<SUBMISSION>
<ACCESSION-NUMBER>0000950124-07-005488
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20071025
<ITEMS>1.01
<ITEMS>9.01
<FILING-DATE>20071031
<DATE-OF-FILING-DATE-CHANGE>20071031
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CHAMPION ENTERPRISES INC
<CIK>0000814068
<ASSIGNED-SIC>2451
<IRS-NUMBER>382743168
<STATE-OF-INCORPORATION>MI
<FISCAL-YEAR-END>1225
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-09751
<FILM-NUMBER>071203843
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2701 CAMBRIDGE COURT
<STREET2>STE 300
<CITY>AUBURN HILLS
<STATE>MI
<ZIP>48326
<PHONE>2483409090
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2701 UNIVERSITY DRIVE
<STREET2>STE 300
<CITY>AUBURN HILLS
<STATE>MI
<ZIP>48326
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>k21141e8vk.htm
<DESCRIPTION>CURRENT REPORT, DATED OCTOBER 25, 2007
<TEXT>
<HTML>
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<TITLE>e8vk</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, DC 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of report (Date of earliest event reported): October&nbsp;25, 2007</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Champion Enterprises, Inc.</B>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Michigan</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(State or Other Jurisdiction of Incorporation)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top">1-9751
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">38-2743168</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer Identification No.)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">2701 Cambridge Court, Suite&nbsp;300, Auburn Hills, Michigan
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">48326</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(248)&nbsp;340-9090</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Registrant&#146;s Telephone Number, Including Area Code)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Not Applicable</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Former Name or Former Address, if Changed Since Last Report)</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;25, 2007, Champion Home Builders Co. (&#147;Champion Homes&#148;), a wholly-owned subsidiary
of Champion Enterprises, Inc. (the &#147;Company&#148;), the Company and certain additional subsidiaries of
the Company entered into a Third Amendment to Amended and Restated Credit Agreement (the &#147;Third
Amendment&#148;) with certain financial institutions and other parties thereto as lenders (the
&#147;Lenders&#148;) and Credit Suisse, Cayman Islands Branch (&#147;Credit Suisse&#148;), as Administrative Agent,
which modifies the Amended and Restated Credit Agreement, dated as of April&nbsp;7, 2006, as amended,
among Champion Homes, the Company, the Lenders and Credit Suisse, as Administrative Agent (the
&#147;Credit Agreement&#148;). The Third Amendment will, (i)&nbsp;effective upon the issuance of the Company&#146;s
2.75% Convertible Senior Notes due 2037 (the &#147;New Notes&#148;), modify the interest rates in the Credit
Agreement and allow for the issuance of the New Notes, the repurchase of the Company&#146;s 7 5/8%
Senior Notes due 2009 (the &#147;2009 Notes&#148;), and certain restructuring of the Company&#146;s foreign
subsidiaries, and (ii)&nbsp;effective upon the repurchase of the 2009 Notes, will modify certain
financial covenants of the Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other than the Credit Agreement, as amended, there are no material relationships between
Credit Suisse or the Lenders and the Company or any of their respective affiliates, other than as
follows: (i)&nbsp;the Company and its affiliates may have customary banking relationships with one or
more of the Lenders and (ii)&nbsp;affiliates of Credit Suisse have in the past provided investment
banking and investment banking-related services to the Company and certain of its subsidiaries, and
these entities may continue to do so in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing description of the Third Amendment is qualified in its entirety by reference to
the full text of the Third Amendment, which is filed as Exhibit&nbsp;10.1 hereto and is incorporated
herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Amendment to Amended and Restated Credit Agreement</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CHAMPION ENTERPRISES, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Jay Kreindler
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Jay Kreindler, Associate General Counsel&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Assistant Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: October&nbsp;31, 2007
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Amendment to Amended and Restated Credit Agreement</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>k21141exv10w1.htm
<DESCRIPTION>THIRD AMENDMENT TO AMENDED & RESTATED CREDIT AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w1</TITLE>
</HEAD>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;10.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, dated as of October&nbsp;25, 2007
(this &#147;<U>Amendment</U>&#148; or this &#147;<U>Third Amendment</U>&#148;), to the Existing Credit Agreement (as
defined below) is made by CHAMPION HOME BUILDERS CO., a Michigan corporation (the
&#147;<U>Borrower</U>&#148;), certain of the Lenders (such capitalized term and other capitalized terms used
in this preamble and the recitals below to have the meanings set forth in, or are defined by
reference in <U>Article&nbsp;I</U> below) and, solely for purposes of Articles VI and VII, each Obligor
signatory hereto.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>W</U> <U>I</U> <U>T</U> <U>N</U> <U>E</U> <U>S</U> <U>S</U> <U>E</U> <U>T</U> <U>H</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Borrower, the Lenders and Credit Suisse, Cayman Islands Branch, as the
Administrative Agent, are all parties to the Amended and Restated Credit Agreement, dated as of
April&nbsp;7, 2006 (as amended or otherwise modified prior to the date hereof, the &#147;<U>Existing Credit
Agreement</U>&#148;, and as amended by this Amendment and as the same may be further amended,
supplemented, amended and restated or otherwise modified from time to time, the &#147;<U>Credit
Agreement</U>&#148;); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Borrower has requested that the Lenders amend certain provisions of the Existing
Credit Agreement and the Lenders are willing, on the terms and subject to the conditions
hereinafter set forth, to modify the Existing Credit Agreement as set forth below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, the parties hereto hereby covenant and agree as follows:
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt">ARTICLE I</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">DEFINITIONS</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.1. <U>Certain Definitions</U>. The following terms when used in this Amendment
shall have the following meanings (such meanings to be equally applicable to the singular and
plural forms thereof):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Amendment</U>&#148; is defined in the <U>preamble</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Borrower</U>&#148; is defined in the <U>preamble</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Credit Agreement</U>&#148; is defined in the <U>first recital</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Existing Credit Agreement</U>&#148; is defined in the <U>first recital</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Third Amendment Effective Date</U>&#148; is defined in <U>Article&nbsp;III</U>.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.2. <U>Other Definitions</U>. Terms for which meanings are provided in the
Existing Credit Agreement are, unless otherwise defined herein or the context otherwise requires,
used in this Amendment with such meanings.
