Document:

exhibit_10-1.htm

    Exhibit
10.1

    CONSULTING,
CONFIDENTIALITY AND PROPRIETARY RIGHTS AGREEMENT

    

    This
Consulting, Confidentiality and Proprietary Rights Agreement (“Agreement”) is
entered into as of the 7th day of January, 2009 (the “Effective Date”) by and
between Woozyfly Inc. (the “Company”), and Venor, Inc.
(“Consultant”).

    

    WHEREAS,
the Company desires to engage Consultant to provide certain services as set
forth on Schedule attached hereto and as specified from time to time by the
Company.

    

    NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants and
conditions contained herein, the parties hereto agree as follows:

    

    1.  Engagement.  The
Company hereby engages Consultant to perform, those duties set forth in the
Schedule attached hereto and such other duties as may be requested from time to
time by the Board of Directors of the Company. Consultant hereby accepts such
engagement upon the terms and subject to conditions set forth in this
Agreement.

    

    2.  Compensation.  For
the services rendered by Consultant under this Agreement, the Consultant shall
be paid the compensation specified in the Schedule, which shall include travel
time, subject to the terms and conditions set forth in this
Agreement.

    

    3.  Term and
Survivability.  The term of this Agreement shall be for a month
to month period from the Effective Date; terminated with 30 day written
notice.  In addition, this Agreement may be terminated if either party
materially fails to perform or comply with this Agreement or any material
provision hereof. Termination shall be effective five (5) days after notice of
such material failure to perform or comply with this Agreement or any material
provision hereof to the defaulting party if the defaults have not been cured
within such five (5) day period.  Upon termination of this Agreement
the following sections of this Agreement shall survive such
termination:  Sections 3, 5, 6, 7, 8, 9, 10, 12, 13, 20 and
21.

    

    4.  Costs and Expenses of
Consultant’s Performance.  Except as set forth on the Schedule,
all costs and expenses of Consultant’s performance hereunder shall be borne by
the Consultant.

    

    5.  Taxes.  As
an independent contractor, Consultant acknowledges and agrees that it is solely
responsible for the payment of any taxes and/or assessments imposed on account
of the payment of compensation to, or the performance of services by Consultant
pursuant to this Agreement, including, without limitation, any unemployment
insurance tax, federal and state income taxes, federal Social Security (FICA)
payments, and state disability insurance taxes. The Company shall not make any
withholdings or payments of said taxes or assessments with respect to amounts
paid to Consultant hereunder; provided, however, that if required by law or any
governmental agency, the Company shall withhold such taxes or assessments from
amounts due Consultant, and any such withholding shall be for Consultant's
account and shall not be reimbursed by the Company to Consultant. Consultant
expressly agrees to make all payments of such taxes, as and when the same may
become due and payable with respect to the compensation earned under this
Agreement.

    

    6.  Confidentiality.  Consultant
agrees that Consultant will not, except when required by applicable law or order
of a court, during the term of this Agreement or thereafter, disclose directly
or indirectly to any person or entity, or copy, reproduce or use, any Trade
Secrets (as defined below) or Confidential Information (as defined below) or
other information treated as confidential by the Company known, learned or
acquired by the Consultant during the period of the Consultant's engagement by
the Company.  For purposes of this Agreement, "Confidential
Information" shall mean any and all Trade Secrets, knowledge, data or know-how
of the Company, any of its affiliates or of third parties in the possession of
the Company or any of its affiliates, and any nonpublic technical, training,
financial and/or business information treated as confidential by the Company or
any of its affiliates, whether or not such information, knowledge, Trade Secret
or data was conceived, originated, discovered or developed by Consultant
hereunder.  For purposes of this Agreement, "Trade Secrets" shall
include, without limitation, any formula, concept, pattern, processes, designs,
device, software, systems, list of customers, training

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    manuals,
marketing or sales or service plans, business plans, marketing plans, financial
information, or compilation of information which is used in the Company's
business or in the business of any of its affiliates.  Any information
of the Company or any of its affiliates which is not readily available to the
public shall be considered to be a Trade Secret unless the Company advises
Consultant in writing otherwise. Consultant acknowledges that all of the Confidential
Information is proprietary to the Company and is a special, valuable and unique
asset of the business of the Company, and that Consultant's past, present and
future engagement by the Company has created, creates and will continue to
create a relationship of confidence and trust between the Consultant and the
Company with respect to the Confidential Information.  Furthermore,
Consultant shall immediately notify the Company of any information which comes
to its attention which might indicate that there has been a loss of
confidentiality with respect to the Confidential Information. In such event,
Consultant shall take all reasonable steps within its power to limit the scope
of such loss.

