Document:

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                                                                    EXHIBIT 4.28

                                                                  Execution Copy

                              PERFORMANCE GUARANTY

         PERFORMANCE GUARANTY (this "Agreement"), dated as of October 20, 1999,
                                     ---------
made by Steelcase Inc., a Michigan corporation (the "Parent"), in favor of
                                                     ------
Corporate Asset Funding Company, Inc., a Delaware corporation (the "Conduit
                                                                    -------
Transferee"), the financial institutions from time to time party to the "Lease
----------
Receivables Transfer Agreement" referred to below, as Committed Transferees
(collectively, the "Committed Transferees", and together with the Conduit
                    ---------------------
Transferee, the "Transferees"), and CITICORP NORTH AMERICA, INC., a Delaware
                 -----------
corporation, as agent (the "Agent") for the Transferees.
                            -----

                             PRELIMINARY STATEMENTS

         1. The Parent is the direct owner of all of the issued and outstanding
shares of common stock of Steelcase Financial Services Inc., a Michigan
corporation (together with its successors and assigns, "SFSI").
                                                        ----

         2. SFSI, as Transferor and Servicer, has entered into a Lease
Receivables Transfer Agreement dated as of October 20, 1999 (as amended,
supplemented or otherwise modified from time to time, the "Lease Receivables
                                                           -----------------
Transfer Agreement") with the Transferees and the Agent, pursuant to which SFSI
------------------
may receive Advances from the Transferees. The Advances are secured by certain
Lease Receivables, Related Security and other Collateral.

         3. Capitalized terms used herein and not herein defined, are used
herein as defined in the Lease Receivables Transfer Agreement.

         4. It is a condition precedent to the effectiveness of the Lease
Receivables Transfer Agreement that the Parent shall have executed and delivered
this Agreement.

         NOW, THEREFORE, in consideration of the premises, and the substantial
direct and indirect benefit to the Parent from the arrangements contemplated by
the Facility Documents and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parent hereby agrees as
follows:

         SECTION 1.  Performance Guaranty. The Parent hereby unconditionally and
                     --------------------
irrevocably undertakes and agrees with and for the benefit of the Transferees
and the Agent (collectively the "Transferee Parties"), to cause the due and
                                 ------------------
punctual performance and observance by SFSI (in its capacity as "Transferor"
under the Lease Receivables Transfer Agreement and in its separate capacity as
Servicer) of all of the terms, covenants, conditions, agreements and
undertakings on the part of SFSI to be performed or observed under the Lease
Receivables Transfer Agreement and the other Facility Documents in accordance
with the terms thereof, including, without limitation, the punctual payment when
due of all obligations of SFSI now or hereafter existing under the Lease
Receivables Transfer Agreement and the other Facility Documents, whether for
repurchase obligations, indemnification payments, fees, costs, expenses

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or otherwise (such terms, covenants, conditions, agreements, undertakings and
other obligations being the "Obligations") and undertakes and agrees to pay any
                             -----------
and all expenses (including reasonable counsel fees and expenses) incurred by
the Transferee Parties, or any of them, in enforcing any rights under this
Agreement. In the event that SFSI (in its capacity as the Transferor or the
Servicer) shall fail in any manner whatsoever to perform or observe any of its
Obligations when the same shall be required to be performed or observed, then
promptly after written demand by the Agent, the Parent shall itself duly and
punctually perform or observe, or cause to be duly and punctually performed and
observed, such Obligation, and it shall not be a condition to the accrual of the
obligation of the Parent hereunder to perform or observe any Obligation (or to
cause the same to be performed or observed) that any Transferee Party shall have
first made any request of or demand upon or given any notice to SFSI or have
instituted any action or proceeding against SFSI in respect thereof.

