Document:

Exhibit 10.1

 

Execution Copy

 

SIXTH AMENDMENT TO

THIRD
AMENDED AND RESTATED CREDIT AGREEMENT

AND
CONSENT OF GUARANTORS

 

This SIXTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT AND
CONSENT OF GUARANTORS (this “Amendment”) is dated as of April 24,
2008, and entered into by and among FLEETWOOD
ENTERPRISES, INC.  (“Fleetwood”),
FLEETWOOD HOLDINGS INC. and its
Subsidiaries listed on the signature pages hereof (collectively, “Borrowers”),
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 Third Amended and Restated Credit
Agreement dated as of January 5, 2007, as amended by that certain First
Amendment to Third Amended and Restated Credit Agreement and Consent of
Guarantors dated as of May 25, 2007, that certain Second Amendment to
Third Amended and Restated Credit Agreement and Consent of Guarantors dated as
of September 18, 2007, that certain Third Amendment to Third Amended and
Restated Credit Agreement and Consent of Guarantors dated as of January 16,
2008, that certain Fourth Amendment to Third Amended and Restated Credit
Agreement and Consent of Guarantors dated as of March 5, 2008, and that
certain Fifth Amendment to Third Amended and Restated Credit Agreement and
Consent of Guarantors dated as of April 9, 2008 (as amended, amended and
restated, extended, supplemented or otherwise modified from time to time, the “Credit
Agreement”).  Any terms defined in the Credit Agreement and
not defined in this Amendment are used herein as defined in the Credit
Agreement;

 

Whereas, the Borrowers have requested an
amendment to the Credit Agreement to permit them to make certain payments or
prepayments with respect to the 2003 Subordinated Debentures; and

 

Whereas, the Majority Lenders and the Agent are
willing to agree to the amendment requested by the Borrowers, on the terms and
conditions set forth in this Amendment;

 

Now Therefore, in consideration of the premises and the mutual
agreements set forth herein, Fleetwood, the Borrowers, the 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

 

1.1   Amendment to Section 5.2.    Section 5.2
shall be amended by adding a new section (p) to read as follows:

 

“(p)         On
the third Business Day following the last day of each fiscal month and, in any
event, on the date of any payment in respect of the 2003 Subordinated
Debentures made by Fleetwood or any of its Subsidiaries pursuant to Section 7.14(e),
a report listing each of the following, in each case in such detail as the
Agent may reasonably request:

 

(A)          the aggregate amount of cash received
by Fleetwood from the issuance of ordinary or common Capital Stock of Fleetwood
during such full or partial fiscal month (including a separate break-out of
proceeds projected to be received on or prior to any payment to be made
pursuant to Section 7.14(e) on such date) and the aggregate amount of
all such proceeds received since April 1, 2008 (including a separate
break-out of proceeds projected to be received on or prior to any payment to be
made pursuant to Section 7.14(e) on such date),

 

(B)           the amount of Net Proceeds received
by Fleetwood or any other Loan Party from the sale of Real Estate property that
does not constitute Collateral (and in respect of which Fleetwood has elected
to make the same eligible to increase the Debenture Prepayment Cap by providing
written notice of such election to the Agent not later than the third Business
Day following the end of the fiscal month in which such Net Proceeds were received)
during such full or partial fiscal month (including a separate break-out of
proceeds projected to be received on or prior to any payment to be made
pursuant to Section 7.14(e) on such date) and the aggregate amount of
all such proceeds received since April 1, 2008 (including a separate
break-out of proceeds projected to be received on or prior to any payment to be
made pursuant to Section 7.14(e) on such date),

 

(C)           the amount of proceeds received by
Fleetwood or any other Loan Party from the incurrence of Indebtedness  in connection with mortgages placed on Real
Estate that does not constitute Collateral (and in respect of which Fleetwood
has elected to make the same eligible to increase the Debenture Prepayment Cap
by providing written notice of such election to the Agent not later than the
third Business Day following the end of the fiscal month in which such Net
Proceeds were received) during such full or partial fiscal month (including a
separate break-out of proceeds projected to be received on or prior to any
payment to be made pursuant to Section 7.14(e) on such date) and the
aggregate amount of all such proceeds received since April 1, 2008
(including a separate break-out of proceeds projected to be received on or
prior to any payment to be made pursuant to Section 7.14(e) on such
date),

 

(D)          the current amount of the Debenture
Prepayment Cap as of such date (calculated on a pro forma basis after giving
effect to any amount projected to be received on or prior to any payment to be
made pursuant to Section 7.14(e) on such date), and

 

2

 

(E)           with respect to any such report being
delivered on the date of any payment with respect to the 2003 Subordinated
Debentures made in accordance with Section 7.14(e), the amount of Term
Loan prepayments, if any, required to be made (or otherwise required to be subject
to an irrevocable and unconditional notice of prepayment) in accordance with Section 7.14(e) on
or prior to such date.”

