Document:

EX 10.2

    EXHIBIT
      10.2

     

    STANDARD
      DEFINITIONS

     

    “Account
      Intermediary”
shall
      have the meaning specified in the preamble to the Indenture.

     

    “Accumulation
      Interval”
shall
      have the meaning specified in the definition of “Cash Accumulation Event”.

     

    “ACH
      Form”
shall
      mean the ACH authorization form executed by Obligors substantially in the form
      attached as Exhibit C to the Transfer Agreement.

     

    “Act”
shall
      have the meaning specified in Section 1.4 of the Indenture.

     

    “Addition
      Notice”
shall
      mean, with respect to any transfer of Subsequent Timeshare Loans to the Issuer
      pursuant to Section 2 of the Transfer Agreement, notice of the Originator’s
      election to transfer Subsequent Timeshare Loans, which notice shall designate
      the related Transfer Date and the Cut-Off Date Aggregate Loan Balance of the
      Subsequent Timeshare Loans to be transferred on such Transfer Date.

     

    “Additional
      Servicing Compensation”
shall
      mean any late fees related to late payments on the Timeshare Loans, any
      non-sufficient funds fees, any processing fees and any Liquidation Expenses
      collected by the Servicer and any unpaid out-of-pocket expenses incurred by
      the
      Servicer during the related Due Period.

     

    “Adjusted
      Note Balance”
shall
      equal, for any Class of Notes, the Outstanding Note Balance of such Class of
      Notes immediately prior to such Payment Date, less any Note Balance Write-Down
      Amounts as of such Payment Date; provided, however, to the extent that for
      purposes of consents, approvals, voting or other similar act of the Noteholders
      under any of the Transaction Documents, “Adjusted Note Balance” shall exclude
      Notes which are held by Silverleaf or any Affiliate thereof.

     

    “Adverse
      Claim”
shall
      mean any claim of ownership or any lien, security interest, title retention,
      trust or other charge or encumbrance, or other type of preferential arrangement
      having the effect or purpose of creating a lien or security interest, other
      than
      the interests created under the Indenture in favor of the Indenture Trustee
      and
      the Noteholders.

     

    “Affiliate”
shall
      mean any Person: (a) which directly or indirectly controls, or is controlled
      by,
      or is under common control with such Person; (b) which directly or indirectly
      beneficially owns or holds five percent (5%) or more of the voting stock of
      such
      Person; or (c) for which five percent (5%) or more of the voting stock of which
      is directly or indirectly beneficially owned or held by such Person. The term
      “control” means the possession, directly or indirectly, of the power to direct
      or cause the direction of the management and policies of a Person, whether
      through the ownership of voting securities, by contract or
      otherwise.

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    “Aggregate
      Initial Note Balance”
is
      equal to the sum of the Initial Note Balances for all Classes of
      Notes.

     

    “Aggregate
      Loan Balance”
means
      the sum of the Loan Balances for all Timeshare Loans (except Defaulted Timeshare
      Loans).

     

    “Aggregate
      Outstanding Note Balance”
is
      equal to the sum of the Outstanding Note Balances for all Classes of
      Notes.

     

    “Assignment
      of Mortgage”
shall
      mean, with respect to a Mortgage Loan, a written assignment of one or more
      Mortgages from the related Originator or Seller to the Indenture Trustee, for
      the benefit of the Noteholders, relating to one or more Timeshare Loans in
      recordable form, and signed by an Authorized Officer of all necessary parties,
      sufficient under the laws of the jurisdiction wherein the related Timeshare
      Property is located to give record notice of a transfer of such Mortgage and
      its
      proceeds to the Indenture Trustee.

     

    “Association”
shall
      mean the timeshare owners’ association responsible for managing a
      Resort.

     

    “Assumption
      Date”
shall
      have the meaning specified in the Backup Servicing Agreement.

     

    “Authorized
      Officer”
shall
      mean, with respect to any corporation, limited liability company or partnership,
      the Chairman of the Board, the President, any Vice President, the Secretary,
      the
      Treasurer, any Assistant Secretary, any Assistant Treasurer, Managing Member
      and
      each other officer of such corporation or limited liability company or the
      general partner of such partnership specifically authorized in resolutions
      of
      the Board of Directors of such corporation or managing member of such limited
      liability company to sign agreements, instruments or other documents in
      connection with the Transaction Documents on behalf of such corporation, limited
      liability company or partnership, as the case may be.

     

    “Available
      Funds”
shall
      mean for any Payment Date, (A) all funds on deposit in the Collection Account
      after making all transfers and deposits required from (i) the Lockbox Account
      pursuant to the Lockbox Agreement, (ii) the General Reserve Account pursuant
      to
      Section 3.2(b) of the Indenture, (iii) the Senior Reserve Account pursuant
      to Section 3.2(c) of the Indenture, (iv) the Prefunding Account and the
      Capitalized Interest Account pursuant to Sections 3.2(d), 3.2(e) and 6.6(b)
      of
      the Indenture, (v) the Originator or the Servicer, as the case may be, pursuant
      to Section 4.5 of the Indenture, and (vi) the Servicer pursuant to the
      Indenture, plus (B) all investment earnings on funds on deposit in the
      Collection Account from the immediately preceding Payment Date through such
      Payment Date, less (C) amounts on deposit in the Collection Account related
      to
      collections related to any Due Periods subsequent to the Due Period related
      to
      such Payment Date, less (D) any Additional Servicing Compensation on deposit
      in
      the Collection Account.

     

    “Backup
      Servicer”
shall
      mean Wells Fargo Bank, National Association, a national association, and its
      permitted successors and assigns.

    
      
         

      

      
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    “Backup
      Servicing Agreement”
shall
      mean the backup servicing agreement, dated as of August 1, 2006, by and among
      the Issuer, the Servicer, the Backup Servicer and the Indenture Trustee, as
      the
      same may be amended, supplemented or otherwise modified from time to
      time.

     

    “Backup
      Servicing Fee”
shall
      on each Payment Date be equal to the greater of (i) $2,500 or (ii) the product
      of one-twelfth of 0.04% and the Aggregate Loan Balance as of the first day
      of
      the related Due Period.

     

    “Bankruptcy
      Code”
shall
      mean the federal Bankruptcy Code, as amended (Title 11 of the United States
      Code).

     

    “Benefit
      Plan”
shall
      mean (A) an “employee benefit plan” as defined in Section 3(3) of
      ERISA
      that is subject to Title I, Part 4 of ERISA, (B) a “plan” as defined in Section
      4975(e)(1) of the Code, (C) an entity whose underlying assets are deemed to
      include “plan assets” of any of the foregoing under United States Department of
      Labor Regulation §2510.3-101, by reason of investment by an employee benefit
      plan or plan in such entity or (D) a plan that is subject to Similar
      Law.

     

    “Benefit
      Plan Investor”
shall
      mean (A) an “employee benefit plan” within the meaning of Section 3(3) of ERISA,
      whether or not subject to ERISA, (B) any “plan” described in Section 4975(e)(1)
      of the Code or (C) any entity whose underlying assets include “plan assets” of
      any of the foregoing by reason of an employee benefits plan’s or other plan’s
      investment in such entity.

     

    “Book-Entry
      Note”
shall
      mean a beneficial interest in the Notes, ownership and transfers of which shall
      be made through book-entries by the Depository.

     

    “Business
      Day”
shall
      mean any day other than (i) a Saturday, a Sunday, or (ii) a day on which banking
      institutions in New York City, Wilmington, Delaware, the State of Texas, the
      city in which the Servicer is located or the city in which the Corporate Trust
      Office of the Indenture Trustee is located are authorized or obligated by law
      or
      executive order to be closed.

     

    “Capitalized
      Interest Account”
shall
      mean the account established and maintained by the Indenture Trustee pursuant
      to
      Section 3.2(e) of the Indenture.

     

    “Capitalized
      Interest Amount”
shall
      mean, as of any date of determination, the amount on deposit in the Capitalized
      Interest Account on such date, and as of the Closing Date,
      $333,151.14.

     

    “Carrying
      Charges”
shall
      mean, with respect to a Payment Date, an amount equal to (i) the product of
      (a) the weighted average of the Note Rates for each Class of Notes for the
      related Interest Accrual Period and (b) the undisbursed funds (excluding
      investment earnings) in the Prefunding Account as of the last day of the related
      Due Period, minus (ii) the amount of any investment earnings on funds in
      the Prefunding Account which were transferred to the Collection Account, as
      well
      as interest earnings on amounts in the Capitalized Interest Account with respect
      to such Payment Date.

     

    “Cash
      Accumulation Event”
shall
      exist on any Determination Date, if (i) the Three Month Rolling Average of
      Serviced Timeshare Loan Delinquency Ratios exceeds 10.0% or (ii)

    
      
         

      

      
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    the
      Cumulative Default Level as of the last day of any month specified below (in
      each case referring to whole calendar months elapsed since the Initial Cut-Off
      Date) exceeds the following parameters (each indicated 3-month period (except
      the first period, which is a 4-month period, but is included in this defined
      term), an “Accumulation Interval”):

     

    
      	
              Month

            	 	
              Cumulative

              Default
                Level %

            	 
	
              0-3

            	 	 	
              
              

              1.18

            	
              
              

              %

            
	
              4-6

            	 	 	
              
              

              4.07

            	
              
              

              %

            
	
              7-9

            	 	 	
              
              

              6.80

            	
              
              

              %

            
	
              10-12

            	 	 	
              
              

              8.81

            	
              
              

              %

            
	
              13-15

            	 	 	
              
              

              10.46

            	
              
              

              %

            
	
              16-18

            	 	 	
              
              

              12.36

            	
              
              

              %

            
	
              19-21

            	 	 	
              
              

              14.21

            	
              
              

              %

            
	
              22-24

            	 	 	
              
              

              15.32

            	
              
              

              %

            
	
              25-27

            	 	 	
              
              

              16.21

            	
              
              

              %

            
	
              28-30

            	 	 	
              
              

              17.05

            	
              
              

              %

            
	
              31-33

            	 	 	
              
              

              18.07

            	
              
              

              %

            
	
              34-36

            	 	 	
              
              

              18.71

            	
              
              

              %

            
	
              37-39

            	 	 	
              
              

              19.16

            	
              
              

              %

            
	
              40-42

            	 	 	
              
              

              19.51

            	
              
              

              %

            
	
              43
                and thereafter

            	 	 	
              
              

              19.60

            	
              
              

              %

            

    

     

    The
      Cash
      Accumulation Event described in clause (i) above will continue until, on the
      last day of each of the two Due Periods immediately following the Due Period
      during which such Cash Accumulation Event occurred, the Three Month Rolling
      Average of Serviced Timeshare Loan Delinquency Ratios does not exceed 10.0%.
      The
      Cash Accumulation Event described in clause (ii) above shall be deemed to be
      continuing until, on the last Business Day of each of the two Accumulation
      Intervals immediately following the Accumulation Interval during which such
      Cash
      Accumulation Event occurred, the Cumulative Default Level remains below the
      limits described above.

     

    “Cede
      & Co.”
shall
      mean the initial registered holder of the Notes, acting as nominee of The
      Depository Trust Company.

     

    “Class”
shall
      mean, as the context may require, any of the Class A Notes, Class B Notes,
      Class
      C Notes, Class D Notes, Class E Notes, Class F Notes or Class G
      Notes.

     

    “Class
      A Notes”
shall
      have the meaning specified in the Recitals of the Issuer in the
      Indenture.

    
      
         

      

      
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    “Class
      A Principal Distribution Amount”
shall
      mean, with respect to any Payment Date, the Principal Distribution Amount
      payable to the Holders of the Class A Notes on such Payment Date.

     

    “Class
      B Notes”
shall
      have the meaning specified in the Recitals of the Issuer in the
      Indenture.

     

    “Class
      B Principal Distribution Amount”
shall
      mean, with respect to any Payment Date, the Principal Distribution Amount
      payable to the Holders of the Class B Notes on such Payment Date.

     

    “Class
      C Notes”
shall
      have the meaning specified in the Recitals of the Issuer in the
      Indenture.

     

    “Class
      C Principal Distribution Amount”
shall
      mean, with respect to any Payment Date, the Principal Distribution Amount
      payable to the Holders of the Class C Notes on such Payment Date.

     

    “Class
      D Notes”
shall
      have the meaning specified in the Recitals of the Issuer in the
      Indenture.

     

    “Class
      D Principal Distribution Amount”
shall
      mean, with respect to any Payment Date, the Principal Distribution Amount
      payable to the Holders of the Class D Notes on such Payment Date.

     

    “Class
      E Notes”
shall
      have the meaning specified in the Recitals of the Issuer in the
      Indenture.

     

    “Class
      E Principal Distribution Amount”
shall
      mean, with respect to any Payment Date, the Principal Distribution Amount
      payable to the Holders of the Class E Notes on such Payment Date.

    

    “Class
      F Notes”
shall
      have the meaning specified in the Recitals of the Issuer in the
      Indenture.

     

    “Class
      F Principal Distribution Amount”
shall
      mean, with respect to any Payment Date, the Principal Distribution Amount
      payable to the Holders of the Class F Notes on such Payment Date.

     

    “Class
      G Notes”
shall
      have the meaning specified in the Recitals of the Issuer in the
      Indenture.

     

    “Class
      G Principal Distribution Amount”
shall
      mean, with respect to any Payment Date, the Principal Distribution Amount
      payable to the Holders of the Class G Notes on such Payment Date.

     

    “Clearstream”
shall
      mean Clearstream Banking, société
      anonyme,
      a
      limited liability company organized under the laws of Luxembourg.

    
      
         

      

      
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    “Closing
      Date”
shall
      mean August 29, 2006.

     

    “Code”
shall
      mean the Internal Revenue Code of 1986, as amended from time to time and any
      successor statute, together with the rules and regulations
      thereunder.

     

    “Collateral”
shall
      have the meaning specified in the Granting Clause of the Indenture.

     

    “Collateral
      Liquidation Event”
shall
      have the meaning specified in Section 6.6(b) of the Indenture.

     

    “Collection
      Account”
shall
      mean the account established and maintained by the Indenture Trustee pursuant
      to
      Section 3.2(a) of the Indenture.

     

    “Collection
      Policy”
shall
      mean the collection policies of the initial servicer in effect on the Closing
      Date, as may be amended from time to time in accordance with the Servicing
      Standard.

     

    “Completed
      Unit”
shall
      mean a Unit at a Resort which has been fully constructed and furnished, has
      received a valid permanent certificate of occupancy (if required under
      applicable laws, rules or regulations), is ready for occupancy and is subject
      to
      a time share declaration.

     

    “Confidential
      Information”
means
      information obtained by any Noteholder including, without limitation, the
      Preliminary Confidential Offering Circular dated August 10, 2006 or the
      Confidential Offering Circular dated August 21, 2006 related to the Notes and
      the Transaction Documents, that is proprietary in nature and that was clearly
      marked or labeled as being confidential information of the Issuer, the Servicer
      or their Affiliates, provided that such term does not include information that
      (a) was publicly known or otherwise known to the Noteholder prior to the time
      of
      such disclosure, (b) subsequently becomes, publicly known through no act or
      omission by such Noteholder or any Person acting on its behalf, (c) otherwise
      becomes known to the Noteholder other than through disclosure by the Issuer,
      the
      Servicer or their Affiliates, (d) any other public disclosure authorized by
      the
      Issuer or the Servicer, the U.S. Federal income tax treatment of the offering
      of
      the notes and any fact that may be relevant to understanding the tax treatment
      (the “Tax Structure”) and all materials of any kind (including opinions or other
      tax analyses) that are provided to the Issuer, the Initial Purchaser and each
      prospective investor relating to such tax treatment and Tax
      Structure.

     

    “Confidential
      Offering Circular”
shall
      mean the confidential offering circular dated August 21, 2006 related to the
      Notes and Transaction Documents.

     

    “Continued
      Errors”
shall
      have the meaning specified in Section 5.4 of the Indenture.

     

    “Contribute”
shall
      have the meaning specified in Section 2(a) of the Transfer
      Agreement.

     

    “Contribution”
shall
      have the meaning specified in Section 2(a) of the Transfer
      Agreement.

     

    “Controlling
      Person”
shall
      mean a person (other than a Benefit Plan Investor) that has discretionary
      authority or control with respect to the assets of the Issuer, or who
      provides

    
      
         

      

      
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    investment
      advice for a fee (direct or indirect) with respect to such assets, or any
      affiliate of such a person.

     

    “Corporate
      Trust Office”
shall
      mean the office of the Indenture Trustee located in the State of Minnesota,
      which office is at the address set forth in Section 13.3 of the
      Indenture.

     

    “Credit
      Policy”
shall
      mean the credit and underwriting policies of the Originator in effect on the
      Closing Date.

     

    “Cumulative
      Default Level”
shall
      mean for any date, an amount equal to the sum of the Loan Balances of all
      Timeshare Loans that became Defaulted Timeshare Loans since the Cut-Off Date
      divided by the Cut-Off Date Aggregate Loan Balance (expressed as a percentage).
      

     

    “Custodial
      Agreement”
shall
      mean the custodial agreement, dated as of August 1, 2006 by and among the
      Issuer, the Servicer, the Backup Servicer, the Indenture Trustee and Custodian,
      as the same may be amended, supplemented or otherwise modified from time to
      time
      providing for the custody and maintenance of the Timeshare Loan Files relating
      to the Timeshare Loans.

     

    “Custodian”
shall
      mean Wells Fargo Bank, National Association, a national banking association,
      or
      its permitted successors and assigns.

     

    “Custodian
      Fees”
shall
      mean for each Payment Date, the fee payable by the Issuer to the Custodian
      in
      accordance with the Custodial Agreement.

     

    “Cut-Off
      Date”
shall
      mean, with respect to (i) the Initial Timeshare Loans, the Initial Cut-Off
      Date,
      and (ii) any Qualified Substitute Timeshare Loan or Subsequent Timeshare Loan,
      the related Subsequent Cut-Off Date.

     

    “Cut-Off
      Date Aggregate Loan Balance”
shall
      mean the sum of (a) the aggregate of the Loan Balances, as of the Initial
      Cut-Off Date, of all Timeshare Loans pledged pursuant to the Indenture on the
      Closing Date and (b) the aggregate of the Loan Balances, as of the related
      Cut-Off Dates, of all Subsequent Timeshare Loans.