         SECTION 2.  Obligations Absolute. The Parent undertakes and agrees that
                     --------------------
the Obligations will be paid and performed strictly in accordance with the terms
of the Facility Documents, regardless of any law, regulation or order now or
hereafter in effect in any jurisdiction affecting any of such terms or the
rights of any Transferee Party with respect thereto. The obligations of the
Parent under this Agreement are independent of the Obligations, and a separate
action or actions may be brought and prosecuted against the Parent to enforce
this Agreement, irrespective of whether any action is brought against SFSI or
whether SFSI is joined in any such action or actions. The liability of the
Parent under this Agreement shall be irrevocable, absolute and unconditional
irrespective of, and the Parent hereby irrevocably waives any defenses it may
now or hereafter have in any way relating to, any or all of the following:

         (a) any lack of validity or enforceability of any Facility Document or
     any other document relating thereof;

         (b) any change in the time, manner or place of payment of, or in any
     other term of, all or any of the Obligations under any Facility Document,
     or any other amendment or waiver of or any consent to departure from any
     Facility Document;

         (c) any taking, exchange, release or nonperfection of or failure to
     transfer title to any asset or collateral, or any taking, release,
     amendment or waiver of or consent to departure from any guaranty, for all
     or any of the Obligations;

         (d) any manner of application of any asset or Collateral, or proceeds
     thereof, to all or any of the Obligations, or any manner of sale or other
     disposition of any asset or Collateral for all or any of the Obligations;

         (e) any change, restructuring or termination of the corporate structure
     or existence of the Parent or SFSI,

         (f) any failure of any Transferee Party to disclose to the Parent any
     information relating to the financial condition, operations, properties or
     prospects of SFSI now or in the future known to such Transferee Party (the
     Parent waiving any duty on the part of such Transferee Party to disclose
     such information);

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         (g) any impossibility or impracticality of performance, illegality,
     force majeure, any act of any government, or any other circumstance
     (excluding, however, the defense of payment or of any statute of
     limitations) or any existence of or reliance on any representation by an
     Transferee Party that might constitute a defense available to, or a
     discharge of, SFSI or a guarantor of the Obligations; or

         (h) any other circumstance, event or happening whatsoever, whether
     foreseen or unforeseen and whether similar or dissimilar to anything
     referred to above in this Section 2.
                               ---------

This Agreement shall continue to be effective or be reinstated, as the case may
be, if at any time (x) any payment in connection with any of the Obligations is
rescinded or must otherwise be returned by any Transferee Party, or (y) any
performance or observance of any Obligation is rescinded or otherwise
invalidated, upon the insolvency, bankruptcy or reorganization of SFSI, all as
though payment had not been made or as though such Obligation had not been
performed or observed.

         SECTION 3.  Waivers and Acknowledgments. (a) The Parent hereby waives
                     ---------------------------
promptness, diligence, notice of acceptance and (except as contemplated in
Section 1 hereof) any other notice with respect to any of the Obligations and
this Agreement and any other document related thereto, and any requirement that
any Transferee Party protest, secure, perfect or insure any lien or any property
subject thereto or exhaust any right or take any action against SFSI or any
other Person or any asset or collateral.

         (b) The Parent hereby waives any right to revoke this Agreement, and
acknowledges that this Agreement is continuing in nature and applies to all
Obligations, whether existing now or in the future.

         SECTION 4.  Subrogation. The Parent shall not exercise or assert any
                     -----------
rights that it may now have or hereafter acquire against SFSI that arise from
the existence, payment, performance or enforcement of the Parent's obligations
under this Agreement or any other Facility Document, including, without
limitation, any right of subrogation, reimbursement, exoneration, contribution
or indemnification and any right to participate in any claim or remedy of any
Transferee Party against SFSI or any asset or collateral, whether or not such
claim, remedy or right arises in equity or under contract, statute or common
law, including, without limitation, the right to take or receive from SFSI,
directly or indirectly, in cash or other property or by setoff or in any other
manner, payment or security on account of such claim, remedy or right, unless
and until all amounts in connection with the Obligations and all amounts payable
under this Agreement shall have been paid in full and all other amounts payable
by SFSI to the Transferee Parties under the Facility Documents shall have been
paid in full. If any amount shall be paid to the Parent in violation of the
preceding sentence at any time prior to the later of (i) the payment in full of
the Obligations and all other amounts payable under this Agreement and all
amounts payable by SFSI to the Transferee Parties under the Facility Documents
and (ii) the Termination Date, such amount shall be held in trust for the
benefit of the Transferee Parties and shall forthwith be paid to the Agent to be
credited and applied to the Obligations, whether matured or unmatured, in
accordance with the terms of the Facility Documents or to be held by