 

1.2   Amendment to Section 7.14.  Section 7.14 shall be amended by
deleting such section and replacing it with the following:

 

“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 (a) any of Fleetwood or
its Subsidiaries may prepay Debt incurred pursuant to Sections 7.13(g) through
(l), inclusive, and Section 7.13(p); (b) Fleetwood and its
Subsidiaries may prepay Debt, including, without limitation, Capital Leases,
being refinanced pursuant to Section 7.13(f) hereof; (c) (i) so
long as the Flexibility Conditions are satisfied as of the date of and both
before and immediately after giving effect to such prepayment, Fleetwood and
its Subsidiaries may prepay (A) any Capital Leases, so long as the
acquisition of any property in connection with the prepayment of such Capital
Lease would not constitute a Restricted Investment and (B) any Debt
incurred pursuant to Section 7.13 and (ii) so long as the
Flexibility Conditions are satisfied as of the date of and both before and
immediately after giving effect to such prepayment, Fleetwood and its
Subsidiaries may prepay any Debt not otherwise permitted to be prepaid pursuant
to this Section 7.14 in an aggregate amount not to exceed
$1,000,000; (d) so long as the Flexibility Conditions are satisfied as of
the date of and both before and immediately after giving effect to such
prepayment, any Borrower make prepayments to Fleetwood of Debt incurred
pursuant to Section 7.13(m), the proceeds of which were received by
such Borrower from Fleetwood; and (e) so long as no Default or Event of
Default has occurred and is continuing on the date of the payment thereof and
the Flexibility Conditions are satisfied, in each case both before and after
giving effect to such payment or other specified action, Fleetwood may voluntarily
prepay (including by redemption or repurchase) all or a portion of the 2003
Subordinated Debentures (and, in such event, cancel all or such portion of the
2003 Subordinated Debentures so prepaid) in exchange for either or both of (I) the
issuance to the holders thereof of ordinary or common Capital Stock of
Fleetwood and/or (II) the payment in cash of any redemption price,
repurchase price, or an inducement, conversion, exchange or other fee, or any
other cash consideration in connection with any such prepayment (including by
redemption or repurchase); provided that the aggregate cash amount paid
in connection with all such prepayments does not exceed the Debenture Prepayment
Cap; and provided  further that to the extent any cash payment is
made pursuant to this subsection (e), an amount equal to at least 10% of the
aggregate amount of such cash payment or payments (as the same may increase
from time to time but excluding from such aggregate amount an amount equal to
the sum of (i) the proceeds of the issuance of any ordinary or common
Capital Stock of Fleetwood received by Fleetwood on or after April 1, 2008
and, (ii) so long as such Indebtedness and the Liens related thereto are
otherwise permitted by the terms and conditions of this Agreement, the proceeds
from the 

 

3

 

incurrence of
Indebtedness in connection with mortgages placed on Real Estate that does not
constitute Collateral received by Fleetwood or any other Loan Party on or after
April 1, 2008) shall have been used to voluntarily prepay the Term Loan
(or irrevocable and unconditional notice of prepayment of the Term Loan in such
amount shall have been given) in accordance with Section 3.4(a).”

 

1.4
Amendment to Annex A to Credit Agreement (Definitions).  Annex A shall be amended as follows:

 

The
following definitions shall be added to Annex A of the Credit Agreement:

 

““Debenture
Prepayment Cap” means the sum of:

 

(a)           the
aggregate amount of cash received by Fleetwood from the issuance of ordinary or
common Capital Stock of Fleetwood from and after April 1, 2008, in
accordance with the terms of the Agreement,

 

(b)           the Net
Proceeds received by Fleetwood or any other Loan Party from the sale of Real Estate that does not constitute Collateral (and in
respect of which Fleetwood has elected to make the same eligible to increase
the Debenture Prepayment Cap by providing written notice of such election to
the Agent not later than the third Business Day following the end of the fiscal
month in which such Net Proceeds were received), from and after April 1,
2008, pursuant to and in accordance with the terms of the Agreement, and

 

(c)           so long as
such Indebtedness and the Liens related thereto are otherwise permitted by the
terms and conditions of the Agreement, the amount of proceeds received by
Fleetwood or any other Loan Party, from and after April 1, 2008, from the
incurrence of Indebtedness in connection with mortgages placed on Real Estate
that does not constitute Collateral  (and in
respect of which Fleetwood has elected to make the same eligible to increase
the Debenture Prepayment Cap by providing written notice of such election to
the Agent not later than the third Business Day following the end of the fiscal
month in which such Net Proceeds were received).”

