Document:

EXHIBIT
10.2

 

EXECUTION
COPY

 

EIGHTH AMENDMENT TO

CREDIT AGREEMENT

AND CONSENT OF GUARANTORS

 

This EIGHTH AMENDMENT TO
CREDIT AGREEMENT AND CONSENT OF GUARANTORS (this “Amendment”)
is dated as of December 15, 2003, and entered into by and among FLEETWOOD ENTERPRISES,
INC. (“Fleetwood”), FLEETWOOD HOLDINGS, INC. and its
Subsidiaries listed on the signature pages hereof (collectively, “FMC”),
FLEETWOOD
RETAIL, CORP. and its Subsidiaries listed on the signature pages
hereof (collectively, “FRC”), the banks and other financial institutions
signatory hereto that are parties as Lenders to the Credit Agreement referred
to below (the “Lenders”), and BANK OF AMERICA, N.A., as administrative
agent and collateral agent (in such capacity, the “Agent”) for the
Lenders.

 

Recitals

 

Whereas,
Fleetwood, the Borrowers, the Lenders, and the Agent have entered into that
certain Credit Agreement dated as of July 27, 2001, as amended by that
certain First Amendment to Credit Agreement and Consent of Guarantors dated as
of December 4, 2001, that certain Second Amendment to Credit
Agreement and Security Agreement and Consent of Guarantors dated as of December
4, 2001, that certain Third Amendment to Credit Agreement and Consent of
Guarantors dated as of December 7, 2001, that certain Fourth
Amendment to Credit Agreement and Consent of Guarantors dated as of July
12, 2002, that certain Fifth Amendment to Credit Agreement and Consent of
Guarantors dated as of January 24, 2003, that certain Sixth Amendment to
Credit Agreement and Consent of Guarantors dated as of March 25, 2003, and
that certain Seventh Amendment and Consent of Guarantors dated as of July 21,
2003 (the “Credit Agreement”; capitalized terms used in this Amendment
without definition shall have the meanings given such terms in the Credit
Agreement); and

 

Whereas,
the Borrowers have requested of the Agent and the Majority Lenders certain
waivers, consents and approvals under the Credit Agreement with respect to the
grant of unsecured guaranties by Fleetwood of obligations owing by dealers that
are members of a buyer’s group facilitated by Rock Financial, Inc. (the “Rock
Group”) to those traditional floor plan lenders set forth on Schedule 1
hereto (the “Floor Plan Lenders”) which arise by reason of any members
of the Rock Group’s failure to remit payment to the Floor Plan Lenders (as
required under any agreement for financing between the Rock Group and the Floor
Plan Lenders) for sold inventory which was manufactured by Fleetwood and, or
its Subsidiaries (the “Proposed Guaranty”); and

 

Whereas, the
Borrowers have requested amendments to the Credit Agreement to modify certain
covenants in connection with the issuance of 2003 Subordinated Debentures (as
defined below); and

 

1

 

Whereas,
the Majority Lenders and the Agent are willing to agree to the amendments and
to give the waivers, consents and approvals requested by the Loan Parties, on
the terms and conditions set forth in this Amendment;

 

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

 

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

 

1.1           Amendments to Annex A to Credit
Agreement (Definitions). 
The definition of “Change of Control” and “Subordinated Debt”
in Annex A of the Credit Agreement are amended to read as follows:

 

“Change of Control” means either (i) a change
shall occur in the Board of Directors of Fleetwood so that a majority of the
Board of Directors of Fleetwood ceases to consists of the individuals who
constituted the Board of Directors of Fleetwood on the Closing Date (or
individuals whose election or nomination for election was approved by a vote of
more than 50% of the directors then in office who either were directors of
Fleetwood on the Closing Date or whose election or nomination for election
previously was so approved); or (ii) any Person or Group (within the meaning of
Rule 13d-3 of the Securities and Exchange Commission), shall become or be the
owner, directly or indirectly, beneficially or of record, of shares
representing more than 20% of the aggregate ordinary voting power represented
by the issued and outstanding Capital Stock of Fleetwood on a fully diluted
basis; or (iii) except as permitted hereunder, any Loan Party (other than
Fleetwood) ceases to be direct or indirect wholly-owned Subsidiary of
Fleetwood; or (iv) a “change of control” as such term is defined in the
indenture under which 2003 Subordinated Debentures are issued.

 

“Subordinated Debt” means the unsecured Debt
from time to time outstanding under the Subordinated Debentures, the New
Subordinated Debentures, the 2003 Subordinated Debentures and the maximum
liability of Fleetwood on any subordinated Guaranty of the Trust Securities.

