EXHIBIT
10.2


 


EXECUTION
COPY


 


EIGHTH AMENDMENT TO


CREDIT AGREEMENT


AND CONSENT OF GUARANTORS


 


This EIGHTH AMENDMENT TO
CREDIT AGREEMENT AND CONSENT OF GUARANTORS (this “Amendment”)
is dated as of December 15, 2003, and entered into by and among FLEETWOOD ENTERPRISES,
INC. (“Fleetwood”), FLEETWOOD HOLDINGS, INC. and its
Subsidiaries listed on the signature pages hereof (collectively, “FMC”),
FLEETWOOD
RETAIL, CORP. and its Subsidiaries listed on the signature pages
hereof (collectively, “FRC”), the banks and other financial institutions
signatory hereto that are parties as Lenders to the Credit Agreement referred
to below (the “Lenders”), and BANK OF AMERICA, N.A., as administrative
agent and collateral agent (in such capacity, the “Agent”) for the
Lenders.


 


Recitals


 


Whereas,
Fleetwood, the Borrowers, the Lenders, and the Agent have entered into that
certain Credit Agreement dated as of July 27, 2001, as amended by that
certain First Amendment to Credit Agreement and Consent of Guarantors dated as
of December 4, 2001, that certain Second Amendment to Credit
Agreement and Security Agreement and Consent of Guarantors dated as of December
4, 2001, that certain Third Amendment to Credit Agreement and Consent of
Guarantors dated as of December 7, 2001, that certain Fourth
Amendment to Credit Agreement and Consent of Guarantors dated as of July
12, 2002, that certain Fifth Amendment to Credit Agreement and Consent of
Guarantors dated as of January 24, 2003, that certain Sixth Amendment to
Credit Agreement and Consent of Guarantors dated as of March 25, 2003, and
that certain Seventh Amendment and Consent of Guarantors dated as of July 21,
2003 (the “Credit Agreement”; capitalized terms used in this Amendment
without definition shall have the meanings given such terms in the Credit
Agreement); and


 


Whereas,
the Borrowers have requested of the Agent and the Majority Lenders certain
waivers, consents and approvals under the Credit Agreement with respect to the
grant of unsecured guaranties by Fleetwood of obligations owing by dealers that
are members of a buyer’s group facilitated by Rock Financial, Inc. (the “Rock
Group”) to those traditional floor plan lenders set forth on Schedule 1
hereto (the “Floor Plan Lenders”) which arise by reason of any members
of the Rock Group’s failure to remit payment to the Floor Plan Lenders (as
required under any agreement for financing between the Rock Group and the Floor
Plan Lenders) for sold inventory which was manufactured by Fleetwood and, or
its Subsidiaries (the “Proposed Guaranty”); and


 


Whereas, the
Borrowers have requested amendments to the Credit Agreement to modify certain
covenants in connection with the issuance of 2003 Subordinated Debentures (as
defined below); and


 


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Whereas,
the Majority Lenders and the Agent are willing to agree to the amendments and
to give the waivers, consents and approvals requested by the Loan Parties, on
the terms and conditions set forth in this Amendment;


 


Now Therefore, in consideration of the
promises and the mutual agreements set forth herein, Fleetwood, the Borrowers,
the Majority Lenders, and the Agent agree as follows:


 


1.             AMENDMENTS
TO CREDIT AGREEMENT.  Subject
to the conditions and upon the terms set forth in this Amendment and in
reliance on the representations and warranties of Fleetwood and the Borrowers
set forth in this Amendment, the Credit Agreement is hereby amended as follows:


 


1.1           Amendments to Annex A to Credit
Agreement (Definitions). 
The definition of “Change of Control” and “Subordinated Debt”
in Annex A of the Credit Agreement are amended to read as follows:


 


