Document:

<PAGE>

                                                                    EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

      THIS AGREEMENT, dated as of May 4, 2005, by and between GAYLORD
ENTERTAINMENT COMPANY, a Delaware corporation having its corporate headquarters
at One Gaylord Drive, Nashville, Tennessee 37214 ("the Company") and DAVID C.
KLOEPPEL, a resident of Nashville, Tennessee ("Executive").

                                   WITNESSETH:

      WHEREAS, the Company desires to employ Executive as its Executive Vice
President and Chief Financial Officer, and Executive desires to serve in such
capacity pursuant to the terms of this Agreement;

      NOW, THEREFORE, in consideration of the covenants and agreements
hereinafter set forth, the parties hereto agree as follows:

                                    AGREEMENT

      1. EMPLOYMENT; TERM; PLACE OF EMPLOYMENT. The Company hereby employs
Executive, and Executive hereby accepts employment with the Company upon the
terms and conditions contained in this Agreement. The term of Executive's
employment hereunder shall commence on May 4, 2005 (the "Effective Date") and
shall continue for a period of four (4) years from and after the Effective Date
(the "Employment Period"). For purposes of this Agreement, a "Contract Year"
shall mean a one year period commencing on the Effective Date or any anniversary
thereof. Executive shall render services at the offices established by the
Company in the greater Nashville metropolitan area; provided that Executive
agrees to travel on temporary trips to such other places as may be required to
perform Executive's duties hereunder.

      2. DUTIES; TITLE.

            (a) Description of Duties.

                  (i) During the Employment Period, Executive shall serve the
            Company as its Executive Vice President and Chief Financial Officer
            and report directly to the President and Chief Executive Officer
            ("CEO"). Executive shall supervise the financial conduct of the
            business and affairs of the Company, its subsidiaries and respective
            divisions, supervise the development function for the Company, and
            perform such other duties as the CEO shall determine.

                  (ii) Executive shall faithfully perform the duties required of
            his office. Subject to Section 2(b), Executive shall devote all of
            his business time and effort to the performance of his duties to the
            Company.

            (b) Other Activities. Notwithstanding anything to the contrary
      contained in Section 2(a), Executive shall be permitted to engage in the
      following activities, provided that such activities do not materially
      interfere or conflict with Executive's duties and responsibilities to the
      Company:

                  (i) Executive may serve on the governing boards of, or
            otherwise participate in, a reasonable number of trade associations
            and charitable organizations,

<PAGE>

            whose purposes are not inconsistent with the activities and the
            image of the Company;

                  (ii) Executive may engage in a reasonable amount of charitable
            activities and community affairs; and

                  (iii) Subject to the prior approval of the Board of Directors,
            Executive may serve on the board of directors of one or more
            business corporations, provided also that they do not compete,
            directly or indirectly, with the Company.

            (c) Other Policies. Executive shall be subject to and shall comply
      with all codes of conduct, personnel policies and procedures applicable to
      senior executives of the Company, including, without limitation, policies
      regarding sexual harassment, conflicts of interest and insider trading.

      3. CASH COMPENSATION.

            (a) Base Salary. During the initial Contract Year, the Company shall
      pay to Executive an annual salary of $475,000. Executive's annual salary
      shall be increased in each subsequent Contract Year by a percentage equal
      to the annual percentage increase, if any, generally granted to other
      senior executives, such percentage to be determined from time to time by
      the Human Resources Committee of the Board of Directors (such annual
      salary, together with any increases under this subsection (b), being
      herein referred to as the "Base Salary").

            (b) Annual Cash Bonus. Executive shall be eligible for an annual
      cash bonus equal to a target of 75% of Executive's Base Salary (the
      "Year-End Bonus") to be paid to him in each calendar year and shall be
      determined based on the achievement of certain goals and Company
      performance criteria as established by the CEO and approved by the Board's
      Human Resources Committee. The Year-End Bonus for each calendar year shall
      be paid to Executive on or before the end of February 28th of the
      immediately succeeding year.

            (c) Withholding. The Base Salary and each Year-End Bonus shall be
      subject to applicable withholding and shall be payable in accordance with
      the Company's payroll practices.

      4. RESTRICTED STOCK GRANT. The Company hereby grants to Executive 16,000
restricted shares of Company Common Stock (the "Restricted Stock Grant"). The
restrictions on the Restricted Stock Grant shares shall terminate in 4,000 share
increments on the first through the fourth anniversaries of August 1, 2005;
provided, however, Executive must be employed by the Company on each such
anniversary date for the restrictions on the particular share increment to be
terminated. The Restricted Stock Grant is hereby granted pursuant to the
Company's Omnibus Plan as may hereafter be further amended, and shall otherwise
be subject to the terms of a restricted stock grant agreement between the
Company and Executive in the form prescribed for Company executives generally.
If a restriction terminates as to a 4,000 share increment, the Company shall
deliver such shares to Executive.

      5. BENEFITS; EXPENSES; ETC.

            (a) Expenses. During the Employment Period, the Company shall
      reimburse Executive, in accordance with the Company's policies and
      procedures, for all reasonable

                                        2

<PAGE>

      expenses incurred by Executive, including reimbursement for his reasonable
      first class travel expenses in connection with the performance of his
      duties for the Company.

            (b) Vehicle Allowance. During the Employment Period, Executive shall
      be entitled to receive from the Company a vehicle allowance of $800 per
      month, subject to future increases as may be granted to senior executives.

            (c) Vacation. During the Employment Period, Executive shall be
      entitled to four (4) weeks vacation during each Contract Year.

            (d) Company Plans. During the Employment Period, Executive shall be
      entitled to participate in and enjoy the benefits of (i) the Company
      Health Insurance Plan, (ii) the Company 401(k) Savings Plan, (iii) the
      Company Supplemental Deferred Compensation ("SUDCOMP") Plan, and (iv) any
      health, life, disability, retirement, pension, group insurance, or other
      similar plan or plans which may be in effect or instituted by the Company
      for the benefit of senior executives generally, upon such terms as may be
      therein provided. A summary of such benefits as in effect on the date
      hereof has been provided to Executive, the receipt of which is hereby
      acknowledged.

            (e) Attorney's Fees. Executive shall be entitled to reimbursement
      for reasonable attorney's fees and expenses incurred by Executive in the
      review and negotiation of this Agreement, upon submission of documentation
      evidencing such fees and expenses.

      6. TERMINATION. Executive's employment hereunder may be terminated prior
to the expiration of the Employment Period as follows:

            (a) Termination by Death. Upon the death of Executive ("Death"),
      Executive's employment shall automatically terminate as of the date of
      Death.

            (b) Termination by Company for Permanent Disability. At the option
      of the Company, Executive's employment may be terminated by written notice
      to Executive or his personal representative in the event of the Permanent
      Disability of Executive. As used herein, the term "Permanent Disability"
      shall mean a physical or mental incapacity or disability which renders
      Executive unable substantially to render the services required hereunder
      for a period of ninety (90) consecutive days or one hundred eighty (180)
      days during any twelve (12) month period as determined in good faith by
      the Company.

            (c) Termination by Company for Cause. At the option of the Company,
      Executive's employment may be terminated by written notice to Executive
      upon the occurrence of any one or more of the following events (each, a
      "Cause"):

                  (i) any action by Executive constituting fraud, self-dealing,
            embezzlement, or dishonesty in the course of his employment
            hereunder;

                  (ii) any conviction of Executive of a crime involving moral
            turpitude;

                  (iii) failure of Executive after reasonable notice promptly to
            comply with any valid and legal directive of the CEO;

                  (iv) a material breach by Executive of any of his obligations
            under this Agreement and failure to cure such breach within ten (10)
            days of his receipt of written notice thereof from the Company; or

                                        3

<PAGE>

                  (v) a failure by Executive to perform adequately his
            responsibilities under this Agreement as demonstrated by objective
            and verifiable evidence showing that the business operations under
            Executive's control have been materially harmed as a result of
            Executive's gross negligence or willful misconduct.

