens to secure public funds or other pledges of funds
required by law to secure deposits; 
  
 (iv)
utility easements, building, restrictions and such other encumbrances or charges against real property as Eire of a nature generally existing with respect to properties of a similar character and which do not in any material way affect the
marketability of the same on interfere with the use thereof in the business of Borrower; and 
  
 (v) liens securing purchase money Indebtedness of the Borrower in an aggregate amount not to exceed One Million Dollars ($1,000,000) on
any date of determination. 
  
 (c)
Business. Borrower will not engage in any business or activity not permitted by all applicable laws and regulations. 
  
 (d) Loans. Borrower will not make any loans or advances whether secured or unsecured to any Person other than (i) credit card loans
or advances made in the ordinary course of its business and in accordance with applicable laws and regulations and safe and sound business practices, and (ii) intercompany receivables and payables for services 

  

 17 

 
performed by or for Borrower with Guarantor or Guarantor’s Subsidiaries in the ordinary course of business. 
  
 (e) Capital Stock. Borrower will not redeem any of
its capital stock or other equity securities or otherwise reduce its outstanding capital stock. 
  
 (f) Unsafe and Unsound Practices. Borrower will not engage in any unsafe or unsound business practice that would reasonably be
expected to result in a Material Adverse Change. 
  
 (g) Breach of Agreements. Borrower will not breach or fail to perform or observe any of the terms and conditions of this Agreement, the Note or any other document or agreement entered into or delivered in connection with, or relating
to, the Loans. 
  
 (h) Violation of Law.
Borrower will not commit any material violation of any law or regulation, or any condition imposed by or undertaking provided to any Government Agency. 
  
 (i) Dividends. Borrower will not pay any cash dividends on Borrower’s outstanding stock unless such payment is in compliance
with all rules and regulations of all Governmental Agencies applicable to the Borrower and unless Borrower is in compliance with all provisions of the Agreement immediately before and after the payment of such dividends. 
  
 Section 5.2. Affirmative Covenants. Borrower
agrees that until it satisfies all of its obligations to Bank, including its obligations to pay in full all principal, interest and other amounts due in accordance with the terms of this Agreement, the Note and the other Loan Document,, it observe
and perform all of the following. 
  
 (a)
Financial and Other Reports. Borrower will cause to be furnished and delivered to Bank: 
  
 (i) as soon as available and in any event within forty five (45) days after the end of each month, unaudited statements of income for the
Borrower for such month and for the period from the beginning of such fiscal year to the end of such month, and a balance sheet of Borrower as at the end of such month, setting forth in comparative form figures for the corresponding period for the
preceding fiscal year, accompanied by a certificate signed by the Treasurer of the Borrower stating that such financial statements present fairly the financial condition of the Borrower and that the same have been prepared in accordance with GAAP
(except for the absence of footnotes and subject to year end audit adjustments as to the interim statements). 
  

 18 

 (ii) as soon as practicable, and in no event later than forty-five (45) days after the
end of each of Borrower’s fiscal quarters, a copy of all financial statements for such quarter, including all Call Reports, filed by Borrower with any state or federal bank regulatory authority; 
  
 (iii) as soon as practicable, and in no event later than one
hundred twenty (120) days after the end of each of Borrower’s fiscal years, a copy of: Guarantor’s consolidated and consolidating balance sheets as of the end of such year and Guarantor’s consolidated and consolidating income
statements for the year then ended audited by independent certified public accountants satisfactory to Bank and accompanied by an unqualified opinion; 
  
 (iv) on the date of each Advance a Borrowing Base Certificate as of the close of business of the day immediately preceding the date of
such Advance, which Certificate shall be certified as accurate by a responsible officer of Borrower; 
  
 (v) immediately after receiving Knowledge thereof, notice of all charges, assessments, actions, suits and proceedings that are proposed or
initiated by, or brought before, any court or governmental department, commission, board or other administrative agency, in connection with the Borrower, Guarantor or any of Guarantor’s Subsidiaries, other than ordinary course of business
litigation not involving the Federal Reserve, the Federal Deposit Insurance Corporation (“FDIC”) or any other Government Agency, which, if adversely decided, would not constitute a Material Adverse Change in the financial condition or
operations of the Borrower, Guarantor or any of Guarantor’s Subsidiaries; and 
  
 (vi) promptly after the occurrence thereof, notice of any other matter which has resulted in a Material Adverse Change in the financial
condition or operations of the Borrower, Guarantor or any of Guarantor’s Subsidiaries. 
  
