Document:

<PAGE>
Exhibit 10(j)

                                                                 [WACHOVIA LOGO]

This instrument was prepared and is to be returned to Benton D. Williamson;
whose address is Haynsworth Sinkler Boyd, P.A., P.O. Box 11889, Columbia, South
Carolina 29211-1889.

                SECOND MASTER AMENDMENT TO COLLATERAL ASSIGNMENTS
                                  ("Agreement")

STATE OF SOUTH CAROLINA    )
                           )
COUNTY OF BEAUFORT         )

                  THIS SECOND MASTER AMENDMENT TO COLLATERAL ASSIGNMENT, made as
of the 31st day of October, 2002 by and among WACHOVIA BANK, N.A. (formerly
known as WACHOVIA BANK OF SOUTH CAROLINA, N.A. and formerly known as THE SOUTH
CAROLINA NATIONAL BANK) (the "Lender"), whose address is Post Office Box 700,
Charleston, South Carolina 29401, Attention: Real Estate Lending, and SEA PINES
ASSOCIATES, INC. and SEA PINES COMPANY, INC. (collectively, the "Borrower").

                                   WITNESSETH:

                  WHEREAS, the Borrower has made and issued certain notes as
follows:

                  1.       That certain Second Amended and Restated Term Note of
the date hereof evidencing an indebtedness of FIFTEEN MILLION, NINE HUNDRED
THIRTY-NINE THOUSAND, SEVEN HUNDRED FIFTY-EIGHT and NO/100 DOLLARS
($15,939,758.00); and

                  2.       That certain Second Amended and Restated Seasonal
Line of Credit Note of the date hereof evidencing an indebtedness of FOUR
MILLION, FIVE HUNDRED THOUSAND and NO/100 DOLLARS ($4,500,000.00); and

                  3.       That certain Second Amended and Restated Revolving
Line of Credit Note of the date hereof evidencing an indebtedness of EIGHTEEN
MILLION, THREE HUNDRED THOUSAND and NO/100 DOLLARS ($18,300,000.00);

which notes, as amended and restated, are collectively referred to herein as the
"Notes" and are made a part hereof by reference as if fully set out herein
verbatim; and

                  WHEREAS, to partially secure the Notes, the Borrower executed
and delivered assignments to the Lender as described below which were recorded
in the RMC Office or Clerk of Court, as appropriate (the "Registry") for
Beaufort County as indicated:

                  1.       Assignment of Permits and Licenses dated November 17,
1987 as recorded in Deed Book 490 at Page 880 and ORB 659 at Page 1833 as
amended October 15, 1993; and

                  2.       Collateral Assignment of Contracts dated November 17,
1987 as recorded in Deed Book 490 at Page 887 and ORB 659 at Page 1814 as
amended October 15, 1993; and

                  3.       Assignment of Tournament Contracts and Agreements
dated November 17, 1987 as recorded in Deed Book 490 at Page 873 and ORB 659 at
Page 1826 as amended October 15, 1993; and

                                      -1-
<PAGE>
                  4.       Assignment of Rents, Leases and Profits dated
November 17, 1987 as recorded in Lease Book 18 at Page 302 and ORB 659 at Page
1779 as amended October 15, 1993; and

                  5.       Stock Pledge with Voting Power dated November 17,
1987 as recorded in ORB 659 at Page 1794 as amended October 15, 1993; and

                  6.       Collateral Assignment of Rights and Easements dated
November 17, 1987 as recorded in Deed Book 490 at Page 897 and ORB 659 at Page
1807 as amended October 15, 1993; and

                  7.       Collateral Assignment of Trademarks, Trade Names,
Intangibles and Proprietary Rights dated November 17, 1987 as recorded in Deed
Book 490 at Page 946 and ORB 659 at Page 1800 as amended October 15, 1993; and

                  8.       Security Agreement dated November 17, 1987 as
recorded in ORB 659 at Page 1821 as amended October 15, 1993; and

                  9.       Collateral Assignment of Leases and Rents dated
January 17, 1992 as recorded in Mortgage Book 499 at Page 1020; and