            (d) Termination by Executive for Good Reason. At the option of
      Executive, Executive may terminate his employment by written notice to
      Company given within a reasonable time after the occurrence of the
      following circumstances ("Good Reason"), unless the Company cures the same
      within thirty (30) days of such notice:

                  (i) Any adverse change by Company in the Executive's position
            or title described in Section 2 hereof, whether or not any such
            change has been approved by a majority of the members of the Board;

                  (ii) The assignment to Executive, over his reasonable
            objection, of any duties materially inconsistent with his status as
            Executive Vice President and Chief Financial Officer or a
            substantial adverse alteration in the nature of his
            responsibilities;

                  (iii) A reduction by Company in his annual base salary of
            $475,000 as the same may be increased from time to time pursuant to
            Section 3(b) hereof;

                  (iv) Company's requiring Executive to be based anywhere other
            than the Company's headquarters in Nashville, Tennessee except for
            required travel on the Company's business;

                  (v) The failure by Company, without Executive's consent, to
            pay to him any portion of his current compensation, except pursuant
            to this Agreement or pursuant to a compensation deferral elected by
            Executive;

                  (vi) Except as permitted by this Agreement, the failure by
            Company to continue in effect any compensation plan (or substitute
            or alternative plan) in which Executive is entitled to participate
            which is material to Executive's total compensation, or the failure
            by the Company to continue Executive's participation therein on a
            basis that is materially as favorable both in terms of the amount of
            benefits provided and the level of Executive's participation
            relative to other participants at Executive's grade level; or

                  (vii) The failure by Company to continue to provide Executive
            with benefits substantially similar to those enjoyed by senior
            executives under the Company's pension and deferred compensation
            plans, and the life insurance, medical, health and accident, and
            disability plans in which Executive is entitled to participate,
            except as required by law, or the taking of any action by the
            Company which would directly or indirectly materially reduce any of
            such benefits or deprive Executive of any material fringe benefit
            enjoyed by Executive, or the failure by the Company to provide
            Executive with the number of paid vacation days to which Executive
            is entitled; or

                  (viii) A material breach by the Company of any of its
            obligations under this Agreement.

                                        4

<PAGE>

            (e) Termination by Company Without Cause. At the option of the
      Company Executive's employment may be terminated by written notice to
      Executive at any time ("Without Cause").

      7. EFFECT OF TERMINATION.

            (a) Effect Generally. If Executive's employment is terminated prior
      to the fourth anniversary of the Effective Date, the Company shall not
      have any liability or obligation to Executive other than as specifically
      set forth in Section 6, Section 7 and Section 8 hereof. Upon the
      termination of Executive's employment for any reason, he shall, upon the
      request of the Company, resign from all corporate offices held by
      Executive.

            (b) Effect of Termination by Death. Upon the termination of
      Executive's employment as a result of Death, Executive's estate shall be
      entitled to receive an amount equal to: (i) accrued but unpaid Base Salary
      through the date of termination; (ii) a pro rata portion of Executive's
      Annual Bonus, if any, for the year in which termination occurs, (iii) any
      unpaid portion of the Annual Bonuses for prior calendar years, accrued and
      unpaid vacation pay, unreimbursed expenses incurred pursuant to Section
      5(a), (b) or (e), and any other benefits owed to Executive pursuant to any
      written employee benefit plan or policy of the Company, excluding benefits
      payable pursuant to any plan beneficiary pursuant to a contractual
      beneficiary designation by Executive, (iv) the portion of the Restricted
      Stock Grant that is free from restrictions as of the date of death and the
      acceleration and immediate release of all restrictions from all Restricted
      Stock Grants that are subject to restrictions as of the date of death, (v)
      Executive's vested Stock Options as of the date of death, the vesting and
      exercise of which is governed by the Omnibus Plan; and (vi) all of
      Executive's Stock Options, which pursuant to the Omnibus Plan are
      accelerated as of the termination date (date of death) and are exercisable
      until the expiration of the Stock Option Term.

            (c) Effect of Termination for Permanent Disability. Upon the
      termination of Executive's employment hereunder as a result of Permanent
      Disability, Executive shall be entitled to receive an amount equal to: (i)
      accrued but unpaid Base Salary through the date of termination; (ii) a pro
      rata portion of Executive's Annual Bonus, if any, for the year in which
      termination occurs, (iii) any unpaid portion of an Annual Bonus for prior
      calendar years, long-term disability benefits available to executives of
      the Company, accrued and unpaid vacation pay, unreimbursed expenses
      incurred pursuant to Section 5(a), (b) or (e) and any other benefits owed
      to Executive pursuant to any written employee benefit plan or policy of
      the Company; (iv) the portion of the Restricted Stock Grant that is free
      from restrictions as of the termination date; (v) Executive's vested Stock
      Options as of the date of termination, the vesting of which is governed by
      the Omnibus Plan; and (vi) all of Executive's Stock Options, which
      pursuant to the Omnibus Plan are accelerated as of the termination date
      and are exercisable until the expiration of the Stock Option Term.
      Payments to Executive hereunder shall be reduced by any payments received
      by Executive under any worker's compensation or similar law.

            (d) Effect of Termination by the Company for Cause or by Executive
      Without Good Reason. Upon the termination of Executive's employment by the
      Company for Cause or by Executive for any reason other than Good Reason,
      Executive shall be entitled to receive an amount equal to: (i) accrued but
      unpaid Base Salary through the date of termination, (ii) any unpaid Annual
      Bonus for prior calendar years, accrued but unpaid vacation pay,
      unreimbursed expenses incurred pursuant to Section 5(a), (b) or (e) and
      any other benefits owed to Executive pursuant to any written employee
      benefit plan or policy of the Company; and (iii) the portion of the
      Restricted Stock Grant that is free from restrictions as of the

                                        5

<PAGE>

      termination date. All Stock Options, to the extent not theretofore
      exercised, shall terminate on the date of termination of employment under
      this Section 7(d). Executive shall also forfeit any right to an Annual
      Bonus for the calendar year in which Executive's termination occurs.

            (e) Effect of Termination by the Company Without Cause or by
      Executive for Good Reason. Upon the termination of Executive's employment
      hereunder by the Company Without Cause or by Executive for Good Reason,
      Executive shall be entitled to: (i) the payment of two (2) times
      Executive's Base Salary for the year in which such termination shall
      occur; (ii) payment of two (2) times Executive's Annual Bonus for the
      preceding year, (iii) any unpaid portion of any Annual Bonus for prior
      calendar years, accrued and unpaid vacation pay, unreimbursed expenses
      incurred pursuant to Section 5(a), (b),or (e) and any other benefits owed
      to Executive pursuant to any written employee benefit plan or policy of
      the Company; (iv) the portion of the Restricted Stock Grant that is free
      from restrictions as of the date of termination and the acceleration and
      immediate release of all restrictions from up to 8,000 shares of the
      Restricted Stock Grant that are subject to restrictions as of the date of
      termination and immediate release of all restrictions from a pro-rata
      portion of the units of restricted stock grants under the Company's
      Performance Accelerated Restricted Stock Unit Program ("PARSUP") that are
      subject to restrictions as of the date of termination (for purposes of
      this clause, the number of PARSUP units that shall vest early shall be an
      amount equal to the number of unvested PARSUP units on the date of
      termination multiplied by a fraction, the numerator of which is total
      number of months (including any fractional month) during which Executive
      was employed hereunder commencing with February 2003 (up to 60), and the
      denominator of which is 60); and (v) the vested portion of Executive's
      Stock Options, and the acceleration and immediate vesting of Executive's
      unvested Stock Options that were scheduled to vest during the two-year
      period following the date of Executive's termination. Executive shall have
      two (2) years from the date of such termination Without Cause or by
      Executive for Good Reason to exercise all vested Stock Options.

      8. CHANGE OF CONTROL.

            (a) Definition. A "Change of Control" shall be deemed to have taken
      place if:

                  (i) any person or entity, including a "group" as defined in
      Section 13(d)(3) of the Securities Exchange Act of 1934, other than the
      Company, a wholly-owned subsidiary thereof, or any employee benefit plan
      of the Company or any of its subsidiaries becomes the beneficial owner of
      Company securities having 35% or more of the combined voting power of the
      then outstanding securities of the Company that may be cast for the
      election of directors of the Company (other than as a result of the
      issuance of securities initiated by the Company in the ordinary course of
      business);

                  (ii) individuals who, as of the date of this Amendment, were
      members of the Board (the "Incumbent Board") cease for any reason to
      constitute at least a majority of the members of the Board; provided that
      any individual who becomes a director after such date whose election or
      nomination for election by the Company's shareholders was approved by
      two-thirds of the members of the Incumbent Board (other than an election
      or nomination of an individual whose initial assumption of office is in
      connection with an actual or threatened "election contest" relating to the
      election of the directors of the Company (as such terms are used in Rule
      14a-11 under the Securities Exchange Act of 1934), "tender offer" (as such
      term is used in Section 14(d) of the Securities Exchange Act of 1934) or a
      proposed transaction described in clause (iii) below) shall be deemed to
      be members of the Incumbent Board.".

                                        6

<PAGE>

                  (iii) as the result of, or in connection with, any cash tender
      or exchange offer, merger or other business combination, sale of assets or
      contested election, or any combination of the foregoing transactions, the
      holders of all the Company's securities entitled to vote generally in the
      election of directors of the Company immediately prior to such transaction
      constitute, following such transaction, less than a majority of the
      combined voting power of the then-outstanding securities of the Company or
      any successor corporation or entity entitled to vote generally in the
      election of the directors of the Company or such other corporation or
      entity after such transactions; or

                  (iv) the Company sells all or substantially all of the assets
      of the Company.