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt">ARTICLE II</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">AMENDMENTS TO EXISTING CREDIT AGREEMENT</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective on (and subject to the occurrence of) the Third Amendment Effective Date, the
provisions of the Existing Credit Agreement referred to below are hereby amended in accordance with
this <U>Article&nbsp;II</U>. Except as expressly so amended, the Existing Credit Agreement shall
continue in full force and effect in accordance with its terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.1. <U>Amendments to Sections&nbsp;1.1 and 1.4</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.1.1. Section&nbsp;1.1 of the Existing Credit Agreement is hereby amended by inserting
the following definitions in the appropriate alphabetical order:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>2009 Notes Repurchase</U>&#148; means the repurchase by the Parent of up to 100% of its
2009 Notes (inclusive of principal, interest, prepayment premiums or the like) outstanding
as of the Third Amendment Effective Date, whether by means of a tender offer, defeasance,
redemption, or otherwise (including any combination of the foregoing); <U>provided</U> that
the terms and conditions, as well as the form and substance, of such repurchase shall be
reasonably satisfactory to the Administrative Agent, such terms and conditions to include,
among other things, a condition precedent to such repurchase requiring that a sufficient
number of holders of the 2009 Notes shall have executed &#147;exit consents&#148; (or the equivalent)
so that, after giving effect to the 2009 Notes Repurchase, Sections&nbsp;4.03, 4.04, 4.05, and
4.06 of the 2009 Notes Indenture shall be deleted or otherwise made to have no further force
or effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Dutch Subsidiary</U>&#148; means a newly formed Foreign Subsidiary, wholly-owned by the
Borrower, organized or incorporated under the laws of the Kingdom of the Netherlands.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Dutchco 2</U>&#148; is defined within the definition of Restructuring Transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Fixed Charge Ratio</U>&#148; means at the end of any Fiscal Quarter, the ratio computed
for the period consisting of such Fiscal Quarter and each of the three immediately prior
Fiscal Quarters of (i)&nbsp;EBITDA for all such Fiscal Quarters <U>to</U> (ii)&nbsp;Fixed Charges for
all such Fiscal Quarters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Fixed Charges</U>&#148; means, for any period, the sum of (i)&nbsp;cash Interest Expense,
(ii)&nbsp;the aggregate amount of scheduled principal payments in respect of Indebtedness of the
Parent and its Subsidiaries for such period, including that portion of rental payments with
respect to Capitalized Lease Liabilities which is or should be applied as a reduction to the
principal of such Capitalized Lease Liabilities, determined on a consolidated basis for the
Parent and its Subsidiaries in conformity with GAAP and (iii)&nbsp;Capital Expenditures
(excluding any Capital Expenditures which constitute the acquisition or construction of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">an additional manufacturing facility together with any fixed or capital assets for such
facility, not to exceed $10,000,000 in the aggregate in any Fiscal Year, pro rated for any
partial Fiscal Year).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Restructuring Transaction</U>&#148; means a restructuring involving certain Foreign
Subsidiaries consummated for the purpose of facilitating transactions permitted by Sections
8.5 or 8.9 and to efficiently deploy funds generated outside the United States, which
restructuring would require one or more of the following transactions enumerated below;
<U>provided</U> that, in any event, pursuant to the Restructuring Transaction the Dutch
Subsidiary shall become a wholly-owned Subsidiary of the Borrower, and, with respect
thereto, the Borrower shall comply with <U>Section&nbsp;7.8</U>, including the pledge of at
least 65% of the Voting Securities of the Dutch Subsidiary: (i)&nbsp;Moduline International,
Inc., which is a Subsidiary Guarantor and the parent of Moduline Industries (Canada) Ltd.,
an existing Foreign Subsidiary organized under the laws of Alberta, Canada, will merge with
and into or liquidate up into the Borrower, and, in exchange for Capital Securities, the
Borrower will transfer the Capital Securities of Moduline Industries (Canada) Ltd. to the
Dutch Subsidiary, (ii)&nbsp;Moduline Industries (Canada) Ltd. will convert to an unlimited
liability company, (iii)&nbsp;in exchange for Capital Securities, the Borrower will transfer the
Capital Securities of the UK Subsidiary to the Dutch Subsidiary, (iv)&nbsp;in exchange for a
note, the Borrower will transfer the UK Intercompany Note, the right to receive any accrued
but unpaid interest attributable to the UK Intercompany Note, and the UK Intercompany Note
Share Charge to the Dutch Subsidiary, (v)&nbsp;the Dutch Subsidiary will contribute the shares of
Moduline Industries (Canada) Ltd. to its newly formed, wholly-owned, Foreign Subsidiary
organized or incorporated under the laws of the Kingdom of the Netherlands (for purposes of
this definition, &#147;<U>Dutchco 2</U>&#148;), (vi)&nbsp;the Dutch Subsidiary will contribute the shares
of the UK Subsidiary to Dutchco 2, and (vii)&nbsp;the Dutch Subsidiary will contribute the UK
Intercompany Note, the right to receive any accrued but unpaid interest attributable to the
UK Intercompany Note, and the UK Intercompany Note Share Charge to Dutchco 2.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Senior Leverage Ratio</U>&#148; means, at the end of any Fiscal Quarter, the ratio of
(i)&nbsp;Total Senior Debt outstanding on the last day of such Fiscal Quarter <U>to</U> (ii)
EBITDA for the period of four consecutive Fiscal Quarters ended on such date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Structurally Subordinated Note Documentation</U>&#148; means all agreements, documents