 

1.2           Additions to Annex A to Credit
Agreement (Definitions). 
The following definitions of “Eighth Amendment” and “2003
Subordinated Debentures” are added in Annex A of the Credit
Agreement in appropriate alphabetical order:

 

“Eighth
Amendment” means that certain Eighth Amendment to Credit Agreement and
Consent of Guarantors, dated as of December 15, 2003, and entered into by and
among Fleetwood, Holdings and its Subsidiaries listed on the signature pages
thereof, Retail and its Subsidiaries listed on the signature pages thereof, the
banks and other financial institutions signatory thereto that are parties as
Lenders to this Agreement and Bank of America, N.A., as administrative agent
and collateral agent for the Lenders.

 

2

 

“2003
Subordinated Debentures” means up to $120,000,000 in aggregate principal
amount of unsecured, convertible senior subordinated debentures issued by
Fleetwood after the effective date of the Eighth Amendment and issued (i) on
terms and conditions set forth in the indicative Description of Debentures, a
copy of which is attached to such amendment and (ii) otherwise in accordance
with Section 7.29(c).

 

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

 

“(h)  Immediately upon receipt by Fleetwood of the
cash proceeds from issuance of any 2003 Subordinated Debentures (the “2003
Subordinated Debentures Cash Proceeds”), Fleetwood shall apply such amount
of the 2003 Subordinated Debentures Cash Proceeds to the Revolving Loans equal
to the lesser of (i) the principal amount of Revolving Loans as of the date
hereof or (ii) 100% of such 2003 Subordinated Debentures Cash Proceeds.  2003 Subordinated Debentures Cash Proceeds
applied to the Revolving Loans shall not reduce the Revolving Credit
Commitment.

 

1.4           Amendment to Section 7.29.  The following subsection (c) is added:

 

“(c)  In
addition to the Subordinated Debt Exchange and the New Subordinated Debentures,
after the effective date of the Eighth Amendment, Fleetwood may issue 2003
Subordinated Debentures if (i) the aggregate principal amount of the
Subordinated Debt does not exceed $510,000,000, (ii) the amount of the
aggregate annual payments with respect to the Subordinated Debt, after giving
effect to such issuance, does not exceed one hundred eighty-five percent (185%)
of the amount of the aggregate annual payments with respect to Subordinated
Debt on the Closing Date; (iii) the rate of interest for the 2003 Subordinated
Debentures does not exceed five and one half percent (5.5%); (iv) all other
terms of such 2003 Subordinated Debentures are substantially consistent with
the Description of Debentures attached as Exhibit A to the Eighth
Amendment and (v) the cash proceeds of the 2003 Subordinated Debentures are
applied as provided in Section 3.4(h) hereof. 
Prior to December 15, 2008, Fleetwood will not, and will not permit any
of its Subsidiaries to, make any cash payments or prepayments with respect to
the 2003 Subordinated Debentures other than, subject to the subordination
provisions contained therein, (A) mandatory payments of interest (including any
additional amounts on the 2003 Subordinated Debentures and any Fleetwood common
stock issued upon conversion thereof) when due under the terms of the 2003
Subordinated Debentures (without acceleration), (B) mandatory payments upon
conversion of 2003 Subordinated Debentures, (C) mandatory payments to satisfy
repurchase obligations with respect to 2003 Subordinated Debentures upon a change
of control (as defined in the indenture under which the 2003 Subordinated
Debentures are issued), (D) fees, indemnification payments, expense
reimbursements and other customary payments made to any trustee, conversion
agent, transfer agent, exchange agent, paying agent, depositary or custodian
for the 2003 Subordinated Debentures or any agent or counsel for any of the
foregoing, and (E) payment of customary fees and expenses related to
registering for resale under the Securities Act of 1933 the 2003 Subordinated
Debentures and the Fleetwood common stock into which such debentures

 

3

 

are convertible and (F) any other mandatory payments
of principal and/or interest (including any additional amounts) required under
the terms of the indenture under which the 2003 Subordinated Debentures are
issued.”

