Document:

EXHIBIT 10.65

                    FIRST AMENDMENT TO CAPITAL CALL AGREEMENT

           This FIRST AMENDMENT TO CAPITAL CALL AGREEMENT (this "Amendment") is
dated as of this 27th day of February, 2001, by and among Heller Financial,
Inc., a Delaware Corporation (in its individual capacity, "Heller"), as Agent
(in such capacity, "Agent") on behalf of the Lenders party to the Credit
Agreement described below, Harvest Partners III, L.P., a Delaware limited
partnership ("Harvest LP"), Lund International Holdings, Inc., a Delaware
corporation ("Holdings") and Lund Industries, Incorporated, Deflecta-Shield
Corporation, Belmor Autotron Corp., DFM Corp., Auto Ventshade Company and
Smittybilt, Inc. (each a "Borrower" and collectively, the "Borrowers").

                                    RECITALS:

A. The Borrowers, Holdings, the other Loan Parties, Heller, as Agent and a
Lender, and the other Lenders are parties to a Credit Agreement dated as of
February 27, 1998 (as such agreement has from time to time been amended,
supplemented or otherwise modified to and including the date hereof and as it
shall hereafter be further amended, supplemented or otherwise modified, the
"Credit Agreement").

B. The Borrowers, the Agent, Holdings and Harvest LP are parties to a Capital
Call Agreement dated as of November 14, 2000 (as amended, supplemented or
modified to and including the date hereof and as it shall hereafter be further
amended, supplemented or otherwise modified, the "Capital Call Agreement").

C. Holdings, the Borrowers, Harvest LP and the Agent desire to make certain
modifications to the Capital Call Agreement to accelerate the contribution of an
additional equity investment in Holdings in order to provide additional funds to
Holdings and the Borrowers to meet their obligations.

           NOW, THEREFORE, in consideration of the foregoing premises, and for
other good and valuable consideration, the sufficiency and receipt of all of
which are acknowledged and intending to be bound hereby, the Agent, Holdings,
the Borrowers and Harvest LP hereby agree as follows:

           1. Recitals. The Recitals set forth above are incorporated into this
Amendment and the Capital Call Agreement.

           2. Defined Terms. All capitalized terms used in this Amendment
without definition shall have the same meanings as those ascribed them in the
Credit Agreement or the Capital Call Agreement.

                                       1
<PAGE>

           3. Amendments. Upon the Agent's acceptance hereof in the space
provided for that purpose below and satisfaction of the conditions precedent
specified in Section 5 hereof, the Capital Call Agreement shall be and hereby is
amended as follows:

           3.1. Paragraph 2(a) of the Capital Call Agreement is hereby amended
in its entirety to read as follows:

                     "(a)      Harvest LP hereby agrees that:

                                 (i) On or before December 31, 2000, Harvest LP
                      shall, or shall cause a designee of Harvest LP acceptable
                      to the Agent in its sole discretion to, make a
                      contribution of Five Million Dollars ($5,000,000) to the
                      equity of Holdings (the "First Installment of the First
                      Capital Call"). Holdings shall immediately thereafter
                      contribute the entire $5,000,000 amount of the First
                      Installment of the First Capital Call to the equity of
                      such Borrower or Borrowers as the Agent may require. Such
                      Borrower or Borrowers shall immediately thereafter apply
                      the entire $5,000,000 amount of the First Installment of
                      the First Capital Call to reduce the outstanding principal
                      balance of the Revolving Loans, but not as a permanent
                      reduction of the Revolving Loan Commitment; provided,
                      however, that upon the making of the First Installment of
                      the First Capital Call, the Agent shall immediately
                      establish a reserve on the Borrowing Base equal to the
                      amount of the First Installment of the First Capital Call.

                                 (ii) On or before March 31, 2001, Harvest LP
                      shall, or shall cause a Designee of Harvest LP acceptable
                      to the Agent in its sole discretion to, make a
                      contribution of One Million Five Hundred Sixty-Two
                      Thousand Five Hundred Dollars ($1,562,500) to the equity
                      of Holdings (the "Second Installment of the First Capital
                      Call", and together with the First Installment of the
                      First Capital Call collectively referred to as the "First
                      Capital Call"). Holdings shall immediately thereafter
                      contribute the entire $1,562,500 amount of the Second
                      Installment of the First Capital Call to the equity of
                      such Borrower or Borrowers as the Agent may require. Such
                      Borrower or Borrowers shall immediately thereafter apply
                      the entire $1,562,500 amount of the Second Installment of
                      the First Capital Call to reduce the outstanding principal
                      balance of the Revolving Loans, but not as a permanent
                      reduction of the Revolving Loan Commitment; provided,
                      however, that upon the making of the Second Installment of
                      the First Capital Call, the Agent shall immediately
                      establish a reserve on the Borrowing Base equal to the
                      amount of the Second Installment of the First Capital
                      Call."

           3.2. The Capital Call Agreement is hereby amended to provide that
wherever reference is made therein to the dollar figure "$5,000,000" as the
amount of the First Capital Call, such reference to the dollar figure
"$5,000,000" shall be modified to read "$6,562,500" and wherever reference is
made therein to the dollar figure "$5,000,000" as the amount of the Second
Capital Call, such reference to the dollar figure "$5,000,000" shall be modified
to read "$3,437,500".

                                       2
<PAGE>

           4. Representations. In order to induce the Agent to execute and
deliver this Amendment, Holdings, Harvest LP and the Borrowers hereby represent
to the Agent that as of the date hereof and as of the time that this Amendment
becomes effective, each of the representations and warranties set forth in the
Capital Call Agreement are and shall be and remain true and correct and
Holdings, Harvest LP and the Borrowers are in full compliance with all of the
terms and conditions of the Capital Call Agreement.