“Change of Control” means either (i) a change
shall occur in the Board of Directors of Fleetwood so that a majority of the
Board of Directors of Fleetwood ceases to consists of the individuals who
constituted the Board of Directors of Fleetwood on the Closing Date (or
individuals whose election or nomination for election was approved by a vote of
more than 50% of the directors then in office who either were directors of
Fleetwood on the Closing Date or whose election or nomination for election
previously was so approved); or (ii) any Person or Group (within the meaning of
Rule 13d-3 of the Securities and Exchange Commission), shall become or be the
owner, directly or indirectly, beneficially or of record, of shares
representing more than 20% of the aggregate ordinary voting power represented
by the issued and outstanding Capital Stock of Fleetwood on a fully diluted
basis; or (iii) except as permitted hereunder, any Loan Party (other than
Fleetwood) ceases to be direct or indirect wholly-owned Subsidiary of
Fleetwood; or (iv) a “change of control” as such term is defined in the
indenture under which 2003 Subordinated Debentures are issued.


 


“Subordinated Debt” means the unsecured Debt
from time to time outstanding under the Subordinated Debentures, the New
Subordinated Debentures, the 2003 Subordinated Debentures and the maximum
liability of Fleetwood on any subordinated Guaranty of the Trust Securities.


 


1.2           Additions to Annex A to Credit
Agreement (Definitions). 
The following definitions of “Eighth Amendment” and “2003
Subordinated Debentures” are added in Annex A of the Credit
Agreement in appropriate alphabetical order:


 


“Eighth
Amendment” means that certain Eighth Amendment to Credit Agreement and
Consent of Guarantors, dated as of December 15, 2003, and entered into by and
among Fleetwood, Holdings and its Subsidiaries listed on the signature pages
thereof, Retail and its Subsidiaries listed on the signature pages thereof, the
banks and other financial institutions signatory thereto that are parties as
Lenders to this Agreement and Bank of America, N.A., as administrative agent
and collateral agent for the Lenders.


 


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“2003
Subordinated Debentures” means up to $120,000,000 in aggregate principal
amount of unsecured, convertible senior subordinated debentures issued by
Fleetwood after the effective date of the Eighth Amendment and issued (i) on
terms and conditions set forth in the indicative Description of Debentures, a
copy of which is attached to such amendment and (ii) otherwise in accordance
with Section 7.29(c).


 


1.3           Amendment to Section 3.4.  Subsection (h) is renumbered as subsection
(i) and the following new subsection (h) is added:


 


“(h)  Immediately upon receipt by Fleetwood of the
cash proceeds from issuance of any 2003 Subordinated Debentures (the “2003
Subordinated Debentures Cash Proceeds”), Fleetwood shall apply such amount
of the 2003 Subordinated Debentures Cash Proceeds to the Revolving Loans equal
to the lesser of (i) the principal amount of Revolving Loans as of the date
hereof or (ii) 100% of such 2003 Subordinated Debentures Cash Proceeds.  2003 Subordinated Debentures Cash Proceeds
applied to the Revolving Loans shall not reduce the Revolving Credit
Commitment.


 


1.4           Amendment to Section 7.29.  The following subsection (c) is added:


 


“(c)  In
addition to the Subordinated Debt Exchange and the New Subordinated Debentures,
after the effective date of the Eighth Amendment, Fleetwood may issue 2003
Subordinated Debentures if (i) the aggregate principal amount of the
Subordinated Debt does not exceed $510,000,000, (ii) the amount of the
aggregate annual payments with respect to the Subordinated Debt, after giving
effect to such issuance, does not exceed one hundred eighty-five percent (185%)
of the amount of the aggregate annual payments with respect to Subordinated
Debt on the Closing Date; (iii) the rate of interest for the 2003 Subordinated
Debentures does not exceed five and one half percent (5.5%); (iv) all other
terms of such 2003 Subordinated Debentures are substantially consistent with
the Description of Debentures attached as Exhibit A to the Eighth
Amendment and (v) the cash proceeds of the 2003 Subordinated Debentures are
applied as provided in Section 3.4(h) hereof. 
Prior to December 15, 2008, Fleetwood will not, and will not permit any
of its Subsidiaries to, make any cash payments or prepayments with respect to
the 2003 Subordinated Debentures other than, subject to the subordination
provisions contained therein, (A) mandatory payments of interest (including any
additional amounts on the 2003 Subordinated Debentures and any Fleetwood common
stock issued upon conversion thereof) when due under the terms of the 2003
Subordinated Debentures (without acceleration), (B) mandatory payments upon
conversion of 2003 Subordinated Debentures, (C) mandatory payments to satisfy
repurchase obligations with respect to 2003 Subordinated Debentures upon a change
of control (as defined in the indenture under which the 2003 Subordinated
Debentures are issued), (D) fees, indemnification payments, expense
reimbursements and other customary payments made to any trustee, conversion
agent, transfer agent, exchange agent, paying agent, depositary or custodian
for the 2003 Subordinated Debentures or any agent or counsel for any of the
foregoing, and (E) payment of customary fees and expenses related to
registering for resale under the Securities Act of 1933 the 2003 Subordinated
Debentures and the Fleetwood common stock into which such debentures