 

1.5           Amendment to Section 7.10.  Section 7.10(a) shall be amended by
deleting the “and” at the end of clause (viii) and adding the following after
clause (ix):

 

“and (x) 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, on or prior to the date
which is six (6) months after the date of the issuance of the 2003 Subordinated
Debentures, prepay or repurchase and cancel all or a portion of the
Subordinated Debentures or New Subordinated Debentures; provided that
the amount of such prepayment or repurchase does not exceed the amount of the
net 2003 Subordinated Debentures Cash Proceeds received upon the issuance of
the 2003 Subordinated Debentures; and provided further that
contemporaneously therewith 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 or the New Subordinated
Debentures underlying such Trust Securities;”

 

1.6           Amendment to Section 7.14.  Section 7.14 shall be deleted in its
entirety and replaced with the following:

 

“Section 7.14            Prepayment. Neither Fleetwood nor
any of its Subsidiaries shall voluntarily prepay any Debt, except the
Obligations in accordance with the terms of this Agreement; provided
that the Excluded Retail Subsidiaries may prepay the Floor Plan Debt and
intercompany Debt; and provided further that 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, on
or prior to the date which is six (6) months after the date of the issuance of
the 2003 Subordinated Debentures, prepay or repurchase and cancel all or a
portion of the Subordinated Debentures or New Subordinated Debentures; provided
that the amount of such prepayment or repurchase does not exceed the amount of
the net 2003 Subordinated Debentures Cash Proceeds received upon the issuance
of the 2003 Subordinated Debentures; and provided further that
contemporaneously therewith 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 or the New Subordinated
Debentures underlying such Trust Securities.

 

1.7           Amendment to Section 7.29.  Section 7.29(a) shall be amended by
adding the following at the end of clause (a):

 

“;
provided that, in respect of clause (i) above only, 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, on or prior to the date which is six (6) months after the date of the
issuance of the 2003 Subordinated Debentures, prepay or repurchase and cancel
all or a portion of the Subordinated

 

4

 

Debentures
or New Subordinated Debentures; provided that the amount of such
prepayment or repurchase does not exceed the amount of the net 2003
Subordinated Debentures Cash Proceeds received upon the issuance of the 2003
Subordinated Debentures; and provided further that contemporaneously
therewith 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 or the New Subordinated Debentures
underlying such Trust Securities.”

 

2.             CONSENTS,
APPROVALS AND WAIVERS.

 

2.1           Proposed Guaranty.  By the execution of this Consent, (a) the
Agent and the Majority Lenders hereby consent to the execution and delivery by
the Loan Parties party thereto of the Proposed Guaranty, (b) each Majority
Lender hereby instructs the Agent to take any and all other further reasonable
and customary actions necessary to permit such execution and delivery and (c)
the Agent and the Majority Lenders hereby waive any breach of Section 7.12
of the Credit Agreement caused solely by the grant of the Proposed Guaranty and
agree that the Proposed Guaranty shall not be applied against the Guaranties
permitted by Section 7.12(g); provided
that the Proposed Guaranty is unsecured and the liabilities guaranteed by the
Proposed Guaranty do not exceed, in the aggregate, $5,000,000; provided further that each guaranty that
makes up a portion of the Proposed Guaranty is on customary and commercially
reasonable terms and is valid for a period of no greater than twelve (12)
consecutive months from the date of issuance of such guaranty; and provided further that the foregoing
consent and waiver is limited to the Proposed Guaranty only and shall not be
deemed a waiver of Section 7.12 of the Credit Agreement with respect to
any other guaranty or with respect to any modification, amendment, extension,
replacement or restatement of the Proposed Guaranty.

 

2.2           2003 Subordinated Debentures.  By the execution of this Amendment, the
Agent and the Majority Lenders hereby consent to the terms of the 2003
Subordinate Debentures as set forth in the indicative Description of Debentures
attached hereto as Exhibit A.

 

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

 

3.1           Power and Authority.  Each of the Loan Parties has all corporate
power and authority to enter into this Amendment and, as applicable, the
Consent of Guarantors attached hereto (the “Consent”), and to carry out
the transactions contemplated by, and to perform its obligations under or in
respect of, the Credit Agreement.

 

3.2           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.

 

5

 

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

 

3.4           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.

 

3.5           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.

 

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

 

3.7           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.

 

4.             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 Majority Lender and only if and when each of the following
conditions is satisfied:

 

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

 

4.2           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.

 

6

 

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

 

5.             EFFECTIVE
DATE.  This Amendment shall become effective on the
date of the satisfaction of the conditions set forth in Section 4, and
each of the Majority Lenders signatory hereto hereby waives any Default or
Event of Default that may have arisen prior to the date of the Amendment, but
that would not be a Default or Event of Default after giving effect to this
Amendment (the “Eighth Amendment Effective Date”).

 

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

 

7.             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.

 

8.             COMPLETE
AGREEMENT.  This Amendment
sets forth the complete agreement of the parties in respect of any amendment to
any of the provisions of any Loan Document or any waiver thereof.  The execution, delivery and effectiveness of
this Amendment do not constitute a waiver of any Default or Event of Default,
amend or modify any provision of any Loan Document except as expressly set
forth herein or constitute a course of dealing or any other basis for altering
the Obligations of any Loan Party.

