Document:

EXHIBIT 10.1

 

SECURITIES
PURCHASE AGREEMENT

 

SECURITIES PURCHASE
AGREEMENT (this “Agreement”), dated as of May 10, 2006, by and between
VIVUS, Inc., a Delaware corporation (the “Company”), and the investors
named on Exhibit A hereto (each on “Investor” and
collectively the “Investors”).

 

WITNESSETH

 

WHEREAS, the Company has
filed with the Securities and Exchange Commission (the “Commission”) the
Registration Statement (as defined below) relating to the offer and sale from
time to time of the Company’s securities, including shares of its Common Stock,
$0.001 value (“Common Stock”);

 

WHEREAS, the Company is
offering for sale shares of Common Stock (the “Offered Shares”) pursuant
to the Registration Statement; and

 

WHEREAS, each Investor
desires to purchase from the Company Offered Shares on the terms and conditions
set forth herein.

 

NOW, THEREFORE, in
consideration of the recitals (which are deemed to be a part of this
Agreement), mutual covenants, representations, warranties and agreements
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

 

1.             Definitions. As used herein, the following terms have the meanings indicated:

 

“Person”
shall mean any individual, partnership, limited liability company, joint
venture, firm, corporation, association, trust or other enterprise or any
government or political subdivision or any agency, department or
instrumentality thereof.

 

“Prospectus”
shall mean the prospectus forming a part of the Registration Statement and the
prospectus supplement relating to the Offered Shares in the form first filed
pursuant to Rule 424(b) under the Securities Act, as amended (the “Securities
Act”), as further amended or supplemented at the relevant time, and shall
include all information and documents incorporated by reference in such
prospectus.

 

“Registration
Statement” shall mean the registration statement on Form S-3 (File No.
333-121519), including a prospectus, relating to the offer and sale of certain
of the Company’s Common Stock, which was declared effective by the Commission
on January 7, 2005. References herein to the term “Registration Statement” as
of any date shall mean such effective registration statement, as amended or
supplemented to such date, including all information and documents incorporated
by reference therein as of such date.

 

 

2.             Purchase of Common Stock. Subject and pursuant to the terms and conditions
set forth in this Agreement, the Company agrees that it will issue and sell to
the Investor and the Investor agrees that it will purchase from the Company the
number of Offered Shares set forth on Schedule I attached hereto
(the “Investor Shares”). The aggregate purchase price for the Investor
Shares (the “Aggregate Purchase Price”) and the purchase price per
Investor Share is set forth on Schedule I hereto. The closing of
the purchase and sale of the Investor Shares will be on the date and at the
time set forth on Schedule I hereto, or such other date or time as
the parties may agree upon in writing (the “Closing”).

 

3.             Deliveries at Closing.

 

(a)           Deliveries
by the Investor. At the Closing, each Investor shall deliver to the Company
the Aggregate Purchase Price by wire transfer of immediately available funds to
an account designated by the Company as set forth on Schedule I
hereto, which funds will be delivered to the Company in consideration of the
Investor Shares issued at the Closing.

 

(b)           Deliveries
by the Company. At the Closing, the Company shall deliver to each Investor
the Investor Shares through The Depository Trust Company DWAC system to the
account that the Investor has specified in writing to the Company.

 

4.             Representations, Warranties, Covenants and
Agreements.

 

(a)           Investor
Representations, Warranties and Covenants. Each Investor represents,
warrants and agrees as follows:

 

(1)           Investor
has received and reviewed copies of the Registration Statement and the
Prospectus, including all documents and information incorporated by reference
therein and amendments thereto, and understands that no Person has been
authorized to give any information or to make any representations that were not
contained in the Registration Statement and the Prospectus, and Investor has
not relied on any such other information or representations in making a
decision to purchase the Investor Shares. Investor hereby consents to receiving
delivery of the Registration Statement and the Prospectus, including all
documents and information incorporated by reference therein and amendments
thereto, by electronic mail. Investor understands that an investment in the
Company involves a high degree of risk for the reasons, among others, set forth
under the captions “RISK FACTORS” in the Prospectus.

 

(2)           Investor
acknowledges that it has sole responsibility for its own due diligence
investigation and its own investment decision, and that in connection with its
investigation of the accuracy of the information contained or incorporated by
reference in the Registration Statement and the Prospectus and its investment
decision, Investor has not relied on any representation or information not set
forth in this Agreement, the Registration Statement or the Prospectus, or any
Person affiliated with the Company or on the fact that any other Person has
decided to invest in the Offered Shares.

 

(3)           The
execution and delivery of this Agreement by Investor and the performance of
this Agreement and the consummation by Investor of the transactions
contemplated

 

2

 

hereby have
been duly authorized by all necessary (corporate, partnership or limited
liability in the case of a corporation, partnership or limited liability
company) action of Investor, and this Agreement, when duly executed and
delivered by Investor, will constitute a valid and legally binding instrument,
enforceable in accordance with its terms against Investor, except as
enforcement hereof may be limited by the effect of any applicable bankruptcy,
insolvency, reorganization or similar laws or court decisions affecting
enforcement of creditors’ rights generally and except as enforcement hereof is
subject to general principles of equity (regardless of whether enforcement is
considered in a proceeding in equity or at law).

 

(4)           No
state, federal or foreign regulatory approvals, permits, licenses or consents
or other contractual or legal obligations are required for Investor to enter
into this Agreement or purchase the Investor Shares.

 

(b)           Company
Representations, Warranties and Covenants. The Company hereby represents,
warrants and agrees as follows:

 

(1)           The
Company has been duly incorporated and has a valid existence and the
authorization to transact business as a corporation under the laws of the State
of Delaware, with corporate power and authority to own its properties and
conduct its business as described in the Prospectus, and has been duly
qualified as a foreign corporation for the transaction of business and is in
good standing under the laws of each other jurisdiction in which it owns or
leases properties or conducts any business so as to require such qualification,
except for such jurisdictions wherein the failure to be so qualified and in
good standing would not individually or in the aggregate have a material
adverse effect on the business, results of operations or financial condition of
the Company and its subsidiaries taken as a whole (a “Material Adverse
Effect”); and each subsidiary of the Company has been duly incorporated and
is validly existing as a corporation in good standing under the laws of its
jurisdiction of incorporation, with corporate power and authority to own its
properties and conduct its business as described in the Prospectus, and has
been duly qualified as a foreign corporation for the transaction of business
and is in good standing under the laws of each other jurisdiction in which it
owns or leases properties or conducts any business so as to require such
qualification, except for such jurisdictions wherein the failure to be so
qualified and in good standing would not individually or in the aggregate have
a Material Adverse Effect.

