<SEC-DOCUMENT>0000908315-20-000025.txt : 20200902
<SEC-HEADER>0000908315-20-000025.hdr.sgml : 20200902
<ACCEPTANCE-DATETIME>20200902142952
ACCESSION NUMBER:		0000908315-20-000025
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20200902
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200902
DATE AS OF CHANGE:		20200902

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WINMARK CORP
		CENTRAL INDEX KEY:			0000908315
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-MISCELLANEOUS RETAIL [5900]
		IRS NUMBER:				411622691
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1226

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22012
		FILM NUMBER:		201156612

	BUSINESS ADDRESS:	
		STREET 1:		605 HIGHWAY 169 N SUITE 400
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55441
		BUSINESS PHONE:		763-520-8500

	MAIL ADDRESS:	
		STREET 1:		605 HIGHWAY 169 N SUITE 400
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55441

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GROW BIZ INTERNATIONAL INC
		DATE OF NAME CHANGE:	19930629
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c315-20200902x8k.htm
<DESCRIPTION>8-K
<TEXT>
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Employer Identification Number)</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_9_2_2020_To_9_2_2020_PAOK4pAgb0WM1UzAgx-OgQ" name="dei:EntityAddressAddressLine1" id="Narr_3xqLVoQe-kyZKs_bP4XFVw"><b style="font-size:11pt;font-weight:bold;letter-spacing:-0.15pt;">605 Highway 169 North</b></ix:nonNumeric><b style="font-size:11pt;font-weight:bold;letter-spacing:-0.15pt;">, </b><ix:nonNumeric contextRef="Duration_9_2_2020_To_9_2_2020_PAOK4pAgb0WM1UzAgx-OgQ" name="dei:EntityAddressAddressLine2" id="Narr_QbqC1GKtt0uP5UjJ1JYtOw"><b style="font-size:11pt;font-weight:bold;letter-spacing:-0.15pt;">Suite 400</b></ix:nonNumeric><b style="font-size:11pt;font-weight:bold;letter-spacing:-0.15pt;">, </b><ix:nonNumeric 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style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:98.39%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:35.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:top;width:27.19%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:36.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:35.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid 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style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:89.59%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr style="height:15.75pt;"><td style="vertical-align:top;width:7.14%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:3.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-family:'Times New Roman';">&#9679;</span></p></td><td style="vertical-align:top;width:0.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:89.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt 46.8pt 0pt 0pt;">Decreases the aggregate commitments under the Agreement from 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style="height:18.95pt;"><td style="vertical-align:middle;width:7.14%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:3.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><span style="font-family:'Times New Roman';">&#9679;</span></p></td><td style="vertical-align:middle;width:0.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:89.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt 87.3pt 0pt 0pt;">Extends the termination date of the Agreement from July 19, 2021 to August 31, 2024;</p></td></tr><tr style="height:18.95pt;"><td style="vertical-align:middle;width:7.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:13.5pt;visibility:hidden;">&#8203;</span></p></td><td 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style="font-size:13.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:3.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><span style="font-family:'Times New Roman';">&#9679;</span></p></td><td style="vertical-align:middle;width:0.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:89.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt 60.3pt 0pt 0pt;">Permits the Company to issue up to $25 million in additional term notes to one or more affiliates or managed accounts of Prudential Investment Management, Inc. 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style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:72pt;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:left;">Item 9.01</span></span>Financial Statements and Exhibits</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-indent:36pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:left;">(d)</span></span>Exhibits</p><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:93.26%;"><tr style="height:1pt;"><td style="vertical-align:top;width:5.14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:top;width:93.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:5.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">10.1</p></td><td style="vertical-align:bottom;width:1.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:93.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><a href="c315-20200902ex101d59075.htm"><span style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:left;">Amendment No. 7 to Credit Agreement dated September 2, 2020</span></a>*&#160;</p></td></tr><tr><td style="vertical-align:top;width:5.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">10.2</p></td><td style="vertical-align:bottom;width:1.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:93.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><a href="https://www.sec.gov/Archives/edgar/data/908315/000110465910039324/a10-12630_1ex10d2.htm"><span style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:left;">Credit Agreement dated July 13, 2010, among Winmark Corporation and its subsidiaries and CIBC Bank USA (formerly known as The PrivateBank and Trust Company)</span></a> <sup style="font-size:8.25pt;line-height:100%;top:0pt;vertical-align:top;">(1)</sup></p></td></tr><tr><td style="vertical-align:top;width:5.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">10.3</p></td><td style="vertical-align:bottom;width:1.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:93.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><a href="c315-20200902ex103c762c5.htm"><span style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:left;">Amendment No. 3 to Note Agreement dated September 2, 2020</span></a>*</p></td></tr><tr><td style="vertical-align:top;width:5.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">10.4</p></td><td style="vertical-align:bottom;width:1.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:93.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><a href="https://www.sec.gov/Archives/edgar/data/908315/000110465915039074/a15-11733_1ex10d8.htm"><span style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:left;">Note Agreement dated May 14, 2015, among Winmark Corporation and its subsidiaries and Prudential Investment Management, Inc., its affiliates and managed accounts</span></a>&#160;<sup style="font-size:8.25pt;line-height:100%;top:0pt;vertical-align:top;">(2)</sup></p></td></tr><tr><td style="vertical-align:top;width:5.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">10.5</p></td><td style="vertical-align:bottom;width:1.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:93.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><a href="c315-20200902ex105f5be3b.htm"><span style="font-family:'Times New 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Roman','Times','serif';font-size:12.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1px;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">*Filed Herewith</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;padding-left:18pt;text-indent:-18pt;margin:0pt;">(1) Incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q for the fiscal quarter ended June 26, 2010</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;padding-left:18pt;text-indent:-18pt;margin:0pt;">(2) Incorporated by reference to Exhibit 10.8 to the Current Report on Form 8-K filed on May 18, 2015</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="display:inline-block;width:216pt;"></span><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:76.47%;border:0;margin:30pt 11.76% 30pt 11.76%;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">SIGNATURES</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"></span><span style="font-size:11pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"></span><span style="display:inline-block;width:36pt;"></span><span style="display:inline-block;width:36pt;"></span><span style="display:inline-block;width:36pt;"></span><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><div style="padding-left:0.4pt;"><table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;table-layout:auto;width:99.03%;"><tr style="height:1pt;"><td style="vertical-align:top;width:51.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:4.82%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:43.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:top;width:51.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:48.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="white-space:pre-wrap;"> WINMARK CORPORATION</span></p></td></tr><tr><td style="vertical-align:top;width:51.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:48.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:51.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">Date: September 2, 2020</p></td><td style="vertical-align:top;width:4.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">By:</p></td><td style="vertical-align:top;width:43.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="white-space:pre-wrap;"> /s/Anthony D. Ishaug</span></p></td></tr><tr><td style="vertical-align:top;width:51.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:48.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="white-space:pre-wrap;">        Anthony D. Ishaug</span></p></td></tr><tr><td style="vertical-align:top;width:51.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:48.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="white-space:pre-wrap;">        Chief Financial Officer and Treasurer</span></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 6pt 144pt;"><span style="font-size:11pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="display:inline-block;width:216pt;"></span><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></div></div>
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<TYPE>EX-10.1
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<!--Enhanced HTML document created with Toppan Merrill Bridge  9.7.0.58--><!--Created on: 9/2/2020 06:18:44 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;min-height:18.78pt;"><div style="height:0pt;position:relative;width:100%;"><div style="height:18.78pt;position:absolute;right:0pt;top:-6.26pt;width:76.33pt;z-index:251658240;"><div style="height:18.78pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:76.33pt;"><div style="height:calc(100% - 7.18pt);left:0pt;position:relative;text-indent:0pt;top:0pt;padding:3.59pt 7.19pt 3.59pt 7.19pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;width:100%;margin:0pt;">Exhibit 10.1</p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">AMENDMENT NO. 7</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">to</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">CREDIT AGREEMENT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">THIS AMENDMENT NO. 7 TO CREDIT AGREEMENT (this &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Amendment</u>&#8221;) is dated as of September 2, 2020, by and among WINMARK CORPORATION, WIRTH BUSINESS CREDIT, INC., WINMARK CAPITAL CORPORATION and GROW BIZ GAMES, INC. (each of the foregoing are referred to herein individually as a &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Loan Party</u>&#8221; and collectively as the &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Loan Parties</u>&#8221;), CIBC BANK USA (formerly known as The PrivateBank and Trust Company) (the &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Administrative Agent</u>&#8221; and a &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Lender</u>&#8221;), and, for the limited purpose of Section 2 of this Amendment, BMO HARRIS BANK N.A. (formerly known as HARRIS N.A.) (&#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">BMO</u>&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">RECITALS:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font><b style="font-weight:bold;">A.</b><font style="display:inline-block;width:24.33pt;"></font>The Loan Parties, the Administrative Agent, the Lender, and BMO are parties to that certain Credit Agreement, dated as of July 13, 2010, as amended prior to the date hereof (the &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Credit Agreement</u>&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font><b style="font-weight:bold;">B.</b><font style="display:inline-block;width:25pt;"></font>The Loan Parties have requested to decrease the Aggregate Commitments (as defined in the Credit Agreement) to $25,000,000 and to extend the Termination Date (as defined in the Credit Agreement). </p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font><b style="font-weight:bold;">C.</b><font style="display:inline-block;width:24.33pt;"></font>The Loan Parties, the Administrative Agent, and the Lender desire to further amend the Credit Agreement as provided herein.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">AGREEMENTS:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font>IN CONSIDERATION of the premises and mutual covenants herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">1.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Definitions</b><b style="font-weight:bold;">.</b> &#160;Capitalized terms not otherwise defined in this Amendment have the same meanings as set forth in the Credit Agreement.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">2.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Decrease in the Aggregate Commitment</b><b style="font-weight:bold;">.</b> &#160;The parties acknowledge and agree that as of the effective date of this Amendment, (i) the Aggregate Commitments shall decrease from $40,000,000 to $25,000,000 and (ii) BMO will not have any Commitment, and it will no longer be a Lender under the Credit Agreement. </div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">3.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Amendment of Section 1.1</b><b style="font-weight:bold;">.