Document:

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                                                                    Exhibit 4.41

                               SECURITY AGREEMENT
                          (Steelcase Trust No. 2000-1)

                            Dated as of May 26, 2000

                                      from

                   FIRST SECURITY BANK, NATIONAL ASSOCIATION,
 not in its individual capacity, but solely as Certificate Trustee, as Borrower

                                       to

                     FIRST SECURITY TRUST COMPANY OF NEVADA,
                     not in its individual capacity, but as
        Administrative Agent for the Lenders and the Certificate Holders

                          and accepted and agreed to by

                                 STEELCASE INC.,
                                  as the Lessee

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<TABLE>
<CAPTION>
                                           TABLE OF CONTENTS
<S>                                                                                                          <C>
1.       Definitions....................................................................................      2

2.       Grant of Security Interest.....................................................................      3

3.       Payment of Obligations.........................................................................      5

4.       Other Covenants................................................................................      6

5.       Default; Remedies..............................................................................      6

6.       Remedies Not Exclusive.........................................................................      6

7.       Performance by the Administrative Agent of the Borrower's Obligations..........................      7

8.       Duty of the Administrative Agent...............................................................      7

9.       Powers Coupled with an Interest................................................................      7

10.      Execution of Financing Statements..............................................................      8

11.      Security Agreement Under UCC...................................................................      8

12.      Authority of the Administrative Agent..........................................................      9

13.      Notices........................................................................................      9

14.      Severability...................................................................................      9

15.      Amendment in Writing; No Waivers; Cumulative Remedies..........................................      9

16.      Section Headings...............................................................................     10

17.      Successors and Assigns.........................................................................     10

18.      The Borrower's Waiver of Rights................................................................     10

19.      GOVERNING LAW..................................................................................     11

20.      Obligations Are Without Recourse...............................................................     11

21.      Partial Release; Full Release..................................................................     11

22.      Miscellaneous..................................................................................     11

23.      Conflicts with Participation Agreement.........................................................     12

24.      Lessee as a Party..............................................................................     12
</TABLE>
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                               SECURITY AGREEMENT

         This SECURITY AGREEMENT, dated as of May 26, 2000 (as amended,
modified, extended, supplemented, restated and/or replaced from time to time,
this "Security Agreement"), is made between FIRST SECURITY BANK, NATIONAL
ASSOCIATION, a national banking association, not individually, but solely as
Certificate Trustee under Steelcase Trust No. 2000-1 (the "Borrower"), and FIRST
SECURITY TRUST COMPANY OF NEVADA, a Nevada banking corporation (individually,
"FSTCN"), as the administrative agent for (a) the Lenders (hereinafter defined)
under the Loan Agreement dated as of the date hereof (as amended, modified,
extended, supplemented, restated and/or replaced from time to time, the "Loan
Agreement") by and among the Borrower, the lending institutions and commercial
paper conduits from time to time parties thereto (the "Lenders"), FSTCN, as the
Administrative Agent for the Lenders and Bank of America, National Association,
as administrator for the CP Lender (the "Administrator") and (b) the purchasers
of the certificates issued pursuant to the Trust Agreement dated as of the date
hereof (as amended, modified, extended, supplemented, restated and/or replaced
from time to time, the "Trust Agreement") among the certificate holders from
time to time parties thereto (the "Certificate Holders") and the Borrower, in
its individual capacity thereunder and in its capacity as Certificate Trustee
thereunder. The Lenders, the Certificate Holders, the Administrative Agent and
the Administrator, together with their successors and permitted assigns, are
collectively referred to hereinafter as the "Secured Parties". FSTCN, in its
capacity as Administrative Agent for the Secured Parties is referred to
hereinafter as the "Administrative Agent". This Security Agreement is accepted
and agreed to by STEELCASE INC., a Michigan corporation (from time to time
referred to as the "Lessee").

                              Preliminary Statement

         Pursuant to the Loan Agreement and the Participation Agreement
(hereinafter defined), the Lenders have severally agreed to make Loans to the
Borrower in an aggregate amount not to exceed their respective Loan Commitments
upon the terms and subject to the conditions set forth therein, to be evidenced
by the Notes issued by the Borrower under the Loan Agreement. Pursuant to the
Trust Agreement, the Certificate Holders have agreed to purchase the ownership
interests of the Trust created thereby in an aggregate amount not to exceed
their respective Certificate Commitments upon the terms and subject to the
conditions set forth therein, to be evidenced by the Certificates issued by the
Borrower under the Trust Agreement.

         It is a condition, among others, to the obligation of the Lenders to
make their respective Loans to the Borrower under the Loan Agreement and the
Certificate Holders to make their respective Fundings under the Trust Agreement
and each Facility Lender and the Administrator to undertake their respective
obligations under the Operative Documents that the Borrower shall have executed
and delivered this Security Agreement to the Administrative Agent, for the
benefit of the Secured Parties.