 

(2)           Each
subsidiary of the Company is duly incorporated, validly existing and in good
standing under the laws of its jurisdiction of incorporation, has all corporate
powers and all governmental licenses, authorizations, permits, consents and
approvals required to carry on its business as now conducted, is duly qualified
to do business and is in good standing in each jurisdiction where such
qualification is necessary. All subsidiaries and their respective jurisdictions
of incorporation are identified on Schedule II hereto. Except as
disclosed in Schedule II, all of the outstanding capital stock or other
voting securities of each subsidiary is owned by the Company, directly or
indirectly, free and clear of any lien and free of any other limitation or
restriction (including any restriction on the right to vote, sell or otherwise
dispose of such capital stock or other voting securities). There are no
outstanding (i) securities of the Company or any of the subsidiaries of the
Company which are convertible into or exchangeable for shares of capital stock
or voting securities of any subsidiary of the Company or (ii) options or other
rights to acquire from the Company or any subsidiary of the Company, or other
obligation of the Company or any subsidiary

 

3

 

of the
Company to issue, any capital stock, voting securities or securities
convertible into or exchangeable for capital stock or voting securities of any
subsidiary of the Company (collectively, the “Subsidiary Securities”). There
are no outstanding obligations of the Company or any subsidiary of the Company
to repurchase, redeem or otherwise acquire any outstanding Subsidiary
Securities.

 

(3)           The
execution, delivery and performance of this Agreement by the Company and the
consummation of the transactions contemplated hereby are within the corporate
powers of the Company and have been duly authorized by all necessary corporate
action on the part of the Company and this Agreement, when duly executed and
delivered by the parties hereto, will constitute a valid and legally binding
instrument of the Company enforceable in accordance with its terms, except as
enforcement hereof may be limited by the effect of any applicable bankruptcy,
insolvency, reorganization or similar laws or court decisions affecting
enforcement of creditors’ rights generally and except as enforcement hereof is
subject to general principles of equity (regardless of whether enforcement is
considered in a proceeding in equity or at law).

 

(4)           The
Investor Shares have been duly authorized by the Company, and when issued and
delivered by the Company against payment therefor as contemplated by this
Agreement, the Investor Shares will be validly issued, fully paid and
nonassessable, and will conform to the description of the Common Stock
contained in the Prospectus.

 

(5)           The
execution and delivery of this Agreement do not, and the compliance by the
Company with the terms hereof will not, (i) violate the Certificate of
Incorporation (as amended to date) of the Company or the By-Laws (as amended to
date) of the Company, (ii) result in a breach or violation of any of the
terms or provisions of, or constitute a default under, any indenture, mortgage,
deed of trust, loan agreement or other agreement or instrument to which the
Company or any of its subsidiaries is a party or by which the Company or any of
its subsidiaries is bound or to which any of their properties or assets are
subject, or (iii) result in a violation of, or failure to be in compliance
with, any applicable statute or any order, judgment, decree, rule or regulation
of any court or governmental, regulatory or self-regulatory agency or body
having jurisdiction over the Company or any of its subsidiaries or any of their
properties or assets, except where such breach, violation, default or the
failure to be in compliance would not individually or in the aggregate have a
Material Adverse Effect or adversely affect the ability of the Company to issue
and sell the Investor Shares; and no consent, approval, authorization, order,
registration, filing or qualification of or with any such court or
governmental, regulatory or self-regulatory agency or body is required for the
valid authorization, execution, delivery and performance by the Company of this
Agreement or the issuance of the Investor Shares, except for such consents,
approvals, authorizations, registrations, filings or qualifications as may be
required under the Securities Act or state securities or “blue sky” laws or
have been or will be obtained or made in connection with the listing of the
Investor Shares on the Nasdaq National Market.

 

(6)           The
Company meets the requirements for the use of Form S-3 under the
Securities Act for the primary issuance of securities. The Registration
Statement has been declared effective by the Commission and at the time it
became effective, and as of the date hereof, the Registration Statement
complied and complies with Rule 415 under the Securities Act. No stop
order suspending the effectiveness of the Registration Statement has been
issued and no proceeding for that purpose has been initiated or, to the Company’s
knowledge, threatened by the Commission.

 

4

 

On the
effective date of the Registration Statement, the Registration Statement
complied, on the date of the Prospectus, the Prospectus will comply, and at the
date of the Closing, the Registration Statement and the Prospectus will comply,
in all material respects with the applicable provisions of the Securities Act
and the applicable rules and regulations of the Commission thereunder; on the
effective date of the Registration Statement, the Registration Statement did
not, on the date of the Prospectus, the Prospectus did not, and at the date of
the Closing, the Registration Statement, the Prospectus and other information
provided in writing to the Investors, when ready together, will not, contain an
untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary in order to make the statements therein, in
light of the circumstances under which they were made (with respect to the
Prospectus), not misleading; and when filed with the Commission, the documents
incorporated by reference in the Registration Statement and the Prospectus,
taken as a whole, complied or will comply in all material respects with the
applicable provisions of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and the applicable rules and regulations of the Commission
thereunder. There is no material document of a character required to be
described in the Registration Statement or the Prospectus or to be filed as an
exhibit to the Registration Statement that is not described or filed as
required.

 

(7)           The
consolidated financial statements and financial schedules of the Company
included or incorporated by reference in the Registration Statement and the
Prospectus have been prepared in conformity with generally accepted accounting
principles (except, with respect to the unaudited consolidated financial
statements, for the footnotes and subject to customary audit adjustments)
applied on a consistent basis, are consistent in all material respects with the
books and records of the Company, and accurately present in all material
respects the consolidated financial position, results of operations and cash
flow of the Company and its subsidiaries as of and for the periods covered
thereby.