            (b) Effect of Change of Control. In the event that within one (1)
      year following a Change of Control, the Company terminates Executive
      Without Cause or Executive terminates employment for Good Reason,
      Executive shall be entitled to: (i) the payment of three (3) times
      Executive's Base Salary for the year in which such termination shall
      occur; (ii) the payment of three (3) times Executive's Annual Bonus for
      the preceding year; (iii) any unpaid portion of any Annual Bonus for prior
      calendar years, accrued and unpaid vacation pay, unreimbursed expenses
      incurred pursuant to Section 5(a), (b),or (e) and any other benefits owed
      to Executive pursuant to any written employee benefit plan or policy of
      the Company; (iv) the portion of the Restricted Stock Grant that is free
      from restrictions as of the date of termination and the acceleration and
      immediate release of all restrictions from all Restricted Stock Grants
      that are subject to restrictions as of the date of termination; and (v)
      the vested portion of Executive's Stock Options and the acceleration and
      immediate vesting of any unvested portion of Executive's Stock Options.
      Executive shall have two (2) years from the date of such termination to
      exercise all vested Stock Options.

      9. EXCISE TAX REIMBURSEMENT. In connection with or arising out of a Change
in Control of the Company, in the event Executive shall be subject to the tax
imposed by Section 4999 of the Code (the "Excise Tax") in respect of any payment
or distribution by the Company or any other person or entity to or for
Executive's benefit, whether paid or payable or distributed or distributable
pursuant to the terms of this Agreement or otherwise, or whether prior to or
following any termination of Executive other than Termination for Cause or By
Executive without Good Reason (a "Payment"), the Company shall pay to Executive
an additional amount. The additional amount (the "Gross-Up Payment") shall be
equal to the Excise Tax, together with any federal, state and local income tax,
employment tax and any other taxes associated with this payment such that
Executive incurs no out-of-pocket expenses associated with the Excise Tax.
Provided, however, nothing in this Section shall obligate the Company to pay
Executive for any federal, state or local income taxes imposed upon Executive by
virtue of a Payment. For purposes of determining whether any of the Payments
will be subject to the Excise Tax and the amount of such Excise Tax the
following will apply:

            (a) Determination of Parachute Payments. Any payments or benefits
      received or to be received by Executive in connection with a Change in
      Control of the Company or his termination of employment other than by the
      Company for Cause or by Executive Without Good Reason shall be treated as
      "parachute payments" within the meaning of Section 280G(b)(2) of the Code,
      and all "excess parachute payments" within the meaning of Section
      280G(b)(1) shall be treated as subject to the Excise Tax, unless in the
      opinion of tax counsel selected by the Company's independent auditors and
      acceptable to Executive such other payments or benefits (in whole or in
      part) do not constitute parachute payments, or such excess parachute
      payments (in whole or in part) represent reasonable compensation for

                                        7

<PAGE>

      services actually rendered within the meaning of Section 280G(b)(3) of the
      Code, or are otherwise not subject to the Excise Tax; and

            (b) Valuation of Benefits and Determination of Tax Rates. The value
      of any non-cash benefits or any deferred payment or benefit shall be
      determined by the Company's independent auditors in accordance with
      proposed, temporary or final regulations under Section 280G(d)(3) and (4)
      of the Code or, in the absence of such regulations, in accordance with the
      principles of Section 280G(d)(3) and (4) of the Code. For purposes of
      determining the amount of the Gross-Up Payment, Executive shall be deemed
      to pay federal income taxes at the highest marginal rate of federal income
      taxation in the calendar year in which the Gross-Up Payment is to be made
      and state and local income taxes at the highest marginal rate of taxation
      in the state and locality of Executive's residence on the date of
      termination of his employment, net of the applicable reduction in federal
      income taxes which could be obtained from deduction of such state and
      local taxes.

            (c) Repayment of Gross-Up by Executive and Possible Additional
      Gross-Up by Company. In the event that the amount of Excise Tax
      attributable to Payments is subsequently determined to be less than the
      amount taken into account hereunder at the time of termination of
      Executive's employment, he shall repay to the Company at the time that the
      amount of such reduction in Excise Tax is finally determined the portion
      of the Gross-Up Payment attributable to such reduction (including the
      portion of the Gross-Up Payment attributable to the Excise Tax, employment
      tax and federal (and state and local) income tax imposed on the Gross-Up
      Payment being repaid by Executive if such repayment results in a reduction
      in Excise Tax and/or a federal (and state and local) income tax deduction)
      plus interest on the amount of such repayment at the rate provided in
      section 1274(b)(2)(B) of the Code. In the event that the Excise Tax
      attributable to Payments is determined to exceed the amount taken into
      account hereunder at the time of the termination of Executive's employment
      (including by reason of any payment the existence or amount of which
      cannot be determined at the time of the Gross-Up Payment), the Company
      shall make an additional gross-up payment in respect of such excess (plus
      any interest and/or penalties payable by Executive with respect to such
      excess) at the time that the amount of such excess is finally determined.

      10. EXECUTIVE COVENANTS.

            (a) General. Executive and the Company understand and agree that the
      purpose of the provisions of this Section 10 is to protect legitimate
      business interests of the Company, as more fully described below, and is
      not intended to impair or infringe upon Executive's right to work, earn a
      living, or acquire and possess property from the fruits of his labor.
      Executive hereby acknowledges that the post-employment restrictions set
      forth in this Section 10 are reasonable and that they do not, and will
      not, unduly impair his ability to earn a living after the termination of
      his employment with the Company. Therefore, subject to the limitations of
      reasonableness imposed by law upon restrictions set forth herein,
      Executive shall be subject to the restrictions set forth in this Section
      10.

            (b) Definitions. The following capitalized terms used in this
      Section 10 shall have the meanings assigned to them below, which
      definitions shall apply to both the singular and the plural forms of such
      terms: "Confidential Information" means any confidential or proprietary
      information possessed by the Company without limitation, any confidential
      "know-how," customer lists, details of client and consultant contracts,
      current and anticipated customer requirements, pricing policies, price
      lists, market studies, business plans, operational methods, marketing
      plans or strategies, product development techniques or plans,

                                        8

<PAGE>

      computer software programs (including object code and source code), data
      and documentation, data base technologies, systems, structures and
      architectures, inventions and ideas, past, current and planned research
      and development, compilations, devices, methods, techniques, processes,
      financial information and data, business acquisition plans, new personnel
      acquisition plans and any other information that would constitute a trade
      secret under the common law or statutory law of the State of Tennessee.

                  "Person" means any individual or any corporation, partnership,
            joint venture, association or other entity or enterprise.

                  "Protected Employees" means employees of the Company or its
            affiliated companies who are employed by the Company or its
            affiliated companies at any time within six (6) months prior to the
            date of termination of Executive for any reason whatsoever or any
            earlier date (during the Restricted Period) of an alleged breach of
            the Restrictive Covenants by Executive.

                  "Restricted Period" means the period of Executive's employment
            by the Company plus a period extending two (2) years from the date
            of termination of employment; provided, however, the Restricted
            Period shall be extended for a period equal to the time during which
            Executive is in breach of his obligations to the Company under this
            Section 10.

                  "Restrictive Covenants" means the restrictive covenants
            contained in Section 10(c) hereof:

            (c) Restrictive Covenants.

                  (i) Restriction on Disclosure and Use of Confidential
            Information. Executive understands and agrees that the Confidential
            Information constitutes a valuable asset of the Company and its
            affiliated entities, and may not be converted to Executive's own use
            or converted by Executive for the use of any other Person.
            Accordingly, Executive hereby agrees that Executive shall not,
            directly or indirectly, at any time during the Restricted Period or
            thereafter, reveal, divulge or disclose to any Person not expressly
            authorized by the Company any Confidential Information, and
            Executive shall not, at any time during the Restricted Period or
            thereafter, directly or indirectly, use or make use of any
            Confidential Information in connection with any business activity
            other than that of the Company. The parties acknowledge and agree
            that this Agreement is not intended to, and does not, alter either
            the Company's rights or Executive's obligations under any state or
            federal statutory or common law regarding trade secrets and unfair
            trade practices,

                  (ii) Non-solicitation of Protected Employees. Executive
            understands and agrees that the relationship between the Company and
            each of its Protected Employees constitutes a valuable asset of the
            Company and may not be converted to Executive's own use or converted
            by Executive for the use of any other Person. Accordingly, Executive
            hereby agrees that during the Restricted Period Executive shall not
            directly or indirectly on Executive's own behalf or on behalf of any
            Person solicit any Protected Employee to terminate his or her
            employment with the Company.

                  (iii) Non-interference with Company Opportunities. Executive
            understands and agrees that all business opportunities with which he
            is involved

                                        9
<PAGE>

            during his employment with the Company constitute valuable assets of
            the Company and its affiliated entities, and may not be converted to
            Executive's own use or converted by Executive for the use of any
            other Person. Accordingly, Executive hereby agrees that during the
            Restricted Period or thereafter, Executive shall not directly or
            indirectly on Executive's own behalf or on behalf of any Person,
            interfere with, solicit, pursue, or in any way make use of any such
            business opportunities.

