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Exhibit 10.1    
  

Execution Version  

 
 

FOURTH AMENDMENT TO
  CREDIT AGREEMENT
  AND CONSENT OF GUARANTORS    
  

        This FOURTH AMENDMENT TO CREDIT AGREEMENT AND CONSENT OF GUARANTORS (this
"Amendment") is dated as of July 12, 2002, and entered into by and among FLEETWOOD
ENTERPRISES, INC. ("Fleetwood"), FLEETWOOD HOLDINGS, INC. and its
Subsidiaries listed on the signature pages hereof (collectively, "FMC"), FLEETWOOD RETAIL, CORP. and its
Subsidiaries listed on the signature pages hereof (collectively, "FRC"), the banks and other financial institutions signatory hereto that are parties as
Lenders to the Credit Agreement referred to below (the "Lenders"), and BANK OF AMERICA, N.A., as
administrative agent and collateral agent (in such capacity, the "Agent") for the Lenders. 

Recitals  

        Whereas, Fleetwood, the Borrowers, the Lenders, and the Agent have entered into that certain Credit Agreement
dated as of July 27, 2001, as amended by that certain First Amendment to Credit Agreement and Consent of Guarantors dated as of December 4, 2001, that certain Second Amendment to Credit
Agreement and Security Agreement and Consent of Guarantors dated as of December 4, 2001 and that certain Third Amendment to Credit Agreement and Security Agreement and Consent of Guarantors
dated as of December 7, 2001 (the "Credit Agreement"; capitalized terms used in this
Amendment without definition shall have the meanings given such terms in the Credit Agreement); and 

        Whereas, the Borrowers have requested amendments to the Credit Agreement to modify certain covenants; and 

        Whereas, the Lenders and the Agent are willing to agree to the amendments requested by the Loan Parties, 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        Amendments to Annex A to Credit Agreement (Definitions).    The
definitions of "Adjusted Net Earnings from Operations", "Borrowing Base" and
"Maximum PP&E Loan Amount" in Annex A of the Credit Agreement are amended to read as follows: 

        "Adjusted Net Earnings from Operations" means, with respect to any fiscal period the net income of Fleetwood and its consolidated
Subsidiaries after provision for income taxes for such fiscal period, as determined in accordance with GAAP and reported on the Financial Statements for such period, excluding any and all of the
following included in such net income: (a) gain or loss arising from the sale of any capital assets; (b) gain arising from any write-up in the book value of any asset;
(c) earnings of any Person, substantially all the assets of which have been acquired by Fleetwood or any of its Subsidiaries in any manner, to the extent realized by such other Person prior to
the date of acquisition; (d) earnings of any Person in which any Person other than Fleetwood or any of its Subsidiaries has an ownership 

1

 

interest unless (and only to the extent) such earnings shall actually have been received by Fleetwood or any of its Subsidiaries in the form of cash distributions; (e) earnings of any Person
to which assets of Fleetwood or any of its Subsidiaries shall have been sold, transferred or disposed of, or into which any Subsidiary shall have been merged, or which has been a party with Fleetwood
or any of its Subsidiaries to any consolidation or other form of reorganization, prior to the date of such transaction; (f) gain arising from the acquisition of debt or equity securities of
Fleetwood or any of its Subsidiaries or from cancellation or forgiveness of Debt; (g) gain arising from extraordinary items, as determined in accordance with GAAP, or from any other
non-recurring transaction; (h) interest income; (i) other income not earned from operations; (j) any write-down or write-off of goodwill under
FAS 142; (k) any non-cash adjustment required as a result of a change in GAAP that occurs after the Closing Date; (l) write-downs of Fixed Assets or goodwill as a
result of an impairment in the value of such Fixed
Assets or goodwill that requires a write-down in accordance with GAAP; and (m) expenses arising as a result of fees paid to the Agent or the Lenders pursuant to Section 2.7
of the Agreement or Section 3.3 of the Fourth Amendment. 

        "Borrowing Base" means, with respect to FMC or FRC, as applicable, 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 sum of
(1) the lesser of (x) fifty percent (50%) 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 lumber located at warehouses) and (y) eighty-five percent (85%) of the appraised orderly liquidation value of its Inventory (other than motor home chassis and lumber
located at warehouses), plus (2) eighty-five percent (85%) of the appraised orderly liquidation value of its Inventory consisting of
motor home chassis, plus (3) eighty-five percent (85%) of the appraised orderly liquidation value of its Inventory consisting of
lumber located at warehouses; and (B) the Maximum Inventory 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 the aggregate manufactured housing Inventory of FMC shall not exceed $10,000,000. 