     

    “Cut-Off
      Date Loan Balance”
shall
      mean the Loan Balance of a Timeshare Loan on the related Cut-Off
      Date.

     

    “Default”
shall
      mean an event which, but for the passage of time, would constitute an Event
      of
      Default under the Indenture.

     

    “Default
      Acceleration Event”
shall
      have the meaning specified in Section 6.6(b) of the Indenture.

     

    “Default
      Purchase Price”
shall
      be equal to the greater of (i) the fair market value of such Default Timeshare
      Loan as determined by the Originator in its commercially reasonable judgment
      or
      (ii) fifteen percent (15%) of the original acquisition price paid for the
      Timeshare Property by the Obligor under such Defaulted Timeshare Loan, as
      limited by the Optional Purchase Limit.

    
      
         

      

      
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    “Defaulted
      Timeshare Loan”
is
      any
      Timeshare Loan for which any of the earliest following events may have occurred:
      (i) the Servicer has commenced cancellation or forfeiture actions on the related
      Timeshare Loan after collection efforts have failed in accordance with its
      credit and collection policies, (ii) as of the last day of any Due Period,
      all
      or part of a scheduled payment under the Timeshare Loan is more than 120 days
      delinquent from the due date, or (iii) the Servicer obtains actual
      knowledge that a bankruptcy event has occurred with respect to the related
      Obligor.

     

    “Defective
      Timeshare Loan”
shall
      have the meaning specified in Section 4.5 of the Indenture.

     

    “Deferred
      Interest Amount”
shall
      mean, with respect to a Class of Notes and a Payment Date, the sum of (i)
      interest accrued at the related Note Rate during the related Interest Accrual
      Period on such Note Balance Write-Down Amounts applied in respect of such Class
      and (ii) any unpaid Deferred Interest Amounts from any prior Payment Date,
      together with interest thereon at the applicable Note Rate from the date any
      such Note Balance Write-Down Amount was applied in respect of such Class, to
      the
      extent permitted by law.

     

    “Definitive
      Note”
shall
      have the meaning specified in Section 2.2 of the Indenture.

     

    “Delinquent
      Timeshare Loan”
means,
      with respect to any Timeshare Loan as of any date, a Timeshare Loan or a
      Silverleaf Serviced Timeshare Loan, as applicable, under which all or part
      of a
      scheduled payment is 31 or more days delinquent from the due date and which
      is
      not a Defaulted Timeshare Loan. 

     

    “Depository”
shall
      mean an organization registered as a “clearing agency” pursuant to Section 17A
      of the Exchange Act. The initial Depository shall be The Depository Trust
      Company.

     

    “Depository
      Agreement”
shall
      mean the letter of representations dated as of August 29, 2006, by and among
      the
      Issuer, the Indenture Trustee and the Depository.

     

    “Depository
      Participant”
shall
      mean a broker, dealer, bank, other financial institution or other Person for
      whom from time to time a Depository effects book-entry transfers and pledges
      securities deposited with the Depository.

     

    “Determination
      Date”
shall
      mean, with respect to a Payment Date, the day that is five Business Days prior
      to such Payment Date.

     

    “Direction
      Letter”
shall
      have the meaning set forth in the Escrow Agreement. 

     

    “DTC”
shall
      mean The Depository Trust Company, and its permitted successors and
      assigns.

     

    “Due
      Period”
shall
      mean with respect to any Payment Date, the immediately preceding calendar month;
      for the Initial Payment Date, the period from and including August 1, 2006
      to
      August 31, 2006.

    
      
         

      

      
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    “Eligible
      Bank Account”
shall
      mean a segregated account, which may be an account maintained with the Indenture
      Trustee, which is either (a) maintained with a depositary institution or trust
      company whose long-term unsecured debt obligations are rated at least “A” by
      Fitch and “A2” by Moody’s and whose short-term unsecured obligations are rated
      at least “A-1” by Fitch and “P-1” by Moody’s; or (b) a trust account or similar
      account maintained at the corporate trust department of the Indenture
      Trustee.

     

    “Eligible
      Investments”
shall
      mean one or more of the following:

     

    (a) obligations
      of, or guaranteed as to timely payment of principal and interest by, the United
      States or any agency or instrumentality thereof when such obligations are backed
      by the full faith and credit of the United States;

     

    (b) federal
      funds, certificates of deposit, time deposits and bankers’ acceptances, each of
      which shall not have an original maturity of more than 90 days, of any
      depository institution or trust company incorporated under the laws of the
      United States or any state; provided that the long-term unsecured debt
      obligations of such depository institution or trust company at the date of
      acquisition thereof have been rated by each Rating Agency in one of the three
      highest rating categories available from S&P and no lower than “A2” by
      Moody’s; and provided, further, that the short-term obligations of such
      depository institution or trust company shall be rated in the highest rating
      category by such Rating Agency;

     

    (c) commercial
      paper or commercial paper funds (having original maturities of not more than
      90
      days) of any corporation incorporated under the laws of the United States or
      any
      state thereof; provided that any such commercial paper or commercial paper
      funds
      shall be rated in the highest short-term rating category by each Rating Agency;
      

     

    (d) any
      no-load money market fund rated (including money market funds managed or advised
      by the Indenture Trustee or an Affiliate thereof) in the highest short-term
      rating category or equivalent highest long-term rating category by each Rating
      Agency; provided that, Eligible Investment obligations purchased from funds
      in
      the Eligible Bank Accounts shall include only such or securities that either
      may
      be redeemed daily or mature no later than the Business Day next preceding the
      next Payment Date;

     

    (e) demand
      and time deposits in, certificates of deposit of, bankers’ acceptances issued
      by, or federal funds sold by any depository institution or trust company
      (including the Indenture Trustee or any Affiliate of the Indenture Trustee,
      acting in its commercial capacity) incorporated under the laws of the United
      States of America or any State thereof and subject to supervision and
      examination by federal and/or state authorities, so long as, at the time of
      such
      investment, the commercial paper or other short-term deposits of such depository
      institution or trust company are rated at least P-1 by Moody’s and at least A-1
      by S&P;

     

    and
      provided, further, that (i) no instrument shall be an Eligible Investment if
      such instrument evidences a right to receive only interest payments with respect
      to the obligations underlying such instrument, and (ii) no Eligible Investment
      may be purchased at a price in excess of par.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    Eligible
      Investments may include those Eligible Investments with respect to which the
      Indenture Trustee or an Affiliate thereof provides services.

     

    “Eligible
      Timeshare Loan”
shall
      mean a Timeshare Loan which meets all of the criteria set forth in Schedule
      I
      of the
      Transfer Agreement and Schedule
      I
      of the
      Loan Sale Agreement.

     

    “ERISA”
shall
      mean the Employee Retirement Income Security Act of 1974, as
      amended.

     

    “Errors”
shall
      have the meaning specified in Section 5.4 of the Indenture.

     

    “Escrow
      Agent”
shall
      mean Chicago Title Insurance Company. 

     

    “Escrow
      Agreement”
shall
      mean the escrow and closing agreement, dated as of August 1, 2006, by and among
      the Servicer, the Issuer, the Indenture Trustee, the Custodian, and the Escrow
      Agent, as the same may be amended or supplemented from time to time.

     

    “Euroclear”
shall
      mean Euroclear
      Bank S.A./N.V., as
      operator of the Euroclear System, or its successor in such capacity.

     

    “Event
      of Default”
shall
      have the meaning specified in Section 6.1 of the Indenture.

     

    “Exchange
      Act”
shall
      mean the Securities Exchange Act of 1934, as amended. 

     

    “Finance
      Agreement”
shall
      mean a purchase and finance agreement between an Obligor and the Originator
      pursuant to which such Obligor finances the purchase of Oak N’ Spruce
      Certificates.

     

    “Fitch”
shall
      mean Fitch Ratings, a subsidiary of Fitch, Inc. 

     

    “Force
      Majeure Event”
shall
      mean the occurrence at a single Resort of damage to over 25% of the Units as
      the
      result of a fire, hurricane, earthquake, flood, tornado, landslide, tsunami
      and/or impact event.

     

    “Force
      Majeure Loan”
shall
      mean a Timeshare Loan that has been the subject of a Force Majeure Event.

     

    “Force
      Majeure Purchase Limit”
shall
      mean, with respect to the purchase of a Force Majeure Loan by the Originator,
      on
      any date, (x) 10% of the Cut-Off Date Aggregate Loan Balance less
      (y) the aggregate Loan Balances of the Force Majeure Loans previously
      purchased by the Originator. 

     

    “Force
      Majeure Purchase Price”
shall
      mean the fair market value of a Force Majeure Loan as determined by the
      Originator in its commercially reasonable judgment.

     

    “Foreclosure
      Properties”
shall
      have the meaning specified in Section 5.3(b) of the Indenture.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    “General
      Partner”
shall
      mean Silverleaf Finance V, LLC, a limited liability company formed under the
      laws of the State of Delaware.

     

    “General
      Reserve Account”
shall
      mean the account maintained by the Indenture Trustee pursuant to Section 3.2(b)
      of the Indenture.

     

    “General
      Reserve Account Initial Deposit”
shall
      mean an amount equal to 5.00% of the Aggregate Loan Balance as of the Initial
      Cut-Off Date.

     

    “General
      Reserve Account Required Balance”
shall
      mean the lesser of (I) (a) if no Cash Accumulation Event has occurred and is
      continuing, the greater of (x) 4.00% of the Cut-Off Date Aggregate Loan Balance
      or (y) 7.50% of the Aggregate Loan Balance at such time and (b) if a Cash
      Accumulation Event has occurred and is continuing, the greater of (x) 4.00%
      of
      the Cut-Off Date Aggregate Loan Balance or (y) the product of (i) the Aggregate
      Loan Balance as of the last day of the immediately preceding Due Period and
      (ii)
      20.00% and (II) the Outstanding Note Balance on such Payment Date after the
      distributions of principal in respect of the Notes on such Payment
      Date.

     

    “Global
      Note”
shall
      have the meaning specified in Section 2.2 of the Indenture.

     

    “Governmental
      Authority”
shall
      mean any nation or government, any state or other political subdivision thereof
      and any entity exercising executive, legislative, judicial, regulatory or
      administrative functions of or pertaining to government.

     

    “Grant”
shall
      mean to grant, bargain, convey, assign, transfer, mortgage, pledge, create
      and
      grant a security interest in and right of set-off against, deposit, set over
      and
      confirm.

     

    “Highest
      Lawful Rate”
shall
      have the meaning specified in Section 3 of the Transfer Agreement and Section
      3
      of the Loan Sale Agreement, as applicable.

     

    “Holder”
or
      “Noteholder”
shall
      mean a holder of a Class A Note, a Class B Note, a Class C Note, a Class D
      Note, a Class E Note, a Class F Note or a Class G Note.

     

    “Indebtedness”
means,
      with respect to any Person at any time, (a) indebtedness or liability of such
      Person for borrowed money whether or not evidenced by bonds, debentures, notes
      or other instruments, or for the deferred purchase price of property or services
      (including trade obligations); (b) obligations of such Person as lessee under
      leases which should be, in accordance with generally accepted accounting
      principles, recorded as capital leases; (c) current liabilities of such Person
      in respect of unfunded vested benefits under plans covered by Title IV of ERISA;
      (d) obligations issued for or liabilities incurred on the account of such
      Person; (e) obligations or liabilities of such Person arising under acceptance
      facilities; (f) obligations of such Person under any guarantees, endorsements
      (other than for collection or deposit in the ordinary course of business) and
      other contingent obligations to purchase, to provide funds for payment, to
      supply funds to invest in any Person or otherwise to assure a creditor against
      loss; (g) obligations of such Person secured by any lien on property or assets
      of such Person, whether or not the obligations have been assumed by such Person;
      or (h) obligations of such Person under any interest rate or currency exchange
      agreement.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    “Indemnified
      Amounts”
shall
      have the meaning specified in Section 8 of the Transfer Agreement and Section
      8
      of the Loan Sale Agreement, as applicable.

     

    “Indemnified
      Parties”
shall
      have the meaning specified in Section 8 of the Transfer Agreement and Section
      8
      of the Loan Sale Agreement, as applicable.

     

    “Indenture”
shall
      mean the indenture, dated as of August 1, 2006, by and among the Issuer, the
      General Partner, the Servicer, the Backup Servicer and the Indenture
      Trustee.

     

    “Indenture
      Trustee”
shall
      mean Wells Fargo Bank, National Association, a national banking association,
      not
      in its individual capacity but solely as Indenture Trustee under the Indenture,
      and any successor as set forth in Section 7.9 of the Indenture.

     

    “Indenture
      Trustee Fee”
shall
      mean for each Payment Date, the product of one-twelfth and $6,000.

     

    “Initial
      Cut-Off Date”
shall
      mean the close of business on July 31, 2006.

     

    “Initial
      Note Balance”
shall
      mean with respect to the Class A Notes, the Class B Notes, the Class C Notes,
      the Class D Notes, the Class E Notes, the Class F Notes and the Class G Notes,
      $49,681,000, $21,736,000, $15,525,000, $15,525,000, $7,763,000, $7,763,000
      and
      $10,092,000, respectively.

     

    “Initial
      Payment Date”
shall
      mean the Payment Date occurring in September, 2006.

     

    “Initial
      Purchaser”
shall
      mean UBS Securities LLC.

     

    “Intended
      Tax Characterization”
shall
      have the meaning specified in Section 4.2(b) of the Indenture.

     

    “Interest
      Accrual Period”
shall
      mean with respect to any Payment Date the preceding calendar month.

     

    “Interest
      Distribution Amount”
shall
      equal, for a Class of Notes and on any Payment Date, the sum of (i) interest
      accrued during the related Interest Accrual Period at the related Note Rate
      on
      the Outstanding Note Balance of such Class of Notes immediately prior to such
      Payment Date (or, if any Note Balance Write-Down Amounts have been applied
      to
      such Class of Notes, the Adjusted Note Balance of such Class of Notes) and
      (ii)
      the amount of unpaid Interest Distribution Amounts from prior Payment Dates
      for
      such Class of Notes, plus, to the extent permitted by applicable law, interest
      on such unpaid amount at the related Note Rate. The Interest Distribution Amount
      shall be calculated on the basis of a 360-day year consisting of twelve 30-day
      months.

     

    “Interest
      Expense”
means
      the aggregate consolidated expense of Silverleaf and its consolidated
      subsidiaries for interest on Indebtedness, including, without limitation,
      amortization of original issue discount, incurrence fees (to the extent included
      in interest expense), the interest portion of any deferred payment obligation
      and the interest component of any capital lease obligation.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    “Investment
      Company Act”
shall
      have the meaning set forth in Section 2(l) of the Note Purchase Agreement.
      

     

    “Issuer”
shall
      mean Silverleaf Finance V, L.P., a limited partnership formed under the laws
      of
      the State of Delaware.

     

    “Issuer
      Order”
shall
      mean a written order or request delivered to the Indenture Trustee and signed
      in
      the name of the Issuer by an Authorized Officer of the Issuer.

     

    “Knowledge”
shall
      mean (a) as to any natural Person, the actual awareness of the fact, event
      or
      circumstance at issue or receipt of notification by proper delivery of such
      fact, event or circumstance and (b) as to any Person that is not a natural
      Person, the actual awareness of the fact, event or circumstance at issue by
      a
      Responsible Officer of such Person or receipt, by a Responsible Officer of
      such
      Person, of notification by proper delivery of such fact, event or
      circumstance.

     

    “Leverage
      Ratio”
shall
      mean, as of the last business day of each calendar quarter, the ratio of (i)
      the
      sum of all debt of the Servicer and its subsidiaries on a consolidated basis
      (other than off-balance sheet debt that is non-recourse to the Servicer) to
      (ii)
      the Servicer’s and its subsidiaries’ Tangible Net Worth, on a consolidated
      basis.

     

    “Lien”
shall
      mean any mortgage, pledge, hypothecation, assignment for security, security
      interest, claim, participation, encumbrance, levy, lien or charge.

     

    “Limited
      Liability Company Agreement”
shall
      mean the limited liability company agreement of Silverleaf Finance V, LLC,
      dated
      as of July 31, 2006.

     

    “Limited
      Partnership Agreement”
shall
      mean the limited partnership agreement of the Issuer, dated as of July 31,
      2006.

     

    “Liquidation”
means
      with respect to any Timeshare Loan, the sale or compulsory disposition of the
      related Timeshare Property, following foreclosure, forfeiture or other
      enforcement action or the taking of a deed-in-lieu of foreclosure, to a Person
      other than the Servicer or an Affiliate thereof, except in accordance with
      Section 5.3(b)(iv) of the Indenture.

     

    “Liquidation
      Expenses”
shall
      mean, with respect to a Defaulted Timeshare Loan, as of any date of
      determination, any out-of-pocket expenses (exclusive of overhead expenses)
      incurred by the Servicer in connection with the performance of its obligations
      under Section 5.3(b) in the Indenture, including, but not limited to, (i) any
      foreclosure or forfeiture and other repossession expenses incurred with respect
      to such Timeshare Loan, (ii) actual commissions and marketing and sales expenses
      incurred by the Servicer with respect to the liquidation of the related
      Timeshare Property and (iii) any other fees and expenses reasonably applied
      or
      allocated in the ordinary course of business with respect to the Liquidation
      of
      such Defaulted Timeshare Loan (including any assessed and unpaid Association
      fees and real estate taxes).

     

    “Liquidation
      Proceeds”
means
      with respect to the Liquidation of any Timeshare Loan, the amounts actually
      received by the Servicer in connection with such Liquidation.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    “Loan
      Balance”
shall
      mean, for any date of determination, the outstanding principal balance due
      under
      or in respect of a Timeshare Loan (including a Defaulted Timeshare
      Loan).

     

    “Loan
      Sale Agreement”
shall
      mean the loan sale agreement, dated as of August 1, 2006, by and among
      Silverleaf Finance IV, LLC, the Servicer and the Issuer pursuant to which
      certain of the Timeshare Loans are transferred to the Issuer.