         NOW, THEREFORE, in consideration of the foregoing and to induce the
Lenders to make their respective Loans under the Loan Agreement and to induce
the Certificate Holders to

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make their respective Certificate Holder advances under the Trust Agreement, the
Borrower hereby agrees with the Administrative Agent, for the benefit of the
Secured Parties, as follows:

         1.       DEFINITIONS.

                  (a)      As used herein, the following terms shall have the
following respective meanings:

                  "Accounts" shall mean all "accounts," as such term is defined
         in the UCC, now owned or hereafter acquired by the Borrower, including
         without limitation (i) all accounts receivable, other receivables, book
         debts and other forms of obligations now owned or hereafter received or
         acquired by or belonging or owing to the Borrower, whether arising out
         of goods sold or leased or services rendered by it or from any other
         transaction (including without limitation any such obligations which
         may be characterized as an account under the UCC), (ii) all of the
         Borrower's rights in, to and under all purchase orders or receipts now
         owned or hereafter acquired by it for goods or services, (iii) all of
         the Borrower's rights to any goods represented by any of the foregoing
         (including without limitation unpaid sellers' rights of rescission,
         replevin, reclamation and stoppage in transit and rights to returned,
         reclaimed or repossessed goods), (iv) all monies due or to become due
         to the Borrower under all purchase orders and contracts for the sale or
         lease of goods or the performance of services or both by the Borrower
         (whether or not yet earned by performance on the part of the Borrower
         now) or hereafter in existence, including without limitation the right
         to receive the proceeds of said purchase orders and contracts, and (v)
         all collateral security and guarantees of any kind, now or hereafter in
         existence, given by any Person with respect to any of the foregoing.

                  "Certificate Holders" shall have the meaning specified in the
         first paragraph of this Security Agreement.

                  "Chattel Paper" shall mean any and all "chattel paper," as
         such term is defined in the UCC, now owned or hereafter acquired by the
         Borrower, wherever located.

                  "Documents" shall mean any and all "documents", as such term
         is defined in the UCC, now owned or hereafter acquired by the Borrower,
         wherever located, including without limitation each bill of lading,
         dock warrant, dock receipt, warehouse receipt or order for the delivery
         of goods, and also any other document which in the regular course of
         business or financing is treated as adequately evidencing that the
         person in possession of it is entitled to receive, hold and dispose of
         the document and the goods it covers.

                  "General Intangibles" shall mean any and all "general
         intangibles," as such term is defined in the UCC, now owned or
         hereafter acquired by the Borrower, including without limitation all
         contracts, undertakings, or agreements in or under which the Borrower
         may now or hereafter have any right (other than any right evidenced by
         Chattel Paper, Documents or Instruments), title or interest, including
         without limitation any agreements relating to the terms of payment or
         the terms of performance of any Account.

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                  "Instruments" shall mean any and all "instruments", as such
         term is defined in the UCC, now owned or hereafter acquired by the
         Borrower, wherever located, including without limitation all
         certificated securities, all certificates of deposit, and all notes and
         other evidences of indebtedness, other than instruments that
         constitute, or are a part of a group of writings that constitute,
         Chattel Paper.

                  "Investment Property" shall mean any and all "investment
         property," as such term is defined in the UCC, now owned or hereafter
         acquired by the Borrower, wherever located.

                  "Lenders" shall have the meaning specified in the first
         paragraph of this Security Agreement.

                  "Lessee" shall have the meaning specified in the first
         paragraph of this Security Agreement and, in addition, shall include
         the successors, permitted assigns and permitted transferees of the
         Lessee.

                  "Obligations" shall mean (i) repayment of the Notes (including
         without limitation the principal of and interest thereon as provided
         thereunder) according to the terms thereof, (ii) repayment of the
         Certificates (including without limitation the principal of and yield
         thereon as provided thereunder) according to the terms thereof, (iii)
         payment of all the Fees, (iv) the performance of all obligations of the
         Borrower or Lessee under the Operative Documents and (v) the payment of
         all such other sums that may hereinafter be secured by this Security
         Agreement in accordance with the terms hereof.

                  (b)      Capitalized terms used but not otherwise defined in
this Security Agreement shall have the respective meanings specified in Appendix
A to the Participation Agreement dated as of the date hereof (as amended,
modified, extended, supplemented, restated and/or replaced from time to time in
accordance with the applicable provisions thereof, the "Participation
Agreement") among the Lessee, the Borrower, the Certificate Holders thereunder,
the CP Lender thereunder, the Facility Lenders thereunder, and FSTCN, as the
Administrative Agent for the Lenders and the Certificate Holders under the
Security Documents, to the extent of their interests, and the Administrator
thereunder.

                  (c)      The rules of usage set forth in Appendix A to the
Participation Agreement shall apply to this Agreement.

         2.       GRANT OF SECURITY INTEREST.

         To secure,

         (i)      payment by Borrower of all the amounts advanced under the Loan
Agreement and the Trust Agreement, including all indebtedness, loans and
certificate amounts evidenced by the Notes, the Certificates and the other
Security Documents (collectively, the "Secured Instruments");

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         (ii)     payment of accrued Interest and Yield on clause (i) above and
all other sums, with Interest and Yield, becoming due or payable under the
provisions hereof or under the Loan Agreement or the Trust Agreement or under
any other document or instrument evidencing, securing or pertaining to the
indebtedness, loans and certificate amounts evidenced by the Secured
Instruments;

         (iii)    payment by Borrower of such additional sums, with Interest and
Yield thereon, which may hereafter be loaned or advanced to Borrower, or its
successors or assigns, by Participants or any of them, in accordance with the
terms of the Operative Documents, when evidenced by a promissory note or notes,
certificate or certificates, or other instrument or instruments, in each case
reciting that they are secured by this Security Agreement;

         (iv)     due, prompt and complete observance, performance and discharge
of each and every obligation, covenant and agreement of Lessee under the Lease
(including the obligation to pay Rent, the Lease Balance and any other amounts
payable pursuant to the Lease), the Loan Agreement and the Trust Agreement and
under any other Security Documents, as the same may be amended or extended;