        "Maximum PP&E Loan Amount" means $0. 

        "Maximum Revolver Amount" means $190,000,000. 

        1.2    Additions to Annex A to Credit Agreement (Definitions).    The following definitions of
"Fourth Amendment" and "Fourth Amendment Effective Date" are added in Annex A  of the Credit Agreement in
appropriate alphabetical order: 

        "Fourth Amendment" means that certain Fourth Amendment to Credit Agreement and Consent of Guarantors, dated as of July 12, 2002,
and entered into by and among Fleetwood, Holdings and its Subsidiaries listed on the signature pages thereof Retail and its Subsidiaries listed on the signature pages thereof, the banks and other
financial institutions signatory thereto that are parties as Lenders to this Agreement and Bank of America, N.A., as administrative agent and collateral agent for the Lenders. 

        "Fourth Amendment Effective Date" means the later of (x) July 12, 2002 and (y) the date upon which the each of the
conditions set forth in Section 3 of the Fourth Amendment has been satisfied and the Fourth Amendment has become effective. 

2

 

        1.3    Amendment to Definition of Applicable Margin.    The definition of Applicable Margin
will be amended as follows: 

        (a)  The
Grid labeled "Low to High" contained therein shall be replaced in its entirety with the following Grid: 

            Low to High  

	 
	 	Applicable Margins
	 
	 
	 	Level I
	 	Level II
	 	Level III
	 	Level IV
	 
	Base Rate Revolving Loans	 	0.00	%	0.50	%	1.00	%	1.50	%
	LIBOR Revolving Loans	 	2.25	%	2.75	%	3.25	%	3.75	%
	Unused Line Fees	 	0.25	%	0.50	%	0.50	%	0.625	%
	Letter of Credit Fees	 	2.25	%	2.75	%	3.25	%	3.75	%

        (b)  The
following sentence is added at the end thereof: 

"Notwithstanding
anything to the contrary in this definition, Level I and Level II pricing will not be available (x) from and after the last Sunday in April 2002 and prior to the
adjustment that relates to the delivery of the unaudited Financial Statements for the fiscal quarter ending on the last Sunday in January 2003 and (y) for any adjustment that relates to
the delivery of the Financial Statements for a Fiscal Quarter set forth in the table below unless the Fixed Charge Coverage Ratio for the four consecutive Fiscal Quarters ended on the last day of such
Fiscal Quarter is equal to or greater than the amount set forth in such table for such Fiscal Quarter: 

	Period Ending
 
	 	Fixed Charge

Coverage Ratio

	On the last Sunday in January 2003	 	1.15:1
	On the last Sunday in April 2003 and each Fiscal Quarter thereafter	 	1.25:1

        1.4    New Section 2.7.    The following new Section 2.7 shall be added at the
end of Article 2: 

        "2.7 Additional
Fee.If the Fixed Charge Coverage Ratio for the four consecutive Fiscal Quarters ended on the last Sunday in January 2003 is less than
1.15:1, then on the first Business Day after the financial statements are required to be delivered with respect to the Fiscal Quarter ended on the last Sunday in January 2003, the Borrowers,
jointly and severally, agree to pay to the Agent, for the account of the Revolving Credit Lenders, in accordance with their respective Pro Rata Shares, an additional commitment fee (the
"Additional Commitment Fee") equal to one percent (1%) times the Maximum Revolver Amount on the Fourth Amendment Effective Date. 

        1.5    Amendment to Section 3.11.    The following sentence shall be added at the end
of Section 3.11: 

"Upon
the release of an FRC Borrower pursuant to the provisions of this Section 3.11, at the request of such FRC Borrower, all Liens granted by such FRC Borrower pursuant to the Loan Documents
shall also be released provided that Borrowers have provided Agent with release documents in form and substance reasonably satisfactory to Agent." 

        1.6    Amendments to Section 5.2.    The following proviso shall be added at the end of
the first sentence in each of clauses (a), (b) and (c) thereof: 

";
provided that Fleetwood shall not be required to provide consolidating cash flow statements." 