</b> &#160;Section 1.1 of the Credit Agreement is hereby amended <u style="text-decoration:underline;text-decoration-color:#000000;">first</u> by deleting the definitions of &#8220;LIBOR Rate&#8221;, &#8220;Termination Date&#8221; and &#8220;Net Cash Proceeds&#8221;, and <u style="text-decoration:underline;text-decoration-color:#000000;">second</u> by adding the following definitions to such Section in their correct alphabetical order: </div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:58.5pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-align:left;width:36pt;"></font><a name="_Hlk49837288"></a><a name="_Hlk49151627"></a>&#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Additional Prudential Debt</u>&#8221; means Debt owing to Prudential in an aggregate amount incurred not to exceed $25,000,000, to the extent that each of the following conditions shall have been satisfied:</p><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:36pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';min-width:36pt;text-indent:0pt;white-space:nowrap;">(a)</font>no Unmatured Event of Default or Event of Default shall exist at the time of funding or effectiveness of such Additional Prudential Debt;</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:36pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';min-width:36pt;text-indent:0pt;white-space:nowrap;">(b)</font>the Company and the Subsidiaries shall be in pro forma compliance with the financial covenants contained in <u style="text-decoration:underline;text-decoration-color:#000000;">Section 11.15</u>, <u style="text-decoration:underline;text-decoration-color:#000000;">11.16</u>, and <u style="text-decoration:underline;text-decoration-color:#000000;">11.17</u> at the time of funding or effectiveness of such Additional Prudential Debt; </div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:36pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';min-width:36pt;text-indent:0pt;white-space:nowrap;">(c)</font>at the time of funding or effectiveness of such Additional Prudential Debt, all representations and warranties by the Loan Parties contained herein or in any other Loan Document shall be true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of the date of incurrence of such Additional Prudential Debt and after giving pro forma effect thereto, except to the extent that such representation or warranty expressly relates to an earlier date (in which event such representations and warranties shall be true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of such earlier date);</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:36pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';min-width:36pt;text-indent:0pt;white-space:nowrap;">(d)</font>the Additional Prudential Debt shall be on terms and conditions acceptable to the Agent and the Lenders; <i style="font-style:italic;">provided, however </i>that Agent and the Lenders shall grant such acceptance if such Additional Prudential Debt is issued and subject to substantially the same terms and conditions of Debt owed to Prudential prior to the Seventh Amendment Effective Date (other than with respect to applicable maturity dates and interest rates); </div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:36pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';min-width:36pt;text-indent:0pt;white-space:nowrap;">(e)</font>Agent shall have received true, correct, and complete copies all documents entered into by any Loan Party in connection therewith, each of which shall be in form and substance acceptable to the Agent; and</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:36pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';min-width:36pt;text-indent:0pt;white-space:nowrap;">(f)</font>the Agent shall have received a certificate of a Senior Officer of the Loan Parties certifying as to the foregoing.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:40.5pt;margin-top:0pt;text-align:justify;text-indent:31.5pt;"><a name="_Hlk49151677"></a><a name="_Hlk36024318"></a><font style="background-color:#ffffff;">&#8220;</font><u style="background-color:#ffffff;text-decoration:underline;text-decoration-color:#000000;">LIBOR Rate</u><font style="background-color:#ffffff;">&#8221;: &#160;For any Interest Period for a LIBOR Loan, a rate of interest equal to the greater of (a) (i) the per annum rate of interest at which United States dollar deposits for a period equal to the relevant Interest Period are offered in the London Interbank Eurodollar market at 11:00 A.M. (London time) two (2) Business Days prior to the commencement of such Interest Period (or three (3) Business Days prior to the commencement of such Interest Period if banks in London, England were not open and dealing in offshore United States dollars on such second preceding Business Day), as displayed in the </font><i style="background-color:#ffffff;font-style:italic;">Bloomberg Financial Markets</i><font style="background-color:#ffffff;"> system (or other authoritative source selected by the Administrative Agent in its sole discretion), divided by (ii) a number determined by subtracting from 1.00 the then stated maximum reserve percentage for determining reserves to be maintained by member banks of the Federal Reserve System for Eurocurrency funding or liabilities as defined in Regulation D (or any successor category of liabilities under Regulation D), or as LIBOR is otherwise determined by the </font></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:58.5pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:40.5pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><font style="background-color:#ffffff;">Administrative Agent in its sole and absolute discretion and (b) 0.00% per annum. &#160;The Administrative Agent &#39;s determination of the LIBOR Rate shall be conclusive, absent manifest error and shall remain fixed during such Interest Period. &#160;The Lenders may lend to their customers at rates that are at, above, or below the LIBOR Rate.</font></div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;width:36pt;"></font>&#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Net Cash Proceeds</u>&#8221;: &#160;</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:36pt;">(a)<font style="display:inline-block;width:22.68pt;"></font>With respect to any Asset Disposition, the aggregate cash proceeds (including cash proceeds received pursuant to policies of insurance or by way of deferred payment of principal pursuant to a note, installment receivable or otherwise, but only as and when received) received by any Loan Party pursuant to such Asset Disposition net of (i) the direct costs relating to such sale, transfer or other disposition (including sales commissions and legal, accounting and investment banking fees), (ii) taxes paid or reasonably estimated by Loan Parties to be payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements) and (iii) amounts required to be applied to the repayment of any Debt secured by a Lien on the asset subject to such Asset Disposition (other than the Loans);</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:36pt;">(b)<font style="display:inline-block;width:22.01pt;"></font>with respect to any issuance of Capital Securities, the aggregate cash proceeds received by any Loan Party pursuant to such issuance, net of the direct costs relating to such issuance (including sales and underwriters&#8217; commissions); and</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:36pt;">(c)<font style="display:inline-block;width:22.68pt;"></font><a name="_Hlk49837334"></a>with respect to any issuance of Debt (other than the Debt issued to Prudential (i) on or about the Fourth Amendment Effective Date, (ii) on or about the Fifth Amendment Effective Date, and (iii) constituting Additional Prudential Debt), the aggregate cash proceeds received by any Loan Party pursuant to such issuance, net of the direct costs of such issuance (including up-front, underwriters&#8217; and placement fees).</div><div style="margin-top:12pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 36pt;"><a name="_Hlk49151695"></a>&#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Seventh Amendment</u>&#8221;: &#160;That certain Amendment No. 7 to Credit Agreement, dated as of September 2, 2020, by and among the Loan Parties, the Administrative Agent and the Lenders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 36pt;">&#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Seventh Amendment Effective Date</u>&#8221;: &#160;The date on which all of the conditions set forth in the Seventh Amendment have been satisfied or waived in writing by the Lenders and the Administrative Agent.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 36pt;"><a name="_Hlk49151709"></a><font style="background-color:#ffffff;">&#8220;</font><u style="background-color:#ffffff;text-decoration:underline;text-decoration-color:#000000;">Termination Date</u><font style="background-color:#ffffff;">&#8221;: &#160;The earlier to occur of (a) August 31, 2024, or (b) such other date on which the Commitment terminates pursuant to Section 13.</font> </p><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">4.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Amendment of Section 6.3</b><b style="font-weight:bold;">. </b> Section 6.3 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: </div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 0pt 36pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:justify;">6.3</font></font><u style="background-color:#ffffff;text-decoration:underline;text-decoration-color:#000000;">Reduction of Aggregate Commitments</u><font style="background-color:#ffffff;">. &#160;</font><a name="_Hlk49151737"></a><font style="background-color:#ffffff;">The Loan Parties may, at any time, upon not less than 30 days&#8217; prior written notice from the Company to Agent and each Lender, reduce the amount of the Aggregate Commitments, with any such reduction in a minimum amount of $1,000,000, or, if more, in an integral multiple of $500,000 and on a </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:58.5pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><font style="background-color:#ffffff;">pro rata basis for each Commitment; provided, however, that the Loan Parties may not at any time reduce the amount of Aggregate Commitments below the Outstandings. Upon any reduction as provided herein, the Administrative Agent shall deliver an updated Schedule 2.1 to the Loan Parties and the Lenders.</font> </p><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">5.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Amendment of Section 11.1(j)</b><b style="font-weight:bold;">.</b> &#160;Section 11.1(j) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:</div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-align:left;width:36pt;"></font>(j)<font style="display:inline-block;width:24.67pt;"></font><a name="_Hlk49151764"></a>(i) Debt existing prior to the Seventh Amendment Effective Date and owed to Prudential but only so long as the Prudential Intercreditor Agreement is in full force and effect and (ii) the Additional Prudential Debt but only so long as the Prudential Intercreditor Agreement is in full force and effect. &#160;</p><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">6.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Amendment of Section 11.15</b><b style="font-weight:bold;">.</b> &#160;Section 11.15 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:</div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font>11.15<font style="display:inline-block;width:9pt;"></font><u style="text-decoration:underline;text-decoration-color:#000000;">Tangible Net Worth</u>. &#160;Not permit the Tangible Net Worth of the Loan Parties to be:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:justify;"><a name="_Hlk49151804"></a><a name="_Hlk36024344"></a></font></font>(a)<font style="display:inline-block;width:22.68pt;"></font><font style="background-color:#ffffff;">as of September 26, 2020, less than $120,000,000; and</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font>(b)<font style="display:inline-block;width:22.01pt;"></font><font style="background-color:#ffffff;">as of the last day of each fiscal month following the fiscal month ended September 26, 2020, the sum of the minimum Tangible Net Worth from the immediately preceding fiscal month plus fifty percent (50%) of the net income of the fiscal month then ended, if positive.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><a name="_Hlk49837406"></a>Notwithstanding the foregoing, the parties acknowledge and agree that effect of each of the 2015 Tender Offer (as such term is defined in the Fourth Amendment) (the &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">2015 Tender Offer</u>&#8221;), the 2017 Tender Offer (as such term is defined in the Fifth Amendment) (the &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">2017 Tender Offer</u>&#8221;), and the 2020 Tender Offer (as such term is defined in the Sixth Amendment)(the &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">2020 Tender Offer</u>&#8221;) shall be excluded in the foregoing covenant calculation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">7.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Global Amendment</b><b style="font-weight:bold;">. </b>All references in the Credit Agreement to &#8220;The PrivateBank and Trust Company&#8221; shall be amended to read to &#8220;CIBC Bank USA (formerly known as The PrivateBank and Trust Company)&#8221; and all references to &#8220;PrivateBank&#8221; shall be amended to read &#8220;CIBC&#8221;. </div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">8.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Amendment of Schedule 2.1</b><b style="font-weight:bold;">.</b> &#160;Schedule 2.1 of the Credit Agreement (Commitments and Applicable Percentages) is hereby amended in its entirety to read as set forth in the <u style="text-decoration:underline;text-decoration-color:#000000;">Exhibit A</u> attached to this Amendment.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">9.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Amendment of Exhibit B</b><b style="font-weight:bold;">.</b> &#160;Exhibit B of the Credit Agreement (Form of Compliance Certificate) is hereby amended in its entirety to read as set forth in the <u style="text-decoration:underline;text-decoration-color:#000000;">Exhibit B </u>attached to this Amendment.