         (v)      due, prompt and complete observance, performance and discharge
of each and every obligation, covenant and agreement of Borrower contained in
this Security Agreement, the Loan Agreement, the Trust Agreement and any other
Security Documents, and all supplements, amendments and modifications thereto
and all extensions and renewals thereof, or in any other instrument heretofore
or hereafter executed by Borrower having reference to or arising out of the
loans, certificate amounts, Interest and Yield represented by the Notes or
Certificates; and

         (vi)     payment of all sums advanced by Administrative Agent to
protect the Collateral or any portion thereof, whether or not any such advance
is specifically authorized by the provisions of this Security Agreement, the
Loan Agreement, the Trust Agreement or any of the other Security Documents, with
interest thereon at the overdue rate and to the extent not referenced above,
payment and performance of all Obligations and payment of all other amounts and
performance of all other obligations due to the Secured Parties pursuant to the
Operative Documents,

         Borrower hereby conveys, grants, assigns, transfers, hypothecates,
mortgages and sets over to the Administrative Agent for the benefit of the
Secured Parties, a security interest in and lien on all present and future
right, title and interest of Borrower, in, to and under the following (whether
now existing or hereafter acquired) but excluding all Excluded Amounts:

                  (A)      any Aircraft listed on any supplement to this
         Security Agreement (each a "Security Agreement Supplement") in form and
         substance substantially similar to Exhibit A attached hereto
         (collectively all such Aircraft referred to as the "Assets");

                  (B)      all books and records relating to or used in
         connection with the operation of the Assets or any part thereof;

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                  (C)      all insurance policies required to be maintained by
         Lessee pursuant to the Lease;

                  (D)      all consents, licenses and other governmental
         approvals relating to use or operation of the Assets or any part
         thereof;

                  (E)      all Rent and all other rents, payments, purchase
         prices, receipts, revenues, issues and profits payable under the Lease
         or pursuant to any other lease with respect to the Assets;

                  (F)      all (i) Accounts, General Intangibles, Chattel Paper,
         deposit accounts, money, Investment Property, Instruments and Documents
         relating to or otherwise arising in connection with or derived from the
         Assets, (ii) refunds, rebates, reserves, deferred payments, deposits,
         cost savings, and payments of any kind due from or payable by (a) any
         Authority, or (b) any insurance or utility company, relating in either
         case to any or all of the Assets, (iii) refunds, rebates and payments
         of any kind due from or payable by any Authority for any taxes,
         assessments, or governmental or quasi-governmental charges or levies
         imposed upon Borrower with respect to or upon any or all of the Assets,
         and (iv) cash collateral accounts (if any) maintained pursuant to any
         of the Security Documents;

                  (G)      all right, title and interest of the Borrower in and
         to the Operative Documents now existing or hereafter acquired by the
         Borrower (including without limitation all rights to payment and
         indemnity rights of the Borrower under the Participation Agreement)
         (all of the foregoing in this paragraph (G) being referred to as the
         "Rights in Operative Documents"); and

                  (H)      all proceeds, both cash and noncash, of the
         foregoing.

         (All of the foregoing property and rights and interests now owned or
held or subsequently acquired by Borrower and described in the foregoing clauses
(A) through (H) are collectively referred to as the "Collateral");

         TO HAVE AND TO HOLD the Collateral and the rights and privileges hereby
granted unto the Administrative Agent (for the benefit of the Secured Parties)
its successors and assigns for the uses and purposes set forth in this
Agreement, until all of the Obligations are paid in full.

         3.       PAYMENT OF OBLIGATIONS.

         The Borrower shall pay all Obligations in accordance with the terms of
the Loan Agreement, the Notes, the Trust Agreement, the Certificates and the
other Operative Documents and perform each term to be performed by it under the
Loan Agreement, the Notes, the Trust Agreement, the Certificates and the other
Operative Documents.

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         4.       OTHER COVENANTS.

         At any time and from time to time, upon the written request of the
Administrative Agent, and at the expense of the Borrower, the Borrower will
promptly and duly execute and deliver such further instruments and documents and
take such further actions as the Administrative Agent reasonably may request for
the purposes of obtaining or preserving the full benefits of this Security
Agreement and of the rights and powers granted by this Security Agreement.

         5.       DEFAULT; REMEDIES.

                  (a)      If a Loan Event of Default has occurred and is
                           continuing:

                                    (i)      the Administrative Agent, in
                  addition to all other remedies available at law or in equity,
                  shall have the right, subject to the rights of the Lessee
                  under the Lease, forthwith to enter upon any property where
                  any component of any Assets is located at such time, without
                  charge, and take possession of all or any portion of the
                  Collateral, and receive the rents, issues and profits thereof,
                  to make repairs and to apply said rentals and profits, after
                  payment of all necessary or proper charges and expenses, on
                  account of the amounts hereby secured; and

                                    (ii)     the Administrative Agent, shall, as
                  a matter of right, be entitled to the appointment of a
                  receiver for the Collateral, and the Borrower hereby consents
                  to such appointment and waives notice of any application
                  therefor.

                  (b)      If a Loan Event of Default has occurred and is
         continuing, the Administrative Agent may, subject to the rights of the
         Lessee under the Lease, proceed by an action at law, suit in equity or
         other appropriate proceeding, to protect and enforce its rights,
         whether for the foreclosure of the Lien of this Security Agreement, or
         for the specific performance of any agreement contained herein or for
         an injunction against the violation of any of the terms hereof. The
         proceeds of any sale of any of the Collateral shall be applied pursuant
         to Section 3.3 of the Loan Agreement. In addition, the Administrative
         Agent may proceed under Section 11 hereof.