 (b) Financial Requirements. Borrower shall comply with the following financial covenants at each fiscal quarter end unless
otherwise specified, computed in accordance with generally accepted accounting principles consistently applied. 
  
 (i) Well Capitalized. Borrower shall be Well Capitalized. 
  
 (ii) Delinquency Rates. Borrower’s Credit Card Receivables Delinquency Ratio shall be maintained
at less than three percent (3%). 
  
 (iii) Net
Excess Spread. Borrower shall maintain a Net Excess Spread of three percent (3%) or greater. 
  
 (iv) Deposit Account. Borrower shall at all times maintain at least one depository account with Bank. 
  

 19 

 (v) Payout. The Loan shall be paid in full for five business days, which need not
be consecutive business days, during each calendar month. 
  
 (c) Compliance Certificate. Borrower shall, within forty’ five (45) days after the end of each calendar quarter, cause to be delivered to Bank a Compliance Certificate signed by the Treasurer of Borrower.

  
 (d) Taxes. Borrower shall promptly pay
and discharge, or cause to be paid and discharged, all taxes, assessments and other governmental charges imposed upon the Borrower upon the income, profits, or property of the Borrower, and all claims for labor, material or supplies which, if
unpaid, might by law become a lien or charge upon the property of the Borrower; provided, however, that Borrower shall not be required to pay or cause to be paid any such tax, assessment, charge or claim, so long as the validity
thereof is being contested in good faith by appropriate proceedings, and reserves therefor are maintained on the books of Borrower, as are deemed reasonably adequate by Bank. 
  
 (e) Maintenance of Existence. Borrower shall maintain its own existence and good standing and cause
each of its Subsidiaries, if any, to maintain their corporate existence and good standing in all jurisdictions in which it or they are doing business, except where such qualification is not required or where the failure to so qualify would not be a
Material Adverse Change in its or their business. 
  
 (f) Insurance. Borrower shall maintain or cause to be maintained bonds and insurance for each of Borrower with responsible and reputable insurance companies or associations in such amounts and covering such risk as is usually carried
by owners of similar businesses and properties in the same general area in which Borrower operates, and such additional bonds and insurance as may be reasonably required by Bank. 
  
 (g) Governmental Filings. Borrower shall file or cause to be filed in a timely manner all filings of
it with all Governmental Agencies and cause such filings to be true and correct in all material respects. 
  
 (h) Books and Records. Borrower shall maintain or cause to be maintained its books, accounts and records in the usual, regular and
ordinary manner, on a basis consistent with prior years and in compliance with any legal requirements. 
  
 (i) Compliance. Borrower shall comply with each federal, state, local, municipal, foreign, international or other administrative
order, law, ordinance, principle of common law, regulation or statute applicable to it or to the conduct or operation of its business or the ownership or use of any of its assets where the failure to be in such full compliance would reasonably be
expected to be a Material Adverse Change in its financial condition or operations. 
  
 (j) Inspection. Borrow shall permit Bank through its employees, attorneys, accountants or other agents, to inspect any of the
properties, corporate books and 

  

 20 

 
financial books and records of Borrower at such times and as often as Bank reasonably may request. 
  
 (k) Information. Borrower shall provide promptly to
Bank other information concerning the business, operations, financial condition and regulatory status of Borrower, as Bank may from time to time reasonably request. 
  
 ARTICLE 6 
 DEFAULT 
  
 Section 6.1.
Default. The happening or occurrence of any of the following events or acts shall each constitute a default hereunder (an “Event of Default”), and any such Event of Default shall also constitute; an Event of
Default under the Note (or any replacement or substitute note therefor) and any other Loan Document, without right to notice or time to cure in favor of Borrower except as indicated below. 
  
 (a) Non Payment. Borrower shall fail to make any
payment of principal or interest on any Loan or any other payment required under the terms of the Loan Documents when due and such payment remains unpaid for ten (10) days after the due date thereof. 
  
 (b) Non Performance. Borrower shall fail to perform
or observe any covenants or obligations under this Agreement, other than those set forth in the immediately preceding subsection, and including all affirmative and negative covenants set forth in this Agreement, or under any of the other Loan
Documents, and any of the same remains uncured for thirty (30) days after any officer of Borrower or after any executive officer of Guarantor knows or should have known of such failure. 
  
 (c) Default Under Cabela’s Credit Agreement. There shall occur any Default as defined in the
Cabela’s Credit Agreement and such Default remains uncured beyond any applicable grace period provided in the Cabela’s Credit Agreement, unless such Default is waived by vote of the lending banks pursuant to and in accordance with the
Cabela’s Credit Agreement. 
  