</div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:58.5pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">4</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">10.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Amendment of Exhibit C</b><b style="font-weight:bold;">.</b> &#160;Exhibit C of the Credit Agreement (Form of Borrowing Base Certificate) is hereby amended in its entirety to read as set forth in the <u style="text-decoration:underline;text-decoration-color:#000000;">Exhibit C</u> attached to this Amendment.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">11.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Conditions to Effectiveness</b><b style="font-weight:bold;">. &#160;</b>The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent:</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:36pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';min-width:36pt;text-indent:0pt;white-space:nowrap;">(a)</font>The Administrative Agent shall have received a counterpart signature page to this Amendment, duly executed by the Loan Parties and the Lenders.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:36pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';min-width:36pt;text-indent:0pt;white-space:nowrap;">(b)</font>The Lenders and the Administrative Agent shall have received an amendment to the Note Agreement, dated May 14, 2015 (as amended) with Prudential, in form and substance acceptable to the Lenders and the Administrative Agent, duly executed by Prudential and the Loan Parties.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:36pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';min-width:36pt;text-indent:0pt;white-space:nowrap;">(c)</font>The Lenders and the Administrative Agent shall have received an amendment to the Prudential Intercreditor Agreement, in form and substance acceptable to the Lenders and the Administrative Agent, duly executed by Prudential and the Loan Parties.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:36pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';min-width:36pt;text-indent:0pt;white-space:nowrap;">(d)</font>CIBC shall have received payment of the Amendment Fee as forth in Section 18 of this Amendment.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:36pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';min-width:36pt;text-indent:0pt;white-space:nowrap;">(e)</font>The Administrative Agent shall have received such certificates of good standing, certified organizational documents, legal opinions, and officer&#8217;s certificates, in each case respecting the Loan Parties, as the Administrative Agent may request.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:36pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';min-width:36pt;text-indent:0pt;white-space:nowrap;">(f)</font>The Administrative Agent shall have received a completed pro forma Borrowing Base Certificate, in form and substance acceptable to the Administrative Agent.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:36pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';min-width:36pt;text-indent:0pt;white-space:nowrap;">(g)</font>The Administrative Agent shall have received a pro forma Compliance Certificate, in form and substance acceptable to the Administrative Agent.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:36pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';min-width:36pt;text-indent:0pt;white-space:nowrap;">(h)</font>The representations and warranties set forth in Section 12 below shall be true and correct as of the effective date.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:36pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';min-width:36pt;text-indent:0pt;white-space:nowrap;">(i)</font>The Administrative Agent shall be satisfied that since December 28, 2019, there has been no Material Adverse Effect.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:36pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';min-width:36pt;text-indent:0pt;white-space:nowrap;">(j)</font>All legal, tax, environmental and regulatory matters shall be satisfactory to the Administrative Agent.</div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">For the avoidance of doubt, the amendments and consent contemplated by this Amendment shall not be effective until each of the foregoing conditions have been satisfied or waived in writing by the Lenders and the Administrative Agent. &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:58.5pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">5</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">12.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Representations and Warranties</b>. &#160;To induce the Administrative Agent and the Lenders to enter into this Amendment, the Loan Parties, jointly and severally, represent and warrant to the Administrative Agent and the Lenders as follows:</div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font>(a)<font style="display:inline-block;width:22.68pt;"></font>The execution, delivery and performance by the Loan Parties of this Amendment and any other documents required to be executed and/or delivered by the Loan Parties by the terms of this Amendment have been duly authorized by all necessary corporate action, do not require any approval or consent of, or any registration, qualification or filing with, any government agency or authority or any approval or consent of any other person, do not and will not conflict with, result in any violation of or constitute any default under, any provision of the Loan Parties&#8217; organizational documents, any agreement binding on or applicable to the Loan Parties or any of their property, or any law or governmental regulation or court decree or order, binding upon or applicable to the Loan Parties or of any of their property and will not result in the creation or imposition of any Lien in or on any of their property pursuant to the provisions of any agreement applicable to the Loan Parties or any of their property, other than Liens in favor of the Administrative Agent.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font>(b)<font style="display:inline-block;width:22.01pt;"></font>Both before and after giving effect to this Amendment, the representations and warranties contained in the Credit Agreement are true and correct as of the date hereof and will be true and correct as of the effectiveness of this Amendment, as though made on each such date, except to the extent that such representations and warranties relate solely to an earlier date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font>(c)<font style="display:inline-block;width:22.68pt;"></font>There does not exist any Unmatured Event of Default or Event of Default.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">13.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">No Waiver</b>. &#160;This Amendment is not intended to operate as, and shall not be construed as, a waiver of any Unmatured Event of Default or Event of Default whether known to the Administrative Agent and/or the Lenders, or unknown, as to which all rights and remedies of the Administrative Agent and the Lenders shall remain reserved.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">14.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Binding Nature of Loan Documents</b><b style="font-weight:bold;">.</b> &#160;Each Loan Party acknowledges and agrees that the terms, conditions and provisions of the Credit Agreement and of each Loan Document are fully binding and enforceable agreements, and are not subject to any defense, counterclaim, set off or other claim of any kind or nature. &#160;Each Loan Party hereby reaffirms and restates its duties, obligations and liability under the Credit Agreement, as amended hereby, and each other Loan Document.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">15.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Reference to the Loan Documents</b><b style="font-weight:bold;">.</b> &#160;From and after the effectiveness of this Amendment, each reference in the Credit Agreement to &#8220;this Agreement&#8221;, &#8220;hereunder&#8221;, &#8220;hereof&#8221;, &#8220;herein&#8221; or words of like import referring to the Credit Agreement, and each reference to the &#8220;Credit Agreement&#8221; or &#8220;Agreement&#8221;, &#8220;thereunder&#8221;, &#8220;thereof&#8221;, &#8220;therein&#8221; or words of like import referring to the Credit Agreement in any other Loan Document, shall mean and be a reference to the Credit Agreement as amended hereby.</div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:58.5pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">6</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">16.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Release</b><b style="font-weight:bold;">.</b> &#160;Each Loan Party hereby releases, acquits, and forever discharges each of the Administrative Agent and the Lenders and each and every past and present subsidiary, affiliate, stockholder, officer, director, agent, servant, employee, representative, and attorney of any of them from any and all claims, causes of action, suits, debts, liens, obligations, liabilities, demands, losses, costs and expenses (including attorneys&#8217; fees) of any kind, character, or nature whatsoever, known or unknown, fixed or contingent, which any Loan Party may have or claim to have now or which may hereafter arise out of or be connected with any act of commission or omission of the Administrative Agent and/or the Lenders existing or occurring prior to the date of this Amendment or any instrument executed prior to the date of this Amendment including, without limitation, any claims, liabilities or obligations arising with respect to the indebtedness evidenced by any Loan Document. &#160;The provisions of this Section shall survive payment of all Obligations and shall be binding upon the Loan Parties and shall inure to the benefit of the Administrative Agent and the Lenders and their respective successors and assigns.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">17.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Estoppel</b><b style="font-weight:bold;">.</b> &#160;Each Loan Party represents and warrants that there are no known claims, causes of action, suits, debts, liens, obligations, liabilities, demands, losses, costs and expenses (including attorneys&#8217; fees) of any kind, character or nature whatsoever, fixed or contingent, which any Loan Party may have or claim to have against the Administrative Agent and/or the Lenders, which might arise out of or be connected with any act of commission or omission of the Administrative Agent and/or the Lenders existing or occurring on or prior to the date of this Amendment, including, without limitation, any claims, liabilities or obligations arising with respect to the indebtedness evidenced by any Loan Document.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">18.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Amendment Fee</b>. The Loan Parties, jointly and severally, agree to pay to CIBC an amendment fee as set forth in that certain Amendment No. 7 Fee Letter dated as of the date hereof (the &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Amendment Fee</u>&#8221;). &#160;Such Amendment Fee shall be due and payable upon the execution of this Amendment and shall be fully earned when paid and shall not be refundable for any reason whatsoever.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">19.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Expenses</b><b style="font-weight:bold;">.</b> &#160;Without in any way limiting the generality of Section 16.5 of the Credit Agreement, the Loan Parties, jointly and severally, hereby agree to pay to the Administrative Agent all of the Administrative Agent&#8217;s reasonable legal fees and expenses incurred in connection with this Amendment, the Credit Agreement and/or any other Loan Document, which amount shall be due and payable upon execution of this Amendment.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">20.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Captions</b><b style="font-weight:bold;">. </b> The captions or headings herein are for convenience only and in no way define, limit or describe the scope or intent of any provision of this Amendment.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">21.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Counterparts</b><b style="font-weight:bold;">.</b> &#160;This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. &#160;Any executed counterpart of this Amendment delivered by facsimile or other electronic transmission to a party hereto shall constitute an original counterpart of this Amendment.</div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:58.5pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">7</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;font-family:'Times New Roman';font-weight:bold;min-width:36pt;text-indent:0pt;white-space:nowrap;">22.</font><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">No Other Modification</b><b style="font-weight:bold;">.</b> &#160;Except as expressly amended by the terms of this Amendment, all other terms of the Credit Agreement shall remain unchanged and in full force and effect.</div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt 36pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:6pt 0pt 0pt 0pt;"><font style="font-style:italic;font-weight:bold;">[The signature pages follow.]</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:58.5pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">8</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font>THE PARTIES HAVE EXECUTED this Amendment No. 7 to Credit Agreement in the manner appropriate to each as of the date and year first above written.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">LOAN PARTIES:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><b style="font-weight:bold;">WINMARK CORPORATION </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;">By: <u style="text-decoration:underline;text-decoration-color:#000000;">/s/ Brett D. Heffes</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="white-space:pre-wrap;">Name:  Brett D. Heffes</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="white-space:pre-wrap;">Title:    Chairman of the Board and Chief Executive Officer </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><b style="font-weight:bold;">WIRTH BUSINESS CREDIT, INC.