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the Agent as collateral security for any Obligations payable under this
Agreement thereafter arising.

         SECTION 5. Representations and Warranties. The Parent hereby represents
                    ------------------------------
and warrants as follows:

         (a) The Parent is a corporation duly organized, validly existing and in
     good standing under the laws of the jurisdiction of its organization. All
     of the issued and outstanding shares of common stock of SFSI are owned,
     directly or indirectly, by the Parent, free and clear of any Lien.

         (b) The execution, delivery and performance by the Parent of this
     Agreement and the transactions contemplated hereby are within the Parent's
     corporate powers, have been duly authorized by all necessary corporate
     action, do not contravene (i) the Parent's certificate or articles of
     incorporation or by-laws, (ii) any law, (iii) any material contractual
     restriction binding on or affecting the Parent or the Parent's properties
     or (iv) any order, writ, judgment, award, injunction or decree binding on
     or affecting the Parent or the Parent's properties, and do not result in or
     require the creation of any Lien upon or with respect to any of the
     Parent's properties except, in the case of clauses (ii) and (iv), where
     such contravention would not have a Material Adverse Effect. This Agreement
     has been duly executed and delivered on behalf of the Parent.

         (c) No authorization or approval (including, without limitation, any
     exchange control agreement) or other action by, and no notice to or filing
     with, any Governmental Authority is required for the due execution,
     delivery and performance by the Parent of this Agreement.

         (d) This Agreement constitutes the legal, valid and binding obligation
     of the Parent, enforceable against the Parent in accordance with its terms,
     subject to the Enforceability Exceptions.

         (e) The consolidated balance sheet of the Parent and its subsidiaries
     as of February 26, 1999, and the related consolidated statement of income
     and cash flows of the Parent and its subsidiaries for the fiscal year then
     ended, in each case certified by BDO Seidman, independent public
     accountants, copies of which have been furnished to the Agent (whether
     under this Agreement or otherwise), fairly present the consolidated
     financial condition of the Parent and its subsidiaries as at such date and
     the consolidated results of the operations of the Parent and its
     subsidiaries for the period ended on such date, all in accordance with
     generally accepted accounting principles as in effect in the United States
     applied on a consistent basis, and since February 26, 1999, there has been
     no material adverse change in such condition or operations, except as
     disclosed in writing prior to the date hereto to the Agent and the
     Transferees.

         (f) To the knowledge of Parent, there is no pending or threatened
     action, suit or proceeding affecting the Parent or any of its subsidiaries,
     or its property or the property of any of its subsidiaries, before any
     court, governmental agency or arbitrator that materially adversely affects
     the ability of the Parent to perform its obligations under this

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     Agreement, or that purports to affect the legality, validity or
     enforceability of this Agreement.

         (g) The obligations of the Parent under this Agreement do rank and will
     rank at least pari passu in priority of payment and in all other respects
     with all other unsecured and non-subordinated indebtedness for borrowed
     money of the Parent.

         (j) As of the date hereof, the Parent (i) is not "insolvent" (as such
     term is defined in ss.101(32)(A) of the Bankruptcy Code), (ii) is generally
     able to pay its debts as they mature; and (iii) does not have unreasonably
     small capital for the business in which it is engaged or for any business
     or transaction in which it is about to engage.