            (d) Exceptions from Disclosure Restrictions. Anything herein to the
      contrary notwithstanding, Executive shall not be restricted from
      disclosing or using Confidential Information that: (i) is or becomes
      generally available to the public other than as a result of an
      unauthorized disclosure by Executive or his agent; (ii) becomes available
      to Executive in a manner that is not in contravention of applicable law
      from a source (other than the Company or its affiliated entities or one of
      its or their officers, employees, agents or representatives) that is not
      known by Executive, after reasonable investigation, to be bound by a
      confidential relationship with the Company or its affiliated entities or
      by a confidentiality or other similar agreement; or (iii) is required to
      be disclosed by law, court order or other legal process; provided,
      however, that in the event disclosure is required by law, court order or
      legal process, Executive shall provide the Company with prompt notice of
      such requirement so that the Company may seek an appropriate protective
      order prior to any such required disclosure by Executive.

            (e) Enforcement of the Restrictive Covenants.

                  (i) Rights and Remedies upon Breach. In the event Executive
      breaches, or threatens to commit a breach of, any of the provisions of the
      Restrictive Covenants, the Company shall have the right and remedy to
      enjoin, preliminarily and permanently, Executive from violating or
      threatening to violate the Restrictive Covenants and to have the
      Restrictive Covenants specifically enforced by any court of competent
      jurisdiction, it being agreed that any breach or threatened breach of the
      Restrictive Covenants would cause irreparable injury to the Company and
      that money damages would not provide an adequate remedy to the Company.
      The rights referred to herein shall be independent of any others and
      severally enforceable, and shall be in addition to, and not in lieu of,
      any other rights and remedies available to the Company at law or in
      equity.

                  (ii) Severability of Covenant. Executive acknowledges and
      agrees that the Restrictive Covenants are reasonable and valid in all
      respects. If any court determines that any Restrictive Covenants, or any
      part thereof, is invalid or unenforceable, the remainder of the
      Restrictive Covenants shall not thereby be affected and shall be given
      full effect, without regard to the invalid portions.

                                       10

<PAGE>

      11. COOPERATION IN FUTURE MATTERS. Executive hereby agrees that, for a
period of three (3) years following the date of his termination, he shall
cooperate with the Company's reasonable requests relating to matters that
pertain to Executive's employment by the Company, including, without limitation,
providing information of limited consultation as to such matters, participating
in legal proceedings, investigations or audits on behalf of the Company, or
otherwise making himself reasonably available to the Company for other related
purposes. Any such cooperation shall be performed at times scheduled taking into
consideration Executive's other commitments, and Executive shall be compensated
(except for cooperation in connection with legal proceedings) at a reasonable
hourly or per diem rate to be agreed by the parties to the extent such
cooperation is required on more than an occasional and limited basis. Executive
shall also be reimbursed for all reasonable out of pocket expenses. Executive
shall not be required to perform such cooperation to the extent it conflicts
with any requirements of exclusivity of service for another employer or
otherwise, nor in any manner that in the good faith belief of Executive would
conflict with his rights under or ability to enforce this Agreement.

      12. INDEMNIFICATION. The Company shall indemnify Executive and hold him
harmless from and against any and all costs, expenses, losses, claims, damages,
obligations or liabilities (including actual attorneys fees and expenses)
arising out of any acts or failures to act by the Company, its directors,
employees or agents that occurred prior to the Effective Date, or arising out of
or relating to any acts, or omissions to act, made by Executive on behalf of or
in the course of performing services for the Company to the fullest extent
permitted by the Bylaws of the Company, or, if greater, as permitted by
applicable law, as the same shall be in effect from time to time. If any claim,
action, suit or proceeding is brought, or any claim relating thereto is made,
against Executive with respect to which indemnity may be sought against the
Company pursuant to this Section, Executive shall notify the Company in writing
thereof, and the Company shall have the right to participate in, and to the
extent that it shall wish, in its discretion, assume and control the defense
thereof, with counsel satisfactory to Executive.

      13. EXECUTIVE'S REPRESENTATIONS AND WARRANTIES. Executive represents and
warrants that he is free to enter into this Agreement and, as of the Effective
Date, that he is not subject to any conflicting obligation or any disability
which shall prevent or hinder Executive's execution of this Agreement or the
performance of his obligations hereunder; that no lawsuits or claims are pending
or, to Executive's knowledge, threatened against Executive; and that he has
never been subject to bankruptcy, insolvency, or similar proceedings, has never
been convicted of a felony or a crime involving moral turpitude, and has never
been subject to an investigation or proceeding by or before the Securities and
Exchange Commission or any state securities commission. The Company shall have
the authority to conduct an independent investigation into the background of
Executive and Executive agrees to fully cooperate in any such investigation. The
Company shall notify Executive if it intends to conduct such an investigation.

      14. NOTICES. Any and all notices or other communications required or
permitted to be given under any of the provisions of this Agreement shall be in
writing and shall be deemed to have been duly given when personally delivered or
mailed by first class registered mail, return receipt requested, or by
commercial courier or delivery service, or by facsimile or electronic mail,
addressed to the parties at the addresses set forth below (or at such other
address as any party may specify by notice to all other parties given as
aforesaid):

                                       11

<PAGE>

            (a)      if to the Company, to:

                     Gaylord Entertainment Company
                     One Gaylord Drive
                     Nashville, Tennessee 37214
                     Attention:  President
                     Facsimile Number: (615) 316-6010

            (b)      if to Executive, to:

                     David C. Kloeppel
                     c/o Gaylord Entertainment Company
                     One Gaylord Drive
                     Nashville, TN 37214

and/or to such other persons and addresses as any party shall have specified in
writing to the other by notice as aforesaid.

      15. MISCELLANEOUS.

            (a) Entire Agreement. This Agreement constitutes the entire
      agreement of the parties with respect to the subject matter hereof and
      supercedes and replaces in its entirety Executive's September 4, 2001
      employment agreement with the Company. This Agreement may not be modified,
      amended, or terminated except by a written agreement signed by all of the
      parties hereto. Nothing contained in this Agreement shall be construed to
      impose any obligation on the Company to renew this Agreement and neither
      the continuation of employment nor any other conduct shall be deemed to
      imply a continuing obligation upon the expiration of this Agreement.

            (b) Assignment; Binding Effect. This Agreement shall not be
      assignable by Executive, but it shall be binding upon, and shall inure to
      the benefit of, his heirs, executors, administrators, and legal
      representatives. This Agreement shall be binding upon the Company and
      inure to the benefit of the Company and its respective successors and
      permitted assigns. This Agreement may only be assigned by the Company to
      an entity controlling, controlled by, or under common control with the
      Company; provided, however, that no such assignment shall relieve the
      Company of any of its obligations hereunder.

            (c) Waiver. No waiver of any breach or default hereunder shall be
      considered valid unless in writing, and no such waiver shall be deemed a
      waiver of any subsequent breach or default of the same or similar nature.

            (d) Enforceability. Subject to the terms of Section 12(e) hereof, if
      any provision of this Agreement shall be held invalid or unenforceable,
      such invalidity or unenforceability shall attach only to such provision
      and shall not in any manner affect or render invalid or unenforceable any
      other severable provision of this Agreement, and this Agreement shall be
      carried out as if any such invalid or unenforceable provision were not
      contained herein, unless the invalidity or unenforceability of such
      provision substantially impairs the benefits of the remaining portions of
      this Agreement.

            (e) Headings. The section headings contained herein are for the
      purposes of convenience only and are not intended to define or limit the
      contents of the sections.

                                       12

<PAGE>

            (f) Counterparts. This Agreement may be executed in two or more
      counterparts, all of which taken together shall be deemed one original.

            (g) Confidentiality of Agreement. The parties agree that the terms
      of this Agreement as they relate to compensation, benefits, and
      termination shall, unless otherwise required by law (including, in the
      Company's reasonable judgment, as required by federal and state securities
      laws), be kept confidential; provided, however, that any party hereto
      shall be permitted to disclose this Agreement or the terms hereof with any
      of its legal, accounting, or financial advisors provided that such party
      ensures that the recipient shall comply with the provisions of this
      Section 17(g).

            (h) Governing Law. This Agreement shall be deemed to be a contract
      under the laws of the State of Tennessee and for all purposes shall be
      construed and enforced in accordance with the internal laws of said state.

            (i) No Third Party Beneficiary. This Agreement shall not confer any
      rights or remedies upon any person or entity other than the parties hereto
      and their respective successors and permitted assigns.