           5. Conditions Precedent. The effectiveness of this Amendment is
subject to the satisfaction of all of the following conditions precedent:

                      (a) The Agent shall have received copies executed or
           certified (as may be appropriate) of:

                                 (i) this Amendment; and

                                 (ii) resolutions of the board of directors of
                      each of Holdings and each Borrower and the members of the
                      general partner of Harvest LP authorizing the execution,
                      delivery and performance of this Amendment.

                      (b) All legal matters incident to the execution and
           delivery hereof and of the instruments and documents contemplated
           hereby shall be satisfactory to the Agent and its counsel; and

                      (c) As of the date this Amendment is to become effective,
           the Borrowers, Holdings and Harvest LP shall be in full compliance
           with all the terms and conditions of the Capital Call Agreement as
           amended.

           6. Miscellaneous.

           6.1. Credit Agreement Unimpaired. The Borrowers and Holdings hereby
agree that notwithstanding the execution and delivery hereof, the Credit
Agreement and the other Loan Documents shall be and remain in full force and
effect and that any rights and remedies of the Agent and the Lenders thereunder,
obligations of the Loan Parties thereunder and any liens or security interests
created or provided for thereunder shall be and remain in full force and effect
and shall not be affected, impaired or discharged hereby.

           6.2. Effect of Amendment. Except as specifically amended and modified
hereby, the Capital Call Agreement and the Credit Agreement and other Loan
Documents shall stand and remain unchanged and in full force and effect in
accordance with their terms. Except as specifically set forth herein, this
Amendment shall not be deemed to be a waiver of any Default or Event of Default
or any of the Agent's or the Lenders' rights or remedies all of which are hereby
expressly reserved. Reference to this specific Amendment need not be made in any
note, instrument or other document making reference to the Capital Call
Agreement or the Credit Agreement, any reference to the Capital Call Agreement
in any of such shall be deemed to be a reference to the Capital Call Agreement,
as amended hereby.

                                       3
<PAGE>

           6.3. Costs and Expenses. The Borrowers and Holdings jointly and
severally agree to pay, on demand, all out-of-pocket costs and expenses incurred
by the Agent in connection with the negotiation, preparation, execution and
delivery of this Amendment and the documents and transactions contemplated
hereby, including the fees and expenses of counsel to the Agent with respect to
the foregoing.

           6.4. Counterparts; Governing Law. This Amendment may be executed in
any number of counterparts and by different parties hereto on separate
counterparts, each of which when so executed shall be an original but all of
which to constitute one and the same agreement. Delivery of an executed
counterpart of a signature page to this Agreement by telecopier shall be
effective as delivery of a manually executed counterpart of this Agreement. This
Amendment shall be governed by the internal laws of the State of New York
without giving effect to its conflicts of laws principles.

                            [SIGNATURE PAGE FOLLOWS]

                                       4
<PAGE>

HOLDINGS:                           LUND INTERNATIONAL HOLDINGS, INC.

                                    By:       /s/ Dennis Vollmershausen
                                              -------------------------
                                    Name:     Dennis Vollmershausen
                                              ---------------------
                                    Title:    CEO and President
                                              -----------------

BORROWERS:                          LUND INDUSTRIES, INCORPORATED

                                    By:       /s/ Dennis Vollmershausen
                                              -------------------------
                                    Name:     Dennis Vollmershausen
                                              ---------------------
                                    Title:    CEO and President
                                              -----------------

                                    DEFLECTA-SHIELD CORPORATION

                                    By:       /s/ Dennis Vollmershausen
                                              -------------------------
                                    Name:     Dennis Vollmershausen
                                              ---------------------
                                    Title:    CEO and President
                                              -----------------

                                    BELMOR AUTOTRON CORP.

                                    By:       /s/ Dennis Vollmershausen
                                              -------------------------
                                    Name:     Dennis Vollmershausen
                                              ---------------------
                                    Title:    Chief Executive Officer
                                              -----------------------

                                    DMF CORP.

                                    By:       /s/ Dennis Vollmershausen
                                              -------------------------
                                    Name:     Dennis Vollmershausen
                                              ---------------------
                                    Title:    CEO and President
                                              -----------------

                                    AUTO VENTSHADE COMPANY

                                    By:       /s/ Dennis Vollmershausen
                                              -------------------------
                                    Name:     Dennis Vollmershausen
                                              ---------------------
                                    Title:    CEO and President
                                              -----------------

                                    SMITTYBILT, INC.

                                    By:       /s/ Dennis Vollmershausen
                                              -------------------------
                                    Name:     Dennis Vollmershausen
                                              ---------------------
                                    Title:    CEO and President
                                              -----------------

<PAGE>

AGENT:                              HELLER FINANCIAL, INC.

                                    By:          /s/ Marc Pressler
                                                 -----------------
                                    Name:        Marc Pressler
                                                 -------------
                                    Title:       Vice President
                                                 --------------

HARVEST LP                          HARVEST PARTNERS III, L.P.

                                    By:  Harvest Associates III, LLC, its
                                         general partner

                                    By:          /s/ Ira Kleinman
                                                 ----------------
                                    Name:        Ira Kleinman
                                                 ------------
                                    Title:
                                                 ------------

<PAGE>

                  CONSENT AND REAFFIRMATION BY OTHER GUARANTORS

           The undersigned have heretofore executed and delivered to the Agent,
Guarantees dated as of February 27, 1998, pursuant to which the undersigned have
guarantied Borrowers' and Holdings' obligations to the Agent and the Lenders.
The undersigned hereby consent to the foregoing First Amendment to Capital Call
Agreement as set forth above and reaffirm and confirm that their Guarantees and
all of the undersigneds' obligations thereunder remain in full force and effect.
The undersigned further agree that the consent of the undersigned to any further
amendments to the Capital Call Agreement shall not be required as a result of
this consent having been obtained, except to the extent, if any, required by the
Guarantees referred to above.

