Document:

<PAGE>

                                                                 Exhibit (10.16)

              FIRST AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT

          THIS FIRST AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT ("First
Amendment"), made this 6th day of October, 2000, by and among THE ROWE
                       ---
COMPANIES, a Nevada Corporation, successor in interest to Rowe Furniture
Corporation, a Nevada Corporation, (the "Borrower"), ROWE FURNITURE, INC., a
Virginia Corporation, THE MITCHELL GOLD CO., a North Carolina corporation, ROWE
DIVERSIFIED, INC., a Delaware Corporation, HOME ELEMENTS, INC., a Virginia
Corporation, ROWE PROPERTIES, INC., a California Corporation, the WEXFORD
COLLECTION, INC., a California Corporation, and STOREHOUSE, INC., a Georgia
Corporation (individually a "Guarantor", and collectively the "Guarantors") and
BANK OF AMERICA, N.A., a national banking association, formerly d/b/a/
Nationsbank, N.A. (the "Bank").

                                   RECITALS

          WHEREAS, the Borrower, Guarantors and Bank are parties to a Revolving
Credit Loan Agreement dated July 28, 1999 (the "REVOLVER"); and

          WHEREAS, Borrower, Guarantors and Bank mutually desire to modify
certain terms and conditions of the Revolver.

          NOW THEREFORE, for and in consideration of $1.00 paid by Borrower to
Bank, the premises herein contained, and other good and valuable consideration
the receipt and sufficiency of which is acknowledged by the parties, the parties
hereto intending to be bound agree as follows:

          I.  Modifications:  The parties do hereby modify the Revolver as
              --------------
              follows:

              (1.)  Section 3.1(c) Interest (i) (a) is deleted in its entirety
                                   ----------------
and the following is substituted in its place.

                             The Borrower shall pay interest to the Bank on the
                             outstanding and unpaid principal amount of the
                             Revolving Loans made pursuant to this Agreement at
                             a rate per annum as follows:

                             (a)  For a LIBOR Loan prior to December 3, 2000 at
                                  a rate to be determined in accordance with the
                                  pricing grid set forth in subparagraph (b)
                                  below, but not in any event greater than the
                                  LIBOR Interest Rate plus 130 basis points.

<PAGE>

                        (b)  After December 3, 2000, for a LIBOR Loan at
                             a rate equal to the LIBOR Interest Rate plus a
                             certain number of basis points specified
                             below, subject to adjustments based on the
                             Borrower's performance according to the ratio
                             of the Borrower's Funded Debt divided by its
                             earnings before interest, taxes, depreciation,
                             amortization, and rents ("EBITDAR"), all as
                             defined in accordance with GAAP, tested each
                             fiscal quarter on a rolling fourth quarter
                             basis beginning December 3, 2000, as follows:

                    Funded Debt/EBITDAR                    Spread over LIBOR
            ---------------------------------              -----------------
           (greater than or equal to)3.50 : 1              250 basis points
              (less than or equal to)3.50 : 1              225 basis points
              (less than or equal to)3.25 : 1              190 basis points
              (less than or equal to)3.00 : 1              160 basis points
              (less than or equal to)2.75 : 1              130 basis points
              (less than or equal to)2.25 : 1              100 basis points
              (less than or equal to)2.00 : 1               80 basis points
              (less than or equal to)1.75 : 1               65 basis points
              (less than or equal to)1.25 : 1               50 basis points
              (less than or equal to)0.50 : 1               35 basis points

                             Any changes in the Interest Rate are effective on
                             the first day of each fiscal quarter following the
                             date that the above tests are applied (ex. test for
                             12/03/00 equals 2.25 : 1, then spread of 100 basis
                             points will apply on 12/04/00).

              (2)  Section 3.9 Loan Fees is deleted in its entirety and the
following substituted in its place:
<PAGE>

                             3.9   Loan Fees:  From and after the fiscal quarter
                                   ---------
                                   ending on or about December 3, 2000, the
                                   Borrower shall pay to the Bank a non-usage
                                   fee (the "Loan Fee") with respect to the
                                   Revolving Loan at any time that less than
                                   fifty percent (50%) of the Revolving Loan is
                                   used. The Loan Fee will be calculated on the
                                   average unused amount of the Limit (for
                                   example, if the Revolving Loan Amount is
                                   $13,000,000, so long as $6,500,000 is
                                   borrowed, there is no Loan Fee).