         (k) The Parent is neither (i) an "investment company" within the
     meaning of the Investment Company Act of 1940, as amended from time to
     time, or any successor statute, nor (ii) a "holding company," or a
     "subsidiary company" or an "affiliate" of a "holding company," within the
     meaning of the Public Utility Holding Company Act of 1935, as amended from
     time to time, or any successor statute.

         SECTION 6.  Covenants. The Parent covenants and agrees that, until the
                     ---------
later of (i) the Termination Date, and (ii) the date on which no Advances shall
be outstanding under the Lease Receivables Transfer Agreement, the Parent will,
unless the Agent shall otherwise consent in writing:

         (a) Compliance with Laws, Etc. Comply in all material respects with all
             -------------------------
     applicable laws, rules, regulations and orders with respect to it, its
     business and properties, except where the failure to so comply would not
     have a Material Adverse Effect.

         (b) Preservation of Corporate Existence. Preserve and maintain its
             -----------------------------------
     corporate existence, rights, franchises and privileges in the jurisdiction
     of its incorporation, except to the extent that the failure so to preserve
     and maintain such existence, rights, franchises and privileges would not
     have a Material Adverse Effect.

         (c) Reporting Requirements. Furnish to the Agent:
             ----------------------

             (i) promptly after any change in the rating established by S&P or
         Moody's, as applicable, with respect to its long-term debt, a notice of
         such change, which notice shall specify the new rating, the date on
         which such change was publicly announced and such other information
         with respect to such change as Agent may reasonably request;

             (ii) promptly and in no event more than five (5) Business Days
         after a Responsible Officer of the Parent has actual knowledge thereof,
         notice of any and all litigation or any other matters or events
         concerning the Parent which could be reasonably likely to have a
         Material Adverse Effect; and

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             (iii) such other information, documents, records, or reports
         respecting the condition or operations, financial or otherwise, of the
         Parent or any of its subsidiaries as the Agent may from time to time
         reasonably request.

         (d) Stock Ownership. Continue to own, directly or indirectly, not less
             ---------------
     than a majority of the issued and outstanding shares of the capital stock
     of SFSI.

         (e) Merger, Consolidation, Etc. Consolidate with or merge into or with
             --------------------------
     any Person, or sell, transfer, lease or otherwise dispose of all or
     substantially all of its assets to any Person, unless (i) as a result of
     any merger or consolidation or sale, transfer, lease or other disposition
     of assets there does not exist an Event of Termination, and (ii) in the
     case of a merger or consolidation, (A) the Parent is the surviving entity
     or (B) the surviving entity assumes all Parent's obligations under this
     Agreement in a manner satisfactory to the Agent.

         SECTION 7.  Payment Free and Clear of Taxes, Etc. (a) Any and all
                     ------------------------------------
payments made by the Parent hereunder shall be made free and clear of and
without deduction for any and all present or future taxes, levies, imposts,
deductions, charges or withholdings, and all liabilities with respect thereto,
excluding, in the case of each Transferee Party, taxes imposed on its income and
franchise taxes imposed on it by the jurisdiction under the laws of which such
Transferee Party is organized or in which it is otherwise doing business or any
political subdivision thereof (all such non-excluded taxes, levies, imposts,
deductions, charges, withholdings and liabilities being hereinafter referred to
as "Taxes"). If the Parent shall be required by law to deduct any Taxes from or
    -----
in respect of any sum payable hereunder to any Transferee Party, (i) the sum
payable shall be increased as may be necessary so that after making all required
deductions of Taxes (including deductions applicable to additional sums payable
under this Section 7) such Transferee Party receives an amount equal to the sum
           ---------
it would have received had no such deductions been made, (ii) the Parent shall
make such deductions and (iii) the Parent shall pay the full amount deducted to
the relevant taxation authority or other authority in accordance with applicable
law.