 

(8)           There
are no material liabilities of the Company or any subsidiary of the Company of
any kind whatsoever, whether accrued, contingent, absolute, determined,
determinable or otherwise, and there is no existing condition, situation or set
of circumstances which could reasonably be expected to result in such a
liability, other than liabilities disclosed in the consolidated financial
statements and financial schedules of the Company, and other undisclosed
liabilities which, individually or in the aggregate, are not material to the
Company and any of its subsidiaries, taken as a whole.

 

(9)           Neither
the Company nor any of its subsidiaries has sustained since the respective
dates of the latest audited financial statements included in the Registration
Statement and Prospectus any material loss or interference with its business from
fire, explosion, flood or other calamity, whether or not covered by insurance,
or from any labor dispute or court or governmental action, order or decree,
otherwise than as disclosed in or contemplated by the Registration Statement
and Prospectus; and, since the respective dates as of which information is
given in the Registration Statement and Prospectus, there has not been any
material change in the capital stock or long-term debt of the Company or any of
its subsidiaries, the Company and its subsidiaries have not incurred any
material liabilities or obligations, direct or contingent, nor entered into any
material transactions not in the ordinary course of business and there has not
been any material adverse change in or affecting the general affairs,
management, financial position, stockholders’ equity or results of

 

5

 

operations
of the Company and its subsidiaries considered as a whole, otherwise than as
disclosed in or contemplated by the Registration Statement and Prospectus.

 

(10)         Other
than as disclosed in the Prospectus, there are no legal, governmental or
regulatory proceedings pending to which the Company or any of its subsidiaries
is a party or of which any material property of the Company or any of its
subsidiaries is the subject which, taking into account the likelihood of the
outcome, the damages or other relief sought and other relevant factors, would
individually or in the aggregate reasonably be expected to have a Material
Adverse Effect or adversely affect the ability of the Company to issue and sell
the Investor Shares; to the best of the Company’s knowledge, no such
proceedings are threatened or contemplated by governmental or regulatory
authorities or threatened by others.

 

(11)         The
Company and each of its subsidiaries have good and marketable title to all the
real property and owns all other properties and assets, reflected as owned in
the financial statements included in the Registration Statement and the
Prospectus, subject to no lien, mortgage, pledge, charge or encumbrance of any
kind except those, if any, reflected in such financial statements or which are
not material to the Company and its subsidiaries taken as a whole. The Company
and each of its subsidiaries hold their respective leased real and personal
properties under valid and binding leases, except where the failure to do so
would not reasonably be expected to individually or in the aggregate have a
Material Adverse Effect.

 

(12)         The
Company has filed all necessary federal and state income and franchise tax
returns and has paid all taxes shown as due thereon or has filed all necessary
extensions, and there is no tax deficiency that has been, or to the knowledge
of the Company might be, asserted against the Company or any of its properties
or assets that would in the aggregate or individually reasonably be expected to
have a Material Adverse Affect.

 

(13)         There
are no holders of securities of the Company having preemptive rights to
purchase Common Stock. There are no holders or beneficial owners of securities
of the Company having rights to registration thereof whose securities have not
been previously registered or who have not waived such rights with respect to
the registration of the Company’s securities on the Registration Statement,
except where the failure to obtain such waiver would not individually or in the
aggregate reasonably be expected to have a Material Adverse Effect.

 

(14)         The
Company has not taken and will not take any action that constitutes or is
designed to cause or result, or which might reasonably be expected to cause or
result, under the Exchange Act or otherwise, in stabilization or manipulation
of the price of any security of the Company to facilitate the sale or resale of
the Offered Shares.

 

(15)         Other
than as disclosed in the Prospectus, the Company together with its subsidiaries
owns and possesses all right, title and interest in and to, or, to the Company’s
knowledge, has duly licensed from third parties, all patents, patent rights,
trade secrets, inventions, know-how, trademarks, trade names, copyrights,
service marks and other proprietary rights (“Intellectual Property”)
material to the business of the Company and each of its subsidiaries taken as a
whole as currently conducted and as described in the Prospectus. To the Company’s
knowledge and except as would not individually or in the aggregate have a
Material Adverse Effect, there is no

 

6

 

infringement
or other violation by third parties of any of the Intellectual Property of the
Company. Neither the Company nor any of its subsidiaries has received any
notice of infringement or misappropriation from any third party that has not
been resolved or disposed of and, to the Company’s knowledge, neither the Company
nor any of its subsidiaries has infringed or misappropriated the Intellectual
Property of any third party, which infringement or misappropriation would
individually or in the aggregate have a Material Adverse Effect. Further, there
is no pending or, to the Company’s knowledge and except as would not
individually or in the aggregate have a Material Adverse Effect, threatened
action, suit, proceeding or claim by governmental authorities or others that
the Company is infringing a patent, and there is no pending or, to the Company’s
knowledge and except as would not individually or in the aggregate have a
Material Adverse Effect, threatened legal or administrative proceeding relating
to patents and patent applications of the Company, other than proceedings initiated
by the Company before the United States Patent and Trademark Office and the
patent offices of certain foreign jurisdictions which are in the ordinary
course of patent prosecution. To the Company’s knowledge, the patent
applications of the Company presently on file disclose patentable subject
matter, and the Company is not aware of any inventorship challenges, any
interference which has been declared or provoked, or any other material fact
that (i) would preclude the issuance of patents with respect to such
applications, or (ii) would lead such counsel to conclude that such
patents, when issued, would not be valid and enforceable in accordance with
applicable regulations.

 

(16)         The
conduct of the business of the Company and each of its subsidiaries is in
compliance in all respects with applicable laws, rules and regulations of
governmental and regulatory bodies, except where the failure to be in
compliance would not individually or in the aggregate have a Material Adverse
Effect.

 

(17)         The
Company is not, and does not intend to conduct its business in a manner in
which it would become, an “investment company” as defined in Section 3(a)
of the Investment Company Act of 1940, as amended.