                   Funded Debt/EBITDAR                   Loan Fees
                   -------------------                   ---------
                            (greater than)2.25 : 1       35 basis points
                   (less than or equal to)2.25 : 1       25 basis points
                   (less than or equal to)2.00 : 1       18 basis points
                   (less than or equal to)1.75 : 1       15 basis points
                   (less than or equal to)1.25 : 1       12 basis points
                               (less than)0.50 : 1       10 basis points

                                    The Loan fee shall be calculated and payable
                                    quarterly in arrears on the tenth day of
                                    each calendar quarter during the term of
                                    this Agreement.

     (3.)  Section 7.11(a) is deleted in its entirety and the following
substituted in its place:

                             (a)  Maximum Leverage to Cash Flow.  Have and
                                  ------------------------------
                                  maintain a consolidated maximum leverage to
                                  cash flow ratio (based on the four previous
                                  consecutive quarters at the effective date of
                                  determination) of not more than 3.50 to 1.00
                                  as of the end of the fiscal quarter ending on
                                  or about August 31, 2000; not more than 3.75
                                  to 1.00 as of the end of the fiscal quarter
<PAGE>

                                  ending on or about December 3, 2000; and not
                                  more than 2.50 to 1.00 as of the end of each
                                  fiscal quarter thereafter. For purposes of
                                  this Section 7.11(a), the maximum leverage to
                                  cash flow ration shall be defined, determined
                                  in accordance with GAAP, as:

                                                   Funded Debt
                                                   -----------
                                                     EBITDAR

     (4.)  Section 7.11(b) is deleted in its entirety and the following
substituted in its place:

                             (b)  Maximum Funded Debt to Capitalization.  Have
                                  --------------------------------------
                                  and maintain a consolidated maximum Debt to
                                  Capitalization ratio of not more than the
                                  following:

                      Ratio                           As of
                      -----                           -----
                    0.65 to 1.00     as of the end of each fiscal quarter to and
                                     including the end of the fiscal quarter
                                     ending on or about December 3, 2000.

                    0.55 to 1.00     as of the end of the fiscal quarter ending
                                     on or about February 28, 2001 and each
                                     fiscal quarter thereafter to and including
                                     the fiscal quarter ending on or about
                                     August 31, 2001.

                    0.50 to 1.00     as of the end of the fiscal quarter ending
                                     on or about December 3, 2001 and
                                     thereafter.

     (d)  Section 7.11(c) is deleted in its entirety and the following
substituted in its place.

                             (c)  Minimum Interest Coverage.  Have and maintain
                                  --------------------------
                                  a consolidated minimum interest coverage ratio
                                  (based on the previous consecutive quarters at
                                  the effective date of determination) at least
                                  equal to 4.00 to 1.00 as of the end of the
                                  fiscal quarter ending on or about August 31,
                                  2000; at least 2.50 to 1.00 as of the end of
                                  the fiscal quarter ending on or about December
                                  1, 2000; and 5.00 to 1.00 as of the end of
                                  each fiscal
<PAGE>

                                  quarter thereafter. For purposes
                                  of this Section 7.11(c), the minimum interest
                                  coverage ratio shall be defined, determined in
                                  accordance with GAAP, as:

                                  1.   net income plus interest expenses plus
                                       --------------------------------------
                                       taxes.  Interest expense
                                       ------

                                  2.   Defined Terms.   Defined Terms herein
                                       --------------
                                       shall have the same meanings as provided
                                       in the Revolver, unless otherwise
                                       specified.

                                  3.   No Other Charges.    Except as provided
                                       ----------------
                                       herein, there shall be no other charges
                                       to the Revolver or other Loan Documents.

                                  4.   Compliance.  Borrower, Guarantors and
                                       -----------
                                       Bank acknowledge that the Revolver and
                                       Loan Documents are in full force and
                                       effect, that no Event of Default or
                                       Potential Event of Default exists, and
                                       that any violation of any Affirmative
                                       Covenant, existing prior to the date
                                       hereof, are waived by Bank.

          IN WITNESS WHEREOF, the parties have used this First Amendment to be
duly executed and delivered by their proper and duly authorized officers as of
the day and year first above written.

                                    BORROWER:
                                    THE ROWE COMPANIES

                        By:     /s/ Garry W. Angle
                                -------------------

                        Name:   Garry W. Angle
                                -------------------
<PAGE>

                        Title:  Vice President - Treasury Management
                                ------------------------------------

                    GUARANTORS:
                        ROWE FURNITURE, INC.

