Document:

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                                                                   EXHIBIT 10.54

                               SECOND AMENDMENT TO
                         RECEIVABLES PURCHASE AGREEMENT

         THIS SECOND AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT, dated as of
September 23, 2002 (this "Amendment"), is entered into among ATRIUM FUNDING
CORP., a Delaware corporation, as seller (the "Seller"), ATRIUM COMPANIES, INC.,
a Delaware corporation, as initial servicer (in such capacity, together with its
successors and permitted assigns in such capacity, the "Servicer"), FAIRWAY
FINANCE CORPORATION, a Delaware corporation (the "Purchaser"), and BMO NESBITT
BURNS CORP., a Delaware corporation as agent for the Purchaser (in such
capacity, together with its successors and assigns in such capacity, the
"Agent").

                                   BACKGROUND

         1. The Seller, the Servicer, the Purchaser and the Agent are parties to
that certain Receivables Purchase Agreement, dated as of July 31, 2001, as
amended by the First Amendment to Receivables Purchase Agreement, dated as of
July 30, 2002 (the "Receivables Purchase Agreement").

         2. The parties hereto desire to amend the Receivables Purchase
Agreement as set forth herein.

         NOW, THEREFORE, in consideration of the foregoing and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

         SECTION 1. Definitions. Capitalized terms used in this Amendment and
not otherwise defined herein shall have the meanings assigned thereto in the
Receivables Purchase Agreement.

         SECTION 2. Dilution. Section 1.4(e)(i) is hereby deleted in its
entirety and replaced therewith by:

         (i) if on any day the Outstanding Balance of any Pool Receivable is
reduced or adjusted as a result of any defective, rejected, returned,
repossessed or foreclosed goods or services, or any discount or other adjustment
(other than for volume discounts or advertising allowances) made by the Seller,
any Originator or Servicer, or any setoff or dispute between the Seller, any
Originator or the Servicer and an Obligor, the Seller shall be deemed to have
received on such day a Collection of such Pool Receivable in the amount of such
reduction or adjustment;

         SECTION 3. Concentration Percentage. The definition of "Concentration
Percentage" is hereby deleted in its entirety and replaced therewith by:

         "Concentration Percentage" means: (a) for any other Group A Obligor,
8%, (b) for any Group B Obligor, 6%, (c) for any Group C Obligor, 4%, (d) for
any Group D Obligor, 2%, and (e) for any Special Obligor, as stated in Exhibit
VI hereto..

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         SECTION 4. Dilution Horizon. The definition of "Dilution Horizon" is
hereby deleted in its entirety and replaced therewith by:

         "Dilution Horizon" means, for any calendar month, the ratio (expressed
as a percentage and rounded to the nearest 1/100th of 1%, with 5/1000th of 1%
rounded upward) computed as of the last day of each calendar month by dividing
(a) the sum of (i) the aggregate credit sales made by the Originators during the
month that is one calendar month prior to the calendar month ending on such date
plus (ii) 50% of the aggregate credit sales made by the Originators during the
month that is two months prior to the calendar month ending on such date by (b)
the Net Receivable Pool Balance on such day.

         SECTION 5. Dilution Ratio. The definition of "Dilution Ratio" is hereby
deleted in its entirety and replaced therewith by:

         "Dilution Ratio" means the ratio (expressed as a percentage and rounded
to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward), computed as
of the last day of each calendar month by dividing: (a) the aggregate amount of
payments owed or deemed received by the Seller pursuant to Section 1.4(e)(i) of
the Agreement during such calendar month by (b) the aggregate credit sales made
by the Originators during the month that is one calendar month prior to the
calendar month ending on such date.

