Letter of Intent Regarding Loan Guarantee and Collateral Pledge Between Winnebago Industries and Manufacturers Bank & Trust Company

Summary

This letter of intent outlines an agreement where Winnebago Industries will support a $2.2 million loan from Manufacturers Bank & Trust Company to Forest City Economic Development, Inc. Winnebago Industries agrees to pledge a $500,000 certificate of deposit as collateral and guarantee any loan amounts over $1.5 million. If Forest City Economic Development, Inc. defaults or is terminated, Winnebago Industries will either purchase the property for the remaining loan balance or assume the related capital lease. The agreement is signed by representatives of both parties.

EX-4.B 5 winnebago022002_ex-4b.txt LETTER OF INTENT EXHIBIT 4b. [LOGO] MBT Manufacturers Bank & Trust Company February 5, 2002 Bruce Hertzke, President & CEO Winnebago Industries P.O. Box 474 Forest City, IA 50436 LETTER OF INTENT Dear Bruce: Manufacturers Bank (MBT) is considering a loan to Forest City Economic Development., Inc. The loan is for 95% of the project cost ($2.2 Mil. of $2.325 Mil.). It is illegal and presents unacceptable risk to make a loan of this type. Therefore, Forest City Economic Development, Inc., through MBT, requests that Winnebago Industries guarantee a portion of the loan and pledge a C.D. as additional collateral. In consideration of a loan by MBT to Forest City Economic Development, Inc. in the amount of $2.2 Mil. to build a painting facility, Winnebago Industries agrees to pledge a $500,000 certificate of deposit at MBT and guarantee any loan balances over $1,500,000. In the event of termination of CDI, or default on the MBT loan, Winnebago Industries will buy the property at the pay-off balance or assume the Capital Lease between FCED and CDI. Sincerely, - ------------------------------------- /s/ David L. Kingland President/CEO I agree substantially to these terms. - ------------------------------------- Bruce Hertzke President/CEO