         6.       REMEDIES NOT EXCLUSIVE.

         The Administrative Agent shall be entitled to enforce payment of the
indebtedness and performance of the Obligations and to exercise all rights and
powers under this Security Agreement or under any of the other Operative
Documents or other agreements or any laws now or hereafter in force,
notwithstanding some or all of the Obligations may now or hereafter be otherwise
secured, whether by deed of trust, mortgage, security agreement, pledge, Lien,
assignment or otherwise. Neither the acceptance of this Security Agreement nor
its enforcement, shall prejudice or in any manner affect the Administrative
Agent's right to realize upon or enforce any other security now or hereafter
held by the Administrative Agent, it being agreed that the Administrative Agent
shall be entitled to enforce this Security Agreement and any other

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security now or hereafter held by the Administrative Agent in such order and
manner as the Administrative Agent may determine in its absolute discretion. No
remedy conferred hereunder or under any other Operative Document upon or
reserved to the Administrative Agent is intended to be exclusive of any other
remedy herein or therein or by law provided or permitted, but each shall be
cumulative and shall be in addition to every other remedy given hereunder or
thereunder or now or hereafter existing at law or in equity or by statute. Every
power or remedy given by any of the Operative Documents to the Administrative
Agent or to which it may otherwise be entitled, may be exercised, concurrently
or independently, from time to time and as often as may be deemed expedient by
the Administrative Agent. In no event shall the Administrative Agent, in the
exercise of the remedies provided in this Security Agreement (including without
limitation in connection with the assignment of Rents to the Administrative
Agent or the appointment of a receiver), be deemed a "mortgagee in possession"
or a "pledgee in possession," and the Administrative Agent shall not in any way
be made liable for any act, either of commission or omission, in connection with
the exercise of such remedies.

         7.       PERFORMANCE BY THE ADMINISTRATIVE AGENT OF THE BORROWER'S
                  OBLIGATIONS.

         If the Borrower fails to perform or comply with any of its agreements
contained herein the Administrative Agent, at its option, but without any
obligation so to do, may perform or comply, or otherwise cause performance or
compliance, with such agreement after giving prior written notice thereof to
Borrower and Lessee. The reasonable out of pocket expenses of the Administrative
Agent incurred in connection with actions undertaken as provided in this Section
7, together with interest thereon at a rate per annum equal to the Overdue Rate,
from the date of payment by the Administrative Agent to the date reimbursed by
the Borrower, shall be payable by the Borrower to the Administrative Agent on
demand and constitutes part of the Obligations secured hereby.

         8.       DUTY OF THE ADMINISTRATIVE AGENT.

         The Administrative Agent's sole duty with respect to the custody,
safekeeping and physical preservation of any Collateral in its possession, under
Section 9-207 of the UCC or otherwise, shall be to deal with it in the same
manner as the Administrative Agent deals with similar property for its own
account. Neither the Administrative Agent, any Lender, any Certificate Holder
nor any of their respective directors, officers, employees, shareholders,
partners or Administrative Agents shall be liable for failure to demand, collect
or realize upon any of the Collateral or for any delay in doing so or shall be
under any obligation to sell or otherwise dispose of any Collateral upon the
request of the Borrower or any other Person or to take any other action
whatsoever with regard to the Collateral or any part thereof.

         9.       POWERS COUPLED WITH AN INTEREST.

         All powers, authorizations and agencies contained in this Security
Agreement are coupled with an interest and are irrevocable until this Security
Agreement is terminated and the Liens created hereby are released.

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         10.      EXECUTION OF FINANCING STATEMENTS.

         Pursuant to Section 9-402 of the UCC, the Borrower authorizes the
Administrative Agent, at the expense of the Borrower, to file financing
statements with respect to the Collateral under this Security Agreement without
the signature of the Borrower in such form and in such filing offices as the
Administrative Agent reasonably determines (pursuant to instruction from one or
more Participants, such instruction to be delivered in the reasonable discretion
of each such Participant) appropriate to perfect the security interests of the
Administrative Agent under this Security Agreement. A carbon, photographic or
other reproduction of this Security Agreement shall be sufficient as a financing
statement for filing in any jurisdiction. For purposes of such financing
statement, the Borrower shall be deemed to be the debtor, and the Administrative
Agent shall be deemed to be the secured party. The address of the Borrower is 79
South Main Street, Third Floor, Salt Lake City, Utah 84111, Attention: Val T.
Orton, Vice President, and the address of the Administrative Agent is First
Security Trust Company of Nevada, 79 South Main Street, Third Floor, Salt Lake
City, Utah 84111, Attention: Val T. Orton, Vice President.

         11.      SECURITY AGREEMENT UNDER UCC.

                  (a)      It is the intention of the parties hereto that this
         Security Agreement as it relates to matters of the grant, perfection
         and priority of security interests the subject hereof, shall constitute
         a security agreement within the meaning of the UCC. If a Loan Event of
         Default shall occur and be continuing, then in addition to having any
         other right or remedy available at law or in equity, the Administrative
         Agent may, subject to the rights of the Lessee under the Lease, proceed
         under the UCC and exercise such rights and remedies as may be provided
         to a secured party by the UCC with respect to all or any portion of the
         Collateral which is personal property (including without limitation
         taking possession of and selling such property). If the Administrative
         Agent shall elect to proceed under the UCC, then fifteen (15) days'
         notice of sale of the personal property shall be deemed reasonable
         notice and the reasonable expenses of retaking, holding, preparing for
         sale, selling and the like incurred by the Administrative Agent shall
         include, but not be limited to, attorneys' fees and legal expenses. If
         a Loan Event of Default shall have occurred and be continuing, at the
         Administrative Agent's request, the Borrower shall, subject to the
         rights of the Lessee under the Lease, assemble such personal property
         and make it available to the Administrative Agent at one or more places
         designated by the Administrative Agent which is reasonably convenient
         to both parties.