         SECTION 6. Eligible Receivables. Clause (iii) of the definition of
"Eligible Receivables" is hereby deleted in its entirety and replaced therewith
by:

         (iii) which have a stated maturity and which stated maturity is not
more than 30 days after the date on which such Receivable was invoiced;
provided, however, that if such Receivable has a maturity date that is between
31 and 60 days after the date on which such Receivable was invoiced, the
aggregate Outstanding Balance of all such Eligible Receivables when added to the
aggregate Outstanding Balance of all other otherwise Eligible Receivables with
stated maturities of not more than 31 - 60 days, does not exceed 30% of all
otherwise Eligible Receivables;

         SECTION 7. Loss Reserve Percentage. The definition of "Loss Reserve
Percentage" is hereby deleted in its entirety and replaced therewith by:

         "Loss Reserve Percentage" means, on any date, the greater of: (a) 10%
or (b) (i) the product of (A) 2 times the highest average of the Default Ratios
for any three consecutive calendar months during the twelve most recent calendar
months multiplied by (B) the sum of (1) the aggregate credit sales made during
the three most recent calendar months plus (2) 30% of the aggregate credit sales
made during the calendar month that is four months prior to such date divided by
(ii) the Net Receivables Pool Balance as of such date.

         SECTION 8. Volume Discounts. A new definition is hereby added as
follows:

         "Volume Discounts" means volume discounts earned by Obligors, which are
calculated by the Servicer. Such Volume Discounts are calculated on a monthly
basis in accordance with customer agreements. The Servicer's standard procedure
to calculate the allowance is: (i)year-to-date sales multiplied by (ii) the
contractual volume discount percentage based on an annual sales estimate (or
estimated percentage if no contract exists), accrued in accordance with GAAP.

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         SECTION 9. Advertising Allowances. A new definition is hereby added as
follows:

         "Advertising Allowances" means advertising allowances earned by
Obligors, which are calculated by the Servicer. Such Advertising Allowances are
calculated on a monthly basis in accordance with customer agreements. The
Servicer's standard procedure to calculate the allowance is: (i)year-to-date
sales multiplied by (ii) the contractual allowance percentage based on an annual
sales estimate (or estimated percentage if no contract exists), accrued in
accordance with GAAP.

         SECTION 10. Net Receivables Pool Balance. The definition of "Net
Receivables Pool Balance" is hereby deleted in its entirety and replaced
therewith by:

         "Net Receivables Pool Balance" means, at any time: (a) the Outstanding
Balance of Eligible Receivables then in the Receivables Pool minus (b) the
Excess Concentration and the total liability for Volume Discounts and
Advertising Allowances.

         SECTION 11. Special Obligors. Exhibit VI is hereby deleted in its
entirety and replaced therewith by:

<Table>
<S>     <C>                             <C>
1.      Home Depot, Inc.                25% (so long as not rated below A/A2; provided, however, that if the rating
                                        is A-/A3 or BBB+/Baa1, the limit shall be reduced to 10%; and provided
                                        further that if the rating falls to BBB/Baa2 or below, it will cease to be a
                                        Special Obligor).  If the rating is split, the lower of the two ratings
                                        applies.  Ratings herein are by S&P and Moody's, respectively.

2.      Lowes Companies, Inc.           15% (so long as not rated below A/A2; provided, however, that if the rating
                                        is A-/A3 or BBB+/Baa1, the limit shall be reduced to 10%; and provided
                                        further that if the rating falls to BBB/Baa2 or below, it will cease to be a
                                        Special Obligor).  If the rating is split, the lower of the two ratings
                                        applies.  Ratings herein are by S&P and Moody's, respectively.

3.      Norandex                        4%
</Table>

         SECTION 12. Miscellaneous. This Amendment may be executed in any number
of counterparts and by the different parties on separate counterparts, each of
which when so executed shall be deemed to be an original and all of which when
taken together shall constitute one and the same agreement. This Amendment shall
be governed by, and construed in accordance with, the internal laws of the State
of New York. The Receivables Purchase Agreement, as amended hereby, remains in
full force and effect. Any reference to the Receivables Purchase Agreement after
the date hereof shall be deemed to refer to the Receivables Purchase Agreement
as amended hereby, unless otherwise expressly stated therein.