    

    7.    Return of the Company’s
Proprietary Materials.  Consultant agrees to deliver promptly
to the Company on termination of this Agreement for whatever reason, or at any
time the Company  may so request, all documents, records, artwork,
designs, data, drawings, flowcharts, listings, models, sketches, apparatus,
notebooks, disks, notes, copies and similar repositories of Confidential
Information and any other documents of a confidential nature belonging to the
Company, including all copies, summaries, records, descriptions, modifications,
drawings or adaptations of such materials which Consultant may then possess or
have under its control.  Concurrently with the return of such
proprietary materials to the Company, Consultant agrees to deliver to the
Company such further agreements and assurances to ensure the confidentiality of
proprietary materials.  Consultant further agrees that upon
termination of this Agreement, Consultant's, employees, consultants, agents or
independent contractors shall not retain any document, data or other material of
any description containing any Confidential Information or proprietary materials
of the Company.

    

    8.   Assignment of Proprietary
Rights.  Other than the Proprietary Rights listed on the
Schedule attached hereto, if any, Consultant hereby assigns and transfers to the
Company all right, title and interest that Consultant may have, if any, in and
to all Proprietary Rights (whether or not patentable or copyrightable) made,
conceived, developed, written or first reduced to practice by Consultant,
whether solely or jointly with others, during the period of Consultant's
engagement by the Company which relate in any manner to the actual or
anticipated business or research and development of the Company, or result from
or are suggested by any task assigned to Consultant or by any of the work
Consultant has performed or may perform for the Company.

    

    Consultant
acknowledges and agrees that the Company shall have all right, title and
interest in, among other items, all research information and all documentation
or manuals related thereto that Consultant develops or prepares for the Company
during the period of Consultant's engagement by the Company and that such work
by Consultant shall be work made for hire and that the Company shall be the sole
author thereof for all purposes under applicable copyright and other
intellectual property laws. Other than the Proprietary Rights listed on the
Schedule attached hereto, Consultant represents and covenants to the Company
that there are no Proprietary Rights relating to the Company's business which
were made by Consultant prior to Consultant's engagement by the Company.
Consultant agrees promptly to disclose in writing to the Company all Proprietary
Rights in order to permit the Company to claim rights to which it may be
entitled under this Agreement.  With respect to all Proprietary Rights
which are assigned to the Company pursuant to this Section 8, Consultant will
assist the Company in any reasonable manner to obtain for the Company's benefit
patents and copyrights thereon in any and all jurisdictions as may be designated
by the Company, and Consultant will execute, when requested, patent and
copyright applications and assignments thereof to the Company, or other persons
designated by the Company, and any other lawful documents deemed necessary by
the Company to carry out the purposes of this Agreement. Consultant will further
assist the Company in every way to enforce any patents, copyrights and other
Proprietary Rights of the Company.

    

    9.  Trade Secrets of
Others.  Consultant represents to the Company that its
performance of all the terms of this Agreement does not and will not breach any
agreement to keep in confidence proprietary information or trade secrets
acquired by Consultant in confidence or in trust prior to its engagement by the
Company, and Consultant will not disclose to the Company, or induce the Company
to use, any confidential or proprietary information or material belonging to
others. Consultant agrees not to enter into any agreement, either written or
oral, in conflict with this Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    10.  Other
Obligations.  Consultant acknowledges that the Company, from
time to time, may have agreements with other persons which impose obligations or
restrictions on the Company regarding proprietary rights made or developed
during the course of work hereunder or regarding the confidential nature of such
work. Consultant agrees to be bound by all such obligations and restrictions and
to take all action necessary to discharge the obligations of the Company
hereunder.

    

    11.  Independent
Contractor.  Consultant shall not be deemed to be an employee
or agent of the Company for any purpose whatsoever. Consultant shall have the
sole and exclusive control over its employees, consultants or independent
contractors who provide services to the Company, and over the labor and employee
relations policies and policies relating to wages, hours, working conditions or
other conditions of its employees, consultants or independent
contractors.

    

    12. Non-Solicit.
Consultant will not, during the term this Agreement and for one year thereafter,
directly or indirectly (whether as an owner, partner, shareholder, agent,
officer, director, employee, independent contractor, consultant, or otherwise)
with or through any individual or entity: (i) employ, engage or solicit for
employment any individual who is, or was at any time during the twelve-month
period immediately prior to the termination of this Agreement for any reason, an
employee of the Company, or otherwise seek to adversely influence or alter such
individual's relationship with the Company; or (ii) solicit or encourage any
individual or entity that is, or was during the twelve-month period immediately
prior to the termination of this Agreement for any reason, a customer or vendor
of the Company to terminate or otherwise alter his, her or its relationship with
the Company or any of its affiliates.  Section 12 does not apply to
individuals or entities known to the Consultant previous to the Effective
Date.

    

    13. Equitable
Remedies.  In the event of a breach or threatened breach of the
terms of this Agreement by Consultant, the parties hereto acknowledge and agree
that it would be difficult to measure the damage to the Company from such
breach, that injury to the Company from such breach would be impossible to
calculate and that monetary damages would therefore be an inadequate remedy for
any breach. Accordingly, the Company, in addition to any and all other rights
which may be available, shall have the right of specific performance, injunctive
relief and other appropriate equitable remedies to restrain any such breach or
threatened breach without showing or proving any actual damage to the
Company.