                  10.      Collateral Assignment of Hotel Unit Density Rights
dated April 18, 1988 as recorded in Mortgage Book 418 at Page 2339;

which assignments, as heretofore amended as described above and otherwise are
herein referred to as "Assignments;" and

                  WHEREAS, Borrower and Lender have entered into a Amended and
Restated Master Credit Agreement dated the same date hereof (the "Amended and
Restated Master Credit Agreement"); and

                  WHEREAS, the Borrower and Lender desire to re-establish,
re-state and modify the Facilities as defined in the Amended and Restated Master
Credit Agreement; and

                  WHEREAS, the Borrower and Lender have agreed to make certain
modifications to the Assignments in order to secure, cross-collateralize and
cross-default all Obligations under the Amended and Restated Master Credit
Agreement; and

                  WHEREAS, the Borrower and Lender have established uniform
agreements, obligations, covenants and other matters for such Obligations,
whether now existing or hereinafter arising, owed to the Lender; and

                  WHEREAS, the Lender, as holder and owner of the Assignments,
and the Borrower mutually desire to modify and amend the provisions of the same
in the manner hereinafter set out, it being specifically understood that except
as herein modified and amended, the terms and provisions of the Assignments
shall remain unchanged and continue in full force and effect as therein written;

                  NOW, THEREFORE, the Lender and the Borrower, in consideration
of the sum of One Dollar ($1.00) and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and the mutual
covenants contained herein do hereby agree that the Assignments should be, and
the same hereby are modified and amended as follows:

                                      -2-
<PAGE>
                  1.       The provisions of the Notes and the Amended and
Restated Master Credit Agreement, are incorporated in the Assignments as fully
as if set out therein verbatim.

                  2.       Notwithstanding anything to the contrary contained in
the Notes and Assignments, and any amendments thereto, the Assignments shall be
amended to include as additional Events of Default the following:

                           a.       the occurrence of an Event of Default under
the Amended and Restated Master Credit Agreement, or

                           b.       a default by the Borrower on any of the
Obligations as defined in the Amended and Restated Master Credit Agreement.

                  3.       Notwithstanding anything to the contrary contained in
the Assignments, and any amendments thereto, the Assignments shall be amended so
as to secure, in addition to all items secured currently, amounts owing under
the Obligations and the performance of all Obligations as defined in the Amended
and Restated Master Credit Agreement.

                  4.       Any reference contained in the Assignments, as
amended herein, to the "Credit Agreement," the "Revolving Credit Agreement," the
"1987 Credit Agreement" or any other loan or credit agreement shall hereinafter
be deemed to be a reference to the Amended and Restated Master Credit Agreement.

                  5.       Each of the Assignments is amended so as to include,
and the Borrower hereby grants, a lien and security interest in and to, the
following property to secure the Obligations:

         (1) All Licenses, Contracts, Leases, Rents, the Assignment of Rights,
Intangibles and Collateral, all as defined in the Assignments and any other
property assigned pursuant to such Assignments, including, without limitation,
all of the Borrower's contract rights with respect to any contracts related to
professional golf or tennis tournaments, and any and all replacements of such
property; and

         (2) All licenses, permits, contract or other rights, leases, rents,
intangibles, trade names, patents, and trademarks pertaining to or connected
with the Secured Properties, as defined in the Amended and Restated Master
Credit Agreement, whether acquired by the Borrower since execution of the
Assignments or hereafter acquired; and

         (3) All proceeds, products, replacements, additions, substitutions,
renewals and accessions of any of the foregoing.

                  6.       Any reference contained in the Notes or Assignments,
as amended herein, to the Assignments shall hereinafter be deemed to be a
reference to such document as amended hereby. In amplification thereof, the
Assignments, as amended hereby, shall secure the Obligations including, without
limitation, the Notes, and any further modifications, renewals or extensions
thereof.

