Ex. 10.62

Silverleaf Resorts, Inc.
1221 Riverbend Drive, Suite 120
Dallas, TX 75221
 
March 1, 2007
 
Wells Fargo Foothill, Inc., Individually and as Agent
13727 Noel Road, Suite 1020
Dallas, Texas 75240
Attention: Jake Welsh

Re: $35,000,000 Receivables Financial Accommodation by Wells Fargo Foothill,
Inc., Individually and as Agent to Silverleaf Resorts, Inc., dated as of
December 16, 2005 as amended by a First Amendment to Loan and Security Agreement
Receivables dated as of October 6, 2006 (the "Loan Agreement")

Dear Mr. Welsh:

Pursuant to discussions between us, you have offered and the undersigned,
SILVERLEAF RESORTS, INC., has agreed to:

A.  Modify the Loan Agreement effective as of the date of execution of this
communication by you in the following respects:

1. The definition of Applicable Interest Rate shall be deleted and the following
definition shall be substituted in lieu therefore:

Applicable Interest Rate. A variable rate, adjusted as of each day of each
calendar month, equal to the Lender Reference Rate, with interest being computed
in arrears on the basis of actual days elapsed over a year of 360 days, but in
no event shall the rate of interest at any time during the Term be less than six
(6.00%) percent (a "Floating Rate Advance"). The Lender Reference Rate on the
date of this communication is 8.25%; and

2. The introductory sentences to Section 2.3 of the Loan Agreement shall be
deleted and the following shall be substituted in lieu therefore:

2.3 Payments. From and after the Closing Date, Borrower agrees punctually to pay
or cause to be paid to Agent, as Agent for each Lender, all principal and
interest due under the Note in respect of the Loans and if applicable the Unused
Line Fee. Interest, the Unused Line Fee and all other fees payable hereunder
shall be due and payable, in arrears, on the fast day of each month at any time
that Obligations are outstanding. Borrower shall make the following payments on
the Loan:

3. Section 2.6 of the Loan Agreement shall be deleted and the following Section
2.6 shall be substituted in lieu therefore:

2.6 Fees.

a. Fee Letter Fees.  As and when due and payable under the terms of the Fee
Letter, Borrower shall pay to Agent the fees set forth in the Fee Letter; and
 
 
 

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b. Unused Line Fee.  Monthly with the payment of interest, the pro rata portion
of a fee equal to one-quarter of one percent (0.25%) per annum of the difference
between the Commitment ($35,000,000) and the average amount outstanding during
the prior calendar month, provided however that the Unused Line Fee shall only
be due and payable in the event that Borrower, between the ninetieth (90th)  and
one hundred eightieth (180th) day after the date of Wells Fargo Foothill's
acknowledgement, agreement and consent to this modification, fails to maintain
average outstanding Advances of Ten Million ($10,000,000) Dollars.

Our signature below and the delivery to you shall constitute our agreement to
the above.

We further confirm in connection with our Agreement, that we, as Borrower,
acknowledge that we do not have any offsets, defenses or claims against you, as
Lender, Agent or Holder, or any of your officers, agents, directors or employees
whether asserted or unasserted. To the extent that we may have any such offsets,
defenses or claims, we and each of our respective successors, assigns, parents,
subsidiaries, affiliates, predecessors, employees and agents as applicable,
jointly and severally, release and forever discharge you, as Lender, Agent or
Holder, your subsidiaries, affiliates, officers, directors, employees, agents,
attorneys, successors and assigns, both present and former (collectively the
"Lender Affiliates") of and from any and all manner of action and actions, cause
and causes of action, suits, debts, controversies, damages, judgments,
executions, claims and demands whatsoever, asserted or unasserted, in law or in
equity which against you, as Lender, Agent or Holder and/or Lender Affiliates we
or any of our respective successors, assigns, parents, subsidiaries, affiliates,
predecessors, employees and agents ever had, now have, upon or by reason of any
manner, cause, causes or thing whatsoever, including, without limitation, any
presently existing claim or defense whether or not presently suspected,
contemplated or anticipated.
 
SILVERLEAF RESORTS, INC., a Texas corporation

By:  /S/ HARRY J. WHITE, JR. 

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Name: Harry J. White, Jr.
Title:  Chief Financial Officer

Received, Agreed and Acknowledged:
Dated: March 2, 2007

WELLS FARGO FOOTHILL, INC.,

By:  /S/ JAMES P. WELSH

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Name:  James P. Welsh
Title: Vice President
 
 
 

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