and instruments entered into in connection with the Structurally Subordinated Notes,
including, without limitation, any indentures or other agreements related to the offering,
issuance or marketing of such notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Structurally Subordinated Notes</U>&#148; means senior unsecured promissory notes
issued by the Parent in form and substance satisfactory to the Administrative Agent in an
aggregate principal amount of not less than $100,000,000; <U>provided</U> that (i)&nbsp;such
notes shall be issued on or before the Third Amendment Effective Date, (ii)&nbsp;such notes shall
mature no earlier than November&nbsp;1, 2012, and (iii)&nbsp;the net proceeds received in respect
thereof shall be applied (notwithstanding <U>Section&nbsp;8.8</U> and without regard to
<U>clauses</U> <U>(e)</U> or <U>(g) </U>of <U>Section&nbsp;3.1.1</U>) as follows: (x)&nbsp;first,
to the prepayment of at least $8,000,000 in aggregate principal amount of the Term Loans,
together with accrued and unpaid interest
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">on such prepaid amount, (y)&nbsp;second, to the repurchase of up to 100% of the 2009 Notes
(pursuant to the 2009 Notes Repurchase), inclusive of principal, accrued interest thereon
and all prepayment premiums or the like in respect thereof, if any, (however, if less than
$89,000,000 is used within 90&nbsp;days of the Third Amendment Effective Date to repurchase the
2009 Notes as provided above, to an additional prepayment of Term Loans in an aggregate
principal amount (together with accrued and unpaid interest on such prepaid amount) equal to
the difference between $89,000,000 and the amount actually used to repurchase such 2009
Notes), and (z)&nbsp;third, to the extent of any remaining net proceeds, for any use otherwise
permitted under this Agreement; <U>provided</U>, <U>further</U>, that neither the Borrower
nor any other Subsidiary of the Parent shall, directly or indirectly, guaranty the
Structurally Subordinated Notes, any obligations in respect thereof, or otherwise incur or
become liable for any Contingent Liabilities in respect thereof, unless such guaranty or
other Contingent Liability constitutes Subordinated Debt of the type described in
<U>clause</U> <U>(ii)</U> of the definition thereof (but without regard to the requirement
set forth in such <U>clause</U> <U>(ii)</U> relating to a maturity no earlier than 7 <FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT>
years following the Closing Date).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Subordinated Debt</U>&#148; means (i) (x)&nbsp;the Structurally Subordinated Notes and (y)
any other senior unsecured Indebtedness of the Parent maturing not earlier than November&nbsp;1,
2012, which Indebtedness shall not be guaranteed, directly or indirectly, by the Borrower or
any other Subsidiaries of the Parent, nor shall the Borrower or any such other Subsidiary
otherwise incur or become liable for any Contingent Liabilities in respect of such
Indebtedness, unless such guaranty or other Contingent Liability constitutes Subordinated
Debt of the type described in <U>clause</U> <U>(ii)</U> below and (ii)&nbsp;other unsecured
Indebtedness of the Parent, the Borrower or any of their Subsidiaries which is contractually
subordinated in right of payment to all Obligations and which is subject to documentation
containing redemption and other repayment and prepayment events, maturities (which maturity
shall not be earlier than 7 <FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT> years following the Closing Date), amortization schedules,
covenants, events of default, remedies, acceleration rights, subordination provisions and
other material terms satisfactory to the Administrative Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Third Amendment</U>&#148; means the Third Amendment to Amended and Restated Credit
Agreement, dated as of October&nbsp;25, 2007, among the Borrower and the Lenders party thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Third Amendment Effective Date</U>&#148; means the Third Amendment Effective Date as
that term is defined in Article&nbsp;III of the Third Amendment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Total Senior Debt</U>&#148; means Total Debt, exclusive of any such Indebtedness
constituting Subordinated Debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.1.2. Section&nbsp;1.1 of the Existing Credit Agreement is hereby further amended as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The definition of &#147;<U>Applicable Margin</U>&#148; is amended in its entirety to read as
follows:
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Applicable Margin</U>&#148; means (a)(i) 3.25% for US Term Loans maintained as LIBO Rate
Loans, (ii)&nbsp;2.25% for US Term Loans maintained as Base Rate Loans and (iii)&nbsp;3.25% for Sterling Term
Loans, (b)(i) 3.25% for Revolving Loans maintained as LIBO Rate Loans and (ii)&nbsp;2.25% for Revolving
Loans maintained as Base Rate Loans, and (c)&nbsp;with respect to all Participation Fees, 3.25%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Clause (b)(i) of the definition of &#147;<U>Excess Cash Flow</U>&#148; is hereby amended by
inserting a parenthetical phrase which shall read &#147;(other than any prepayment of a Term Loan
pursuant to the second sentence of Section&nbsp;7.7)&#148; immediately following the phrase &#147;or voluntary
prepayments&#148; as it appears in such clause (b)(i).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The definition of &#147;<U>Permitted Foreign Acquisition</U>&#148; is amended in its entirety to
read as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Permitted Foreign Acquisition</U>&#148; means an acquisition by the Parent or any of its
Subsidiaries of all of the Capital Securities (by merger, acquisition, purchase or otherwise), or
any division or all or substantially all of the assets, of any Foreign Person; <U>provided</U>
