Document:

<PAGE>

                                                                    EXHIBIT 4.14

                                    GUARANTEE

     GUARANTEE, dated as of April 5, 2000 (the "Guarantee") made by Steelcase
Inc., a Michigan corporation (the "Guarantor"), in favor of Royal Bank of Canada
(the "Bank").

                              W I T N E S S E T H:
                              - - - - - - - - - -

     WHEREAS, the Bank is entering into a Facility Agreement dated as of April
5, 2000 (as amended and modified from time to time, the "Agreement") with
Steelcase Financial Services Ltd., a corporation organized under the laws of
Ontario, Canada, as borrower (the "Borrower"), pursuant to which the Bank agreed
to lend Cdn$45,292,933.28 to the Borrower, subject to the terms and conditions
thereof (the "Loan");

     WHEREAS, it is a condition to the Bank's obligation to make the Loan under
the Agreement that the Guarantor execute this Guarantee in favor of the Bank;
and

     WHEREAS, all capitalized terms not otherwise defined herein shall have the
respective meanings set forth in the Agreement.

     NOW, THEREFORE, in consideration of the premises and to induce the Bank to
enter into the Agreement and as a condition of the advance of the Loan, the
Guarantor hereby agrees as follows:

     SECTION 1. Definitions. As used in this Guarantee, the following terms
                -----------
shall have the following meanings (such meanings to be equally applicable to
both the singular and plural form of the term defined). Capitalized terms used
herein but not defined herein shall have the meanings ascribed thereto in the
Agreement.

"Additions to Capital" means the aggregate net proceeds, including cash and the
fair market value of property other than cash, received by the Guarantor from
the issue or sale of capital stock of the Guarantor plus the aggregate of 25% of
                                                    ----
the after tax gains realized from unusual, extraordinary, and major nonrecurring
items;

"ERISA" means the Employee Retirement Income Security Act of 1974, as amended
from time to time, and the regulations promulgated and rulings issued
thereunder.

"ERISA Affiliate" means any Person who for purposes of Title IV of ERISA is a
member of the Guarantor's controlled group, or under common control with the
Guarantor, within the meaning of Section 414 of the Code and the regulations
promulgated and rulings issued thereunder.

"ERISA Event" means (i) the occurrence of a reportable event, within the meaning
of Section 4043 of ERISA, unless the 30-day notice requirement with respect
thereto has been

<PAGE>

waived by the PBGC; (ii) the provision by the administrator of any Pension Plan
of a notice of intent to terminate such Pension Plan pursuant to Section
4041(a)(2) of ERISA (including any such notice with respect to a plan amendment
referred to in Section 4041(e) of ERISA); (iii) the cessation of operations at a
facility by the Guarantor or an ERISA Affiliate in the circumstances described
in Section 4062(e) of ERISA; (iv) the withdrawal by the Guarantor or an ERISA
Affiliate from a Multiple Employer Plan during a plan year for which it was a
substantial employer, as defined in Section 4001(a)(2) of ERISA; (v) the failure
by the Guarantor or any ERISA Affiliate to make a payment to a Pension Plan
required under Section 302(f)(1) of ERISA, which Section imposes a lien for
failure to make required payments; (vi) the adoption of an amendment to a
Pension Plan requiring the provision of security to such Pension Plan, pursuant
to Section 307 of ERISA; or (vii) the institution by the PBGC of proceedings to
terminate a Pension Plan, pursuant to Section 4042 of ERISA, or the occurrence
of any event or condition which, in the reasonable judgment of the Guarantor,
might constitute grounds under Section 4042 of ERISA for the termination of, or
the appointment of a trustee to administer, a Pension Plan.

"Fiscal Second Quarter End" means, for each Fiscal Year, the last Friday of each
August;

"Fiscal Year" means the fiscal year of Guarantor and its subsidiaries'

"Fiscal Year End" means, for each Fiscal Year, the last Friday of February;

"Multiemployer Plan" means a "multiemployer plan" as defined in Section
4001(a)(3) of ERISA to which the Guarantor or any ERISA Affiliate of the
Guarantor is making, or is obligated to make, contributions or has Withdrawal
Liability;

"Multiple Employer Plan" means a single employer plan, as defined in Section
4001(a)(15) of ERISA, which (i) is maintained for employees of the Guarantor or
an ERISA Affiliate and at least one Person other than the Guarantor and its
ERISA Affiliates or (ii) was so maintained and in respect of which the Guarantor
or an ERISA Affiliate could have liability under Section 4063, 4064 or 4069 of
ERISA in the event such plan has been or were to be terminated;

"PBGC" means the U.S. Pension Benefit Guaranty Corporation;

"Pension Plan" means a Single Employer Plan or a Multiple Employer Plan or both.