                                    LUND ACQUISITION CORP.

                                    By:         /s/ Dennis Vollmershausen
                                                -------------------------
                                    Name:       Dennis Vollmershausen
                                                ---------------------
                                    Title:      President
                                                ---------

                                    BAC ACQUISITION CO.

                                    By:         /s/ Dennis Vollmershausen
                                                -------------------------
                                    Name:       Dennis Vollmershausen
                                                ---------------------
                                    Title:      President
                                                ---------

                                    TRAILMASTER PRODUCTS, INC.

                                    By:         /s/ Dennis Vollmershausen
                                                -------------------------
                                    Name:       Dennis Vollmershausen
                                                ---------------------
                                    Title:      Chief Executive Officer
                                                -----------------------

                                    DELTA III, INC.

                                    By:         /s/ Dennis Vollmershausen
                                                -------------------------
                                    Name:       Dennis Vollmershausen
                                                ---------------------
                                    Title:      President
                                                ---------Exhibit 10.66

                 WAIVER AND FIFTH AMENDMENT TO CREDIT AGREEMENT

           This WAIVER AND FIFTH AMENDMENT TO CREDIT AGREEMENT ("Amendment") is
dated as of March 23, 2001, and is entered into by and among LUND INTERNATIONAL
HOLDINGS, INC. ("Holdings"), LUND INDUSTRIES, INCORPORATED, DEFLECTA-SHIELD
CORPORATION, BELMOR AUTOTRON CORP., DFM CORP., AUTO VENTSHADE COMPANY and
SMITTYBILT, INC. (each a "Borrower" and, collectively, the "Borrowers"), LUND
ACQUISITION CORP., BAC ACQUISITION CO., TRAILMASTER PRODUCTS, INC., and DELTA
III, INC. (together with Borrowers and Holdings, each a "Loan Party", and
collectively, the "Loan Parties"), HELLER FINANCIAL, INC., individually as a
Lender and in its capacity as Agent ("Agent"), and the other Lenders which are
signatories hereto.

           WHEREAS, Agent, Lenders and the Loan Parties are parties to a certain
Credit Agreement dated February 27, 1998 (as such agreement has from time to
time been amended, supplemented or otherwise modified, the "Agreement"); and

           WHEREAS, Events of Default are in existence under the Agreement as a
result of Borrowers' breach of the financial covenants set forth in Sections
4.3, 4.4, 4.5 and 4.6 of the Agreement for the twelve (12) month period ending
December 31, 2000 (the "Existing Events of Default"), and Borrowers have
requested that Agent and Lenders waive the Existing Events of Default; and

           WHEREAS, concurrently with the execution of this Agreement, Agent,
Holdings, the Borrowers and Harvest Partners III, L.P. ("Harvest Partners")
shall enter into a Second Amendment to Capital Call Agreement (the "Second
Amendment") pursuant to which Harvest Partners agrees to accelerate the
investment under the existing Capital Call Agreement of an additional $3,437,500
in the equity of Holdings and to make additional investments therein on the
terms set forth in the Second Amendment; and

           WHEREAS, the parties desire to amend the Agreement as hereinafter set
forth.

           NOW THEREFORE, in consideration of the waiver of the Existing Events
of Default, the execution and delivery of the Second Amendment, the mutual
covenants and agreements set forth in the Agreement and this Amendment, and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:

           1. Definitions. Capitalized terms used in this Amendment, unless
otherwise defined herein, shall have the meanings ascribed to such terms in the
Agreement.

<PAGE>

           2. Amendments. Subject to the conditions set forth below, the
Agreement is amended as follows:

           a. Section 1.1(B) of the Agreement is hereby amended by deleting the
dollar figure "$30,000,000" where it appears in the seventh line thereof as the
maximum amount of the Revolving Loan Commitment, and inserting in substitution
therefor the dollar figure "$25,000,000".

           b. Subsection 1.2(A) of the Agreement is hereby amended by adding the
following new language after the Base Rate Margin Pricing Table and Libor Margin
Pricing Table where they appear therein:

                     "For purposes of determining Base Rate Margin and Libor
           Margin (i) Total Indebtedness to EBITDA shall be calculated as of the
           end of each Fiscal Quarter with EBITDA measured for the most recently
           ended four Fiscal Quarters ending as of the last day of the Fiscal
           Quarter for which such calculation is made, and (ii) for any
           calculation of four Fiscal Quarter EBITDA during Fiscal Year 2001
           which includes a portion of the Fiscal Year 2000 in such measurement
           period, the amount of any reduction in Fiscal Year 2000 EBITDA as a
           result of any Audit Adjustments (hereinafter defined) shall be
           applied to the calculation of EBITDA for any Fiscal Quarter in Fiscal
           Year 2000 included in such trailing twelve-month period, pro-rata
           based upon the proportion of the Loan Parties' total consolidated
           gross revenues during such Fiscal Quarter (as modified, if
           applicable, to give effect to any Audit Adjustments) to their total
           consolidated gross revenues during Fiscal Year 2000."

