TO AMEND AND RESTATED CREDIT AND SECURITY AGREEMENT
REVOLVING NOTE
$15,000,000.00 Minneapolis, Minnesota
April 18, 1997
For value received, the undersigned, The Sportsman's Guide, Inc., a Minnesota
corporation (the "Borrower"), hereby promises to pay on May 31, 2000 to the
order of Norwest Business Credit, Inc., a Minnesota corporation (the "Lender"),
at its main office in Minneapolis, Minnesota, or at any other place designated
at any time by the holder hereof, in lawful money of the United States of
America and in immediately available funds, the principal sum of Fifteen Million
and 00/100 Dollars ($15,000,000.00) or, if less, the aggregate unpaid principal
amount of all advances made by the Lender to the Borrower pursuant to that
certain Amended and Restated Credit and Security Agreement (as the same may be
amended and/or restated from time to time, the "Credit Agreement") of even date
herewith by and between the Lender and the Borrower, together with interest on
the principal amount hereunder remaining unpaid from time to time, computed on
the basis of the actual number of days elapsed and a 360-day year, from the date
hereof until this Note is fully paid at the rate from time to time in effect
under the Credit Agreement. The principal hereof and interest accruing thereon
shall be due and payable as provided in the Credit Agreement. This Note may be
prepaid only in accordance with the Credit Agreement.
This Note is issued pursuant, and is subject to, the Credit Agreement, which
provides, among other things, for acceleration hereof. This Note is the Note
referred to in the Credit Agreement.
This Note is secured, among other things, pursuant to the Credit Agreement and
the Security Documents as therein defined, and may now or hereafter be secured
by one or more other security agreements, mortgages, deeds of trust, assignments
or other instruments or agreements.
The Borrower hereby agrees to pay all costs of collection, including attorneys'
fees and legal expenses in the event this Note is not paid when due, whether or
not legal proceedings are commenced.
Presentment or other demand for payment, notice of dishonor and protest are
expressly waived.
This Note is issued in substitution for, and not in payment or satisfaction of,
that certain Revolving Note dated October 18, 1996, executed by the Borrower and
payable to the order of the Lender in the maximum principal amount of
$11,500,000.
THE SPORTSMAN'S GUIDE, INC.
By: Xxxxxxx Xxxxxx
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Its: Secretary
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