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;">By:<u style="text-decoration:underline;text-decoration-color:#000000;"> /s/ Brett D. Heffes</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;">Name:  Brett D. Heffes</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="white-space:pre-wrap;">Title:    President</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><b style="font-weight:bold;">WINMARK CAPITAL CORPORATION </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;">By:<u style="text-decoration:underline;text-decoration-color:#000000;"> /s/ Brett D. Heffes</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="white-space:pre-wrap;">Name:  Brett D. Heffes</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="white-space:pre-wrap;">Title:    President</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><b style="font-weight:bold;">GROW BIZ GAMES, INC.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;">By:<u style="text-decoration:underline;text-decoration-color:#000000;"> /s/ Brett D. Heffes</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="white-space:pre-wrap;">Name:  Brett D. Heffes</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="white-space:pre-wrap;">Title:    President</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">(Signatures continue on next page.)</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:4.5pt;text-indent:-4.5pt;margin:0pt;">ADMINISTRATIVE AGENT</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:4.5pt;text-indent:-4.5pt;margin:0pt;">AND A LENDER:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><b style="font-weight:bold;">CIBC BANK USA (formerly known as The PrivateBank and Trust Company)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;">By:<u style="text-decoration:underline;text-decoration-color:#000000;"> /s/ Leanne Manning</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 234pt;"><font style="white-space:pre-wrap;">Name:  Leanne Manning </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 234pt;">Title: &#160; &#160;Managing Director</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:234pt;text-indent:-234pt;margin:0pt;"><font style="font-style:italic;font-weight:bold;">(Signatures continue on next page.)</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:238.5pt;text-indent:-238.5pt;margin:0pt 0pt 0pt -4.5pt;">BMO is signing solely</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:238.5pt;text-indent:-238.5pt;margin:0pt 0pt 0pt -4.5pt;">for purposes of Section 2 of</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:238.5pt;text-indent:-238.5pt;margin:0pt 0pt 0pt -4.5pt;">the Amendment, and to</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:238.5pt;text-indent:-238.5pt;margin:0pt 0pt 0pt -4.5pt;">acknowledge its agreement</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:238.5pt;text-indent:-238.5pt;margin:0pt 0pt 0pt -4.5pt;">that after giving effect to</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:238.5pt;text-indent:-238.5pt;margin:0pt 0pt 0pt -4.5pt;">the Amendment, it will not</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:238.5pt;text-indent:-238.5pt;margin:0pt 0pt 0pt -4.5pt;">have any Commitment, and</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:238.5pt;text-indent:-238.5pt;margin:0pt 0pt 0pt -4.5pt;">it will no longer be a Lender</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:238.5pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;">under the Credit Agreement:</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;"><b style="font-weight:bold;">BMO HARRIS BANK N.A. (f/k/a Harris N.A.)</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 234pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 234pt;">By:<u style="text-decoration:underline;text-decoration-color:#000000;"> /s/ Kirk Pauley</u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:33.67pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u> </u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:33pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 234pt;">Name: Kirk Pauley</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 234pt;">Title: &#160; Vice President</p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:234pt;text-align:center;text-indent:-234pt;margin:0pt;"><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">EXHIBIT A</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:234pt;text-align:center;text-indent:-234pt;margin:0pt;"><font style="font-weight:bold;text-decoration:underline;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">SCHEDULE 2.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">COMMITMENTS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">AND APPLICABLE PERCENTAGES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(updated as of September 2, 2020)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;width:85.48%;" align="center"><tr><td style="vertical-align:top;width:40.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Lender</b></p></td><td style="vertical-align:top;width:29.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-align:justify;">Commitment</b></font></p></td><td style="vertical-align:top;width:29.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Applicable Percentage</b></p></td></tr><tr><td style="vertical-align:top;width:40.15%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:29.92%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="text-decoration:underline;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:29.92%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="text-decoration:underline;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:40.15%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">CIBC BANK USA </p></td><td style="vertical-align:top;width:29.92%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">$25,000,000</u></p></td><td style="vertical-align:top;width:29.92%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">100%</u></p></td></tr><tr><td style="vertical-align:top;width:40.15%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:29.92%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:29.92%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:40.15%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Total</p></td><td style="vertical-align:top;width:29.92%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">$25,000,000</p></td><td style="vertical-align:top;width:29.92%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">100%</p></td></tr><tr><td style="vertical-align:top;width:40.15%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:29.92%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:29.92%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:234pt;text-align:center;text-indent:-234pt;margin:0pt;"><font style="font-weight:bold;text-decoration:underline;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:234pt;text-align:center;text-indent:-234pt;margin:0pt;"><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">EXHIBIT B</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:234pt;text-align:center;text-indent:-234pt;margin:0pt;"><font style="font-weight:bold;text-decoration:underline;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">FORM OF COMPLIANCE CERTIFICATE</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="text-decoration:underline;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:4.5pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;">TO:</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;">CIBC BANK USA (formerly known as The PrivateBank and Trust Company) (the &#8220;Administrative Agent&#8221;) and the other Lenders referred to below</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:31.5pt;text-indent:-31.5pt;margin:0pt 0pt 0pt 4.5pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font>Please refer to the Credit Agreement dated as of July 13, 2010 (as amended, restated, supplemented &#160;or otherwise modified from time to time, the &#8220;Credit Agreement&#8221;) among Winmark Corporation (the &#8220;Company&#8221;) and its subsidiaries (together with the Company, the &#8220;Loan Parties&#8221;), each lender from time to time party hereto (collectively, the &#8220;Lenders&#8221; and individually, a &#8220;Lender&#8221;), and CIBC BANK USA (formerly known as The PrivateBank and Trust Company), as a Lender and as Administrative Agent for the Lenders. &#160;Terms used but not otherwise defined herein are used herein as defined in the Credit Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 4.5pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:4.5pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">I.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><u style="text-decoration:underline;text-decoration-color:#000000;">Reports</u>. &#160;Enclosed herewith is a copy of the monthly report of the Loan Parties as of __________________, 20___ (the &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Computation Date</u>&#8221;), which report fairly presents in all material respects the financial condition and results of operations of the Loan Parties as of the Computation Date and has been prepared in accordance with GAAP consistently applied.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:31.5pt;text-align:justify;text-indent:-31.5pt;margin:0pt 0pt 0pt 4.5pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:4.5pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">II.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><u style="text-decoration:underline;text-decoration-color:#000000;">Tangible Net Worth</u>. &#160;The Company hereby certifies and warrants to you that the following is a true and correct computation of the Tangible Net Worth requirement set forth in Section 11.15 of the Credit Agreement, which is equal to or greater than the sum of the minimum Tangible Net Worth from the immediately preceding month plus fifty percent (50%) of the net income of the month then ended, if positive:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:31.5pt;text-indent:-31.5pt;margin:0pt 0pt 0pt 4.5pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><div style="padding-left:36.9pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;width:91.34%;"><tr style="height:1pt;"><td style="vertical-align:top;width:57.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;width:36pt;"></font>2020 Tender Offer amount</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font>Total shareholders&#8217; equity</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><font style="text-decoration:underline;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:57.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:left;">A.</font></font>Shareholders&#8217; equity:<br><br><font style="display:inline-block;width:36pt;"></font>Common Stock<br><font style="display:inline-block;width:36pt;"></font>Other comprehensive income<br><font style="display:inline-block;width:36pt;"></font>Retained earnings<br><font style="white-space:pre-wrap;">            2015 Tender Offer amount</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font>2017 Tender Offer amount<br><font style="display:inline-block;width:36pt;"></font>2020 Tender Offer amount</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;width:36pt;"></font>Total shareholders&#8217; equity</p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><br></u>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><br>$___________</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$___________</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$___________</p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New 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style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p></td></tr><tr><td style="vertical-align:top;width:57.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:57.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:left;">B.</font></font>Subordinated Debt</p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p></td></tr><tr><td style="vertical-align:top;width:57.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:57.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:top;width:19.23%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New 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style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><br></u><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:19.23%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="text-decoration:underline;visibility:hidden;">&#8203;</font><font style="text-decoration:underline;visibility:hidden;">&#8203;</font></p></td></tr></table></div><div style="margin-bottom:5pt;margin-top:15pt;width:25%;border-bottom:1px solid black;"></div><a name="footnote-2"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><sup style="font-size:7.5pt;vertical-align:top;">1</sup> Excludes Income Tax Refund Receivable</p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div style="padding-left:36.9pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;width:91.34%;"><tr><td style="vertical-align:top;width:57.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:left;">C.</font></font>Intangible items:<br><br><font style="display:inline-block;width:36pt;"></font>Goodwill<br><font style="display:inline-block;width:36pt;"></font>Trademarks<br><font style="display:inline-block;width:36pt;"></font>Trade names<br><font style="display:inline-block;width:36pt;"></font>Service marks<br><font style="display:inline-block;width:36pt;"></font>Copyrights<br><font style="display:inline-block;width:36pt;"></font>Patents<br><font style="display:inline-block;width:36pt;"></font>Licenses<br><font style="display:inline-block;width:36pt;"></font>Deferred items<br><font style="display:inline-block;width:36pt;"></font>Unamortized Debt discount<br><font style="display:inline-block;width:36pt;"></font>Prepaid expenses<sup style="font-size:9pt;vertical-align:top;"><a style="margin-bottom:0pt;margin-top:0pt;vertical-align:super;" href="#footnote-2">1</a></sup><br><font style="display:inline-block;width:36pt;"></font>Other intangible items<br><br><font style="display:inline-block;width:36pt;"></font>Total Intangible Items</p></td><td style="vertical-align:top;width:19.23%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><br></u>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><br></u>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p></td><td style="vertical-align:top;width:19.23%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p></td></tr><tr><td style="vertical-align:top;width:57.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:57.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:left;">D.