 

9.             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]

 

7

 

IN WITNESS WHEREOF,
each of the undersigned has duly executed this Eighth Amendment to Credit Agreement
and Consent of Guarantors 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/ Forrest D. Theobald

  
	
   

  	
  Name:

  	
  Forrest D. Theobald

  
	
   

  	
  Title:

  	
  Secretary

  

 

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/ Forrest D. Theobald

  
	
   

  	
  Name:

  	
  Forrest D. Theobald

  
	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
  GUARANTOR

  	
  FLEETWOOD ENTERPRISES, INC.,
  as the

  Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Forrest D. Theobald

  
	
   

  	
  Name:

  	
  Forrest D. Theobald

  
	
   

  	
  Title:

  	
  Senior Vice President,
  General Counsel

  and Secretary

  
				

 

S-3

 

	
   

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

  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John McNamara

  
	
   

  	
  Name:

  	
  John McNamara

  
	
   

  	
  Title:

  	
  Vice President

  

 

S-4

 

	
   

  	
  HELLER FINANCIAL, INC., as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Howard Bailey

  
	
   

  	
  Name:

  	
  Howard Bailey

  
	
   

  	
  Title:

  	
  Senior Vice President

  

 

S-5

 

	
   

  	
  WELLS
  FARGO FOOTHILL, INC., fka

  FOOTHILL CAPITAL CORPORATION, as

  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Barrera

  
	
   

  	
  Name:

  	
  John Barrera

  
	
   

  	
  Title:

  	
  Assistant Vice
  President

  

 

S-6

 

	
   

  	
  THE CIT GROUP/BUSINESS CREDIT,

  INC., as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas H. Hopkins

  
	
   

  	
  Name:

  	
  Thomas H. Hopkins

  
	
   

  	
  Title:

  	
  Vice President

  

 

S-7

 

CONSENT OF GUARANTORS

 

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

 

IN WITNESS WHEREOF, each
of the undersigned has executed and delivered this CONSENT OF GUARANTORS as of
the 15th day of December, 2003. 

 

	
  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.

  

 

S-8

 

	
   

  	
  FLEETWOOD HOMES OF WASHINGTON, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD MOTOR HOMES OF
  CALIFORNIA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD MOTOR HOMES OF INDIANA,
  INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD MOTOR HOMES OF
  PENNSYLVANIA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF
  CALIFORNIA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF
  INDIANA, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF
  KENTUCKY, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF
  MARYLAND, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF OHIO,
  INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF
  OREGON, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD TRAVEL TRAILERS OF TEXAS,
  INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD FOLDING TRAILERS, INC.

  
	
   

  	
   

  
	
   

  	
  GOLD SHIELD, INC.

  
	
   

  	
   

  
	
   

  	
  GOLD SHIELD OF INDIANA, INC.

  
	
   

  	
   

  
	
   

  	
  HAUSER LAKE LUMBER OPERATION, INC.

  
	
   

  	
   

  
	
   

  	
  CONTINENTAL LUMBER PRODUCTS, INC.

  
	
   

  	
   

  
	
   

  	
  FLEETWOOD GENERAL PARTNER OF TEXAS,
  INC.

  

 

S-9

 

	
   

  	
  FLEETWOOD HOMES INVESTMENT, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /S/ Forrest D. Theobald

  
	
   

  	
  Name:

  	
  Forrest D. Theobald

  
	
   

  	
  Title:

  	
  Secretary

  

 

S-10

 

	
  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/ Forrest D. Theobald

  
	
   

  	
  Name:

  	
  Forrest D. Theobald

  
	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
  OTHER GUARANTORS

  	
  FLEETWOOD ENTERPRISES, INC.

  
	
   

  	
  FLEETWOOD CANADA LTD.

  
	
   

  	
  BUCKINGHAM DEVELOPMENT CO.

  
	
   

  	
  FLEETWOOD INTERNATIONAL INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /S/ Forrest D. Theobald

  
	
   

  	
  Name:

  	
  Forrest D. Theobald

  
	
   

  	
  Title:

  	
  Secretary

  
				

 

S-11

 

SCHEDULE 1

 

FLOOR PLAN LENDERS

 

 

Bombardier Capital Inc.

 

Textron Financial Corporation

 

Transamerica Commercial Finance Corporation

 

 

EXHIBIT AExhibit 10.1

                            ASSET PURCHASE AGREEMENT

         THIS AGREEMENT effective as of the 14th day of November 2003, by and
between Roehampton Aid Corp., a Florida corporation (the "RAC") and Total First
Aid, Inc., a Florida corporation ("Seller").