     

    “Lockbox
      Account”
shall
      mean the account maintained on behalf of the Indenture Trustee by the Lockbox
      Bank pursuant to the Lockbox Agreement, which shall be a non-interest bearing
      account.

     

    “Lockbox
      Agreement”
shall
      mean the Blocked Account Control Agreement, dated as of August 22, 2006, by
      and
      among the Lockbox Processor, the Issuer, the Servicer and the Indenture Trustee,
      as such agreement may be amended, supplemented or otherwise modified from time
      to time in accordance with the terms thereof, unless the Indenture Trustee
      shall
      cease to be a party thereunder, or such agreement shall be terminated in
      accordance with its terms, in which event “Lockbox
      Agreement”
shall
      mean such other agreement, in form and substance acceptable to the Indenture
      Trustee, among the Servicer, the Issuer, the Lockbox Processor and any other
      appropriate parties. 

     

    “Lockbox
      Bank”
means
      as of any date a depository institution named by the Servicer and acceptable
      to
      the Indenture Trustee at which each Lockbox Account is established and
      maintained as of such date.

     

    “Lockbox
      Fee”
shall
      mean on each Payment Date, the fee payable by the Issuer to the Lockbox Bank
      in
      accordance with the Lockbox Agreement.

     

    “Lockbox
      Processor”
shall
      mean JPMorgan Chase Bank, N.A., a national banking association, and its
      successors and assigns. 

     

    “Management
      Agreement”
shall
      mean that certain Management Agreement between the Managing Entity and each
      Association, dated as of March 28, 1990, as amended from time to
      time.

     

    “Managing
      Entity”
shall
      mean Silverleaf Club, a Texas not-for-profit corporation, in its capacity as
      manager for all Associations.

     

    “Misdirected
      Deposits”
shall
      mean such payments that have been deposited to the Collection Account in
      error.

     

    “Monthly
      Servicer Report”
shall
      have the meaning specified in Section 5.5 of the Indenture.

     

    “Moody’s”
shall
      mean Moody’s Investors Service, Inc.

     

    “Mortgage”
shall
      mean, with respect to a Mortgage Loan, any purchase money mortgage, deed of
      trust, purchase money deed of trust or mortgage deed creating a first lien
      on a
      Timeshare Property to secure debt granted by an Obligor to the Originator with
      respect to the purchase of

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    such
      Timeshare Property and otherwise encumbering the related Timeshare Property
      to
      secure payments or other obligations under such Timeshare Loan.

     

    “Mortgage
      Loan”
shall
      mean a Timeshare Loan originated by the Originator and evidenced by a Mortgage
      Note and secured by a first Mortgage on a fractional fee simple timeshare
      interest in a Unit.

     

    “Mortgage
      Note”
shall
      mean, with respect to a Mortgage Loan, the original, executed promissory note
      evidencing the indebtedness of an Obligor under a Mortgage Loan, together with
      any rider, addendum or amendment thereto, or any renewal, substitution or
      replacement of such note.

     

    “Net
      Liquidation Proceeds”
shall
      mean with respect to a Liquidation, the positive difference between Liquidation
      Proceeds and Liquidation Expenses.

     

    “Note
      Balance Write-Down Amount”
shall
      mean with respect to any Payment Date, an amount equal to the excess, if any,
      of
      the Aggregate Outstanding Note Balance (immediately after the distribution
      of
      Available Funds on such Payment Date) over the Aggregate Loan Balance as of
      the
      end of the Due Period related to such Payment Date.

     

    “Note
      Owner”
shall
      mean, with respect to a Book-Entry Note, the Person who is the beneficial owner
      of such Book-Entry Note, as reflected on the books of the Depository or on
      the
      books of a Person maintaining an account with such Depository (directly or
      as an
      indirect participant, in accordance with the rules of such
      Depository).

     

    “Note
      Purchase Agreement”
shall
      mean that certain note purchase agreement dated August 18, 2006 by and
      among the Initial Purchaser, Silverleaf and the Issuer.

     

    “Note
      Rate”
shall
      mean with respect to the Class A Notes, the Class B Notes, the Class C Notes,
      the Class D Notes, the Class E Notes, the Class F Notes and the Class G Notes,
      5.760%, 5.909%, 6.456%, 7.249%, 7.793%, 8.287% and 10.000%
      respectively.

     

    “Note
      Register”
shall
      have the meaning specified in Section 2.4(a) of the Indenture.

     

    “Note
      Registrar”
shall
      have the meaning specified in Section 2.4(a) of the Indenture.

     

    “Noteholder”
shall
      mean any holder of a Note of any Class.

     

    “Notes”
shall
      mean, collectively, the Class A Notes, the Class B Notes, the Class C Notes,
      the
      Class D Notes, the Class E Notes, the Class F Notes and the Class G
      Notes.

     

    “Oak
      N’
Spruce Loan”
shall
      mean a Timeshare Loan relating to the Oak N’ Spruce Resort and evidenced by a
      Finance Agreement.

     

    “Oak
      N’
Spruce Certificate”
shall
      mean a certificate of beneficial interest in Oak N’ Spruce Resort Trust which
      entitles the owner thereof the right to use and occupy a specifically designated
      Unit at a fixed period of time each year at the Oak N’ Spruce
      Resort.

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    “Oak
      N’
Spruce Financing Statement”
means,
      with respect to an Oak N’ Spruce Loan, a UCC financing statement (UCC-1) in
      recordable form which (i) names as “debtor” the Obligor on the underlying Oak N’
Spruce Loan, (ii) names Silverleaf as “secured party/assignor,” (iii) names as
“secured party/assignee” the Indenture Trustee for the benefit of the
      Noteholders and (iv) is sufficient under applicable laws to give record notice
      of the pledge of such Oak N’ Spruce Loan and its proceeds to the Indenture
      Trustee and its assigns.

     

    “Oak
      N’
Spruce Financing Statement Amendment”
means,
      with respect to an Oak N’ Spruce Loan, a UCC financing statement amendment
      (UCC-3) in recordable form which (i) amends the initial UCC financing statement
      filed with respect to such Oak N’ Spruce Loan to evidence the assignment of the
      loan to the Indenture Trustee for the benefit of the Noteholders as “secured
      party/assignee,” (ii) names the Prior Secured Party as “assignor,” (iii) names
      the Obligor on the underlying Oak N’ Spruce Loan as “debtor,” and (iv) is
      sufficient under applicable laws to give record notice of a transfer of such
      Oak
      N’ Spruce Loan and its proceeds to the Indenture Trustee and its
      assigns.

     

    “Oak
      N’
Spruce Resort”
shall
      mean the timeshare resort and related facilities located in Lee, Massachusetts
      and operated by the Originator.

     

    “Oak
      N’
Spruce Resort Trust”
shall
      mean the trust established under the Oak N’ Spruce Trust Agreement.

     

    “Oak
      N’
Spruce Trust Agreement”
shall
      mean, collectively, that certain Sixth Amended and Restated Declaration of
      Trust
      of Oak N’ Spruce Resort Trust, dated as of September 20, 2004, as amended,
      restated or otherwise modified from time to time, together with all other
      agreements, documents and instruments governing the operation of the Oak N’
Spruce Resort Trust, including without limitation, the Time Share Supplement
      to
      the Sixth Amended and Restated Declaration of Trust of Oak N’ Spruce Resort
      Trust, dated September 20, 2004 and the Recreation and Use Easement, dated
      September 20, 2000, as any such documents may be amended, restated or otherwise
      modified from time to time.

     

    “Oak
      N’
Spruce Trustee”
shall
      mean Silverleaf Berkshires, Inc., a Texas corporation, in its capacity as
      trustee under the Oak N’ Spruce Trust Agreement, and its permitted successors
      and assigns.

     

    “Obligor”
shall
      mean the related obligor under a Timeshare Loan.

     

    “Officer’s
      Certificate”
shall
      mean a certificate executed by a Responsible Officer of the related
      party.

     

    “Opinion
      of Counsel”
shall
      mean a written opinion of counsel, in each case acceptable to the addressees
      thereof.

     

    “Optional
      Purchase Limit”
shall
      mean, on any date, an amount equal to (x) 15% of the Cut-Off Date Aggregate
      Loan
      Balance less (y) the aggregate Loan Balances (as of the related purchase dates)
      of all Defaulted Timeshare Loans previously purchased by the Originator and
      the
      Servicer pursuant to the Transfer Agreement.

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    “Optional
      Redemption Date”
shall
      mean the first date in which the Aggregate Outstanding Note Balance is less
      than
      or equal to 10% of the Aggregate Initial Note Balance of all Classes of
      Notes.

     

    “Originator”
shall
      mean Silverleaf Resorts, Inc., in its capacity as the originator of the
      Timeshare Loans. 

     

    “Orlando
      Breeze Management Agreement”
shall
      mean that certain Management Agreement between the Originator and the
      Association of the Orlando Breeze Resort, dated as of January 13, 2005, as
      amended from time to time.

     

    “Outstanding”
shall
      mean, with respect to the Notes, as of any date of determination, all Notes
      theretofore authenticated and delivered under the Indenture except:

     

    (a) Notes
      theretofore canceled by the Indenture Trustee or delivered to the Indenture
      Trustee for cancellation;

     

    (b) Notes
      or
      portions thereof for whose payment money in the necessary amount has been
      theretofore irrevocably deposited with the Indenture Trustee in trust for the
      holders of such Notes; and

     

    (c) Notes
      in
      exchange for or
      in
      lieu
      of other Notes, which other Notes have been authenticated
      and delivered pursuant to the Indenture unless proof satisfactory to the
      Indenture Trustee
      is presented that any such Notes
      are
      held
      by a
      Person
      in
      whose hands the Note is a valid
      obligation; provided; however, that in
      determining
      whether the holders of the requisite percentage of the Outstanding Note Balance
      of the Notes have given any request, demand, authorization,
      direction, notice,
      consent,
      or waiver hereunder, Notes owned by the Issuer or any
      Affiliate of the Issuer shall be disregarded and deemed not to be Outstanding,
      except that, in
      determining
      whether the Indenture Trustee shall be protected in relying upon any such
      request, demand, authorization, direction, notice, consent, or waiver, only
      Notes that a Responsible Officer of the Indenture Trustee actually has notice
      are so owned shall be so disregarded.

     

    “Outstanding
      Note Balance”
shall
      mean as of any date of determination and Class of Notes, the Initial Note
      Balance of such Class of Notes less the sum of Principal Distribution Amounts
      actually distributed to the Holders of such Class of Notes as of such date;
      provided, however, to the extent that for purposes of consents, approvals,
      voting or other similar act of the Noteholders under any of the Transaction
      Documents, “Outstanding Note Balance” shall exclude Notes which are held by
      Silverleaf or any Affiliate thereof.

     

    “Paydown
      Letter”
shall
      have the meaning set forth in the Escrow Agreement. 

     

    “Paying
      Agent”
shall
      mean any Person authorized under the Indenture to make the distributions
      required under Section 3.4 of the Indenture, which such Person initially shall
      be the Indenture Trustee.

     

    “Payment
      Date”
shall
      mean the 15th
      day of
      each month, or, if such date is not a Business Day, then the next succeeding
      Business Day, commencing on the Initial Payment Date.

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

     

    “Payment
      Default Event”
shall
      have occurred if (i) each Class of Notes shall become due and payable pursuant
      to Section 6.2(a) of the Indenture or (ii) each Class of Notes shall otherwise
      become due and payable following an Event of Default under the Indenture and
      the
      Aggregate Loan Balance of the Timeshare Loans is less than the Aggregate
      Outstanding Note Balance as a result of a default on one or more of the
      Timeshare Loans.

     

    “Percentage
      Interest”
shall
      mean, with respect to any Class of Notes as of any date of determination, the
      quotient, expressed as a percentage, the numerator of which is the Adjusted
      Note
      Balance of such Class of Notes and the denominator of which is the Cut-Off
      Date
      Aggregate Loan Balance. The initial Percentage Interest with respect to the
      Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the
      Class E Notes, the Class F Notes and the Class G Notes is equal to approximately
      32.0%, 14.0%, 10.0%, 10.0%, 5.0%, 5.0% and 6.5%, respectively.

     

    “Permitted
      Liens”
shall
      mean (a) with respect to Timeshare Loans included in the Collateral, Liens
      for
      state, municipal or other local taxes if such taxes shall not at the time be
      due
      and payable, (ii) Liens in favor of the Issuer created pursuant to the
      Transaction Documents, and (iii) Liens in favor of the Indenture Trustee created
      pursuant to the Indenture; (b) with respect to the related Timeshare Property,
      materialmen’s, warehousemen’s, mechanic’s and other Liens arising by operation
      of law in the ordinary course of business for sums not due, (ii) Liens for
      state, municipal or other local taxes if such taxes shall not at the time be
      due
      and payable, (iii) Liens in favor of the Issuer pursuant to the Transfer
      Agreement and the Loan Sale Agreement and (iv) the Obligor’s interest in the
      Timeshare Property under the Timeshare Loan whether pursuant to the Oak N’
Spruce Trust Agreement or otherwise; and (c) with respect to Timeshare Loans
      and
      Related Security included in the Collateral, any and all rights of the
      Beneficiaries and the Other Beneficiaries referred to in the Oak N’ Spruce Trust
      Agreement under the Oak N’ Spruce Trust Agreement.

     

    “Person”
means
      an individual, general partnership, limited partnership, limited liability
      partnership, corporation, business trust, joint stock company, limited liability
      company, trust, unincorporated association, joint venture, Issuer, Governmental
      Authority, or other entity of whatever nature.

     

    “Predecessor
      Servicer Work Product”
shall
      have the meaning specified in Section 5.4(b) of the Indenture.

     

    “Prefunding
      Account”
shall
      mean the account established and maintained by the Indenture Trustee pursuant
      to
      Section 3.2(d) of the Indenture.

     

    “Prefunding
      Account Initial Deposit”
shall
      mean an amount equal to $24,750,000.

     

    “Prefunding
      Period”
shall
      mean the period commencing on the Closing Date and ending on the Prefunding
      Termination Date.

     

    “Prefunding
      Termination Date”
shall
      mean the earlier to occur of (i) the date on which the amount on deposit in
      the
      Prefunding Account is less than $10,000, (ii) the date on which an Event of
      Default occurs and (iii) the 90th
      day
      following the Closing Date.

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

     

    “Preliminary
      Confidential Offering Circular”
shall
      mean the preliminary confidential offering circular dated August 10, 2006
      related to the Notes and Transaction Documents. 

     

    “Prior
      Secured Party”
shall
      have the meaning set forth in the Escrow and Closing Agreement. 

     

    “Principal
      Distribution Amount”
shall
      equal for any Payment Date and Class of Notes, the sum of the
      following:

     

    
      	 	
              (i)

            	
              the
                product of (a) such Class’ Percentage Interest and (b) the amount of
                principal collected in respect of each Timeshare Loan during the
                related
                Due Period (including, but not limited to, principal in respect of
                scheduled payments, partial prepayments, prepayments in full,
                liquidations, Substitution Shortfall Amounts, Default Purchase Prices,
                Force Majeure Purchase Prices and Repurchase Prices, if any, but
                excluding
                principal received in respect of Timeshare Loans that became Defaulted
                Timeshare Loans during prior Due Periods) or, if the Cut-Off Date
                for a
                Timeshare Loan shall have occurred during the related Due Period,
                the
                amount of principal collected in respect of such Timeshare Loan after
                such
                Cut-Off Date;

            

    

     

    
      	 	
              (ii)

            	
              the
                product of (a) such Class’ Percentage Interest and (b) the aggregate Loan
                Balance of all Timeshare Loans which became Defaulted Timeshare Loans
                during the related Due Period, less the principal portion, of Default
                Purchase Prices
                paid in respect of Defaulted Timeshare Loans during the related Due
                Period;

            

    

     

    
      	 	
              (iii)

            	
              on
                the first Payment Date after the Prefunding Termination Date, the
                product
                of (a) such Class’ Percentage Interest and (b) the amount transferred from
                the Prefunding Account to the Collection Account, if any;
                and

            

    

     

    
      	 	
              (iv)

            	
              any
                unpaid Principal Distribution Amounts for such Class from prior Payment
                Dates.

            

    

     

    “Qualified
      Substitute Timeshare Loan”
shall
      mean a Timeshare Loan (i) that, when aggregated with other Qualified Substitute
      Timeshare Loans being substituted on such Transfer Date, has a Loan Balance,
      after application of all payments of principal due and received during or prior
      to the month of substitution, not in excess of the Loan Balance of the Timeshare
      Loan being substituted on the related Transfer Date, (ii) that complies, as
      of
      the related Transfer Date, with each of the representations and warranties
      contained in the Transfer Agreement or the Loan Sale Agreement, as applicable,
      including that such Qualified Substitute Timeshare Loan is an Eligible Timeshare
      Loan, (iii) that shall not cause the weighted average coupon rate of the
      Timeshare Loans, after such substitution, to be less than the
      weighted average coupon rate of the Timeshare Loans as of the immediately
      preceding Determination Date,
      (iv)
that
      shall not cause the weighted average FICO score of the Timeshare Loans, after
      such substitution, to be less than the weighted average FICO score of the
Timeshare
      Loans as
      of the immediately preceding Determination Date,
      (v)
that
      shall not cause the weighted average months of seasoning on the Timeshare Loans,
      after such substitution, to be less than 11
      months,
      and
      (vi) that does not have a stated maturity greater than 12 months prior to the
      Stated Maturity.

     

    “Rating
      Agency”
shall
      mean Moody’s.

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

     

    “Rating
      Agency Confirmation”
shall
      mean a
      written
      confirmation from the Rating Agency that the specified action therein shall
      not
      cause the then existing rating on any of the Notes to be negatively qualified,
      lowered or withdrawn.

     

    “Receivables”
means
      the payments required to be made pursuant to a Timeshare Loan.

     

    “Record
      Date”
shall
      mean, with respect to any Payment Date, the close of business on the last
      Business Day of the calendar month immediately preceding the month such Payment
      Date occurs.

     

    “Redemption
      Date”
shall
      mean with respect to the redemption of the Notes on or after the Optional
      Redemption Date, the date fixed pursuant to Section 10.1 of the
      Indenture.