3

 

        1.7    Amendment to Section 7.10(c).    Section 7.10(c) shall be amended by
deleting the "and" at the end of clause (ix) thereof, and deleting clause (ix) and replacing it with the following: 

";
(ix) Fleetwood may make additional capital contributions, loans or advances to the Excluded Subsidiaries in excess of those permitted under clause (viii) hereof in an aggregate amount
not to exceed (A) $6,000,000 plus (B)(I) the lesser of (x) $10,000,000 and (II) the net amount of New Capital Proceeds received by Fleetwood after the Fourth Amendment
Effective Date minus (C) the amount of any Restricted Investments made pursuant to clause (x)(B) hereof; provided (x) that no
Default or Event of Default has occurred and is continuing on the date of the making of such capital contribution, loan or advance, both before and after giving effect to such capital contribution,
loan or advance and (y) the amount of the average of the Liquidity for each of the most recent three calendar months minus the amount of such capital contribution, loan or advance is at least
$80,000,000; and (x) Fleetwood and any Subsidiary (other than a Borrower) may make additional capital contributions, loans or advances to Finance Co. or any Financing Joint Venture in an
aggregate amount not to exceed (A) $10,000,000 plus (B)(I) the lesser of (x) $10,000,000 and (II) the net amount of New Capital Proceeds received by Fleetwood after the
Fourth Amendment Effective Date minus (C) the amount of any Restricted Investments made pursuant to clause (ix)(B) hereof; provided  (x) that no Default or Event of Default has occurred
and is continuing on the date of the making of such capital contribution, loan or advance, both before and after
giving effect to such capital contribution, loan or advance and (y) the amount of the average of the Liquidity for each of the most recent three calendar months minus the amount of such capital
contribution, loan or advance is at least $80,000,000; and (z) the proceeds of any Restricted Investments under this clause (x) are used by Finance Co. or any Financing Joint Venture
primarily for the purpose of providing financing to retail customers who are purchasing Fleetwood products from Fleetwood and its Subsidiaries or from independent dealers who are currently purchasing
new Fleetwood products from Fleetwood and its Subsidiaries." 

        1.8    Amendment to Section 7.23.    Section 7.23 is deleted in it entirety and
replaced with the following: 

        "7.23    Liquidity.    On a consolidated basis, Fleetwood shall maintain at all times Liquidity for the most recent
calendar month of $80,000,000 or more. 

        1.9    Amendment to Section 7.24.    Section 7.24 is deleted in it entirety and
replaced with the following: 

        "7.24    Minimum EBITDA.    Fleetwood will maintain a EBITDA (i) for the one-quarter period ended
on the last Sunday in July 2002, $3,263,000; (ii) for the two-quarter period ended on the last Sunday in October 2002, $15,477,000; (iii) for the three-quarter
period ended on the last Sunday in January 2003, $19,716,000; and (iv) for each period of four consecutive Fiscal Quarters ended on the last day of each Fiscal Quarter set forth below of
not less than the amount set forth below opposite each such fiscal quarter: 

	Period Ending
 
	 	EBITDA

	On the last Sunday in April 2003	 	$	35,584,000
	On the last Sunday in July 2003	 	$	48,467,000
	On the last Sunday in October 2003	 	$	55,706,000
	On the last Sunday in January 2004	 	$	61,380,000
	On the last Sunday in April 2004	 	$	65,764,000

        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 

4

 

Borrower represents and warrants to each Lender, the Issuing Bank 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 Credit Party under or in respect of the Credit Agreement as amended hereby do not and will not conflict with or violate
(a) any provision of the governing documents of any Loan Party or any of its Subsidiaries, (b) any Requirement of Law, (c) any order, judgment or decree of any court or other
governmental agency binding on any Loan Party or any of its Subsidiaries, or (d) any indenture, agreement or instrument to which any Loan Party or any of its Subsidiaries is a party or by which
any Loan Party or any of its Subsidiaries, or any property of any of them, is bound, and do not and will not require any consent or approval of any Person. 

        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. 

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

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

        3.    CONDITIONS TO EFFECTIVENESS OF THIS AMENDMENT.    This Amendment 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 Majority Lenders 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 

5

 

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    Fees.    The Borrower shall have paid to the Agent for the pro rata account of all
Lenders an amendment fee equal to one-half of one percent (0.50%) times the Maximum Revolver Amount. 

        3.4    Repayment of Term Loans.    The Borrower shall have paid the outstanding principal
amount of and shall have paid all accrued and unpaid interest on all Term Loans. 

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

        4.    EFFECTIVE DATE.    This Amendment shall become effective on the date of the satisfaction
of the conditions set forth in Section 3, and upon becoming effective shall be retroactively effective as of the last Sunday in April 2002, and each of the Lenders signatory hereto
hereby waives any Default or Event of Default that may have arisen prior to the date of the Amendment, but that would not be a Default or Event of Default after giving effect to this Amendment. 

        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. 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. 

        6.    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. 

        7.    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. 

        8.    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] 

6

   Execution Version  

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

	FMC BORROWERS	 	FLEETWOOD HOLDINGS INC.

FLEETWOOD HOMES OF ARIZONA, INC.

FLEETWOOD HOMES OF CALIFORNIA, INC.