that, in the case of any such acquisition made by any Obligor, the consideration paid for all such
acquisitions (exclusive of the UK Acquisition and the Restructuring Transaction) shall not exceed
$30,000,000 in the aggregate during the term of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The definition of &#147;<U>Restricted Payment</U>&#148; is amended by deleting the period (&#147;.&#148;) at
the end thereof and inserting the following proviso:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>provided</U>, <U>however</U>, that the payment of stated interest on Subordinated Debt
(to the extent incurred in compliance with this Agreement) on the date scheduled therefor pursuant
to the documentation or instruments related thereto shall not constitute a Restricted Payment.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.1.3. Section&nbsp;1.4(b) of the Existing Credit Agreement is hereby amended by restating
the first phrase (prior to the first parenthetical) of the first sentence as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;For purposes of computing the Leverage Ratio, the Senior Leverage Ratio, the
Interest Coverage Ratio, and the Fixed Charge Ratio, such ratios&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.2. <U>Amendment to Section&nbsp;7.7</U>. Section&nbsp;7.7 of the Existing Credit Agreement
is hereby amended by adding a new sentence to the end thereof which shall read as follows: &#147;The
Parent shall apply the net proceeds received from the issuance of the Structurally Subordinated
Notes (notwithstanding <U>Section&nbsp;8.8</U> and without regard to <U>clauses</U> <U>(e)</U> or
<U>(g)</U> of <U>Section&nbsp;3.1.1</U>) as follows: (x)&nbsp;first, to the prepayment of at least
$8,000,000 in aggregate principal amount of the Term Loans, together with accrued and unpaid
interest on such prepaid amount, (y)&nbsp;second, to the repurchase of up to 100% of the 2009 Notes
(pursuant to the 2009 Notes Repurchase), inclusive of principal, accrued interest thereon and all
prepayment premiums or the like in respect thereof, if any, (however, if less than $89,000,000 is
used within 90&nbsp;days of the Third Amendment Effective Date to repurchase the 2009 Notes as provided
above, to an additional prepayment of Term Loans in an aggregate principal amount (together with
accrued and unpaid interest on such prepaid amount) equal to the difference between $89,000,000 and
the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">amount actually used to repurchase such 2009 Notes), and (z)&nbsp;third, to the extent of any
remaining net proceeds, for any use otherwise permitted under this Agreement.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.3. <U>Amendment to Article&nbsp;VII</U>. Article&nbsp;VII of the Existing Credit Agreement
is hereby amended to add a new Section&nbsp;7.14 which shall read as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;SECTION 7.14 <U>2009 Notes Repurchase</U>. The Parent shall deposit all proceeds from the
issuance of the Structurally Subordinated Notes into a Deposit Account or Securities Account that
is subject to a Control Agreement until such time as such proceeds are used in accordance with
<U>Section&nbsp;7.7</U> hereof. Subject to the terms and conditions hereof and the 2009 Notes
Repurchase, all 2009 Notes to be repurchased pursuant to the 2009 Notes Repurchase shall be
repurchased within 90&nbsp;days of the Third Amendment Effective Date.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.4. <U>Amendment to Section&nbsp;8.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.4.1. Section&nbsp;8.2 of the Existing Credit Agreement is hereby amended by (i)&nbsp;deleting
clauses (m)&nbsp;and (n), and (ii)&nbsp;inserting new clauses (m), (n), (o)&nbsp;and (p)&nbsp;to read as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;Indebtedness in respect of Subordinated Debt (other than the Structurally
Subordinated Notes); <U>provided</U> that, prior to the incurrence of any such Indebtedness, the
Parent shall have furnished to the Administrative Agent (for the benefit of the Lenders) a
certificate executed by the Parent&#146;s chief financial officer or chief accounting officer certifying
compliance with the covenants set forth in <U>Articles VII</U> and <U>VIII</U> hereof both before
and after giving effect to the incurrence of such Indebtedness; <U>provided</U> that, with respect
to the financial covenants set forth in <U>Section&nbsp;8.4</U> hereof, such certificate shall certify
such compliance (as of the most recently ended four full Fiscal Quarters for which financial
statements have been delivered pursuant to Section&nbsp;7.1, immediately preceding the date on which
such Indebtedness is incurred) and set forth calculations, in reasonable detail, demonstrating such
compliance, in each case on a pro forma basis as if such Indebtedness had been incurred on the
first day of such four-quarter period;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;Indebtedness in respect of the Structurally Subordinated Notes; <U>provided</U> that the
net proceeds in respect thereof are applied as set forth in <U>Section&nbsp;7.7</U> of the Third
Amendment;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;Permitted Refinancings of the Indebtedness listed above (other than Indebtedness of the
type permitted under <U>clause</U> <U>(a)</U> hereof); <U>provided</U> that, in the case of
Subordinated Debt (including the Structurally Subordinated Notes), the Indebtedness refinancing or
modifying such Indebtedness (i)&nbsp;shall constitute Subordinated Debt of the type described in
<U>clause</U> <U>(ii)</U> of the definition thereof and (ii)&nbsp;shall not provide for any payments,
repayments, purchases or repurchases of principal prior to the date that is seven and one-half
years after the Closing Date; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;Indebtedness of the UK Subsidiary in respect of the UK Intercompany Loan and Indebtedness