    

    14. Governing
Law.  This Agreement shall be governed, construed and
interpreted in accordance with the internal laws of the State of New York. In
the event a judicial proceeding is necessary, the sole forum for resolving
disputes arising under or relating to this Agreement are the courts for the
County of New York or the Federal District Court for the Southern District of
New York and all related appellate courts, and the parties hereby consent to the
jurisdiction of such courts, and that venue shall be in New York County, New
York.

    

    15.  Entire Agreement:
Modifications and Amendments.  The terms of this Agreement are
intended by the parties as a final expression of their agreement with respect-to
such terms as are included in this Agreement and may not be contradicted by
evidence of any prior or contemporaneous agreement. The Schedule referred to in
this Agreement is incorporated into this Agreement by this reference. This
Agreement may not be modified, changed or supplemented, nor may any obligations
hereunder be waived or extensions of time for performance granted, except by
written instrument signed by the parties or by their agents duly authorized in
writing or as otherwise expressly permitted herein.

    

    16.  Attorneys
Fees.  Should any party institute any action or proceeding to
enforce this Agreement or any provision hereof, or for damages by reason of any
alleged breach of this Agreement or of any provision hereof, or for a
declaration of rights hereunder, the prevailing party in any such action or
proceeding shall be entitled to receive from the other party all costs and
expenses, including reasonable attorneys' fees, incurred by the prevailing party
in connection with such action or proceeding.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    17. Prohibition of
Assignment.  This Agreement and the rights, duties and
obligations hereunder may not be assigned or delegated by Consultant without the
prior written consent of the Company. Any assignment of rights or delegation of
duties or obligations hereunder made without such prior written consent shall be
void and of no effect.  Company consents to the assignment of this
Agreement to Venor Consulting, Inc./LLC when duly formed, provided that Venor
Consulting, Inc./LLC is an affiliate of, or the successor to, Consultant, and
that Eric Stoppenhagen is a principal of such successor or
affiliate.

    

    18.  Binding Effect: Successors
and Assignment.  This Agreement and the provisions hereof shall
be binding upon each of the parties, their successors and permitted
assigns.

    

    19.  Validity.  This
Agreement is intended to be valid and enforceable in accordance with its terms
to the fullest extent permitted by law. If any provision of this Agreement is
found to be invalid or unenforceable by any court of competent Jurisdiction, the
invalidity or unenforceability of such provision shall not affect the validity
or enforceability of all the remaining provisions hereof.

    

    20. Compliance With
Laws.  Consultant agrees to comply with all applicable federal,
state, county and local laws, ordinances, regulations and codes in the provision
of services under this Agreement. 

     

    21. 
Representations and
Warranties; Indemnification. 

     

    (a) 
Consultant warrants, represents, and agrees that: (i) Consultant has
the right and power to enter into this Agreement and grant the rights set forth
herein and that no consent or authorization from any third party is required in
connection therewith; and (ii) any material Consultant furnishes to
Company hereunder shall not infringe upon or violate any common law or statutory
law, copyright or any right or privacy or publicity, or any other right of any
person or entity.  Company warrants, represents, and agrees
that Company has the right and power to enter into this
Agreement.

     

    (b) 
Each of the parties hereto (the "Indemnifying Party") hereby agrees to and does
hereby indemnify, save, and hold the other party (the "Indemnified Party")
harmless from any and all damages, liabilities, costs, losses and expenses
(including reasonable legal costs and attorney's fees reasonably related to the
Indemnified Party's liability) arising out of any third party claim, demand, or
action which is inconsistent with any of the warranties, representations,
covenants or agreements made by the Indemnifying Party in this Agreement, and
which is reduced to final adverse judgment or settled with the Indemnifying
Party's prior written consent, not to be unreasonably withheld or delayed;
provided, however, that the Indemnifying Party's indemnification obligations
hereunder are subject to the requirements that (1) the Indemnified Party
notifies the Indemnifying Party in writing within a reasonable time after the
Indemnified Party is notified of a claim; (2) the Indemnifying Party has sole
control of the defense of the claim (except that, if the Indemnified Party
elects to do so, the Indemnified Party may participate in the defense at its own
expense) and all related monetary settlement negotiations; and (3) the
Indemnified Party provides the Indemnifying Party with assistance, information
and authority necessary for the Indemnifying Party to perform its obligations
under this section; provided always that the Indemnified Party shall not be
required to admit liability under any circumstances.

    

    22.  Notices.  All
notices and other communications hereunder shall be in writing and, unless
otherwise provided herein, shall be deemed duly given if delivered personally or
by telecopy or mailed by registered or certified mail (return receipt requested)
or by Federal Express or other similar courier service to the parties at the
following addresses or (at such other address for the party as shall be
specified by like notice)

    

    (i)  If
to the Company:

    

    Woozyfly
Inc.

    c/o MKM
Opportunity Master Fund, Ltd.

     420
Lexington Avenue, Suite 1718

    New York,
NY  10170

    Attn:  David
Skriloff

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (ii) If
to the Consultant:

    

    Venor, Inc.

    1328 West Balboa, Suite C

    Newport Beach, CA 92661

    Attn: Eric Stoppenhagen

    

    Any such
notice, demand or other communication shall be deemed to have been given on the
date personally delivered or as of the date mailed, as the case may
be.