FLEETWOOD HOMES OF FLORIDA, INC.

FLEETWOOD HOMES OF GEORGIA, INC.

FLEETWOOD HOMES OF IDAHO, INC.

FLEETWOOD HOMES OF INDIANA, INC.

FLEETWOOD HOMES OF KENTUCKY, INC.

FLEETWOOD HOMES OF NORTH CAROLINA, INC.

FLEETWOOD HOMES OF OREGON, INC.

FLEETWOOD HOMES OF PENNSYLVANIA, INC.

FLEETWOOD HOMES OF TENNESSEE, INC.

FLEETWOOD HOMES OF TEXAS, L.P.
 By: FLEETWOOD GENERAL PARTNER

OF TEXAS, INC., its General Partner

FLEETWOOD HOMES OF VIRGINIA, INC.

FLEETWOOD HOMES OF WASHINGTON, INC.

FLEETWOOD MOTOR HOMES OF CALIFORNIA, INC.

FLEETWOOD MOTOR HOMES OF INDIANA, INC.

FLEETWOOD MOTOR HOMES OF PENNSYLVANIA, INC.

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/  BOYD R. PLOWMAN      

	 	 	Name:	 	Boyd R. Plowman
	 	 	Title:	 	Senior Vice President and Chief Financial Officer

S-1

 

	FRC BORROWERS	 	FLEETWOOD RETAIL CORP.

FLEETWOOD RETAIL CORP. OF CALIFORNIA

FLEETWOOD RETAIL CORP. OF IDAHO

FLEETWOOD RETAIL CORP. OF KENTUCKY

FLEETWOOD RETAIL CORP. OF MISSISSIPPI

FLEETWOOD RETAIL CORP. OF NORTH CAROLINA

FLEETWOOD RETAIL CORP. OF OREGON

FLEETWOOD RETAIL CORP. OF VIRGINIA

	 
	 	 
	 	 

	 	 	By:	 	/s/  BOYD R. PLOWMAN      

	 	 	Name:	 	Boyd R. Plowman
	 	 	Title:	 	Senior Vice President and Chief Financial Officer
	
GUARANTOR	
 	

FLEETWOOD ENTERPRISES, INC., as the Guarantor
	

 	
 	

By:	
 	

/s/  BOYD R. PLOWMAN      

	 	 	Name:	 	Boyd R. Plowman
	 	 	Title:	 	Senior Vice President and Chief Financial Officer

S-2

 

	

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

 	
 	

By:	
 	

/s/  KEVIN R. KELLY      

	 	 	Name:	 	Kevin R. Kelly

	 	 	Title:	 	Senior Vice President

S-3

 

	

 	
 	

 	
 	

 
	 	 	CITICORP USA, INC., as a Lender
	

 	
 	

By:	
 	

/s/  JAMES J. MCCARTHY      

	 	 	Name:	 	James J. McCarthy

	 	 	Title:	 	Director

	

 	
 	
THE CIT GROUP/BUSINESS CREDIT, INC., as a Lender
	

 	
 	

By:	
 	

/s/  DALE GEORGE      

	 	 	Name:	 	Dale George

	 	 	Title:	 	Vice President

	

 	
 	
FOOTHILL CAPITAL CORPORATION, as a Lender
	

 	
 	

By:	
 	

/s/  JUAN BARRERA      

	 	 	Name:	 	Juan Barrera

	 	 	Title:	 	Assistant Vice President

S-4

  

Execution Version  

 
 

CONSENT OF GUARANTORS    
  

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

        IN
WITNESS WHEREOF, each of the undersigned has executed and delivered this CONSENT OF GUARANTORS as of the 12th day of July, 2002. 

	FMC BORROWERS	 	FLEETWOOD HOLDINGS INC.

FLEETWOOD HOMES OF ARIZONA, INC.

FLEETWOOD HOMES OF CALIFORNIA, INC.

FLEETWOOD HOMES OF FLORIDA, INC.

FLEETWOOD HOMES OF GEORGIA, INC.

FLEETWOOD HOMES OF IDAHO, INC.

FLEETWOOD HOMES OF INDIANA, INC.

FLEETWOOD HOMES OF KENTUCKY, INC.

FLEETWOOD HOMES OF NORTH CAROLINA, INC.

FLEETWOOD HOMES OF OREGON, INC.

FLEETWOOD HOMES OF PENNSYLVANIA, INC.

FLEETWOOD HOMES OF TENNESSEE, INC.

FLEETWOOD HOMES OF TEXAS, L.P.
 By: FLEETWOOD GENERAL PARTNER

OF TEXAS, INC., its General Partner
 FLEETWOOD HOMES OF VIRGINIA, INC.