                  (b)      The Borrower, upon reasonable request by the
         Administrative Agent from time to time, shall execute, acknowledge and
         deliver to the Administrative Agent one (1) or more separate security
         agreements, in form satisfactory to the Administrative Agent, covering
         all or any part of the Collateral and will further execute, acknowledge
         and deliver, or cause to be executed, acknowledged and delivered, any
         financing statement, affidavit, continuation statement or certificate
         or other document as the Administrative Agent may reasonably request in
         order to perfect, preserve, maintain, continue or extend the security
         interest under, and the priority of the Liens granted by, this Security
         Agreement and such security instrument. The Borrower further agrees to
         pay to the

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         Administrative Agent on demand all reasonable costs and expenses
         incurred by the Administrative Agent in connection with the
         preparation, execution, recording, filing and re-filing of any such
         document and all reasonable costs and expenses of any record searches
         for financing statements the Administrative Agent shall reasonably
         require. The filing of any financing or continuation statements in the
         records relating to personal property or chattels shall not be
         construed as in any way impairing the right of the Administrative Agent
         to proceed against any property encumbered by this Security Agreement.

         12.      AUTHORITY OF THE ADMINISTRATIVE AGENT.

         The Borrower acknowledges that the rights and responsibilities of the
Administrative Agent under this Security Agreement with respect to any action
taken by the Administrative Agent or the exercise or non-exercise by the
Administrative Agent of any option, voting right, request, judgment or other
right or remedy provided for herein or resulting or arising out of this Security
Agreement shall be governed by Section 8 of the Participation Agreement and by
such other agreements with respect thereto as may exist from time to time (until
such time as all amounts due and owing to the Secured Parties and the
Administrative Agent under the Operative Documents have been paid in full), but
the Administrative Agent shall be conclusively presumed to be acting as
Administrative Agent for the Secured Parties with full and valid authority so to
act or refrain from acting, and the Borrower shall be under no obligation, or
entitlement, to make any inquiry respecting such authority.

         13.      NOTICES.

         All notices required or permitted to be given under this Security
Agreement shall be in writing and delivered as provided in Section 9.3 of the
Participation Agreement. Copies of all notices of any material matter delivered
pursuant to this Security Agreement shall be delivered to the Lessee.

         14.      SEVERABILITY.

         Any provision of this Security Agreement which is prohibited or
unenforceable shall be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof.

         15.      AMENDMENT IN WRITING; NO WAIVERS; CUMULATIVE REMEDIES.

                  (a)      None of the terms or provisions of this Security
         Agreement may be waived, amended, supplemented or otherwise modified
         except in accordance with the terms of Section 9.5 of the Participation
         Agreement.

                  (b)      No failure to exercise, nor any delay in exercising,
         on the part of the Administrative Agent, any right, power or privilege
         hereunder shall operate as a waiver thereof. No single or partial
         exercise of any right, power or privilege hereunder shall preclude any
         other or further exercise thereof or the exercise of any other right,
         power or

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         privilege. A waiver by the Administrative Agent of any right or remedy
         hereunder on any one (1) occasion shall not be construed as a bar to
         any right or remedy which the Administrative Agent would otherwise have
         on any future occasion.

                  (c)      The rights and remedies herein provided are
         cumulative, may be exercised singly or concurrently and are not
         exclusive of any other rights or remedies provided by law.

                  (d)      Upon the prior written consent of the Required
         Participants and unless such matter is a matter requiring the unanimous
         consent of all Participants, the Administrative Agent may release any
         portion of the Collateral or any other security, and grant such
         extensions and indulgences in relation to the Obligations secured
         hereby without in any manner affecting the priority of the Lien hereof
         on any part of the Collateral.

         16.      SECTION HEADINGS.

         The section headings used in this Security Agreement are for
convenience of reference only and are not to affect the construction hereof or
be taken into consideration in the interpretation hereof.

         17.      SUCCESSORS AND ASSIGNS.

         This Security Agreement shall be binding upon the successors of the
Borrower, and the Borrower shall not assign any of its rights or obligations
hereunder or with respect to any of the Collateral without the prior written
consent of the Administrative Agent. This Security Agreement shall inure to the
benefit of the Administrative Agent, the Lenders, the Certificate Holders, the
Lessee and their respective successors and assigns, in accordance with their
respective interest herein.