"Single Employer Plan" means a single employer plan, as defined in Section
4001(a)(15) of ERISA, which (i) is maintained for employees of the Guarantor or
any ERISA Affiliate and no Person other than the Guarantor and its ERISA
Affiliates or (ii) was so maintained and in respect of which the Guarantor or an
ERISA Affiliate could have liability under Section 4062 or 4069 of ERISA in the
event such plan has been or were to be terminated; and

"Withdrawal Liability" has the meaning given such term under Part I of Subtitle
E of Title IV of ERISA.

     SECTION 2. Guarantee. The Guarantor hereby unconditionally and irrevocably
                ---------
guarantees the punctual, full and prompt payment when due, whether by
acceleration or

                                       2

<PAGE>

otherwise, of all obligations of the Borrower under the Agreement (collectively,
the "Guaranteed Obligations") owed to the Bank. This Guarantee is an absolute
guarantee of payment and performance and is not a guarantee of collection.

     SECTION 3. Guarantee Absolute. The Guarantor guarantees that the Guaranteed
                ------------------
Obligations will be paid strictly in accordance with the terms of the Agreement,
regardless of any law, regulation or order now or hereafter in effect in any
jurisdiction affecting any of such terms or the rights of the Bank with respect
thereto. The liability of the Guarantor under this Guarantee shall be absolute
and unconditional irrespective of:

          (a) any lack of validity or enforceability of the Agreement or any
     other agreement or instrument relating thereto (whether executed by the
     Borrower, the Guarantor or any other party) or avoidance or subordination
     of any of the Guaranteed Obligations;

          (b) any change in the time, manner or place of payment of, or in any
     other term of, or any increase in the amount of, all or any of the
     Guaranteed Obligations, or any other amendment or waiver of or any consent
     to departure from the Agreement or any other agreement or instrument
     relating thereto (whether executed by the Borrower, the Guarantor or any
     other party);

          (c) the absence of any attempt to collect the Guaranteed Obligations
     from the Borrower or any other action to enforce the same or the election
     of any remedy by the Bank;

          (d) the bankruptcy, insolvency, winding-up, or reorganization of or
     similar proceeding involving, the Borrower or the Guarantor;

          (e) the disallowance under the relevant provisions of any applicable
     law of all or any portion of the claims of the Bank for payment or
     performance of the Guaranteed Obligations;

          (f) the waiver, consent, extension, forbearance or granting of any
     indulgence by the Bank with respect to any provision of the Agreement or
     any other agreement or instrument relating thereto (whether executed by the
     Borrower, the Guarantor or any other party), or

          (g) any other circumstance which might otherwise constitute a legal or
     equitable discharge or defense of the Borrower, the Guarantor or any other
     guarantor (other than indefeasible payment in full of the Guaranteed
     Obligations and in respect of any applicable statute of limitations).

     SECTION 4. Waiver, No Duties of Bank.
                -------------------------

          (a) The Guarantor hereby waives (i) promptness, diligence, notice of
     acceptance and any and all other notices with respect to any of the
     Guaranteed Obligations and this Guarantee, (ii) any requirement that the
     Bank protect, secure, perfect

                                       3

<PAGE>

     or insure any security interest in or other lien on any property subject
     thereto or exhaust any right or take any action against the Borrower or any
     other Person or entity or any collateral, (iii) filing of proofs of claim
     with a court in the event of receivership or bankruptcy of the Borrower,
     (iv) protest or notice with respect to nonpayment of any or all of the
     Guaranteed Obligations, and (v) all demands whatsoever (and any requirement
     that the same be made on the Borrower as a condition precedent to the
     Guarantor's obligations hereunder). The Guarantor hereby covenants that
     this Guarantee will not be discharged, except according to the provisions
     of Section 14 hereof.