FLEETWOOD HOMES OF WASHINGTON, INC.

FLEETWOOD MOTOR HOMES OF CALIFORNIA, INC.

FLEETWOOD MOTOR HOMES OF INDIANA, INC.

FLEETWOOD MOTOR HOMES OF PENNSYLVANIA, INC.

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/  BOYD R. PLOWMAN      

	 	 	Name:	 	Boyd R. Plowman
	 	 	Title:	 	Senior Vice President and Chief Financial Officer

S-1

 

	FRC BORROWERS	 	FLEETWOOD RETAIL CORP.

FLEETWOOD RETAIL CORP. OF CALIFORNIA

FLEETWOOD RETAIL CORP. OF IDAHO

FLEETWOOD RETAIL CORP. OF KENTUCKY

FLEETWOOD RETAIL CORP. OF MISSISSIPPI

FLEETWOOD RETAIL CORP. OF NORTH CAROLINA

FLEETWOOD RETAIL CORP. OF OREGON

FLEETWOOD RETAIL CORP. OF VIRGINIA

	 
	 	 
	 	 

	 	 	By:	 	/s/  BOYD R. PLOWMAN      

	 	 	Name:	 	Boyd R. Plowman
	 	 	Title:	 	Senior Vice President and Chief Financial Officer

	
OTHER GUARANTORS	
 	

FLEETWOOD ENTERPRISES, INC.

FLEETWOOD CANADA LTD.

BUCKINGHAM DEVELOPMENT CO.

FLEETWOOD INTERNATIONAL INC.

	 
	 	 
	 	 

	 	 	By:	 	/s/  BOYD R. PLOWMAN      

	 	 	Name:	 	Boyd R. Plowman
	 	 	Title:	 	Senior Vice President and Chief Financial Officer

S-2

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Exhibit 10.1

FOURTH AMENDMENT TO CREDIT AGREEMENT AND CONSENT OF GUARANTORS

CONSENT OF GUARANTORSQuickLinks
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Exhibit 10.2    
  

 
 

FORM OF
  THIRD AMENDMENT TO
  CREDIT AGREEMENT
  AND CONSENT OF GUARANTORS    
  

        This THIRD AMENDMENT TO CREDIT AGREEMENT AND CONSENT OF GUARANTORS (this
"Amendment") is dated as of December 7, 2001, and entered into by and among FLEETWOOD
ENTERPRISES, INC. ("Fleetwood"), FLEETWOOD HOLDINGS, INC. and its
Subsidiaries listed on the signature pages hereof (collectively, "FMC"), FLEETWOOD RETAIL, INC.
and its Subsidiaries listed on the signature pages hereof (collectively, "FRC"), the banks and other financial institutions signatory hereto that are
parties as Lenders to the Credit Agreement referred to below (the "Lenders"), and BANK OF AMERICA, N.A.,
as administrative agent and collateral agent (in such capacity, the "Agent") for the Lenders. 

Recitals  

        Whereas, Fleetwood, the Borrowers, the Lenders, and the Agent have entered into that certain Credit Agreement
dated as of July 27, 2001, as amended by that certain First Amendment to Credit Agreement and Consent of Guarantors dated as of December 4, 2001 and that certain Second Amendment to
Credit Agreement and Security Agreement and Consent of Guarantors dated as of December 4, 2001(the "Credit Agreement"; capitalized terms used in
this Amendment without definition shall have the meanings given such terms in the Credit Agreement); and 

        Whereas, the Borrowers have requested amendments to the Credit Agreement to modify certain covenants in connection with the Subordinated
Debt Exchange and the issuance of New Subordinated Debentures; and 

        Whereas, the Lenders and the Agent are willing to agree to the amendments requested by the Loan Parties, 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        Amendments to Annex A to Credit Agreement (Definitions).    The
definitions of "Fleetwood Trust", "Maximum PP&E Loan Amount" and "New
Subordinated Debentures" in Annex A of the Credit Agreement are amended to read as follows: 

        "Fleetwood Trust" means any or all (as the context requires) of Fleetwood Capital Trust, Fleetwood Capital Trust II and Fleetwood Capital
Trust III, each a business trust organized under the laws of the State of Delaware, whose sole assets consist of the Subordinated Debt. 

        "Maximum PP&E Loan Amount" means $30,000,000, reducing on the first day of each Fiscal Quarter commencing November 1, 2001 by an
amount equal to $1,500,000, and as further reduced from time to time pursuant to Section 3.4(b) or (g).  