 


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are convertible and (F) any other mandatory payments
of principal and/or interest (including any additional amounts) required under
the terms of the indenture under which the 2003 Subordinated Debentures are
issued.”


 


1.5           Amendment to Section 7.10.  Section 7.10(a) shall be amended by
deleting the “and” at the end of clause (viii) and adding the following after
clause (ix):


 


“and (x) so long as no Default or Event of Default has
occurred and is continuing on the date of the payment thereof, both before and
after giving effect to such payment, Fleetwood may, on or prior to the date
which is six (6) months after the date of the issuance of the 2003 Subordinated
Debentures, prepay or repurchase and cancel all or a portion of the
Subordinated Debentures or New Subordinated Debentures; provided that
the amount of such prepayment or repurchase does not exceed the amount of the
net 2003 Subordinated Debentures Cash Proceeds received upon the issuance of
the 2003 Subordinated Debentures; and provided further that
contemporaneously therewith Fleetwood Trust uses such proceeds to prepay or
repurchase and cancel those Trust Securities having the same liquidation amount
as the principal amount of such Subordinated Debentures or the New Subordinated
Debentures underlying such Trust Securities;”


 


1.6           Amendment to Section 7.14.  Section 7.14 shall be deleted in its
entirety and replaced with the following:


 


“Section 7.14            Prepayment. Neither Fleetwood nor
any of its Subsidiaries shall voluntarily prepay any Debt, except the
Obligations in accordance with the terms of this Agreement; provided
that the Excluded Retail Subsidiaries may prepay the Floor Plan Debt and
intercompany Debt; and provided further that so long as no Default or
Event of Default has occurred and is continuing on the date of the payment
thereof, both before and after giving effect to such payment, Fleetwood may, on
or prior to the date which is six (6) months after the date of the issuance of
the 2003 Subordinated Debentures, prepay or repurchase and cancel all or a
portion of the Subordinated Debentures or New Subordinated Debentures; provided
that the amount of such prepayment or repurchase does not exceed the amount of
the net 2003 Subordinated Debentures Cash Proceeds received upon the issuance
of the 2003 Subordinated Debentures; and provided further that
contemporaneously therewith Fleetwood Trust uses such proceeds to prepay or
repurchase and cancel those Trust Securities having the same liquidation amount
as the principal amount of such Subordinated Debentures or the New Subordinated
Debentures underlying such Trust Securities.


 


1.7           Amendment to Section 7.29.  Section 7.29(a) shall be amended by
adding the following at the end of clause (a):


 


“;
provided that, in respect of clause (i) above only, so long as no
Default or Event of Default has occurred and is continuing on the date of the
payment thereof, both before and after giving effect to such payment, Fleetwood
may, on or prior to the date which is six (6) months after the date of the
issuance of the 2003 Subordinated Debentures, prepay or repurchase and cancel
all or a portion of the Subordinated


 


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Debentures
or New Subordinated Debentures; provided that the amount of such
prepayment or repurchase does not exceed the amount of the net 2003
Subordinated Debentures Cash Proceeds received upon the issuance of the 2003
Subordinated Debentures; and provided further that contemporaneously
therewith Fleetwood Trust uses such proceeds to prepay or repurchase and cancel
those Trust Securities having the same liquidation amount as the principal
amount of such Subordinated Debentures or the New Subordinated Debentures
underlying such Trust Securities.”