         18.      THE BORROWER'S WAIVER OF RIGHTS.

         Except as otherwise set forth herein, to the fullest extent permitted
by law, the Borrower waives the benefit of all laws now existing or that may
subsequently be enacted providing for (a) any appraisement before sale of any
portion of the Collateral, (b) any extension of the time for the enforcement of
the collection of the indebtedness or the creation or extension of a period of
redemption from any sale made in collecting such debt and (c) exemption of any
portion of the Collateral from attachment, levy or sale under execution or
exemption from civil process. Except as otherwise set forth herein, to the
fullest extent the Borrower may do so, the Borrower agrees that the Borrower
will not at any time insist upon, plead, claim or take the benefit or advantage
of any law now or hereafter in force providing for any appraisement, valuation,
stay, exemption, extension or redemption, or requiring foreclosure of this
Security Agreement before exercising any other remedy granted hereunder and the
Borrower, for the Borrower and its successors and assigns, and for any and all
Persons ever claiming any interest in the Collateral, to the extent permitted by
law, hereby waives and releases all rights of redemption, valuation,

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appraisement, stay of execution, notice of election to mature or declare due the
whole of the Obligations and marshalling in the event of foreclosure of the
Liens hereby created.

         19.      GOVERNING LAW.

         EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN SECTION 11(a) HEREOF, THIS
SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED, INTERPRETED AND ENFORCED
IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
THE CONFLICTS OF LAWS PRINCIPLES OF SUCH STATE (EXCEPT TITLE 14 OF ARTICLE 5 OF
THE NEW YORK GENERAL OBLIGATIONS LAW).

         20.      OBLIGATIONS ARE WITHOUT RECOURSE.

         The provisions of the Participation Agreement and the other Operative
Documents relating to limitations on liability are hereby incorporated by
reference herein, mutatis mutandis.

         21.      PARTIAL RELEASE; FULL RELEASE.

         The Administrative Agent may release for such consideration as it may
require any portion of the Collateral without (as to the remainder of the
Collateral) in any way impairing or affecting the Lien, security interest and
priority herein provided for the Administrative Agent compared to any other Lien
holder or secured party. Further, the Administrative Agent shall execute and
deliver to the Borrower and the Lessee, if necessary, such documents and
instruments as may be required to release the Lien and security interest created
by this Security Agreement or the Lease with respect to the Assets as may be
required upon the expiration or early termination of the Lease with respect to
such Assets, including, without limitation, upon the expiration or early
termination of a Lease Supplement.

         22.      MISCELLANEOUS.

                  (a)      This Security Agreement is one of the documents which
         create Liens and security interests that secure payment and performance
         of the Obligations. The Administrative Agent, at its election, may
         commence or consolidate in a single action all proceedings to realize
         upon all such Liens and security interests. The Borrower hereby waives
         (i) any objections to the commencement or continuation of an action to
         foreclose the Lien of this Security Agreement or exercise of any other
         remedies hereunder based on any action being prosecuted or any judgment
         entered with respect to the Obligations or any Liens or security
         interests that secure payment and performance of the Obligations and
         (ii) any objections to the commencement of, continuation of, or entry
         of a judgment in any such other action based on any action or judgment
         connected to this Security Agreement. Subject to the terms hereof, in
         case of a foreclosure sale, the Collateral may be sold, at the
         Administrative Agent's election, in one (1) unit or in more than one
         (1) unit and the Administrative Agent is specifically empowered
         (without being required to do so, and in its sole and absolute
         discretion) to cause successive sales of portions of the Collateral to
         be held.

                                       11
<PAGE>

                  (b)      THE PROVISIONS OF THE PARTICIPATION AGREEMENT
         RELATING TO SUBMISSION TO JURISDICTION, VENUE ARE HEREBY INCORPORATED
         BY REFERENCE HEREIN, MUTATIS MUTANDIS.

         23.      CONFLICTS WITH PARTICIPATION AGREEMENT.

         Notwithstanding any other provision hereof, in the event of any
conflict between the terms of this Security Agreement and the Participation
Agreement, the terms of the Participation Agreement shall govern.

         24.      LESSEE AS A PARTY.

         Lessee has executed this Security Agreement for the purpose of
subjecting to the security interests granted hereunder all of its respective
right, title, and interest, if any, in and to the Collateral to secure the
obligations of Lessee under the Operative Documents. Accordingly, Lessee hereby
grants to the Administrative Agent (for the benefit of the Secured Parties) a
security interest in and to all of its respective right, title and interest, if
any, in and to the Collateral to secure the respective obligations of Lessee
under the Operative Documents. Lessee acknowledges and agrees that, upon the
occurrence of a Lease Event of Default, the Administrative Agent shall have the
right to exercise any or all of its remedies hereunder as against any such
right, title, or interest of Lessee in or to the Collateral subject to the
provisions of the Lease.

                            [Signature pages follow]

                                       12
<PAGE>

         IN WITNESS WHEREOF, each of the undersigned have caused the Security
Agreement to be duly executed and delivered as of the date first above written.

                                       FIRST SECURITY BANK, NATIONAL
                                       ASSOCIATION, not individually, but solely
                                       as the Certificate Trustee under
                                       Steelcase Trust No. 2000-1

                                       By:       /s/ Val T. Orton
                                          --------------------------------------
                                       Name:     Val T. Orton
                                       Title:    Vice President

                                       FIRST SECURITY TRUST COMPANY OF NEVADA,
                                       as the Administrative Agent for the
                                       Lenders and the Certificate Holders

                                       By:       /s/ Val T. Orton
                                          --------------------------------------
                                       Name:     Val T. Orton
                                       Title:    Trust Officer

Accepted and Agreed to:

STEELCASE INC.