                              W I T N E S S E T H:

         WHEREAS, Seller desires to sell and RAC desires to purchase certain
assets of the of Seller used in the conduct of its business, subject to
assumption by RAC of the liabilities of Seller associated with such assets and
the conduct of operations of Seller relating to the business as hereinafter
described.

         NOW, THEREFORE, in consideration of the mutual covenants, agreements,
representations and warranties contained in this Agreement, the parties hereto
agree as follows:

SECTION 1.  SALE AND PURCHASE OF ASSETS.

         1.1 Transfer of Assets. Upon the terms and subject to the conditions of
this Agreement, RAC, at the Closing (as hereinafter defined), RAC will acquire
from Seller the following assets (collectively, the "Assets"): all of the assets
comprising Seller's Roehampton Supply product line, and all of the assets
comprising Seller's Total First Aid product line all as set forth on Schedule
1.1 attached hereto (collectively the Seller's Roehampton Supply product line
and the Total First Aid product line are referred to as the "Business").

         1.2 Components. Without limiting the generality of the foregoing, the
Assets will include the following components of the Business:

                  (a)      all customer lists;

                  (b)      all accounts receivable;

                  (c)      all inventory;

                  (d)      all trade names and trademarks;

                  (e)      all customer records and all other documents, records
                           and files, regardless of the form or medium in which
                           maintained, which pertain to the Assets and the
                           Business;

                  (f)      all permits;

                  (g)      all goodwill;

                  (h)      all contracts;

                  (i)      all purchase orders, including purchase orders
                           transmitted but not received; and

                  (j)      all rights, interests and contracts relating to
                           employees of the Business.

         1.3 Excluded Assets. No assets will be transferred to RAC except as
provided in Section 1.0 above. Specifically, but without limitation, RAC will
acquire or have assigned to third party(ies) all rights, title and interest in
and to the real property lease covering the premises at 5607 Hiatus Road, Suite
500, Tamarac, Florida, including all physical assets therein that are not part
of the Business and not owned by Van Dyne Crotty.

<PAGE>

SECTION 2.  ASSUMPTION OF LIABILITIES.

         From and after the Closing, RAC shall assume and accept responsibility
for the full, complete and prompt payment of all liabilities of Seller relating
to the Business post closing of this transaction as set forth in Schedule 1,
including, without limitation, all obligations for employees of the Business
commencing with the date hereof and subject to allocation by the parties for
accrued liabilities relating to such employees, as well as all obligations
associated with purchase orders transmitted prior to, or subsequent to, the date
hereof. RAC will also assume and accept responsibility for the full balance of
the lease dated July 25, 2002, with Westpoint Center Ltd. covering the premises
located at 5607 Hiatus Road, Suite 500, Tamarac, Florida ("Lease"), and the
employees of the Business. RAC agrees to indemnify and hold Seller harmless from
all liabilities and obligations transferred by Seller and assumed by RAC
pursuant to this Agreement.

SECTION 3.  PURCHASE PRICE.

         3.1 The Purchase Price. The purchase price to be paid by RAC for all of
the Assets and assumption of the Lease will be $100.00 and other good and
valuable consideration, and Seller will have a 30% of pre-tax profits interest
("Profit Interest") of the Business for 24 months from the date of Closing of
this transaction, providing Seller lends to the Buyer $60,000 on a three year 6%
Note ("Note") (interest payable annually). The profits interest will commence
when the loan is received by RAC (the "Purchase Price") will be payable at
Closing. The Profit Interest will become effective providing the Note is funded
before January 1, 2004.

         3.2 Allocation of Purchase Price. The parties have agreed to allocate
the total Purchase Price as set forth in Schedule 3.2. The parties agree that
any tax returns or other tax information that they may be filed in the
government agency shall be prepared and filed consist with such allocation. RAC
and Seller will upon written request to the other, provide the requesting party
with those portions of the appropriate internal revenue service forms which may
be required by the requesting party in connection with an examination of the
requesting parties tax returns.

         3.3 Prorations. Within thirty (30) days after the Closing, the RAC and
Seller shall determine any final Closing prorations and any other settlements
necessary to properly compensate each party for payments made on each others
behalf.

SECTION 4.  REPRESENTATIONS  AND WARRANTIES OF SELLER.

         Seller makes the representations and warranties to RAC set forth below.

         4.1 Due Incorporation. Seller is a corporation duly organized, validly
existing and in good standing under the laws of the State of Florida.