    

    IN
WITNESS WHEREOF, the parties hereto have executed this Consulting,
Confidentiality, and Proprietary Rights Agreement as of the Effective Date
written above.

    

    Venor,
Inc.                                                                                   Woozyfly
Inc.

    

    

    By: ___/s/ Eric
Stoppenhagen_____________                               By:
/s/ Jonathan Bomser

    Eric
Stoppenhagen                                                                                  Name:Jonathan
Bomser

    President                                                                                   Title:
CEO

    

    

    MKM
Opportunity Master Fund, Ltd.

    

    

    By:__/s/ David
Skriloff_____________

                                                                                           Name: David
Skriloff

    Title: Portfolio
Manager

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Schedule

    

    

    1.   DUTIES AND OPERATIONAL
RESPONSIBILITIES:

    Consultant
shall provide financial consulting to the company.  It is anticipated
that the responsibilities shall constitute the restructuring of the
capitalization of the Company including the restructuring of the outstanding
debt, negotiations of any payables and liabilities, sale of any assets,
completion of the audit and the 10k, and the general clean-up of the Company
such that it can be successfully merged with another entity as soon as
possible.  It is anticipated that such work will last no more than 90
days.

    

    2.           REPORTING
SCHEDULE:

    Consultant
shall report regarding his actions on behalf of the Company; such reports shall
be given to David Skriloff of MKM Opportunity Master Fund, Ltd. not less
frequently than once per week.

    

    3.           COMPENSATION AND PAYMENT
TERMS:

    Consultant shall be prepaid the
following amount, by MKM
Opportunity Master Fund, Ltd. at the beginning of every month under the
following schedule.

    

    1st month
- $15,000

    2nd month -
$10,000

    3rd month -
$7,500

    4th month -
$5,000

    5th month -
$3.5k going forward

    

    Payment
shall be made by wire to the following:

    

    4           EXPENSES:

    MKM
Opportunity Master Fund, Ltd. agrees to reimburse Consultant for other
reasonably necessary expenses which shall be paid at the end of every month.
However, should such expenses exceed $1,000 in any given calendar month; such
expenses shall be pre-approved in advance by Company in order to qualify to
reimbursement. An email authorization by an officer of Company shall be deemed a
valid approval.exhibit_101.htm

     

    
      

    

    Exhibit
10.1

     

    WAIVER
AND CONSENT

     

    WAIVER AND CONSENT, dated as
of January 13, 2009 (the "Waiver and Consent"),
to the Financing Agreement, dated as of November 6, 2008 (as amended, restated,
supplemented or otherwise modified from time to time the "Financing
Agreement"), by and among MONACO COACH CORPORATION, a Delaware
corporation ("Monaco"), each
subsidiary of Monaco listed as a "Borrower" on the signature pages thereto
(together with Monaco, each a "Borrower" and
collectively, the "Borrowers"), each
subsidiary of Monaco listed as a "Guarantor" on the signature pages thereto
(together with each other Person that becomes a "Guarantor" thereunder, each a
"Guarantor" and
collectively, the "Guarantors"), the
lenders from time to time party thereto (each a "Lender" and
collectively, the "Lenders"), ABLECO
FINANCE LLC, a Delaware limited liability company, as collateral agent for the
Lenders (in such capacity, the "Collateral Agent"),
and as administrative agent for the Lenders (in such capacity, the "Administrative Agent"
and together with the Collateral Agent, each an "Agent" and
collectively, the "Agents").

     

    W I T N E S S E T H :

     

    WHEREAS,
the Borrowers, the Guarantors, the Agents and the Lenders are parties to the
Financing Agreement, pursuant to which the Lenders have made a term loan to the
Borrowers, in the aggregate principal amount of $39,300,000;

     

    WHEREAS,
the Loan Parties have requested that the Agents and the Required Lenders waive
any Events of Default arising by reason of (i) noncompliance with Section
7.03(d) of the Financing Agreement and (ii) Monaco's contemplated disposition of
the parcel of real property owned by it and described on Exhibit A hereto (the
"Disposed
Property") below the Release Price (as described in the Financing
Agreement) as required by Section 7.02(c)(iii) of the Financing Agreement;
and

     

    WHEREAS,
the Agents and the Required Lenders are willing to waive Section 7.03(d) and
Section 7.02(c)(iii) of the Financing Agreement, in each case, pursuant to the
terms and conditions set forth herein;

     

    NOW,
THEREFORE, in consideration of the premises and agreements herein, the parties
hereto hereby agree as follows:

     

    1. Definitions.  All
capitalized terms used herein and not otherwise defined shall have the meanings
assigned thereto in the Financing Agreement.