of the Dutch Subsidiary owing to an Obligor arising out of the Restructuring Transaction.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.4.2. The proviso at the end of Section&nbsp;8.2 of the Existing Credit Agreement is
amended in full to read as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>provided</U>, <U>however</U>, that no Indebtedness otherwise permitted by
<U>clauses</U> <U>(d)</U>, <U>(e)(ii)</U>, <U>(f)</U>, <U>(g)</U>, <U>(h)</U>,
<U>(i)</U>, <U>(k)</U>, <U>(l)</U>, <U>(m)</U> or <U>(o)</U> shall be assumed, created
or otherwise incurred if a Default has occurred and is then continuing or would result
therefrom&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.5. <U>Amendment to Section&nbsp;8.4</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.5.1. Clause (a)&nbsp;of Section&nbsp;8.4 of the Existing Credit Agreement is hereby amended
by deleting in its entirety the text and existing table set forth therein and inserting the text
and table set forth below in lieu thereof:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Parent and the Borrower will not permit the Senior Leverage Ratio as of the last day
of any Fiscal Quarter set forth below to be greater than the ratio set forth opposite such Fiscal
Quarter:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B><I>Fiscal Quarter</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B><I>Senior Leverage Ratio</I></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><I>Fourth Fiscal Quarter of 2007</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>3.50:1</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>First Fiscal Quarter of 2008</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>3.25:1</I></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><I>Second Fiscal Quarter of 2008</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>3.00:1</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>Third Fiscal Quarter of 2008</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>3.00:1</I></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><I>Fourth Fiscal Quarter of 2008</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>3.00:1</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>First Fiscal Quarter of 2009</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>3.00:1</I></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><I>Second Fiscal Quarter of 2009</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>3.00:1</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>Third Fiscal Quarter of 2009</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>3.00:1</I></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><I>Fourth Fiscal Quarter of 2009</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.75:1</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>First Fiscal Quarter of 2010</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.75:1</I></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><I>Second Fiscal Quarter of 2010</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.75:1</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>Third Fiscal Quarter of 2010</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.75:1</I></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><I>Fourth Fiscal Quarter of 2010</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.50:1</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>First Fiscal Quarter of 2011</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.50:1</I></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><I>Second Fiscal Quarter of 2011</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.50:1</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>Third Fiscal Quarter of 2011</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.50:1</I></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><I>Fourth Fiscal Quarter of 2011</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.25:1</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>First Fiscal Quarter of 2012</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.25:1</I></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><I>Second Fiscal Quarter of 2012</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.25:1</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>Each Fiscal Quarter thereafter</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.00:1</I></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.5.2. Clause (b)&nbsp;of Section&nbsp;8.4 of the Existing Credit Agreement is hereby amended
in its entirety to read as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;(b) The Parent and Borrower will not permit the Interest Coverage Ratio as of the last day of
any Fiscal Quarter set forth below to be less than the ratio set forth opposite such Fiscal
Quarter:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B><I>Fiscal Quarter</I></B></TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>Interest Coverage Ratio</I></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><I>Fourth Fiscal Quarter of 2007</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.25:1</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>First Fiscal Quarter of 2008</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.25:1</I></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><I>Second Fiscal Quarter of 2008</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.25:1</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>Third Fiscal Quarter of 2008</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.25:1</I></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><I>Fourth Fiscal Quarter of 2008</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.25:1</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>First Fiscal Quarter of 2009</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.25:1</I></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><I>Second Fiscal Quarter of 2009</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.25:1</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>Third Fiscal Quarter of 