 

(18)         All
offers and sales of the Company’s capital stock prior to the date hereof were
at all relevant times registered pursuant to the Securities Act or exempt from
the registration requirements of the Securities Act and were duly registered
with or the subject of an available exemption from the registration requirements
of the applicable state securities or blue sky laws, except where the failure
to do so would not individually or in the aggregate reasonably be expected to
have a Material Adverse Effect.

 

(19)         The
Company has filed with the Nasdaq National Market a Notification of Listing of
Additional Shares with respect to the Investor Shares within the time period
required by the rules of the Nasdaq National Market.

 

(20)         To
the extent that the Company or any other Person acting on its behalf has
provided the Investor or its agents or counsel with any information that the
Company believes constitutes material, non-public information, any such
material, non-public information will be disclosed by the Company within 48
hours of the Closing.

 

7

 

5.             Conditions. The obligation of each Investor to purchase and acquire the Investor
Shares hereunder shall be subject to the condition that all representations and
warranties and other statements of the Company shall be true and correct as of
and on each of the date of this Agreement and the date of the Closing, the
condition that the Company shall have performed all of its obligations
hereunder theretofore to be performed, and the following additional conditions:

 

(a)           The
Prospectus shall have been filed with the Commission pursuant to
Rule 424(b) under the Securities Act within the applicable time period
prescribed for such filing, no stop order suspending the effectiveness of the
Registration Statement or any part thereof shall have been issued and no
proceeding for that purpose shall have been initiated or threatened by the
Commission, and the Investor shall have received the Prospectus in accordance
with the federal securities laws.

 

6.             Miscellaneous.

 

(a)           Fees
and Expenses. Each of the parties hereto shall be responsible for their own
expenses incurred in connection with the transactions contemplated hereby.

 

(b)           Binding
Agreement; Assignment. This Agreement shall be binding upon, and shall
inure solely to the benefit of, each of the parties hereto, and each of their
respective heirs, executors, administrators, successors and permitted assigns,
and no other person shall acquire or have any right under or by virtue of this
Agreement. The Investors may not assign any of these rights or obligations
hereunder to any other person or entity without the prior written consent of
the Company.

 

(c)           Entire
Agreement. This Agreement, including Exhibit A and Schedule I
hereto, constitutes the entire understanding between the parties hereto with respect
to the subject matter hereof and may be amended only by written execution by
both parties. Upon execution by the Company and the Investors, this Agreement
shall be binding on each of the parties hereto.

 

(d)           Consent
To Jurisdiction. THIS AGREEMENT SHALL BE ENFORCED, GOVERNED AND CONSTRUED
IN ALL RESPECTS IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT
GIVING EFFECT TO ITS CONFLICTS OF LAWS PRINCIPLES. FURTHERMORE, THE INVESTOR
HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE FEDERAL OR STATE COURTS
LOCATED IN THE STATE OF CALIFORNIA IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE
COMPANY AND THE INVESTOR (AND, TO THE EXTENT PERMITTED BY LAW, ON BEHALF OF ITS
AND THEIR EQUITY HOLDERS AND CREDITORS) HEREBY KNOWINGLY, VOLUNTARILY AND
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
CLAIM BASED UPON, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT AND THE
TRANSACTIONS CONTEMPLATED HEREBY.

 

(e)           Notices.
All notices, requests, consents and other communication hereunder shall be in
writing, shall be mailed by first class registered or certified mail, or
nationally recognized

 

8

 

overnight
express courier postage prepaid, and shall be deemed given when so mailed and
shall be delivered as addressed as follows:

 

if to the Company, to:

 

VIVUS,
Inc.

1172 Castro Street

Mountain View, CA 94040

Attn: Chief Financial Officer

 

with a copy mailed to:

 

Wilson
Sonsini Goodrich & Rosati

650 Page Mill Road

Palo Alto, CA 94304

Attn: Mark Reinstra, Esq.

 

or to such other Person
at such other place as the Company shall designate to the Investors in writing;
and if to the Investors, at the addresses as set forth on Exhibit A
hereto, or at such other address or addresses as may have been furnished to the
Company in writing.

 

(f)            Counterparts.
This Agreement maybe executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one in the
same agreement.

 

9

 

IN WITNESS WHEREOF, the
parties have executed this Agreement as of the date first above written.

 

	
   

  	
  VIVUS,
  Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Timothy E. Morris

  	
   

  
	
   

  	
   

  	
  Name:
  Timothy E. Morris

  
	
   

  	
   

  	
  Title:
  Chief Financial Officer

  

 

[Signature Page to
Securities Purchase Agreement]

 

 

Accepted and
agreed to as of the date

first above written:

 

 

	
  Chilton Small Cap Partners, L.P.

  
	
  By:

  	
  Chilton Investment Company, LLC, General Partner

  

 

 

	
  By:

  	
  /s/ Norman B. Champ III

  	
   

  
	
   

  	
  Name: Norman B. Champ III

  
	
   

  	
  Title: Executive Vice President

  
	
   

  	
  Address:

  	
  1266 East Main St., 7th Floor

  
	
   

  	
   

  	
  Stamford, CT 06902

  
				

 

Telephone:

Facsimile:

Email Address:

 

Nominee (name in
which Investor Shares are to be registered, 

if different than name of Investor):

 

Address of
Nominee:

 

 

Taxpayer ID.
Number:

(if acquired in
the name of a nominee, the taxpayer ID. number of such nominee)

 

Broker:

Broker Contact
Name:

Broker Contact
Telephone:

Broker Contact
Facsimile:

Broker Contact E-mail
Address:

 

DTC account
number:

 

 

Accepted and
agreed to as of the date

first above written:

 

 

	
  Chilton New Era Partners, L.P.

