Document:

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                                                                    EXHIBIT 10.1

                                 LOAN AGREEMENT

THIS LOAN AGREEMENT ("Agreement") is made and entered into as of July 1, 2001,
by and between THOUSAND TRAILS, INC., a Delaware corporation ("Borrower"), and
UNION BANK OF CALIFORNIA, N.A., a national banking association ("Bank").

                              SECTION 1. THE CREDIT

1.1   CREDIT FACILITIES

1.1.1 THE REVOLVING LOAN. Bank will loan to Borrower an amount not to exceed
Fifteen Million and No/100 Dollars ($15,000,000.00) outstanding in the aggregate
at any one time (the "Revolving Loan"). The proceeds of the Revolving Loan shall
be used for Borrower's general working capital purposes. Borrower may borrow,
repay and reborrow all or part of the Revolving Loan in accordance with the
terms of the Revolving Note (defined below) ; PROVIDED, HOWEVER, THAT FOR AT
LEAST ONE (1) DAY DURING EACH TWELVE (12) MONTH PERIOD, THE PRINCIPAL AMOUNT
OUTSTANDING UNDER THE REVOLVING LOAN MUST BE NOT MORE THAN FIVE MILLION AND
NO/100 DOLLARS ($5,000,000.00). All borrowings of the Revolving Loan must be
made before July 1, 2003, at which time all unpaid principal and interest of the
Revolving Loan shall be due and payable. The Revolving Loan shall be evidenced
by Bank's standard form of commercial promissory note (the "Revolving Note").
Bank shall enter each amount borrowed and repaid in Bank's records and such
entries shall be deemed correct. Omission of Bank to make any such entries shall
not discharge Borrower of its obligation to repay in full with interest all
amounts borrowed.

1.2   TERMINOLOGY. The following words and phrases, whether used in their
singular or plural form, shall have the meanings set forth below:

      "GAAP" means generally accepted accounting principles and practices
      consistently applied. Accounting terms used in this Agreement but not
      otherwise expressly defined have the meanings given them by GAAP.

      "Lien" means any voluntary or involuntary security interest, mortgage,
      pledge, claim, charge, encumbrance, title retention agreement, or third
      party interest, covering all or any part of the property of Borrower or
      any Guarantor.

      "Loan" means all the credit facilities described above.

      "Loan Documents" means this Agreement, the Note, and all other documents,
      instruments and agreements required by Bank and executed in connection
      with this Agreement, the Note, the Loans, and with all other credit
      facilities from time to time made available to Borrower by Bank.

      "Note" means all the promissory notes described above.

1.3   PREPAYMENT. The Loan may be prepaid in full or in part but only in
accordance with the terms of the Note, and any such prepayment shall be subject
to any prepayment fee provided for therein. In the event of a principal
prepayment on any term indebtedness, the amount prepaid shall be applied to the
scheduled principal installments due in the reverse order of their maturity on
the Loan being prepaid.

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1.4   INTEREST. The unpaid principal balance of the Loan shall bear interest at
the rate or rates provided in the Note.

1.5   BALANCES. Borrower shall maintain its major depository accounts with Bank
until all obligations of Borrower to Bank under the Loan Documents have been
paid in full.

1.6   DISBURSEMENT. Bank shall disburse the proceeds of the Loan as provided in
Bank's standard form Authorization(s) to Disburse executed by Borrower.

1.7   SECURITY. Prior to any Loan disbursement, Borrower shall execute one or
more security agreements on Bank's standard form, and one or more financing
statements suitable for filing in the official records of the appropriate state
government and/or any other location required by Bank, granting to Bank a first
priority security interest in such of Borrower's property as is described in
said security agreement(s). Any exceptions to Bank's first priority Lien are
permitted only as provided in this Agreement. At Bank's request, Borrower will
obtain executed landlord's and mortgagee's waivers, each on Bank's form,
covering all of Borrower's property located on leased or encumbered real
property.

                         SECTION 2. CONDITIONS PRECEDENT

Bank shall not be obligated to disburse all or any portion of the Loans unless
at or prior to the time of each such disbursement, the following conditions have
been fulfilled to Bank's satisfaction:

2.1 COMPLIANCE. Borrower shall have performed and complied with all terms and
conditions required by this Agreement to be performed or complied with, and
shall have executed and delivered to Bank the Note and all other Loan Documents.