     

    “Redemption
      Price”
shall
      mean, with respect to each Class of Notes, the sum of the Outstanding Note
      Balance of such Class of Notes, together with interest accrued thereon at the
      applicable Note Rate up to and including the Redemption Date.

     

    “Regulation
      S Global Note”
shall
      have the meaning set forth in Section 2.2 of the Indenture. 

     

    “Related
      Security”
shall
      mean with respect to any Timeshare Loan, (i) all of the Issuer’s interest in the
      Timeshare Property arising under or in connection with the related Mortgage,
      Financing Agreement, Oak N’ Spruce Certificate and the related Timeshare Loan
      Files, (ii) all other security interests or liens and property subject thereto
      from time to time purporting to secure payment of such Timeshare Loan, together
      with all mortgages, assignments and financing statements signed by an Obligor
      describing any collateral securing such Timeshare Loan, (iii) all guarantees,
      insurance and other agreements or arrangements of whatever character from time
      to time supporting or securing payment of such Timeshare Loan, and (iv) all
      other security and books, records and computer tapes relating to the
      foregoing.

     

    “Repurchase
      Price”
shall
      mean with respect to any Timeshare Loan to be purchased by the Originator
      pursuant to the Transfer Agreement or the Servicer pursuant to the Loan Sale
      Agreement, an amount equal to the Loan Balance of such Timeshare Loan as of
      the
      date of such purchase or repurchase, together with all accrued and unpaid
      interest on such Timeshare Loan at the related Timeshare Loan Rate to, but
      not
      including, the due date in the then current Due Period.

     

    “Request
      for Release”
shall
      be a request for release of Timeshare Loan Files in the form required by the
      Custodial Agreement.

     

    “Required
      Payments”
shall
      mean each of the items described in (i) through (xiv) of Section 3.4(a) of
      the
      Indenture.

     

    “Reservation
      System”
shall
      mean the centralized reservation system for all Resorts.

     

    “Resort”
shall
      mean any of the following resorts: Holly Lake Resort, The Villages and Lake
      O’
The Wood Resorts, Piney Shores Resort, Timber Creek Resort, Fox River Resort,
      Apple

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

     

    Mountain
      Resort, Ozark Mountain Resort, Holiday Hills Resort, Oak N’ Spruce Resort,
      Silverleaf’s Seaside Resort, Hill Country Resort and Orlando Breeze
      Resort.

     

    “Responsible
      Officer”
shall
      mean (a) when used with respect to the Indenture Trustee, any officer assigned
      to the Corporate Trust Office, including any Managing Director, Vice President,
      Assistant Vice President, Secretary, Assistant Secretary, Assistant Treasurer,
      any trust officer or any other officer such Person customarily performing
      functions similar to those performed by any of the above designated officers,
      and also, with respect to a particular matter, any other officer to whom such
      matter is referred because of such officer’s knowledge of and familiarity with
      the particular subject; (b) when used with respect to the Servicer, the Chief
      Financial Officer, a Vice President, an Assistant Vice President, the Chief
      Accounting Officer or the Secretary of the Servicer; and (c) with respect to
      any
      other Person, the chairman of the board, chief financial officer, the president,
      a vice president, the treasurer, an assistant treasurer, the secretary, an
      assistant secretary, the controller, general partner, trustee or the manager
      of
      such Person.

     

    “Restricted
      Period”
shall
      mean the 40-day period prescribed by Regulation S under the Securities Act
      commencing on the later of (a) the date upon which Notes are first offered
      to
      Persons other than the Initial Purchaser and any other distributor (as such
      term
      is described in Regulation S) of the Notes and (b) the Closing Date.

     

    “Rule
      144A Global Note”
shall
      have the meaning specified in Section 2.2 of the Indenture. 

     

    “S&P”
shall
      mean Standard & Poor’s, a division of The McGraw-Hill Companies,
      Inc.

     

    “Schedule
      of Timeshare Loans”
shall
      mean the list of Timeshare Loans delivered pursuant to the Transfer Agreement
      and the Loan Sale Agreement, as amended from time to time to reflect
      repurchases, substitutions and Qualified Substitute Timeshare Loans and
      Subsequent Timeshare Loans conveyed pursuant to the terms of the Indenture,
      the
      Transfer Agreement and the Loan Sale Agreement, which list shall set forth
      the
      following information with respect to each Timeshare Loan as of the related
      Cut-Off Date, as applicable, in numbered columns:

    
      	
            	 
	
              1

            	
              Name
                of Obligor

            
	
              2

            	
              Unit
                Ref/Loan Number

            
	
              3

            	
              Interest
                Rate Per Annum

            
	
              4

            	
              Date
                of Timeshare Loan Origination

            
	
              5

            	
              Maturity

            
	
              6

            	
              Sales
                Price

            
	
              7

            	
              Monthly
                Payment

            
	
              8

            	
              Original
                Loan Balance

            
	
              9

            	
              Original
                Term

            
	
              10

            	
              Outstanding
                Loan Balance

            
	
              11

            	
              Down
                Payment

            
	
              12

            	
              First
                Payment Date

            
	
              13

            	
              Zip
                Code

            
	
              14

            	
              Unit/Week

            
	
              15

            	
              Resort
                Name

            

    

     

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

     

    “Securities
      Act”
shall
      mean the Securities Act of 1933, as amended.

     

    “Securitization
      Custodian”
shall
      have the meaning specified the second “whereas” clause in the Transfer Agreement
      and the second “whereas” clause in the Loan Sale Agreement.

     

    “Securitization
      Indenture”
shall
      have the meaning specified the second “whereas” clause in the Transfer Agreement
      and the second “whereas” clause in the Loan Sale Agreement.

     

    “Securitization
      Indenture Trustee”
shall
      have the meaning specified the second “whereas” clause in the Transfer Agreement
      and the second “whereas” clause in the Loan Sale Agreement.

     

    “Securitization
      Servicer”
shall
      have the meaning specified the second “whereas” clause in the Transfer
      Agreement.

     

    “Sell”
shall
      have the meaning set forth in the Transfer Agreement and the Loan Sale
      Agreement, as applicable. 

     

    “Seller”
shall
      mean Silverleaf Resorts, Inc. under the Transfer Agreement and Silverleaf
      Finance IV, LLC under the Loan Sale Agreement, as applicable.

     

    “Senior
      Reserve Account”
shall
      mean that certain account maintained by the Indenture Trustee pursuant to
      Section 3.2(c) of the Indenture.

     

    “Senior
      Reserve Account Cap”
shall
      mean the excess, if any, of (a) the then Outstanding Note Balance over (b)
      the
      amount on deposit in the General Reserve Account.

     

    “Senior
      Reserve Accumulation Event”
means
      (i)  as of any date of determination, the Tangible Net Worth of Silverleaf
      is less than the sum of (1) $100,000,000, (2) 50% of the cumulative positive
      net
      income of Silverleaf (without deduction for negative income) since June 30,
      2006
      and (3) 50% of the net proceeds of any equity issued by Silverleaf since June
      30, 2006, (ii) as of any date of determination, the sum of (1) available
      cash and (2) borrowing capacity for working capital maintained by Silverleaf
      is
      less than $5,000,000, or (iii) so long as Silverleaf or an affiliate
      thereof is the Servicer, for the calendar quarter of Silverleaf ending September
      30, 2006 and for each calendar quarter thereafter, the average of the ratios
      for
      such calendar quarter and each of the three immediately preceding calendar
      quarters of Silverleaf’s (1) Earnings Before Interest, Taxes, Deductions and
      Amortization (EBITDA) to (2) Interest Expense, is less than 1.25:1.

     

    “Sequential
      Pay Event”
shall
      exist on any Determination Date if the Cumulative Default Level as of the last
      day of any month specified below (in each case referring to whole calendar
      months elapsed since the Initial Cut-Off Date, and with respect to the period
      designated as 0-3 months, consisting of four calendar months) exceeds the
      following parameters:

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

     

    
      	
              Month

            	 	
              Cumulative

              Default
                Level %

            	 
	
              0-3

            	 	 	
              1.26

            	
              %

            
	
              4-6

            	 	 	
              4.39

            	
              %

            
	
              7-9

            	 	 	
              7.36

            	
              %

            
	
              10-12

            	 	 	
              9.55

            	
              %

            
	
              13-15

            	 	 	
              11.34

            	
              %

            
	
              16-18

            	 	 	
              13.39

            	
              %

            
	
              19-21

            	 	 	
              15.40

            	
              %

            
	
              22-24

            	 	 	
              16.59

            	
              %

            
	
              25-27

            	 	 	
              17.56

            	
              %

            
	
              28-30

            	 	 	
              18.47

            	
              %

            
	
              31-33

            	 	 	
              19.58

            	
              %

            
	
              34-36

            	 	 	
              20.27

            	
              %

            
	
              37-39

            	 	 	
              20.75

            	
              %

            
	
              40-42

            	 	 	
              21.13

            	
              %

            
	
              43
                and thereafter

            	 	 	
              21.23

            	
              %

            

    

    

    “Servicer”
shall
      mean Silverleaf in its capacity as servicer under the Indenture, the Backup
      Servicing Agreement and the Custodial Agreement, and its permitted successors
      and assigns.

     

    “Servicer
      Event of Default”
shall
      have the meaning specified in Section 5.4 of the Indenture.

     

    “Servicer
      Termination Costs”
shall
      mean any extraordinary out-of-pocket expenses incurred by the successor servicer
      associated with the transfer of servicing.

     

    “Servicing
      Fee”
shall
      mean for any Payment Date, the product of (i) one-twelfth of 1.75% and (ii)
      the
      Aggregate Loan Balance as of the first day of the related Due
      Period.

     

    “Servicing
      Officer”
shall
      mean those officers of the Servicer involved in, or responsible for, the
      administration and servicing of the Timeshare Loans, as identified on the list
      of Servicing Officers furnished by the Servicer to the Indenture Trustee and
      the
      Noteholders from time to time.

     

    “Servicing
      Standard”
shall
      mean, with respect to the Servicer a servicing standard which complies with
      applicable law, the terms of the respective Timeshare Loans and, to the extent
      consistent with the foregoing, in accordance with the customary and usual
      procedures employed by it with respect to comparable assets that the Servicer
      services for itself or its Affiliates (and if Silverleaf is no longer the
      Servicer, in accordance with the customary standard of prudent servicers of
      loans secured by timeshare interests similar to the Timeshare Properties,
      employed

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

     

    by
      it
      when servicing loans for third parties), but without regard for (i) any
      relationship that it or any of its Affiliates may have with the related Obligor,
      and (ii) its right to receive compensation for its services hereunder or with
      respect to any particular transaction.

     

    “Silverleaf”
shall
      mean Silverleaf Resorts, Inc., a Texas corporation. 

     

    “Silverleaf
      Loans”
shall
      mean the Timeshare Loans conveyed by Silverleaf to the Issuer pursuant to the
      Transfer Agreement.

     

    “Silverleaf
      Serviced Timeshare Loan”
means
      any timeshare loan (including any Timeshare Loan conveyed to the Issuer pursuant
      to the Transfer Agreement or the Loan Sale Agreement) serviced by Silverleaf
      or
      an Affiliate thereof for the benefit of the Noteholders, for Silverleaf’s own
      account, or for the accounts of any and all third parties. 

     

    “Similar
      Law”
shall
      mean a provision of federal, state or local law that is substantially similar
      to
      the prohibited transaction rules under Title I, Part 4 of ERISA or Section
      4975
      of the Code.

     

    “Stated
      Maturity”
shall
      mean the Payment Date occurring in July, 2018. 

     

    “Subsequent
      Cut-Off Date”
shall
      mean with respect to any Transfer Date, (i) the close of business on the last
      day of the Due Period immediately preceding such Transfer Date or (ii) such
      other date designated by the Servicer.

     

    “Subsequent
      Timeshare Loan”
shall
      mean a Timeshare Loan (i) that complies, as of the related Transfer Date, with
      each of the representations and warranties contained in the Transfer Agreement,
      including that such Subsequent Timeshare Loan is an Eligible Timeshare Loan,
      (ii) that such Subsequent Timeshare Loan will not cause the weighted
      average coupon rate of the Timeshare Loans to be less than 15.958% after the
      purchase thereof by the Issuer and the subsequent pledge thereof pursuant to
      the
      Indenture, (iii) that will not cause the weighted average months of seasoning
      on
      the Timeshare Loans to be less than 11 months after the purchase thereof by
      the
      Issuer and the subsequent pledge thereof pursuant to the Indenture, (iv)
that
      the
      weighted average FICO scores of such Subsequent Timeshare Loans will not be
      less
      than 665 and (v) that
      such
      Subsequent Timeshare Loan does not have a stated maturity date later than 24
      months prior to the Stated Maturity.

     

    “Subsequent
      Transfer Agreement”
shall
      mean each Subsequent Transfer Agreement dated as of a Transfer Date executed
      by
      the Originator and the Issuer, substantially in the form of Exhibit B to the
      Transfer Agreement.

     

    “Substitution
      Shortfall Amount”
shall
      mean with respect to any Transfer Date, an amount equal to the excess of the
      aggregate Loan Balances of the substituted Timeshare Loans over the aggregate
      Loan Balances of the Qualified Substitute Timeshare Loans.

     

    “Tangible
      Net Worth”
shall
      mean with respect to any Person, the amount calculated in accordance with
      generally accepted accounting principles consistently applied (but without
      giving effect to any adjustments related to the valuation of any interest rate
      swaps, interest rate caps or similar derivative instruments required pursuant
      to
      the Statement of Financial

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

     

    Accounting
      Standards No. 133 issued by the Financial Accounting Standards Board) as the
      difference between (i) all assets of such Person as may be properly classified
      as such (excluding all assets properly classified as intangible assets), minus
      (ii) the aggregate amount of all liabilities of such Person.

     

    “Temporary
      Regulation S Global Note”
shall
      have the meaning specified in Section 2.2 of the Indenture. 

     

    “Three
      Month Rolling Average of Serviced Timeshare Loan Delinquency
      Ratios”
means,
      as of any date of determination, a fraction (expressed as a percentage), the
      numerator of which is the quotient of (A) the sum of the Aggregate Loan Balance
      of all Silverleaf Serviced Timeshare Loans which were Delinquent Timeshare
      Loans
      as of the last day of each of the three most recently ended Due Periods, divided
      by (B) 3, and the denominator of which is the quotient of (C) the sum of the
      Aggregate Loan Balance of all Silverleaf Serviced Timeshare Loans as of the
      last
      day of each of the three most recently ended Due Periods, divided by (D) 3.
      

     

    “Timeshare
      Declaration”
shall
      mean the declaration or other document recorded in the real estate records
      of
      the applicable municipality or government office where a Resort is located
      for
      the purpose of creating and governing the rights of owners of Timeshare
      Properties related thereto, as it may be in effect from time to
      time.

     

    “Timeshare
      Loan”
shall
      mean a Mortgage Loan, Oak N’ Spruce Loan, a Qualified Substitute Timeshare Loan
      or a Subsequent Timeshare Loan subject to the lien of the Indenture. As used
      in
      the Transaction Documents, the term “Timeshare Loan” shall include the related
      Mortgage Note, Mortgage, the Finance Agreement and other Related Security
      contained in the related Timeshare Loan Documents.

     

    “Timeshare
      Loan Acquisition Price”
shall
      mean with respect to any Timeshare Loan, an amount equal to the Loan Balance
      of
      such Timeshare Loan plus accrued and unpaid interest thereon up to and including
      the Initial Cut-Off Date.

     

    “Timeshare
      Loan Documents”
shall
      mean with respect to each Timeshare Loan and each Obligor, the related (i)
      Timeshare Loan Files, and (ii) Timeshare Loan Servicing Files.

     

    “Timeshare
      Loan File(s)”
shall
      mean, with respect to a Timeshare Loan, the Timeshare Loan and all documents
      related to such Timeshare Loan, including:

     

    
      	 	
              1.

            	
              a
                Contract for Sale (copy), which includes Truth in Lending
                Disclosure,

            

    

     

    
      	 	
              2.

            	
              a
                Note (original),

            

    

     

    
      	 	
              3.

            	
              an
                Allonge (copy) (or more than one Allonge that when taken together)
                shall
                show the transfer of title as set forth in the Custodial
                Agreement,

            

    

     

    
      	 	
              4.

            	
              for
                a post-July 2004 Oak N’ Spruce Loan - Oak N’ Spruce Resort Certificate of
                Beneficial Interest (original),

            

    

     

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

     

    
      	 	
              5.

            	
              one
                of the following: (a) for a Mortgage Loan - a Deed of Trust, Deed
                to
                Secure Debt or Mortgage with Property Description Addendum (original
                or
                file-stamped or certified copy), (b) for an Oak N’ Spruce Loan (pre-July
                2004) - a Mortgage and Assignment of Beneficial Interest with Property
                Description Addendum (original or file-stamped or certified copy)
                or (c)
                for an Oak N’ Spruce Loan (post-July 2004) - an Assignment of Beneficial
                Interest with Property Description Addendum (not recorded or
                acknowledged),

            

    

     

    
      
        	
              	6.	
                anyassumption
                  agreement, refinancing agreement, or general warranty deed evidencing
                  a
                  transfer of title, if any, (copy),

              

      

    

     

    
      
        	
              	7.	
                anoriginal
                  lender’s title insurance policy or master policy referencing such
                  Timeshare Loan and covering the Indenture Trustee for the benefit
                  of the
                  Noteholders (which shall be delivered by the Escrow Agent to the
                  Custodian
                  within 90 days of the related Funding
                  Date),

              

      

    

     

    
      
        	
              	8.	
                anoriginal
                  of each guarantee, assumption, modification, substitution agreement,
                  deferment letter, or other document, if any, which relates to the
                  related
                  Timeshare Loan (or copy thereof certified by an officer of the
                  related
                  originator to be a true and correct copy), and which shall cover
                  both the
                  Note and the Contract for Sale, and

              

      

    

     

    
      	 	
              9.

            	
              all
                related finance applications executed and delivered by the related
                Obligor
                with respect to the purchase of a Timeshare
                Property.