 


2.             CONSENTS,
APPROVALS AND WAIVERS.


 


2.1           Proposed Guaranty.  By the execution of this Consent, (a) the
Agent and the Majority Lenders hereby consent to the execution and delivery by
the Loan Parties party thereto of the Proposed Guaranty, (b) each Majority
Lender hereby instructs the Agent to take any and all other further reasonable
and customary actions necessary to permit such execution and delivery and (c)
the Agent and the Majority Lenders hereby waive any breach of Section 7.12
of the Credit Agreement caused solely by the grant of the Proposed Guaranty and
agree that the Proposed Guaranty shall not be applied against the Guaranties
permitted by Section 7.12(g); provided
that the Proposed Guaranty is unsecured and the liabilities guaranteed by the
Proposed Guaranty do not exceed, in the aggregate, $5,000,000; provided further that each guaranty that
makes up a portion of the Proposed Guaranty is on customary and commercially
reasonable terms and is valid for a period of no greater than twelve (12)
consecutive months from the date of issuance of such guaranty; and provided further that the foregoing
consent and waiver is limited to the Proposed Guaranty only and shall not be
deemed a waiver of Section 7.12 of the Credit Agreement with respect to
any other guaranty or with respect to any modification, amendment, extension,
replacement or restatement of the Proposed Guaranty.


 


2.2           2003 Subordinated Debentures.  By the execution of this Amendment, the
Agent and the Majority Lenders hereby consent to the terms of the 2003
Subordinate Debentures as set forth in the indicative Description of Debentures
attached hereto as Exhibit A.


 


3.             REPRESENTATIONS
AND WARRANTIES OF FLEETWOOD AND THE BORROWERS. 
In order to induce the Majority Lenders and the Agent to
enter into this Amendment, each of Fleetwood and each Borrower represents and
warrants to each Majority Lender, the Issuing Bank and the Agent that the
following statements are true, correct and complete:


 


3.1           Power and Authority.  Each of the Loan Parties has all corporate
power and authority to enter into this Amendment and, as applicable, the
Consent of Guarantors attached hereto (the “Consent”), and to carry out
the transactions contemplated by, and to perform its obligations under or in
respect of, the Credit Agreement.


 


3.2           Corporate Action.  The execution and delivery of this Amendment
and the Consent and the performance of the obligations of each Loan Party under
or in respect of the Credit Agreement as amended hereby have been duly
authorized by all necessary corporate action on the part of each of the Loan
Parties.


 


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3.3           No Conflict or Violation or Required
Consent or Approval.  The
execution and delivery of this Amendment and the Consent and the performance of
the obligations of each Credit Party under or in respect of the Credit
Agreement as amended hereby do not and will not conflict with or violate (a)
any provision of the governing documents of any Loan Party or any of its
Subsidiaries, (b) any Requirement of Law, (c) any order, judgment or
decree of any court or other governmental agency binding on any Loan Party or
any of its Subsidiaries, or (d) any indenture, agreement or instrument to which
any Loan Party or any of its Subsidiaries is a party or by which any Loan Party
or any of its Subsidiaries, or any property of any of them, is bound, and do
not and will not require any consent or approval of any Person.


 


3.4           Execution, Delivery and
Enforceability.  This
Amendment and the Consent have been duly executed and delivered by each Loan
Party which is a party thereto and are the legal, valid and binding obligations
of such Loan Party, enforceable in accordance with their terms, except as
enforceability may be affected by applicable bankruptcy, insolvency, and
similar proceedings affecting the rights of creditors generally, and general
principles of equity.  The Agent’s Liens
in the Collateral continue to be valid, binding and enforceable first priority
Liens which secure the Obligations.


 


3.5           No Default or Event of Default.
No event has occurred and is continuing or will result from the execution and
delivery of this Amendment or the Consent that would constitute a Default or an
Event of Default.