                                     2 of 8
<PAGE>

         4.2 Corporate Power of Seller. Seller has the full legal right and
power and all authority and approval required to enter into, execute and deliver
this Agreement and to perform fully its obligations hereunder.

         4.3 Due Authority. Seller has all power and authority necessary to
enable it to carry out the transactions contemplated by this Agreement. The
execution and delivery of this Agreement and the consummation of the
transactions contemplated by it have been authorized by all necessary corporate
action on the part of Seller. This Agreement is a valid and binding agreement of
Seller, enforceable against Seller in accordance with its terms. Neither the
execution and delivery of this Agreement by Seller nor the consummation of the
transactions contemplated by this Agreement will violate, result in a breach of,
or constitute a default under any agreement or instrument to which Seller is a
party or by which Seller is bound, or any order, rule or regulation of any court
or governmental agency having jurisdiction over Seller.

         4.4 No Consents. No governmental filings, authorizations, approvals or
consents are required to permit Seller to fulfill all of its obligations under
this Agreement.

         4.5 No Breach. The execution, delivery and performance of this
Agreement and the consummation of the transactions contemplated hereby will not
(i) violate any provision of the Articles of Incorporation or By-Laws of Seller;
(ii) violate, conflict with or result in the breach of any of the terms of,
result in a material modification of, otherwise give any other contracting party
the right to terminate, or constitute (or with notice or lapse of time or both)
a default under any contract or other agreement to which Seller is a party;
(iii) violate any order, judgment, injunction, award or decree of any court,
arbitrator or governmental or regulatory body against, or binding upon Seller,
or upon the properties or business of Seller; or (iv) violate any statute, law
or regulation of any jurisdiction applicable to Seller.

         4.6 Compliance with Laws. Seller has complied in all material respects
with all federal, state, county and local laws, ordinances, regulations,
inspections, orders, judgments, injunctions, awards or decrees applicable to the
Assets.

         4.7 Actions and Proceedings. There is no outstanding order, judgment,
injunction, award or decree of any court, governmental or regulatory body or
arbitration tribunal against or involving the Seller in respect of, or in
connection with, the Assets; (ii) there is no action, suit, claim or legal,
administrative or arbitration proceeding or, to the best knowledge of Seller
after due inquiry, any investigation (whether or not the defense thereof or
liabilities in respect thereof are covered by insurance) pending, which would
effect the Assets.

         4.8 No Liens. Seller owns the Assets free and clear of all liens,
charges, encumbrances and security interests, and at the Closing, RAC will
acquire good and marketable title to the Assets.

         4.9 Brokers' Fees. Seller nor its affiliates have no liability or
obligation to pay any fees or commissions to any broker, finder or agent with
respect to the transactions contemplated by this Agreement for which the RAC
could become liable or obligated.

                                     3 of 8
<PAGE>

SECTION 5.  REPRESENTATIONS AND WARRANTIES OF RAC.

         RAC represents and warrants to Seller as follows:

         5.1 Due Incorporation. RAC is a corporation duly organized, validly
existing and in good standing under the laws of the State of Florida.

         5.2 Corporate Power of RAC. RAC has the full legal right and power and
all authority and approval required to enter into, execute and deliver this
Agreement and to perform fully its obligations hereunder.

         5.3 Due Authority. RAC has all power and authority necessary to enable
it to carry out the transactions contemplated by this Agreement. The execution
and delivery of this Agreement and the consummation of the transactions
contemplated by it have been authorized by all necessary corporate action on the
part of RAC, including shareholder approval, if required. This Agreement is a
valid and binding agreement of RAC, enforceable against RAC in accordance with
its terms. Neither the execution and delivery of this Agreement by RAC nor the
consummation of the transactions contemplated by this Agreement will violate,
result in a breach of, or constitute a default under, any agreement or
instrument to which RAC is a party or by which RAC is bound, or any order, rule
or regulation of any court or governmental agency having jurisdiction over RAC.

         5.4 No Breach. The execution, delivery and performance of this
Agreement and the consummation of the transactions contemplated hereby will not
(i) violate any provision of the Articles of Incorporation or By-Laws of RAC;
(ii) violate, conflict with or result in the breach of any of the terms of,
result in a material modification of, otherwise give any other contracting party
the right to terminate, or constitute (or with notice or lapse of time or both)
a default under any contract or other agreement to which RAC is a party; (iii)
violate any order, judgment, injunction, award or decree of any court,
arbitrator or governmental or regulatory body against, or binding upon RAC, or
upon the properties or business of RAC; or (iv) violate any statute, law or
regulation of any jurisdiction applicable to RAC.