     

    2. Waiver and
Consent.

     

    (a) (i)           Subject
to the satisfaction of the conditions set forth in Section 4 hereof, the Agents
and the Required Lenders hereby consent to and waive any Event of Default that
would otherwise arise under Section 9.01(c) of the Financing Agreement or
otherwise as a result of a breach of Section 7.03(d) of the Financing
Agreement as of the date of delivery to the Working Capital Agent of the last
borrowing base certificate for the December 2008 fiscal month of the Borrowers;
provided, that
the Loan Parties have Availability and Qualified Cash of at least $5,800,000 as
of the date of delivery to the Working Capital Agent of the last borrowing base
certificate for the December 2008 fiscal month of the Borrowers.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (ii) Subject
to the conditions set forth in Section 4 hereof, the Agents and the Required
Lenders hereby consent to Monaco's disposition of the Disposed Property for Net
Cash Proceeds below the Release Price for the Disposed Property and waive any
Event of Default that would otherwise arise under Section 9.01(c) of the
Financing Agreement or otherwise as a result of a breach of
Section 7.02(c)(iii) of the Financing Agreement by reason of such
disposition; provided, that (A)
the Net Cash Proceeds of such disposition is not less than $270,509.95 and (B)
100% of such Net Cash Proceeds is applied to repay the Term Loan in accordance
with Section 2.05(c)(iv) of the Financing Agreement.

     

    (b) The
waivers and consents in Section 2(a)(i) and (a)(ii) shall be effective solely in
the event the express conditions set forth in Section 2(a)(i) and (a)(ii),
respectively, are satisfied and only in this specific instance and for the
specific purposes set forth herein and do not allow for any other or further
departure from the terms and conditions of the Financing Agreement or any other
Loan Document, which terms and conditions, except as otherwise expressly set
forth herein, shall remain in full force and effect.

     

    3. Representations.  Each
of the Loan Parties represents and warrants that on the Waiver Effective Date
(defined below), after giving effect to the waivers and consents set forth in
this Waiver and Consent, no Default or Event of Default has occurred and is
continuing on the Waiver Effective Date.

     

    4. Conditions to
Effectiveness.  This Waiver and Consent shall become effective
only upon, or substantially contemporaneously with, the satisfaction in full of
the following conditions precedent (the first date upon which all such
conditions have been satisfied being herein called the "Waiver Effective
Date"):

     

    (a) the
Agents, the Required Lenders and the Loan Parties shall have executed this
Waiver and Consent and shall have received counterparts of this Waiver and
Consent which bear the signatures of each Loan Party;

     

    (b) the Loan
Parties shall pay to the Collateral Agent for the benefit of the Lenders, in
immediately available funds, a fee in the amount of $200,000.00;

     

    (c) the Loan
Parties shall have commenced negotiations with the critical vendors listed on
Exhibit B
hereto in connection with the construction and development of Resort Property
Lots located in Naples, Florida and in Bay Harbor, Michigan regarding the
payment of outstanding payables;

     

    (d) the
Agents shall have received all fees and expenses required to be paid or
reimbursed by the Loan Parties pursuant hereto or the Financing Agreement or
otherwise, in each case to the extent invoiced to the Loan Parties on or prior
to the date hereof, including all such fees and expenses of counsel to the
Agents;

     

    (e) the
representations and warranties set forth in Section 3 shall be true and correct
as of the Waiver Effective Date; and

     

    (f) all other
legal matters incident to this Waiver and Consent shall be satisfactory to the
Agents and counsel to the Agents.

    
      
        
        

      

      
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    5. Lien
Release.  Subject to satisfaction in full of the conditions set
forth in Section 4 hereof, the Collateral Agent shall deliver to Monaco a fully
executed release, in the form attached hereto as Exhibit C, releasing
the Lien securing the Obligations granted to the Collateral Agent on the
Disposed Property.

     

    6. Covenant.  The
Loan Parties shall continue to negotiate in good faith with the critical vendors
listed on Exhibit
B hereto, and the Loan Parties shall use commercially reasonable efforts
to enter into agreements with such critical vendors with respect to payment
schedules of remaining payables subject to terms and conditions satisfactory to
the Agents by February 9, 2009.

     

    7. General
Release.  Each Loan Party hereby acknowledges and agrees
that:  (a) neither it nor any of its Affiliates has any claim or cause
of action against any Agent or any Lender (or any of their respective
Affiliates, officers, directors, employees, attorneys, consultants or agents)
and (b) each Agent and each Lender has heretofore properly performed and
satisfied in a timely manner all of its obligations to such Loan Party and its
Affiliates under the Financing Agreement and the other Loan
Documents.  Notwithstanding the foregoing, the Agents and the Lenders
wish (and each Loan Party agrees) to eliminate any possibility that any past
conditions, acts, omissions, events or circumstances would impair or otherwise
adversely affect any of the Agents' and the Lenders' rights, interests, security
and/or remedies under the Financing Agreement and the other Loan
Documents.  Accordingly, for and in consideration of the agreements
contained in this Waiver and Consent and other good and valuable consideration,
each Loan Party (for itself and its Affiliates and the successors, assigns,
heirs and representatives of each of the foregoing) (collectively,
the "Releasors") does
hereby fully, finally, unconditionally and irrevocably release and forever
discharge each Agent, each Lender and each of their respective Affiliates,
officers, directors, employees, attorneys, consultants and agents (collectively,
the "Released
Parties") from any and all debts, claims, obligations, damages, costs,
attorneys' fees, suits, demands, liabilities, actions, proceedings and causes of
action, in each case, whether known or unknown, contingent or fixed, direct or
indirect, and of whatever nature or description, and whether in law or in
equity, under contract, tort, statute or otherwise, which any Releasor has
heretofore had or now or hereafter can, shall or may have against any Released
Party by reason of any act, omission or thing whatsoever done or omitted to be
done on or prior to the Waiver Effective Date arising out of, connected with or
related in any way to this Waiver and Consent, the Financing Agreement or any
other Loan Document, or any act, event or transaction related or attendant
thereto, or the agreements of any Agent or any Lender contained therein, or the
possession, use, operation or control of any of the assets of each Loan Party,
or the making of any Loans or other advances, or the management of such Loans or
advances or the Collateral on or prior to the Waiver Effective
Date.