            (j) Arbitration. Any controversy or claim between or among the
      parties hereto, including but not limited to those arising out of or
      relating to this Agreement or any related agreements or instruments,
      including any claim based on or arising from an alleged tort, shall be
      determined by binding arbitration in accordance with the Federal
      Arbitration Act (or if not applicable, the law of the state of Tennessee),
      the Commercial Arbitration Rules of the American Arbitration Association
      in effect as of the date hereof, and the provisions set forth below. In
      the event of any inconsistency, the provisions herein shall control.
      Judgment upon any arbitration award may be entered in any court having
      jurisdiction. Any party to the Agreement may bring an action, including a
      summary or expedited proceeding, to compel arbitration of any controversy
      or claim to which this Agreement applies in any court having jurisdiction
      over such action; provided, however, that all arbitration proceedings
      shall take place in Nashville, Tennessee. The arbitration body shall set
      forth its findings of fact and conclusions of law with citations to the
      evidence presented and the applicable law, and shall render an award based
      thereon. In making its determinations and award(s), the arbitration body
      shall base its award on applicable law and precedent, and shall not
      entertain arguments regarding punitive damages, nor shall the arbitration
      body award punitive damages to any person. Each party shall bear its own
      costs and expenses.

                                       13

<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the date first above written.

                                     GAYLORD ENTERTAINMENT COMPANY

                                     By: /s/ Colin V. Reed
                                         -------------------------------------
                                         Colin V. Reed
                                         President and Chief Executive Officer

                                     EXECUTIVE:

                                     /s/ David C. Kloeppel
                                     -------------------------------------
                                     David C. Kloeppel

                                       14<PAGE>

                                                                    EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD 21703
         WWW.CTSLINK.COM
         TELEPHONE: (301) 815-6600
         FAX: (301) 315-6660

                               SMT SERIES 2004-12
                           RECORD DATE: JUNE 30, 2005
                        DISTRIBUTION DATE: JULY 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                 Certificate Certificate
                    Class    Pass-Through       Beginning        Interest     Principal          Current              Ending
Class    CUSIP   Description     Rate      Certificate Balance Distribution Distribution  Realized Loss Balance Certificate Balance
------ --------- ----------- ------------  ------------------- ------------ ------------- --------------------- -------------------
<S>    <C>       <C>         <C>           <C>                 <C>          <C>           <C>                   <C>
  A-1  81744FFY8     SEN          3.53000%      340,924,932.17 1,002,887.51 14,860,052.12           0.00          326,064,880.05
  A-2  81744FFZ5     SEN          3.93000%      176,001,880.05   576,406.16  9,460,387.40           0.00          166,541,492.65
  A-3  81744FGZ9     SEN          3.96000%      177,863,175.41   586,948.48 10,560,700.61           0.00          167,302,474.80
 X-A1  81744FGC5      IO          0.63856%                0.00   275,074.31          0.00           0.00                    0.00
 X-A2  81744FGD3      IO          0.41454%                0.00    61,442.96          0.00           0.00                    0.00
  X-B  81744FGF8      IO          0.32307%                0.00     4,339.84          0.00           0.00                    0.00
  B-1  81744FGG6     SUB          3.76000%        8,588,000.00    26,909.07          0.00           0.00            8,588,000.00
  B-2  81744FGH4     SUB          4.11000%        6,134,000.00    21,008.95          0.00           0.00            6,134,000.00
  B-3  81744FGJ0     SUB          4.51000%        3,680,000.00    13,830.67          0.00           0.00            3,680,000.00
  B-4  81744FGK7     SUB          4.30965%        2,453,000.00     8,809.65          0.00           0.00            2,453,000.00
  B-5  81744FGK7     SUB          4.30965%          920,000.00     3,304.07          0.00           0.00              920,000.00
  B-6  81744FGL5     SUB          4.30965%        2,762,778.00     9,922.18          0.00           0.00            2,762,778.00
  A-R  81744FGE1     RES          4.21301%                0.00         0.47          0.00           0.00                    0.00
       ---------     ---          -------       -------------- ------------ -------------           ----          --------------
Totals                                          719,327,765.63 2,590,884.32 34,881,140.13           0.00          684,446,625.50
                                                -------------- ------------ -------------           ----          --------------

<CAPTION>
             Total        Cumulative
Class    Distribution    Realized Loss
------   ------------    -------------
<S>      <C>             <C>
  A-1    15,862,939.63       0.00
  A-2    10,036,793.56       0.00
  A-3    11,147,649.09       0.00
 X-A1       275,074.31       0.00
 X-A2        61,442.96       0.00
  X-B         4,339.84       0.00
  B-1        26,909.07       0.00
  B-2        21,008.95       0.00
  B-3        13,830.67       0.00
  B-4         8,809.65       0.00
  B-5         3,304.07       0.00
  B-6         9,922.18       0.00
  A-R             0.47       0.00
         -------------       ----
Totals   37,472,024.45       0.00
         -------------       ----
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                           Beginning      Scheduled     Unscheduled
         Original Face    Certificate     Principal      Principal               Realized  Total Principal  Ending Certificate
Class        Amount         Balance      Distribution  Distribution   Accretion  Loss (1)     Reduction          Balance
------   --------------  --------------  ------------  -------------  ---------  --------  ---------------  ------------------
<S>      <C>             <C>             <C>           <C>            <C>        <C>       <C>              <C>
   A-1   380,510,000.00  340,924,932.17      2,382.03  14,857,670.09       0.00      0.00    14,860,052.12      326,064,880.05
   A-2   208,392,000.00  176,001,880.05        499.92   9,459,887.48       0.00      0.00     9,460,387.40      166,541,492.65
   A-3   218,330,615.00  177,863,175.41          0.00  10,560,700.61       0.00      0.00    10,560,700.61      167,302,474.80
  X-A1             0.00            0.00          0.00           0.00       0.00      0.00             0.00                0.00
  X-A2             0.00            0.00          0.00           0.00       0.00      0.00             0.00                0.00
   X-B             0.00            0.00          0.00           0.00       0.00      0.00             0.00                0.00
   B-1     8,588,000.00    8,588,000.00          0.00           0.00       0.00      0.00             0.00        8,588,000.00
   B-2     6,134,000.00    6,134,000.00          0.00           0.00       0.00      0.00             0.00        6,134,000.00
   B-3     3,680,000.00    3,680,000.00          0.00           0.00       0.00      0.00             0.00        3,680,000.00
   B-4     2,453,000.00    2,453,000.00          0.00           0.00       0.00      0.00             0.00        2,453,000.00
   B-5       920,000.00      920,000.00          0.00           0.00       0.00      0.00             0.00          920,000.00
   B-6     2,762,778.00    2,762,778.00          0.00           0.00       0.00      0.00             0.00        2,762,778.00
   A-R           100.00            0.00          0.00           0.00       0.00      0.00             0.00                0.00
         --------------  --------------      --------  -------------       ----      ----    -------------      --------------
Totals   831,770,493.00  719,327,765.63      2,881.95  34,878,258.18       0.00      0.00    34,881,140.13      684,446,625.50
         --------------  --------------      --------  -------------       ----      ----    -------------      --------------

<CAPTION>
         Ending Certificate   Total Principal
Class       Percentage          Distribution
------   ------------------   ---------------
<S>      <C>                  <C>
   A-1       0.85691540        14,860,052.12
   A-2       0.79917412         9,460,387.40
   A-3       0.76628042        10,560,700.61
  X-A1       0.00000000                 0.00
  X-A2       0.00000000                 0.00
   X-B       0.00000000                 0.00
   B-1       1.00000000                 0.00
   B-2       1.00000000                 0.00
   B-3       1.00000000                 0.00
   B-4       1.00000000                 0.00
   B-5       1.00000000                 0.00
   B-6       1.00000000                 0.00
   A-R       0.00000000                 0.00
             ----------        -------------
Totals       0.82287919        34,881,140.13
             ----------        -------------
</TABLE>

(1) Amount does not include excess special hazard, bankruptcy, or fraud losses
unless otherwise disclosed. Please refer to the prospectus supplement for a full
description.