</font></font>Investments:<br><br><font style="display:inline-block;width:36pt;"></font>Investment in Tomsten, Inc.<br><font style="display:inline-block;width:36pt;"></font>Investment in Bridge Funds Limited<br><font style="display:inline-block;width:36pt;"></font>Additional Investments<br><br><font style="display:inline-block;width:36pt;"></font>Total Investments</p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><br></u>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><br></u>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p></td></tr><tr><td style="vertical-align:top;width:57.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:57.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Actual Tangible Net Worth [(A+B) - (C + D)]<br><br>Minimum Tangible Net Worth from<br>prior month end<br><u style="text-decoration:underline;text-decoration-color:#000000;">plus</u> 50% of positive current<br>month end net income<br>Required Minimum Tangible Net Worth</p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><br><br></u>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><br><br><br><br><br><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:4.5pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">III.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><u style="text-decoration:underline;text-decoration-color:#000000;">Fixed Charge Coverage Ratio</u>. &#160;The Company hereby certifies and warrants to you that the following is a true and correct computation of the Fixed Charge Coverage Ratio requirement set forth in Section 11.16 of the Credit Agreement, which is not less than the ratio set forth in Section 11.16 of the Credit Agreement.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><div style="padding-left:36.9pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;width:91.34%;"><tr><td style="vertical-align:top;width:57.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:left;">A.</font></font>TTM EBITDA:<br><br><font style="display:inline-block;width:36pt;"></font>(i)<font style="display:inline-block;width:24.67pt;"></font>TTM income from operations<br><font style="display:inline-block;width:36pt;"></font>(ii)<font style="display:inline-block;width:21.34pt;"></font>TTM leasing related cash interest <br><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>expense<br><font style="display:inline-block;width:36pt;"></font>(iii)<font style="display:inline-block;width:18pt;"></font>TTM depreciation<br><font style="display:inline-block;width:36pt;"></font>(iv)<font style="display:inline-block;width:18.67pt;"></font>TTM amortization<br><font style="display:inline-block;width:36pt;"></font>(v)<font style="display:inline-block;width:22.01pt;"></font>TTM compensation related to<br><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>stock options<br><br><font style="display:inline-block;width:36pt;"></font>TTM EBITDA [(i + ii + iii + iv + v)]</p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><br><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><br></u>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><br><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p></td></tr><tr><td style="vertical-align:top;width:57.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div style="padding-left:36.9pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;width:91.34%;"><tr><td style="vertical-align:top;width:57.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:left;">B.</font></font>Cash flow available for Debt service:<br><br><font style="display:inline-block;width:36pt;"></font>(i)<font style="display:inline-block;width:24.67pt;"></font>TTM EBITDA<br><font style="display:inline-block;width:36pt;"></font>(ii)<font style="display:inline-block;width:21.34pt;"></font>TTM cash taxes <br><font style="display:inline-block;width:36pt;"></font>(iii)<font style="display:inline-block;width:18pt;"></font>TTM capital expenditures<br><font style="display:inline-block;width:36pt;"></font>(iv)<font style="display:inline-block;width:18.67pt;"></font>TTM dividends and distributions<br><br><font style="display:inline-block;width:36pt;"></font>Cash flow available for Debt service <br><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>[i - (ii + iii + iv)]</p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><br><br><br></u><font style="text-decoration:underline;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p></td></tr><tr><td style="vertical-align:top;width:57.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:57.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:left;">C.</font></font>Debt Service:<br><br><font style="display:inline-block;width:36pt;"></font>(i)<font style="display:inline-block;width:24.67pt;"></font>TTM principal payments<br><font style="display:inline-block;width:36pt;"></font>(ii)<font style="display:inline-block;width:21.34pt;"></font>TTM cash interest expense <br><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>(including leasing related cash <br><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>interest expense)<br><br><font style="display:inline-block;width:36pt;"></font>Debt Service [i + ii]</p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><br><br><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br>$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p></td></tr><tr><td style="vertical-align:top;width:57.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:57.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Actual Fixed Charge Coverage Ratio [B/C]:<br><br>Required minimum covenant level</p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="text-decoration:underline;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:36pt;text-indent:-36pt;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:4.5pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">IV.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><u style="text-decoration:underline;text-decoration-color:#000000;">Leverage Ratio</u>. &#160;The Company hereby certifies and warrants to you that the following is a true and correct computation of the Leverage Ratio requirement set forth in Section&#160;11.17 of the Credit Agreement, which is not greater than the ratio set forth in Section&#160;11.17 of the Credit Agreement:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:31.5pt;text-align:justify;text-indent:-31.5pt;margin:0pt 0pt 0pt 4.5pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><div style="padding-left:36pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;width:91.53%;"><tr><td style="vertical-align:top;width:57.98%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:left;">A.</font></font>Recourse senior Debt:</p></td><td style="vertical-align:top;width:21%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p></td><td style="vertical-align:top;width:21%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:57.98%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:57.98%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:left;">B.</font></font>TTM EBITDA:</p></td><td style="vertical-align:top;width:21%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p></td><td style="vertical-align:top;width:21%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:57.98%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:57.98%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Actual Leverage Ratio [A/B]:<br><br>Maximum covenant level</p></td><td style="vertical-align:top;width:21%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><font style="text-decoration:underline;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:31.5pt;text-indent:-31.5pt;margin:0pt 0pt 0pt 4.5pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 4.5pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:31.5pt;"></font>The Company further certifies to you that no Event of Default or Unmatured Event of Default has occurred and is continuing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 4.5pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 4.5pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:31.5pt;"></font>The Company has caused this Certificate to be executed and delivered by its duly authorized officer on <u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:35.88pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u> ___, 20___.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 4.5pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 4.5pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 4.5pt;"><font style="display:inline-block;text-indent:0pt;width:31.5pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>WINMARK CORPORATION</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 4.5pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 4.5pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 4.5pt;"><font style="display:inline-block;text-indent:0pt;width:31.5pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>By:<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:18.66pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 4.5pt;"><font style="display:inline-block;text-indent:0pt;width:31.5pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>Name:<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:4.01pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 4.5pt;"><font style="display:inline-block;text-indent:0pt;width:31.5pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>Title:<u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:10.01pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:234pt;text-align:center;text-indent:-234pt;margin:0pt;"><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">EXHIBIT C</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:234pt;text-align:center;text-indent:-234pt;margin:0pt;"><font style="font-weight:bold;text-decoration:underline;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">FORM OF BORROWING BASE CERTIFICATE</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">TO:</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">CIBC BANK USA (formerly known as The PrivateBank and Trust Company) (the &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Administrative Agent</u>&#8221;) and the Lenders referred to below</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Please refer to the Credit Agreement dated as of July 13, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Credit Agreement</u>&#8221;) among Winmark Corporation (the &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Company</u>&#8221;) and its subsidiaries (together with the Company, the &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Loan Parties</u>&#8221;), each lender from time to time party hereto (collectively, the &#8220;Lenders&#8221; and individually, a &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Lender</u>&#8221;), CIBC BANK USA (formerly known as The PrivateBank and Trust Company), as a Lender and as Administrative Agent for the Lenders. &#160;Capitalized terms used but not otherwise defined herein shall have the same meanings herein as in the Credit Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company hereby certifies and warrants to the Administrative Agent and the Lenders that at the close of business on ______________, 20___ (the &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Calculation Date</u>&#8221;), the Borrowing Base was $_________________, computed as set forth on the schedule attached hereto.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Attached hereto is an aging of the Loan Parties&#8217; lease receivables as of the date hereof.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company has caused this Certificate to be executed and delivered by its officer thereunto duly authorized on ________________, 20___.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 216pt;">WINMARK CORPORATION</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 216pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 216pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 216pt;">By: <u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:15.66pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 216pt;">Name: <u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:1.01pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 216pt;">Title: <u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:7.01pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u 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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>3
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<DESCRIPTION>EX-10.3