            

    

     

    “Timeshare
      Loan Rate”
shall
      mean with respect to any Timeshare Loan, the specified coupon rate
      thereon.

     

    “Timeshare
      Loan Servicing Files”
shall
      mean with respect to each Timeshare Loan and each Obligor, the portion of the
      Timeshare Loan Files necessary for the Servicer to service such Timeshare Loan
      including but not limited to (i) the original truth-in-lending disclosure
      statement executed by such Obligor, as applicable, (ii) all writings pursuant
      to
      which such Timeshare Loan arises or which evidences such Timeshare Loan and
      not
      delivered to the Custodian, (iii) all papers and computerized records
      customarily maintained by the Servicer in servicing timeshare loans comparable
      to the Timeshare Loans in accordance with the Servicing Standard and
      (iv) each Timeshare Program Consumer Document and Timeshare Program
      Governing Document, if applicable, related to the applicable Timeshare
      Property.

     

    “Timeshare
      Program”
shall
      mean the program under which (1) an Obligor has purchased a Timeshare Property
      and (2) an Obligor shares in the expenses associated with the operation and
      management of such program.

     

    “Timeshare
      Program Consumer Documents”
shall
      mean, as applicable, the Finance Agreement, Mortgage Note, Mortgage, credit
      disclosures, rescission right notices, final subdivision public
      reports/prospectuses/public offering statements, the Timeshare Project exchange
      affiliation agreement and other documents, disclosures and advertising materials
      used or to be used by an Originator in connection with the sale of Timeshare
      Properties.

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

     

    “Timeshare
      Program Governing Documents”
shall
      mean the articles of organization or articles of incorporation of each
      Association, the rules and regulations of each Association, the Timeshare
      Program management contract between each Association and a management company,
      and any subsidy agreement by which the Originator is obligated to subsidize
      shortfalls in the budget of a Timeshare Program in lieu of paying assessments,
      as they may be from time to time in effect and all amendments, modifications
      and
      restatements of any of the foregoing.

     

    “Timeshare
      Property”
shall
      mean (i) with respect to a Mortgage Loan, a fractional fee simple timeshare
      interest in a Unit in a Resort entitling the related Obligor to the use and
      occupancy of a Unit at the Resort for a specified period of time each year
      or
      every other year in perpetuity and (ii) with respect to an Oak N’ Spruce Loan, a
      certificate of beneficial interest in the Oak N’ Spruce Resort Trust entitling
      the related Obligor to the use and occupancy of a specifically designed Unit
      at
      such Resort for a fixed period of time each year in perpetuity.

     

    “Title
      Commitment”
shall
      have the meaning set forth in the Escrow Agreement. 

     

    “Title
      Policy”
shall
      have the meaning set forth in the Escrow Agreement. 

     

    “Transaction
      Documents”
shall
      mean the Indenture, the Transfer Agreement, each Subsequent Transfer Agreement,
      the Loan Sale Agreement, the Lockbox Agreement, the Backup Servicing Agreement,
      the Custodial Agreement, the Escrow Agreement, the Note Purchase Agreement
      and
      all other agreements, documents or instruments delivered in connection with
      the
      transactions contemplated thereby.

     

    “Transfer
      Agreement”
shall
      mean the transfer agreement, dated as of August 1, 2006, between the Originator
      and the Issuer pursuant to which certain of the Timeshare Loans are transferred
      to the Issuer.

     

    “Transfer
      Date”
shall
      mean the date on which the Originator substitutes one or more Timeshare Loans
      in
      accordance with Section 4.5 of the Indenture or pledges one or more Subsequent
      Timeshare Loans in accordance with Section 4.2 of the Indenture.

     

    “Transferred
      Assets”
shall
      mean collectively, the Timeshare Loans (including the Subsequent Timeshare
      Loans
      and Qualified Substitute Timeshare Loans), Timeshare Properties, Mortgage Note,
      any Related Security and other conveyed property related thereto and additional
      collateral.

     

    “Treasury
      Regulations”
shall
      mean the regulations, included proposed or temporary regulations, promulgated
      under the Code. References herein to specific provisions of proposed or
      temporary regulations shall include analogous provisions of final Treasury
      Regulations or other successor Treasury Regulations.

     

    “Trust
      Accounts”
shall
      mean collectively, the Lockbox Account, the Collection Account, the General
      Reserve Account, the Senior Reserve Account, the Prefunding Account and the
      Capitalized Interest Account.

     

    “Trust
      Receipt”
means
      a
      trust receipt in substantially the form of Exhibit G
      to the
      Custodial Agreement.

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

     

    “UCC”
means
      the Uniform Commercial Code as in effect in the relevant jurisdiction, as
      amended from time to time.

     

    “Unit(s)”:
      One
      individual air-space residential unit, cabin, villa, cottage or townhome within
      a Resort, together with all furniture, fixtures and furnishings therein, and
      together with any and all interests in common elements appurtenant thereto,
      as
      provided in the related Timeshare Program Governing Documents.

     

    “Upgraded
      Timeshare Loan”
shall
      mean a Timeshare Loan for which the related Obligor has elected to purchase
      a
      new upgraded timeshare property.

    
      
         

      

        28EX 10.3

    EXHIBIT
      10.3

     

    

     

     

    TRANSFER
      AGREEMENT

     

    BETWEEN

     

    SILVERLEAF
      RESORTS, INC.

     

    AND

     

    SILVERLEAF
      FINANCE V, L.P.

     

    

     

    

     

    DATED
      AS
      OF AUGUST 1, 2006

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    TRANSFER
      AGREEMENT

     

    This
      TRANSFER AGREEMENT (this “Agreement”), dated
      as
      of August 1, 2006, is between Silverleaf Resorts, Inc., a Texas corporation
      (“Originator”) and
      Silverleaf Finance V, L.P., a Delaware limited partnership (the “Issuer”), and
      their
      respective permitted successors and assigns.

     

    W
      I T
      N E S S E T H:

     

    WHEREAS,
      the Issuer has been established as a bankruptcy-remote entity for the purpose
      of
      acquiring (i) a certain pool of timeshare loans (the “Mortgage
      Loans”)
      each
      evidenced by a promissory note and secured by a first Mortgage on a fractional
      fee simple timeshare interest in a Unit, (ii) a pool of timeshare loans (the
      “Oak
      N’ Spruce Loans”),
      each
      evidenced by a purchase and finance agreement (a “Finance
      Agreement”)
      for
      the purchase of a certificate of beneficial interest in the Oak N’ Spruce Resort
      Trust evidencing the right of the owner thereof to use and occupy a fixed unit
      at Oak N’ Spruce Resort at a fixed period of time (the Mortgage Loans and Oak N’
Spruce Loans, together, the “Timeshare
      Loans”),
      (iii)
      any Qualified
      Substitute Timeshare Loans and
      Subsequent Timeshare Loans
      and (iv)
      all Related Security in respect of the Timeshare Loans and Oak N’ Spruce Loans.
      A “Timeshare
      Property”
shall
      consist of (i) in the case of a Timeshare Loan, a fractional fee simple
      timeshare interest in a residential unit (a residential timeshare unit herein
      referred to as a “Unit”)
      in a
      Resort or (ii) in the case of an Oak N’ Spruce Loan, a certificate of beneficial
      interest (“Oak
      N’ Spruce Certificate”)
      in the
      Oak N’ Spruce Resort Trust. The Timeshare Loans, Timeshare Properties, Mortgage
      Note, any Related Security and other conveyed property related thereto and
      additional collateral, collectively, are the “Transferred
      Assets.”
      

     

    WHEREAS,
      on August 29, 2006 (the “Closing
      Date”)
      and on
      each Transfer
      Date,
      the
      Issuer intends to pledge such Transferred Assets acquired thereby to Wells
      Fargo
      Bank National Association, as indenture trustee (in such capacity, the
“Securitization
      Indenture Trustee”),
      custodian (in such capacity, the “Securitization
      Custodian”)
      and
      backup servicer, pursuant to an indenture, dated as of August 1, 2006 (the
      “Securitization
      Indenture”),
      by
      and among the Issuer, Silverleaf Finance V, LLC, as the general partner of
      the
      Issuer (the “General
      Partner”),
      Silverleaf Resorts, Inc., in its capacity as servicer (the “Securitization
      Servicer”)
      and
      the Securitization Indenture Trustee, to secure the Issuer’s (i) 5.760%
      Timeshare Loan-Backed Notes, Series 2006-A, Class A Notes, (ii) 5.909% Timeshare
      Loan-Backed Notes, Series 2006-A, Class B Notes, (iii) 6.456% Timeshare
      Loan-Backed Notes, Series 2006-A, Class C Notes, (iv) 7.249% Timeshare
      Loan-Backed Notes, Series 2006-A, Class D Notes, (v) 7.793% Timeshare
      Loan-Backed Notes, Series 2006-A, Class E Notes, (vi) 8.287% Timeshare
      Loan-Backed Notes, Series 2006-A, Class F Notes, and (vii) 10.000% Timeshare
      Loan-Backed Notes, Series 2006-A, Class G Notes (collectively, the “Securitization
      Notes”);

     

    WHEREAS,
      proceeds from the sale of the Securitization Notes will be used by the Issuer,
      in part, to (i) pay the Originator the purchase price for the Timeshare Loans
      and (ii) pay certain expenses incurred in connection with the issuance of the
      Securitization Notes.

     

    WHEREAS,
      the Originator will derive an economic benefit from the transfer hereunder
      of
      the Timeshare Loans to the Issuer.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    NOW,
      THEREFORE, in consideration of the mutual covenants set forth herein, and for
      other valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties hereto covenant and agree as follows:

     

    SECTION
      1. Definitions;
      Interpretation.
      Capitalized terms used herein but not defined herein shall have the respective
      meanings specified in “Standard Definitions” attached hereto as Annex
      A.

     

    SECTION
      2. Acquisition
      of Timeshare Loans.

     

    (a)
      Initial
      Timeshare Loans.
      

     

    (i) Effective
      as of the Closing Date, but subject to the terms and conditions of this
      Agreement (including, without limitation, subsection
      (f)
      below),
      the Originator hereby sells (“Sells,”
      “Sale”
or
      “Sold”)
      or
      contributes (“Contribute”
or
      “Contribution”)
      (in
      each case to the extent described in subsection
      (f)
      below)
      and otherwise transfers, assigns, and conveys to the Issuer, without recourse
      (except to the extent specifically provided herein), and the Issuer hereby
      agrees to purchase or accept a contribution of (in each case to the extent
      described in subsection
      (f)
      below)
      and otherwise acquires, all right, title and interest of the Originator in
      and
      to the Timeshare Loans included on the schedule delivered to the Issuer on
      the
      Closing Date (as further described in subsection
      (g)
      below),
      together with the Timeshare Properties, Related Security and other conveyed
      property related thereto. In connection with the initial transfer, Originator
      shall transfer, or cause the deposit, into the Lockbox Account of all amounts
      received by the Originator on account of such Timeshare Loans, Timeshare
      Properties, Related Security and other conveyed property related thereto and
      additional collateral hereunder due on and after the Initial Cut-Off Date within
      two (2) Business Days of the receipt thereof.

     

    (ii) The
      Originator hereby acknowledges that each sale, contribution and conveyance
      to
      the Issuer hereunder is absolute and irrevocable, without reservation or
      retention of any interest whatsoever by the Originator. 

     

    (b)
      Subsequent
      Timeshare Loans.
      

     

    (i) Effective
      as of each applicable Transfer Date, but subject to the terms and conditions
      of
      this Agreement (including, without limitation, subsections
      (f)
      and
(h)
      below),
      the Originator shall Sell or Contribute (in each case to the extent described
      in
subsection
      (f)
      below)
      and otherwise transfer, assign, and convey to the Issuer, without recourse
      (except to the extent specifically provided herein), and the Issuer hereby
      agrees to purchase or accept a contribution of (in each case to the extent
      described in subsection
      (f)
      below)
      and otherwise acquire, all right, title and interest of the Originator in and
      to
      the Subsequent Timeshare Loans included on the schedule delivered to the Issuer
      on the applicable Transfer Date (as further described in subsection
      (g)

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    below),
      together with the Timeshare Properties, Related Security and other conveyed
      property related thereto. In connection with any such transfer, Originator
      shall
      transfer, or cause the deposit, into the Lockbox Account of all amounts received
      by the Originator on account of such Subsequent Timeshare Loans, Timeshare
      Properties, Related Security and other conveyed property related thereto and
      additional collateral hereunder due on and after the related Cut-Off Date within
      two (2) Business Days of the receipt thereof.

     

    (ii) The
      Originator hereby acknowledges that each sale, contribution and conveyance
      to
      the Issuer hereunder shall be absolute and irrevocable, without reservation
      or
      retention of any interest whatsoever by the Originator.

    

    (c)
      Delivery
      of Timeshare Loan Documents.
      In
      connection with the sale, transfer, contribution, assignment and conveyance
      of
      any Timeshare Loans hereunder or under any Subsequent Transfer Agreement, the
      Issuer hereby directs the Originator and the Originator hereby agrees to deliver
      or cause to be delivered to the Securitization Custodian, all related Timeshare
      Loan Files and to the Securitization Servicer all related Timeshare Loan
      Servicing Files.

     

    (d)
      Collections.
      The
      Originator shall deposit or cause to be deposited all collections in respect
      of
      the Timeshare Loans received by the Originator or any of its Affiliates on
      and
      after the related Cut-Off Date in the Lockbox Account.

     

    (e)
      Limitation
      of Liability.
      None of
      the Issuer or any subsequent assignee of the Issuer shall have any obligation
      or
      liability with respect to any Timeshare Loan nor shall the Issuer or any
      subsequent assignee have any liability to any Obligor in respect of any
      Timeshare Loan. No such obligation or liability is intended to be assumed by
      the
      Issuer, the Originator or any subsequent assignee herewith and any such
      liability is hereby expressly disclaimed.

     

    (f)
      Purchase
      Price/Capital Contribution.
      The
      price paid for Timeshare Loans, Timeshare Properties, Related Security and
      other
      conveyed property related thereto and additional collateral which are Sold
      hereunder shall be the Purchase Price with respect thereto. Such Purchase Price
      shall be paid by means of an immediate cash payment to the Originator by wire
      transfer on the applicable conveyance date to an account designated by the
      Originator on or before such conveyance date or by means of proper accounting
      entries being entered upon the accounts and records of the Originator and the
      Issuer on the applicable conveyance date. To the extent that the cash amount
      received for any Timeshare Loans, Timeshare Properties, Related Security and
      other conveyed property related thereto and additional collateral Sold by the
      Originator to the Issuer hereunder is less than the Purchase Price of such
      property at the time of the applicable Sale, the shortfall shall be deemed
      to
      have been Contributed by the Originator to the capital of the Issuer on the
      applicable conveyance date.

     

    (g)
      Schedule
      of Timeshare Loans.
      Upon
      the Originator’s Sale or Contribution of the Timeshare Loans, Timeshare
      Properties, Related Security and other conveyed property related thereto and
      additional collateral to the Issuer, the Originator shall deliver a Schedule
      of
      Timeshare Loans, Timeshare Properties, Related Security and other conveyed
      property related

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    thereto
      and additional collateral, which schedule shall be attached hereto as
Schedule
      III
      and made
      a part hereof. Each schedule so delivered shall supersede any prior schedules
      so
      delivered.

     

    (h)
      The
      Originator shall transfer to the Issuer the Subsequent Timeshare Loans and
      the
      Issuer shall cause to be released funds from the Prefunding Account, only upon
      satisfaction of each of the following conditions on or prior to the related
      Transfer Date:

     

    (i)
      The
      Originator shall have delivered to the Securitization Indenture Trustee a duly
      executed Subsequent Transfer Agreement, substantially in the form of Exhibit
      B
      attached hereto, including a Schedule of Timeshare Loans attached thereto and
      listing the Subsequent Loans to be conveyed on such Transfer Date, and
      confirming the satisfaction of each condition precedent specified in this
      Section 2(h);

     

    (ii)
      As
      of each Transfer Date, as evidenced by delivery of the Subsequent Transfer
      Agreement, the Originator (a) shall not be insolvent nor will be made insolvent
      by such transfers, nor shall it be aware of any pending insolvency, (b) shall
      not intend to incur nor believe that it shall incur debts that would be beyond
      its ability to pay as such debts mature, (c) shall not make such transfer with
      actual intent to hinder, delay or defraud any Person, and (d) shall not have
      assets that constitute unreasonably small capital to carry out its business
      as
      then conducted;

     

    (iii)
      Each such Subsequent Timeshare Loan must satisfy the representations and
      warranties set forth in this Agreement (including in Section 5 and in
Schedule
      I
      hereof)
      and the Originator shall have performed all obligations to be performed by
      it
      hereunder on or prior to such Transfer Date;

     

    (iv)
      Such
      transfer shall not result in a material adverse tax consequence to the
      Originator or the Securitization Noteholders;

     

    (v)
      The
      Prefunding Termination Date shall not have occurred;

     

    (vi)
      The
      Originator shall have provided the Securitization Indenture Trustee and the
      Rating Agency with an Addition Notice not later than three Business Days prior
      to such Transfer Date and shall have provided any information reasonably
      requested by either of them with respect to the related Subsequent Timeshare
      Loans;

     

    (vii)
      The
      Originator shall have deposited in the Collection Account all Collections in
      respect of the related Subsequent Timeshare Loans due on and after the related
      Cut-Off Date; and

     

    (viii)
      All the provisions of the Escrow and Closing Agreement and the Custodial
      Agreement shall have been complied with.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    SECTION
      3. Intended
      Characterization, Grant of Security Interest.
      It is
      the intention of the parties hereto that the transfers of Timeshare Loans to
      be
      made pursuant to the terms hereof and the terms of each Subsequent Transfer
      Agreement shall constitute a sale and/or contribution and an absolute assignment
      by the Originator to the Issuer and not a loan secured by the Timeshare Loans.
      In the event, however, that a court of competent jurisdiction were to hold
      that
      any such transfer constitutes a loan and not a sale and/or contribution, it
      is
      the intention of the parties hereto that the Originator shall be deemed to
      have
      granted and does hereby grant to the Issuer as of the date hereof a first
      priority perfected security interest in all of Originator’s right, title and
      interest in, to and under the Transferred Assets specified in Section 2 hereof
      and that with respect to such conveyance, this Agreement and each applicable
      Subsequent Transfer Agreement shall constitute a security agreement under
      applicable law. In the event of the characterization of any such transfer as
      a
      loan, the amount of interest payable or paid with respect to such loan under
      the
      terms of this Agreement and each applicable Subsequent Transfer Agreement shall
      be limited to an amount which shall not exceed the maximum non-usurious rate
      of
      interest allowed by the applicable state law or any applicable law of the United
      States permitting a higher maximum non-usurious rate that preempts such
      applicable state law, which could lawfully be contracted for, charged or
      received (the “Highest
      Lawful Rate”).
      In
      the event any payment of interest on any such loan exceeds the Highest Lawful
      Rate, the parties hereto stipulate that (a) to the extent possible given the
      term of such loan, such excess amount previously paid or to be paid with respect
      to such loan be applied to reduce the principal balance of such loan, and the
      provisions thereof immediately be deemed reformed and the amounts thereafter
      collectible thereunder reduced, without the necessity of the execution of any
      new document, so as to comply with the then applicable law, but so as to permit
      the recovery of the fullest amount otherwise called for thereunder and (b)
      to
      the extent that the reduction of the principal balance of, and the amounts
      collectible under, such loan and the reformation of the provisions thereof
      described in the immediately preceding clause (a) is not possible given the
      term
      of such loan, such excess amount will be deemed to have been paid with respect
      to such loan as a result of an error and upon discovery of such error or upon
      notice thereof by any party hereto such amount shall be refunded by the
      recipient thereof.