 (d)
Default Under Securitization Agreement. There shall occur any default as defined in any agreement whereby Borrower has securitized any of Borrower’s Credit Card Receivables and such default remains uncured beyond any applicable grace
period provided in such securitization agreement. 
  
 (e) Misrepresentation. Any material representation or warranty made in any of the Loan Documents is false when made or, for whatever reason, becomes false or inaccurate at any time during the term of this Agreement, including at the
time of the Loan and any advance on the Loan, and the same remains uncured for thirty (30) days after any officer of Borrower or any executive officer of Guarantor knows or should have known of such false or inaccurate representation or warranty.

  

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 (f) Enforceability. Any of the Loan Documents becomes void or unenforceable in
whole or in part. 
  
 (g) Change in
Control. Prior to the Maturity Date there is a change in the ownership or control (by merger, purchase, consolidation or otherwise) of the issued and outstanding voting stock of Borrower that would be required under applicable law to be the
subject of any filing with any Government Agency. 
  
 (h) Governmental Actions. The Comptroller of the Currency, Federal Reserve, the FDIC or other Governmental Agency charged with the regulation of Borrower: 
  
 (i) Issues to Borrower, Guarantor or any of Guarantor’s Subsidiaries, or initiates any action, suit or
proceeding to obtain against, impose on or require from Borrower, Guarantor or any of Guarantor’s Subsidiaries, a cease and desist order or similar regulatory order, the assessment of civil monetary penalties, articles of agreement, a
memorandum of understanding, a capital directive, a capital restoration plan, restrictions that prevent or as a practical matter impair the payment of dividends by Borrower or the payments of any debt by Borrower, restrictions that make the payment
of dividends by Borrower or the payment of debt by Borrower subject to prior regulatory approval, a notice or finding under Section 8(a) of the Federal Deposit Insurance Act, as amended, or any similar enforcement action, measure or proceeding; or

  
 (ii) issues to any officer or director of
Borrower, Guarantor or any of Guarantor’s Subsidiaries, or initiates any action, suit or proceeding to obtain against, impose on or require from any such officer or director, a cease and desist order or similar regulatory order, a removal order
or suspension order or the assessment of civil monetary penalties; 
  
 (i) Troubled Condition. Borrower is notified that it is considered an institution in “troubled condition” within the meaning of 12 U.S.C. Section 183 ii and the regulations promulgated thereunder, or
if a conservator or receiver is appointed for Borrower. 
  
 (j) Insolvency. The Borrower, Guarantor or any of Guarantor’s Subsidiaries becomes insolvent or is unable to pay its debts as they mature; or makes an assignment for the benefit of creditors or admits in
writing its inability to pay its debts as they mature; or suspends transaction of its usual business, or if a trustee of any substantial part of the assets of any of the Borrower, Guarantor or any of Guarantor’s Subsidiaries is applied for or
appointed, and if appointed in a proceeding brought against any of the Borrower, Guarantor or any of Guarantor’s Subsidiaries, such Borrower, Guarantor or any of Guarantor’s Subsidiaries, respectively, by any action or failure to act
indicates its approval of, consent to or acquiescence in such appointment, or within thirty (30) days 

  

 22 

 
such appointment is not vacated or stayed on appeal or otherwise, or shall not otherwise have ceased to continue in effect. 
  
 (k) Bankruptcy. Any proceedings involving any of the
Borrower, Guarantor or any of Guarantor’s Subsidiaries are commenced by or against any of the Borrower, Guarantor or any of Guarantor’s Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt,
dissolution or liquidation law or statute of the federal government or any state government and if such proceedings are instituted against any of the Borrower, Guarantor or any of Guarantor’s Subsidiaries, such Borrower, Guarantor or any of
Guarantor’s Subsidiaries, respectively, by any action or failure to act indicates its approval of, consent to or acquiescence therein, or an order shall be entered approving the petition in such proceedings and within thirty (30) days after the
entry thereof such order is not vacated or stayed on appeal or otherwise, or shall not otherwise have ceased to continue in effect. 
  
 (l) Other Defaults. The Borrower, Guarantor or any of Guarantor’s Subsidiaries defaults or continues to be in default in any
payment of principal or interest for any other obligation, or in the performance of any other term, condition or covenant contained in any agreement (including an agreement in connection with the acquisition of capital equipment on a title retention
or net lease basis), under which any such obligation is created, where the aggregate consolidated liability of such Borrower, Guarantor or any such Subsidiary thereunder is in excess of One Hundred Thousand, Dollars ($100,000) as it relates to the
Borrower and Five Hundred Thousand ($500,000) as it relates to the Guarantor or any of Guarantor’s Subsidiaries, other than the Borrower. 
  