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                         Beginning      Scheduled    Unscheduled
       Original Face    Certificate     Principal     Principal                  Realized   Total Principal  Ending Certificate
Class      Amount         Balance      Distribution  Distribution   Accretion    Loss (3)      Reduction          Balance
-----  -------------   --------------  ------------  -------------  ----------  ----------  ---------------  ------------------
<S>    <C>             <C>             <C>           <C>            <C>         <C>         <C>              <C>
 A-1   380,510,000.00    895.96839024    0.00626010    39.04672700  0.00000000  0.00000000      39.05298710        856.91540314
 A-2   208,392,000.00    844.57119299    0.00239894    45.39467676  0.00000000  0.00000000      45.39707570        799.17411729
 A-3   218,330,615.00    814.65064077    0.00000000    48.37022334  0.00000000  0.00000000      48.37022334        766.28041743
X-A1             0.00      0.00000000    0.00000000     0.00000000  0.00000000  0.00000000       0.00000000          0.00000000
X-A2             0.00      0.00000000    0.00000000     0.00000000  0.00000000  0.00000000       0.00000000          0.00000000
 X-B             0.00      0.00000000    0.00000000     0.00000000  0.00000000  0.00000000       0.00000000          0.00000000
 B-1     8,588,000.00   1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000       0.00000000       1000.00000000
 B-2     6,134,000.00   1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000       0.00000000       1000.00000000
 B-3     3,680,000.00   1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000       0.00000000       1000.00000000
 B-4     2,453,000.00   1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000       0.00000000       1000.00000000
 B-5       920,000.00   1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000       0.00000000       1000.00000000
 B-6     2,762,778.00   1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000       0.00000000       1000.00000000
 A-R           100.00      0.00000000    0.00000000     0.00000000  0.00000000  0.00000000       0.00000000          0.00000000
         ------------   -------------    ----------     ----------  ----------  ----------       ----------       -------------

<CAPTION>
         Ending
       Certificate  Total Principal
Class  Percentage    Distribution
-----  -----------  ---------------
<S>    <C>          <C>
 A-1    0.85691540    39.05298710
 A-2    0.79917412    45.39707570
 A-3    0.76628042    48.37022334
X-A1    0.00000000     0.00000000
X-A2    0.00000000     0.00000000
 X-B    0.00000000     0.00000000
 B-1    1.00000000     0.00000000
 B-2    1.00000000     0.00000000
 B-3    1.00000000     0.00000000
 B-4    1.00000000     0.00000000
 B-5    1.00000000     0.00000000
 B-6    1.00000000     0.00000000
 A-R    0.00000000     0.00000000
 ---    ----------     ----------
</TABLE>

(3) Amount does not include excess special hazard, bankruptcy, or fraud losses
unless otherwise disclosed. Please refer to the prospectus supplement for a full
description.

<PAGE>

                        INTEREST DISTRIBUTION- STATEMENT

<TABLE>
<CAPTION>
                                             Beginning                   Payment of               Non-
                                            Certificate/     Current       Unpaid     Current   Supported
        Original Face        Current          Notional       Accrued      Interest   Interest   Interest   Realized  Total Interest
Class       Amount       Certificate Rate     Balance        Interest    Shortfall   Shortfall  Shortfall  Loss (4)   Distribution
------ ----------------  ----------------  --------------  ------------  ----------  ---------  ---------  --------  --------------
<S>    <C>               <C>               <C>             <C>           <C>         <C>        <C>        <C>       <C>
  A-1    380,510,000.00           3.53000% 340,924,932.17  1,002,887.51     0.00        0.00       0.00      0.00     1,002,887.51
  A-2    208,392,000.00           3.93000% 176,001.880.05    576,406.16     0.00        0.00       0.00      0.00       576,406.16
  A-3    218,330,615.00           3.96000% 177,863,175.41    586,948.48     0.00        0.00       0.00      0.00       586,948.48
 X-A1              0.00           0.63856% 516,926,812.22    275,074.31     0.00        0.00       0.00      0.00       275,074.31
 X-A2              0.00           0.41454% 177,863,175.41     61,442.96     0.00        0.00       0.00      0.00        61,442.96
  X-B              0.00           0.34307%  18,402,000.00      4,954.24     0.00        0.00       0.00      0.00         4,339.84
  B-1      8,588,000.00           3.76000%   8,588,000.00     26,909.07     0.00        0.00       0.00      0.00        26,909.07
  B-2      6,134,000.00           4.11000%   6,134,000.00     21,008.95     0.00        0.00       0.00      0.00        21,008.95
  B-3      3,680,000.00           4.51000%   3,680,000.00     13,830.67     0.00        0.00       0.00      0.00        13,830.67
  B-4      2,453,000.00           4.30965%   2,453,000.00      8,809.65     0.00        0.00       0.00      0.00         8,809.65
  B-5        920,000.00           4.30965%     920,000.00      3,304.07     0.00        0.00       0.00      0.00         3,304.07
  B-6      2,762,778.00           4.30965%   2,762,778.00      9,922.18     0.00        0.00       0.00      0.00         9,922.18
  A-R            100.00           4.21301%           0.00          0.00     0.00        0.00       0.00      0.00             0.47
         --------------           -------  --------------  ------------     ----        ----       ----      ----     ------------
Totals   831,770,493.00                                    2,591,498.25     0.00        0.00       0.00      0.00     2,590,884.32
         --------------           -------  --------------  ------------     ----        ----       ----      ----     ------------

<CAPTION>
        Remaining      Ending
         Unpaid     Certificate/
        Interest     Notational
Class   Shortfall     Balance
------  ---------  --------------
<S>     <C>        <C>
  A-1      0.00    326,064,880.05
  A-2      0.00    166,541,492.65
  A-3      0.00    167,302,474.80
 X-A1      0.00    492,606,372.70
 X-A2      0.00    167,302,474.80
  X-B      0.00     18,402,000.00
  B-1      0.00      8,588,000.00
  B-2      0.00      6,134,000.00
  B-3      0.00      3,680,000.00
  B-4      0.00      2,453,000.00
  B-5      0.00        920,000.00
  B-6      0.00      2,762,778.00
  A-R      0.00              0.00
           ----    --------------
Totals     0.00
           ----
</TABLE>

(4) Amount does not include excess special hazard, bankruptcy, or fraud losses
unless otherwise disclosed. Please refer to the prospectus supplement for a full
description.

                     INTEREST DISTRIBUTION FACTORS STATEMENT
<TABLE>
<CAPTION>
                                                                          Payment of                  Non-
                            Current       Beginning                         Unpaid      Current    Supported
          Original Face   Certificate    Certificate/    Current Accrued   Interest     Interest    Interest    Realized
Class(5)      Amount          Rate     Notional Balance      Interest      Shortfall    Shortfall  Shortfall    Loss (6)
--------  --------------  -----------  ----------------  ---------------  -----------  ----------  ----------  ----------
<S>       <C>             <C>          <C>               <C>              <C>          <C>         <C>         <C>
  A-1     380,510,000.00    3.53000%      895.96839024        2.63564035   0.00000000  0.00000000  0.00000000  0.00000000
  A-2     208,392,000.00    3.93000%      844.57119299        2.76597067   0.00000000  0.00000000  0.00000000  0.00000000
  A-3     218,330,615.00    3.96000%      814.65064077        2.68834712   0.00000000  0.00000000  0.00000000  0.00000000
 X-A1               0.00    0.63856%      877.78070412        0.46709692   0.00000000  0.00000000  0.00000000  0.00000000
 X-A2               0.00    0.41454%      814.65064077        0.28142164   0.00000000  0.00000000  0.00000000  0.00000000
  X-B               0.00    0.32307%     1000.00000000        0.26922291   0.00000000  0.00000000  0.00000000  0.00000000
  B-1       8,588,000.00    3.76000%     1000.00000000        3.13333372   0.00000000  0.00000000  0.00000000  0.00000000
  B-2       6,134,000.00    4.11000%     1000.00000000        3.42500000   0.00000000  0.00000000  0.00000000  0.00000000
  B-3       3,680,000.00    4.51000%     1000.00000000        3.75833424   0.00000000  0.00000000  0.00000000  0.00000000
  B-4       2,453,000.00    4.30965%     1000.00000000        3.59137790   0.00000000  0.00000000  0.00000000  0.00000000
  B-5         920,000.00    4.30965%     1000.00000000        3.59138043   0.00000000  0.00000000  0.00000000  0.00000000
  B-6       2,762,778.00    4.30965%     1000.00000000        3.59137795   0.00000000  0.00000000  0.00000000  0.00000000
  A-R             100.00    4.21301%        0.00000000        0.00000000   0.00000000  0.00000000  0.00000000  0.00000000
          --------------    --------      ------------        ----------   ----------  ----------  ----------  ----------
<CAPTION>
                           Remaining
                            Unpaid
          Total Interest   Interest    Ending Certificate/
Class(5)   Distribution    Shortfall   Notational Balance
--------  --------------  -----------  -------------------
<S>       <C>             <C>          <C>
  A-1       2.63564035    0.00000000       856.91540314
  A-2       2.76597067    0.00000000       799.17411729
  A-3       2.68834712    0.00000000       766.28041743
 X-A1       0.46709692    0.00000000       836.48276403
 X-A2       0.28142164    0.00000000       766.28041743
  X-B       0.23583524    0.00000000      1000.00000000
  B-1       3.13333372    0.00000000      1000.00000000
  B-2       3.42500000    0.00000000      1000.00000000
  B-3       3.75833424    0.00000000      1000.00000000
  B-4       3.59137790    0.00000000      1000.00000000
  B-5       3.59138043    0.00000000      1000.00000000
  B-6       3.59137795    0.00000000      1000.00000000
  A-R       4.70000000    0.00000000         0.00000000
            ----------    ----------      -------------
</TABLE>

(5) Per $1 denomination

(6) Amount does not include excess special hazard, bankruptcy, or fraud losses
unless otherwise disclosed. Please refer to the prospectus supplement for a full
description.