     

    The
      characterization of the Originator as “debtor” and the Issuer as “secured party”
in any financing statement required hereunder is solely for protective purposes
      and shall in no way be construed as being contrary to the intent of the parties
      that this transaction be treated as a sale and/or contribution to the Issuer
      of
      such Originator’s entire right, title and interest in and to the Transferred
      Assets.

     

    Each
      of
      the Originator, the Issuer and any of their Affiliates hereby agrees to make
      the
      appropriate entries in its general accounting records and to indicate that
      the
      Timeshare Loans have been transferred to the Issuer.

     

    SECTION
      4. Conditions
      Precedent to Acquisition of Timeshare Loans by the Issuer.
      The
      obligations of the Issuer to purchase any Timeshare Loans hereunder or under
      any
      Subsequent Transfer Agreement shall be subject to the satisfaction of the
      following conditions:

     

    (a)
      All
      representations and warranties of Originator contained in Section 5
      and

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    in
      Schedule
      I
      hereof,
      and all information provided in the Schedule of Timeshare Loans related thereto
      shall be true and correct as of the Closing Date or the Transfer Date, as
      applicable, and Originator shall have delivered to the Issuer, the
      Securitization Indenture Trustee and UBS Securities LLC (the “Initial
      Purchaser”)
      an
      officer’s certificate (the “Officer’s
      Certificate”)
      to
      such effect.

     

    (b)
      On or
      prior to the Closing Date or a Transfer Date, as applicable, the Originator
      shall have delivered or shall have caused the delivery of (i) the related
      Timeshare Loan Files to the Securitization Custodian and the Securitization
      Custodian shall have delivered a receipt therefore pursuant to the Custodial
      Agreement, (ii) the Timeshare Loan Servicing Files to the Securitization
      Servicer, and (iii) all documents and certifications required pursuant to the
      terms of the Custodial Agreement and the Escrow and Closing Agreement.

     

    (c)
      The
      Originator shall have delivered or shall have caused to be delivered all other
      information theretofore required or reasonably requested by the Issuer to be
      delivered by the Originator or performed or caused to be performed all other
      obligations required to be performed as of the Closing Date or Transfer Date,
      as
      the case may be, including all filings, recordings and/or registrations as
      may
      be necessary in the reasonable opinion of the Issuer or the Securitization
      Indenture Trustee to establish and preserve the right, title and interest of
      the
      Issuer or the Securitization Indenture Trustee, as the case may be, in the
      related Timeshare Loans.

     

    (d)
      On or
      before the Closing Date, the Issuer, the General Partner, the Securitization
      Servicer, the Backup Servicer and the Securitization Indenture Trustee shall
      have entered into the Securitization Indenture.

     

    (e)
      The
      Securitization Notes shall be issued and sold on the Closing Date, and the
      Issuer shall receive the full consideration due it upon the issuance of the
      Securitization Notes, and the Issuer shall have applied such consideration
      to
      the extent necessary, to pay that certain price (the “Timeshare
      Loan Acquisition Price”)
      for
      each Timeshare Loan, except to the extent that the Originator has made a
      Contribution to the Issuer pursuant to Section 2(f).

     

    (f)
      Each
      Timeshare Loan conveyed on a Transfer Date in accordance with Section 6(a)
      hereof shall satisfy each of the criteria specified in the definition of
“Qualified
      Substitute Timeshare Loan”
and
      each of the conditions herein and in the Securitization Indenture for
      substitution of Timeshare Loans shall have been satisfied.

     

    (g)
      Each
      Timeshare Loan conveyed on a Transfer Date in accordance with Section 2(b)
      hereof shall satisfy each of the criteria specified in the definition of
“Subsequent
      Timeshare Loan”
and
      each of the conditions herein and in the Securitization Indenture for conveyance
      of Subsequent Timeshare Loans shall have been satisfied.

     

    (h)
      The
      Issuer shall have received such other certificates and opinions as it shall
      reasonably request.

     

    SECTION
      5. Representations
      and Warranties and Certain Covenants of Originator.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    (a)
      Originator represents and warrants to the Issuer and the Securitization
      Indenture Trustee for the benefit of the Securitization Noteholders, as of
      the
      Closing Date (with respect to the Timeshare Loans transferred on the Closing
      Date) and on each Transfer Date (with respect to Qualified Substitute Timeshare
      Loans and Subsequent Timeshare Loans transferred on such Transfer Date) as
      follows:

     

    (i)
      Due
      Incorporation; Valid Existence; Good Standing.
      It is a
      corporation duly organized and validly existing in good standing under the
      laws
      of the jurisdiction of its incorporation; and is duly qualified to do business
      as a foreign corporation and in good standing under the laws of each
      jurisdiction where the character of its property, the nature of its business
      or
      the performance of its obligations under this Agreement makes such qualification
      necessary, except where the failure to be so qualified will not have a material
      adverse effect on its business or its ability to perform its obligations under
      this Agreement, each Subsequent Transfer Agreement or any other related
      documents (the “Transaction
      Documents”)
      to
      which it is a party or under the transactions contemplated hereunder or
      thereunder or the validity or enforceability of the Timeshare Loans.

     

    (ii)
      Possession
      of Licenses, Certificates, Franchises and Permits.
      It
      holds all licenses, certificates, franchises and permits from all governmental
      authorities necessary for the conduct of its business, except where the failure
      to hold such licenses, certificates, franchises and permits would not materially
      and adversely affect its ability to perform its obligations under this Agreement
      or any other Transaction Document to which it is a party or under the
      transactions contemplated hereunder or thereunder or the validity or
      enforceability of the Timeshare Loans, and has received no notice of proceedings
      relating to the revocation of any such license, certificate, franchise or
      permit, which singly or in the aggregate, if the subject of an unfavorable
      decision, ruling or finding, would materially and adversely affect its ability
      to perform its obligations under this Agreement or any other Transaction
      Document to which it is a party or under the transactions contemplated hereunder
      or thereunder or the validity or enforceability of the Timeshare
      Loans.

     

    (iii)
      Corporate
      Authority and Power.
      It has,
      and at all times during the term of this Agreement will have, all requisite
      corporate power and authority to own its properties, to conduct its business,
      to
      execute and deliver this Agreement and all documents and transactions
      contemplated hereunder and to perform all of its obligations under this
      Agreement and any other Transaction Document to which it is a party or under
      the
      transactions contemplated hereunder or thereunder. 

     

    (iv)
      Authorization,
      Execution and Delivery Valid and Binding.
      This
      Agreement and all other Transaction Documents and instruments required or
      contemplated hereby to be executed and delivered by Originator have been duly
      authorized, executed and delivered by Originator and, assuming the due execution
      and delivery by, the other party or parties hereto and thereto, constitute
      legal, valid and binding agreements enforceable against Originator in accordance
      with their respective terms subject, as to enforceability, to bankruptcy,
      insolvency, reorganization, liquidation, dissolution, moratorium and other
      similar applicable laws affecting the

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    enforceability
      of creditors’ rights generally applicable in the event of the bankruptcy,
      insolvency, reorganization, liquidation or dissolution, as applicable, of
      Originator and to general principles of equity, regardless of whether such
      enforceability shall be considered in a proceeding in equity or at law.

     

    (v)
      No
      Violation of Law, Rule, Regulation, etc.
      The
      execution, delivery and performance by Originator of this Agreement and any
      other Transaction Document to which it is a party do not and will not (A)
      violate any of the provisions of its articles of incorporation or bylaws, (B)
      violate any provision of any law, governmental rule or regulation currently
      in
      effect applicable to it or its properties or by which it or its properties
      may
      be bound or affected, including, without limitation, any bulk transfer laws,
      where such violation would have a material adverse effect on its ability to
      perform its obligations under this Agreement or any other Transaction Document
      to which it is a party or under the transactions contemplated hereunder or
      thereunder or the validity or enforceability of the Timeshare Loans, (C) violate
      any judgment, decree, writ, injunction, award, determination or order currently
      in effect applicable to it or its properties or by which it or its properties
      are bound or affected, where such violation would have a material adverse effect
      on its ability to perform its obligations under this Agreement or any other
      Transaction Document to which it is a party or under the transactions
      contemplated hereunder or thereunder or the validity or enforceability of the
      Timeshare Loans, (D) conflict with, or result in a breach of, or constitute
      a
      default under, any of the provisions of any indenture, mortgage, deed of trust,
      contract or other instrument to which it is a party or by which it is bound
      where such violation would have a material adverse effect on its ability to
      perform its obligations under this Agreement or any other Transaction Document
      to which it is a party or under the transactions contemplated hereunder or
      thereunder or the validity or enforceability of the Timeshare Loans or (E)
      result in the creation or imposition of any Lien upon any of its properties
      pursuant to the terms of any such indenture, mortgage, deed of trust, contract
      or other instrument. 

     

    (vi)
      Governmental
      Consent.
      No
      consent, approval, order or authorization of, and no filing with or notice
      to,
      any court or other Governmental Authority in respect of Originator is required
      which has not been obtained in connection with the authorization, execution,
      delivery or performance by Originator of this Agreement or any of the other
      Transaction Documents to which Originator is a party or under the transactions
      contemplated hereunder or thereunder, including, without limitation, the
      transfer of the Timeshare Loans and the creation of the security interest of
      the
      Issuer therein pursuant to Section 3 hereof. 

     

    (vii)
      Defaults.
      It is
      not in default under any material agreement, contract, instrument or indenture
      to which it is a party or by which it or its properties is or are bound, or
      with
      respect to any order of any court, administrative agency, arbitrator or
      governmental body, in each case, which would have a material adverse effect
      on
      the transactions contemplated hereunder or on its business, operations,
      financial condition or assets, and no event has occurred which with notice
      or
      lapse of time or both would constitute such a default with respect to any such
      agreement, contract, instrument or indenture, or with respect to any such order
      of any court, administrative agency,

    
      
         

      

      
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    arbitrator
      or governmental body. 

     

    (viii)
      Insolvency.
      It is
      solvent and will not be rendered insolvent by the transfer of Timeshare Loans
      hereunder. On and after the Closing Date, it will not engage in any business
      or
      transaction the result of which would cause the property remaining with it
      to
      constitute an unreasonably small amount of capital. 

     

    (ix)
      Pending
      Litigation or Other Proceedings.
      Other
      than as described in the Offering Circular, there is no pending or, to its
      Knowledge, threatened action, suit, proceeding or investigation before any
      court, administrative agency, arbitrator or governmental body against or
      affecting it which, if decided adversely, would materially and adversely affect
      (A) its condition (financial or otherwise), its business or operations, (B)
      its
      ability to perform its obligations under, or the validity or enforceability
      of,
      this Agreement or any other documents or transactions contemplated under this
      Agreement including, without limitation, its ability to foreclose or otherwise
      enforce the Liens of the Timeshare Loans, or (C) any Timeshare Loan or title
      of
      any Obligor to any related Timeshare Property.

     

    (x)
      Information.
      No
      document, certificate or report furnished or required to be furnished by or
      on
      behalf of it pursuant to this Agreement or any other Transaction Document,
      contains or will contain when furnished any untrue statement of a material
      fact
      or fails or will fail to state a material fact necessary in order to make the
      statements contained therein not misleading in light of the circumstances in
      which it was made. There are no facts known to it which, individually or in
      the
      aggregate, materially adversely affect, or which (aside from general economic
      trends) may reasonably be expected to materially adversely affect in the future,
      its financial condition or assets or business, or which may impair its or the
      Originator’s ability to perform its respective obligations under this Agreement,
      which have not been disclosed herein or therein or in the certificates and
      other
      documents furnished to the Issuer by or on its behalf pursuant hereto or thereto
      specifically for use in connection with the transactions contemplated hereby
      or
      thereby.

     

    (xi)
      Foreign
      Tax Liability.
      It is
      not aware of any Obligor under a Timeshare Loan who has withheld any portion
      of
      payments due under such Timeshare Loan because of the requirements of a foreign
      taxing authority, and no foreign taxing authority has contacted it concerning
      a
      withholding or other foreign tax liability.

     

    (xii)
      No
      Deficiency Accumulation.
      It is
      not aware of any outstanding “accumulated funding deficiency” (as such term is
      defined under ERISA and the Code) with respect to any “employee benefit plan”
(as such term is defined under ERISA) sponsored by it.

     

    (xiii)
      Taxes.
      It has
      filed all tax returns (federal, state and local) which it reasonably believes
      are required to be filed and has paid or made adequate provision for the payment
      of all taxes, assessments and other governmental charges due from it or is
      contesting any such tax, assessment or other governmental charge in good faith
      through appropriate proceedings or except where the failure to file or pay
      will
      not have

    
      
         

      

      
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    a
      material adverse effect on the rights and interests of the Issuer or any of
      its
      subsequent assignees. It knows of no basis for any material additional tax
      assessment for any fiscal year for which adequate reserves have not been
      established. It shall pay all such taxes, assessments and governmental charges
      when due. 

     

    (xiv)
      Place
      of Business.
      The
      principal place of business and chief executive office where it keeps its
      records concerning the Timeshare Loans will be 1221 Riverbend Drive, Suite
      120,
      Dallas, Texas 75247 (or such other place specified by it by written notice
      to
      the Issuer and the Securitization Indenture Trustee). It is a corporation formed
      under the laws of the State of Texas.

     

    (xv)
      Securities
      Laws.
      It is
      not an “investment company” or a company “controlled” by an “investment company”
within the meaning of the Investment Company Act of 1940, as amended. No portion
      of the Timeshare Loan Acquisition Price for each of the Timeshare Loans will
      be
      used by it or the Originator to acquire any security in any transaction which
      is
      subject to Section 13 or Section 14 of the Securities Exchange Act of 1934,
      as
      amended.

     

    (xvi)
      Oak
      N’
Spruce Loans.
      With
      respect to Timeshare Loans that are Oak N’ Spruce Loans:

     

    (A)
      The
      Oak N’ Spruce Trust is a trust duly, formed, validly existing, and in good
      standing under the laws of the Commonwealth of Massachusetts. The Oak N’ Spruce
      Trust is authorized to transact business in no other state;

     

    (B)
      Silverleaf possesses all requisite franchises, operating rights, licenses,
      permits, consents, authorizations, exemptions and orders as are necessary to
      discharge its obligations under the Finance Agreement;

     

    (C)
      Silverleaf holds all right, title and interest in and to all of the Timeshare
      Properties related to the Oak N’ Spruce Loans solely for the benefit of the
      beneficiaries referred to in, and subject in each case to the provisions of,
      the
      Finance Agreement and the other documents and agreements related
      thereto;

     

    (D)
      There
      are no actions, suits, proceedings, orders or injunctions pending against the
      Oak N’ Spruce Trust or Oak N’ Spruce Trustee, at law or in equity, or before or
      by any governmental authority which, if adversely determined, could reasonably
      be expect to have a material adverse effect on the Trust Estate or the Oak
      N’
Spruce Trustee’s ability to perform its obligations under the Trust
      Documents;

     

    (E)
      Neither the Oak N’ Spruce Trust nor the Oak N’ Spruce Trustee has incurred any
      indebtedness for borrowed money (directly, by guarantee, or
      otherwise);

     

    (F)
      All
      ad valorem taxes and other taxes and assessments against

    
      
         

      

      
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    the
      Oak
      N’ Spruce Trust and/or its trust estate have been paid when due and neither the
      Originator nor the Oak N’ Spruce Trustee knows of any basis for any additional
      taxes or assessments against any such property. The Oak N’ Spruce Trust has
      filed all required tax returns and has paid all taxes shown to be due and
      payable on such returns, including all taxes in respect of sales of Owner
      Beneficiary Rights (as defined in the Finance Agreement); 

     

    (G)
      The
      Oak N’ Spruce Trust and the Oak N’ Spruce Trustee are in compliance with all
      applicable laws, statutes, rules and governmental regulations applicable to
      it
      and in compliance with each instrument, agreement or document to which it is
      a
      party or by which it is bound, including, without limitation, the Finance
      Agreement except where the failure to comply herein would not materially and
      adversely affect its ability to perform its obligations under this Agreement
      or
      any other Transaction Document to which it is a party or under the transactions
      contemplated hereunder or thereunder or the validity or enforceability of the
      Timeshare Loans; 

     

    (H)
      The
      Originator shall continue to control and manage the Oak N’ Spruce Trust, and
      Originator shall not take any action to cause the Oak N’ Spruce Trustee to
      control or manage the Oak N’ Spruce Trust;

     

    (I)
      The
      Oak N’ Spruce Trustee is a wholly-owned subsidiary of Silverleaf and is
      controlled by Silverleaf. Silverleaf shall cause Silverleaf Berkshires, Inc.
      to
      remain the Oak N’ Spruce Trustee and a wholly-owned subsidiary of Silverleaf,
      and Silverleaf shall maintain the existence of Silverleaf Berkshires, Inc.
      as a
      Texas corporation, with all the requisite corporate powers and authority as
      exists on the Closing Date; and

     

    (J)
      Silverleaf shall comply, and shall cause the Oak N’ Spruce Trustee to comply,
      with all the terms and conditions of the Oak N’ Spruce Trust Agreement and all
      other related documents.