         5.5 Cash Flow Requirements. RAC acknowledges that it has been informed
by Seller that the anticipated cash flow requirements in the ordinary course of
the Business in which it is currently conducted should range from $35,000 to
$50,000 for up to the next 60 days.

         5.6 Brokers' Fees. RAC nor its affiliates have no liability or
obligation to pay any fees or commissions to any broker, finder or agent with
respect to the transactions contemplated by this Agreement for which the Seller
could become liable or obligated.

SECTION 6.  CLOSING ITEMS.

         6.1 RAC's Deliveries. At Closing, RAC shall deliver to Seller the
following monies and documents:

                  (a)      the Purchase Price, in accordance with Section 3.1
                           above;

                                     4 of 8
<PAGE>

                  (b)      a "good standing certificate" for RAC obtained from
                           the Florida Department of State dated as a date
                           reasonably proximate to the Closing Date;

                  (c)      a certified copy of a resolution of RAC's Board of
                           Directors authorizing the execution and delivery of
                           this Agreement and the purchase of the Assets; and

                  (d)      such other documents and instruments as Seller and
                           its counsel may reasonably request in connection with
                           the consummation of the transaction contemplated by
                           this Agreement.

         6.2 Seller's Deliveries. At Closing, Seller shall deliver to RAC the
following monies and documents:

                  (a)      a "good standing certificate" for Seller obtained
                           from the Florida Department of State dated as a date
                           reasonably proximate to the Closing Date;

                  (b)      a certified copy of a resolution of Seller's Board of
                           Directors authorizing the execution and delivery of
                           this Agreement and the purchase of the Assets and
                           assumption of the liabilities; and

                  (c)      such other documents and instruments as RAC and its
                           counsel may reasonably request in connection with the
                           consummation of the transaction contemplated by this
                           Agreement.

SECTION 7.  INDEMNIFICATION.

         7.1 Indemnification by Seller. Seller shall indemnify, defend, and hold
RAC and its representatives, successor, and assigns, harmless from and against
any and all damage, loss, judgments, or liability and all expenses (including
reasonable attorneys' fees) incurred by any of the above-named persons,
resulting from or in connection with:

                  (a)      the Assets or the operation of the Business prior to
                           the Closing Date, and/or

                  (b)      any material breach by Seller of any representation,
                           warranty or covenant made by Seller in, or any
                           obligation of Seller under, this Agreement.

                  The maximum amount which may be recovered from Seller pursuant
to this Section 7.1 shall not, in the aggregate, exceed the Purchase Price. No
claim for indemnification may be made under this Agreement by RAC unless Seller
is given written notice of such claim within two years after the date of this
Agreement.

         7.2 Indemnification by RAC. RAC shall indemnify, defend, and hold
Seller and its representatives, successor, and assigns, harmless from and
against any and all damage, loss, judgments, or liability and all expenses
(including reasonable attorneys' fees) incurred by any of the above-named
persons, resulting from or in connection with:

                                     5 of 8
<PAGE>

                  (a)      the Assets or the operation of the Business on and
                           after to the Closing Date;

                  (b)      any liabilities assumed by RAC under this Agreement;
                           and/or

                  (c)      any material breach by RAC of any representation,
                           warranty or covenant made by RAC in, or any
                           obligation of RAC, this Agreement.

SECTION 8.  FURTHER ASSURANCES.

         Each of the parties shall execute such documents and other papers and
take such further actions as may be reasonably required or desirable to carry
out the provisions hereof and the transactions contemplated hereby. In addition
and following the Closing, RAC and Seller shall grant to the other reasonable
access to the books and records of the Business so as to permit, if necessary,
the filing of tax returns, audits of tax returns or other bona fide purposes.

SECTION 9.  MISCELLANEOUS.

         9.1 Notices. Any notice or other communication required or which may
given hereunder shall be in writing and shall be delivered personally,
telegraphed, telexed, sent by facsimile transmission or sent by certified,
registered, or express mail, postage prepaid, and shall be deemed given when so
delivered personally, telegraphed, telexed or sent by facsimile transmission or
if mailed, three (3) days after the date of mailing, as follows:

                  If to RAC:              Roehampton Aid Corp.
                                          5800 Hamilton Way
                                          Boca Raton, FL 33496
                                          Attention: James G. Dodrill, President
                                          Telephone:        (561) 862-0529
                                          Fax:              (561) 862-0927

                  If to Seller, to:       Total First Aid, Inc.
                                          5607 Hiatus Road, Suite 500
                                          Tamarac, FL 33301
                                          Attention: Michel Marengere, Chairman
                                          Telephone:        (954) 724-2929
                                          Fax:              (954) 724-1117

                  Any party may by notice given in accordance with this Section
to the other parties designate another address or person for receipt of notice
hereunder.