         "New Subordinated Debentures" means up to $155,000,000 in aggregate principal amount of unsecured, convertible subordinated debentures issued by Fleetwood
after
the effective date of the Second Amendment, in accordance with Section 7.29 (b)

1

 

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

        "(g)
Immediately upon receipt by Fleetwood of the cash proceeds from issuance of any New Subordinated Debentures (the "Cash Proceeds"), Fleetwood shall contribute at least 50% of such
Cash Proceeds (after reserving $30,000,000 for expenses and taxes payable in connection with the Subordinated Debt Exchange) to the FMC Borrowers, who shall immediately apply (x) the lesser of
(i) 50% of such aggregate amount (rounded up to the nearest $1,000,000) and (ii) $24,000,000 to prepay the Term Loans until paid in full, and (y) the balance to the Revolving
Loans. Cash Proceeds applied to the Revolving Loans shall not reduce the Revolving Credit Commitment, but the first $6,000,000 of such proceeds shall permanently reduce the Maximum PP&E Loan Amount.
If the Subordinated Debt Exchange is not consummated by February 28, 2002, then Fleetwood shall contribute to the FMC Borrowers an amount equal to 43% of the Cash Proceeds (less $10,000,000 for
expenses and less any amount contributed under the prior sentence) and the FMC Borrowers shall immediately apply (x) 50% of such aggregate amount (rounded up to the nearest $1,000,000) to
prepay the Term Loans until paid in full, and (y) the balance to the Revolving Loans, but without reduction of the Revolving Credit Commitments. All prepayments of the Term Loans under this
subsection (g) shall be applied to the installments of the Term Loans in inverse order of maturity." 

        1.3    Amendment to Section 7.29.    Section 7.29  is deleted in its entirety and
replaced with the following: 

        "Subordinated Debt; Trust Securities. (a) Fleetwood will not, and will not permit any of its Subsidiaries to, (i) make any
payments or prepayments with respect to the Subordinated Debt other than, so long as no Default or Event of Default has occurred and is continuing on the date of payment, both before and after giving
effect to such payment, and so long as Fleetwood has not elected to defer payment in accordance with the Subordinated Debentures, payments of interest when due under the terms of the Subordinated
Debentures (without acceleration) (provided, that payments permitted under this clause (i) shall not duplicate payments made under  Section 7.10(a)(iii)) or (ii) amend, supplement or otherwise modify the terms of the Subordinated Debentures or any Guaranty thereof, or
the Trust Securities or any Guaranty thereof or add any Guaranty of any other Credit Party; provided,  however, that, on or before February 28, 2002,
Fleetwood and the Fleetwood Trust may exchange (such exchange, the
"Subordinated Debt Exchange") the Subordinated Debentures and the Trust Securities outstanding on the Closing Date for new Subordinated Debentures and
Trust Securities if, together with any New Subordinated Debentures issued on or prior to the date of consummation of the Subordinated Debt Exchange (i) the transactions are not materially cash
negative upon closing (taking into account taxes and transaction fees payable by Fleetwood on a pro forma basis), as determined by the Majority Lenders; (ii) the aggregate principal amount of
the Subordinated Debt does not exceed $437,500,000; (iii) the amount of the aggregate annual payments with respect to the Subordinated Debt does not exceed one hundred eighty-five
percent (185%) of the amount of the aggregate annual payments with respect to the Subordinated Debt on the Closing Date; (iv) the rate of interest for the Subordinated Debt does not exceed
twelve percent (12%); (v) the ability of Fleetwood to defer cash payments on the Subordinated Debentures and of Fleetwood Trust to defer cash dividends on the Trust Securities is no less
favorable (provided that the ability to make payments with the issuance of new securities shall be treated as deferral of cash payments for purposes of
this clause (v)) and the subordination terms of the Subordinated Debentures and the Guaranty of the Trust Securities are no less favorable to the Lenders, (vi) other than as approved by
the Majority Lenders in the August 29, 2001 letter with respect to the 

2

 

Subordinated Debt Exchange, all other terms and conditions of any Subordinated Debt and Trust Securities issued in the Subordinated Debt Exchange are acceptable to the Majority Lenders and
(vii) the cash proceeds of the Subordinated Debt Exchange and the New Subordinated Debenture are applied as provided in Section 3.4(g) hereof." 