          (b) The Guarantor hereby assumes responsibility for keeping itself
     informed of the financial condition of the Borrower, and of all other
     circumstances bearing upon the right of nonpayment of the Guaranteed
     Obligations or any part thereof that diligent inquiry would reveal. The
     Guarantor hereby agrees that the Bank shall have no duty to advise the
     Guarantor of information known to the Bank regarding such condition or any
     such circumstances. In the event the Bank in its sole discretion undertakes
     at any time or from time to time to provide any such information to the
     Guarantor, the Bank shall be under no obligation (i) to undertake any
     investigation not a part of its regular business routine, (ii) to disclose
     any information which, pursuant to accepted or reasonable banking or
     commercial finance practices, the Bank chooses to maintain as confidential
     or (iii) to make any other or future disclosures of such information or any
     other information to the Guarantor.

If in the exercise of any of its rights and remedies, the Bank shall forfeit any
of its rights or remedies, including its right to enter a deficiency judgment
against the Borrower or any other Person, whether because of any applicable laws
pertaining to "election of remedies" or the like, the Guarantor hereby consents
to such action by the Bank and waives any claim based upon such action, even if
such action by and of the Bank shall result in a full or partial loss of any
rights of subrogation, contribution or reimbursement which the Guarantor might
otherwise have had but for such action by the Bank.

     Section 5. Representations and Warranties. The Guarantor represents and
                ------------------------------
warrants to the Bank that as of the date of this Guarantee and unless a
representation or warranty relates solely to an express date, as of the date of
each quarterly certificate in the form of Schedule D of the Agreement to be
delivered to the Bank:

          (a)  it is a corporation duly incorporated and validly existing under
               the laws of the State of Michigan, United States of America, and
               that it is duly registered or qualified to carry on business
               under the laws of each jurisdiction in which failure to be so
               registered or qualified would have a material adverse effect on
               the Guarantor;

          (b)  the execution and delivery of this Guarantee has been duly
               authorized by all necessary actions and do not, to the best
               knowledge of the Guarantor after due inquiry, (A) violate any
               law, regulation or rule by which it is bound, (B) violate any
               provision of its constitutive documents or by-laws, (C) result in
               a breach of, or a default under, any material contractual
               restriction binding

                                       4

<PAGE>

               on or affecting the Guarantor, or (D) result in the creation of
               any encumbrance on any of its properties or assets;

          (c)  subject to applicable bankruptcy, insolvency, moratorium,
               reorganization and other similar laws affecting creditors' rights
               generally, and to the equitable and statutory powers of courts to
               stay proceedings before them and to stay the execution of
               judgements, this Guarantee constitutes, a legal, valid and
               binding obligation of the Guarantor, enforceable in accordance
               with its terms;

          (d)  its most recent audited, consolidated financial statements fairly
               present in accordance with GAAP, the consolidated financial
               position of the Guarantor as of the date thereof and its
               consolidated results of operations and cash flows for the fiscal
               year covered thereby, and since the date of its most recent 10-K
               filing, there has occurred no material adverse change in the
               business or financial condition of the Guarantor in each case
               taken as a whole;

          (e)  no event has occurred which constitutes, or which with the giving
               of notice, lapse of time, or both, or the satisfaction of any
               other condition, would constitute an Event of Default arising by
               reason of the Guarantor's performance hereunder, the breach by
               the Guarantor of a representation or warranty made hereunder, or
               a default having a material adverse effect on its financial
               condition under or in respect of any agreement, undertaking or
               instrument to which it or any of its properties or assets may be
               subject;

          (f)  there is no action, litigation or legal proceeding pending or
               threatened against the Guarantor or any of its assets or
               properties before any court or administrative agency which, if
               adversely determined, might in the reasonable judgement of the
               Guarantor (A) result in a material adverse change in the
               financial condition of the Guarantor or its business, properties
               or other assets, or (B) materially and adversely affect the
               ability of the Guarantor to perform its obligations under this
               Guarantee;

          (g)  ERISA.

               a.   No ERISA Event which would reasonably be anticipated to
                    result in liability of the Guarantor or any of its ERISA
                    Affiliates in excess of US$10,000,000 (or, in the case of an
                    event described in clause (v) of the definition of ERISA
                    Event, US$750,000) (other than for premiums payable under
                    Title IV of ERISA) has occurred or is reasonably expected to
                    occur with respect to any Pension Plan.