         (b) In addition, the Parent agrees to pay any present or future stamp
or documentary taxes or any other excise or property taxes, charges or similar
levies that arise from any payment made hereunder or from the execution,
delivery or registration of, or otherwise with respect to, this Agreement
(hereinafter referred to as "Other Taxes").
                             -----------

         (c) The Parent shall indemnify each Transferee Party for the full
amount of Taxes or Other Taxes (including, without limitation, any Taxes or
Other Taxes imposed by any jurisdiction on amounts payable under this Section 7)
                                                                      ---------
paid by such Transferee Party and any liability (including penalties, interest
and expenses) arising therefrom or with respect thereto, whether or not such
Taxes or Other Taxes were correctly or legally asserted. This indemnification
shall be made within thirty (30) days from the date such Transferee Party makes
written demand therefor.

         (d) Within thirty (30) days after the date of any payment of Taxes, the
Parent shall furnish to the Agent, at its address referred to in Section 11, the
                                                                 ----------
original or a certified copy of a receipt evidencing payment thereof.

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         (e) Each Transferee Party which is not organized under the laws of the
United States or any State thereof shall, within thirty (30) days after such
Transferee Party becomes a party to or obtains rights under this Agreement, and
prior to any payment being made by the Parent to such Affected Party, deliver to
the Parent (i) two duly completed and executed copies of the IRS Form 1001 or
4224 (or any successor form) as applicable; or (ii) an IRS Form W-8 (or any
successor form), as applicable; and (iii) such other forms or certificates as
may be required under the laws of any applicable jurisdiction (on or before the
date that any form expires or becomes obsolete), in order to permit the Parent
to make payments to such Transferee Party hereunder without any deduction or
withholding for or on account of any Tax. Each such Transferee Party shall
submit to the Parent (copied to the Agent) two updated, completed, and duly
executed versions of: (i) all forms referred to in the previous sentence upon
the expiry of, or the occurrence of any event requiring a change in, the most
recent form previously delivered by it to the Parent or the substitution of such
form; and (ii) such extensions or renewals thereof as may reasonably be
requested by the Parent. Notwithstanding the other provisions of this Section 7,
the Parent shall not be obligated to pay any additional amounts resulting from
the failure of a Transferee Party to comply with this Section 7(e).
                                                      ------------

         (f) Without prejudice to the survival of any other agreement of the
Parent hereunder, the agreements and obligations of the Parent contained in this
Section 7 shall survive any termination of the Lease Receivables Transfer
---------
Agreement.

         SECTION 8.  Consent to Jurisdiction. (a) The Parent hereby irrevocably
                     -----------------------
submits to the jurisdiction of any New York State or federal court sitting in
New York City and any appellate court from any thereof in any action or
proceeding arising out of or relating to this Agreement, and the Parent hereby
irrevocably agrees that all claims in respect of such action or proceeding may
be heard and determined in such New York State court or in such federal court.
The Parent hereby irrevocably waives, to the fullest extent it may effectively
do so, the defense of an inconvenient forum to the maintenance of such action or
proceeding. The Parent agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law.

         (b) Nothing in this Section 8 shall affect the right of any Transferee
                             ---------
Party to serve legal process in any manner permitted by law or affect the right
of any Transferee Party to bring any action or proceeding against the Parent or
its property in the court of other jurisdictions.

         SECTION 9.  Amendments, Etc. No amendment or waiver of any provision of
                     ---------------
this Agreement or consent to any departure by the Parent herefrom shall be
effective unless in a writing signed by the Agent (and, in the case of any
amendment, also signed by the Parent), and then such amendment, waiver or
consent shall be effective only in the specific instance and for the specific
purpose for which given.

         SECTION 10. Address for Notices. All notices and other communications
                     -------------------
hereunder shall be in writing (which shall include facsimile communication) and
faxed or delivered, if to the Parent, at its address set forth below its name on
the signature page hereto, and if to any Transferee Party, at its address set
forth in the Lease Receivables Transfer Agreement, or, as to any party, at such
other address as shall be designated by such party in a

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written notice to each other party. Notices and communications by facsimile
shall be effective when sent, and notices and communications sent by other means
shall be effective when received.