 

The definition of “Borrowing Base”
shall be deleted from Annex A of the Credit Agreement, and the following
shall be inserted in its place:

 

““Borrowing Base” means an amount equal to (a) the sum of (i) eighty-five
percent (85%) of the Net Amount of its Eligible Accounts, plus (ii) the
lesser of (A) the Maximum Inventory Loan Amount and (B) the sum of (1) the
lesser of (I) fifty-five percent (55%) of its Eligible Inventory, valued
at the lower of cost on a first-in, first-out basis or market (other than motor
home chassis) and (II) eighty-five percent (85%) of the appraised orderly
liquidation value of its Eligible Inventory (other than motor home chassis) calculated in a manner consistent with the
methodology used in such appraisal and (2) the lesser of (I) eighty
percent (80%) of its Eligible Inventory, valued at the lower of cost on a
first-in, first-out basis or market (consisting of motor home chassis) and (II) ninety
percent (90%) of the appraised orderly liquidation value of its Eligible
Inventory 

 

4

 

(consisting of motor home chassis) calculated in a manner consistent with the methodology used in such
appraisal, plus (iii) the lesser of (A) seventy-five
percent (75%) of the appraised fair market value of its Real Estate Subfacility
Assets subject to a Mortgage and (B) the Maximum Real Estate Loan Amount minus
(b) Reserves from time to time established by the Agent in its reasonable
credit judgment.  Notwithstanding
anything to the contrary in the Loan Documents, (i) the amount advanced
against the Accounts and Inventory of Fleetwood Folding Trailer shall not
exceed $8,000,000 and (ii) the amount advanced against aggregate
manufactured housing Inventory shall not exceed the lesser of (A) $10,000,000
and (B) 30% of the Borrowing Base attributable to aggregate Eligible
Inventory.”

 

The following “proviso”
shall be inserted at the end of the definition of “Fixed Charges” immediately
prior to the period at the end of such definition:

 

“provided that, notwithstanding the foregoing, in no event shall
any payment in respect of the 2003 Subordinated Debentures or any voluntary
prepayment of the Term Loans, in each case made in accordance with and subject
to the limitations of Section 7.14(e), constitute a “Fixed Charge”
for purposes of this definition”

 

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

 

2.1   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.

 

2.2   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.

 

2.3   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 Loan 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.

 

2.4   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.

 

5

 

2.5   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.

 

2.6   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.

 

3.     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 Lender and only if and when each of the following conditions
is satisfied:

 

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

 

3.2   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.

 

3.3   Delivery
of Documents.  The Agent
shall have received such documents as the Agent may reasonably request in
connection with this Amendment.

 

3.4   Closing Fee. 
Fleetwood shall have paid to the Agent, for the pro rata
account of all Lenders on or before 4:00
pm Pacific Time on April     , 2008, the closing fee
as described and in the amount set forth in the Fee Letter, dated as of the
date hereof, between Fleetwood and the Agent.

 

4.     EFFECTIVE DATE.  This
Amendment shall become effective (the “Effective Date”) on the date of
the satisfaction of the conditions set forth in Section 3.

 

5.     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.

 

6

 

6.     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.     NO WAIVER.  The execution, delivery and
effectiveness of this Amendment does 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.     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.

 

10.   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]

 

7

 

IN
WITNESS WHEREOF,
each of the undersigned has duly executed this Amendment as of the date set
forth above.

 

	
  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/ Elden L. Smith

  
	
   

  	
  Name:

  	
  Elden L. Smith

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  

 

S-2

 

	
  GUARANTOR

  	
  FLEETWOOD ENTERPRISES, INC., as the 

  Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Elden L. Smith  

  
	
   

  	
  Name:

  	
  Elden L. Smith 

  
	
   

  	
  Title:

  	
  President and Chief
  Executive Officer

  

 

S-3

 

IN
WITNESS WHEREOF,
each of the undersigned has duly executed this Amendment as of the date set
forth above.