                                       5

<PAGE>

               b.    Schedule B (Actuarial Information) to the most recently
                     completed annual report (Form 5500 Series) for each Pension
                     Plan, which report has been filed with the Internal Revenue
                     Service by the Guarantor or an ERISA Affiliate, is complete
                     and, to the best knowledge of the Guarantor after due
                     inquiry, accurate, and since the date of such Schedule B
                     there has been no material adverse change in the funding
                     status of any such Pension Plan.

               c.    Neither the Guarantor nor any ERISA Affiliate has incurred,
                     or, to the best knowledge of the Guarantor after due
                     inquiry, is reasonably expected to incur, any Withdrawal
                     Liability to any Multiemployer Plan which has not been
                     satisfied or which is or might be in excess of
                     US$10,000,000.

               d.    Neither the Guarantor nor any ERISA Affiliate has been
                     notified by the sponsor of a Multiemployer Plan that such
                     Multiemployer Plan is in reorganization or has been
                     terminated, within the meaning of Title IV of ERISA, and,
                     to the best knowledge of the Guarantor after due inquiry,
                     no Multiemployer Plan is reasonably expected to be in
                     reorganization or to be terminated within the meaning of
                     Title IV of ERISA.

          (h)  it is the indirect legal and beneficial owner of at least 50% of
               the shares of the Borrower.

          SECTION 6. Covenants. The Guarantor covenants and agrees with the
                     ---------
Bank, while the Agreement is in effect or any Borrowing is outstanding:

          (a)  to maintain its corporate existence as a validly existing
               corporate entity;

          (b)  to provide or cause to be provided to the Bank the following:

               (i)   quarterly consolidated, unaudited, internally prepared
financial statements within 55 days of the end of each fiscal quarter,
accompanied by a certificate in the form of Schedule "D" to the Agreement
executed by a senior financial officer of the Guarantor (such as the financial
officer, treasurer, or assistant treasurer);

               (ii)  annual consolidated, audited financial statements within
100 days of each fiscal year end, accompanied by a certificate in the form of
Schedule "D" to the Agreement executed by a senior financial officer of the
Guarantor (such as the financial officer, treasurer, or assistant treasurer);

               (iii) annual consolidating financial statements of Borrower
(furnished pursuant to the issuance of consolidated financial statements of
Steelcase Financial Services Inc.) within 100 days of each fiscal year end of
Steelcase Financial Services Inc.; and

                                       6

<PAGE>

            (iv) such other financial and operating statements and reports as
the Bank may reasonably request;

      (c)    to maintain

            (i) its Shareholders' Equity at least the sum of (I) the
Shareholders' Equity as of February 27, 1998, plus (ii) 25% of Net Income (if a
                                              ----
positive number) from February 27, 1998 to the then most recent Fiscal Year End
or Fiscal Second Quarter End, plus (iii) all Additions to Capital from February
                              ----
27, 1998 to the then most recent Fiscal Year End or Fiscal Second Quarter End;

            (ii) its ratio of Funded Debt to EBITDA for each period consisting
of the most recently ended four consecutive fiscal quarters, at not more than
3:1, and

            (iii) its ratio of EBITDA to Interest Expense in each case for the
four fiscal quarters ending on the last day of any fiscal quarter at not less
than 5:1;

      (d)    as soon as possible and in any event within five days of the
             occurrence of such event, to give the Bank notice of any event
             which constitutes, or which, with the giving of notice, lapse of
             time, or both, or the satisfaction of any other condition, would
             constitute an Event of Default arising by reason of Guarantor's
             performance hereunder;

      (e)    to provide the Bank with prompt written notice of any material
             action, suit, litigation or other proceeding, of the type described
             in Section 5(f) which is commenced against the Guarantor;

      (f)    to maintain directly or indirectly,  at least 50% of the legal and
             beneficial  ownership in the issued and outstanding  shares of the
             Borrower;