     

    (xvii)
      Servicing.
      It is
      the initial Servicer and has been servicing the Timeshare Loans in accordance
      with the Servicing Standard.

     

    (xviii)
      Certified
      Copy of Contract for Sale.
      It
      represents and warrants that each Contract for Sale contained in a Timeshare
      Loan File is a true, correct and accurate copy of the original Contract for
      Sale.

     

    (xix)
      Transactions
      in Ordinary Course.
      The
      transactions contemplated by this Agreement and each Subsequent Transfer
      Agreement are in the ordinary course of business of the Originator.

     

    (xx)
      Name.
      The
      legal name of the Originator is as set forth in the signature page of this
      Agreement and the Originator does not have any tradenames, fictitious names,
      assumed names or “doing business as” names.

    
      
         

      

      
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    (xxi)
      No
      Conveyance.
      Silverleaf agrees not to convey and to ensure no party under its control conveys
      any interest in a Resort relating to a Timeshare Loan without obtaining Rating
      Agency Confirmation if such conveyance is reasonably likely to have a material
      adverse affect on the Securitization Noteholders. 

     

    (xxii)
      Timeshare
      Loan Documents.
      Originator represents and warrants that all of the documents evidencing each
      of
      the Timeshare Loans are identical in all material respects to the form
      determined to be valid, binding and enforceable in the applicable state by
      the
      corresponding local counsel opinion issued by (I) Weinstock & Scavo, P.C.,
      dated as of August 29, 2006, pertaining to Georgia law matters, (II) Bulkley,
      Richardson and Gelinas, LLP, dated as of August 29, 2006, pertaining to
      Massachusetts law matters, (III) Stinson Morrison Hecker LLP, dated as of August
      29, 2006, pertaining to Missouri law matters, (IV) Mayer, Brown, Rowe & Maw
      LLP, dated as of August 29, 2006, pertaining to Illinois law matters, (V)
      Meadows, Owens, Collier, Reed, Cousins & Blau, L.L.P., dated as of August
      29, 2006, pertaining to Texas law matters, and (VI) Holland and Knight LLP,
      dated as of August 29, 2006, pertaining to Florida law matters (collectively,
      the “Local
      Counsel Opinions”).

     

    (xxiii)
      Timeshare
      Marketing Materials and Disclosure Statements.
      Originator represents and warrants that it has provided each of the law firms
      issuing the Local Counsel Opinions all of the existing marketing materials
      and
      disclosure statements in connection with the respective Resort. Moreover, no
      other marketing materials and disclosure statements exist except for those
      provided to the respective law firm issuing the Local Counsel
      Opinion.

     

    (xxiv)
      Local
      Counsel Opinions.
      The
      facts regarding the Originator, the Resorts, the Timeshare Loans and related
      matters set forth or assumed in the Local Counsel Opinions are true and correct
      in all material respects.

     

    (xxv)
      Bankruptcy
      Opinion.
      The
      facts regarding the Originator, the Issuer, the Resorts, the Timeshare Loans
      and
      related matters set forth or assumed in the opinion issued by Mayer, Brown,
      Rowe
& Maw LLP dated as of August 29, 2006 pertaining to bankruptcy law matters
      are, and shall continue to be so long as the Securitization Notes are
      outstanding, true and correct in all material respects.

     

    (xxvi)
      Custodial
      Files.
      Originator shall, on or prior to the Closing Date and each Transfer Date, have
      delivered or caused the delivery to the Securitization Custodian a Timeshare
      Loan File for each Timeshare Loan, which Timeshare Loan File shall be complete
      and verified by the Securitization Custodian in accordance with the Custodial
      Agreement.

     

    (xxvii)
      Escrow
      Documents.
      Originator shall, on or prior to the ninetieth
      day following the Closing Date and each Transfer Date, as applicable, deliver
      or
      cause the delivery to the Securitization Custodian of the following:
      (I) with
      respect to each Mortgage Loan and pre-July 2004 Oak N’ Spruce Loan listed on the
      related Schedule of Mortgage Loans, an original recorded Assignment of Mortgage
      (which may be a part of a blanket assignment of more than one Mortgage Loan
      or
      pre-July 2004 Oak N’

    
      
         

      

      
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    Spruce
      Loan), showing a complete chain of title from Originator to the Securitization
      Indenture Trustee on behalf of the Securitization Noteholders signed
      by
      an Authorized Officer of the Originator and each intervening party with evidence
      of proper recordation or evidence from a third party that submitted such
      assignment for recording that such assignment has been submitted for
      recordation; (II) with respect to each post-July 2004 Oak N’ Spruce Loan listed
      on the related Schedule of Oak N’ Spruce Loans, a file-stamped Oak N’ Spruce
      Financing Statement evidencing the security interest of the Securitization
      Indenture Trustee and its assigns by naming the Obligor with respect to the
      related post-July 2004 Oak N’ Spruce Loan as debtor, naming the Originator as
      secured party/assignor, and by naming the Securitization Indenture Trustee
      on
      behalf of the Securitization Noteholders as the secured party/assignee
(or,
      in
      the alternative, in the form of an electronic spreadsheet submitted to the
      Securitization Custodian directly by a third party service company listing
      the
      filing number, date of filing, debtor and secured party and accompanied by
      a
      certification of filing by the third party service company);
      (III)
with
      respect to each Mortgage Loan and pre-July 2004 Oak N’ Spruce Loan listed on the
      related Schedule of Prior Secured Party’s Collateral, an original recorded
      Reassignment of Mortgage (which may be a part of a blanket reassignment of
      more
      than one Mortgage Loan or pre-July 2004 Oak N’ Spruce Loan), showing a complete
      chain of title from the Prior Secured Party to Originator to the Securitization
      Indenture Trustee on behalf of the Securitization Noteholders signed
      by
      an Authorized Officer of the Prior Secured Party, Originator, Issuer and each
      intervening party with evidence of proper recordation or evidence from a third
      party that submitted such assignment for recording that such assignment has
      been
      submitted for recordation; (IV)(a) with respect to each pre-July 2004 Oak N’
Spruce Loan listed on the related Schedule of Prior Secured Party’s Collateral,
      a file-stamped Oak N’ Spruce Financing Statement Amendment evidencing the
      security interest of the Securitization Indenture Trustee and its assigns by
      naming the Obligor with respect to the related pre-July 2004 Oak N’ Spruce Loan
      as debtor, the Securitization Indenture Trustee on behalf of the Securitization
      Noteholders as the secured party/assignee, and the Prior Secured Party as the
      assignor, and (b) with respect to each post-July 2004 Oak N’ Spruce Loan listed
      on the related Schedule of Prior Secured Party’s Oak N’ Spruce Loans, a
      file-stamped Oak N’ Spruce Financing Statement Amendment evidencing the security
      interest of the Securitization Indenture Trustee and its assigns by naming
      the
      Obligor with respect to the related post-July 2004 Oak N’ Spruce Loan as debtor,
      the Securitization Indenture Trustee on behalf of the Securitization Noteholders
      as the secured party/assignee, and the Prior Secured Party as the assignor
      (or,
      with
      respect to clauses (IV)(a) and (b) hereof, such Oak N’ Spruce Financing
      Statement Amendment may be delivered in the form of an electronic spreadsheet
      submitted to the Securitization Custodian directly by a third party service
      company listing the filing number, date of filing, debtor and secured party
      and
      accompanied by a certification of filing by the third party service company);
      and
      (V)
      all other recorded and/or filed documents provided under the Escrow
      Agreement.

     

    (xxviii)
      Prior
      Secured Parties’ Documents.
      In
      accordance with the Escrow Agreement, Originator shall deliver or cause the
      delivery to the Escrow Agent of the Paydown Letters, Direction Letters, Prior
      Secured Party Allonges and any other documents required in respect of each
      of
      the Prior Secured Parties.

     

    
      
         

      

      
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    (xxix)
      Title
      Policies.
      In
      accordance with the Escrow Agreement, the Originator shall deliver or cause
      the
      delivery of the Title Policies (as defined in the Escrow Agreement) within
      90
      days of the Closing Date and each Transfer Date, as applicable. 

     

    (b)
      Originator hereby makes the representations and warranties relating to the
      Timeshare Loans contained in Schedule I hereto for the benefit of the Issuer
      and
      its assignees as of the Closing Date (with respect to each Timeshare Loan
      transferred on the Closing Date) and as of each Transfer Date (with respect
      to
      each Qualified Substitute Timeshare Loan and each Subsequent Timeshare Loan
      transferred on such Transfer Date), as applicable.

     

    (c)
      It is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 5 shall survive the (i) transfer of each Timeshare Loan
      to
      the Issuer and (ii) the subsequent pledge of such Timeshare Loans and rights
      and
      remedies hereunder to the Securitization Indenture Trustee on behalf of the
      Securitization Noteholders and shall continue so long as any such Timeshare
      Loans shall remain outstanding or until such time as such Timeshare Loans are
      repurchased, purchased or a Qualified Substitute Timeshare Loan is provided
      pursuant to Section 6 hereof. The Originator acknowledges that it has been
      advised that the Issuer intends to pledge, transfer, assign and convey all
      of
      its right, title and interest in and to each Timeshare Loan and its rights
      and
      remedies under this Agreement to the Securitization Indenture Trustee on behalf
      of the Securitization Noteholders. The Originator agrees that, upon any such
      assignment, the Securitization Indenture Trustee may enforce directly, without
      joinder of the Issuer (but subject to any defense that Originator may have
      under
      this Agreement) all rights and remedies hereunder.

     

    (d)
      With
      respect to any representations and warranties contained in Section 5 which
      are
      made to Originator’s Knowledge, if it is discovered that any representation and
      warranty is inaccurate and such inaccuracy materially and adversely affects
      the
      value of a Timeshare Loan or the interests of the Issuer or any subsequent
      assignee thereof, then notwithstanding such lack of Knowledge of the accuracy
      of
      such representation and warranty at the time such representation or warranty
      was
      made (without regard to any Knowledge qualifiers), such inaccuracy shall be
      deemed a breach of such representation or warranty for purposes of the
      repurchase or substitution obligations described in Sections 6(a)(i) or (ii)
      below.

     

    
      
         

      

      
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    SECTION
      6. Repurchases and Substitutions.

     

    (a)
      Mandatory
      Repurchases and Substitutions for Breaches of Representations and
      Warranties.
      Upon
      the receipt of notice by Originator of a breach of any of its respective
      representations and warranties (as of the date on which such representation
      or
      warranty was made) or covenants in Section 5 which materially and adversely
      affects the value of a Timeshare Loan or the interests of the Issuer or any
      subsequent assignee of the Issuer therein, Originator shall within 60 days
      of
      receipt of such notice, cure in all material respects the circumstance or
      condition which has caused such representation or warranty to be incorrect
      or
      covenant to be breached or either (i) repurchase the Issuer’s or its assignee’s
      interest in such related defective Timeshare Loan (the “Defective
      Timeshare Loan”)
      from
      the Issuer or its assignee at the Repurchase Price or (ii) provide one or more
      Qualified Substitute Timeshare Loans and pay the related Substitution Shortfall
      Amounts, if any.

     

    (b)
      Repurchase
      or Substitution of Upgraded Timeshare Loans.
      With
      respect to any Upgraded Timeshare Loan in the pool of Timeshare Loans that
      have
      been conveyed to the Issuer under this Agreement or the Loan Sale Agreement
      (the
“Timeshare
      Loan Pool”),
      on
      any date, the Originator shall either (i) prepay such Upgraded Timeshare Loan
      on
      behalf of the related Obligor by depositing the related Repurchase Price in
      the
      Collection Account as set forth in Section 4.5(e) in the Indenture or (ii)
      substitute a Qualified Substitute Timeshare Loan for the Upgraded Timeshare
      Loan
      and pay any Substitution Shortfall Amount; provided,
      however,
      that
      the Originator’s option to substitute a Qualified Substitute Timeshare Loan for
      the Upgraded Timeshare Loan is limited on any date to (x) 20% of the Cut-Off
      Date Aggregate Loan Balance less (y) the aggregate Loan Balances of the Upgraded
      Timeshare Loans previously substituted by the Originator on the related Transfer
      Dates. 

     

    (c)
      Optional
      Purchases of Defaulted Timeshare Loans.
      With
      respect to any Defaulted Timeshare Loan in the Timeshare Loan Pool, on any
      date,
      the Originator shall have the option, but not the obligation, to purchase the
      Defaulted Timeshare Loan at the Default Purchase Price for such Defaulted
      Timeshare Loan; provided,
      however,
      that
      the option to purchase a Defaulted Timeshare Loan is limited on any date to
      the
      Optional Purchase Limit. If the Originator shall purchase Defaulted Timeshare
      Loans as provided herein, the Originator shall deposit the related Default
      Purchase Price in the Collection Account as set forth in Section 4.5(e) under
      the Indenture. The Originator may irrevocably waive the Originator’s option to
      purchase a Defaulted Timeshare Loan by delivering or causing to be delivered
      to
      the Securitization Indenture Trustee a Waiver Letter in the form of Exhibit
      G
      attached
      to the Indenture. The holder or holders of Notes representing at least 66-2/3%
      of the Adjusted Note Balance may at any time direct the Securitization Indenture
      Trustee, in connection with any subsequent purchases of Defaulted Timeshare
      Loans by the Originator, to require the Originator to conduct a public auction
      in respect of any such Defaulted Timeshare Loan. The Originator may bid on
      any
      such Defaulted Timeshare Loan during such auction, provided that no such bid
      may
      be lower than fifteen percent (15%) of the original acquisition price paid
      for
      the Timeshare Property by the Obligor under such Defaulted Timeshare Loan.
      Publication of notice of such auction in a newspaper published daily in Dallas,
      Texas, shall be sufficient notice of such auction.

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    (d)
      Optional
      Purchase of Force Majeure Loans.
      If a
      Force Majeure Event occurs at a Resort, the Originator shall have the option,
      but not the obligation, to purchase the related Force Majeure Loans in the
      Timeshare Loan Pool, so long as such Timeshare Loans have not become Defaulted
      Timeshare Loans. The Originator will have the option to purchase a Force Majeure
      Loan at the Force Majeure Purchase Price; provided,
      however,
      that
      (i) the Originator’s
      option
      to purchase a Force Majeure Loan is limited on any date to the Force Majeure
      Purchase Limit and (ii) the Originator shall have the right to exercise such
      purchase option for a Force Majeure Loan only if the related Force Majeure
      Purchase Price equals or exceeds the Loan Balance of such Force Majeure Loan
      as
      of the date of such purchase, plus all accrued and unpaid interest thereon.
      

     

    (e)
      Payment
      of Repurchase Prices and Substitution Shortfall Amounts.
      The
      Issuer hereby directs and Originator hereby agrees to remit or cause to be
      remitted all amounts in respect of Repurchase Prices, Default Purchase Prices,
      Force Majeure Purchase Prices and Substitution Shortfall Amounts payable during
      the related Due Period in immediately available funds to the Securitization
      Indenture Trustee to be deposited in the Collection Account on the related
      Transfer Date in accordance with the provisions of the Indenture. In the event
      that more than one Timeshare Loan is substituted pursuant to Sections 6(a)
      or
      (b) hereof on any Transfer Date, the Substitution Shortfall Amounts and the
      Loan
      Balances of Qualified Substitute Timeshare Loans shall be calculated on an
      aggregate basis for all substitutions made on such Transfer Date.

     

    (f)
      Schedule
      of Timeshare Loans.
      The
      Issuer hereby directs and Originator hereby agrees, on each date on which a
      Timeshare Loan has been repurchased, purchased, substituted or otherwise added
      (i.e., in the case of Subsequent Timeshare Loans) to provide the Issuer and
      the
      Securitization Indenture Trustee with an electronic supplement to Schedule
      III
      hereto
      and the Schedule of Timeshare Loans reflecting the removal, substitution and/or
      other addition of such Timeshare Loans and subjecting any Qualified Substitute
      Timeshare Loans and Subsequent Timeshare Loans to the provisions of this
      Agreement.

     

    (g)
      Qualified
      Substitute Timeshare Loans.
      On the
      related Transfer Date, the Issuer hereby directs and Originator hereby agrees
      to
      deliver or to cause the delivery of the Timeshare Loan Files of the related
      Qualified Substitute Timeshare Loans to the Securitization Indenture Trustee
      or
      to the Securitization Custodian, at the direction of the Securitization
      Indenture Trustee, on the related Transfer Date in accordance with the
      provisions of the Securitization Indenture. As of such related Transfer Date,
      Originator does hereby transfer, assign, sell, contribute and grant to the
      Issuer, without recourse (except as provided in Section 6 and Section 8 hereof),
      any and all of Originator’s right, title and interest in and to (i) each
      Qualified Substitute Timeshare Loan conveyed to the Issuer on such Transfer
      Date, (ii) the Receivables in respect of the Qualified Substitute Timeshare
      Loans due after the related Cut-Off Date, (iii) the related Timeshare Loan
      Documents (excluding any rights as developer or declarant under the Timeshare
      Declaration, the Timeshare Program Consumer Documents or the Timeshare Program
      Governing Documents), (iv) all Related Security in respect of such Qualified
      Substitute Timeshare Loans, and (v) all income, payments, proceeds and other
      benefits and rights related to any of the foregoing. Upon such sale and/or
      contribution, the ownership of each Qualified Substitute Timeshare Loan and
      all
      collections allocable to principal and interest thereon since the related
      Cut-Off Date and all

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

     

    other
      property interests or rights conveyed pursuant to and referenced in this Section
      6(g) shall immediately vest in the Issuer, its successors and assigns.
      Originator shall not take any action inconsistent with such ownership nor claim
      any ownership interest in any Qualified Substitute Timeshare Loan for any
      purpose whatsoever other than consolidated financial and federal and state
      income tax reporting. Originator agrees that such Qualified Substitute Timeshare
      Loans shall be subject to the provisions of this Agreement.