2.2   GUARANTIES. Coast Financial Services, Inc., National American Corporation,
Resort Parks International, Inc., Thousand Trails (Canada) Inc., Thousand Trails
Management Services, Inc. and Leisure Time Resorts of America, Inc.
(individually a "Guarantor" and collectively "Guarantors") shall have executed
and delivered to Bank their respective continuing guaranties in form and amount
satisfactory to Bank.

2.3   AUTHORIZATION TO OBTAIN CREDIT. Borrower shall have provided Bank with an
executed copy of Bank's form Authorization to Obtain Credit, authorizing the
execution, delivery and performance of this Agreement and the other Loan
Documents. Such resolutions shall also designate the persons who are authorized
to act on Borrower's behalf in connection with this Agreement to do the things
required of Borrower pursuant to this Agreement.

2.4   TERMINATION STATEMENTS. Borrower shall have provided Bank with termination
statements executed by such secured creditors as may be required by Bank,
suitable for filing with the Secretary of State in each state designated by
Bank.

2.5   CONTINUING COMPLIANCE. At the time any disbursement is to be made and
immediately thereafter, there shall not exist any Event of Default (as
hereinafter defined) or any event, condition, or act which with notice or lapse
of time, or both, would constitute an Event of Default.

                                     Page 2
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                    SECTION 3. REPRESENTATIONS AND WARRANTIES

Borrower represents and warrants that:

3.1   BUSINESS ACTIVITY. Borrower's principal business is owner/operator of camp
grounds.

3.2   AFFILIATES AND SUBSIDIARIES. Borrower's affiliates and subsidiaries (those
entities in which Borrower has either a controlling interest or a twenty-five
percent (25%) or more ownership interest) and their addresses, and the names of
the persons or entities owning five percent (5%) or more of the equity interests
in Borrower, are as provided on a schedule delivered to Bank on or before the
date of this Agreement.

3.3   ORGANIZATION AND QUALIFICATION. Borrower is duly organized and existing
under the laws of the state of its organization, is duly qualified and in good
standing in any jurisdiction where such qualification is required, and has the
power and authority to carry on the business in which it is engaged and/or
proposes to engage.

3.4   POWER AND AUTHORIZATION. Borrower has the power and authority to enter
into this Agreement and to execute and deliver the Note and all other Loan
Documents. This Agreement and all things required by this Agreement and the
other Loan Documents have been duly authorized by all requisite action of
Borrower.

3.5   AUTHORITY TO BORROW. The execution, delivery and performance of this
Agreement, the Note and all other Loan Documents are not in contravention of any
of the terms of any indenture, agreement or undertaking to which Borrower is a
party or by which it or any of its property is bound or affected.

3.6   COMPLIANCE WITH LAWS. Borrower is in compliance with all applicable laws,
rules, ordinances or regulations which materially affect the operations or
financial condition of Borrower.

3.7   TITLE. Except for assets which may have been disposed of in the ordinary
course of business, Borrower has good and marketable title to all property
reflected in its financial statements delivered to Bank and to all property
acquired by Borrower since the date of said financial statements, free and clear
of all Liens, except Liens specifically referred to in said financial
statements.

3.8   FINANCIAL STATEMENTS. Borrower's financial statements, including both a
balance sheet at June 30, 2000, together with supporting schedules, and an
income statement for the six (6) months ended December 31, 2000, have heretofore
been furnished to Bank, are true and complete, and fairly represent Borrower's
financial condition for the period covered thereby. Since December 31, 2000,
there has been no material adverse change in Borrower's financial condition or
operations.

3.9   LITIGATION. There is no litigation or proceeding pending or threatened
against Borrower or any of its property which is reasonably likely to affect the
financial condition, property or business of Borrower in a materially adverse
manner or result in liability in excess of Borrower's insurance coverage.

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3.10  ERISA. Borrower's defined benefit pension plans (as defined in the
Employee Retirement Income Security Act of 1974, as amended ("ERISA")), meet, as
of the date hereof, the minimum funding standards of Section 302 of ERISA, and
no Reportable Event or Prohibited Transaction as defined in ERISA has occurred
with respect to any such plan.