        "(b)
In addition to the Subordinated Debt Exchange, after the effective date of the Second Amendment, Fleetwood may issue New Subordinated Debentures if (i) the aggregate
principal amount of the Subordinated Debt does not exceed $437,500,000, (ii) the amount of the aggregate annual payments with respect to the Subordinated Debt, after giving effect to such
issuance, does not exceed one hundred eighty-five percent (185%) of the amount of the aggregate annual payments with respect to Subordinated Debt on the Closing Date; (iii) the rate
of interest for the New Subordinated Debentures does not exceed twelve percent (12%); (iv) the ability of Fleetwood to defer cash payments on the New Subordinated Debentures and of Fleetwood
Trust to defer payments on the Trust Securities is no less favorable than those contained in the Subordinated Debt on the Closing Date (provided, that
the ability to make payments with the issuance of new securities shall be treated as deferral of cash payments for purposes of this clause (iv)) and the subordination terms of the New
Subordinated Debentures and any related Trust Securities are no less favorable to the Lenders than those contained in the Subordinated Debt on the Closing Date, (v) other than as approved by
the Majority Lenders in the August 29, 2001 letter with respect to the Subordinated Debt Exchange, all other terms of such New Subordinated Debentures and any related Trust Securities are
acceptable to the Majority Lenders and (vi) the cash proceeds of the New Subordinated Debentures are applied as provided in Section 3.4(g) hereof. Fleetwood will not, and will not permit
any of its Subsidiaries to, make any cash payments or prepayments with respect to the New Subordinated Debentures other than, so long as no Default or Event of Default has occurred and is continuing
on the date of payment, both before and after giving effect to such payment, and so long as Fleetwood has not elected to defer payment in accordance with the New Subordinated Debentures, payments of
interest when due under the terms of the New Subordinated Debentures (without acceleration); provided that payment under this sentence shall not
duplicate payments made under Section 7.10(a)(iii)." 

        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, the Issuing Bank 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 Credit Party under or in respect of the Credit Agreement as amended hereby do not and will not conflict with or violate
(a) any provision of the governing documents of any Loan Party or any of its Subsidiaries, (b) any Requirement of Law, (c) any order, judgment or decree of any court or other
governmental agency binding on any Loan Party or any of its Subsidiaries, or (d) any indenture, agreement or instrument to which any Loan Party or any of its Subsidiaries is a party or by which 

3

 

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. 

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

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

        3.    CONDITIONS TO EFFECTIVENESS OF THIS AMENDMENT.    This Amendment 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 Majority Lenders 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    Fees.    The Borrower shall have paid to the Agent the fees payable for the pro rata
account of all Lenders as set forth in the fee letter of even date herewith. 

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

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

4

 

        5.    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. 

        6.            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. 

        7.            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] 

5

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

	FMC BORROWERS	 	FLEETWOOD HOLDINGS INC.

FLEETWOOD HOMES OF ARIZONA, INC.

FLEETWOOD HOMES OF CALIFORNIA, INC.

FLEETWOOD HOMES OF FLORIDA, INC.

FLEETWOOD HOMES OF GEORGIA, INC.

FLEETWOOD HOMES OF IDAHO, INC.

FLEETWOOD HOMES OF INDIANA, INC.

FLEETWOOD HOMES OF KENTUCKY, INC.

FLEETWOOD HOMES OF NORTH CAROLINA, INC.

FLEETWOOD HOMES OF OREGON, INC.

FLEETWOOD HOMES OF PENNSYLVANIA, INC.

FLEETWOOD HOMES OF TENNESSEE, INC.

FLEETWOOD HOMES OF TEXAS, L.P.
 By: FLEETWOOD GENERAL PARTNER

OF TEXAS, INC., its General Partner

FLEETWOOD HOMES OF VIRGINIA, INC.

FLEETWOOD HOMES OF WASHINGTON, INC.

FLEETWOOD MOTOR HOMES OF CALIFORNIA, INC.

FLEETWOOD MOTOR HOMES OF INDIANA, INC.

FLEETWOOD MOTOR HOMES OF PENNSYLVANIA, INC.

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:	 	

	 	 	Name:	 	Boyd. R. Plowman
	 	 	Title:	 	Senior Vice President and Chief Financial Officer

S-1

 

	FRC BORROWERS	 	FLEETWOOD RETAIL CORP.

FLEETWOOD RETAIL CORP. OF CALIFORNIA

FLEETWOOD RETAIL CORP. OF IDAHO

FLEETWOOD RETAIL CORP. OF KENTUCKY

FLEETWOOD RETAIL CORP. OF MISSISSIPPI

FLEETWOOD RETAIL CORP. OF NORTH CAROLINA

FLEETWOOD RETAIL CORP. OF OREGON

FLEETWOOD RETAIL CORP. OF VIRGINIA

	 
	 	 
	 	 

	 	 	By:	 	    

	 	 	Name:	 	Boyd R. Plowman
	 	 	Title:	 	Senior Vice President and Chief Financial Officer
	
GUARANTOR	
 	

FLEETWOOD ENTERPRISES, INC., as the Guarantor
	

 	
 	