                  IT IS MUTUALLY AGREED by and between the parties hereto that
this Agreement shall become a part of the Assignments by reference and that
nothing herein contained shall (i) impair the security now held for the
indebtedness endorsed by the Notes, (ii) waive, annul, vary or affect any
provision, condition, covenant or agreement contained in the Assignments except
as herein amended, or (iii) affect or impair any rights, powers or remedies
under the Assignments as hereby amended. Furthermore, the Lender does hereby
reserve all rights and remedies it may have as against all parties who may be or
may hereafter become primarily or secondarily liable for the repayment of the
indebtedness evidenced by the Notes.

                                      -3-
<PAGE>
         The execution and delivery hereof shall not constitute a novation or
modification of the lien, encumbrance or security interest given by any of the
Assignments, each of which shall retain its priority as originally filed for
record. Borrower expressly agrees that the Assignments remain in full force and
effect.

                  This Agreement shall be governed by and construed in
accordance with the laws of the State of South Carolina without regard to
principles of conflict of laws.

                  This Agreement shall be binding upon and inure to the benefit
of any assignee or the respective heirs, executors, administrators, successors
and assigns of the parties hereto.

                  This Agreement may be executed in any number of counterparts,
each of which shall be an original but all of which taken together shall
constitute one and the same instrument, and any of the parties hereto may
execute any of such counterparts.

                                      -4-
<PAGE>
                  IN WITNESS WHEREOF, this instrument has been executed under
seal by the parties hereto and delivered on the date and year first above
written.

SIGNED, SEALED AND DELIVERED
IN THE PRESENCE OF:

                                     LENDER:

/s/ Donna M. Bucci                WACHOVIA BANK, N.A.
------------------
(Witness)
                                     By:  /s/ R. Ross Campbell, Jr.
                                          -------------------------
/s/ Elisabeth Peavy                           Its:  Vice President
-------------------                                 --------------
(Witness)

                                    BORROWER:

/s/ Steven P. Birdwell               SEA PINES ASSOCIATES, INC.
----------------------
(Witness)
                                     By:  /s/ Michael E. Lawrence
                                          -------------------------
/s/ Connie Smith                              Its:  Chief Executive Officer
----------------                                    -----------------------
 (Witness)
                                                                (CORPORATE SEAL)

/s/ Steven P. Birdwell               SEA PINES COMPANY, INC.
----------------------
(Witness)
                                     By:  /s/ Michael E. Lawrence
                                          -------------------------
                                              Its:  President
                                                    ---------
/s/ Connie Smith
----------------
(Witness)                                                       (CORPORATE SEAL)

                                      -5-
<PAGE>
STATE OF SOUTH CAROLINA
                                     PROBATE
COUNTY OF BEAUFORT

PERSONALLY appeared before me the undersigned witness, who, being duly sworn,
says that (s)he saw Michael E. Lawrence, Chief Executive Officer of Sea Pines
Associates, Inc. sign the foregoing instrument, and that (s)he with the other
witness named above witnessed the execution and delivery thereof as the act and
deed of the said corporation.

                                     /s/ Connie Smith
                                     ----------------
                                     (Signature of Witness)

SWORN to before me this 20th
day of November, 2002.

/s/ Marion Dennis
-----------------
Notary Public,
State of South Carolina
My commission expires:  March 9, 2004

[Notarial Seal]

STATE OF SOUTH CAROLINA
                                     PROBATE
COUNTY OF BEAUFORT

PERSONALLY appeared before me the undersigned witness, who, being duly sworn,
says that (s)he saw Ross Campbell, Senior Vice President of Wachovia Bank, N.A.,
sign the foregoing instrument, and that (s)he with the other witness named above
witnessed the execution and delivery thereof as the act and deed of the said
Wachovia Bank, N.A.

                                     /s/ Donna M. Bucci
                                     ------------------
                                     (Signature of Witness)

SWORN to before me this 25th
day of October, 2002.

/s/ Elisabeth Peavy
-------------------
Notary Public,
State of South Carolina
My commission expires:  June 24, 2006

[Notarial Seal]

                                      -6-
<PAGE>
STATE OF SOUTH CAROLINA
                                     PROBATE
COUNTY OF BEAUFORT

PERSONALLY appeared before me the undersigned witness, who, being duly sworn,
says that (s)he saw Michael E. Lawrence, President of Sea Pines Company, Inc.
sign the foregoing instrument, and that (s)he with the other witness named above
witnessed the execution and delivery thereof as the act and deed of the said
corporation.