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         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective, duly authorized officers as of the date and year
first-above written.

                           ATRIUM FUNDING CORP., as Seller

                           By:
                              --------------------------------
                           Name Printed:
                                        ----------------------
                           Title:
                                 -----------------------------

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                           ATRIUM COMPANIES, INC.,
                           as Servicer

                           By:
                              --------------------------------
                           Name Printed:
                                        ----------------------
                           Title:
                                 -----------------------------

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                           BMO NESBITT BURNS CORP., as Agent

                           By:
                              --------------------------------
                           Name Printed:
                                        ----------------------
                           Title:
                                 -----------------------------

                           By:
                              --------------------------------
                           Name Printed:
                                        ----------------------
                           Title:
                                 -----------------------------

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                           FAIRWAY FINANCE CORPORATION, as Purchaser

                           By:
                              --------------------------------
                           Name Printed:
                                        ----------------------
                           Title:
                                 -----------------------------<PAGE>
                                                                   EXHIBIT 10.35

                     FIRST AMENDMENT TO AMENDED AND RESTATED
                           REVOLVING CREDIT AGREEMENT

         This FIRST AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
(this "AMENDMENT") is dated as of the 30th day of September, 2002 by and among
Silverleaf Resorts, Inc., a Texas corporation (the "BORROWER"), Sovereign Bank,
a federally chartered savings bank ("Sovereign"), and Liberty Bank, as the
Lenders (the "LENDERS"), and Sovereign Bank, a federally chartered savings bank,
as agent for the Lenders (the "AGENT").

                                   WITNESSETH:

         WHEREAS, the Borrowers, the Lenders, and the Agent have entered into
that certain Amended and Restated Revolving Credit Agreement, dated as of April
30, 2002, as amended by a letter agreement, dated as of July 1, 2002, and a
letter agreement, dated as of August 1, 2002 (as so amended, the "CREDIT
AGREEMENT"), pursuant to which the Lenders have extended credit to the Borrower
on the terms set forth therein;

         WHEREAS, pursuant to the Credit Agreement, the Borrower, and the Agent
were required to enter into a replacement lock box agreement to replace JP
Morgan Bank of New York ("CHASE") with Sovereign as the lock box agent by no
later than September 30, 2002;

         WHEREAS, the Borrower, the Agent, and the Lenders have agreed not to
enter into such replacement lock box agreement;

         WHEREAS, the Borrower, the Agent, and the Lenders wish to amend certain
provisions of the Credit Agreement to reflect such agreement;

         NOW, THEREFORE, in consideration of the foregoing, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

         1. DEFINITIONS. All capitalized terms used herein and not expressly
defined herein shall have the same respective meanings given to such terms in
the Credit Agreement.

         2. AMENDMENTS TO CREDIT AGREEMENT. The Credit Agreement is hereby
amended as follows:

                  (a) AMENDMENTS TO SECTION 1.1. Section 1.1 of the Credit
         Agreement is hereby amended by deleting the following defined terms:
         "Initial Lockbox Agreement" and "Replacement Lockbox Agreement."
         Section 1.1 of the Credit Agreement is hereby further amended by
         amending and restating the following defined terms in their entirety as
         set forth below:

                           "Chase. JP Morgan Bank of New York."

                           "Lock Box Agreement. The Lock Box Agreement dated as
                           of September 30, 1999 and the Acknowledgment dated as
                           of April 30, 2002, each among the Agent, the
                           Borrower, and Chase."