3.11  REGULATION U. No action has been taken or is currently planned by
Borrower, or any agent acting on its behalf, which would cause this Agreement or
the Note to violate Regulation U or any other regulation of the Board of
Governors of the Federal Reserve System, or to violate the Securities and
Exchange Act of 1934, in each case as in effect now or as the same may hereafter
be in effect. Borrower is not engaged in the business of extending credit for
the purpose of purchasing or carrying margin stock as one of its important
activities and, except as may be expressly agreed to and documented between
Borrower and Bank, none of the proceeds of the Loan will be used directly or
indirectly for such purpose.

3.12  NO EVENT OF DEFAULT. Borrower is not now in default in the payment of any
of its material obligations, and there exists no Event of Default, and no
condition, event or act which with notice or lapse of time, or both, would
constitute an Event of Default.

3.13  CONTINUING REPRESENTATIONS AND WARRANTIES. The foregoing representations
and warranties shall be considered to have been made again at and as of the date
of each and every Loan disbursement and shall be true and correct as of each
such date.

                        SECTION 4. AFFIRMATIVE COVENANTS

Until all sums payable pursuant to this Agreement, the Note and the other Loan
Documents have been paid in full, unless Bank otherwise consents in writing,
Borrower agrees that:

4.1   USE OF PROCEEDS. Borrower will use the proceeds of the Loan only as
provided in Section 1 above.

4.2   PAYMENT OF OBLIGATIONS. Borrower will pay and discharge promptly all
taxes, assessments and other governmental charges and claims levied or imposed
upon it or its property, or any part thereof; PROVIDED, HOWEVER, that Borrower
shall have the right in good faith to contest any such taxes, assessments,
charges or claims and, pending the outcome of such contest, to delay or refuse
payment thereof provided that adequately funded reserves are established by it
to pay and discharge any such taxes, assessments, charges and claims.

4.3   MAINTENANCE OF EXISTENCE. Borrower will maintain and preserve its
existence, its assets, and all rights, franchises, licenses and other authority
necessary for the conduct of its business, and will maintain and preserve its
property, equipment and facilities in good order, condition and repair. Bank
may, at reasonable times, visit and inspect any of Borrower's properties.

4.4   RECORDS. Borrower will keep and maintain full and accurate accounts and
records of its operations in accordance with GAAP and will permit Bank, at
Borrower's expense, to have access thereto, to make examination and photocopies
thereof, and to make audits of Borrower's accounts and records and Bank's
collateral during regular business hours.

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4.5   INFORMATION FURNISHED. Borrower will furnish to Bank:

      (a) Within sixty (60) days after the close of each fiscal quarter, except
      for the final quarter of each fiscal year, its unaudited balance sheet as
      of the close of such fiscal quarter, its unaudited income and expense
      statement with year-to-date totals and supportive schedules, and its
      statement of retained earnings for that fiscal quarter, all prepared in
      accordance with GAAP.

      (b) Within one hundred and thirty-five (135) days after the close of each
      fiscal year, a copy of its statement of financial condition including at
      least its balance sheet as of the close of such fiscal year and its income
      and expense statement, and its retained earnings statement for such fiscal
      year, examined and prepared on an audited basis by independent certified
      public accountants selected by Borrower and reasonably satisfactory to
      Bank, in accordance with GAAP along with any management letter provided by
      such accountants when received.

      (c) Within sixty (60) days after the close of each fiscal quarter with the
      exception of the quarter ending June 30, a certification of compliance
      with all covenants under this Agreement, executed by Borrower's Chief
      Financial Officer, in form acceptable to Bank. Within one hundred and
      thirty-five (135) days after the close of each fiscal year end a
      certification of compliance with all covenants under this Agreement,
      executed by Borrower's Chief Financial Officer, in form acceptable to Bank

      (d) Prompt written notice to Bank of any Event of Default or breach under
      any of the terms or provisions of this Agreement or any other Loan
      Document, any litigation which would have a material adverse effect on
      Borrower's financial condition, and any other matter which has resulted
      in, or is likely to result in, a material adverse change in Borrower's
      financial condition or operations.

      (e) Prompt written notice to Bank of any change in Borrower's officers and
      other senior management, Borrower's name and state of organization, and
      the location of Borrower's assets.

      (f) Within fifteen (15) days after Borrower knows or has reason to know
      that any Reportable Event or Prohibited Transaction (as defined in ERISA)
      has occurred with respect to any defined benefit pension plan of Borrower,
      a statement of an authorized officer of Borrower describing such event or
      condition and the action, if any, which Borrower proposes to take with
      respect thereto.