 


3.6           No Material Adverse Effect.  No event has occurred that has resulted, or
could reasonably be expected to result, in a Material Adverse Effect.


 


3.7           Representations and Warranties.  Each of the representations and warranties
contained in the Loan Documents is and will be true and correct in all material
respects on and as of the date hereof and as of the effective date of this
Amendment, except to the extent that such representations and warranties
specifically relate to an earlier date, in which case they were true, correct
and complete in all material respects as of such earlier date.


 


4.             CONDITIONS
TO EFFECTIVENESS OF THIS AMENDMENT.  This
Amendment, and the consents and approvals contained herein, shall be effective
only if and when signed by, and when counterparts hereof shall have been
delivered to the Agent (by hand delivery, mail or telecopy) by, Fleetwood, the
Borrowers and each Majority Lender and only if and when each of the following
conditions is satisfied:


 


4.1           Consent of Guarantors.  Each of the Guarantors shall
have executed and delivered to the Agent the Consent.


 


4.2           No Default or Event of Default;
Accuracy of Representations and Warranties.  No Default or Event of Default shall exist
and each of the representations and warranties made by the Loan Parties herein
and in or pursuant to the Loan Documents shall be true and correct in all
material respects as if made on and as of the date on which this Amendment
becomes effective (except that any such representation or warranty that is
expressly stated as being made only as of a specified earlier date shall be
true and correct as of such earlier date), and the Borrowers shall have
delivered to the Agent a certificate confirming such matters.


 


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4.3           Other Documents.  The Agent shall have received such documents
as the Agent may reasonably request in connection with this Amendment.


 


5.             EFFECTIVE
DATE.  This Amendment shall become effective on the
date of the satisfaction of the conditions set forth in Section 4, and
each of the Majority Lenders signatory hereto hereby waives any Default or
Event of Default that may have arisen prior to the date of the Amendment, but
that would not be a Default or Event of Default after giving effect to this
Amendment (the “Eighth Amendment Effective Date”).


 


6.             EFFECT OF
AMENDMENT; RATIFICATION. 
This Amendment is a Loan Document. 
From and after the date on which this Amendment becomes effective, all
references in the Loan Documents to the Credit Agreement shall mean the Credit
Agreement as amended hereby.  Except as
expressly amended hereby or waived herein, the Credit Agreement and the other
Loan Documents, including the Liens granted thereunder, shall remain in full
force and effect, and all terms and provisions thereof are hereby ratified and
confirmed.  Each of Fleetwood and the
Borrowers confirms that as amended hereby, each of the Loan Documents is in
full force and effect, and that none of the Credit Parties has any defenses,
setoffs or counterclaims to its Obligations.


 


7.             APPLICABLE
LAW.  THE VALIDITY,
INTERPRETATIONS AND ENFORCEMENT OF THIS AMENDMENT AND ANY DISPUTE ARISING OUT
OF OR IN CONNECTION WITH THIS AMENDMENT, WHETHER SOUNDING IN CONTRACT, TORT,
EQUITY OR OTHERWISE, SHALL BE GOVERNED BY THE INTERNAL LAWS AND DECISIONS OF
THE STATE OF CALIFORNIA; PROVIDED THAT THE AGENT AND THE LENDERS SHALL RETAIN
ALL RIGHTS ARISING UNDER FEDERAL LAW.


 


8.             COMPLETE
AGREEMENT.  This Amendment
sets forth the complete agreement of the parties in respect of any amendment to
any of the provisions of any Loan Document or any waiver thereof.  The execution, delivery and effectiveness of
this Amendment do not constitute a waiver of any Default or Event of Default,
amend or modify any provision of any Loan Document except as expressly set
forth herein or constitute a course of dealing or any other basis for altering
the Obligations of any Loan Party.


 


9.             CAPTIONS;
COUNTERPARTS.  The catchlines
and captions herein are intended solely for convenience of reference and shall
not be used to interpret or construe the provisions hereof.  This Amendment may be executed by one or
more of the parties to this Amendment on any number of separate counterparts
(including by telecopy), all of which taken together shall constitute but one
and the same instrument.