                        By:     /s/ Garry W. Angle
                                ------------------

                        Name:   Garry W. Angle
                                ------------------

                        Title:  Vice President - Treasury Management
                                ------------------------------------

                        THE MITCHELL GOLD CO

                        By:     /s/ Garry W. Angle
                                ------------------

                        Name:   Garry W. Angle
                                ------------------

                        Title:  Vice President - Treasury Management
                                ------------------------------------

                        ROWE DIVERSIFIED, INC

                        By:     /s/ Garry W. Angle
                                ------------------

                        Name:   Garry W. Angle
                                ------------------

                        Title:  Vice President - Treasury Management
                                ------------------------------------

                        HOME ELEMENTS, INC.

                        By:     /s/ Garry W. Angle
                                ------------------

                        Name:   Garry W. Angle
                                ------------------

                        Title:  Vice President - Treasury Management
                                ------------------------------------

                        ROWE PROPERTIES, INC.

                        By:     /s/ Garry W. Angle
                                ------------------

                        Name:   Garry W. Angle
                                ------------------

                        Title:  Vice President - Treasury Management
                                ------------------------------------
<PAGE>

                        THE WEXFORD COLLECTION, INC.

                        By:     /s/  Garry W. Angle
                                -------------------

                        Name:   Garry W. Angle
                                -------------------

                        Title: Vice President - Treasury Management
                               ------------------------------------

                        STOREHOUSE, INC

                        By:     /s/ Garry W. Angle
                                -------------------

                        Name:   Garry W. Angle
                                -------------------

                        Title:  Vice President - Treasury Management
                                ------------------------------------

                    BANK
                        BANK OF AMERICA, N.A.

                        By:     /s/ Mark Tanis
                                -------------------

                        Name:   Mark Tanis
                                -------------------

                        Title:  Assistant Vice President
                                ------------------------<PAGE>

                                                               Exhibit (10.17)

      FIRST MODIFICATION TO SYNTHETIC LEASE FINANCING OPERATIVE DOCUMENTS

     THIS FIRST MODIFICATION TO SYNTHETIC LEASE FINANCING OPERATIVE DOCUMENTS
("First Modification"), made this 11th day of October, 2000, by and among ROWE
FURNITURE, INC., a Virginia Corporation and certain other subsidiaries of the
Rowe Companies as "Lessees" and THE ROWE COMPANIES, a Nevada Corporation, THE
MITCHELL GOLD CO., a North Carolina corporation, ROWE DIVERSIFIED, INC., a
Delaware Corporation, HOME ELEMENTS, INC., a Virginia Corporation, ROWE
PROPERTIES, INC., a California Corporation, STOREHOUSE, INC., a Georgia
Corporation and THE WEXFORD COLLECTION, INC., a California corporation
(individually a "Guarantor", and collectively the "Guarantors") and ATLANTIC
FINANCIAL GROUP, LTD., as "Lessor" and SUNTRUST BANK, N.A., a national banking
association, successor in interest to Crestar Bank, a Virginia banking
corporation (the "Bank" or "Agent").

                                    RECITALS

     WHEREAS, the Lessees, Lessor, Guarantors and Bank are parties to certain
Operative Documents made in connection with a synthetic lease financing dated
August 27, 1999, such Operative Documents including the Master Agreement, the
Purchase Agreement, the Master Lease Agreement ("Lease"), the Security
Agreement, the Notes, the Loan Agreement, the Guaranty, the Assignments of Lease
and Rents, the Mortgages, the Construction Agency Agreement, the Joinder
Agreements and the other documents delivered in connection with the transactions
contemplated by the Master Agreement, all or more particularly defined in
Appendix A to the Master Agreement, Lease, Loan Agreement and Construction
Agency Agreement. ("Appendix A"); and

     WHEREAS, Borrower, Guarantors and Bank mutually desire to modify certain
terms and conditions of the Operative Documents.

     NOW THEREFORE, for and in consideration of $1.00 paid by Borrower to Bank,
the premises herein contained, and other good and valuable consideration the
receipt and sufficiency of which is acknowledged by the parties, the parties
hereto intending to be bound agree as follows:

          I.  Modifications:  The parties do hereby modify Appendix A to the
              --------------
Master Agreement as follows:

     (1). "Applicable Margin for LIBOR Advances" is deleted in its entirety
and the following is substituted in its place.