<PAGE>

         (b) AMENDMENT TO SECTION 5.2. Section 5.2 of the Credit Agreement is
         hereby amended and restated in its entirety as follows:

                  "5.2. LOCK BOX AGREEMENT. Pursuant to the Lock Box Agreement,
                  Chase shall receive in the post office box identified therein
                  all payments on loans constituting Consumer Loan Collateral
                  and other consumer loans pledged to the Agent (other than the
                  Ineligible Note Portfolio) in the ordinary course of business.
                  Chase shall deposit to the Depository Account (as defined in
                  the Lock Box Agreement) each Business Day all payments
                  collected with respect to the Consumer Loan Collateral and
                  other consumer loans pledged to the Agent (other than the
                  Ineligible Note Portfolio). Once each week, Chase shall
                  transfer the total balance of the Depository Account to the
                  Agent for deposit in the Borrower's Account. All amounts
                  deposited in the Borrower's Account shall be applied by the
                  Agent on a weekly basis as provided in Section 2.8 or Section
                  2.9, as the case may be"

         (c) AMENDMENT TO SECTION 10.19. Section 10.19 of the Credit Agreement
         is hereby amended and restated in its entirety as follows:

                  "10.19. [INTENTIONALLY OMITTED]."

         3. REPRESENTATIONS AND WARRANTIES; NO DEFAULT. The Borrower hereby
represents and warrants to the Lenders and the Agent as follows:

         (a) Representations and Warranties in Credit Agreement. Each of the
representations and warranties of the Borrower contained in the Credit Agreement
or in any document or instrument delivered pursuant to or in connection with the
Credit Agreement (including, without limitation, this Amendment) are true as of
the date hereof and no Default or Event of Default has occurred and is
continuing.

         (b) Authority, No Conflicts, Etc. The execution, delivery and
performance of this Amendment (i) are within the corporate authority of the
Borrower, (ii) have been duly authorized by all necessary corporate proceedings
on behalf of the Borrower, (iii) do not conflict with or result in any material
breach or contravention of any provision of law, statute, rule, or regulation to
which the Borrower is subject or any judgment, order, writ, injunction, license,
or permit applicable to the Borrower so as to materially adversely affect the
assets, business, or any activity of the Borrower, and (iv) do not conflict with
any provision of the corporate charter or bylaws of the Borrower or any
agreement or other instrument binding upon any of them. The execution, delivery,
and performance of this Amendment will result in a valid and legally binding
obligation of the Borrower enforceable against it in accordance with the terms
and provisions hereof.

         4. EFFECT OF AMENDMENT. Except as expressly set forth herein, this
Amendment does not constitute an amendment or waiver of any term or condition of
the Credit Agreement or any other Loan Document, and all such terms and
conditions shall remain in full force and effect and are hereby ratified and
confirmed in all respects. Nothing contained in this Amendment shall be
construed to imply a

<PAGE>

willingness on the part of the Agent or any Lender to grant any similar or other
future amendments of any of the provisions of the Credit Agreement or the other
Loan Documents. Nothing contained herein shall in any way prejudice, impair or
otherwise adversely affect any rights or remedies of the Agent and the Lenders
under the Credit Agreement or any other Loan Document.

         5. COUNTERPARTS. This Amendment may be executed in any number of
counterparts, each of which taken together shall constitute one agreement.

         6. SUCCESSORS AND ASSIGNS. This Amendment shall be binding upon and
inure to the benefit of the successors and permitted assigns of the parties
hereto.

         7. GOVERNING LAW. This Amendment shall be governed by, and construed in
accordance with, the laws of the Commonwealth of Massachusetts, without regard
to principles of conflicts of law.

         IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
an instrument under seal to be effective as of the date first above written.

                                                  BORROWER:

                                                  SILVERLEAF RESORTS, INC.
                                                  By:   /s/ HARRY J. WHITE, JR.
                                                       ------------------------
                                                  Name:  Harry J. White, Jr.
                                                  Title: CFO

                                                  AGENT AND LENDER:

                                                  SOVEREIGN BANK

                                                  By:    /s/ JOHN BAER
                                                     --------------------------
                                                  Name:  John Baer
                                                  Title: Vice President

                                                  LENDER:

                                                  LIBERTY BANK

                                                  By:    /s/ JASON M. GORDON
                                                       ------------------------
                                                  Name:  Jason M. Gordon
                                                  Title: Vice President

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