         9.2 Entire Agreement. This Agreement (including the Exhibits and
Schedules hereto) and any collateral agreements executed in connection with the
consummation of the transactions contemplated herein contain the entire
agreement among the parties with respect to the subject matter hereof and
related transactions, and supersede all prior agreements, written or oral, with
respect thereto.

                                     6 of 8
<PAGE>

         9.3 Waivers and Amendments. This Agreement may be amended, modified,
superseded, canceled, renewed or extended, and the terms and conditions hereof
may be waived, only by a written instrument signed by the parties or, in the
case of a waiver, by the party waiving compliance.

         9.4 Remedies Not Exclusive. The rights and remedies herein provided are
cumulative and are not exclusive of any rights or remedies which any party may
otherwise have at law or in equity. The rights and remedies of any party based
upon, arising out of or otherwise in respect of any inaccuracy in or breach of
any representation, warranty, covenant or agreement contained in this Agreement
shall in no way be limited by the fact that the act, omission, occurrence or
other state of facts upon which the claim of any inaccuracy or breach is based
may also be the subject matter of any other representation, warranty, covenant
or agreement contained in this Agreement (or in any other agreement between the
parties) as to which there is no inaccuracy or breach.

         9.5 Governing Law; Venue. This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of Florida,
without regard to the conflicts of law provisions thereof. The parties further:
(a) agree that any legal suit, action or proceeding arising out of or relating
to this Agreement shall be instituted exclusively in any Federal or State court
of competent jurisdiction within the County of Palm Beach, State of Florida, (b)
waive any objection that they may have now or hereafter to the venue of any such
suit, action or proceeding, and (c) irrevocably consent to the in personam
jurisdiction of any Federal or State court of competent jurisdiction within the
County of Palm Beach, State of Florida in any such suit, action or proceeding.
The parties each further agree to accept and acknowledge service of any and all
process which may be served in any such suit, action or proceeding in a Federal
or State court of competent jurisdiction within the County of Palm Beach, State
of Florida, and that service of process upon the parties mailed by certified
mail to their respective addresses set forth herein shall be deemed in every
respect effective service of process upon the parties, in any action or
proceeding.

         9.6 Exhibits and Schedules. The Exhibits and Schedules to this
Agreement are a part of this Agreement as if set forth in full herein.

         9.7 Headings. The headings in this Agreement are for reference purposes
only and shall not in any way affect the meaning or interpretation of this
Agreement.

         9.8 Severability. If any term or provision of this Agreement, or the
application thereof to any person or circumstance shall, to any extent, be
determined by a court of competent jurisdiction to be invalid or unenforceable,
the remainder of this Agreement or the application of such term or provision to
persons or circumstances other than those as to which it is held invalid or
unenforceable, shall not be affected thereby, and each term and provision of
this Agreement shall be valid and enforced to the fullest extent permitted by
law.

                                     7 of 8
<PAGE>

         9.9 Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed, shall constitute an original copy
hereof, but all of which together shall constitute but one and the same
document.

         9.10 No Assignment. This Agreement may not be assigned by either party
without the written consent of the non-assigning party, which consent shall not
be unreasonably withheld.

         9.11 Independent Legal Counsel. The parties have either (i) been
represented by independent legal counsel in connection with the negotiation and
execution of this Agreement, or (ii) each has had the opportunity to obtain
independent legal counsel, has been advised that it is in their best interests
to do so, and by execution of this Agreement has waived such right.

         9.12 Further Assurances. The parties shall execute such documents and
other papers and take such further action as may be reasonably required or
desirable to carryout the provisions hereof and the transactions contemplated
hereby. In addition and following the Closing, RAC and Seller shall grant to the
other reasonable access to the books and records of the Business so as to
permit, if necessary, the filing of tax returns, audits of tax returns or other
bona fide purposes.

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

                                           ROEHAMPTON AID CORP.

                                           By:   /s/ James G. Dodrill
                                                 --------------------
                                           Name:     James G. Dodrill
                                                 --------------------
                                           Its:       President
                                                 --------------------

                                           TOTAL FIRST AID, INC.

                                           By:   /s/ Michel L. Marengere
                                                 -----------------------
                                           Name:     Michel L. Marengere
                                                 -----------------------
                                           Its:       Chairman and CEO
                                                 -----------------------

                                     8 of 8

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