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                                  <C>
Beginning Balance                                                             0.00

Deposits
         Payments of Interest and Principal                          37,645,343.74
         Liquidations, Insurance Proceeds, Reserve Funds                      0.00
         Proceeds from Repurchased Loans                                      0.00
         Other Amounts (Servicer Advances)                                  460.93
         Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
         Prepayment Penalties                                                 0.00
Total Deposits                                                       37,645,804.67
                                                                     -------------

Withdrawals
         Reimbursement for Servicer Advances                                  0.00
         Payment of Service Fee                                         173,780.22
         Payment of Interest and Principal                           37,472,024.45
                                                                     -------------
Total Withdrawals (Pool Distribution Amount)                         37,645,804.67

Ending Balance                                                                0.00
                                                                     =============
</TABLE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                                         <C>
Total Prepayment/Curtailment Interest Shortfall                             0.00
Servicing Fee Support                                                       0.00
                                                                            ----

Non-Supported Prepayment Curtailment Interest Shortfall                     0.00
                                                                            ====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                                    <C>
Gross Servicing Fee                                                    169,268.02
Master Servicing Fee                                                     4,512.20
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      173,780.22
                                                                       ==========
</TABLE>

<PAGE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                     Beginning     Current     Current     Ending
          Account Type                Balance    Withdrawals   Deposits    Balance
----------------------------------   ---------   -----------   --------   --------
<S>                                  <C>         <C>           <C>        <C>
Class X-A1 Pool 1 Comp. Sub Amount    3,000.00       0.00         0.00    3,000.00
Class X-A1 Pool 2 Comp. Sub Amount    3,000.00       0.00         0.00    3,000.00
Class X-A2 Sub Amount                 3,000.00       0.00         0.00    3,000.00
Class X-B Sub Amount                  1,000.00     614.40       614.40    1,000.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

                                   DELINQUENT

<TABLE>
<CAPTION>
            No. of   Principal
             Loans    Balance
<S>        <C>       <C>
0-29 Days      0           0.00
30 Days        1     142,741.83
60 Days        0           0.00
90 Days        0           0.00
120 Days       0           0.00
150 Days       0           0.00
180+ Days      0           0.00
              --     ----------
               1     142,741.83

            No. of   Principal
             Loans    Balance

0-29 Days  0.000000%   0.000000%
30 Days    0.065104%   0.027602%
60 Days    0.000000%   0.000000%
90 Days    0.000000%   0.000000%
120 Days   0.000000%   0.000000%
150 Days   0.000000%   0.000000%
180+ Days  0.000000%   0.000000%
           --------  ----------
           0.065104%   0.027602%
</TABLE>

                                   BANKRUPTCY

<TABLE>
<CAPTION>
            No. of   Principal
            Loans     Balance
<S>        <C>       <C>
0-29 Days      0           0.00
30 Days        0           0.00
60 Days        0           0.00
90 Days        0           0.00
120 Days       0           0.00
150 Days       0           0.00
180+ Days      0           0.00
              --     ----------
               0           0.00

            No. of   Principal
            Loans     Balance
0-29 Days
30 Days    0.000000%   0.000000%
60 Days    0.000000%   0.000000%
90 Days    0.000000%   0.000000%
120 Days   0.000000%   0.000000%
150 Days   0.000000%   0.000000%
180+ Days  0.000000%   0.000000%
           0.000000%   0.000000%
           --------  ----------
           0.000000%   0.000000%
</TABLE>

                                   FORECLOSURE

<TABLE>
<CAPTION>
            No. of   Principal
            Loans     Balance
<S>        <C>       <C>
0-29 Days      0           0.00
30 Days        0           0.00
60 Days        0           0.00
90 Days        0           0.00
120 Days       0           0.00
150 Days       0           0.00
180+ Days      0           0.00
              --     ----------
               0           0.00

            No. of   Principal
            Loans     Balance

0-29 Days  0.000000%   0.000000%
30 Days    0.000000%   0.000000%
60 Days    0.000000%   0.000000%
90 Days    0.000000%   0.000000%
120 Days   0.000000%   0.000000%
150 Days   0.000000%   0.000000%
180+ Days  0.000000%   0.000000%
           --------  ----------
           0.000000%   0.000000%
</TABLE>

                                       REO

<TABLE>
<CAPTION>
            No. of   Principal
             Loans    Balance
<S>        <C>       <C>
0-29 Days      0           0.00
30 Days        0           0.00
60 Days        0           0.00
90 Days        0           0.00
120 Days       0           0.00
150 Days       0           0.00
180+ Days      0           0.00
              --     ----------
               0           0.00

            No. of   Principal
             Loans     Balance

0-29 Days  0.000000%  0.000000%
30 Days    0.000000%  0.000000%
60 Days    0.000000%  0.000000%
90 Days    0.000000%  0.000000%
120 Days   0.000000%  0.000000%
150 Days   0.000000%  0.000000%
180+ Days  0.000000%  0.000000%
           --------  ----------
           0.000000%  0.000000%
</TABLE>

                                      TOTAL

<TABLE>
<CAPTION>
            No. of   Principal
            Loans     Balance
<S>            <C>         <C>
0-29 Days      0           0.00
30 Days        1     142,741.83
60 Days        0           0.00
90 Days        0           0.00
120 Days       0           0.00
150 Days       0           0.00
180+ Days      0           0.00
              --     ----------
               1     142,741.83

            No. of   Principal
            Loans     Balance

0-29 Days  0.000000%   0.000000%
30 Days    0.065104%   0.027602%
60 Days    0.000000%   0.000000%
90 Days    0.000000%   0.000000%
120 Days   0.000000%   0.000000%
150 Days   0.000000%   0.000000%
180+ Days  0.000000%   0.000000%
           --------  ----------
           0.065104%   0.027602%
</TABLE>

<TABLE>
<S>                                         <C>   <C>                                           <C>    <C>               <C>
Current Period Class A Insufficient Funds:  0.00  Principal Balance of Contaminated Properties  0.00   Periodic Advance  460.93
</TABLE>
<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                   DELINQUENT

GROUP  ONE

<TABLE>
<CAPTION>
               No. of     Principal
               Loans       Balance
<S>            <C>       <C>
0-29 Days        0             0.00
30 Days          1       142,741.83
60 Days          0             0.00
90 Days          0             0.00
120 Days         0             0.00
150 Days         0             0.00
180+ Days        0             0.00
                 -       ----------
                 1       142,741.83
</TABLE>

<TABLE>
<CAPTION>
                 No. of     Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        0.102459%    0.041747%
60 Days        0.000000%    0.000000%
90 Days        0.000000%    0.000000%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               0.102459%    0.041747%
</TABLE>

                                   BANKRUPTCY

<TABLE>
<CAPTION>
             No. of    Principal
             Loans      Balance
<S>          <C>       <C>
0-29 Days      0         0.00
30 Days        0         0.00
60 Days        0         0.00
90 Days        0         0.00
120 Days       0         0.00
150 Days       0         0.00
180+ Days      0         0.00
               -         ----
               0         0.00
</TABLE>

<TABLE>
<CAPTION>
             No. of    Principal
             Loans      Balance
<S>        <C>         <C>
0-29 Days  0.000000%   0.000000%
30 Days    0.000000%   0.000000%
60 Days    0.000000%   0.000000%
90 Days    0.000000%   0.000000%
120 Days   0.000000%   0.000000%
150 Days   0.000000%   0.000000%
180+ Days  0.000000%   0.000000%
           --------    --------
           0.000000%   0.000000%
</TABLE>

                                   FORECLOSURE

<TABLE>
<CAPTION>
              No. of    Principal
              Loans      Balance
<S>           <C>       <C>
0-29 Days       0         0.00
30 Days         0         0.00
60 Days         0         0.00
90 Days         0         0.00
120 Days        0         0.00
150 Days        0         0.00
180+ Days       0         0.00
                -         ----
                0         0.00
</TABLE>

<TABLE>
<CAPTION>
              No. of    Principal
              Loans      Balance
<S>         <C>         <C>
0-29 Days   0.000000%   0.000000%
30 Days     0.000000%   0.000000%
60 Days     0.000000%   0.000000%
90 Days     0.000000%   0.000000%
120 Days    0.000000%   0.000000%
150 Days    0.000000%   0.000000%
180+ Days   0.000000%   0.000000%
            --------    --------
            0.000000%   0.000000%
</TABLE>

                                       REO

<TABLE>
<CAPTION>
              No. of     Principal
              Loans       Balance
<S>           <C>        <C>
0-29 Days        0         0.00
30 Days          0         0.00
60 Days          0         0.00
90 Days          0         0.00
120 Days         0         0.00
150 Days         0         0.00
180+ Days        0         0.00
                 -         ----
                 0         0.00
</TABLE>

<TABLE>
<CAPTION>
              No. of     Principal
               Loans      Balance
<S>          <C>         <C>
0-29 Days    0.000000%   0.000000%
30 Days      0.000000%   0.000000%
60 Days      0.000000%   0.000000%
90 Days      0.000000%   0.000000%
120 Days     0.000000%   0.000000%
150 Days     0.000000%   0.000000%
180+ Days    0.000000%   0.000000%
             --------    --------
             0.000000%   0.000000%
</TABLE>