2009</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.25:1</I></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><I>Fourth Fiscal Quarter of 2009</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.50:1</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>First Fiscal Quarter of 2010</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.50:1</I></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><I>Second Fiscal Quarter of 2010</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.50:1</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>Third Fiscal Quarter of 2010</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.50:1</I></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><I>Fourth Fiscal Quarter of 2010</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.75:1</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>First Fiscal Quarter of 2011</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.75:1</I></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><I>Second Fiscal Quarter of 2011</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.75:1</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>Third Fiscal Quarter of 2011</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>2.75:1</I></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><I>Each Fiscal Quarter thereafter</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>3.00:1</I></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.5.3. Section&nbsp;8.4 of the Existing Credit Agreement is hereby further amended by
adding a new clause (c)&nbsp;at the end of such Section&nbsp;8.4 to read in its entirety as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Parent and the Borrower will not permit the Fixed Charge Ratio as of the last day of
any Fiscal Quarter to be less than 1.25:1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.6. <U>Amendment to Section&nbsp;8.5</U>. Clause (g)&nbsp;of Section&nbsp;8.5 of the Existing
Credit Agreement is hereby amended in its entirety to read as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;(g) Investments made by Parent, the Borrower and their Subsidiaries constituting the UK
Acquisition, the Restructuring Transaction or Permitted Acquisitions permitted pursuant to
<U>Section&nbsp;8.9</U>;&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.7. <U>Amendment to Section&nbsp;8.6</U>. Clause (d)&nbsp;of Section&nbsp;8.6 of the Existing
Credit Agreement is hereby amended by adding the following proviso before the final semi-colon at
the end of that clause:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;, <U>provided</U>, <U>further</U>, that subclauses (i), (ii), and (iii)&nbsp;of the foregoing
proviso will not apply to the repurchase of the 2009 Notes by the Parent pursuant to the 2009 Notes
Repurchase with net proceeds received from the issuance of the Structurally Subordinated Notes&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.8. <U>Amendment to Section&nbsp;8.8</U>. Clause (f)&nbsp;of Section&nbsp;8.8 of the Existing
Credit Agreement is hereby amended in its entirety to read as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;(f) in the case of the Parent, (i)&nbsp;to any Person, so long as the Net Equity Proceeds from
such issuance are applied to repay the Loans as required by the terms of this Agreement and such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Capital Securities are not Redeemable Capital Securities or (ii)&nbsp;in connection with the conversion
of an instrument that was originally issued in compliance with this Agreement.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.9. <U>Amendment to Section&nbsp;8.9</U>. The last sentence of Section&nbsp;8.9 of the
Existing Credit Agreement is hereby amended in its entirety to read as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Notwithstanding anything to the contrary contained herein, the UK Acquisition
and the Restructuring Transaction shall be permitted.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.10. <U>Amendment to Section&nbsp;8.11</U>. Clause (a)&nbsp;of Section&nbsp;8.11
of the Existing Credit Agreement is hereby amended in its entirety to read as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;(a) any of the 2007 Notes, the 2007 Notes Indenture, the 2009 Notes, the 2009
Notes Indenture, the documentation in respect of and related to the 2009 Notes
Repurchase, the Offer to Purchase, the UK Transaction Documents, the Structurally
Subordinated Notes, and the Structurally Subordinated Note Documentation (other
than, in each case, (i)&nbsp;ministerial amendments, supplements, waivers or
modifications or (ii)&nbsp;other amendments, supplements, waivers or modifications that
do not affect the Lenders in an adverse manner); or&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.11. <U>Amendment to Section&nbsp;8.12</U>. The proviso at the end of Section&nbsp;8.12 of
the Existing Credit Agreement is hereby amended in its entirety to read as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;; <U>provided</U>, that the following shall in any event be permitted: (i)&nbsp;the
Transactions, (ii)&nbsp;transactions permitted under this Agreement among the Obligors, (iii)&nbsp;loans and
advances permitted under <U>clause (j)</U> of <U>Section&nbsp;8.5</U>, and (iv)&nbsp;the Restructuring
Transaction.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.12 <U>Amendment to Section&nbsp;8.15</U>. Clause (iii)&nbsp;of Section&nbsp;8.15 of the Existing
Credit Agreement is hereby amended in its entirety to read as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;(iii) performing its obligations under the 2009 Notes, the 2009 Notes Indenture, the 2009
Notes Repurchase, the Structurally Subordinated Notes, and the Structurally Subordinated Note
Documentation, and&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.13 <U>Amendment to Section&nbsp;9.1.3</U>. Section&nbsp;9.1.3 of the Existing Credit
Agreement is hereby amended by inserting &#147;, <U>7.14</U>&#148; in such Section immediately following the
reference to Section&nbsp;7.8 set forth therein.