     

    (h)
      Officer’s
      Certificate.
      Originator shall, on each related Transfer Date, certify in writing to the
      Issuer and the Securitization Indenture Trustee that each new Timeshare Loan
      meets all the criteria of the definition of “Qualified Substitute Timeshare
      Loan” and that (i) the Timeshare Loan Files for such Qualified Substitute
      Timeshare Loans have been delivered to the Securitization Custodian, and (ii)
      the Timeshare Loan Servicing Files for such Qualified Substitute Timeshare
      Loans
      have been delivered to the Securitization Servicer.

     

    (i)
      Release.
      In
      connection with any repurchase, purchase or substitution of one or more
      Timeshare Loans contemplated by this Section 6, upon satisfaction of the
      conditions contained in this Section 6, the Issuer and the Securitization
      Indenture Trustee shall execute and deliver or shall cause the execution and
      delivery of such releases and instruments of transfer or assignment presented
      to
      it by Originator, in each case, without recourse, as shall be necessary to
      vest
      in Originator or its designee (or to evidence the vesting in such Person of)
      the
      legal and beneficial ownership of such released Timeshare Loans. The Issuer
      shall cause the Securitization Indenture Trustee to cause the Securitization
      Custodian to release the related Timeshare Loan Files to Originator or its
      designee and the Securitization Servicer to release the related Timeshare Loan
      Servicing Files to Originator or its designee.

     

    (j)
      Sole
      Remedy.
      It is
      understood and agreed that the obligations of Originator contained in Section
      6(a) to cure a material breach, or to repurchase or substitute related Defective
      Timeshare Loans and the obligation of Originator to indemnify pursuant to
      Section 8 shall constitute the sole remedies available to the Issuer or its
      subsequent assignees for the breaches of any of its representations or
      warranties contained in Section 5, and such remedies are not intended to and
      do
      not constitute “credit recourse” to Originator.

     

    SECTION
      7. Additional
      Covenants of the Originator.

     

    (a)
      Originator hereby covenants and agrees with the Issuer as follows:

     

    (i)
      It
      shall comply with all applicable laws, rules, regulations and orders applicable
      to it and its business and properties except where the failure to comply will
      not have a material adverse effect on its business or its ability to perform
      its
      obligations under this Agreement or any other Transaction Document to which
      it
      is a party or under the transactions contemplated hereunder or thereunder or
      the
      validity or enforceability of the Timeshare Loans.

     

    (ii)
      It
      shall preserve and maintain for itself its existence (corporate or otherwise),
      rights, franchises and privileges in the jurisdiction of its organization and
      except where the failure to so preserve and maintain will not have a material
      adverse

    
      
         

      

      
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    effect
      on
      its business or its ability to perform its obligations under this Agreement
      or
      any other Transaction Document to which it is a party or under the transactions
      contemplated hereunder or thereunder or the validity of enforceability of the
      Timeshare Loans.

     

    (iii)
      On
      or prior to the Closing Date or a Transfer Date, as applicable, it shall
      indicate in its and any applicable Affiliate’s computer files and other records
      that each Timeshare Loan has been sold to the Issuer.

     

    (iv)
      It
      shall respond to any inquiries with respect to ownership of a Timeshare Loan
      by
      stating that such Timeshare Loan has been sold to the Issuer and that the Issuer
      is the owner of such Timeshare Loan.

     

    (v)
      On or
      prior to the Closing Date, it shall file at its own expense financing statements
      with respect to the Transferred Assets transferred hereunder, naming the
      Originator as debtor and naming as secured parties the Issuer and the
      Securitization Indenture Trustee on behalf of the Securitization Noteholders,
      in
      the form and manner reasonably requested by the Issuer. It shall deliver
      file-stamped copies of such financing statements to the Issuer and the
      Securitization Indenture Trustee on behalf of the Securitization
      Noteholders.

     

    (vi)
      It
      agrees from time to time, at its expense, promptly to execute and deliver all
      further instruments and documents, and to take all further actions, that may
      be
      necessary, or that the Issuer or the Securitization Indenture Trustee may
      reasonably request, to perfect, protect or more fully evidence the sale or
      contribution of the Timeshare Loans, or to enable the Issuer or the
      Securitization Indenture Trustee to exercise and enforce its rights and remedies
      hereunder or under any Timeshare Loan including, but not limited to, powers
      of
      attorney, UCC financing statements and assignments of mortgage.

     

    (vii)
      Any
      change in the legal name of the Originator and any use by it of any tradename,
      fictitious name, assumed name or “doing business as” name occurring after the
      Closing Date shall be promptly disclosed to the Issuer and the Securitization
      Indenture Trustee in writing.

     

    (viii)
      Upon the discovery or receipt of notice by a Responsible Officer of Originator
      of a breach of any of its representations or warranties and covenants contained
      herein or in any Subsequent Transfer Agreement, Originator shall promptly
      disclose to the Issuer and the Securitization Indenture Trustee, in reasonable
      detail, the nature of such breach.

     

    (ix)
      In
      the event that Originator shall receive any payments in respect of a Timeshare
      Loan after the Closing Date or Transfer Date, as applicable (including any
      insurance proceeds that are not payable to the related Obligor), it shall,
      within two (2) Business Days of receipt, transfer or cause to be transferred,
      such payments to the Lockbox Account.

     

    (x)
      Originator will keep its principal place of business and chief executive office
      and the office where it keeps its records concerning the Timeshare Loans at
      the
      address of Originator listed herein.

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

     

    (xi)
      In
      the event that the Originator or the Issuer or any assignee of the Issuer should
      receive actual notice of any transfer taxes arising out of the transfer,
      assignment and conveyance of a Timeshare Loan from the Originator to the Issuer,
      on written demand by the Issuer, or upon the Originator otherwise being given
      notice thereof, Originator shall pay, and otherwise indemnify and hold the
      Issuer, and any subsequent assignee harmless, on an after-tax basis, from and
      against any and all such transfer taxes.

     

    (xii)
      The
      Originator authorizes the Issuer and the Securitization Indenture Trustee to
      file continuation statements, and amendments thereto, relating to the Timeshare
      Loans and all payments made with regard to the related Timeshare Loans without
      the signature of the Originator where permitted by law. A photocopy or other
      reproduction of this Agreement shall be sufficient as a financing statement
      where permitted by law. The Issuer confirms that it is not its present intention
      to file a photocopy or other reproduction of this Agreement as a financing
      statement, but reserves the right to do so if, in its good faith determination,
      there is at such time no reasonable alternative remaining to it.

     

    (xiii)
      The Originator shall not prepare any financial statements or other statements
      (including any tax filings) which shall account for the transactions
      contemplated by this Agreement in any manner other than as the sale of, or
      a
      capital contribution of, the Timeshare Loans, Timeshare Properties, Related
      Security and other conveyed property related thereto and additional collateral
      by the Originator to the Issuer.

     

    SECTION
      8. Indemnification.

     

    (a)
      Originator hereby agrees to indemnify the Issuer, the Securitization Indenture
      Trustee, the Securitization Noteholders and the Initial Purchaser (collectively,
      the “Indemnified
      Parties”)
      against any and all claims, losses or liabilities (including reasonable legal
      fees and related costs) that the Issuer, the Securitization Indenture Trustee,
      the Securitization Noteholders or the Initial Purchaser may sustain directly
      related to any breach of the representations and warranties and covenants of
      Originator under Section 5 hereof (the “Indemnified
      Amounts”) excluding,
      however (i) Indemnified Amounts to the extent resulting from the gross
      negligence or willful misconduct on the part of such Indemnified Party; (ii)
      any
      recourse for any uncollectible Timeshare Loan not related to a breach of
      representation or warranty; (iii) recourse to Originator for a related Defective
      Timeshare Loan so long as the same is cured, substituted or repurchased pursuant
      to Section 6 hereof; or (iv) income or similar taxes by such Indemnified Party
      arising out of or as a result of this Agreement or the transfer of the Timeshare
      Loans. The parties hereto shall (A) promptly notify the other parties hereto,
      the Securitization Indenture Trustee, and the Initial Purchaser if a claim
      is
      made by a third party with respect to this Agreement or the Timeshare Loans,
      and
      relating to (1) the failure by Originator to perform its duties in accordance
      with the terms of this Agreement or (2) a breach of Originator’s
      representations, covenants or warranties

     

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

     

    contained
      in this Agreement, (B) assume (with the consent of the Issuer, the
      Securitization Indenture Trustee, the Securitization Noteholders or the Initial
      Purchaser, as applicable, which consent shall not be unreasonably withheld)
      the
      defense of any such claim and pay all expenses in connection therewith,
      including legal counsel fees and (C) promptly pay, discharge and satisfy any
      judgment, order or decree which may be entered against it or the Issuer, the
      Securitization Indenture Trustee, the Securitization Noteholders or the Initial
      Purchaser in respect of such claim. If Originator shall have made any indemnity
      payment pursuant to this Section 8 and the recipient thereafter collects from
      another Person any amount relating to the matters covered by the foregoing
      indemnity, the recipient shall promptly repay such amount to
      Originator.

     

    (b)
      The
      obligations of Originator under this Section 8 to indemnify the Issuer, the
      Securitization Indenture Trustee, the Securitization Noteholders and the Initial
      Purchaser shall survive the termination of this Agreement and continue until
      the
      Notes are paid in full or otherwise released or discharged.

     

    SECTION
      9. No
      Proceedings.
      The
      Originator hereby agrees that it will not, directly or indirectly, institute,
      or
      cause to be instituted, or join any Person in instituting, against the Issuer
      or
      any Association, any bankruptcy, reorganization, arrangement, insolvency or
      liquidation proceedings, or other proceedings under any federal or state
      bankruptcy or similar law so long as there shall not have elapsed one year
      plus
      one day since the latest maturing Securitization Notes issued by the
      Issuer.

     

    SECTION

      10. Notices,
      Etc.
      All
      notices and other communications provided for hereunder shall, unless otherwise
      stated herein, be in writing and mailed or telecommunicated, or delivered as
      to
      each party hereto, at its address set forth below or at such other address
      as
      shall be designated by such party in a written notice to the other parties
      hereto. All such notices and communications shall not be effective until
      received by the party to whom such notice or communication is
      addressed.

     

    Issuer

     

    Silverleaf
      Finance V, L.P.

    1221
      Riverbend Drive, Suite 120

    Dallas,
      Texas 75247

    Attention:
      Harry J. White, Jr., Chief Financial Officer

    Telecopier:
      214-631-4981

     

    Originator

     

    Silverleaf
      Resorts, Inc.

    1221
      Riverbend Drive, Suite 120

    Dallas,
      Texas 75247

    Attention:
      Robert E. Mead, Chief Executive Officer

    Telecopier:
      214-905-0519

     

    SECTION
      11. No
      Waiver; Remedies.
      No
      failure on the part of the Issuer, the Securitization Indenture Trustee or
      any
      assignee thereof to exercise, and no delay in exercising,

     

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

     

    any
      right
      hereunder shall operate as a waiver thereof, nor shall any single or partial
      exercise of any right hereunder preclude any other or further exercise thereof
      or the exercise of any other right. The remedies herein provided are cumulative
      and not exclusive of any other remedies provided by law.

     

    SECTION
      12. Binding
      Effect; Assignability.
      This
      Agreement shall be binding upon and inure to the benefit of the Originator,
      the
      Issuer and their respective successors and assigns. Any assignee shall be an
      express third party beneficiary of this Agreement, entitled to directly enforce
      this Agreement. The Originator may not assign any of its rights and obligations
      hereunder or any interest herein without the prior written consent of the Issuer
      and any assignee thereof. The Issuer may, and intends to, assign all of its
      rights to the Securitization Indenture Trustee on behalf of the Securitization
      Noteholders, and the Originator consents to any such assignments. This Agreement
      shall create and constitute the continuing obligations of the parties hereto
      in
      accordance with its terms, and shall remain in full force and effect until
      its
      termination; provided, however, that the rights and remedies with respect to
      any
      breach of any representation and warranty made by Originator pursuant to Section
      5, and the cure, repurchase or substitution and indemnification obligations
      shall be continuing and shall survive any termination of this Agreement, but
      such rights and remedies may be enforced only by the Issuer and the
      Securitization Indenture Trustee.

     

    SECTION
      13. Amendments;
      Consents and Waivers.
      No
      modification, amendment or waiver of, or with respect to, any provision of
      this
      Agreement, and all other agreements, instruments and documents delivered
      thereto, nor consent to any departure by the Originator from any of the terms
      or
      conditions thereof shall be effective unless it shall be in writing and signed
      by each of the parties hereto, the written consent of the Securitization
      Indenture Trustee on behalf of the Securitization Noteholders is given and
      confirmation from the Rating Agencies that such action will not result in a
      downgrade, withdrawal or qualification of any rating assigned to a Class of
      Notes is received. The Issuer shall provide or cause to be provided to the
      Securitization Indenture Trustee and the Rating Agencies any such proposed
      modifications, amendments or waivers. Any waiver or consent shall be effective
      only in the specific instance and for the purpose for which given. No consent
      to
      or demand by the Originator in any case shall, in itself, entitle it to any
      other consent or further notice or demand in similar or other circumstances.
      The
      Originator acknowledges that in connection with the intended assignment by
      the
      Issuer of all of its right, title and interest in and to each Timeshare Loan
      to
      the Securitization Indenture Trustee on behalf of the Securitization
      Noteholders, the Issuer intends to issue the Notes, the proceeds of which will
      be used by the Issuer, in part, to purchase the Timeshare Loans
      hereunder.

     

    SECTION
      14. Severability.
      In case
      any provision in or obligation under this Agreement shall be invalid, illegal
      or
      unenforceable in any jurisdiction, the validity, legality and enforceability
      of
      the remaining provisions or obligations, or of such provision or obligation,
      shall not in any way be affected or impaired thereby in any other jurisdiction.
      Without limiting the generality of the foregoing, in the event that a
      Governmental Authority determines that the Issuer may not purchase or acquire
      Timeshare Loans, the transactions evidenced hereby shall constitute a loan
      and
      not a purchase and sale or contribution, notwithstanding the otherwise
      applicable intent of the parties hereto, and the Originator shall be deemed
      to
      have granted to the Issuer as of the date hereof, a first priority perfected
      security interest in all of the Originator’s right, title and

     

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

     

    interest
      in, to and under such Timeshare Loans and the related property as described
      in
      Section 2 hereof.

     

    SECTION
      15. GOVERNING
      LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.

     

    (A)
      THIS
      AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
      OF
      THE STATE OF NEW YORK WITHOUT REGARD TO ITS PRINCIPLES OF CONFLICTS OF
      LAW.

     

    (B)
      THE
      PARTIES TO THIS AGREEMENT HEREBY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF
      THE
      COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT LOCATED
      IN
      THE BOROUGH OF MANHATTAN IN NEW YORK CITY AND EACH WAIVES PERSONAL SERVICE
      OF
      ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS BE
      MADE BY REGISTERED MAIL DIRECTED TO THE ADDRESS SET FORTH ON THE SIGNATURE
      PAGE
      HEREOF AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED FIVE DAYS AFTER
      THE
      SAME SHALL HAVE BEEN DEPOSITED IN THE U.S. MAILS, POSTAGE PREPAID. THE PARTIES
      HERETO EACH WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY
      OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER AND CONSENTS TO THE
      GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE
      COURT. NOTHING IN THIS SECTION 15 SHALL AFFECT THE RIGHT OF THE PARTIES TO
      THIS
      AGREEMENT TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT
      THE RIGHT OF ANY OF THEM TO BRING ANY ACTION OR PROCEEDING IN THE COURTS OF
      ANY
      OTHER JURISDICTION.

     

    (C)
      SILVERLEAF
      AND ISSUER HEREBY AGREE NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF
      RIGHT BY JURY, AND WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT
      ANY
      SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS AGREEMENT. THIS
      WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY THE
      ORIGINATOR AND ISSUER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE
      AND EACH ISSUE AS TO WHICH THE RIGHT TO TRIAL BY JURY WOULD OTHERWISE ACCRUE
      OR
      EXIST. THE ORIGINATOR AND ISSUER ARE HEREBY AUTHORIZED TO FILE A COPY OF THIS
      PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE
      ORIGINATOR AND ISSUER.

     

    SECTION
      16. Heading.
      The
      headings herein are for purposes of reference only and shall not otherwise
      affect the meaning or interpretation of any provision hereof.

     

    SECTION
      17. Execution
      in Counterparts.
      This
      Agreement may be executed by the parties hereto in separate counterparts, each
      of which when so executed shall be deemed to be an original and both of which
      when taken together shall constitute one and the same agreement.

     

    
      
         

      

      
        23

        
          

        

      

      
         

    

     

    IN
      WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
      respective officers thereunto duty authorized, as of the date first above
      written.

     

    Very
      truly yours,

     

    SILVERLEAF
      FINANCE V, L.P., as Issuer

     

    

    By:
      SILVERLEAF FINANCE V, LLC,

    its
      general partner

    

     

    
      	 	
              By:

            	
              /S/
                HARRY J. WHITE, JR.

            

      	 	Name:	Harry
              J. White, Jr.

    

    
      	 	
              Title:

            	
              Vice
                President, Treasurer and Chief Financial
                Officer

            

    

     

    

    SILVERLEAF
      RESORTS, INC.

     

     

    
      	 	
              By:

            	
              /S/
                HARRY J. WHITE, JR.

            

      	 	Name:	Harry
              J. White, Jr.

    

    
      	 	
              Title:

            	
              CFO

            

    

     

    

     

    

     

    [Signature
      Page to the Transfer Agreement]

     

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

     

    

    List
      of
      Schedules and Exhibits to Agreement Not Filed Herewith:

    

    Schedule
      1

    Appendix
      A—Standard Definitions

    Schedule
      II--Exceptions

    Schedule
      III—Timeshare Loans

    Exhibit
      A—ACH Form

    Exhibit
      B—Subsequent Transfer Agreement

     

    
      
         

      

        B-1

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