     

    8. Indemnity and
Expenses.

     

    (a) Each of
the Loan Parties, jointly and severally, hereby agree to indemnify the Agents,
the Lenders and their respective employees, agents, members and affiliates from
and against any and all claims, losses and liabilities growing out of or
resulting from this Waiver and Consent, except claims, losses or liabilities
resulting solely and directly from any such indemnified Person's gross
negligence or willful misconduct as determined by a final judgment of a court of
competent jurisdiction.

     

    (b) Each of
the Loan Parties, jointly and severally, hereby agree to pay to the Agents upon
demand the amount of any and all costs and expenses, including the fees,
disbursements and other client charges of the Agents' counsel, which the Agents
may incur in connection with this Waiver and Consent.

    
      
        
        

      

      
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    9. Miscellaneous.

     

    (a) THIS
WAIVER AND CONSENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK.

     

    (b) This
Waiver and Consent may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which shall be deemed
to be an original, but all of which taken together shall constitute one and the
same agreement.  Delivery of an executed counterpart of this Waiver
and Consent by telefacsimile or electronic mail shall be equally as effective as
delivery of an original executed counterpart of this Waiver and
Consent.

     

    (c) This
Waiver and Consent shall be binding upon and inure to the benefit of each Loan
Party, each Agent, and each Lender, and their respective successors and
assigns.

     

    (d) The
Borrowers and the Guarantors hereby acknowledge and agree that this Waiver and
Consent constitutes a "Loan Document" under the Financing
Agreement.  Accordingly, it shall be an Event of Default under the
Financing Agreement (i) if any representation or warranty made by any Loan Party
under or in connection with this Waiver and Consent shall have been untrue,
false or misleading in any material respect when made or (ii) if any Loan Party
fails to comply with any covenant contained herein.

     

    (e) Except as
expressly set forth herein, this Waiver and Consent is not, and shall not be
deemed to be, a waiver of, or a consent to, any Default or Event of Default now
existing or hereafter arising under the Financing Agreement or any of the other
Loan Documents, and the Agents and the Lenders fully and specifically reserve
any and all rights, powers, privileges and remedies under the Financing
Agreement and the other Loan Documents with respect to any such Default or Event
of Default.

     

    (f) EACH OF
THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR
OTHERWISE) ARISING OUT OF OR RELATING TO THIS WAIVER, CONSENT AND ACKNOWLEDGMENT
OR THE ACTIONS OF THE AGENTS AND THE LENDERS IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE OR ENFORCEMENT HEREOF.

     

    
      
        
          
            	
                     

                  	 
      	 
      

          

          

        

         

      

      
        4

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Waiver and Consent to be
executed by their respective officers thereunto duly authorized as of the day
and year first above written.

     

    

     

    
      
        	 
      	
                BORROWERS:

              	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                MONACO
      COACH CORPORATION

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      P. Martin Daley

              	 
      	 
      
	 
      	 
      	
                Name:

              	
                P.
      Martin Daley

              	 
      	 
      
	 
      	 
      	
                Title:

              	
                Vice
      President

                 

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                NAPLES
      MOTORCOACH RESORT, INC.

              	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      P. Martin Daley

              	 
      	 
      
	 
      	 
      	
                Name:

              	
                P.
      Martin Daley

              	 
      	 
      
	 
      	 
      	
                Title:

              	
                Vice
      President

                 

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                OUTDOOR
      RESORTS OF LAS VEGAS, INC.

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      P. Martin Daley

              	 
      	 
      
	 
      	 
      	
                Name:

              	
                P.
      Martin Daley

              	 
      	 
      
	 
      	 
      	
                Title:

              	
                Vice
      President

                 

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                OUTDOOR
      RESORTS MOTORCOACH

              	 
      
	 
      	
                COUNTRY
      CLUB, INC.

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      P. Martin Daley

              	 
      	 
      
	 
      	 
      	
                Name:

              	
                P.
      Martin Daley

              	 
      	 
      
	 
      	 
      	
                Title:

              	
                Vice
      President

                 

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                LA
      QUINTA MOTORCOACH RESORT, INC.