              Funded Debt/Cash Flow Ratio      Spread over LIBOR
              ---------------------------      -----------------
                    (greater than)3.50 : 1      250 basis points
           (less than or equal to)3.50 : 1      225 basis points
           (less than or equal to)3.25 : 1      190 basis points
           (less than or equal to)3.00 : 1      160 basis points
           (less than or equal to)2.75 : 1      130 basis points
           (less than or equal to)2.25 : 1      100 basis points
           (less than or equal to)2.00 : 1       80 basis points
           (less than or equal to)1.75 : 1       65 basis points
           (less than or equal to)1.25 : 1       50 basis points
                       (less than)0.50 : 1       35 basis points

                         Notwithstanding the foregoing, for a LIBOR Advance made
                         for the period through and including the final day of
                         the fiscal quarter ending on or about December 3, 2000,
                         the Applicable Margin for LIBOR advances shall not be
                         greater than Adjusted LIBOR Rate plus 130 basis points.
                         Any changes in the Interest Rate are effective on the
                         first day of the succeeding fiscal quarter.
<PAGE>

     (2). Section 2.3(e) of the Master Agreement is deleted in its entirety and
the following substituted in its place:

                    (e)  The Lessee hereby agrees to pay to each Funding Party a
                         facility fee for each day from August 27, 2000 until
                         the Lease Termination Date equal to (i) the applicable
                         percentage set forth below for the corresponding Funded
                         Debt to Cash Flow Ratio as mot recently determined
                         based on Rowe Companies' most recent audited annual or
                         unaudited quarterly consolidated financial statements,
                         as applicable, per annum times (ii) the unused amount
                                        --- ----- -----
                         of such Funding Party's Commitment on such day, times
                                                                         -----
                         (iii) 1/360.  Such facility fee shall be payable in
                         arrears on each Quarterly Payment Date.

                                      Facility Fee Percentages
                                      ------------------------

             Funded Debt/Cash Flow Ratio       Facility Fee Percentages
            ------------------------------     ------------------------
           (less than or equal to)3.50 : 1              .50%
           (less than or equal to)3.50 : 1              .45%
           (less than or equal to)3.25 : 1              .40%
           (less than or equal to)3.00 : 1              .35%
           (less than or equal to)2.75 : 1              .35%
                    (greater than)2.25 : 1              .35%
           (less than or equal to)2.25 : 1              .25%
           (less than or equal to)2.00 : 1              .18%
           (less than or equal to)1.75 : 1              .15%
           (less than or equal to)1.25 : 1              .12%
           (less than or equal to)0.50 : 1              .10%

               Notwithstanding the foregoing, the maximum Facility Fee for
               periods prior to the first day of the fiscal quarter ending on or
               about December 3, 2000 shall not exceed .35%.  Nothing herein
               contained shall be construed as a retroactive adjustment of fees.

  (3). Section 5.1(k)(i) of the Master Agreement is deleted in its entirety and
the following substituted in its place:

          (a)  Maximum Leverage to Cash Flow.     Have and maintain a
               ------------------------------
               consolidated maximum Funded Debt to Cash Flow Ratio (based on the
               four previous consecutive quarters at the effective date of
               determination) of not more than 3.50 to 1.00 as of the end of the
               fiscal quarter ending on or about August 31, 2000; not more than
               3.75 to 1.00 as of the end of the fiscal quarter ending on or
               about December 3, 2000; and not more than 2.50 to 1.00 as of the
               end of each fiscal quarter thereafter.

  (4). Section 5.1(k)(ii) of the Master Agreement is deleted in its entirety and
the following substituted in its place:

          (b)  Maximum Funded Debt to Total Capitalization. Have and maintain a
               --------------------------------------------
               consolidated Maximum Funded Debt to Total Capitalization ratio of
               not more than the following:

       Ratio                   As of
       -----                   -----
     0.65 to 1.00  as of the end of each fiscal quarter to and including the end
                   of the fiscal quarter ending on or about December 3, 2000.

     0.55 to 1.00  as of the end of the fiscal quarter ending on or about
                   February 28, 2001 and each fiscal quarter thereafter to and
                   including the fiscal quarter ending on or about August 31,
                   2001.

     0.50 to 1.00  as of the end of the fiscal quarter ending on or about
                   November 30, 2001 and thereafter.
<PAGE>

  (5). Section 5.1(k)(ii) of the Master Agreement entitled Minimum Interest
Coverage is renumbered 5.1(k)(iii), is deleted in its entirety and the following
is substituted in its place:.