By:	
 	

    

	 	 	Name:	 	Boyd R. Plowman
	 	 	Title:	 	Senior Vice President and Chief Financial Officer

S-2

 

	

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

 	
 	

By:	
 	

    

	 	 	Name:	 	    

	 	 	Title:	 	    

S-3

 

	

 	
 	

 	
 	

 
	 	 	CITICORP USA, INC., as a Lender
	

 	
 	

By:	
 	

    

	 	 	Name:	 	    

	 	 	Title:	 	    

S-4

 

	

 	
 	

 	
 	

 
	 	 	HELLER FINANCIAL, INC., as a Lender
	

 	
 	

By:	
 	

    

	 	 	Name:	 	    

	 	 	Title:	 	    

S-5

 

	

 	
 	

 	
 	

 
	 	 	THE CIT GROUP/BUSINESS CREDIT, INC., as a Lender
	

 	
 	

By:	
 	

    

	 	 	Name:	 	    

	 	 	Title:	 	    

S-6

 

	

 	
 	

 	
 	

 
	 	 	FOOTHILL CAPITAL CORPORATION, as a Lender
	

 	
 	

By:	
 	

    

	 	 	Name:	 	    

	 	 	Title:	 	    

S-7

 

	

 	
 	

 	
 	

 
	 	 	GMAC COMMERCIAL CREDIT LLC, as a Lender
	

 	
 	

By:	
 	

    

	 	 	Name:	 	    

	 	 	Title:	 	    

S-8

  

 
 

CONSENT OF GUARANTORS    
  

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

        IN
WITNESS WHEREOF, each of the undersigned has executed and delivered this CONSENT OF GUARANTORS as of the    day of December, 2001. 

	FMC BORROWERS	 	FLEETWOOD HOLDINGS INC.

FLEETWOOD HOMES OF ARIZONA, INC.

FLEETWOOD HOMES OF CALIFORNIA, INC.

FLEETWOOD HOMES OF FLORIDA, INC.

FLEETWOOD HOMES OF GEORGIA, INC.

FLEETWOOD HOMES OF IDAHO, INC.

FLEETWOOD HOMES OF INDIANA, INC.

FLEETWOOD HOMES OF KENTUCKY, INC.

FLEETWOOD HOMES OF NORTH CAROLINA, INC.

FLEETWOOD HOMES OF OREGON, INC.

FLEETWOOD HOMES OF PENNSYLVANIA, INC.

FLEETWOOD HOMES OF TENNESSEE, INC.

FLEETWOOD HOMES OF TEXAS, L.P.
 By: FLEETWOOD GENERAL PARTNER

OF TEXAS, INC., its General Partner
 FLEETWOOD HOMES OF VIRGINIA, INC.

FLEETWOOD HOMES OF WASHINGTON, INC.

FLEETWOOD MOTOR HOMES OF CALIFORNIA, INC.

FLEETWOOD MOTOR HOMES OF INDIANA, INC.

FLEETWOOD MOTOR HOMES OF PENNSYLVANIA, INC.

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:	 	    

	 	 	Name:	 	Boyd R. Plowman
	 	 	Title:	 	Senior Vice President and Chief Financial Officer

S-1

 

	FRC BORROWERS	 	FLEETWOOD RETAIL CORP.

FLEETWOOD RETAIL CORP. OF CALIFORNIA

FLEETWOOD RETAIL CORP. OF IDAHO

FLEETWOOD RETAIL CORP. OF KENTUCKY

FLEETWOOD RETAIL CORP. OF MISSISSIPPI

FLEETWOOD RETAIL CORP. OF NORTH CAROLINA

FLEETWOOD RETAIL CORP. OF OREGON

FLEETWOOD RETAIL CORP. OF VIRGINIA

	 
	 	 
	 	 

	 	 	By:	 	    

	 	 	Name:	 	Boyd R. Plowman
	 	 	Title:	 	Senior Vice President and Chief Financial Officer

	
OTHER GUARANTORS	
 	

FLEETWOOD ENTERPRISES, INC.

FLEETWOOD CANADA LTD.

BUCKINGHAM DEVELOPMENT CO.

FLEETWOOD INTERNATIONAL INC.

	 
	 	 
	 	 

	 	 	By:	 	    

	 	 	Name:	 	Boyd R. Plowman
	 	 	Title:	 	Senior Vice President and Chief Financial Officer

S-2

QuickLinks

Exhibit 10.2

FORM OF THIRD AMENDMENT TO CREDIT AGREEMENT AND CONSENT OF GUARANTORS

CONSENT OF GUARANTORS

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