 


[signatures follow; remainder of page intentionally
left blank]


 


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IN WITNESS WHEREOF,
each of the undersigned has duly executed this Eighth Amendment to Credit Agreement
and Consent of Guarantors as of the date set forth above.


 


	
  FMC BORROWERS

  	
  FLEETWOOD HOLDINGS INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF ARIZONA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF CALIFORNIA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF FLORIDA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF GEORGIA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF IDAHO, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF INDIANA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF KENTUCKY, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF NORTH CAROLINA,
  INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF OREGON, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF PENNSYLVANIA,
  INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF TENNESSEE, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF TEXAS, L.P.

  
	
   

  	
  By:

  	
  FLEETWOOD GENERAL PARTNER

  
	
   

  	
  OF TEXAS, INC.,
  its General Partner

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF VIRGINIA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF WASHINGTON, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD MOTOR HOMES OF
  CALIFORNIA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD MOTOR HOMES OF INDIANA,
  INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD MOTOR HOMES OF

  
	
   

  	
  PENNSYLVANIA, INC.

  



 


S-1

















 


	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF
  CALIFORNIA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF
  INDIANA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF
  KENTUCKY, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF
  MARYLAND, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF OHIO,
  INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF
  OREGON, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF TEXAS,
  INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD FOLDING TRAILERS, INC.

  
	
   

  	
   

  
	
   

  	
  GOLD SHIELD, INC.

  
	
   

  	
   

  
	
   

  	
  GOLD SHIELD OF INDIANA, INC.

  
	
   

  	
   

  
	
   

  	
  HAUSER LAKE LUMBER OPERATION, INC.

  
	
   

  	
   

  
	
   

  	
  CONTINENTAL LUMBER PRODUCTS, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD GENERAL PARTNER OF TEXAS,
  INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES INVESTMENT, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Forrest D. Theobald

  
	
   

  	
  Name:

  	
  Forrest D. Theobald

  
	
   

  	
  Title:

  	
  Secretary

  



 


S-2

















 


	
  FRC BORROWERS

  	
  FLEETWOOD RETAIL CORP.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD RETAIL CORP. OF
  CALIFORNIA

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD RETAIL CORP. OF IDAHO

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD RETAIL CORP. OF KENTUCKY

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD RETAIL CORP. OF
  MISSISSIPPI

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD RETAIL CORP. OF NORTH
  CAROLINA

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD RETAIL CORP. OF OREGON

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD RETAIL CORP. OF VIRGINIA

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Forrest D. Theobald

  
	
   

  	
  Name:

  	
  Forrest D. Theobald

  
	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
  GUARANTOR

  	
  FLEETWOOD ENTERPRISES, INC.,
  as the

  Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Forrest D. Theobald

  
	
   

  	
  Name:

  	
  Forrest D. Theobald

  
	
   

  	
  Title:

  	
  Senior Vice President,
  General Counsel

  and Secretary

  
				



 


S-3

















 


	
   

  	
  BANK OF AMERICA, N.A., as the Agent and

  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John McNamara

  
	
   

  	
  Name:

  	
  John McNamara

  
	
   

  	
  Title:

  	
  Vice President

  



 


S-4

















 


	
   

  	
  HELLER FINANCIAL, INC., as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Howard Bailey

  
	
   

  	
  Name:

  	
  Howard Bailey

  
	
   

  	
  Title:

  	
  Senior Vice President

  



 


S-5

















 


	
   

  	
  WELLS
  FARGO FOOTHILL, INC., fka

  FOOTHILL CAPITAL CORPORATION, as

  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Barrera

  
	
   

  	
  Name:

  	
  John Barrera

  
	
   

  	
  Title:

  	
  Assistant Vice
  President

  



 


S-6

















 


	
   

  	
  THE CIT GROUP/BUSINESS CREDIT,

  INC., as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas H. Hopkins

  
	
   

  	
  Name:

  	
  Thomas H. Hopkins

  
	
   

  	
  Title:

  	
  Vice President

  



 


S-7

















 


CONSENT OF GUARANTORS


 


Each of the undersigned
is a Guarantor of the Obligations of the FMC Borrowers and/or FRC Borrowers
under the Credit Agreement and hereby (a) consents to the foregoing
Amendment, (b) acknowledges that notwithstanding the execution and
delivery of the foregoing Amendment, the obligations of each of the undersigned
Guarantors are not impaired or affected and the Guaranties continue in full
force and effect, and (c) ratifies its Guaranty and each of the Loan
Documents to which it is a party.


 


IN WITNESS WHEREOF, each
of the undersigned has executed and delivered this CONSENT OF GUARANTORS as of
the 15th day of December, 2003. 


 


	
  FMC BORROWERS

  	
  FLEETWOOD HOLDINGS INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF ARIZONA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF CALIFORNIA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF FLORIDA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF GEORGIA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF IDAHO, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF INDIANA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF KENTUCKY, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF NORTH CAROLINA,
  INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF OREGON, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF PENNSYLVANIA,
  INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF TENNESSEE, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF TEXAS, L.P.

  
	
   

  	
  By:

  	
  FLEETWOOD GENERAL PARTNER

  
	
   

  	
  OF TEXAS, INC.,
  its General Partner

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD HOMES OF VIRGINIA, INC.

  



 


S-8

















 


	
   

  	
  FLEETWOOD HOMES OF WASHINGTON, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD MOTOR HOMES OF
  CALIFORNIA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD MOTOR HOMES OF INDIANA,
  INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD MOTOR HOMES OF
  PENNSYLVANIA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF
  CALIFORNIA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF
  INDIANA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF
  KENTUCKY, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF
  MARYLAND, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF OHIO,
  INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF
  OREGON, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF TEXAS,
  INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD FOLDING TRAILERS, INC.

  
	
   

  	
   

  
	
   

  	
  GOLD SHIELD, INC.

  
	
   

  	
   

  
	
   

  	
  GOLD SHIELD OF INDIANA, INC.

  
	
   

  	
   

  
	
   

  	
  HAUSER LAKE LUMBER OPERATION, INC.

  
	
   

  	
   

  
	
   

  	
  CONTINENTAL LUMBER PRODUCTS, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD GENERAL PARTNER OF TEXAS,
  INC.

  



 


S-9

















 


	
   

  	
  FLEETWOOD HOMES INVESTMENT, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /S/ Forrest D. Theobald

  
	
   

  	
  Name:

  	
  Forrest D. Theobald

  
	
   

  	
  Title:

  	
  Secretary

  



 


S-10

















 


	
  FRC BORROWERS

  	
  FLEETWOOD RETAIL CORP.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD RETAIL CORP. OF
  CALIFORNIA

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD RETAIL CORP. OF IDAHO

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD RETAIL CORP. OF KENTUCKY

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD RETAIL CORP. OF
  MISSISSIPPI

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD RETAIL CORP. OF NORTH
  CAROLINA

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD RETAIL CORP. OF OREGON

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD RETAIL CORP. OF VIRGINIA

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /S/ Forrest D. Theobald

  
	
   

  	
  Name:

  	
  Forrest D. Theobald

  
	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
  OTHER GUARANTORS

  	
  FLEETWOOD ENTERPRISES, INC.

  
	
   

  	
  FLEETWOOD CANADA LTD.

  
	
   

  	
  BUCKINGHAM DEVELOPMENT CO.

  
	
   

  	
  FLEETWOOD INTERNATIONAL INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /S/ Forrest D. Theobald

  
	
   

  	
  Name:

  	
  Forrest D. Theobald

  
	
   

  	
  Title:

  	
  Secretary

  
				



 


S-11

















 


SCHEDULE 1


 


FLOOR PLAN LENDERS


 


 


Bombardier Capital Inc.


 


Textron Financial Corporation


 


Transamerica Commercial Finance Corporation


 

















 


EXHIBIT A