         SECTION 11. No Waiver; Remedies. No failure on the part of any
                     -------------------
Transferee Party to exercise, and no delay in exercising, any right hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of
any right hereunder preclude any other or further exercise thereof or the
exercise of any other right. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law.

         SECTION 12. Continuing Agreement; Assignments under Lease Receivables
                     ---------------------------------------------------------
Transfer Agreement. This Agreement is a continuing agreement and shall (i)
------------------
remain in full force and effect until the later of (x) the payment and
performance in full of the Obligations and the payment of all other amounts
payable under this Agreement and (y) the Termination Date, (ii) be binding upon
the Parent, its successors and permitted assigns, and (iii) inure to the benefit
of, and be enforceable by, the Transferee Parties and each of their respective
successors, transferees and assigns. Without limiting the generality of clause
(iii) of the immediately preceding sentence, (A) any Transferee may assign all
or any of its Advances under the Lease Receivables Transfer Agreement to any
assignee in accordance with Section 10.04 of such Lease Receivables Transfer
Agreement, and (B) the Agent may resign, in accordance with the provisions of
Section 11.06 of the Lease Receivables Transfer Agreement and such replacement
Agent shall thereupon become vested with all the benefits in respect thereof
granted to such Transferee or such Agent herein or otherwise.

         SECTION 13. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND
                     -------------
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING
SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAWS BUT OTHERWISE WITHOUT REGARD TO
CONFLICTS OF LAW PRINCIPLES).

         SECTION 14. Waiver of Jury Trial. Each of the Parent and the Transferee
                     --------------------
Parties (in accepting this Agreement) irrevocably waives all right to trial by
jury in any action, proceeding or counterclaim (whether based on contract, tort
or otherwise) arising out of or relating to any of the Facility Documents or the
actions of the Agent or any other Transferee Party in the negotiation,
administration or enforcement thereof.

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         IN WITNESS WHEREOF, the Parent has cause this Agreement to be duly
executed and delivered by its officer thereunto duly authorized as of the date
first above written.

                                             STEELCASE INC.

                                             By /s/ Robert A. Ballard
                                                --------------------------
                                                Name: Robert A. Ballard
                                                Title: Executive Vice president

                                             901 44th Street
                                             Grand Rapids, MI 49508
                                             Attn: Chief Financial Officer
                                             Telecopy: (616) 247-2374

                                       9<PAGE>

                                                                    EXHIBIT 4.29

                                                               EXECUTION VERSION

                             OMNIBUS AMENDMENT NO. 1
                      (Lease Receivables Transfer Facility)

         This OMNIBUS Amendment NO. 1 (this "Amendment") is entered into as of
November 15, 2001 by and among STEELCASE INC., a Michigan corporation (the
"Guarantor"), as guarantor, STEELCASE FINANCIAL SERVICES INC., a Michigan
corporation (the "Transferor"), as transferor and initial servicer, CORPORATE
ASSET FUNDING COMPANY, INC., a Delaware corporation (the "Conduit Transferee"),
as conduit transferee, CITIBANK N.A. (the "Committed Transferee") as committed
transferee, and CITICORP NORTH AMERICA, INC., a Delaware corporation (the
"Agent"), as agent, and is made with reference to that certain Lease Receivables
Transfer Agreement dated as of October 20, 1999 (as amended prior to the date
hereof, the "Transfer Agreement") among the Transferor, the Conduit Transferee,
the Committed Transferee and the Agent. Capitalized terms used, but not
otherwise defined herein, shall have the respective meanings ascribed to such
terms in the Transfer Agreement.

