AMENDMENT NO. 5 TO

CREDIT AGREEMENT

        This Amendment No. 5 (the “Amendment”) is entered into as of December 1,
2004, by and among Coachmen Industries, Inc. (the “Borrower”), the undersigned
lenders (each a “Lender” and collectively, the “Lenders”) and JPMorgan Chase
Bank, N.A. as successor to Bank One, Indiana, N.A., both as one of the Lenders
and as Administrative Agent (the “Agent”) on behalf of itself and the other
Lenders.

RECITALS:

        WHEREAS, the Borrower, the Agent and the Lenders are parties to that
certain Credit Agreement dated as of June 30, 2003, as amended; and

        WHEREAS, Lenders and Borrower desire to amend the Credit Agreement as
provided hereby.

        NOW, THEREFORE, in consideration of the premises herein contained and
for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:

        Section 1. Defined Terms. Capitalized terms used herein and not
otherwise defined herein shall have the meanings attributed to such terms in the
Credit Agreement.

        Section 2.   Amendments. Effective on the date of the effectiveness of
this Amendment pursuant to Section 4 below (the “Effective Date”), the Credit
Agreement shall be amended as set forth in this Section 2.

        2.1   Amendments to Definitions.

 

The definition of “Alternative Line Commitment” is amended in its entirety to
read as follows:

      “Alternative Line Commitment” means the obligation of the Alternative Line
Bank to make Alternative Line Loans up to a maximum principal amount of
$15,000,000 at any one time outstanding through December 31, 2004, after which
the maximum principal amount outstanding at any one time shall automatically
reduce to $5,000,000.

        2.2   Amendments to Schedule I..  Schedule I to the Credit Agreement is
amended in its entirety to read as set forth in Attachment 1 to this Amendment.

        Section 3. Representations and Warranties. In order to induce the Agent
and the Lenders to enter into this Amendment, the Borrower represents and
warrants to the Agent and each of the Lenders that the execution and delivery by
the Borrower of this Amendment, and the performance by the Borrower of its
obligations under the Credit Agreement as amended by this Amendment (the
“Amended Credit Agreement”), (i) are within the powers of the Borrower, (ii)

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have been duly authorized by proper organizational actions and proceedings, and
such approvals have not been rescinded and no other actions or proceedings on
the part of the Borrower are necessary to consummate such transaction, (iii) do
not and will not require any registration with, consent or approval of, or
notice to, or other action to, with or by any Governmental Authority, or if not
made, obtained or given individually or in the aggregate, could not reasonably
be expected to have a Material Adverse Effect and (iv) do not and will not
conflict with any Requirements of Law or Contractual Obligation, except such
that could not reasonably be expected to have a Material Adverse Effect, or with
the certificate or articles of incorporation and by-laws or the operating
agreement of the Borrower or any Subsidiary, and (c) that the Amended Credit
Agreement is the legal, valid and binding obligation of the Borrower,
enforceable against the Borrower in accordance with its terms (except as
enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance,
or similar laws affecting the enforcement of creditors’ rights generally).

        Section 4.   Effectiveness.   The amendments set forth in Section 2
above shall become effective on the date when the Agent shall have received the
following, all in a form satisfactory to Agent:

      4.1.   Amendment.   Counterparts of this Amendment signed by the Borrower,
and each of the Lenders.

        4.2   Guaranty.   Reaffirmation of each of the Subsidiary Guarantors and
Supplemental Subsidiary Guarantors signed by such Guarantors in favor of the
Lenders.

        4.3   Corporate Documents.   A certificate of the Secretary or an
Assistant Secretary of the Borrower as to (a) resolutions of the Board of
Directors of such entity authorizing the execution and delivery of this
Amendment and the other documents contemplated hereby to which such entity is a
party, (b) the incumbency and signatures of the officers of such entity which
are to sign the documents referenced in clause (a) above, and (c) a certificate
of existence certificate issued by the Indiana Secretary of State with respect
to the Borrower.

        4.4   Other Documents.  Such other documents as the Agent shall
reasonably request.

        Section 5.   Miscellaneous.

        5.1   Continuing Effectiveness, etc. The Amended Credit Agreement shall
remain in full force and effect and is hereby ratified and confirmed in all
respects. After the effectiveness hereof, all references in the Credit Agreement
and each other Loan Document to the “Credit Agreement” or similar terms shall
refer to the Credit Agreement as modified hereby. The execution, delivery and
effectiveness of this Amendment shall not, except as expressly provided herein,
operate as a waiver of (i) any right, power or remedy of any Lender or the Agent
under the Credit Agreement or any of the other Loan Documents, or, (ii) any
Default or unmatured Default under the Credit Agreement.

        5.2   Counterparts. This Amendment may be executed in any number of
counterparts and by the different parties on separate counterparts, and each
such counterpart shall be deemed to be an original but all such counterparts
shall together constitute one and the same Amendment.

2

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        5.3   Expenses. The Borrower agrees to pay the reasonable costs and
expenses of the Agent (including reasonable attorneys’ fees and charges) in
connection with the negotiation, preparation, execution and delivery of this
Amendment and the other documents contemplated hereby.

        5.4   Governing Law.  THIS AMENDMENT SHALL BE A CONTRACT MADE UNDER AND
GOVERNED BY THE INTERNAL LAWS OF THE STATE OF INDIANA.

        5.5   Successors and Assigns.   This Amendment shall be binding upon the
Borrower, the Lenders and the Agent and their respective successors and assigns,
and shall inure to the benefit of the Borrower, the Lenders and the Agent and
their respective successors and assigns, as permitted by the provisions of the
Amended Credit Agreement.