  
	
  By:

  	
  Chilton Investment Company, LLC, General Partner

  

 

 

	
  By:

  	
  /s/ Norman B. Champ III

  	
   

  
	
   

  	
  Name: Norman B.
  Champ III

  
	
   

  	
  Title: Executive
  Vice President

  
	
   

  	
  Address:

  	
  1266 East Main
  St., 7th Floor

  
	
   

  	
   

  	
  Stamford, CT
  06902

  
				

 

Telephone:

Facsimile:

Email Address:

 

Nominee (name in
which Investor Shares are to be registered, 

if different than name of Investor):

 

Address of
Nominee:

 

 

Taxpayer ID.
Number:

(if acquired in
the name of a nominee, the taxpayer ID. number of such nominee)

 

Broker:

Broker Contact
Name:

Broker Contact
Telephone:

Broker Contact Facsimile:

Broker Contact E-mail
Address:

 

DTC account
number:

 

 

Accepted and
agreed to as of the date

first above written:

 

 

	
  Chilton New Era International, L.P,

  
	
  By:

  	
  Chilton Investment Company, LLC, General Partner

  

 

 

	
  By:

  	
  /s/ Norman B. Champ III

  	
   

  
	
   

  	
  Name: Norman B.
  Champ III

  
	
   

  	
  Title: Executive
  Vice President

  
	
   

  	
  Address:

  	
  1266 East Main
  St., 7th Floor

  
	
   

  	
   

  	
  Stamford, CT
  06902

  
				

 

Telephone:

Facsimile:

Email Address:

 

Nominee (name in
which Investor Shares are to be registered, 

if different than name of Investor):

 

Address of
Nominee:

 

 

Taxpayer ID.
Number:

(if acquired in
the name of a nominee, the taxpayer ID. number of such nominee)

 

Broker:

Broker Contact
Name:

Broker Contact
Telephone:

Broker Contact
Facsimile:

Broker Contact E-mail
Address:

 

DTC account number:

 

 

Accepted and
agreed to as of the date

first above written:

 

 

	
  Chilton Small Cap International, L.P.

  
	
  By:

  	
  Chilton Investment Company, LLC, General Partner

  

 

 

	
  By:

  	
  /s/ Norman B. Champ III

  	
   

  
	
   

  	
  Name: Norman B.
  Champ III

  
	
   

  	
  Title: Executive
  Vice President

  
	
   

  	
  Address:

  	
  1266 East Main
  St., 7th Floor

  
	
   

  	
   

  	
  Stamford, CT
  06902

  
				

 

Telephone:

Facsimile:

Email Address:

Nominee (name in
which Investor Shares are to be registered, 

if different than name of Investor):

 

Address of
Nominee:

 

 

Taxpayer ID.
Number:

(if acquired in
the name of a nominee, the taxpayer ID. number of such nominee)

 

Broker:

Broker Contact
Name:

Broker Contact
Telephone:

Broker Contact
Facsimile:

Broker Contact E-mail
Address:

 

DTC account
number:

 

 

Accepted and
agreed to as of the date

first above written:

 

 

Caduceus Private
Investments II, LP

 

By: OrbiMed
Capital II LLC

 

Its: General
Partner

 

 

	
  By:

  	
  /s/ Eric A. Bittelman

  	
   

  
	
   

  	
  Name: Eric A.
  Bittelman

  
	
   

  	
  Title: CFO,
  OrbiMed Capital GP II, LLC

  
	
   

  	
  Address:

  	
   

  
				

 

Telephone:

Facsimile:

Email Address:

 

Nominee (name in
which Investor Shares are to be registered, 

if different than name of Investor):

 

Address of
Nominee:

 

 

Taxpayer ID.
Number:

(if acquired in
the name of a nominee, the taxpayer ID. number of such nominee)

 

Broker:

Broker Contact
Name:

Broker Contact
Telephone:

Broker Contact
Facsimile:

Broker Contact E-mail
Address:

 

DTC account
number:

 

 

Accepted and
agreed to as of the date

first above written:

 

 

Caduceus Private
Investments II (QP), LP

 

By: OrbiMed
Capital II LLC

 

Its: General
Partner

 

 

	
  By:

  	
  /s/ Eric A. Bittelman

  	
   

  
	
   

  	
  Name: Eric A.
  Bittelman

  
	
   

  	
  Title: CFO,
  OrbiMed Capital GP II LLC

  
	
   

  	
  Address:

  	
   

  
				

 

Telephone:

Facsimile:

Email Address:

 

Nominee (name in
which Investor Shares are to be registered, 

if different than name of Investor):

 

Address of
Nominee:

 

 

Taxpayer ID.
Number:

(if acquired in
the name of a nominee, the taxpayer ID. number of such nominee)

 

Broker:

Broker Contact
Name:

Broker Contact
Telephone:

Broker Contact
Facsimile:

Broker Contact E-mail
Address:

 

DTC account
number:

 

 

Accepted and agreed
to as of the date

first above written:

 

 

UBS Juniper
Crossover Fund, L.L.C.

 

By: OrbiMed
Advisors LLC,

Member of UBS
Juniper Crossover Management, L.L.C.

 

Its: Managing
Member

 

 

	
  By:

  	
  /s/ Eric A. Bittelman

  	
   

  
	
   

  	
  Name: Eric A.
  Bittelman

  
	
   

  	
  Title: CFO,
  OrbiMed Advisors, LLC

  
	
   

  	
  Address:

  	
   

  
				

 

Telephone:

Facsimile:

Email Address:

 

Nominee (name in
which Investor Shares are to be registered, 

if different than name of Investor):

 

Address of
Nominee:

 

 

Taxpayer ID.
Number:

(if acquired in
the name of a nominee, the taxpayer ID. number of such nominee)

 

Broker:

Broker Contact
Name:

Broker Contact
Telephone:

Broker Contact
Facsimile:

Broker Contact E-mail
Address:

 

DTC account
number:

 

 

Exhibit A

 

Investors

 

Caduceus Private
Investments II, LP

c/o Merrill Lynch, Venture
Services

600 California Street, 8th
Floor

San Francisco, CA 94108

Attn: Thomas Hutson-Wiley

 

Caduceus Private
Investments II (QP), LP

c/o Merrill Lynch,
Venture Services

600 California Street, 8th
Floor

San Francisco, CA 94108

Attn: Thomas Hutson-Wiley

 

UBS Juniper Crossover
Fund, L.L.C.

c/o PFPC Trust 8800
Tinicum Blvd. 3rd Floor

Philadelphia, PA 19153

Attn: Eric Kessler

 

Chilton Small Cap
Partners, L.P.