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt">ARTICLE III</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">CONDITIONS TO EFFECTIVENESS</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.1. <U>Conditions to Effectiveness</U>. This Amendment, other than the provisions
of <U>Sections&nbsp;2.5.1</U>, <U>2.5.2</U>, and <U>2.5.3</U>, shall become effective upon the prior
or simultaneous satisfaction of each of the following conditions in a manner reasonably
satisfactory to the Administrative Agent (the date when all such conditions are so satisfied being
the &#147;<U>Third Amendment Effective Date</U>&#148;):
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.1.1 <U>Counterparts</U>. The Administrative Agent shall have received
counterparts hereof executed on behalf of the Borrower, each other Obligor, and the Required
Lenders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.1.2. <U>Issuance of Structurally Subordinated Notes and Commencement of 2009 Notes
Repurchase</U>. The Structurally Subordinated Notes shall have been issued by the Parent in an
aggregate principal amount of not less than $100,000,000, the Parent shall have commenced the 2009
Notes Repurchase and, to the extent applicable, the Parent shall have complied with Sections&nbsp;7.7
and 7.14 of the Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.1.3. <U>Amendment Fee</U>. The Administrative Agent shall have received for the
pro rata account of each Lender (that has delivered its signature page in a manner and before the
time set forth below), based upon such Lender&#146;s applicable Percentages, an amendment fee in an
amount equal to 0.25% of the Total Exposure Amount as of the Third Amendment Effective Date
(including any amounts drawn under the Letter of Credit Facility), but payable only (i)&nbsp;upon the
effectiveness of the Third Amendment and (ii)&nbsp;to each Lender that has delivered (including by way
of facsimile or other electronic transmission) its executed signature page to this Amendment to the
attention of Todd A. Matras at Allen &#038; Overy LLP, 1221 Avenue of the Americas, New York, New York
10020, facsimile number: (212)&nbsp;610-6399, at or prior to 1:00 P.M. (New York City time) on October
25, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.1.4. <U>Costs and Expenses, etc</U>. The Administrative Agent shall have received
for the account of itself and each Lender, all fees, costs and expenses due and payable pursuant to
Sections&nbsp;3.3 and 12.3 of the Existing Credit Agreement (including without limitation the fees and
expenses of Allen &#038; Overy LLP, special New York counsel to the Administrative Agent), if then
invoiced, together with all other fees separately agreed to by the Borrower and the Administrative
Agent (or any of its Affiliates).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.1.5. <U>Certificate of Authorized Officer</U>. The Borrower shall have delivered
a certificate of an Authorized Officer, solely in his or her capacity as an Authorized Officer of
the Borrower and not in his or her individual capacity, certifying that, both immediately before
and after giving effect to the this Amendment on the Third Amendment Effective Date, the statements
set forth in Sections&nbsp;4.1 and 4.2 hereof are true and correct.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.1.6. <U>Satisfactory Legal Form</U>. The Administrative Agent and its counsel
shall have received all information, and such counterpart originals or such certified or other
copies of such materials, as the Administrative Agent or its counsel may reasonably request, and
all legal matters incident to the effectiveness of this Amendment shall be satisfactory to the
Administrative Agent and its counsel. All documents executed or submitted pursuant hereto or in
connection herewith shall be reasonably satisfactory in form and substance to the Administrative
Agent and its counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.1.7. <U>Legal Opinion</U>. The Administrative Agent shall have received a legal
opinion of legal counsel to the Obligors (which may be its in-house legal counsel) that neither (i)
the execution, delivery or performance of this Amendment or the Credit Agreement, as amended
hereby, nor (ii)&nbsp;any aspect of the 2009 Notes Repurchase effected on or before the Third
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Amendment Effective Date, conflicts with or results in a default under the 2009 Notes
Indenture or the 2009 Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.2. <U>Conditions to Effectiveness of Financial Covenant Amendments</U>.
<U>Sections&nbsp;2.6.1</U>, <U>2.6.2</U>, and <U>2.6.3</U> of this Amendment shall become effective
on the date when the Parent shall have effected the 2009 Notes Repurchase in the manner
contemplated by this Amendment and the Credit Agreement and not in conflict with the 2009 Notes
Indenture.
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt">ARTICLE IV</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">REPRESENTATIONS AND WARRANTIES</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To induce the Lenders to enter into this Amendment, the Borrower represents and warrants to
the Lenders as set forth below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.1. <U>Validity, etc</U>. This Amendment and the Credit Agreement (after giving
effect to this Amendment) each constitutes the legal, valid and binding obligation of the Borrower
enforceable in accordance with its terms subject to the effects of bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting
creditors&#146; rights generally, general equitable principles (whether considered in a proceeding in
equity or at law) and an implied covenant of good faith and fair dealing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.2. <U>Representations and Warranties, etc</U>. Both before and after giving
effect to this Amendment, the statements set forth in clauses (a)&nbsp;and (b)&nbsp;of Section&nbsp;5.3.1. of the
Existing Credit Agreement are true and correct.
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt">ARTICLE V</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">CONSENT</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.1. <U>Consent to Restructuring Transaction</U>. The Required Lenders hereby
consent to the Borrower entering into the Restructuring Transaction and 2009 Notes Repurchase.