 

 

	
   

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

  as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Todd Eggertsen

  
	
   

  	
  Name: 

  	
  Todd Eggertsen

  
	
   

  	
  Title: 

  	
  Vice President

  

 

S-4

 

	
   

  	
  WELLS FARGO FOOTHILL, INC., fka 

  FOOTHILL CAPITAL CORPORATION, as 

  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Juan Barrera

  
	
   

  	
  Name: 

  	
  Juan Barrera

  
	
   

  	
  Title: 

  	
  Vice President

  

 

S-5

 

	
   

  	
  THE CIT GROUP/BUSINESS CREDIT, 

  INC., as a
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jang Kim

  
	
   

  	
  Name: 

  	
  Jang Kim

  
	
   

  	
  Title: 

  	
  Vice President

  

 

S-6

 

	
   

  	
  TEXTRON FINANCIAL CORPORATION, 

  as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Norbert Schmidt

  
	
   

  	
  Name: 

  	
  Norbert Schmidt

  
	
   

  	
  Title: 

  	
  S. Account Executive

  

 

S-7

 

	
   

  	
  PNC BANK, NATIONAL ASSOCIATION, as 

  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robin Arriola

  
	
   

  	
  Name: 

  	
  Robin L. Arriola

  
	
   

  	
  Title: 

  	
  Vice President

  

 

S-8

 

	
   

  	
  WACHOVIA CAPITAL FINANCE 

  CORPORATION (WESTERN), as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name: 

  	
   

  
	
   

  	
  Title: 

  	
   

  

 

S-9

 

CONSENT
OF GUARANTORS

 

Each
of the undersigned is a Guarantor of the Obligations of the 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 24th day of April, 2008.

 

 

	
  GUARANTORS

  	
  FLEETWOOD ENTERPRISES, INC.

  
	
   

  	
  FLEETWOOD CANADA LTD.

  
	
   

  	
  FLEETWOOD INTERNATIONAL INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Elden L. Smith

  
	
   

  	
  Name: 

  	
  Elden L. Smith

  
	
   

  	
  Title: 

  	
  President and Chief Executive Officer

  

 

S-10Exhibit 10.1

 

THIRD AMENDMENT

OF

NORTHWEST AIRLINES

EXCESS PENSION PLAN FOR SALARIED EMPLOYEES

(2001 Restatement)

 

The “NORTHWEST
AIRLINES EXCESS PENSION PLAN FOR SALARIED EMPLOYEES” was established by
Northwest Airlines, Inc., a Minnesota corporation, effective as of January 1,
1985.  That Plan was amended and restated
in its entirety effective January 1, 1989 and again effective January 1,
1994.  That Plan was again amended and
restated in its entirety effective January 1, 2001 by the adoption of the “NORTHWEST
AIRLINES EXCESS PENSION PLAN FOR SALARIED EMPLOYEES (2001 Restatement)”
(hereinafter referred to as the “Plan document”).  The Plan document, as so adopted and
heretofore amended, is hereby further amended in the following respects:

 

1.             RESTRICTION
OF AMENDMENT POWER.  Effective with
respect to all benefits payable on or after the date this Third Amendment is
adopted, Section 6.1 of the Plan document is amended to read in full as
follows:

 

6.1.          Amendments and Termination.  The Principal Sponsor may unilaterally amend
this Excess Plan prospectively, retroactively or both, at any time and for any
reason deemed sufficient by it without notice to any person affected by this
Excess Plan and may likewise terminate or curtail the benefits of this Excess
Plan both with regard to persons expecting to receive benefits in the future
and persons already receiving benefits at the time of such action.  Notwithstanding the foregoing, this Excess
Plan shall not be amended to (a) reduce the amount of a benefit accrued by
a Participant, whether or not the Participant has had a Termination of
Employment as of the effective date of such amendment, or (b) delay the
time such benefit is payable to a Participant, except as may be required to
comply with tax or other law.  No modification of the terms of this Excess Plan shall be
effective unless it is in writing and signed on behalf of the Principal Sponsor
by a person authorized to execute such writing. 
No oral representation concerning the interpretation or effect of this Excess
Plan shall be effective to amend the Excess Plan.

 

2.             SAVINGS CLAUSE.  Save and except as hereinbefore expressly
amended, the Plan document shall continue in full force and effect.

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