 Section 6.2. Remedies of Bank. Upon the occurrence of an Event of Default, Bank shall have all rights and remedies provided by
applicable law and, without limiting the generality of the foregoing, ‘May, at its option, declare its commitments under the Loan Documents to be terminated and the Note shall thereupon be and become forthwith, due and payable, without any
presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by Borrower, anything contained herein or in the Note to the contrary notwithstanding, and may, also without limitation, appropriate and apply toward
the payment of any amounts due under this Agreement and the Note, any indebtedness of Bank to Borrower however, created or arising. 
  
 Section 6.3. Special Acceleration. Notwithstanding anything contained herein to the contrary, upon the payment of all amounts
due to U.S. Bank National Association and the Banks from Guarantor under the terms of the Cabela’s Credit Agreement, or upon termination of that Agreement for any reason, Bank may, at its option, declare its commitments under the Loan Documents
to be terminated and the Note shall thereupon be and become forthwith, due and payable, without any presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by Borrower, anything contained herein or in the
Note to the contrary notwithstanding, and may, also without limitation, appropriate and apply toward the payment of 

  

 23 

 
any amounts due under this Agreement and the Note any indebtedness of Bank to Borrower however created or arising. 
  
 ARTICLE 7 
 MISCELLANEOUS 
  
 Section 7.1. Waiver by Bank. No failure or delay on the part of Bank in exercising any right, power or remedy hereunder shall operate as a waiver thereof. No single or partial exercise of
any such right, power or remedy shall preclude any other or further exercise thereof or the exercise of any other right, Power or remedy hereunder. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. Time
is of the essence in the performance of the covenants, agreements and obligations of Borrower and Bank. 
  
 Section 7.2. Entire Agreement; Modification of the Agreement. This Agreement and the other Loan Documents constitute the
entire agreement between the parties and supersedes all prior agreements between Bank and Borrower with respect to the subject matter hereof. No amendment, modification, termination or waiver of any provision in this Agreement or the Note, or
consent to any departure by Borrower therefrom, shall be effective except for the specific purpose for which given and only then if in writing and signed by the party intending to be bound. No notice to or demand on Borrower in any case shall
entitle Borrower to any other or further notice or demand in similar or other circumstances. 
  
 Section 7.3. Notices. All notices, requests, demands and other communications provided for hereunder shall be: (a) in writing; (b) made in one of the following manners; and (c) deemed given
(i) if and when personally delivered, (ii) on the next business day if sent by nationally recognized overnight courier addressed to the appropriate party as set forth below or (iii) on the fifth business day after being deposited in United States
certified or registered mail, and addressed as follows: 
  

	 	(a)	If to Borrower: 

  
 World’s Foremost Bank, N.A. 
 One
Cabela Drive 
 Sidney, Nebraska 69160 
 Attn: Mr. Ralph Castner 
  
 with a copy to: 

World’s Foremost Bank, N.A. 
 One
Cabela Drive 
 Sidney, Nebraska 69160 
 Attn: Mr. David Roehr 
  
 with a copy to: 

 

 24 

 Michael M. Hupp, Esq. 
 Koley Jessen P.C. 
 1125 South 103rd Street, Suite 800 
 Omaha, Nebraska 68124-1079 
  

	 	(b)	If to Bank: 

  
 Wells Fargo Bank Nebraska, National Association 
 Wells Fargo Center 
 1248 “O” Street 
 Lincoln, Nebraska 68508 
 Attention: Mr. Bill Weber 
  
 or, as to each party, at such other address as shall be designated by such party in a notice
to each other party complying as to delivery with the terms of this subsection. 
  
 Section 7.4. Counterparts. This Agreement may be executed in any number of counterparts anal by different parties hereto in separate counterparts each of which when so, constitute but one
and the same instrument. 
  
 Section 7.5. Successors
and Assigns. This Agreement shall become effective when it shall have been executed by Borrower and Bank and thereafter shall be binding upon and inure to the benefit of Borrower and Bank and their respective successors and assigns,
provided, that Borrower shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of Bank, which consent may be given or denied in Bank’s sole and absolute discretion. 
  