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<!--Enhanced HTML document created with Toppan Merrill Bridge  9.7.0.58--><!--Created on: 9/2/2020 06:18:48 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;min-height:26.29pt;"><div style="height:0pt;position:relative;width:100%;"><div style="height:26.29pt;left:83.88%;max-width:16.12%;position:absolute;top:15.65pt;width:70.08pt;z-index:251658240;"><div style="height:26.29pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:70.08pt;"><div style="height:calc(100% - 7.18pt);left:0pt;position:relative;text-indent:0pt;top:0pt;padding:3.59pt 7.19pt 3.59pt 7.19pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;padding-bottom:12pt;width:100%;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">Exhibit 10.3</font></p></div></div></div></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:right;margin:0pt 0pt 48pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:center;margin:0pt 0pt 48pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">September 2, 2020</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">WINMARK CORPORATION</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">WIRTH BUSINESS CREDIT, INC.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">WINMARK CAPITAL CORPORATION</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">GROW BIZ GAMES, INC.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">c/o Winmark Corporation</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">605 Highway 169 North, Suite 400</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">Minneapolis, MN  55441</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Re:</b></p></td><td style="padding:0pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Amendment No. 3 to Note Agreement</b></p></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Ladies and Gentlemen:</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">Reference is made to the Note Agreement dated as of May 14, 2015 (as amended from time to time, the &#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Note Agreement</b><font style="font-family:'Times New Roman','Times','serif';">&#8221;), among Winmark Corporation, a Minnesota corporation (the </font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">&#8220;Company&#8221;</b><font style="font-family:'Times New Roman','Times','serif';">), Wirth Business Credit, Inc., a Minnesota corporation (</font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">&#8220;Wirth&#8221;</b><font style="font-family:'Times New Roman','Times','serif';">), Winmark Capital Corporation, a Minnesota corporation (</font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">&#8220;Winmark Capital&#8221;</b><font style="font-family:'Times New Roman','Times','serif';">), Grow Biz Games, Inc., a Minnesota corporation (</font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">&#8220;Grow Biz&#8221;</b><font style="font-family:'Times New Roman','Times','serif';">; the Company, Wirth, Winmark Capital, Grow Biz and any other Person who joins the Note Agreement as an Issuer pursuant to paragraph 5J, collectively, the </font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">&#8220;Issuers&#8221;</b><font style="font-family:'Times New Roman','Times','serif';">), The Prudential Insurance Company of America (&#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">PICA</b><font style="font-family:'Times New Roman','Times','serif';">&#8221;), Pruco Life Insurance Company (&#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Pruco</b><font style="font-family:'Times New Roman','Times','serif';">&#8221;) and Prudential Retirement Guaranteed Cost Business Trust (</font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">&#8220;PRG&#8221;</b><font style="font-family:'Times New Roman','Times','serif';">), PAR U Hartford Life Insurance Comfort Trust (&#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">PAR</b><font style="font-family:'Times New Roman','Times','serif';">&#8221;; PICA, Pruco, PRG and PAR, collectively, the &#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Holders</b><font style="font-family:'Times New Roman','Times','serif';">&#8221;). &#160;Capitalized terms used herein that are not otherwise defined herein shall have the meaning specified in the Note Agreement. &#160;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';">The Issuers have requested that the Holders agree to certain amendments to the Note Agreement as set forth below. &#160;Subject to the terms and conditions hereof, the Holders are willing to agree to such request. &#160;Accordingly, and in accordance with the provisions of paragraph 11C of the Note Agreement, the parties hereto agree as follows:</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-align:justify;">SECTION 1.</b></font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Amendments to the Note Agreement</b><font style="font-family:'Times New Roman','Times','serif';">. &#160;From and after the Effective Date (as defined in Section 5 hereof), the Note Agreement is amended as follows:</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:justify;">1.1</font></font><font style="font-family:'Times New Roman','Times','serif';">Paragraph 6A(1) of the Note Agreement is amended and restated as follows:</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-align:justify;">6A(1).</b></font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Tangible Net Worth.</b><font style="font-family:'Times New Roman','Times','serif';"> &#160;Each Issuer covenants that it will not permit the Tangible Net Worth of the Company and its Subsidiaries to be:</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:justify;white-space:pre-wrap;"> </font><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:justify;">(i)</font></font><font style="font-family:'Times New Roman','Times','serif';">as of September 26, 2020, less than One Hundred Twenty Million Dollars ($120,000,000); and</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:justify;">(ii)</font></font><font style="font-family:'Times New Roman','Times','serif';">as of the last day of each fiscal month following the fiscal month ended September 26, 2020, less than the sum of the minimum Tangible Net Worth from the immediately preceding fiscal month plus fifty percent (50%) of the consolidated net income of the Company and its Subsidiaries of the fiscal month then ended, if positive.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 36pt;"><font style="font-family:'Times New Roman','Times','serif';">Notwithstanding the foregoing, the parties acknowledge and agree that the effect of the 2015 Tender Offer, the 2017 Tender Offer and the 2020 Tender Offer shall be excluded in the foregoing covenant calculation.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0.5pt 12pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">SECTION 2. &#160;</b><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Representations and Warranties.</b><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;"> &#160;</b><font style="font-family:'Times New Roman','Times','serif';">Each Issuer represents and warrants that (a) the execution and delivery of this letter by each Issuer has been duly authorized by all necessary corporate action on behalf of the Issuers, this letter has been executed and delivered by a duly authorized officer of the Issuers, as applicable, and this letter constitutes legal, valid and binding obligations of the Issuers, enforceable against the Issuers in accordance with their terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors&#8217; rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), (b)&#160;each representation and warranty set forth in paragraph 8 of the Note Agreement and the other Transaction Documents to which it is a party is true and correct as of the date of execution and delivery of this letter by the Issuers with the same effect as if made on such date, before and after giving effect to this letter (except to the extent such representations and warranties expressly refer to an earlier date, in which case they were true and correct as of such earlier date), (c) no Event of Default or Default exists or has occurred and is continuing on the date hereof, before and after giving effect to this letter and (d)&#160;neither any Issuer nor any Subsidiary has paid or agreed to pay, and neither any Issuer nor any Subsidiary will pay or agree to pay, any fees or other consideration to any Person in connection with the amendment referenced in Section 3.1(iii) hereof, other than as set forth in Section 18 of such amendment and reimbursement of out-of-pocket fees and expenses of their own legal counsel and legal counsel to the Banks and the Bank Agent.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">SECTION 3.</b><font style="font-family:'Times New Roman','Times','serif';"> &#160;</font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Conditions Precedent</b><font style="font-family:'Times New Roman','Times','serif';">. &#160;The amendments in Section 1 of this letter shall become effective as of the date (the &#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Effective Date</b><font style="font-family:'Times New Roman','Times','serif';">&#8221;) that each of the following conditions has been satisfied:</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:justify;">3.1</font></font><u style="font-family:'Times New Roman','Times','serif';text-decoration:underline;text-decoration-color:#000000;">Documents</u><font style="font-family:'Times New Roman','Times','serif';">.</font><font style="display:inline-block;width:14.34pt;"></font><font style="font-family:'Times New Roman','Times','serif';">Each Holder shall have received original counterparts or, if satisfactory to such Holder, certified or other copies of all of the following, in form and substance satisfactory to such Holder, dated the date hereof unless otherwise indicated, and on the date hereof in full force and effect:</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font><font style="font-family:'Times New Roman','Times','serif';">(i)</font><font style="display:inline-block;width:24.67pt;"></font><font style="font-family:'Times New Roman','Times','serif';">counterparts of this letter executed by the Issuers and the Holders;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font><font style="font-family:'Times New Roman','Times','serif';">(ii)</font><font style="display:inline-block;width:21.34pt;"></font><font style="font-family:'Times New Roman','Times','serif';">counterparts of an amendment to the Intercreditor Agreement, duly executed by the Holders, the Bank Agent and the Holders; </font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:22.3pt;margin:0pt 0pt 0pt 36pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:13.7pt;"></font><font style="font-family:'Times New Roman','Times','serif';">(iii)</font><font style="display:inline-block;width:18pt;"></font><font style="font-family:'Times New Roman','Times','serif';">a copy of an amendment to the Credit Agreement, duly executed by the Issuers, the Bank Agent and the Banks, and the conditions precedent to the effectiveness </font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><font style="font-family:'Times New Roman','Times','serif';">of such amendment shall have been satisfied and such amendment shall be in full force and effect;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:22.3pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:13.7pt;"></font><font style="font-family:'Times New Roman','Times','serif';">(iv)</font><font style="display:inline-block;width:18.67pt;"></font><font style="font-family:'Times New Roman','Times','serif';">a Secretary&#8217;s Certificate signed by the Secretary or an Assistant Secretary and one other officer of each Issuer certifying, among other things, (a) as to the names, titles and true signatures of the officers of such Issuer, as the case may be, authorized to sign the Transaction Documents to which such Issuer, as the case may be, is a party, (b) that attached thereto is a true, accurate and complete copy of the certificate of incorporation or other formation document of such Issuer, as the case may be, certified by the Secretary of State of the state of organization of such Issuer, as the case may be, as of a recent date (or certifying that such certificate of incorporation or other formation document remains unchanged from the relevant document certified on the date of the closing), (c) that attached thereto is a true, accurate and complete copy of the by-laws, operating agreement or other organizational document of such Issuer, as the case may be, which were duly adopted and are in effect as of the Effective Date and have been in effect immediately prior to and at all times since the adoption of the resolutions referred to in clause (d), below (or certifying that such by-laws, operating agreement or other organization document remains unchanged from the relevant document certified on the date of the closing), (d) that attached thereto is a true, accurate and complete copy of the resolutions of the board of directors or other managing body of such Issuer, as the case may be, duly adopted at a meeting or by unanimous written consent of such board of directors or other managing body, authorizing the execution, delivery and performance of the Transaction Documents to which such Issuer, as the case may be, is a party, and that such resolutions have not been amended, modified, revoked or rescinded, are in full force and effect and are the only resolutions of the shareholders, partners or members of such Issuer, as the case may be, or of such board of directors or other managing body or any committee thereof relating to the subject matter thereof, and (e) that no dissolution or liquidation proceedings as to such Issuer have been commenced or are contemplated;, provided however, that the Officers&#8217; Certificate delivered to the Bank Agent and Bank in a form satisfactory the Holders shall satisfy this condition; &#160;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:22.3pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:13.7pt;"></font><font style="font-family:'Times New Roman','Times','serif';">(v)</font><font style="display:inline-block;width:22.01pt;"></font><font style="font-family:'Times New Roman','Times','serif';">a certificate of corporate or other type of entity and tax good standing for each Issuer and each of its Subsidiaries from the Secretary of State or other appropriate governmental official of the jurisdiction of organization of such Issuer or such Subsidiary and of each jurisdiction in which such Issuer or such Subsidiary is required to be qualified to transact business as a foreign organization, in each case dated as of a recent date provided however, that the Officers&#8217; Certificate delivered to the Bank Agent and Bank in containing such good standing certificate shall satisfy this condition; ;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:22.3pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:13.7pt;"></font><font style="font-family:'Times New Roman','Times','serif';">(vi)</font><font style="display:inline-block;width:18.67pt;"></font><font style="font-family:'Times New Roman','Times','serif';">an Officer&#8217;s Certificate certifying, after giving effect to the amendments contemplated hereby and the amendment to the Credit Agreement referenced in Section 3.1(iii) above, as to the matters set forth in Section 4 hereof.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:justify;">3.2</font></font><u style="font-family:'Times New Roman','Times','serif';text-decoration:underline;text-decoration-color:#000000;">Fees and Expenses</u><font style="font-family:'Times New Roman','Times','serif';">. &#160;The Issuers shall have paid the reasonable fees, charges and disbursements of Taft Stettinius &amp; Hollister LLP, special counsel to the Purchasers, incurred in connection with this letter agreement.</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:justify;">3.3</font></font><u style="font-family:'Times New Roman','Times','serif';text-decoration:underline;text-decoration-color:#000000;">Proceedings</u><font style="font-family:'Times New Roman','Times','serif';">. &#160;All corporate and other proceedings taken or to be taken in connection with the transactions contemplated by this letter and all documents incident thereto shall be satisfactory to each Holder &#160;and its counsel, and each such Holder shall have received all such counterpart originals or certified or other copies of such documents as they may reasonably request.