         WHEREAS, upon and subject to the terms and conditions of the Transfer
Agreement, the Transferees may make Advances to the Transferor;

         WHEREAS, upon and subject to the terms of the Parent Performance
Guaranty, the Guarantor has undertaken and agreed, among other items, to cause
the due and punctual performance and observance by the Transferor of all of the
agreements and undertakings on the part of the Transferor to be performed or
observed under the Transfer Agreement and the other Facility Documents in
accordance with the terms thereof;

         WHEREAS, the parties hereto desire to cancel the Note and to amend the
Transfer Agreement and the Parent Performance Guaranty to clarify that the
principal amount of each Advance, together with certain interest and fees
payable with respect thereto pursuant to Section 2.03 of the Transfer Agreement,
shall be payable solely from Collections of Lease Receivables in accordance with
the settlement procedures described in Section 2.04 of the Transfer Agreement
and not by recourse to the Transferor or the Guarantor;

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

Section 1.  Cancellation of Note. Without affecting the obligations of the
            --------------------
Transferor under the Transfer Agreement and other Facility Documents and without
constituting a novation of the outstanding Advances, the Note is hereby
cancelled and of no further force or effect. The Agent shall mark the note as
cancelled and promptly return the Note to the Transferor.

Section 2.  Amendments to Transfer Agreement. The Transfer Agreement is hereby
            --------------------------------
amended as follows:

<PAGE>

     (a)  Subpart (xii)(P) of the definition of "Eligible Lease Receivable" in
     Section 1.01 is amended to add at the beginning thereof the phrase "which
     is owned by, or on behalf of the Transferees or."

     (b)  The definition of "Note" in Section 1.01 is deleted and replaced with
     the following phrase:

           "Note" means [Intentionally Omitted].
            ----

     (c)  The definition of "Obligations" in Section 1.01 is amended to add the
     phrase "but subject to Section 2.02(c)" after the phrase "and shall
     include, without limitation," beginning in line 4 thereof.

     (d)  The definition of "Other Fees" in Section 1.01 is amended to add
     "2.09," after "2.08" and before "8.01" in the second line thereof.
      ----          ----              ----

     (e)    Section 2.02(b) is deleted in its entirety and replaced with the
            following:

            "(b) Each Advance shall be evidenced in the accounts maintained by
            the Agent in accordance with its usual practices and, absent
            manifest error, the entries made in such accounts shall be
            presumptively correct. The Agent shall record in such accounts the
            date and amount of each Advance, the amount of interest due and
            payable in respect thereof and all Collections or other amounts
            applied in respect of such Advance in accordance with Section
            2.04(b) hereof."

     (f)    Section 2.02(c) is amended to add the following new sentences at the
            end thereof:

            "The Transferees hereby acknowledge and agree that the principal
            amount of each Advance, Interest in respect thereof and Program
            Fees, Liquidity Fees and Other Fees are payable solely from
            Collections in accordance with the settlement procedures set forth
            in Section 2.04 hereof and that neither the Transferor nor the
            Parent shall have any personal liability for the payment thereof
            except to the extent set forth in the proviso to Section 2.3(a) and
            for the reimbursement or indemnification obligations of the
            Transferor in Sections 2.06 (increased yield costs), 2.07 (increased
            capital), 2.08 (taxes), 2.09 (Eurocurrency reserves), 8.01
            (indemnification) and 10.06 (costs and expenses) hereof."

     (g)    Subpart (ii) of Section 5.03(f) is amended to read as follows:

            "(ii) when applied pursuant to Section 2.04(b) hereof such proceeds
            will be sufficient to repay in full the Advances outstanding with
            respect to such Lease Receivable and any interest (including
            interest through the end of the related Collection Period), fees,
            costs or expenses (including early termination payments) resulting
            from the reduction of the aggregate notional amount of the Interest
            Rate Hedges."

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      (h)   Section 7.01 is amended to add the phrase "but subject to Section
      2.02(c)" after the phrase "Upon the occurrence of the Termination Date".