                                     /s/ Connie Smith
                                     ----------------
                                     (Signature of Witness)

SWORN to before me this 20th
day of November, 2002.

/s/ Marion Dennis
-----------------
Notary Public,
State of South Carolina
My commission expires:  March 9, 2004

[Notarial Seal]

                                      -7-SWAP TRANSACTION CONFIRMATION

TO:               Sea Pines Company, Inc.

ATTN:             Steve Birdwell

FAX:              (843) 842-1464

FROM:             Rafeek Ghafur
                  Wachovia Bank, N.A.
                  Derivative Products Services

DATE:             May 4, 2000

The purpose of this letter agreement is to confirm the terms and conditions of
the Swap Transaction entered into between Wachovia Bank, N.A. ("Wachovia") and
Sea Pines Company, Inc. ("Company") on the Trade Date specified below (the "Swap
Transaction"). This letter agreement constitutes a "Confirmation" as referred to
in the Agreement (as defined below).

The definitions and provisions contained in the 1991 lSDA Definitions published
by the International Swaps and Derivatives Association, Inc. (the "Definitions")
are incorporated into this confirmation. In the event of any inconsistency
between those definitions and provisions and this Confirmation, this
Confirmation will govern.

         1.       This Confirmation supplements, forms part of, and is subject
                  to the 1992 Master Agreement dated August 29, 1995 as amended
                  and supplemented from time to time (the "Agreement") between
                  you and us. All provisions contained in the Agreement will
                  govern this Confirmation except as expressly modified below.

         2.       The terms of the particular Swap Transaction to which this
                  Confirmation relates are as follows:

<TABLE>
<S>               <C>                                                      <C>
                  A.                                                       TRADE DETAILS

                  NOTIONAL AMOUNT:                                         USD 6,000,000.00

                  TRADE DATE:                                              May 4,2000

                  EFFECTIVE DATE:                                          June 1,2000

                  TERMINATION DATE:                                        November 1, 2005, subject to adjustment in
                                                                           accordance with The Modified Following
                                                                           Business Day Convention.
</TABLE>
<PAGE>
<TABLE>
<S>               <C>                                                      <C>
                  FIXED AMOUNTS:

                                 Fixed Rate Payer:                         the Company

                                                                           The 1st day of each month, commencing July 1,
                                                                           2000 up to and including the Termination Date
                                                                           subject to adjustment in accordance with The
                                                                           Modified

                                 Fixed Rate Payer Payment Dates:           Following Business Day Convention.

                                 Fixed Rate:                               6.58% per annum

                                 Fixed Rate Day Count Fraction:            Actual / 360

                  FLOATING AMOUNTS:

                                 Floating Rate Payer:                      Wachovia

                                                                           The 1st day of each month, commencing July 1,
                                                                           2000 up to and including the Termination Date
                                                                           subject to adjustment in accordance with The
                                                                           Modified

                                 Floating Rate Payer Payment Dates:        Following Business Day Convention.

                                 Floating Rate Option:                     USD-LIBOR-BBA

                                 Designated Maturity                       One Month

                                 Floating Rate for Initial Calculation
                                 Period:                                   To Be Determined

                                 Floating Rate Day Count Fraction:         Actual / 360

                                 Reset Dates:                              The first day of each Calculation Period.

                                 Compounding:                              Not Applicable

                  KNOCK IN/KNOCK OUT PROVISIONS:                           The Floating Amount calculated in
                                                                           respect of any Calculation Period, beginning June
                                                                           1, 2000, shall be equal to the following:

                                                                           If the Floating Rate for a Calculation Period
                                                                           is equal to or greater than the Trigger Rate,
                                                                           the Floating Amount shall be zero for that
                                                                           Calculation Period. If the Floating Rate for
                                                                           a Calculation period is less than the Trigger
                                                                           Rate, the Floating Amount shall be based on
                                                                           the Floating Rate for that Calculation
                                                                           Period.