      (g)    to ensure that its obligations under the Guarantee rank pari passu
             with the claims of all its other unsecured and unsubordinated
             creditors save those whose claims are preferred solely by any
             bankruptcy, insolvency, liquidation or other similar laws of
             general application, provided, further that if the Guarantor
             grants collateral security for the obligations set forth in that
             certain Amended and Restated Credit Agreement, dated May 20, 1999
             by and among the Guarantor, Citicorp USA Inc., as Administrative
             Agent, and the several lenders identified on the signatures pages
             thereto, or any replacement credit facility, the obligations under
             this Guaranty shall be equally and ratably secured with such
             obligations;

      (h)    not to, merge or consolidate with or into, or convey, transfer,
             lease or otherwise dispose of (whether in one transaction or in a
             series of transactions) all or a substantial portion of its assets
             (whether now owned or hereafter acquired) to any Person (except in
             the ordinary course of business and on commercially reasonable
             terms), or enter into any partnership, joint

                                       7

<PAGE>

                    venture, syndicate, pool or other combination, unless no
                    Event of Default has occurred and is continuing or would
                    result therefrom and, in the case of a merger or
                    consolidation, (i) the Guarantor is the surviving entity or
                    (ii) the surviving entity assumes all of the Guarantor's
                    obligations under this Guarantee in a manner satisfactory to
                    the Bank.

         SECTION 7. Amendments. No amendment or waiver of any provision of this
                    ----------
Guarantee nor consent to any departure by the Guarantor herefrom shall in any
event be effective unless the same shall be in writing and signed by the Bank.
No amendment, waiver or consent shall, unless in writing and signed by the Bank,
limit the liability of the Guarantor hereunder or postpone any date fixed for
payment hereunder, and then such waiver or consent shall be effective only in
the specific instance and for the specific purpose for which given.

         SECTION 8. No Waiver; Remedies, Subrogation
                    --------------------------------

        (a) No failure on the part of the Bank 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.

        (b) Failure by the Bank at any time or times hereafter to require strict
performance by the Borrower or the Guarantor or any other person of any of the
provisions. warranties, terms and conditions contained in any of the Agreement,
or the Guarantee or any of the agreements entered into in connection therewith
now or at any time or times hereafter executed by the Borrower or the Guarantor
and delivered to the Bank shall not waive, affect or diminish any right of the
Bank at any time or times hereafter to demand strict performance thereof and
such right shall not be deemed to have been modified or waived by any act,
course of conduct or knowledge of the Bank, its respective agents, officers or
employees, unless such waiver is contained in an instrument in writing
specifying such waiver signed by the Bank and directed and delivered to the
Borrower. No waiver by the Bank of any default shall operate as a waiver of any
other default or the same default on a future occasion, and no action by the
Bank permitted hereunder shall in any way affect or impair any of its rights or
the obligations of the Guarantor under this Guarantee. Any determination by a
court of competent jurisdiction of the amount of any of the Guaranteed
Obligations shall be conclusive and binding on the Guarantor irrespective of
whether the Guarantor was party to the suit or action in which such
determination was made.

        (c) Until all Guaranteed Obligations have been paid in full, the
Guarantor shall not exercise any right of subrogation which it may acquire with
respect to amounts paid hereunder. In the event that the Guarantor shall receive
any payment on account of any such right of subrogation while any Guaranteed
Obligations remain outstanding, the Guarantor agrees to pay all such amounts so
received to the Bank to be applied to payment of the Guaranteed Obligations then
due and owing in accordance with the terms of the Agreement.

                                       8

<PAGE>

     SECTION 9. Continuing Guarantee. This Guarantee is a continuing guarantee
                --------------------
and shall (a) remain in full force and effect until terminated in accordance
with Section 14, (b) be binding upon the Guarantor, and its permitted successors
and assigns, and (c) inure to the benefit of and be enforceable by the Bank and
its permitted successors, transferees, and assigns who shall be permitted to,
and who shall, become an assignee of the Bank's interest under the Agreement.