By:           /s/ Alwyn Rougier-Chapman
   ----------------------------------------------
Name:         Alwyn Rougier-Chapman
Title:     Sr. VP - Finance and CFO

<PAGE>

                                    EXHIBIT A

                     SECURITY AGREEMENT SUPPLEMENT NO. ___
                          (Steelcase Trust No. 2000-1)

         This SECURITY AGREEMENT SUPPLEMENT NO. (Steelcase Trust No. 2000-1),
dated ________, 2000 (herein called this "Supplement") between FIRST SECURITY
BANK, NATIONAL ASSOCIATION, not in its individual capacity, but solely as
Certificate Trustee (herein called the "Borrower"), under the Steelcase Trust
No. 2000-1 and, FIRST SECURITY TRUST COMPANY OF NEVADA, as Administrative Agent
(the "Administrative Agent") and is filed with the Federal Aviation
Administration ("FAA") as a Supplement to the Security Agreement (defined
herein) a counterpart of which [is attached hereto and made a part hereof] [was
filed with the FAA on _____________ and assigned conveyance number
_________________.] This Supplement is accepted and agreed to by STEELCASE INC.,
a [_______________] corporation (the "Lessee"). Capitalized terms used herein
without definition shall have the meanings set forth in Appendix A to the
Participation Agreement as such term is defined in the Security Agreement.

                                   WITNESSETH:

         WHEREAS, the Borrower, the Administrative Agent and the Lessee have
entered into that certain Security Agreement (Steelcase Trust No. 2000-1) dated
as of May 26, 2000 (the "Security Agreement") which provides for the execution
and delivery of a supplement thereto substantially in the form hereof, which
shall particularly describe the Aircraft constituting part of the Collateral;

         WHEREAS, the Security Agreement relates to the Related Airframe and
Related Engines described below, [and a counterpart of the Security Agreement is
attached hereto and made a part hereof and this Supplement, together with such
counterpart of the Security Agreement, is being filed for recordation on the
date hereof with the FAA as one document];

         NOW, THEREFORE, Borrower and Lessee hereby convey, grant, assign,
transfer, hypothecate, mortgage and set over to the Administrative Agent for the
benefit of the Secured Parties, a security interest in and lien on all present
and future right, title and interest of Borrower or Lessee, in, to and under the
following (whether now existing or hereafter acquired) but excluding all
Excluded Amounts:

<PAGE>

                                   [AIRCRAFT]

             The following Related Airframe identified as follows:

<TABLE>
<CAPTION>
                                         [FAA
                                      Registration         Manufacturer's
   Manufacturer            Model         Number]           Serial Number
   ------------            -----      ------------         -------------
<S>                   <C>            <C>                   <C>

__________________    _____________  N____________         ______________
</TABLE>

together with all Parts from time to time thereto belonging, owned by the
Borrower or Lessee and installed in or attached to said Airframe.

                                [RELATED ENGINES]

         The following aircraft engines, each such engine having 750 or more
rated take-off horsepower or the equivalent thereof, whether or not such engines
shall be installed in or attached to its Related Airframe or any other airframe
identified as follows:

<TABLE>
<CAPTION>
  [Airframe
     FAA
 Registration                                    Manufacturer's
   Number]          Manufacturer       Model     Serial Number
  --------          ------------       -----     -------------
<S>                 <C>                <C>       <C>
</TABLE>

together with all Parts belonging, by whomsoever manufactured, owned by the
Borrower or Lessee and installed in or attached to said aircraft engines.

         Together with all substitutions, renewals and replacements of and
additions, improvements, accessions and accumulations to the property above
described for which title vests in the Borrower or Lessee under the Operative
Documents.

         As further security for the obligations referred to above and secured
by the Security Agreement and hereby, the Borrower and the Lessee hereby confirm
that the Lien of the Security Agreement over the Collateral includes the Lease
Supplement dated the date hereof and executed by the Lessee covering the
property described above.

         TO HAVE AND TO HOLD all and singular the aforesaid property unto the
Administrative Agent, its successors and assigns, for the security and benefit
of the Lenders and the Certificate Holders from time to time, and for the uses
and purposes and subject to the terms and provisions set forth in the Security
Agreement.

<PAGE>

         This Supplement shall be construed as supplemental to the Security
Agreement and shall form a part of it, and the Security Agreement is hereby
incorporated by reference herein and is hereby ratified, approved and confirmed.

         AND, FURTHER, the Borrower hereby acknowledges that the delivered
Assets referred to in this Supplement and the aforesaid Lease Supplement have
been delivered to the Borrower and are included in the property of the Borrower
covered by all the terms and conditions of the Trust Agreement, subject to the
pledge and mortgage thereof under the Security Agreement.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK].

<PAGE>

         IN WITNESS WHEREOF, the parties thereto have caused this Supplement to
be duly executed by one of their respective officers, thereunto duly authorized,
on the day and year first above written.

                                       FIRST SECURITY BANK, NATIONAL
                                       ASSOCIATION, not individually, but solely
                                       as the Certificate Trustee under
                                       Steelcase Trust No. 2000-1

                                       By:______________________________________
                                       Name:____________________________________
                                       Title:___________________________________

                                       FIRST SECURITY TRUST COMPANY OF NEVADA,
                                       as the Administrative Agent for the
                                       Lenders and the Certificate Holders

                                       By:______________________________________
                                       Name:____________________________________
                                       Title:___________________________________

Accepted and Agreed to:

STEELCASE INC.