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt">ARTICLE VI</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">CONFIRMATION</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.1. <U>Guarantees, Security Interest, Continued Effectiveness</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each Obligor hereby reaffirms, as of the Third Amendment Effective Date, that
immediately after giving effect to this Amendment (i)&nbsp;the covenants and agreements made by such
Obligor contained in each Loan Document to which it is a party, (ii)&nbsp;with respect to each Obligor
party to a Guaranty, its guarantee of payment of the Obligations pursuant to such Guaranty and
(iii)&nbsp;with respect to each Obligor party to the Pledge and Security Agreement or a Mortgage, its
pledges and other grants of Liens in respect of the Obligations pursuant to any such Loan Document,
in each case, as such covenants, agreements and other provisions may be modified by this Amendment.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Solely in connection with the consummation of the Restructuring Transaction, the Required
Lenders hereby consent to the release of the Lien in favor of the Secured Parties on (x)&nbsp;the
Capital Securities of Moduline Industries (Canada) Ltd. and the UK Subsidiary and (y)&nbsp;the UK
Intercompany Note and the UK Intercompany Note Share Charge, in each case, pursuant to the Loan
Documents, and the Parent and the Borrower hereby agree that, simultaneously with the consummation
of the Restructuring Transaction, the Capital Securities of the Dutch Subsidiary shall be pledged
to the Secured Parties pursuant to Section&nbsp;7.8 of the Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.2. <U>Validity, etc</U>. Each Obligor (other than the Borrower) hereby represents
and warrants, as of the Third Amendment Effective Date, that immediately after giving effect to the
Amendment, each Loan Document, in each case as modified by this Amendment (where applicable and
whether directly or indirectly), to which it is a party continues to be a legal, valid and binding
obligation of such Obligor, enforceable against such party in accordance with its terms subject to
the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other
similar laws relating to or affecting creditors&#146; rights generally, general equitable principles
(whether considered in a proceeding in equity or at law) and an implied covenant of good faith and
fair dealing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.3. <U>Representations and Warranties, etc</U>. Each Obligor (other than the
Borrower) hereby represents and warrants, as of the Third Amendment Effective Date, that before and
after giving effect to the Amendment, the representations and warranties set forth in each Loan
Document to which such Obligor is a party are, in each case, true and correct (i)&nbsp;in the case of
representations and warranties not qualified by references to &#147;materiality&#148; or a Material Adverse
Effect, in all material respects and (ii)&nbsp;otherwise, in all respects, in each case with the same
effect as if then made (unless stated to relate solely to an earlier date, in which case such
representations and warranties shall be true and correct in all material respects as of such
earlier date).
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt">ARTICLE VII</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">MISCELLANEOUS</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.1. <U>Cross-References</U>. References in this Amendment to any Article or
Section are, unless otherwise specified, to such Article or Section of this Amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.2. <U>Loan Document Pursuant to Existing Credit Agreement</U>. This Amendment is
a Loan Document executed pursuant to the Existing Credit Agreement and shall (unless otherwise
expressly indicated therein) be construed, administered and applied in accordance with all of the
terms and provisions of the Existing Credit Agreement, as amended hereby, including Article&nbsp;X
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.3. <U>Successors and Assigns</U>. This Amendment shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.4. <U>Counterparts</U>. This Amendment may be executed by the parties hereto in
several counterparts, each of which when executed and delivered shall be an original and all of
which shall constitute together but one and the same agreement. Delivery of an executed
counterpart of a signature page to this Amendment by facsimile (or other electronic
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">transmission) shall be effective as delivery of a manually executed counterpart of this Amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.5. <U>Governing Law</U>. <B>THIS AMENDMENT SHALL BE GOVERENED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.6. <U>Full Force and Effect; Limited Amendment</U>. Except as expressly amended
hereby, all of the representations, warranties, terms, covenants, conditions and other provisions
of the Existing Credit Agreement and the Loan Documents shall remain unchanged and shall continue
to be, and shall remain, in full force and effect in accordance with their respective terms. The
amendments set forth herein shall be limited precisely as provided for herein to the provisions
expressly amended herein and shall not be deemed to be an amendment to, waiver of, consent to or
modification of any other term or provision of the Existing Credit Agreement or any other Loan
Document or of any transaction or further or future action on the part of any Obligor which would
require the consent of the Lenders under the Existing Credit Agreement or any of the Loan
Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTOIN 7.7. <U>No Waiver</U>. This Amendment is not, and shall not be deemed to be, a
waiver or a consent to any Event of Default, event with which the giving of notice or lapse of time
or both may result in an Event of Default, or other non-compliance now existing or hereafter
arising under the Credit Agreement and the other Loan Documents.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have executed and delivered this Third Amendment as of
the date first above written.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CHAMPION HOME BUILDERS CO.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Phyllis A. Knight
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:  Executive VP&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Solely for purposes of <U>Articles VI</U> and <U>VII</U>, each of the undersigned Obligors:<BR>
<BR>
CHAMPION ENTERPRISES, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Phyllis A. Knight
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:  Executive VP&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CHAMPION ENTERPRISES MANAGEMENT CO.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Phyllis A. Knight
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:  Executive VP&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CHAMPION RETAIL, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Phyllis A. Knight
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:  President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">DUTCH HOUSING, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Phyllis A. Knight
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:  Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">HIGHLAND ACQUISITION CORP.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Phyllis A. Knight
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:  Executive VP&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">HIGHLAND MANUFACTURING COMPANY<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Phyllis A. Knight
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:  Executive VP&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">HOMES OF MERIT, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Phyllis A. Knight
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:  Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MODULINE INTERNATIONAL, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Phyllis A. Knight
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:  Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">NEW ERA BUILDING SYSTEMS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Phyllis A. Knight
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:  Executive VP&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">NORTH AMERICAN HOUSING CORP.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Phyllis A. Knight
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:  Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">REDMAN HOMES, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Phyllis A. Knight
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:  Executive VP&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">REDMAN INDUSTRIES, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Phyllis A. Knight
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:  Executive VP&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">SAN JOSE ADVANTAGE HOMES, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Phyllis A. Knight
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:  Executive VP&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">STAR FLEET, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Phyllis A. Knight
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:  Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">WESTERN HOMES CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Phyllis A. Knight
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:  Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CREDIT SUISSE, CAYMAN ISLANDS BRANCH,<BR>
as Administrative Agent and as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">LENDER<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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