     SECTION 10. Reinstatement. This Guarantee shall remain in full force and
                 -------------
effect and continue to be effective should any petition be filed by or against
the Guarantor or the Borrower (each a "Loan Party" and, collectively, the "Loan
Parties") for liquidation or reorganization, should any Loan Party become
insolvent or make an assignment for the benefit of creditors or should a
receiver or trustee be appointed for all or any significant part of any Loan
Party's assets, and shall, to the fullest extent permitted by law, continue to
be effective or be reinstated, as the case may be, if at any time payment and
performance of the Guaranteed Obligations or any part thereof, is, pursuant to
applicable law, rescinded or reduced in amount. or must otherwise be restored or
returned by any obligee of the Guaranteed Obligations, whether as a "voidable
preference", "fraudulent conveyance", or otherwise, all as though such payment
or performance had not been made. In the event that any payment, or any part
thereof, is rescinded, reduced, restored, or returned, the Guaranteed
Obligations shall, to the fullest extent permitted by law, be reinstated and
deemed reduced only by such amount paid and not so rescinded, reduced, restored
or returned.

     SECTION 11. Governing Law. This Guarantee shall be governed by, and
                 -------------
construed in accordance with, the laws of the State of New York (including,
without limitation, Sections 5-1401 and 5-1402 of the New York General
Obligations Law), without regard to the provisions thereof relating to conflicts
of laws.

     SECTION 12. Severability. Whenever possible, each provision of this
                 ------------
Guarantee shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Guarantee shall be prohibited by or
invalid under such law, such provision shall be ineffective to the extent of
such prohibition or invalidity without invalidating the remainder of such
provision or the remaining provisions of this Guarantee.

     SECTION 13. Consent to Jurisdiction. The Guarantor hereby consents to the
                 -----------------------
non-exclusive jurisdiction of any state court or any federal court located in
New York City and agrees that all service of process may be made by registered
mail directed to the Guarantor at the address and in the manner specified in the
Agreement. The Guarantor waives any objection based on forum non conveniens and
any objection to venue of any action instituted hereunder and consents to the
granting of such legal or equitable relief as is deemed appropriate by the
court. Nothing contained in this paragraph shall affect the right of the Bank to
serve legal process in any other manner permitted by law or affect its right to
bring any action or proceeding against the Guarantor or its property in the
courts of any other competent jurisdiction.

     SECTION 14. Termination. So long as no Event of Default shall have occurred
                 -----------
and then be continuing, this Guarantee shall terminate and, except to the extent
expressly provided in Section 2 above with respect to survival of Guaranteed
Obligations all obligations hereunder shall be discharged and released upon the
payment in full of all of the Guaranteed Obligations.

                                       9

<PAGE>

         SECTION 15. Currency.
                     --------

        (a) Payment shall be in Canadian Dollars or if collected in a
            different currency at the option of the Bank, such other currency
            shall be converted into Canadian Dollars at the spot rate of
            exchange of the Bank (as conclusively determined by the Bank) for
            purchasing such currency with Canadian Dollars prevailing on the
            date of actual payment and the Guarantor hereby agrees to
            indemnify the Bank against the full Canadian Dollar cost incurred
            by the Bank for such purpose.

        (b) No payment to the Bank (whether under any judgment or court order
            or otherwise) shall discharge the Guaranteed Obligations unless
            and until the Bank shall have received payment in full in the
            currency in which such Guaranteed Obligations were incurred or
            which the Bank has elected to accept under paragraph (a) of this
            Section 15 and to the extent that the amount of such payment shall
            on actual conversion into such currency fall short of the amount
            of the Guaranteed Obligations, actual or contingent, expressed in
            that currency, the Bank shall have a further separate cause of
            action against the Guarantor to recover the amount of the
            shortfall.

        (c) If and to the extent that the Guarantor fails to pay the amount
            due on demand, the Bank may in its absolute discretion without
            notice to the Guarantor purchase at any time thereafter so much of
            any currency as the Bank considers necessary or desirable to cover
            the Guaranteed Obligations in such currency hereby guaranteed at
            the then prevailing spot rate of exchange of the Bank (as
            conclusively determined by the Bank) for purchasing such currency
            with Canadian Dollars and the Guarantor hereby agrees to indemnify
            the Bank against the full Canadian Dollar cost incurred by the
            Bank for such purpose.

        (d) All moneys received or held by the Bank from the Borrower or under
            this Guarantee may from time to time after demand has been made by
            the Bank be converted into such other currency as the Bank
            considers necessary or desirable to cover the Guaranteed
            Obligations, actual or contingent, of the Borrower in that other
            currency at the then prevailing spot rate of exchange of the Bank
            (as conclusively determined by the Bank) for purchasing that other
            currency with the existing currency.