Chilton New Era Partners,
L.P.

Chilton New Era
International, L.P.

Chilton Small Cap
International, L.P.

c/o Chilton Investment
Company

1266 East Main St., 7th
Floor

Stamford, CT  06902

Attention: James
Steinthal

Managing Director &
General Counsel Funds

 

 

SCHEDULE
I

to

Securities Purchase Agreement

 

	
  Name
  of Investor

  	
   

  	
  Aggregate Purchase Price

  	
   

  	
  Number of Offered Shares to be

  Purchased by Investor

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Caduceus Private
  Investments II, LP

  	
   

  	
  $

  	
  6,673,890.15

  	
   

  	
  2,040,945

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Caduceus Private
  Investments II (QP), LP

  	
   

  	
  $

  	
  2,498,842.44

  	
   

  	
  764,172

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  UBS Juniper Crossover
  Fund, L.L.C.

  	
   

  	
  $

  	
  827,267.49

  	
   

  	
  252,987

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Chilton Small Cap
  Partners, L.P.

  	
   

  	
  $

  	
  682,164.51

  	
   

  	
  208,613

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Chilton Small Cap
  International, L.P.

  	
   

  	
  $

  	
  817,836.81

  	
   

  	
  250,103

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Chilton New Era
  Partners, L.P.

  	
   

  	
  $

  	
  249,157.65

  	
   

  	
  76,195

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Chilton New Era
  International, L.P.

  	
   

  	
  $

  	
  250,841.70

  	
   

  	
  76,710

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  12,000,000.75

  	
   

  	
  3,669,725

  	
   

  

 

 

	
  Purchase Price Per
  Share of Common Stock

  	
  $

  	
  3.27

  

 

Date and Time of Closing:  May 10, 2006 at 9:00 a.m., Pacific Daylight
Time

 

WIRE
INSTRUCTIONS

 

	
  Aggregate Purchase
  Price to be wired to:

  
	
  Bank:

  	
   

  	
  Bank of America –
  Branch 1493

  
	
  Address:

  	
   

  	
  530 Lytton Avenue, Palo
  Alto, CA 94301

  
	
  Account Name:

  	
   

  	
  VIVUS, Inc.

  
	
  Account Number:

  	
   

  	
   

  
	
  ABA Routing Number:

  	
   

  	
   

  
	
  E-mail confirmation to:

  	
   

  	
   

  

 

 

SCHEDULE II

to

Securities Purchase Agreement

 

List of Subsidiaries:

 

•                  VIVUS
International Limited (Bermuda)

 

•                  VIVUS
UK Limited (United Kingdom)

 

•                  VIVUS
BV (Netherlands)

 

•                  VIVUS
Real Estate, LLC (New Jersey)Exhibit 10.1

 

Execution
Version

 

THIRD AMENDMENT TO

SECOND AMENDED
AND RESTATED CREDIT AGREEMENT

AND
CONSENT OF GUARANTORS

 

This THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT AND
CONSENT OF AGENT AND LENDERS (this “Amendment”) is dated as
of May 9, 2006, and entered into by and among FLEETWOOD
ENTERPRISES, INC. (“Fleetwood”),
FLEETWOOD HOLDINGS INC. (“Holdings”) and its
Subsidiaries listed on the signature pages hereof (collectively, “FMC”),
FLEETWOOD RETAIL CORP. (“Retail”)
and its Subsidiaries listed on the signature pages hereof (collectively, “FRC”)
(each of Holdings and each of its Subsidiaries and Retail and each of its
Subsidiaries, individually, a “Borrower” and, collectively, the “Borrowers”),
the banks and other financial institutions signatory hereto that are parties as
Lenders to the Credit Agreement referred to below (the “Lenders”), and BANK OF AMERICA, N.A., as administrative agent and
collateral agent (in such capacity, the “Agent”) for the Lenders.

 

Recitals

 

Whereas,
Fleetwood, the Borrowers, the Lenders, and the Agent have entered into that
certain Second Amended and Restated Credit Agreement dated as of July 1, 2005,
as amended by that certain First Amendment to Second Amended and Restated Credit
Agreement and Consent of Guarantors dated as of July 22, 2005 and as amended by
that certain Second Amendment to Second Amended and Restated Credit Agreement
and Consent of Guarantors dated as of November 1, 2005 (as amended, amended and
restated, extended, supplemented or otherwise modified from time to time, the “Credit Agreement”). Any terms
defined in the Credit Agreement and not defined in this Amendment are used
herein as defined in the Credit Agreement;

 

Whereas,
the Borrowers have requested an amendment to the Credit Agreement to modify certain
definitions therein and to permit certain cash payments or prepayments with
respect to the Subordinated Debentures;

 

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

 

Now Therefore, in consideration of the premises
and the mutual agreements set forth herein, Fleetwood, the Borrowers, the Lenders,
and the Agent agree as follows:

 

1.              AMENDMENTS TO CREDIT AGREEMENT. Subject to the conditions
and upon the terms set forth in this Amendment and in reliance on the
representations and warranties of Fleetwood and the Borrowers set forth in this
Amendment, the Credit Agreement is hereby amended as follows:

 

1

 

1.1  Amendment to Section 7.10.   Section
7.10(a) shall be amended by deleting clause (vii) and replacing it with the
following:

 

“(vii) 
Fleetwood or the Fleetwood Trust may redeem, prepay, repurchase or
otherwise acquire the Subordinated Debentures, the 2003 Subordinated Debentures
and the Trust Securities (and pay the contemplated fees) to the extent
permitted under Sections 7.14 and 7.29;”

 

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

 