 Section 7.6. Jurisdiction; Service of Process;
Waiver. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS HAVE BEEN NEGOTIATED, EXECUTED AND DELIVERED AT, AND SHALL BE DEEMED TO HAVE BEEN MADE AT, LINCOLN, NEBRASKA. THE LOANS PROVIDED FOR HEREIN ARE TO BE FUNDED AND REPAID AT, AND THIS
AGREEMENT IS OTHERWISE TO BE PERFORMED AT, LINCOLN, NEBRASKA AND THIS AGREEMENT SHALL BE INTERPRETED, AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED, IN ACCORDANCE WITH THE INTERNAL LAUDS OF THE STATE OF NEBRASKA WITHOUT REFERENCE
TO: 
  
 (a) ITS JUDICIALLY OR STATUTORILY
PRONOUNCED RULES REGARDING CONFLICT OF LAWS OR CHOICE OF LAW; (b) WHERE ANY OTHER AGREEMENT IS EXECUTED OR DELIVERED; (c) WHERE ANY PAYMENT OR OTHER PERFORMANCE REQUIRED BY ANY SUCH AGREEMENT IS MADE OR REQUIRED TO BE MADE; (d) WHERE ANY BREACH OF
ANY PROVISION OF ANY SUCH AGREEMENT OCCURS, OR ANY CAUSE OF ACTION OTHERWISE ACCRUES; (e) WHERE ANY ACTION OR OTHER PROCEEDING IS INSTITUTED OR PENDING; (f) THE NATIONALITY, CITIZENSHIP, DOMICILE, PRINCIPAL PLACE OF BUSINESS, OR JURISDICTION OR
ORGANIZATION OR DOMESTICATION OF ANY PARTY; (g) 

  

 25 

 
WHETHER THE LAWS OF THE FORUM JURISDICTION OTHERWISE WOULD APPLY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEBRASKA; OR (h) ANY COMBINATION OF THE
FOREGOING. AS PART OF THE CONSIDERATION FOR NEW VALUE THIS DAY RECEIVED, BORROWER RECOGNIZES THAT BANK’S PRINCIPAL OFFICE IS LOCATED IN OMAHA, NEBRASKA, AND THAT BANK MAY BE IRREPARABLY HARMED IF REQUIRED TO INSTITUTE OR DEFEND ANY ACTIONS
AGAINST BORROWER IN ANY JURISDICTION OTHER THAN THE DISTRICT OF NEBRASKA OR LANCASTER COUNTY, NEBRASKA; THEREFORE, BORROWER IRREVOCABLY: (i) AGREES THAT ANY SUIT, ACTION OR OTHER LEGAL PROCEEDING RELATING TO THE LOANS OR ANY OF THE LOAN DOCUMENTS
MAY BE BROUGHT IN THE DISTRICT OF NEBRASKA, IF FEDERAL JURISDICTION IS AVAILABLE, AND, OTHERWISE, IN THE DISTRICT COURT OF LANCASTER COUNTY, AT BANK’S OPTION; (ii) Consents TO THE JURISDICTION OF EACH SUCH COURT IN ANY SUCH SUIT, ACTION OR
PROCEEDING; (iii) WAIVES ANY OBJECTION WHICH BORROWER MAY HAVE TO THE LAYING OF VENUE IN ANY SUCH SUIT, ACTION OR PROCEEDING IN EITHER SUCH COURT; AND (iv) AGREES TO JOIN BANK IN ANY PETITION FOR REMOVAL TO EITHER SUCH COURT BROUGHT BY BANK.
BORROWER WAIVES TRIAL BY JURY AND ANY OBJECTION TO JURISDICTION AND VENUE OF ANY ACTION INSTITUTED HEREUNDER AND AGREES NOT TO ASSERT ANY DEFENSE BASED ON LACK OF JURISDICTION OR VENUE. NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF BANK TO
SERVE. LEGAL PROCESS IN ANY MANNER PERMITTED BY LAW OR AFFECT THE RIGHT OF BANK TO BRING ANY ACTION OR PROCEEDING AGAINST BORROWER OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION. 
  
 Section 7.7. Severability. Any provision of this Agreement which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other
jurisdiction. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law. 
  
 Section 7.8. Survival of Representations and Warranties. All covenants, agreements, representations and warranties made by
Borrower or Guarantor herein shall, notwithstanding any investigation by or Knowledge on the part of Bank, be deemed material and relied on by Bank and shall survive the making of this Agreement, and execution and delivery of the Note, and shall be
deemed to be continuing representations and warranties until such time as Borrower has satisfied all of its obligations to Bank, including the obligation to pay in full all principal, interest and other amounts due in accordance with the terms of
this Agreement and the Note. 
  