      (i)   The text of Exhibit F to the Transfer Agreement is deleted in its
      entirety and replaced with the phrase "[Intentionally Omitted]".

Section 3.  Amendments to Parent Performance Guaranty. Section 1 of the Parent
            -----------------------------------------
Performance Guaranty is hereby amended to add the following sentence at the end
thereof:

            "Except to the extent set forth in the proviso to Section 2.03(a) of
            the Lease Receivables Transfer Agreement and for SFSI's
            indemnification and reimbursement obligations under Sections 2.06
            (increased yield costs), 2.07 (increased capital), 2.08 (taxes),
            2.09 (Eurocurrency reserves), 8.01 (indemnification) and 10.06
            (costs and expenses) of the Lease Receivables Transfer Agreement,
            the Obligations guaranteed hereby shall not include the obligation
            to pay Advances, Interest and Program Fees, Liquidity Fees and Other
            Fees, which amounts are payable solely from Collections in
            accordance with the settlement procedures set forth in Section 2.04
            of the Lease Receivables Transfer Agreement and the Parent shall
            have no personal liability for the payment thereof."

Section 4.  Effectiveness. This Amendment shall become effective upon its
            -------------
execution and delivery by the Guarantor, the Transferor, the Required
Transferees and the Agent.

Section 5.  Representations. Each party hereto represents to the other that: (i)
            ---------------
it has the power and authority to enter into this Amendment; (ii) the execution
and delivery of this Amendment have been duly authorized by all necessary
action; (iii) this Amendment has been duly executed and delivered on its behalf
and (iv) this Amendment and the Facility Documents, as amended hereby,
constitute its legal, valid and binding obligation enforceable against it in
accordance with their respective terms subject to the Enforceability Exceptions.

Section 6.  Ratification. Except as specifically amended or cancelled hereby,
            ------------
each of the Facility Documents shall remain unchanged and continue in full force
and effect and each of the parties hereto hereby ratifies and confirms the
Facility Documents. After the effectiveness of this Amendment, any reference to
the Transfer Agreement or the Parent Performance Guaranty in any Facility
Document shall be to the Transfer Agreement and Parent Performance Guaranty,
respectively, as amended hereby.

Section 7.  GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
            -------------
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF
THE GENERAL OBLIGATIONS LAW BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW
PRINCIPLES).

Section 8.  Costs and Expenses. The Transferor agrees to pay on demand all
            ------------------
reasonable costs and expenses of the Transferees and the Agent in connection
with the preparation of this Amendment.

                                       3

<PAGE>

Section 9.  Counterparts. This Amendment may be executed in any number of
            ------------
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which when
taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to this Amendment by telecopier shall
be effective as delivery of a manually executed counterpart of this Amendment.

         IN WITNESS WHEREOF, the parties have caused this Amendment to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

STEELCASE INC., as Guarantor                 STEELCASE FINANCIAL
                                             SERVICES INC., as Transferor and
                                             initial Servicer

By: /s/ Gary P. Malburg                      By: /s/ Thomas P. Sullivan
    -----------------------------------          -------------------------------
    Name:  Gary P. Malburg                       Name:  Thomas P. Sullivan
    Title: Vice President, Finance and           Title: Vice President and
    Treasurer                                    Chief Financial Officer

CITICORP NORTH AMERICA,                      CORPORATE ASSET FUNDING COMPANY,
INC., as Agent                               INC., as Conduit Transferee

By: /s/ David L. Donofrio                    By: /s/ David L. Donofrio
    -----------------------------------          ------------------------------
    Name: David L. Donofrio                      Name: David L. Donofrio
    Title: Vice President                        Title: Vice President

                                             CITIBANK, N.A., as Committed
                                             Transferee

                                             By: /s/ David L. Donofrio
                                                 ------------------------------
                                                 Name: David L. Donofrio
                                                 Title: ATTORNEY-IN-FACT

                                        4

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