                     "Audit Adjustments" for purposes of this Section 1.2(A)
           shall mean the difference between EBITDA for Fiscal Year 2000 based
           upon the audited financial statements of the Loan Parties to be
           provided to Agent pursuant to Section 4.7(C) of this Agreement and
           Fiscal Year 2000 EBITDA in the amount of $19,184,000, as set forth on
           the Compliance Certificate delivered to Agent on February 8, 2001."

           c. Section 4.1 of the Agreement is hereby amended in its entirety to
read as follows:

                     "4.1 Capital Expenditure Limits. The aggregate amount of
           all Capital Expenditures of Holdings and Borrowers and their
           respective Subsidiaries will not exceed the following amounts ("Capex
           Limit") during the following periods:

                                                         Maximum Amount
                     Period                          of Capital Expenditures
                     ------                      -------------------------------
                     From January 1, 2001
                     through December 31, 2001             $4,100,000
                     Each Fiscal Year thereafter           $6,000,000

                                       2
<PAGE>

           Notwithstanding the foregoing, in the event the Loan Parties and
           their respective Subsidiaries do not expend the entire Capex Limit
           permitted in Fiscal Year 2001 or any subsequent Fiscal Year, the Loan
           Parties and their respective Subsidiaries may carry forward to the
           immediately succeeding Fiscal Year the unutilized portion of the
           Capex Limit, provided that the amount so carried forward shall not
           exceed 50% of the Capex Limit for such immediately succeeding Fiscal
           Year. All Capital Expenditures made by Loan Parties and their
           respective Subsidiaries shall first be applied to reduce the
           applicable Capex Limit for such Fiscal Year and then to reduce the
           amount, if any, carried forward from the previous Fiscal Year.

                      "Capital Expenditures" will be calculated as illustrated
           on Exhibit 4.7(D)."

           d. Subsection 4.3 of the Agreement is hereby amended in its entirety
to read as follows:

                     "4.3 EBITDA. Holdings and Borrowers shall not permit EBITDA
           for the periods set forth below to be less than the amounts set forth
           below for such periods:

<TABLE>
<CAPTION>
                     Period                                                          Amount
                     ------                                                          ------
                     <S>                                                           <C>
                     For the Four Fiscal Quarters ending December 31, 2000         $18,000,000
                     For the Three Months ending March 31, 2001                    $ 3,400,000
                     For the Four  Months ending April 30, 2001                    $ 5,100,000
                     For the Five Months ending May 31, 2001                       $ 6,700,000
                     For the Six Months ending June 30, 2001                       $ 8,700,000
                     For the Seven Months ending July 31, 2001                     $10,200,000
                     For the Eight Months ending August 31, 2001                   $11,900,000
                     For the Nine Months ending September 30, 2001                 $14,000,000
                     For the Ten Months ending October 31, 2001                    $15,300,000
                     For the Eleven Months ending November 30, 2001                $16,200,000
                     For the Twelve Months ending December 31, 2001                $18,200,000
                     For the Four Fiscal Quarters ending March 31, 2002 and
                     each Four Fiscal Quarter period thereafter                    $35,000,000
</TABLE>

                      "EBITDA" will be calculated as illustrated on Exhibit
           4.7(D)."

           e. Subsection 4.4 of the Agreement is hereby amended in its entirety
to read as follows:

                      "4.4 Fixed Charge Coverage. Holdings and Borrowers shall
           not permit Fixed Charge Coverage for the periods set forth below to
           be less than the ratios set forth below:

                                       3
<PAGE>

<TABLE>
<CAPTION>
                     Period                                                       Minimum Ratio
                     ------                                                       -------------
                     <S>                                                           <C>
                     For the Three Months ending March 31, 2001                    .40:1.00
                     For the Four  Months ending April 30, 2001                    .50:1.00
                     For the Five Months ending May 31, 2001                       .60:1.00
                     For the Six Months ending June 30, 2001                       .60:1.00
                     For the Seven Months ending July 31, 2001                     .65:1.00
                     For the Eight Months ending August 31, 2001                   .70:1.00
                     For the Nine Months ending September 30, 2001                 .70:1.00
                     For the Ten Months ending October 31, 2001                    .70:1.00
                     For the Eleven Months ending November 30, 2001                .70:1.00
                     For the Twelve Months ending December 31, 2001                .70:1.00
                     For the Four Fiscal Quarters ending March 31, 2002 and
                     each Four Fiscal Quarter period thereafter                   1.10:1.00
</TABLE>

                      "Fixed Charge Coverage" will be calculated as illustrated
           on Exhibit 4.7(D)."

           f. Subsection 4.5 of the Agreement is hereby amended in its entirety
to read as follows:

                      "4.5 Total Interest Coverage. Holdings and Borrowers shall
           not permit Total Interest Coverage for the periods set forth below to
           be less than the ratios set forth below for such periods:

<TABLE>
<CAPTION>
                     Period                                                      Minimum Ratio
                     ------                                                      -------------
                     <S>                                                           <C>
                     For the Three Months ending March 31, 2001                    .65:1.00
                     For the Four  Months ending April 30, 2001                    .75:1.00
                     For the Five Months ending May 31, 2001                       .90:1.00
                     For the Six Months ending June 30, 2001                       1.00:1.00
                     For the Seven Months ending July 31, 2001                     1.05:1.00
                     For the Eight Months ending August 31, 2001                   1.10:1.00
                     For the Nine Months ending September 30, 2001                 1.15:1.00
                     For the Ten Months ending October 31, 2001                    1.15:1.00
                     For the Eleven Months ending November 30, 2001                1.15:1.00
                     For the Twelve Months ending December 31, 2001                1.20:1.00
                     For the Four Fiscal Quarters ending March 31, 2002 and
                     each Four Fiscal Quarter period thereafter                    3.00:1.00
</TABLE>

                      "Total Interest Coverage" will be calculated as
           illustrated on Exhibit 4.7(D)."

           g. Subsection 4.6 of the Agreement is hereby amended in its entirety
to read as follows:

                                       4
<PAGE>

                     "4.6 Total Indebtedness to EBITDA Ratio. Holdings and
           Borrowers shall not permit the ratio of Total Indebtedness
           (calculated as of the last day of any fiscal period ending during the
           periods set forth below) to EBITDA for the periods set forth below to
           be greater than the ratios set forth below:

<TABLE>
<CAPTION>
                     Period                                                      Maximum Ratio
                     ------                                                      -------------
                     <S>                                                           <C>
                     For the Three Months ending March 31, 2001                    6.75:1.00
                     For the Four  Months ending April 30, 2001                    6.50:1.00
                     For the Five Months ending May 31, 2001                       6.00:1.00
                     For the Six Months ending June 30, 2001                       5.50:1.00
                     For the Seven Months ending July 31, 2001                     5.50:1.00
                     For the Eight Months ending August 31, 2001                   5.25:1.00
                     For the Nine Months ending September 30, 2001                 5.00:1.00
                     For the Ten Months ending October 31, 2001                    5.00:1.00
                     For the Eleven Months ending November 30, 2001                5.00:1.00
                     For the Twelve Months ending December 31, 2001                4.75:1.00
                     For the Four Fiscal Quarters ending March 31, 2002 and
                     each Four Fiscal Quarter period thereafter                    2.50:1.00
</TABLE>

                     "Total Indebtedness" and "EBITDA" will be calculated as
           illustrated on Exhibit 4.7(D), provided, that for purposes of
           calculating the foregoing Total Indebtedness to EBITDA Ratio for
           fiscal periods prior to March 31, 2002, EBITDA for each respective
           period shall be annualized on a straight line basis, based on actual
           results for Fiscal Year 2001 through the last day of such period."

           h. Exhibit 4.7(D) to the Agreement is hereby deleted in its entirety
and the form of Exhibit 4.7(D) attached hereto is inserted in substitution
therefor:

           i. Section 4.7(D) of the Agreement is hereby amended in its entirety
to read as follows:

                     "(D) Compliance Certificate. Together with each delivery of
           financial statements of Holdings, Borrowers and their respective
           Subsidiaries pursuant to subsections 4.7(A) and 4.7(B) above,
           Borrowers will deliver a fully and properly completed Compliance
           Certificate (in substantially the same form as Exhibit 4.7(D)) signed
           by Borrower Representative."

           j. Section 4.7 of the Agreement is hereby amended to add the
following new subsection "(U)" thereto:

                     "(U) Cash Flows. On or before April 20, 2001, Borrowers
           shall deliver to Agent, a consolidated cash flow forecast for the
           thirteen-week period commencing on such date, in form acceptable to
           Agent, which report shall be updated on a monthly basis, on the last
           Business Day of each month thereafter, for the succeeding thirteen
           week period."

                                       5
<PAGE>

           k. Section 4 of the Agreement is hereby amended by adding the
following new Subsection 4.9 thereto:

                      "4.9 Smittybilt Covenants. Borrowers and Holdings shall
           not permit Smittybilt EBITDA for the periods set forth below to be
           less than the amounts set forth below for such periods:

<TABLE>
<CAPTION>
                     Period                                                         Amount
                     ------                                                         ------
                     <S>                                                         <C>
                     For the Three Months ending March 31, 2001                  ($1,200,000)
                     For the Four  Months ending April 30, 2001                  ($1,100,000)
                     For the Five Months ending May 31, 2001                       ($950,000)
                     For the Six Months ending June 30, 2001                       ($750,000)
                     For the Seven Months ending July 31, 2001                     ($600,000)
                     For the Eight Months ending August 31, 2001                   ($250,000)
                     For the Nine Months ending September 30, 2001                  $100,000
                     For the Ten Months ending October 31, 2001                     $400,000
                     For the Eleven Months ending November 30, 2001                 $700,000
                     For the Twelve Months ending December 31, 2001               $1,000,000

</TABLE>

                      "Smittybilt EBITDA" will be calculated as illustrated on
           Exhibit 4.7(D)."

           The breach by Holdings and Borrowers of this Section 4.9 shall, in
           the absence of the occurrence of any other Event of Default, not
           constitute an Event of Default hereunder, provided that Holdings and
           Borrowers shall:

                      (i)        within not more than fifteen (15) Business Days
                                 following the occurrence of a breach of the
                                 covenants set forth in this Section 4.9,
                                 retain, at Loan Parties' expense, under a
                                 written retention agreement, in form and
                                 substance acceptable to Agent, an independent
                                 financial advisor acceptable to Agent,
                                 experienced in reviewing and recommending
                                 strategic alternatives to businesses similar in
                                 nature to the Loan Parties, which retention
                                 agreement shall include the engagement of such
                                 advisor to develop strategies for the
                                 disposition of all or a portion of Smittybilt,
                                 Inc.'s assets;

                      (ii)       Upon receipt from the financial advisor, but in
                                 no event more than fifteen (15) Business Days
                                 subsequent to the retention of such financial
                                 advisor, provide Agent with a written report of
                                 such financial advisor setting forth the
                                 strategic alternatives available to the Loan
                                 Parties with respect to Smittybilt, Inc. and
                                 the recommendations of such financial advisor,
                                 together with offering materials relating to
                                 any proposed sale included in such
                                 recommendations;

                                       6
<PAGE>

                      (iii)      within five (5) Business Days of receipt of
                                 such report, advise Agent in writing as to the
                                 Loan Parties' proposed actions based upon the
                                 recommendations of such financial advisor and a
                                 timetable for implementing same; and

                      (iv)       subject to Agent's written consent, pursue in a
                                 timely manner and by appropriate means the
                                 proposed actions provided to Agent under (iii)
                                 above."

           l. Notwithstanding anything contained in Section 4 of the Waiver and
Fourth Amendment to Credit Agreement dated as of November 14, 2000 among
Holdings, Borrowers, the other Loan Parties, Agent and Lenders (i) Holdings and
the Borrowers shall not be permitted to make Restricted Junior Payments to
redeem shares of equity securities issued to Harvest Partners or its designees
in exchange for the equity contributions made pursuant to the Capital Call
Agreement, and (ii) the Loan Parties, Agent and Lenders consent to the
application of any equity contributions made pursuant to the Capital Call
Agreement in the manner provided in the Capital Call Agreement.