              	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      P. Martin Daley

              	 
      	 
      
	 
      	 
      	
                Name:

              	
                P.
      Martin Daley

              	 
      	 
      
	 
      	 
      	
                Title:

              	
                Vice
      President

                 

              	 
      	 
      

      

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    
      	 
      	
              SIGNATURE
      RESORTS OFMICHIGAN, INC.

            
	 
      	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/
      P. Martin Daley

            	 
      	 
      
	 
      	 
      	
              Name:

            	
              P.
      Martin Daley

            	 
      	 
      
	 
      	 
      	
              Title:

            	
              Vice
      President

               

            	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
              R-VISION,
      INC.

            	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/
      P. Martin Daley

            	 
      	 
      
	 
      	 
      	
              Name:

            	
              P.
      Martin Daley

            	 
      	 
      
	 
      	 
      	
              Title:

            	
              Vice
      President

               

            	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
              BISON
      MANUFACTURING, LLC

            	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/
      P. Martin Daley

            	 
      	 
      
	 
      	 
      	
              Name:

            	
              P.
      Martin Daley

            	 
      	 
      
	 
      	 
      	
              Title:

            	
              Vice
      President

               

            	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
              ROADMASTER
      LLC

            	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/
      P. Martin Daley

            	 
      	 
      
	 
      	 
      	
              Name:

            	
              P.
      Martin Daley

            	 
      	 
      
	 
      	 
      	
              Title:

            	
              Vice
      President

               

            	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      

    

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    
      
        	 
      	
                GUARANTORS:

              	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                SIGNATURE
      MOTORCOACH RESORTS, INC.

              
	 
      	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      P. Martin Daley

              	 
      	 
      
	 
      	 
      	
                Name:

              	
                P.
      Martin Daley

              	 
      	 
      
	 
      	 
      	
                Title:

              	
                Vice
      President

                 

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                PORT
      OF THE ISLES MOTORCOACH RESORT,

              
	 
      	
                INC.

              	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      P. Martin Daley

              	 
      	 
      
	 
      	 
      	
                Name:

              	
                P.
      Martin Daley

              	 
      	 
      
	 
      	 
      	
                Title:

              	
                Vice
      President

                 

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                R-VISION
      HOLDINGS LLC

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      P. Martin Daley

              	 
      	 
      
	 
      	 
      	
                Name:

              	
                P.
      Martin Daley

              	 
      	 
      
	 
      	 
      	
                Title:

              	
                Vice
      President

                 

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                R-VISION
      MOTORIZED LLC

              	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      P. Martin Daley

              	 
      	 
      
	 
      	 
      	
                Name:

              	
                P.
      Martin Daley

              	 
      	 
      
	 
      	 
      	
                Title:

              	
                Vice
      President

                 

              	 
      	 
      

      

    

    

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

     

    
      
        
          	 
      	
                  ADMINISTRATIVE AGENT,
      COLLATERAL

                
	 
      	 
      	
                  AGENT AND LENDER:

                
	 
      	 
      	 
      	 
      
	 
      	
                  ABLECO
      FINANCE LLC

                	 
      	 
      
	 
      	
                
	 
      	
                  By:

                	
                  /s/
      Kevin Genda

                	 
      	 
      
	 
      	 
      	
                  Name:

                	
                  Kevin
      Genda

                	 
      	 
      
	 
      	 
      	
                  Title:

                	
                  Vice
      Chairman

                	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      

        

      

    

    

     

    

    

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    EXHIBIT
A

     

     

    Description of the Disposed
Property

     

    

     

    PART OF
THE SOUTH HALF OF THE SOUTHWEST QUARTER (SW 1/4) OF SECTION 36, TOWNSHIP 36
NORTH OF RANGE 4 EAST SITUATE IN OLIVE TOWNSHIP, ELKHART COUNTY, STATE OF
INDIANA AND BEING MORE PARTICULARLY DESRIBED AS FOLLOWS:

     

    COMMENCING
AT THE SOUTHWEST CORNER OF THE SOUTHWEST QUARTER (SW 1/4) OF SAID SECTION 36;
THENCE NORTH 00° 20’ 38” WEST ALONG THE WEST LINE OF SAID QUARTER SECTION A
DISTANCE OF 328.72 FEET TO THE PLACE OF BEGINNING OF THIS DESCRIPTION; THENCE
CONTINUING NORTH 00° 20’ 38” WEST ALONG THE WEST LINE OF SAID QUARTER SECTION A
DISTANCE OF 566.4 FEET; THENCE NORTH 88° 21’ 49” EAST A DISTANCE OF 348 FEET;
THENCE NORTH 89° 53’ 00” EAST A DISTANCE OF 82.36 FEET; THENCE NORTH 00° 20’ 38”
WEST PARALLEL WITH THE SAID WEST LINE A DISTANCE OF 404.59 FEET TO A POINT ON
THE NORTH LINE OF THE SOUTH HALF OF THE SOUTHWEST QUARTER (SW 1/4) OF SAID
SECTION 36; THENCE NORTH 89° 53’ 00” EAST ALONG THE SAID NORTH LINE A DISTANCE
OF 220.67 FEET TO THE NORTHEAST CONRER OF THE SOUTH HALF OF THE SOUTHWEST
QUARTER (SW 1/4) OF SAID SECTION SECTION 36; THENCE SOUTH ALONG THE EAST LINE OF
SAID QUARTER SECTION A DISTANCE OF 561.54 FEET; THENCE SOUTH 89° 43’ 34” WEST A
DISTANCE OF 726 FEET; THENCE SOUTH 00° 14’ 45” EAST A DISTANCE OF 423.95 FEET;
THENCE NORTH 89° 54’ 00” WEST ALONG THE NORTH LINE OF THE HOOVER SUBDIVISION AND
SAID LINE EXTENDED A DISTANCE OF 1923.26 FEET TO THE PLACE OF BEGINNING OF THIS
DESCRIPTION.