“(e) so long as no Default or Event of Default has
occurred and is continuing on the date of the payment thereof and the
Flexibility Conditions are satisfied, in each case both before and after giving
effect to such payment or other specified action, Fleetwood, or Fleetwood
Trust, as applicable, may, on or prior to May 9, 2007, either (I) call for
redemption, prepay, repurchase or otherwise acquire in exchange for the
issuance to the holders thereof of ordinary or common Capital Stock of
Fleetwood and, in each case, cancel all or such portion of the 2003
Subordinated Debentures, the Subordinated Debentures or the Trust Securities so
redeemed, prepaid, repurchased or otherwise acquired or (II) pay a
solicitation, conversion, or other inducement fee to induce the holders of the
Trust Securities or the 2003 Subordinated Debentures, to convert the Trust
Securities or the 2003 Subordinated Debentures, pursuant to the terms thereof; provided
that the amount of such prepayment or repurchase does not exceed, in the case
of clauses (I) and (II) above combined, $50,000,000 and, in the case of clause
(II) above, a sublimit of $20,000,000; provided  further that
contemporaneously therewith either (A) in the case of prepayments in respect of
the Subordinated Debentures made pursuant to clause (I) above, the Fleetwood
Trust uses such proceeds to prepay or repurchase and cancel those Trust
Securities having the same liquidation amount as the principal amount of such
Subordinated Debentures underlying such Trust Securities or (B) in the case of
clause (II) above, the holders of the Trust Securities or the 2003 Subordinated
Debentures, together with the Fleetwood Trust, otherwise comply with the
requirements upon conversion set forth in the Subordinated Debentures and the
Trust Securities, or the 2003 Subordinated Debentures, as applicable; and provided
still  further that the per-security amount of any redemption,
prepayment or repurchase of the 2003 Subordinated Debentures, the Subordinated
Debentures or the Trust Securities shall not exceed 95.0% of the par value of the
security being so redeemed, prepaid or repurchased;”

 

1.3  Amendment to Section 7.29.   Section 7.29(c) shall be amended by replacing
the “and” at the end of clause (E) thereof with a “,”, adding an “and” at the
end of clause (F) thereof and adding the following additional clause (G)
immediately following clause (F) thereof:

 

“(G)  so long as
no Default or Event of Default has occurred and is continuing on the date of
the payment thereof, both before and after giving effect to such payment,
Fleetwood may make the payments and/or pay the fees described in Section
7.14 hereof.”

 

2

 

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

 

(a)            The definition of “Applicable Margin” in
Annex A of the Credit Agreement shall be amended by replacing the text
of such definition before the chart labeled “Fixed Charge Coverage Ratio” with
the following:

 

“Applicable
Margin” means with respect to the Revolving Loans, the Term Loan, all other
Obligations, the Unused Line Fee and the Letter of Credit Fee, a rate per annum
corresponding to the Levels set forth below opposite the Fixed Charge Coverage
Ratio set forth below determined for the four-Fiscal Quarter Period ended as of
the end of the most recent Fiscal Quarter; provided that the Applicable
Margin in respect of the Fiscal Quarter ended January, 2006 shall be determined
for the three-Fiscal Quarter Periods ended as of the last date of such just
completed Fiscal Quarter. Effective May 1, 2006, adjustments in Applicable
Margins shall be determined by reference to the following grid:

 

(b)           The
definition of “Fixed Charges” in Annex A of the Credit Agreement
shall be amended by replacing such definition with the following:

 

“Fixed Charges”
means, with respect to any fiscal period, for Fleetwood on a consolidated
basis, without duplication (a) interest expense paid in cash; (b) Capital
Expenditures (excluding Capital Expenditures funded with Debt other than the
Revolving Loans); (c) scheduled principal payments of Debt; (d) Distributions
paid in cash by Fleetwood or the Fleetwood Trust (including in Fixed Charges
any Distribution paid in cash during the Fiscal Quarter ended April, 2006 in
respect of the regularly scheduled interest payable on the Subordinated
Debentures on February 15, 2006, but excluding from Fixed Charges Distributions
paid in cash during the Fiscal Quarter ended April, 2006 in respect of deferred
interest accrual on the Subordinated Debentures in an amount not to exceed
$58,800,000); and (e) without duplication of clause (d), payments made in cash
on Subordinated Debt.

 

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

 

2.1  Power and Authority.   Each of Fleetwood, Fleetwood Canada
Ltd., Fleetwood International, Inc., and each Borrower (collectively, 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.

 

3

 

2.3  No Conflict or Violation or Required Consent or
Approval.   The execution
and delivery of this Amendment and the Consent and the performance of the
obligations of each Loan Party under or in respect of the Credit Agreement as
amended hereby do not and will not conflict with or violate (a) any provision
of the governing documents of any Loan Party or any of its Subsidiaries,
(b) any Requirement of Law, (c) any order, judgment or decree of any court
or other governmental agency binding on any Loan Party or any of its Subsidiaries,
or (d) any indenture, agreement or instrument to which any Loan Party or any of
its Subsidiaries is a party or by which any Loan Party or any of its
Subsidiaries, or any property of any of them, is bound, and do not and will not
require any consent or approval of any Person.

 

2.4  Execution, Delivery and Enforceability.   This Amendment and the Consent
have been duly executed and delivered by each Loan Party which is a party
thereto and are the legal, valid and binding obligations of such Loan Party,
enforceable in accordance with their terms, except as enforceability may be
affected by applicable bankruptcy, insolvency, and similar proceedings
affecting the rights of creditors generally, and general principles of equity. The
Agent’s Liens in the Collateral continue to be valid, binding and enforceable
first priority Liens which secure the Obligations.

 

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.             WAIVER. Subject to the satisfaction of the conditions set
forth below under Section 5, notwithstanding Section 7.9 and/or
any other provisions of the Credit Agreement prohibiting such action, the
Lenders hereby waive any Default or Event of Default that may have arisen from
the dissolution of Fleetwood Retail Corp. of Michigan.

 

4.             AUTHORIZATION TO AMEND SCHEDULES
AND EXHIBIT TO HAZARDOUS SUBSTANCES INDEMNITY AGREEMENT. The Agent
is hereby authorized by each of the Lenders to amend, as appropriate and
otherwise in accordance with the provisions of the Credit Agreement, each of Schedule
A, Schedule B and Exhibit A to the Hazardous Substances
Indemnity Agreement, dated July 27, 2001, by and among the FMC Borrowers, the
FRC Borrowers, Fleetwood International, Inc., Buckingham Development Co. and
the Agent to reflect the current Mortgaged Properties.