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-align:justify;">SECTION 4.</b></font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Reference to and Effect on Note Agreement; Ratification of Transaction Documents</b><font style="font-family:'Times New Roman','Times','serif';">. &#160;Upon the effectiveness of the amendments in Section 1 of this letter, each reference to the Note Agreement in any other document, instrument or agreement shall mean and be a reference to the Note Agreement as modified by this letter. &#160;Except as specifically set forth in Section 1, the Note Agreement shall remain in full force and effect and is hereby ratified and confirmed in all respects. &#160;Except as expressly amended hereby, each of the Note Agreement and the other Transaction Documents are hereby ratified and confirmed in all respects and shall continue in full force and effect. Except as specifically stated in this letter, the execution, delivery and effectiveness of this letter shall not (a) amend the Note Agreement or any Note, (b) operate as a waiver of any right, power or remedy of any holder of the Notes, or (c) constitute a waiver of, or consent to any departure from, any provision of the Note Agreement or any Note at any time. &#160;The execution, delivery and effectiveness of this letter shall not be construed as a course of dealing or other implication that any holder of the Notes has agreed to or is prepared to grant any consents or agree to any waiver to the Note Agreement in the future, whether or not under similar circumstances.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-align:justify;">SECTION 5.</b></font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Release</b><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">. </b><font style="font-family:'Times New Roman','Times','serif';"> Each of the Issuers</font><font style="font-family:'Times New Roman','Times','serif';"> </font><font style="font-family:'Times New Roman','Times','serif';">hereby absolutely and unconditionally releases and forever discharges each Purchaser, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents and employees of any of the foregoing, from any and all claims, counterclaims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which the Issuers</font><font style="font-family:'Times New Roman','Times','serif';"> </font><font style="font-family:'Times New Roman','Times','serif';">has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this letter, whether such claims, counterclaims, demands or causes of action are matured or unmatured or known or unknown. </font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-align:justify;">SECTION 6.</b></font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Expenses</b><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">. </b><font style="font-family:'Times New Roman','Times','serif';"> Each Issuer hereby confirms its obligations under the Note Agreement, whether or not the transactions hereby contemplated are consummated, to pay, promptly after request by any holder of the Notes, all reasonable out-of-pocket costs and expenses, including attorneys&#8217; fees and expenses, incurred by any holder of the Notes in connection with this letter agreement or the transactions contemplated hereby, in enforcing any rights under this letter agreement, or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this letter agreement or the transactions contemplated hereby. &#160;The obligations of the Issuers under this Section 9 shall survive transfer by any holder of any Note and payment of any Note.</font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;"> </b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-align:justify;">SECTION 7.</b></font><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Governing Law</b><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">. &#160;THIS LETTER SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF ILLINOIS (EXCLUDING ANY CONFLICTS OF LAW RULES WHICH WOULD OTHERWISE CAUSE THIS </b></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">AGREEMENT TO BE CONSTRUED OR ENFORCED IN ACCORDANCE WITH, OR THE RIGHTS OF THE PARTIES TO BE GOVERNED BY, THE LAWS OF ANY OTHER JURISDICTION).</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">SECTION 8. &#160;</b><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Counterparts; Section Titles</b><font style="font-family:'Times New Roman','Times','serif';">. &#160;This letter may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument. &#160;Delivery of an executed counterpart of a signature page to this letter by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart of this letter. The section titles contained in this letter are and shall be without substance, meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">(Signature Page Follows)</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="display:none;font-size:12pt;line-height:0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:14.71%;padding-right:14.71%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin:0pt 0pt 24pt 216pt;"><font style="font-family:'Times New Roman','Times','serif';">Very truly yours, </font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin:0pt 0pt 0pt 216pt;"><b style="font-family:'CG Times';font-weight:bold;">THE PRUDENTIAL INSURANCE COMPANY</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin:0pt 0pt 0pt 216pt;"><b style="font-family:'CG Times';font-weight:bold;white-space:pre-wrap;">  OF AMERICA</b></p><p 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Roman','Times','serif';text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-indent:36pt;margin:0pt 0pt 0pt 216pt;"><font style="font-family:'Times New Roman','Times','serif';">Assistant Vice President</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin:0pt 0pt 0pt 216pt;"><font style="font-family:'CG Times';font-weight:bold;margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin:0pt 0pt 0pt 216pt;"><font style="font-family:'CG Times';font-weight:bold;margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin:0pt 0pt 0pt 216pt;"><b style="font-family:'CG Times';font-weight:bold;">PRUDENTIAL RETIREMENT <br>   GUARANTEED COST BUSINESS <br>   TRUST</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin:0pt 0pt 0pt 216pt;"><font style="font-family:'CG Times';font-weight:bold;margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin:0pt 0pt 0pt 216pt;"><font style="font-family:'CG Times';">By:</font><font style="display:inline-block;width:18.66pt;"></font><font style="font-family:'CG Times';">Prudential Retirement Insurance and </font><font style="display:inline-block;width:36pt;"></font><font style="font-family:'CG Times';">Annuity Company, as Grantor<br><br>By:</font><font 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Times';text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:35.99pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="font-family:'CG Times';text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="font-family:'CG Times';text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin:0pt 0pt 0pt 216pt;"><font style="display:inline-block;width:36pt;"></font><font style="font-family:'CG Times';">Vice President</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;">PAR U HARTFORD LIFE INSURANCE</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;white-space:pre-wrap;">  COMFORT TRUST</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt 0pt 0pt 216pt;"><font style="font-family:'Times New 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style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt 0pt 0pt 216pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt 0pt 0pt 216pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;white-space:pre-wrap;">By:  </font><u style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-decoration:underline;text-decoration-color:#000000;">/s/ Anna Sabiston</u><u style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:35.99pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p><p 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style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;">Title: Vice President</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;text-indent:36pt;margin:0pt 0pt 0pt 216pt;"><font style="font-family:'CG Times';margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;margin:0pt 0pt 24pt 184.5pt;"><font style="font-family:'Times New Roman','Times','serif';margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="display:none;font-size:12pt;line-height:0pt;margin:0pt 0pt 24pt 184.5pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p 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<DESCRIPTION>EX-10.5
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<!--Enhanced HTML document created with Toppan Merrill Bridge  9.7.0.58--><!--Created on: 9/2/2020 06:18:53 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;min-height:20.03pt;"><div style="height:0pt;position:relative;width:100%;"><div style="height:20.03pt;position:absolute;right:0pt;top:-13.13pt;width:71.37pt;z-index:251658240;"><div style="height:20.03pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:71.37pt;"><div style="height:calc(100% - 7.18pt);left:0pt;position:relative;text-indent:0pt;top:0pt;padding:3.59pt 7.19pt 3.59pt 7.19pt;"><p style="color:#5f5f5f;font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;width:100%;margin:0pt;">Exhibit 10.5</p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.19;text-align:center;margin:0pt 0pt 24pt 0pt;"><b style="font-weight:bold;text-decoration:underline;">AMENDMENT NO. 2 TO<br>INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:justify;text-indent:72pt;margin:0pt 0pt 12pt 0pt;">This Amendment No. 2 to Intercreditor and Collateral Agency Agreement (this &#8220;<b style="font-weight:bold;">Amendment&#8221;</b>), dated as of this 2nd day of September, 2020, is by and among CIBC Bank USA, formerly known as The PrivateBank and Trust Company (<b style="font-weight:bold;">&#8220;CIBC&#8221;</b>), The Prudential Insurance Company of America (<b style="font-weight:bold;">&#8220;Prudential&#8221;</b>), Pruco Life Insurance Company (<b style="font-weight:bold;">&#8220;Pruco&#8221;</b>), Prudential Retirement Guaranteed Cost Business Trust (<b style="font-weight:bold;">&#8220;Prudential Guaranteed&#8221;</b>), PAR U Hartford Life Insurance Comfort Trust (&#8220;<b style="font-weight:bold;">PAR</b>&#8221;), CIBC, in its capacity as Bank Agent, and CIBC, in its capacity as Collateral Agent. &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.19;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;text-decoration:underline;">WITNESSETH:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:justify;text-indent:72pt;margin:0pt 0pt 12pt 0pt;">WHEREAS, the parties to this Amendment are party to the Intercreditor and Collateral Agency Agreement dated as of May 14, 2015 (the &#8220;<b style="font-weight:bold;">Intercreditor Agreement</b>&#8221;), as the same shall be amended by this Amendment and amended or otherwise modified from time to time; </p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:justify;text-indent:72pt;margin:0pt 0pt 12pt 0pt;">WHEREAS, as of the date hereof, BMO Harris Bank N.A. (&#8220;<b style="font-weight:bold;">BMO</b>&#8221;) has been repaid all outstanding Senior Indebtedness owed to it in full and is no longer a party to the Credit Agreement as a Bank Lender;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:justify;text-indent:72pt;margin:0pt 0pt 12pt 0pt;">WHEREAS, the Borrowers and CIBC are entering into the Amendment No. 7 to Credit Agreement, dated as of the date hereof (<b style="font-weight:bold;">&#8220;Bank Amendment&#8221;</b>); </p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:justify;text-indent:72pt;margin:0pt 0pt 12pt 0pt;">WHEREAS, the Borrowers, Prudential, Pruco, Prudential Guaranteed and PAR are entering into the Amendment No. 3 to Note Purchase Agreement, dated as of the date hereof (the &#8220;<b style="font-weight:bold;">Note Amendment</b>&#8221;); </p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:justify;text-indent:72pt;margin:0pt 0pt 12pt 0pt;">WHEREAS, as a condition to the execution and delivery of each of the Bank Amendment and the Note Amendment, the parties thereto require the execution and delivery of this Amendment by the parties hereto.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:justify;text-indent:72pt;margin:0pt 0pt 12pt 0pt;">NOW, THEREFORE, for the above reasons, in consideration of the mutual covenants herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:79.2pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;line-height:1.19;text-align:justify;">SECTION 1.</b></font><b style="font-size:12pt;font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Definitions</b><font style="font-size:12pt;">. &#160;</font><font style="font-size:12pt;">Capitalized </font><font style="font-size:12pt;">terms</font><font style="font-size:12pt;"> used but not defined in this Amendment have the meanings assigned thereto in the Intercreditor Agreement, as amended by this Amendment. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:79.2pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;line-height:1.19;text-align:justify;">SECTION 2.</b></font><b style="font-size:12pt;font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Amendments</b><font style="font-size:12pt;">. &#160;Effective as of the Effective Date (as defined below):</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 22.5pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:27.9pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:justify;">2.1</font></font>Section 1 of the Intercreditor Agreement is hereby amended by amending and restating or inserting in appropriate alphabetical order, as applicable, the following defined terms:</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:13.0pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 9pt 54pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:14.4pt;"></font><font style="font-size:12pt;">&#8220;Additional Notes&#8221; shall mean any additional senior secured notes issued by Borrowers in favor of Noteholders under the Note Agreement from time to time after the date of the Second Amendment that constitute or evidence &#8220;Additional Prudential Debt&#8221; as defined in the Credit Agreement as in effect as of the date of the Second Amendment.