      (g) Such other financial statements and information as Bank may reasonably
      request from time to time.

4.6   TANGIBLE NET WORTH. Borrower will at all times maintain Tangible Net Worth
of not less than Eighteen Million and No/100 Dollars ($18,000,000.00). "Tangible
Net Worth" means Borrower's net worth increased by indebtedness subordinated to
Bank and decreased by patents, licenses, trademarks, trade names, goodwill and
other similar intangible assets (except deferred selling expense and deferred
tax assets), organizational expenses, security deposits, prepaid costs and
expenses and monies due from affiliates (including officers, shareholders and
directors).

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4.7   MINIMUM ADJUSTED EBITDA. Borrower will maintain a minimum Adjusted EBITDA
of not less than Seven Million Five Hundred Thousand and No/100 Dollars
($7,500,000.00) measured on a rolling four quarter basis. "Adjusted EBITDA"
means net income plus interest expenses, income tax, depreciation, amortization,
and net sales revenue deferrals, less gains on the sale of assets, net selling
expense deferrals, and non-recurring income, all on rolling four quarter basis.
In the event of an acquisition/merger, Adjusted EBITDA shall omit effect, if
any, on net change in any deferred revenue and/or deferred expenses.

4.8   LEVERAGE RATIO. Borrower will not allow the ratio of total Funded Debt to
Adjusted EBITDA for the twelve (12) month period ending on the last day of each
quarter to exceed 1.25:1.00. "Funded Debt" means all interest bearing debt.

4.9   INSURANCE. Borrower will keep all of its insurable property, whether real,
personal or mixed, insured by companies approved by Bank, against fire and such
other risks, and in such amounts as is customarily obtained by companies
conducting similar business with respect to like properties. Borrower will
furnish to Bank statements of its insurance coverage, will promptly upon Bank's
request furnish other or additional insurance deemed necessary by Bank to the
extent that such insurance may be available, and hereby assigns to Bank, as
security for Borrower's obligations to Bank, the proceeds of any such insurance.
Prior to any Loan disbursement, Bank will be named loss payee under all policies
insuring the collateral. Borrower will maintain adequate worker's compensation
insurance and adequate insurance against liability for damage to persons or
property. All policies shall require at least ten (10) days' written notice to
Bank before alteration or cancellation.

4.10  ADDITIONAL REQUIREMENTS. Upon Bank's demand, Borrower will promptly take
such further action and execute all such additional documents and instruments in
connection with this Agreement and the other Loan Documents as Bank in its
reasonable discretion deems necessary, and promptly supply Bank with such other
information concerning its affairs as Bank may request from time to time.

4.11  LITIGATION AND ATTORNEYS' FEES. Upon Bank's demand, Borrower will promptly
pay to Bank reasonable attorneys' fees, including the reasonable estimate of the
allocated costs and expenses of in-house legal counsel and staff, and all costs
and other expenses paid or incurred by Bank in collecting, modifying or
compromising the Loan or in enforcing or exercising its rights or remedies
created by, connected with or provided for in this Agreement and the other Loan
Documents. If any judicial action, arbitration or other proceeding is commenced,
only the prevailing party shall be entitled to attorneys' fees and court costs.

4.12  BANK EXPENSES. Upon Bank's request, Borrower will pay or reimburse Bank
for all costs, expenses and fees incurred by Bank in preparing and documenting
this Agreement and the Loan, and all amendments and modifications to any Loan
Documents, including but not limited to all filing and recording fees, costs of
appraisals, insurance and attorneys' fees.

                          SECTION 5. NEGATIVE COVENANTS

Until all sums payable pursuant to this Agreement, the Note and the other Loan
Documents have been paid in full, unless Bank otherwise consents in writing,
Borrower agrees that:

5.1   LIENS. Borrower will not create, assume or suffer to exist any Lien on any
of its property, whether real, personal or mixed, now owned or hereafter
acquired, or upon the income or profits thereof, except (a) Liens in favor of
Bank, (b) Liens for taxes not delinquent and taxes

                                     Page 6

<PAGE>   7

and other items being contested in good faith, (c) equipment Liens granted in
the ordinary course of business, not exceeding, in the aggregate $200,000
annually; and (d) minor encumbrances and easements on real property which do not
affect its market value.