     

    

    

    

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    EXHIBIT
B

     

     

    Critical
Vendors

     

     

    Naples,
Florida:

     

     

    
      	
              ·  

            	
              Acunto
      Landscaping

            

    

     

     

    
      	
              ·  

            	
              Nassau
      Pools

            

    

     

     

    
      	
              ·  

            	
              QE
      (Quality Enterprises)

            

    

     

     

    
      	
              ·  

            	
              The
      Electrical Connection

            

    

     

     

    

     

     

    Bay Harbor,
Michigan:

     

     

    
      	
              ·  

            	
              Donn
      Vidosh

            

    

     

     

    
      	
              ·  

            	
              Harbor
      Springs Excavation

            

    

     

     

    
      	
              ·  

            	
              Marc
      Dutton Irrigation

            

    

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    EXHIBIT
C

    
       

      Form of Lien
Release

       

       

    

    
      PARTIAL
RELEASE OF MORTGAGE

      

      Notice is
hereby given that any lien created by the mortgage executed by Monaco Coach
Corporation in favor of Ableco Finance, LLC and filed with the Elkhart County
Recorder as Document Number 2008-26861 (the “Mortgage”) is rescinded and
released with respect to the real property which is more particularly described
as:

      

      PART OF
THE SOUTH HALF OF THE SOUTHWEST QUARTER (SW 1/4) OF SECTION 36, TOWNSHIP OF 36
NORTH OF RANGE 4 EAST SITUATE IN OLIVE TOWNSHIP, ELKHART COUNTY, STATE OF
INDIANA AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

      

      COMMENCING
AT THE SOUTHWEST CORNER OF THE SOUTHWEST QUARTER (SW 1/4) OF SAID SECTION 36,
THENCE NORTH 00° 20’ 38” WEST ALONG THE WEST LINE OF SAID QUARTER SECTION A
DISTANCE OF 328.72 FEET TO THE PLACE OF BEGINNING OF THIS DESCRIPTION; THENCE
CONTINUING NORTH 00° 20’ 38” WEST ALONG THE WEST LINE OF SAID QUARTER SECTION A
DISTANCE OF 566.4 FEET; THENCE NORTH 88° 21’ 49” EAST A DISTANCE OF 348 FEET;
THENCE NORTH 89° 53’ 00” EAST A DISTANCE OF 82.36 FEET; THENCE NORTH 00° 20’ 38”
WEST PARALLEL WITH THE SAID WEST LINE A DISTANCE OF 404.59 FEET TO A POINT ON
THE NORTH LINE OF THE SOUTH HALF OF THE SOUTHWEST QUARTER (SW 1/4) OF SAID
SECTION 36; THENCE NORTH 89° 53’ 00” EAST ALONG THE SAID NORTH LINE A DISTANCE
OF 220.67 FEET TO THE NORTHEAST CORNER OF THE SOUTH HALF OF THE SOUTHWEST
QUARTER (SW 1/4) OF SAID SECTION 36; THENCE SOUTH ALONG THE EAST LINE OF SAID
QUARTER SECTION A DISTANCE OF 561.54 FEET; THENCE SOUTH 89° 43’ 34” WEST A
DISTANCE OF 726 FEET; THENCE SOUTH 00° 14’ 45” EAST A DISTANCE OF 423.95 FEET;
THENCE NORTH 89° 54’ 00” WEST ALONG THE NORTH LINE OF THE HOOVER SUBDIVISION AND
SAID LINE EXTENDED A DISTANCE OF 1923.26 FEET TO THE PLACE OF BEGINNING OF THIS
DESCRIPTION.

      

      

      This
instrument shall constitute legal notice that the Mortgage and any claim of lien
arising thereunder is completely and irrevocably released as to the
above-described real property.  This instrument shall not affect,
diminish nor impair the liens against any remaining property covered, affected
by or described in the Mortgage, nor any other property covered, affected by or
described in any security instrument, any financing agreement, or any other
instrument, other than the above-described real property.

      

      DATED
this ______ day of January, 2009.

      

      
        	 
      	
                Ableco
      Finance, LLC,

              	 
      	 
      
	 
      	
                a
      Delaware limited liability company

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
                By:

              	 
      	 
      
	 
      	
                Name:

              	 
      	 
      
	 
      	
                Title:

              	 
      	 
      

    

    

    11

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