          (ii) Minimum Interest Coverage.  Have and maintain a consolidated
               --------------------------
Minimum Interest Coverage Ratio (based on the four previous consecutive quarters
at the effective date of determination) at least equal to 4.00 to 1.00 as of the
end of the fiscal quarter ending on or about August 31, 2000; at least 2.50 to
1.00 as of the end of the fiscal quarter ending on or about December 3, 2000;
and 5.00 to 1.00 as of the end of each fiscal quarter thereafter.

          II.  Defined Terms.   Defined Terms herein shall have the same
               --------------
meanings as provided in Appendix A, unless otherwise specified.

          III.  No Other Changes.  Except as provided herein, there shall be no
                ----------------
other changes to the Operative Documents and the Operative Documents shall be
and remain in all other respects in full force and effect, except as modified
herein.

          IV.  Compliance.  The Lessees and the Guarantors hereby certify and
               ----------
reaffirm that the Operative Documents and all of the Lessee's and Guarantors'
covenants, duties and liabilities thereunder, including those expressly modified
hereby.

          V.  Representations and Warranties.  The Lessees and the Guarantors
              ------------------------------
represent and warrant to the Lessor and the Bank to induce the Lessor and the
Bank to enter into this First Modification; that the execution, delivery and
performance of this First Modification has been duly authorized by all requisite
actions on the part of the Lessees and the Guarantors respectively and that this
First Modification has been duly executed and delivered by the Lessees and the
Guarantors.

          VI.  Signatures.  Facsimile signatures hereunder shall be deemed
               ----------
originals and this First Modification may be signed in one or more counterparts,
duplicate signature pages, or facsimile signature pages, with the same force and
effect as if all required signatures were contained in a single original
instrument.  Any one or more of such counterparts, duplicate signature pages or
facsimile signature pages may be removed from any one or more original copies of
this First Modification and annexed to other counterparts, duplicate signature
pages or facsimile signature pages to form a completely executed original
instrument.

  IN WITNESS WHEREOF, the parties have caused this First Modification to be duly
executed and delivered by their proper and duly authorized officers as of the
day and year first above written.

                    LESSEE:
                         ROWE FURNITURE, INC.

                         By:   /s/ Garry W. Angle
                               ------------------

                         Name: Garry W. Angle
                               --------------

                         Title: Vice President - Treasury Management
                                ------------------------------------

                    GUARANTORS:
                         THE ROWE COMPANIES

                         By: /s/ Garry W. Angle
                             ------------------

                         Name: Garry W. Angle
                               --------------

                         Title: Vice President - Treasury Management
                                ------------------------------------
<PAGE>

                         THE MITCHELL GOLD CO.

                         By: /s/ Garry W. Angle
                             ------------------

                         Name: Garry W. Angle
                               --------------

                          Title: Vice President - Treasury Management
                                 ------------------------------------

                         ROWE DIVERSIFIED, INC

                         By: /s/ Garry W. Angle
                             ------------------

                         Name: Garry W. Angle
                               --------------

                         Title: Vice President - Treasury Management
                                ------------------------------------

                         HOME ELEMENTS, INC.

                         By: /s/ Garry W. Angle
                             ------------------

                         Name: Garry W. Angle
                               --------------

                         Title: Vice President - Treasury Management
                                ------------------------------------

                         ROWE PROPERTIES, INC.

                         By: /s/ Garry W. Angle
                             ------------------

                         Name: Garry W. Angle
                               --------------

                         Title: Vice President - Treasury Management
                                ------------------------------------
<PAGE>

                         STOREHOUSE, INC

                         By: /s/ Garry W. Angle
                             ------------------

                         Name: Garry W. Angle
                               --------------

                         Title: Vice President - Treasury Managemenet
                                -------------------------------------

                         THE WEXFORD COLLECTION, INC

                         By: /s/ Garry W. Angle
                             ------------------

                         Name: Garry W. Angle
                               --------------

                         Title: Vice President - Treasury Managemenet
                                -------------------------------------

                    BANK:
                         SUNTRUST BANK, N.A.

                         By: /s/ Martha D. Shifflett
                             -----------------------

                         Name: Martha D. Shifflett
                               -------------------

                         Title: Sr. Vice President
                                ------------------

                    LESSOR:
                         ATLANTIC FINANCIAL GROUP, LTD.
                         By: Atlantic Financial Managers, Inc.,
                             its general partner

                         By: /s/ Stephen S. Brookshire
                             -------------------------

                         Name: Stephen S. Brookshire
                               ----------------------

                         Title: President
                                ---------

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