                                                                           The Fixed Amount calculated in respect of any
                                                                           Calculation Period, beginning June 1, 2000
                                                                           shall be equal to the following:
</TABLE>
<PAGE>
<TABLE>
<S>               <C>                                                      <C>

                                                                           If the Floating Rate for a Calculation Period
                                                                           is equal to or greater than the Trigger Rate,
                                                                           the Fixed Amount shall be zero for that
                                                                           Calculation Period. If the Floating Rate for
                                                                           a Calculation Period is less than the Trigger
                                                                           Rate, the Fixed Amount shall be based on the
                                                                           Fixed Rate for that Calculation Period.

                                 Trigger Rate:                             7.25 % per annum

                  BUSINESS DAYS:                                           London Business Days for rate resets and
                                                                           London and New York Business Days for
                                                                           payments.

                  CALCULATION AGENT:                                       Wachovia Bank, N.A.

                  B.                                                       ACCOUNT DETAILS

                  PAYMENTS TO WACHOVIA:

                                 Payments to Wachovia:                     Wachovia Bank N.A
                                 Fed Routing No.:                          061-000-010
                                 For the Account of:                       Derivatives Settlement
                                 Account Number:                           1880-5813
                                 Attention:                                Susan Lucia

                  PAYMENTS TO COMPANY:

                                 Payments to Company:                      Wachovia Bank. N.A.
                                 Fed Routing No.:                          061-000-010
                                 For the Account of:                       Sea Pines Company, Inc.
                                 Account Number:                           7300-59086
                                 Attention:                                Steve Birdwell

                  C.                                                       OFFICES

                  WACHOVIA BANK N.A:                                       191 Peachtree Street
                                                                           Atlanta. Georgia 30303

                                                                Telephone  (404) 332-6970

                                                                      Fax  (404) 332-6880

                  SEA PINES COMPANY, INC.:                                 P.O. Box 7000
                                                                           Hilton Head Island, SC  29938

                                                                Telephone  (843) 842-1419

                                                                      Fax  (843) 842-1464
</TABLE>
<PAGE>
         3.       THE COMPANY HAS CONSULTED, TO THE EXTENT IT HAS DEEMED
                  NECESSARY, WITH ITS LEGAL, TAX AND FINANCIAL ADVISORS
                  REGARDING ITS DECISION TO ENTER INTO THE SWAP TRANSACTION AND
                  HAS HAD AN OPPORTUNITY TO ASK QUESTIONS OF, AND HAS OBTAINED
                  ALL REQUESTED INFORMATION FROM, WACHOVIA CONCERNING THE SWAP
                  TRANSACTION. THE COMPANY HAS MADE ITS OWN INDEPENDENT DECISION
                  TO ENTER INTO THE SWAP TRANSACTION BASED UPON ITS OWN
                  JUDGMENT, WITH FULL UNDERSTANDING OF THE ECONOMIC, LEGAL AND
                  OTHER RISKS ASSOCIATED WITH THE SWAP TRANSACTION (WHICH RISKS
                  IT IS WILLING TO ASSUME) AND IS ENTERING INTO THE SWAP
                  TRANSACTION WITHOUT RELYING UPON ANY ADVICE (ORAL OR WRITTEN)
                  OR PROJECTIONS PROVIDED BY WACHOVIA. THE COMPANY UNDERSTANDS
                  THAT WACHOVIA IS RELYING ON THE STATEMENTS MADE BY THE COMPANY
                  IN THIS PARAGRAPH IN ENTERING INTO THE SWAP TRANSACTION.

Please confirm that the foregoing correctly sets out the terms of our agreement
by signing a copy of this Confirmation and returning it to us within two
Business Days.

               Wachovia Bank, N.A.                Sea Pines Company, Inc.

               By:  /s/ Rafeek Ghafur             By:  /s/ Steven P. Birdwell
                    -----------------                  ----------------------
               Name: Rafeek Ghafur                Name: Steven P. Birdwell
               Title: Vice President              Title: Chief Financial Officer

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