PROMISSORY NOTE(Revolving NoteRenewal)

|$40,000,000 | Eugene, Oregon | November 30, 2000
|----------- | -------------- | -----------------

PARTIES:

MONACO COACH CORPORATION, a Delaware corporation (Borrower)

U.S.
BANK NATIONAL ASSOCIATION (Bank)

RECITAL:

On August 25, 2000, Borrower executed and delivered to Bank a Promissory Note (the Original Note) in the principal amount of Forty Million United States
Dollars ($40,000,000). The entire balance of the Original Note, principal and interest, is due and payable no later than September 30, 2000. The parties previously extended that due date to
October 31, 2000 pursuant to a first renewal note and then to November 30, 2000 pursuant to a second renewal note (the Prior Renewal Notes). The parties desire to further extend that due
date to December 31, 2000, and this note is being executed for that purpose. This note renews the Original Note and the Prior Renewal Notes, and shall not be deemed payment or satisfaction of
the indebtedness evidenced by those notes.

AGREEMENTS:

1.PROMISE TO PAY.  Upon demand, for value received, Borrower promises to pay to Bank, or its order, the
principal amount of Forty Million United States Dollars ($40,000,000), or so much as may be outstanding, together with interest on the unpaid principal balance of each Advance at the rate
specified in this note. Interest shall be calculated from the date of each Advance until repayment of each Advance.

2.PAYMENT OF PRINCIPAL.  Borrower shall pay the Principal Balance of this note on demand, or if no
demand, on December 31, 2000.

3.INTEREST RATE AND PAYMENT OF INTEREST.



---



---



---



---

4.LINE OF CREDIT.  This note evidences a revolving line of credit. Advances under this note may be
requested orally by Borrower, any officer of Borrower or any other authorized person. Bank may, but need not, require that all oral requests be confirmed in writing. All communications, instructions
or directions by telephone or otherwise to Bank are to be directed to the Eugene office of Bank's Commercial Banking Division. Borrower agrees to be liable for all sums either (a) advanced in
accordance with the instructions of an authorized person or (b) credited to any of Borrower's accounts with Bank, regardless of the fact that persons other than those authorized to borrow have
authority to draw against the accounts. The Principal Balance may be evidenced by endorsements on this note or by Bank's internal records, including daily computer printouts. Borrower agrees that Bank
is under no obligation and has not committed to make any Advances hereunder. Each Advance hereunder shall be made at the sole option of Bank.

5.LATE CHARGE.  If a payment is nineteen (19) or more days past due, Borrower will pay a late
charge of five percent (5%) of the delinquent payment, but not more than the maximum amount authorized by law.

6.DEFAULT.  Each of the following shall constitute an Event of Default under this note:



7.FEE.  Contemporaneously with the execution of this note, Borrower shall pay to Bank a loan fee in the
amount of Four Thousand One Hundred Sixty-Seven Dollars ($4,167).

8.NOTICES.  Any notices required or permitted to be given under the terms of this note shall be in
writing and may be given by personal delivery; first-class mail; certified mail, return receipt requested; or nationally recognized overnight courier; directed to the parties at the following
addresses, or such other address as any party may designate in writing prior to the time of the giving of such notice, or in any other manner authorized by law:

|Borrower: |  | 91320 Industrial Way
Coburg, Oregon 97408
Attn: John Nepute, President                                           
|--------- |  | -----------------------------------------------------------------------------------------------------------------
|Bank:     |  | Oregon Commercial Banking
800 Willamette Street, Third Floor
P.O. Box 10553
Eugene, Oregon 97440
Attn: Ken Carson

Any
notice given shall be effective when actually received; or if given by certified mail, then forty-eight (48) hours after deposit of such notice in the United States mail with postage
prepaid; or if given by overnight courier, then twenty-four (24) hours after the deposit of such notice with the overnight courier with delivery charges prepaid.

9.ARBITRATION.



---



10.COLLECTION COSTS AND ATTORNEY FEES.  Borrower agrees to pay upon demand all of Bank's reasonable
costs and expenses, including attorneys' fees and Bank's legal expenses, incurred in connection with the enforcement of this note. Costs and expenses include Bank's attorneys' fees and legal expenses
whether or not there is a lawsuit, including attorneys' fees and legal expenses for bankruptcy proceedings (and including efforts to modify or vacate any automatic stay or injunction), appeals and any
anticipated post-judgment collection services. Borrower also shall pay all court costs and such additional fees as may be directed by the court.

11.REQUESTS FOR ADVANCES AND RATES.  Borrower agrees that Lender shall have no obligation to verify the
identity of any person making any request pursuant to this note, and Borrower assumes all risks of the validity and authorization of such requests. Borrower promises to pay Bank, in accordance with
the provisions of this note, the Principal Balance together with interest thereon and other sums due hereunder, although any requests may have been submitted by a person or persons not authorized to
do so.

12.WAIVERS.  Each maker, co-maker, endorser or guarantor of this note waives diligence,
demand, presentment for payment, notice of non-payment, protest and notice of protest and consents to all extensions of time and renewals hereof, whether or not the extensions or renewals
are longer than the original period of the note, to any exchange or release of any security for the indebtedness evidenced by this note, and to any release of any party liable on this note.

13.GENERAL PROVISIONS.  Time is of the essence of this note. All obligations of any maker,
co-maker, endorser or guarantor of this note are joint and several. This note shall be governed by and construed and enforced in accordance with the laws of the State of Oregon without
regard to conflicts of law principles. Bank's rights and remedies under this note are cumulative.

14.EXECUTION BY FACSIMILE; COUNTERPARTS.  This note may be executed in several counterparts, each of
which will be deemed to be an original and all of which together constitute one and the same instrument. Delivery of an executed copy of this note by telecopy, telex or other means of electronic
communication producing a printed copy will be deemed to be an execution and delivery of this note on the date of such communication by the parties so delivering such a copy. The party so delivering
such a copy via electronic communication shall deliver an executed original of this note to the other party within one week of the date of delivery of the copy sent via electronic communication.

15.WARRANTY OF AUTHORITY.  The person executing this note on behalf of Borrower personally represent
and warrant that he is duly authorized to do so, and that this note is enforceable against Borrower in accordance with its terms.

16.UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY BANK AFTER OCTOBER 3, 1989 CONCERNING LOANS AND
OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR

---

SECURED SOLELY BY THE BORROWER'S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION AND BE SIGNED BY BANK TO BE ENFORCEABLE.

| |  | MONACO COACH CORPORATION
| |  | ------------------------
| |  | By                      

---

ALLONGE TO PROMISSORY NOTE

MONACO COACH CORPORATION, a Delaware corporation ("Borrower"), hereby amends its November 30, 2000 Promissory Note (Revolving NoteRenewal)
("Note") in the original principal amount of $40,000,000 payable to the order of U.S. Bank National Association by deleting "December 31, 2000" from Section 2 and replacing the deleted
date with "January 12, 2001." In all other respects, Borrower ratifies and confirms the Note and acknowledges that the Note remains in full force and effect.

Borrower
hereby requests that this Allonge to Promissory Note be fastened to the Note.

Signed
as of December 29, 2000.

| |  |     |  | MONACO COACH CORPORATION                                                       
| |  | --- |  | -------------------------------------------------------------------------------
| |  | By: |  | /s/KAY TOOLSONKay L. Toolson, Chief Executive Officer and Chairman of the Board

This
Allonge to Promissory Note is hereby accepted by U.S. Bank National Association as of December 29, 2000.

| |  | U.S. Bank National Association
By:Title:
| |  | ----------------------------------------

---

QuickLinks