 Section 7.9.
Extensions and Renewals. This Agreement shall govern the terms of any extensions or renewals to the Note, subject to any additional terms and conditions imposed by Bank in connection with any such extension or renewal.

  

 26 

 Section 7.10. Participations; Assignments. Bank reserves the right to sell
participations in the Loan and otherwise assign, transfer or hypothecate all or any part of the Loan along with the corresponding rights in the Loan Documents. Bank is authorized by Borrower and Guarantor to disclose information about it and its
Subsidiaries to prospective participants and assignees. 
  
 Section 7.11. Additional Actions. Borrower agrees to do such further acts and things and to execute and deliver to Bank such additional assignments, agreements, powers and instruments, as Bank may reasonably
require or deem advisable to carry into effect the purposes of this Agreement, the Note or any other agreement or instrument in connection herewith. 
  
 Section 7.12. Indemnification. The Borrower and Guarantor jointly and severally hereby agree to defend, protect, indemnify and
hold harmless the Bank and its respective Affiliates and the directors, officers, employees, attorneys and agents of the Bank and their respective Affiliates (each of the foregoing being an “Indemnitee” and all of the foregoing being
collectively the “Indemnitees”) from and against any and all claims, actions, damages, liabilities, judgments, costs and expenses (including all reasonable fees and disbursements of counsel which may be incurred in the investigation or
defense of any matter) imposed upon, incurred by or asserted against any Indemnitee, whether direct, indirect or consequential and whether based on any federal, state, local or foreign laws or regulations (including securities laws, environmental
laws, commercial laws and regulations), under common law or on equitable cause, or on contract or otherwise: 
  
 (a) by reason of, relating to or in connection with the execution, delivery, performance or enforcement of any Loan Document, any
commitments relating thereto, or any transaction contemplated by any Loan Document; or 
  
 (b) by reason of, relating to or in connection with any credit extended or used under the Loan Documents or any act done or omitted by any
Person, or the exercise of any rights or remedies thereunder, including the acquisition of any collateral by the Bank by way of foreclosure of the Lien thereon, deed or bill of sale in lieu of such foreclosure or otherwise; 
  
 provided, however, that neither the Borrower nor the Guarantor shall be liable
to any Indemnitee for any portion of such claims, damages, liabilities and expenses resulting from such Indemnitee’s gross negligence or willful misconduct. In the event this indemnity is unenforceable as a matter of law as to a particular
matter or consequence referred to herein, it shall be enforceable to the full extent permitted by law. 
  
 This indemnification applies, without limitation, to any act, omission, event or circumstance existing or occurring on or prior to the later of the
Maturity Date or the date of payment in full of the Indebtedness, including specifically Indebtedness arising under clause (b) of this Section. The indemnification provisions set forth above shall be in addition to any liability the Borrower or
Guarantor may otherwise have. Without prejudice to the survival of any other obligation of the Borrower or Guarantor hereunder the indemnities and obligations of the 

  

 27 

 
Borrower and Guarantor contained in this Section shall survive the payment in full of the other Indebtedness. 
  
 Section 7.13. Captions. The captions or headings
herein and any table of contents hereto are for convenience only and in no way define, limit or describe the scope or intent of any provision of this Agreement. 
  

Section 7.14. Borrower and Guarantor Acknowledgments. The Borrower and the Guarantor each hereby acknowledge that (a) it
has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents; (b) the Bank has no fiduciary relationship to such Borrower, the relationship being solely that of debtor and creditor, (c) no
joint venture exists between such Borrower and the Bank, and (d) the Bank does not undertake any responsibility to such Borrower to review or inform the Borrower of any matter in connection with any phase of the business or operations of the
Borrower and the Borrower shall rely entirely upon its own judgment with respect to its business, and any review, inspection or supervision of, or information supplied to, the Borrower by the Bank is for the protection of the Bank and neither the
Borrower nor any third party is entitled to rely thereon. 
  
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first above written. 
  

									
	 WORLD’S FOREMOST BANK,
 NATIONAL ASSOCIATION
	 	 	 	 WELLS FARGO BANK NEBRASKA,
 NATIONAL ASSOCIATION

					
	By:	 	 /s/ Ralph Castner
	 	 	 	By:	 	 /s/ Bill Weber

	 	 	
	 	 	 	 	 	

	 Its:
	 	 Treasurer
	 	 	 	 Its:
	 	 Vice President

  

 28

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