         SECTION 16. Miscellaneous. All references herein to the Borrower and to
                     -------------
the Guarantor shall be deemed to include their respective permitted successors
and assigns, including, without limitation, a receiver, trustee or
debtor-in-possession of or for the Borrower or the Guarantor. All references to
the singular shall be deemed to include the plural where the context so
requires.

                  [The remainder of this page has been left blank intentionally]

                                       10

<PAGE>

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

                                                STEELCASE INC.

                                                By:    /s/ Gary P. Malburg
                                                         -------------------
                                                Its:   Vice President, Finance
                                                       and Treasurer<PAGE>

                                                                    EXHIBIT 4.15

May 24, 2001

Steelcase Inc.
901 44th Street SE
CH-2E-06
Grand Rapids, MI 4508

Attention: Chief Financial Officer

Dear Sirs:

We refer to the facility agreement dated as of April 5, 2000 between Royal Bank
of Canada (the "Bank") and Steelcase Financial Services Ltd. (the "Borrower"),
as borrower, (the "Facilities Agreement") and to the Guarantee dated as of April
5, 2000 (the "Guarantee") made by Steelcase Inc. (the "Guarantor") for the
benefit of the Bank relating to the indebtedness of the Borrower to the Bank
under the Facilities Agreement. We confirm our agreement to amend the Guarantee,
subject to the following terms and conditions.

1.        DEFINITIONS:

          Capitalized terms used and not defined herein have the meanings
          ascribed to such terms in the Facilities Agreement and the Guarantee.

2.        COVENANTS:

          Section  6 of the Guarantee entitled Covenants is amended as follows:

          (a)  Covenant (b)(iii) is deleted in its entirety and replaced with
               the following:

               "(b)(iii) annual consolidated financial statements of Steelcase
               Financial Services Inc. within 100 days of each fiscal year end
               of Steelcase Financial Services Inc.;"

          (b)  Covenant (c)(i) is amended to change the reference to the date
               February 27, 1998 in the three places it appears to the date
               February 25, 2000;

          (c)  Covenant (c)(ii) is amended to change the required ratio of
               Funded Debt to EBITDA to not more than 3.25:1 rather than 3:1;
               and

          (d)  Covenant (c)(iii) is amended to change the required ratio of
               EBITDA to Interest Expense to not less than 4.5:1 rather than
               5:1.

3.        CONSENT:

<PAGE>

          The Guarantor confirms its agreement and consents to all the terms and
          conditions of this amending agreement and to the amendments to the
          Facility Agreement made by an amending agreement between the Bank and
          the Borrower dated the same date hereof.

4.        GENERAL:

          (a)  The Guarantor agrees to take such action and execute and deliver
               such further documents as shall be reasonably required by the
               Bank in order to give effect to and carry out the intentions of
               this amending agreement.

          (b)  The Guarantee, as amended hereby, is hereby ratified and
               confirmed and remains in full force and effect, binding upon the
               parties in accordance with their respective terms.

          (c)  This amending agreement shall be construed in accordance with and
               be governed by the laws of the State of New York.

          (d)  This amending agreement may be executed and delivered in
               counterparts, each of which when executed and delivered is an
               original, but both of which together constitute one and the same
               agreement.

          (e)  The date on which this amending agreement becomes effective is
               the date appearing on the first page hereof.

Please acknowledge your acceptance of the above terms and conditions by signing
the attached copy of this letter in the space provided below and returning it to
the undersigned.

Yours truly,

ROYAL BANK OF CANADA

By:  /s/  B. R. Baker
    -----------------

Name/Title:     B.R. Baker, Senior Manager

By:   /s/  G. C. Fox
    ----------------

Name/Title:      G. C. Fox
                 SR ASST MGR, Business Development

                                        2

<PAGE>

We acknowledge and accept the terms and conditions of this amending agreement as
of the 23rd day of May, 2001, which acceptance is effective as of the date first
above written.

STEELCASE INC.

By: /s/ Gary P. Malburg
    -------------------

Name/Title:       Gary P. Malburg, Vice President, Finance
                  ----------------------------------------
                  and Treasurer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]