THIRD AMENDMENT TO WHOLESALE SECURITY AGREEMENT

QuickLinks -- Click here to rapidly navigate through this document

Exhibit 10.25

[LOGO OF TFC TEXTRON]

THIRD AMENDMENT TO WHOLESALE SECURITY AGREEMENT

        THIS THIRD AMENDMENT TO WHOLESALE SECURITY AGREEMENT ("Amendment") is made as of the 2nd day of March 2004 by and between TEXTRON FINANCIAL CORPORATION, a Delaware corporation ("Secured Party"); and the undersigned (jointly and severally, individually and collectively, "Debtor").

WITNESSETH THAT:

        WHEREAS, the Secured Party and Debtor are parties to a certain Wholesale Security Agreement dated August 21, 2002, as may have been previously amended, modified or supplemented (the "Agreement"); and

        WHEREAS, the parties hereto desire to amend certain of the terms of the Agreement;

        NOW THEREFORE, in consideration of the premises and the mutual obligations hereinafter contained, and for other good and valuable consideration, the receipt whereof is hereby acknowledged, the parties hereto agree as follows:

1.

All capitalized terms used and not otherwise defined herein shall have the same meanings provided therefore in the Agreement.

2.

Subparagraph 6.1(a) of the Agreement is hereby amended and restated in its entirety to read as follows:

"Debtor further represents, warrants, covenants, agrees and acknowledges that Debtor receives good and valuable benefit and consideration from its relationship with Fleetwood Enterprises, Inc., and as such represents, warrants, covenants, agrees and acknowledges the failure of Fleetwood Enterprises, Inc., to maintain the following financial covenants shall be an Event of Default hereunder:

Fleetwood Enterprises, Inc. shall achieve a minimum EBITDA for each period of four consecutive Fiscal Quarters as set forth below:

3.

The Agreement is further amended by deleting Schedule 9(L) and substituting in lieu thereof the Revised Schedule 9(L) attached hereto and incorporated herein by this reference.

4.

Except as amended hereby, the Agreement shall remain in full force and effect, and is in all respects hereby