           m. The Agreement is hereby amended to add the following new Section
6.5 thereto:

                      "6.5 Priority Default. In addition to all other rights and
           remedies available to Agent and Lenders under this Agreement, the
           other Loan Documents or applicable law, upon the occurrence of a
           Priority Default, Holdings and Borrowers shall:

           (a)        within not more than fifteen (15) Business Days of receipt
                      of written notice from Agent, retain, at Loan Parties'
                      expense, by written retention agreement, in form and
                      substance acceptable to Agent, an independent financial
                      advisor acceptable to Agent, experienced in reviewing and
                      recommending strategic alternatives available to
                      businesses similar in nature to the Loan Parties, which
                      retention agreement shall include, without limitation, the
                      engagement of such advisor to develop strategies for the
                      disposition of all or a portion of the Loan Parties'
                      assets;

           (b)        upon receipt from the financial advisor, but in no event
                      more than fifteen (15) Business Days subsequent to the
                      retention of such financial advisor, provide Agent with a
                      written report of such financial advisor setting forth the
                      strategic alternatives available to the Loan Parties and
                      the recommendations of such financial advisor, together
                      with offering materials relating to any proposed sale
                      included in such recommendations;

           (c)        within five (5) Business Days of receipt of such report,
                      advise Agent in writing as to the Loan Parties' proposed
                      actions based upon the recommendations of such financial
                      advisor and a timetable for implementing same; and

                                       7
<PAGE>

           (d)        subject to Agent's written Consent, pursue in a timely
                      manner and by appropriate means the proposed actions
                      provided to Agent under (c) above."

           n. Schedules 2.8, 5.12(A), 5.12(B) and 5.21 to the Agreement are
hereby deleted in their entirety and the forms of Schedules 2.8, 5.12(A),
5.12(B) and 5.21 attached hereto are inserted in substitution therefor.

           o. Schedule 3.2(A)(10) to the Agreement is hereby amended to delete
the reference therein to the Loan Agreement dated September 1, 1994, between
Lund Industries Incorporated and City of Anoka and the Mortgage from Lund
Industries Incorporated to First Trust National Association which appear as the
first item listed and described on such Schedule 3.2(A)(10).

           p. The Loan Parties hereby consent to expand the scope of the
engagement of Richter Consulting, Inc., as set forth in that certain letter
dated January 22, 2001 from the Loan Parties to Richter Consulting, Inc. to
include on an ongoing basis quarterly assessments by Richter Consulting, Inc. of
the financial performance of Smittybilt, Inc. Such additional duties of Richter
Consulting, Inc. shall be on the same terms set forth in such letter, and the
Loan Parties affirm their agreement to pay all costs and expenses of Richter
Consulting, Inc. in connection therewith as set forth in the letter dated
January 22, 2001. Such quarterly assessments shall commence with the Fiscal
Quarter ending March 31, 2001 and shall continue for each Fiscal Quarter
thereafter during Fiscal Year 2001.

           q. The Loan Parties hereby agree that notwithstanding anything
contained in Section 2.3 of the Agreement to the contrary (i) the Agent or its
representatives may, upon two (2) days notice to Borrowers, during normal
business hours, at the Loan Parties' expense, conduct a field examination of
Smittybilt, Inc., and (ii) the Loan Parties will participate and cause their key
management personnel to participate in conference calls with Agent and Lenders,
at least once each calendar month, to address the Loan Parties' financial
condition and performance and such other matters reasonably requested by Agent
and Lenders, which shall be held at such time and as may be reasonably requested
by Agent and Lenders.

           r. Section 10.1 of the Agreement is hereby amended by inserting the
following defined terms in their proper alphabetical order:

                      "Audit Adjustment" shall have the meaning assigned to that
           term in Section 1.2(A) of this Agreement.

                      ""Measurement Period" has the meaning assigned to that
           term in the calculation of covenants 4.3 and 4.9 in Exhibit 4.7(D).

                                       8
<PAGE>

                      "Priority Default" means an Event of Default as a result
           of the breach of any of the following Subsections of the Agreement:
           6.1(A), 6.1(C) (to the extent that such default is due to violation
           of any of Sections 4.3, 4.4, 4.5, 4.6, 4.7(A), 4.7(B), 4.7(C),
           4.7(D), 4.7(E), 4.7(F) or 4.7 (L) of this Agreement), or 6.1(T).

                      ""Smittybilt EBITDA" has the meaning assigned to that term
           in the calculation of covenant 4.9 in Exhibit 4.7(D).

                      "Smittybilt Net Income" has the meaning assigned to that
           term in the calculation of covenant 4.9 in Exhibit 4.7(D).

           s. The definition of Senior Indebtedness in Section 10.1 of the
Agreement is amended in its entirety to read as follows:

                      "Senior Indebtedness" means all Indebtedness of the Loan
           Parties other than (x) Indebtedness under the Senior Subordinated
           Notes and (y) Indebtedness related to leases (other than capital
           leases and other leases treated as a loan or financing for creditor's
           rights purposes).

           3. "Waiver. Agent and Lenders hereby waive the Existing Events of
Default. This is a limited waiver (limited solely to the Existing Events of
Default) and shall not be deemed to constitute a waiver of any other Event of
Default or any future breach of the Agreement or any of the other Loan
Documents.