        5.6   Headings.   Section headings in this Amendment are included herein
for convenience of reference only and shall not constitute a part of this
Amendment for any other purposes.

        IN WITNESS WHEREOF, the Borrower, the Agent and each of the Lenders have
caused this Amendment to be duly executed by its officers thereunder duly
authorized as of the date first written above.

[SIGNATURE PAGES FOLLOW]

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  COACHMEN INDUSTRIES, INC.

By:                                                    
Name:  Richard M. Lavers
Title:  Secretary  

By:                                                    
Name:  Gary L. Near
Title:  Treasurer  

JPMORGAN CHASE BANK, N.A. as successor to
Bank One indiana, N.A., as a Lender,
as the LC Issuer and as Adminstrative Agent

By:                                                    
Name:  Kurt E. Meibeyer
Title:  First Vice President   NATIONAL CITY BANK OF INDIANA,
as a Lender

By:                                                    
Name:  
Title:     1st SOURCE BANK,
as a Lender

By:                                                    
Name:  
Title:  

4

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Attachment 1

FOURTH AMENDED SCHEDULE I
LENDER COMMITMENTS

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REVOLVING LOAN COMMITMENTS
 

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          Lender Revolving Loan
Commitment % of Aggregate
Revolving Loan Commitment1

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Bank One, Indiana, N.A $  13,850,000 46.16%

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National City Bank $   8,075,000 26.92%

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1st Source Bank $   8,075,000 26.92%

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         Total $  30,000,000 100%

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ALTERNATIVE LINE COMMITMENTS
 

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          Lender Alternative Line Loan
Commitment % of Aggregate
Alternative Line Loan Commitment

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Bank One, Indiana, N.A $  15,000,0002 100%

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         Total $  15,000,0002 100%

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FACILITY LC'S
 

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          Lender Facility LC % of Aggregate
Facility LC's3

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Bank One, Indiana, N.A $  4,513,877.49 53.86%

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National City Bank $  1,933,441.39 23.07%

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1st Source Bank $  1,933,441.39 23.07%

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         Total $  8,380,760.27 100%

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TERM LOAN COMMITMENTS
 

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          Lender Term Loan Commitment % of Aggregate
Term Loan Commitments4

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Bank One, Indiana, N.A $  4,039,500 53.86%

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National City Bank $  1,933,441.39 23.07%

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1st Source Bank $  1,730,250 23.07%

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         Total $  7,500,000 100%

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1 and such Lender’s Revolving Loan Pro Rata Share
2 through December 31, 2004, after which the Alternative Line Commitment will
reduce to $5,000,000
3 and such Lender’s Pro Rata Share
4 and such Lender’s Term Loan Pro Rata Share

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REAFFIRMATION OF
SUBSIDIARY GUARANTORS

        The undersigned have executed and delivered to Bank One, Indiana, N.A.,
as Administrative Agent (the “Agent”) a Subsidiary Guaranty dated as of June 30,
2003 (the “Guaranty”). The undersigned hereby acknowledge receipt of that
certain Amendment No. 5 to Credit Agreement of even date herewith among Coachmen
Industries, Inc. (“Borrower”) and the Agent and Lender parties thereto (the
“Amendment”) which amends the Credit Agreement dated as of June 30, 2003 by and
among Borrower, Agent and the Lenders from time to time parties thereto (the
“Credit Agreement”), and accepts and agrees to be bound by the terms thereof,
ratifies and confirms all obligations under the Guaranty, and agrees that the
Guaranty shall continue in full force and effect upon the effectiveness of the
Amendment.

  Acknowledged and Agreed to this ____ day of December, 2004.       ALL AMERICAN
HOMES OF INDIANA, LLC
COACHMEN RECREATIONAL
VEHICLE COMPANY, LLC
GEORGIE BOY MANUFACTURING, LLC
COACHMEN RECREATIONAL
VEHICLE COMPANY OF GEORGIA, LLC
ALL AMERICAN HOMES OF IOWA, LLC
ALL AMERICAN HOMES OF KANSAS, LLC
ALL AMERICAN HOMES OF NORTH CAROLINA, LLC
ALL AMERICAN HOMES OF OHIO, LLC
MILLER BUILDING SYSTEMS, INC.
MOD-U-KRAF HOMES, LLC  

    By:   _______________________________________
Name:  Richard M. Lavers
Title:    Secretary  

    By:   _______________________________________
Name:  Gary L. Near
Title     Treasurer

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REAFFIRMATION OF
SUPPLEMENTAL SUBSIDIARY GUARANTORS

        The undersigned have executed and delivered to Bank One, Indiana, N.A.,
as Administrative Agent (the “Agent”) a Subsidiary Guaranty of Supplemental
Guarantors dated as of June 30, 2004 (the “Guaranty”). The undersigned hereby
acknowledge receipt of that certain Amendment No. 5 to Credit Agreement of even
date herewith among Coachmen Industries, Inc. (“Borrower”) and the Agent and
Lender parties thereto (the “Amendment”) which amends the Credit Agreement dated
as of June 30, 2003 by and among Borrower, Agent and the Lenders from time to
time parties thereto, as previously amended, (the “Credit Agreement”), and
accepts and agrees to be bound by the terms thereof, ratifies and confirms all
obligations under the Guaranty, and agrees that the Guaranty shall continue in
full force and effect upon the effectiveness of the Amendment.

  Acknowledged and Agreed to this ____ day of December, 2004.       SHASTA
INDUSTRIES, LLC
VIKING RECREATIONAL VEHICLES, LLC
COLFAX COUNTRY RV, LLC  

        By:   _______________________________________
Name:  Richard M. Lavers
Title:    Secretary  

    By:   _______________________________________
Name:  Gary L. Near
Title     Treasurer