 

4

 

5.             CONDITIONS
TO EFFECTIVENESS OF THIS AMENDMENT. This Amendment, and the consents
and approvals contained herein, shall be effective only if and when signed by,
and when counterparts hereof shall have been delivered to the Agent (by hand
delivery, mail or telecopy) by, Fleetwood, the Borrowers and each Lender and
only if and when each of the following conditions is satisfied:

 

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

 

5.2  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.

 

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

 

6.             EFFECTIVE
DATE.   This Amendment shall become effective (the “Effective
Date”) on the date of the satisfaction of the conditions set forth in Section
5.

 

7.             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.

 

8.             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 Loan Parties has any defenses, setoffs or
counterclaims to its Obligations.

 

9.             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.

 

10.           NO WAIVER. The
execution, delivery and effectiveness of this Amendment does not constitute a
waiver of any Default or Event of Default, amend or modify any provision of any
Loan Document except as expressly set forth herein or constitute a course of
dealing or any other basis for altering the Obligations of any Loan Party,
including, without limitation, Section 7.10 (Distributions; Capital
Change; Restricted Investments), Section 7.12 (Guaranties), Section 7.13
(Debt), and Section 7.15 (Transactions with Affiliates) of the Credit
Agreement.

 

11.           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

 

5

 

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.

 

12.           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

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed
this Third Amendment to Second Amended and Restated Credit 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.

  

 

S-1

 

	
   

  	
  FLEETWOOD
  TRAVEL TRAILERS OF

  CALIFORNIA, INC.

   

  FLEETWOOD
  TRAVEL TRAILERS OF

  INDIANA, INC.

   

  FLEETWOOD
  TRAVEL TRAILERS OF

  KENTUCKY, INC.

   

  FLEETWOOD
  TRAVEL TRAILERS OF

  MARYLAND, INC.

   

  FLEETWOOD
  TRAVEL TRAILERS OF

  OHIO, INC.

   

  FLEETWOOD
  TRAVEL TRAILERS OF

  OREGON, INC.

   

  FLEETWOOD
  TRAVEL TRAILERS OF

  TEXAS, INC.

   

  FLEETWOOD
  FOLDING TRAILERS, INC.

   

  GOLD
  SHIELD, INC.

   

  GOLD
  SHIELD OF INDIANA, INC.

   

  HAUSER
  LAKE LUMBER OPERATION,

  INC.

   

  CONTINENTAL
  LUMBER PRODUCTS, INC.

   

  FLEETWOOD
  GENERAL PARTNER OF

  TEXAS, INC.

   

  FLEETWOOD
  HOMES INVESTMENT, INC.

  

 

	
   

  	
  By:

  	
    /s/ Leonard J. McGill 

  	
   

  
	
   

  	
  Name:

  	
  Leonard J. McGill 

  
	
   

  	
  Title:

  	
  Senior Vice President

  

 

S-2

 

	
  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/ Leonard J. McGill

  	
   

  
	
   

  	
  Name:

  	
  Leonard
  J. McGill

  
	
   

  	
  Title:

  	
  Secretary

  

 

 

	
  GUARANTOR

  	
  FLEETWOOD ENTERPRISES, INC.,
  as the

  Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Leonard J. McGill

  	
   

  
	
   

  	
  Name:

  	
  Leonard
  J. McGill

  
	
   

  	
  Title:

  	
  Senior
  Vice President, General Counsel 

  
	
   

  	
   

  	
  and
  Secretary

  

 

S-3

 

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

 

 

	
   

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

  as a Lender 

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John McNamara 

  	
   

  
	
   

  	
  Name:

  	
  John McNamara 

  
	
   

  	
  Title:

  	
  Vice President

  

 

S-4

 

	
   

  	
  GENERAL ELECTRIC CAPITAL

  CORPORATION, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Rebecca L. Milligan

  	
   

  
	
   

  	
  Name:

  	
  Rebecca L. Milligan

  
	
   

  	
  Title:

  	
  Duly Authorized
  Signatory

  

 

S-5

 

	
   

  	
  WELLS FARGO FOOTHILL, INC., fka
  

  FOOTHILL CAPITAL CORPORATION, as 

  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Juan Barrera

  	
   

  
	
   

  	
  Name:

  	
  Juan Barrera

  
	
   

  	
  Title:

  	
  Vice President

  

 

S-6

 

	
   

  	
  THE
  CIT GROUP/BUSINESS CREDIT,

  INC., as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Jang S. Kim

  	
   

  
	
   

  	
  Name:

  	
  Jang S. Kim

  
	
   

  	
  Title:

  	
  Vice President

  

 

S-7

 

	
   

  	
  TEXTRON
  FINANCIAL CORPORATION., 

  as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John Thomas

  	
   

  
	
   

  	
  Name:

  	
  John Thomas

  
	
   

  	
  Title:

  	
  Sr. Account Executive

  

 

S-8

 

CONSENT
OF GUARANTORS

 

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

 

IN
WITNESS WHEREOF, each of the undersigned has executed and delivered this
CONSENT OF GUARANTORS as of the 9th day of May, 2006. 

 

	
  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,

  

 

S-9

 

	
   

  	
  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.

  

 

S-10

 

	
   

  	
  FLEETWOOD HOMES INVESTMENT,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Leonard J. McGill

  	
   

  
	
   

  	
  Name:

  	
  Leonard J. McGill

  
	
   

  	
  Title:

  	
  Senior Vice President

  

 

S-11

 

	
  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/ Leonard J. McGill

  	
   

  
	
   

  	
  Name:

  	
  Leonard J. McGill

  
	
   

  	
  Title:

  	
  Secretary

  

 

S-12

 

	
  OTHER GUARANTORS

  	
  FLEETWOOD
  ENTERPRISES, INC.

  FLEETWOOD
  CANADA LTD.

  FLEETWOOD INTERNATIONAL INC.

  

 

	
   

  	
  By:

  	
   /s/ Leonard J. McGill

  	
   

  
	
   

  	
  Name:

  	
  Leonard J. McGill

  
	
   

  	
  Title:

  	
  Senior Vice President

  

 

S-13

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