           4. Conditions. The effectiveness of this Amendment is subject to the
satisfaction of each of the following conditions precedent (unless specifically
waived in writing by Agent and Lenders):

           a. The Loan Parties and Lenders shall have executed and delivered
this Amendment, and all such other documents and instruments as Agent may
require shall have been executed and/or delivered to Agent.

           b. All proceedings taken in connection with the transactions
contemplated by this Amendment and all documents, instruments and other legal
matters incident thereto shall be satisfactory to Agent and its legal counsel.

           c. No Default or Event of Default other than the Existing Events of
Default shall have occurred and be continuing.

           d. Borrowers shall have provided Agent and Lenders with evidence
satisfactory to Agent and Lenders that Massachusetts Mutual Life Insurance
Company, MassMutual Corporate Investors, MassMutual Participation Investors,
MassMutual Corporate Value Partners Limited, National City Venture Corporation
and Great Lakes Capital Investment I, L.L.C. shall have (i) previously waived in
writing any and all existing defaults under the Securities Purchase Agreement
dated December 23, 1998, in a manner satisfactory to Agent, (ii) reset the
covenants contained therein to levels satisfactory to Agent and Lenders, and
(iii) made such other amendments thereto as shall be requested by Agent and
Lenders.

                                       9
<PAGE>

           e. The Second Amendment in the form attached to this Amendment as
Exhibit A shall have been executed and delivered by each of the parties thereto.
Any equity securities proposed to be issued to Harvest Partners in exchange for
the equity contributions made pursuant to the Second Amendment shall not be
subject to redemption and shall otherwise contain terms and conditions and be in
form and substance satisfactory in all respects to Agent.

           f. Agent shall have received an amendment fee for the benefit of the
Lenders in an amount equal to $232,539.

           g. Holdings and LII shall have executed a Mortgage in favor of Agent
for the benefit of Lenders on the Anoka Property creating a first priority
mortgage Lien on the Anoka Property in favor of Agent.

           h. Holdings and LII shall have provided Agent with a lender's policy
of title insurance issued by Chicago Title Insurance Company in the amount of
$13,500,000, with all premiums paid in full, insuring the Mortgage on the Anoka
property as a first Lien in favor of Agent subject only to such exceptions as
are reasonably acceptable to Agent and containing endorsements reasonably
requested by Agent.

           i. The Loan Parties shall have executed and/or delivered to Agent:

                      (1)        a copy, duly certified by the secretary or an
                                 assistant secretary of each Loan Party of (A)
                                 resolutions of such Loan Party's Board of
                                 Directors authorizing or ratifying the
                                 execution and delivery of this Amendment and
                                 the transactions contemplated hereunder, (B)
                                 all documents evidencing other necessary
                                 corporate action, if any, and (C) all required
                                 approvals or consents, if any, with respect to
                                 this Amendment shall have been delivered to
                                 Agent; and

                      (2)        a certificate of the secretary or an assistant
                                 secretary of each Loan Party certifying (A) the
                                 names of such Loan Party's officers authorized
                                 to sign this Amendment and all other documents
                                 or certificates to be delivered hereunder,
                                 together with the true signatures of such
                                 officers, and (B) that its organizational and
                                 governance documents have not been amended,
                                 rescinded, supplemented, modified or otherwise
                                 changed since the Closing Date, except as may
                                 be expressly permitted under the Agreement.

           5. Representations and Warranties. To induce Agent and Lenders to
enter into this Amendment, the Loan Parties represent and warrant to Agent and
Lenders that (a) the execution, delivery and performance of this Amendment has
been duly authorized by all requisite corporate action on the part of each Loan
Party and that this Amendment has been duly executed and delivered by such Loan
Party, (b) each of the representations and warranties set forth in Section 5 of
the Agreement (other than those which, by their terms, specifically are made as
of a specific

                                       10
<PAGE>

date prior to the date hereof) are true and correct in all material respects as
of the date hereof and (c) no Default or Event of Default, other than the
Existing Events of Default, has occurred and is continuing.

           6. Severability. Any provision of this Amendment held by a court of
competent jurisdiction to be invalid or unenforceable shall not impair or
invalidate the remainder of this Amendment and the effect thereof shall be
confined to the provision so held to be invalid or unenforceable.

           7. References. Any reference to the Agreement contained in any
document, instrument or agreement executed in connection with the Agreement
shall be deemed to be a reference to the Agreement as modified by this
Amendment.

           8. Counterparts. This Amendment may be executed in one or more
counterparts, each of which shall constitute an original, but all of which taken
together shall be one and the same instrument. Delivery of an executed
counterpart of a signature page to this Agreement by telecopier shall be as
effective as delivery of a manually executed counterpart of this Agreement.

           9. Reaffirmation. The Borrowers and other Loan Parties, as
guarantors, debtors, grantors, pledgors, assignors, or in other similar
capacities in which such parties guarantee the Obligations, grant liens or
security interests in their properties or otherwise act as accommodation
parties, as the case may be, in any case under the Loan Documents, hereby each
ratifies and reaffirms all of its payment and performance obligations,
contingent or otherwise, affirmative or negative, under each of such existing
Loan Documents to which it is a party and, to the extent such party granted
liens on or security interests in any of its properties pursuant to any such
existing Loan Documents as security for the Borrowers' obligations under or with
respect to the Agreement, each hereby ratifies and reaffirms such grant of liens
and security interests and confirms and agrees that such liens and security
interests hereafter secure all of the Obligations, in each case as if each
reference in such existing Loan Documents to the obligations secured thereby are
construed to hereafter mean and refer to such Obligations under the Agreement
and other Loan Documents as hereby amended. Each of the foregoing hereby
acknowledges that each of the Loan Documents remains in full force and effect
and is hereby ratified and confirmed. The execution of this Amendment shall not
operate as a novation, waiver of any right, power or remedy of Agent or any
Lender nor constitute a waiver of any provision of any of the Loan Documents,
except as expressly set forth herein and shall be limited to the particular
instance expressly set forth. The Loan Parties confirm and agree that the
Agreement and the other Loan Documents and each and every covenant, condition,
obligation, representation (except those representations which relate only to a
specific date, which are confirmed as of such date only), warranty and provision
set forth therein are, and shall continue to be, in full force and effect and
are hereby confirmed, reaffirmed and ratified in all respects.