By:____________________________________
Name:__________________________________
Title:_________________________________<PAGE>
                                                                    Exhibit 4.42

                       SECURITY AGREEMENT SUPPLEMENT NO. 1
                          (Steelcase Trust No. 2000-1)

         This SECURITY AGREEMENT SUPPLEMENT NO. 1 (Steelcase Trust No. 2000-1),
dated May 26, 2000 (herein called this "Supplement") between FIRST SECURITY
BANK, NATIONAL ASSOCIATION, not in its individual capacity, but solely as
Certificate Trustee (herein called the "Borrower"), under the Steelcase Trust
No. 2000-1 and, FIRST SECURITY TRUST COMPANY OF NEVADA, as Administrative Agent
(the "Administrative Agent") and is filed with the Federal Aviation
Administration ("FAA") as a Supplement to the Security Agreement (defined
herein) a counterpart of which is attached hereto and made a part hereof. This
Supplement is accepted and agreed to by STEELCASE INC., a Michigan corporation
(the "Lessee"). Capitalized terms used herein without definition shall have the
meanings set forth in Appendix A to the Participation Agreement as such term is
defined in the Security Agreement.

                                   WITNESSETH:

         WHEREAS, the Borrower, the Administrative Agent and the Lessee have
entered into that certain Security Agreement (Steelcase Trust No. 2000-1) dated
as of May 26, 2000 (the "Security Agreement") which provides for the execution
and delivery of a supplement thereto substantially in the form hereof, which
shall particularly describe the Aircraft constituting part of the Collateral;

         WHEREAS, the Security Agreement relates to the Related Airframe and
Related Engines described below, and a counterpart of the Security Agreement is
attached hereto and made a part hereof and this Supplement, together with such
counterpart of the Security Agreement, is being filed for recordation on the
date hereof with the FAA as one document;

         NOW, THEREFORE, Borrower and Lessee hereby convey, grant, assign,
transfer, hypothecate, mortgage and set over to the Administrative Agent for the
benefit of the Secured Parties, a security interest in and lien on all present
and future right, title and interest of Borrower or Lessee, in, to and under the
following (whether now existing or hereafter acquired) but excluding all
Excluded Amounts:

<PAGE>

                                    AIRCRAFT

              The following Related Airframe identified as follows:

<TABLE>
<CAPTION>
                                                                   FAA
                                                              Registration                Manufacturer's
   Manufacturer                      Model                        Number                   Serial Number
-----------------                 -----------                 ------------                --------------
<S>                               <C>                         <C>                         <C>
Dassault Aviation                 Falcon 2000                    N376SC                         #24
-----------------                 -----------                    ------                         ---
</TABLE>

together with all Parts from time to time thereto belonging, owned by the
Borrower or Lessee and installed in or attached to said Airframe.

                                 RELATED ENGINES

         The following aircraft engines, each such engine having 750 or more
rated take-off horsepower or the equivalent thereof, whether or not such engines
shall be installed in or attached to its Related Airframe or any other airframe
identified as follows:

<TABLE>
<CAPTION>
  Airframe
    FAA
Registration                                                                           Manufacturer's
   Number                     Manufacturer                     Model                    Serial Number
  -------                     ------------                     -----                    -------------
<S>                           <C>                            <C>                       <C>
N376SC                            CFE                        738-1-1B                       P105163
                                  CFE                        738-1-1B                       P105160
</TABLE>

together with all Parts belonging, by whomsoever manufactured, owned by the
Borrower or Lessee and installed in or attached to said aircraft engines.

         Together with all substitutions, renewals and replacements of and
additions, improvements, accessions and accumulations to the property above
described for which title vests in the Borrower or Lessee under the Operative
Documents.

         As further security for the obligations referred to above and secured
by the Security Agreement and hereby, the Borrower and the Lessee hereby confirm
that the Lien of the Security Agreement over the Collateral includes the Lease
Supplement dated the date hereof and executed by the Lessee covering the
property described above.

         TO HAVE AND TO HOLD all and singular the aforesaid property unto the
Administrative Agent, its successors and assigns, for the security and benefit
of the Lenders and the Certificate Holders from time to time, and for the uses
and purposes and subject to the terms and provisions set forth in the Security
Agreement.

<PAGE>

         This Supplement shall be construed as supplemental to the Security
Agreement and shall form a part of it, and the Security Agreement is hereby
incorporated by reference herein and is hereby ratified, approved and confirmed.

         AND, FURTHER, the Borrower hereby acknowledges that the delivered
Assets referred to in this Supplement and the aforesaid Lease Supplement have
been delivered to the Borrower and are included in the property of the Borrower
covered by all the terms and conditions of the Trust Agreement, subject to the
pledge and mortgage thereof under the Security Agreement.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK].

<PAGE>

         IN WITNESS WHEREOF, the parties thereto have caused this Supplement to
be duly executed by one of their respective officers, thereunto duly authorized,
on the day and year first above written.

                                       FIRST SECURITY BANK, NATIONAL
                                       ASSOCIATION, not individually, but solely
                                       as the Certificate Trustee under
                                       Steelcase Trust No. 2000-1

                                       By:               /s/ Val T. Orton
                                          --------------------------------------
                                       Name:             Val T. Orton
                                       Title:            Vice President

                                       FIRST SECURITY TRUST COMPANY OF NEVADA,
                                       as the Administrative Agent for the
                                       Lenders and the Certificate Holders

                                       By:               /s/ Val T. Orton
                                          --------------------------------------
                                       Name:             Val T. Orton
                                       Title:            Trust Officer

Accepted and Agreed to:

STEELCASE INC.

By:           /s/ Alwyn Rougier-Chapman
   --------------------------------------------------
Name:         Alwyn Rougier-Chapman
Title:        Sr. VP - Finance and CFO

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