                                      TOTAL

<TABLE>
<CAPTION>
              No. of     Principal
              Loans       Balance
<S>           <C>       <C>
0-29 Days       0             0.00
30 Days         1       142,741.83
60 Days         0             0.00
90 Days         0             0.00
120 Days        0             0.00
150 Days        0             0.00
180+ Days       0             0.00
                -       ----------
                1       142,741.83
</TABLE>

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>         <C>           <C>
0-29 Days   0.000000%     0.000000%
30 Days     0.102459%     0.041747%
60 Days     0.000000%     0.000000%
90 Days     0.000000%     0.000000%
120 Days    0.000000%     0.000000%
150 Days    0.000000%     0.000000%
180+ Days   0.000000%     0.000000%
            --------      --------
            0.102459%     0.041747%
</TABLE>

                                   DELINQUENT

GROUP TWO

<TABLE>
<CAPTION>
               No. of      Principal
                Loans       Balance
<S>            <C>         <C>
0-29 Days         0          0.00
30 Days           0          0.00
60 Days           0          0.00
90 Days           0          0.00
120 Days          0          0.00
150 Days          0          0.00
180+ Days         0          0.00
                  -          ----
                  0          0.00
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        0.000000%    0.000000%
60 Days        0.000000%    0.000000%
90 Days        0.000000%    0.000000%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               0.000000%    0.000000%
</TABLE>

                                   BANKRUPTCY

                                    1.183654%

<TABLE>
<CAPTION>
             No. of    Principal
             Loans      Balance
<S>         <C>        <C>
0-29 Days      0         0.00
30 Days        0         0.00
60 Days        0         0.00
90 Days        0         0.00
120 Days       0         0.00
150 Days       0         0.00
180+ Days      0         0.00
               -         ----
               0         0.00
</TABLE>

<TABLE>
<CAPTION>
             No. of    Principal
             Loans      Balance
<S>        <C>         <C>
0-29 Days  0.000000%   0.000000%
30 Days    0.000000%   0.000000%
60 Days    0.000000%   0.000000%
90 Days    0.000000%   0.000000%
120 Days   0.000000%   0.000000%
150 Days   0.000000%   0.000000%
180+ Days  0.000000%   0.000000%
           --------    --------
           0.000000%   0.000000%
</TABLE>

                                   FORECLOSURE

<TABLE>
<CAPTION>
              No. of    Principal
              Loans      Balance
<S>           <C>       <C>
0-29 Days       0         0.00
30 Days         0         0.00
60 Days         0         0.00
90 Days         0         0.00
120 Days        0         0.00
150 Days        0         0.00
180+ Days       0         0.00
                -         ----
                0         0.00
</TABLE>

<TABLE>
<CAPTION>
              No. of    Principal
              Loans      Balance
<S>         <C>         <C>
0-29 Days   0.000000%   0.000000%
30 Days     0.000000%   0.000000%
60 Days     0.000000%   0.000000%
90 Days     0.000000%   0.000000%
120 Days    0.000000%   0.000000%
150 Days    0.000000%   0.000000%
180+ Days   0.000000%   0.000000%
            --------    --------
            0.000000%   0.000000%
</TABLE>

                                       REO

<TABLE>
<CAPTION>
              No. of     Principal
              Loans       Balance
<S>           <C>        <C>
0-29 Days        0         0.00
30 Days          0         0.00
60 Days          0         0.00
90 Days          0         0.00
120 Days         0         0.00
150 Days         0         0.00
180+ Days        0         0.00
                 -         ----
                 0         0.00
</TABLE>

<TABLE>
<CAPTION>
              No. of     Principal
               Loans      Balance
<S>          <C>         <C>
0-29 Days    0.000000%   0.000000%
30 Days      0.000000%   0.000000%
60 Days      0.000000%   0.000000%
90 Days      0.000000%   0.000000%
120 Days     0.000000%   0.000000%
150 Days     0.000000%   0.000000%
180+ Days    0.000000%   0.000000%
             --------    --------
             0.000000%   0.000000%
</TABLE>

                                      TOTAL

<TABLE>
<CAPTION>
              No. of     Principal
              Loans       Balance
<S>           <C>        <C>
0-29 Days       0          0.00
30 Days         0          0.00
60 Days         0          0.00
90 Days         0          0.00
120 Days        0          0.00
150 Days        0          0.00
180+ Days       0          0.00
                -          ----
                0          0.00
</TABLE>

<TABLE>
<CAPTION>
              No. of     Principal
              Loans       Balance
<S>         <C>          <C>
0-29 Days   0.000000%    0.000000%
30 Days     0.000000%    0.000000%
60 Days     0.000000%    0.000000%
90 Days     0.000000%    0.000000%
120 Days    0.000000%    0.000000%
150 Days    0.000000%    0.000000%
180+ Days   0.000000%    0.000000%
            --------     --------
            0.000000%    0.000000%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                          Fixed & Mixed Arm
<S>                                                             <C>
Weighted Average Gross Coupon                                          4.689863%
Weighted Average Net Coupon                                            4.314730%
Weighted Average Pass-Through Rate                                     3.640483%
Weighted Average Maturity (Stepdown Calculation)                            332

Beginning Scheduled Collateral Loan Count                                 1,603
Number of Loans Paid in Full                                                 67
Ending Scheduled Collateral Loan Count                                    1,536

Beginning Scheduled Collateral Balance                           541,464,591.13
Ending Scheduled Collateral Balance                              517,144,151.61
Ending Actual Collateral Balance at 30-June-2005                 517,144,681.78

Monthly P&I Constant                                               2,119,044.36
Special Servicing Fee                                                      0.00
Prepayment Penalties                                                       0.00
Realization Loss Amount                                                    0.00
Cumulative Realized Loss                                                   0.00

Scheduled Principal                                                    2,881.95
Unscheduled Principal                                             24,317,557.57
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                  <C>
Rapid Prepay Condition?                                     NO
Underlying Certificate Balance                       167,302,474.82
Underlying Certificate Interest                          648,391.44
Underlying Certificate Principal                      10,560,700.59
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
             GROUP                  GROUP ONE          GROUP TWO           TOTAL
<S>                               <C>              <C>                 <C>
Collateral Description                 Mixed ARM   6 Month LIBOR ARM        Mixed ARM
Weighted Average Coupon Rate            4.564868            4.931334         4.689863
Weighted Average Net Rate               4.189777            4.556116         4.314730

Weighted Average Maturity                    331                 335              332
Record Date                           06/30/2005          06/30/2005       06/30/2005
Principal and Interest Constant     1,359,591.91          759,452.45     2,119,044.36
Beginning Loan Count                       1,017                 586            1,603
Loans Paid in Full                            41                  26               67
Ending Loan Count                            976                 560            1,536
Beginning Scheduled Balance       356,779,651.02      184,684,940.11   541,464,591.13
Ending Scheduled Balance          341,919,598.90      175,224,552.71   517,144,151.61
Scheduled Principal                     2,382.03              499.92         2,881.95
Unscheduled Principal              14,857,670.09        9,459,887.48    24,317,557.57
Scheduled Interest                  1,357,209.88          758,952.53     2,116,162.41
Servicing Fee                         111,520.50           57,747.52       169,268.02
Master Servicing Fee                    2,973.16            1,539.04         4,512.20
Trustee Fee                                 0.00                0.00             0.00
FRY Amount                                  0.00                0.00             0.00
Special Hazard Fee                          0.00                0.00             0.00
Other Fee                                   0.00                0.00             0.00
Pool Insurance Fee                          0.00                0.00             0.00
Spread 1                                    0.00                0.00             0.00
Spread 2                                    0.00                0.00             0.00
Spread 3                                    0.00                0.00             0.00
Net Interest                        1,242,716.22          699,665.97     1,942,382.19
Realized Loss Amount                        0.00                0.00             0.00
Cumulative Realized Loss                    0.00                0.00             0.00
Percentage of Cumulative Losses             0.00                0.00             0.00
Prepayment Penalties                        0.00                0.00             0.00
Special Servicing Fee                       0.00                0.00             0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                               <C>
Group One

One Month Libor Loan Balance      187,753,887.49
Six Month Libor Loan Balance      154,165,711.41
Principal Transfer Amount                   0.00
Interest Transfer Amount                    0.00
Pro Rata Senior Percent                95.556159%
Senior Percent                        100.000000%
Senior Prepayment Percent             100.000000%
Subordinate Percent                     0.000000%
Subordinate Prepayment Percent          0.000000%

Group Two

Principal Transfer Amount                   0.00
Interest Transfer Amount                    0.00
Pro Rata Senior Percent                95.298447%
Senior Percent                        100.000000%
Senior Prepayment Percent             100.000000%
Subordinate Percent                     0.000000%
Subordinate Prepayment Percent          0.000000%
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00088-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00088-of-00352.parquet"}]]