                                       11
<PAGE>

           10. Fees and Expenses. The Borrowers agree to pay to Agent and the
Lenders upon demand all fees and expenses, including attorneys' and legal
assistants' fees (which attorneys and paralegals may be employees of Agent)
incurred by Agent or Lenders in connection with the preparation, negotiation and
execution of this Amendment and all documents related thereto and any documents
required to be furnished herewith.

                   [Signatures appear on the following pages.]

                                       12
<PAGE>

           IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be duly executed under seal and delivered by their respective duly authorized
officers on the date first written above.

                                LUND INTERNATIONAL HOLDINGS, INC.

                                By:       /s/ Dennis Vollmershausen
                                    --------------------------------------------
                                Name:     Dennis Vollmershausen
                                     -------------------------------------------
                                Title:    CEO and President
                                      ------------------------------------------

                                LUND INDUSTRIES, INCORPORATED

                                By:       /s/ Dennis Vollmershausen
                                    --------------------------------------------
                                Name:     Dennis Vollmershausen
                                     -------------------------------------------
                                Title:    CEO and President
                                      ------------------------------------------

                                DEFLECTA-SHIELD CORPORATION

                                By:       /s/ Dennis Vollmershausen
                                    --------------------------------------------
                                Name:     Dennis Vollmershausen
                                     -------------------------------------------
                                Title:    CEO and President
                                      ------------------------------------------

                                BELMOR AUTOTRON CORP.

                                By:       /s/ Dennis Vollmershausen
                                    --------------------------------------------
                                Name:     Dennis Vollmershausen
                                     -------------------------------------------
                                Title:    Chief Executive Officer
                                      ------------------------------------------

                                DFM CORP.

                                By:       /s/ Dennis Vollmershausen
                                    --------------------------------------------
                                Name:     Dennis Vollmershausen
                                     -------------------------------------------
                                Title:    CEO and President
                                      ------------------------------------------

                                AUTO VENTSHADE COMPANY

                                By:       /s/ Dennis Vollmershausen
                                    --------------------------------------------
                                Name:     Dennis Vollmershausen
                                     -------------------------------------------
                                Title:    CEO and President
                                      ------------------------------------------

<PAGE>

                                SMITTYBILT, INC.

                                By:       /s/ Dennis Vollmershausen
                                    --------------------------------------------
                                Name:     Dennis Vollmershausen
                                     -------------------------------------------
                                Title:    CEO and President
                                      ------------------------------------------

                                LUND ACQUISITION CORP.

                                By:       /s/ Dennis Vollmershausen
                                    --------------------------------------------
                                Name:     Dennis Vollmershausen
                                     -------------------------------------------
                                Title:    President
                                      ------------------------------------------

                                BAC ACQUISITION CO.

                                By:       /s/ Dennis Vollmershausen
                                    --------------------------------------------
                                Name:     Dennis Vollmershausen
                                     -------------------------------------------
                                Title:    President
                                      ------------------------------------------

                                TRAILMASTER PRODUCTS, INC.

                                By:       /s/ Dennis Vollmershausen
                                    --------------------------------------------
                                Name:     Dennis Vollmershausen
                                     -------------------------------------------
                                Title:    Chief Executive Officer
                                      ------------------------------------------

                                DELTA III, INC.

                                By:       /s/ Dennis Vollmershausen
                                    --------------------------------------------
                                Name:     Dennis Vollmershausen
                                     -------------------------------------------
                                Title:    President
                                      ------------------------------------------

<PAGE>

                                HELLER FINANCIAL, INC.,
                                in its capacity as Agent and a Lender

                                By:       /s/   Marc Pressler
                                   ---------------------------------------------
                                Name:     Marc Pressler
                                     -------------------------------------------
                                Title:    Vice President
                                      ------------------------------------------

<PAGE>

                                DRESDNER BANK AG, NEW YORK AND
                                GRAND CAYMAN BRANCHES,
                                  as a Lender

                                By:_______________________________
                                Name:____________________________
                                Title:_____________________________

<PAGE>

                                LASALLE BANK NATIONAL ASSOCIATION,
                                as a Lender

                                By:______________________________
                                Name:____________________________
                                Title:_____________________________

<PAGE>

                                THE PRUDENTIAL INSURANCE COMPANY
                                OF AMERICA, as a Lender

                                By:______________________________
                                Name:____________________________
                                Title:_____________________________

<PAGE>

                                IBJ WHITEHALL BANK & TRUST COMPANY,
                                as a Lender

                                By:______________________________
                                Name:____________________________
                                Title:_____________________________

<PAGE>

                                KEY CORPORATE CAPITAL, INC.,
                                as a Lender

                                By:______________________________
                                Name:____________________________
                                Title:_____________________________

<PAGE>

                                FIRST UNION NATIONAL BANK, as a Lender

                                By:______________________________
                                Name:____________________________
                                Title:_____________________________

<PAGE>

                                FIRST SOURCE FINANCIAL LLP, as a Lender
                                By:  First Source Financial, Inc., its
                                     Agent/Manager

                                By:______________________________
                                Name:____________________________
                                Title:_____________________________

<PAGE>

                                SENIOR DEBT PORTFOLIO, as a Lender
                                By:  Boston Management and Research, Inc., as
                                Investment Advisor

                                By:______________________________
                                Name:____________________________
                                Title:_____________________________

<PAGE>

                                ARCHIMEDES FUNDING LLC, as a Lender
                                By:  ING Capital Advisors, Inc., as
                                     Collateral Manager

                                By:______________________________
                                Name:____________________________
                                Title:_____________________________

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