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:13.0pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 9pt 54pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:14.4pt;"></font><font style="font-size:12pt;">&#8220;Second Amendment&#8221; means that certain Amendment No. 2 to Intercreditor and Collateral Agency Agreement dated as of September 2, 2020 by and among the Collateral Agent, the Bank Lender and the Noteholders.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:13.0pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 9pt 54pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:14.4pt;"></font><font style="font-size:12pt;">&#8220;Senior Secured Notes&#8221; shall mean, collectively, the Borrowers&#8217; 5.50% Senior Secured Notes due May 14, 2025, the Borrowers&#8217; 5.10% Senior Secured Notes due August 17, 2027 and all Additional Notes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 22.5pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:27.9pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:justify;">2.2</font></font>Section 8 of the Intercreditor Agreement is hereby amended by amending and restating paragraph (a) thereof in its entirety to read as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:13.8pt;text-align:justify;text-indent:54pt;margin:11.69pt 0pt 0pt 54pt;"><font style="font-size:12pt;">(a)</font><font style="display:inline-block;width:8.28pt;"></font><font style="font-size:12pt;">The Bank Agent and each Bank Lender agrees that, without the consent in writing by Noteholders holding a majority of the outstanding principal amount of the Senior Secured Notes, it will not (i) make any Revolving Loan or issue any Letter of Credit if such loans or issuances would cause the aggregate outstanding principal amount of Revolving Loans and undrawn face amount of Letters of Credit to exceed the sum of (x) $28,000,000 less (y) the amount of all permanent reductions of the &quot;Commitment&quot; (as defined in the Credit Agreement) after the date of the Second Amendment, (ii) except for (x) Persons becoming Borrowers after the date hereof and (y) the Guaranty Agreements, retain or obtain the primary or secondary obligations of any other obligor or obligors with respect to all or any part of the Senior Indebtedness, or (iii) from and after the institution of any bankruptcy or insolvency proceeding involving any Loan Party, as respects the Collateral enter into any agreement with such Loan Party with respect to post-petition usage of cash collateral, post-petition financing arrangements or adequate protection. Each Noteholder agrees that, without the consent in writing by the Bank Lenders holding a majority of the outstanding principal amount of the Loan and Reimbursement Obligations and Outstanding Letters of Credit Exposure, it will not (i) make note purchases, advances, loans or extensions of credit pursuant to the Note Agreement if such purchases, advances, loans or extensions of credit would cause the outstanding aggregate principal amount of Senior Indebtedness under the Note Agreement to exceed the sum of (x) $23,000,000 in the aggregate under Senior Secured Notes issued and outstanding as of the date of the Second Amendment plus (y) $28,000,000 in the aggregate under Additional Notes less (z) the amount of all principal payments made on the Senior Secured Notes after the date of the Second Amendment, (ii) except for (x) Persons becoming Borrowers after the date hereof and (y) the Guaranty Agreements, retain or obtain the primary or secondary obligations of any other obligor or obligors with respect to all or any part of the Senior Indebtedness, or </font><font style="font-size:12pt;letter-spacing:0.05pt;">from and after the institution of any bankruptcy or insolvency proceeding involving any Loan Party, as respects the Collateral enter into any agreement with such Loan Party with respect to post-petition usage of cash collateral, post-petition financing arrangements or adequate protection.</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><div style="clear:right;float:right;margin-right:calc(50% - 0pt);"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:8pt;min-height:10.0pt;width:100%;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:8pt;min-height:10.0pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:13.8pt;text-align:justify;text-indent:54pt;margin:0pt 0pt 0pt 54pt;"><font style="font-size:13.8pt;letter-spacing:0.05pt;line-height:1.19;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:79.2pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;line-height:1.19;text-align:justify;">SECTION </b><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;line-height:1.19;text-align:justify;">3</b><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;line-height:1.19;text-align:justify;">.</b></font><b style="font-size:12pt;font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Effectiveness</b><font style="font-size:12pt;">. &#160;This Amendment shall become effective as of the date (the </font><b style="font-size:12pt;font-weight:bold;">&#8220;Effective Date&#8221;</b><font style="font-size:12pt;">) upon which this Amendment has been executed and delivered by each party hereto concurrently with the effectiveness of the Bank Amendment and the Note Amendment.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:79.2pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;line-height:1.19;text-align:justify;">SECTION 4.</b></font><b style="font-size:12pt;font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Confirmations</b><b style="font-size:12pt;font-weight:bold;">. &#160;</b><font style="font-size:12pt;">Each party hereto acknowledges and agrees that (i) each reference to the &#8220;Credit Agreement&#8221; in any Collateral Documents shall include the Credit Agreement as amended by the Bank Amendment and (ii) each reference to the &#8220;Note Agreement&#8221; in any Collateral Documents shall include the Note Agreement as amended by the Note Amendment.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:79.2pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;line-height:1.19;text-align:justify;">SECTION 5.</b></font><b style="font-size:12pt;font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Effect of Amendment</b><font style="font-size:12pt;">. &#160;</font><font style="font-size:12pt;">Upon the effectiveness of this Amendment, each reference to the Intercreditor Agreement in each Collateral Document and in any other document, instrument or agreement shall mean and be a reference to the Intercreditor Agreement as modified by this Amendment. &#160;Except as specifically set forth in Section 2, the Intercreditor Agreement shall remain in full force and effect and is hereby ratified and confirmed in all respects. &#160;Except as expressly amended hereby, the Intercreditor Agreement and each of the Collateral Documents are hereby ratified and confirmed in all respects and shall continue in full force and effect. &#160;Except as specifically stated in this Amendment, the execution, delivery and effectiveness of this Amendment shall not (a) amend the Intercreditor Agreement, (b) operate as a waiver of any right, power or remedy of the Collateral Agent, any Bank Lender, the Bank Agent or any Noteholder, or (c) constitute a waiver of, or consent to any departure from, any provision of the Intercreditor Agreement at any time. &#160;The execution, delivery and effectiveness of this Amendment shall not be construed as a course of dealing or other implication that the Collateral Agent, any Bank Lender, the Bank Agent or any Noteholder has agreed to or is prepared to grant any consents or agree to any amendment to the Intercreditor Agreement in the future, whether or not under similar circumstances.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:79.2pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;line-height:1.19;text-align:justify;">SECTION 6.</b></font><b style="font-size:12pt;font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Entire Agreement</b><b style="font-size:12pt;font-weight:bold;">.</b><font style="font-size:12pt;"> &#160;The Intercreditor Agreement, as amended by this Amendment, </font><font style="font-size:12pt;">constitutes</font><font style="font-size:12pt;"> the entire agreement and understanding between the parties to each with respect to the subject matter thereof and hereof and supersedes any and all oral communication and prior writings in respect thereof or hereof.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:79.2pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;line-height:1.19;text-align:justify;">SECTION 7.</b></font><b style="font-size:12pt;font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Counterparts</b><font style="font-size:12pt;">.</font><i style="font-size:12pt;font-style:italic;"> </i><font style="font-size:12pt;">This Amendment may be executed in several counterparts and by each party on a separate counterpart, each of which, when so executed and delivered, shall be an original, but all of which together shall constitute but one and the same instrument.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:79.2pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;line-height:1.19;text-align:justify;">SECTION 8.</b></font><b style="font-size:12pt;font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Governing Law</b><b style="font-size:12pt;font-weight:bold;">. &#160;THIS AMENDMENT SHALL BE GOVERNED AS TO VALIDITY, INTERPRETATION, ENFORCEMENT AND EFFECT BY THE LAWS OF THE STATE OF MINNESOTA (EXCLUDING ANY CONFLICTS OF LAW RULES WHICH WOULD OTHERWISE CAUSE THIS AMENDMENT TO BE GOVERNED BY THE LAWS OF ANY OTHER JURISDICTION).</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:79.2pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;line-height:1.19;text-align:justify;">SECTION 9.</b></font><b style="font-size:12pt;font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Bank Lender Party</b><b style="font-size:12pt;font-weight:bold;">.</b><font style="display:inline-block;width:12.87pt;"></font><font style="font-size:12pt;">The parties acknowledge and agree that BMO has, as of the date of this Amendment, been repaid all outstanding Senior Indebtedness owed to it, has terminated its &#8220;Commitments&#8221; under the Credit Agreement and is no longer a Bank Lender under </font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><div style="clear:right;float:right;margin-right:calc(50% - 0pt);"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:8pt;min-height:10.0pt;width:100%;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:8pt;min-height:10.0pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">or otherwise a party to the Credit Agreement, the Intercreditor Agreement or any of the Collateral Documents.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:center;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">[Signature page follows.]</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'MS Mincho';line-height:0pt;margin:0pt 0pt 9pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><div style="clear:right;float:right;margin-right:calc(50% - 0pt);"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:8pt;min-height:10.0pt;width:100%;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:8pt;min-height:10.0pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:13.0pt;margin:0pt 0pt 9pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:justify;text-indent:72pt;margin:0pt 0pt 12pt 0pt;">IN WITNESS WHEREOF, the parties have executed this Amendment as of the day and year first written above.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;margin:0pt 0pt 0pt 216pt;"><b style="font-weight:bold;">CIBC BANK USA</b>, in its individual capacity, as </p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;margin:0pt 0pt 0pt 216pt;">Bank Agent, as the sole Bank Lender and as </p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;margin:0pt 0pt 0pt 216pt;">Collateral Agent<br><br><br><font style="font-family:'CG Times';">By: </font><u style="text-decoration:underline;text-decoration-color:#000000;">/s/ Leanne Manning</u>____________</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;margin:0pt 0pt 0pt 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M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
J*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** /__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>6
<FILENAME>c315-20200902.xsd
<DESCRIPTION>EX-101.SCH
<TEXT>
<XBRL>
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<!--Modified on: 9/2/2020 6:19:02 PM-->
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>7
<FILENAME>c315-20200902_lab.xml
<DESCRIPTION>EX-101.LAB
<TEXT>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>8
<FILENAME>c315-20200902_pre.xml
<DESCRIPTION>EX-101.PRE
<TEXT>
<XBRL>
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<!--XBRL document created with Toppan Merrill Bridge  9.6.7401.38943 -->
<!--Based on XBRL 2.1-->
<!--Created on: 9/2/2020 6:19:02 PM-->
<!--Modified on: 9/2/2020 6:19:02 PM-->
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<head>
<title></title>
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<body>
<span style="display: none;">v3.20.2</span><table class="report" border="0" cellspacing="2" id="idm139934659031784">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Sep. 02, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_wina_DocumentAndEntityInformationAbstract', window );"><strong>Document and Entity Information [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Sep.  02,  2020<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">000-22012<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Winmark Corporation<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MN<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">41-1622691<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">605 Highway 169 North<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Adress Line Two</a></td>
<td class="text">Suite 400<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Minneapolis<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">MN<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">55441<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">763<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">520-8500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, no par value per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">WINA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000908315<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
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<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:employerIdItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