5.2   BORROWINGS. Borrower will not sell, discount or otherwise transfer any
account receivable or any note, draft or other evidence of indebtedness, except
to Bank or except to a financial institution at face value for deposit or
collection purposes only, and without any fees other than the financial
institution's normal fees for such services. Borrower will not borrow any money,
become contingently liable to borrow money, or enter any agreement to directly
or indirectly obtain borrowed money, except pursuant to agreements with Bank.

5.3   SALE OF ASSETS, LIQUIDATION OR MERGER. Except for sales of real property
not exceeding, $1,000,000.00, in the aggregate, each calendar year Borrower will
not liquidate, dissolve or enter into any consolidation, merger, partnership or
other combination, or convey, sell or lease all or the greater part of its
assets or business; or and, except for acquisitions not exceeding $5,000,000.00,
in the aggregate each calendar year, Borrowers will not purchase or lease all or
the greater part of the assets or business of another.

5.4   LOANS, ADVANCES AND GUARANTIES. Borrower will not, except in the ordinary
course of business as currently conducted, make any loans or advances, become a
guarantor or surety, or pledge its credit or properties.

5.5   INVESTMENTS. Whenever there is an outstanding balance under the Revolving
Loan, Borrower will not purchase or hold the debt or equity of another except
for savings accounts and certificates of deposit of Bank, direct U.S. Government
obligations, and commercial paper issued by corporations with the top ratings of
Moody's or Standard & Poor's, provided that all such permitted investments shall
mature within one year of purchase.

5.6   PAYMENT OF DIVIDENDS. Borrower can declare or pay any dividends, or
authorize or make any other distribution with respect to any of its stock now or
hereafter outstanding other than dividends payable solely in its own common
stock; provided, however, that such payments will not cause a violation of any
provision of this Agreement.

5.7   REDEMPTION OF STOCK. Borrower will not redeem or retire any share of its
capital stock for value, to the extent that such action would cause a violation
of any provision of this Agreement.

5.8   AFFILIATE TRANSACTIONS. Borrower will not transfer any property to any
affiliate, except for value received in the normal course of business and for an
amount, including any management or service fee(s), as would be conducted and
charged with an unrelated or unaffiliated entity.

5.9   RESTRICTIONS ON BORROWER'S AGREEMENTS. Borrower shall not enter into any
covenant or other agreement, except with Bank, that restricts or is intended to
restrict it from pledging, granting a security interest in, mortgaging,
assigning, encumbering, or otherwise creating a lien on any of its property,
whether real or personal, tangible or intangible, existing or hereafter
acquired.

                                     Page 7
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                          SECTION 6. EVENTS OF DEFAULT

The occurrence of any of the following events ("Events of Default") shall (a)
terminate any obligation of Bank to make or continue the Loan and (b) unless
otherwise provided under the Note, after five-business-days notice from Bank, if
not cured during said notice period, make all sums of interest and principal and
any other amounts owing under the Loan immediately due and payable:

6.1 Borrower shall default in the due and punctual payment of the principal of
or the interest on the Note or on any amounts owing under any of the Loan
Documents.

6.2 Any default shall occur under the Note.

6.3 Borrower shall default in the due performance or observance of any covenant
or condition of the Loan Documents.

6.4 Any guaranty or subordination agreement required hereunder shall be breached
or becomes ineffective, or any Guarantor or subordinating creditor shall die,
disavow or attempt to revoke or terminate such guaranty or subordination
agreement.

                          SECTION 7. GENERAL PROVISIONS

7.1 ADDITIONAL REMEDIES. The rights, powers and remedies given to Bank hereunder
shall be cumulative and not alternative and shall be in addition to all rights,
powers and remedies given to Bank by law against Borrower or any other person or
entity including but not limited to Bank's rights of setoff and banker's lien.

7.2 NONWAIVER. Any forbearance or failure or delay by Bank in exercising any
right, power or remedy hereunder shall not be deemed a waiver thereof and any
single or partial exercise of any right, power or remedy shall not preclude the
further exercise thereof. No waiver shall be effective unless it is in writing
and signed by an officer of Bank.

7.3 INUREMENT. The benefits of this Agreement and the other Loan Documents shall
inure to the successors and assigns of Bank and the permitted successors and
assigns of Borrower, but any attempted assignment by Borrower without Bank's
prior written consent shall be null and void.

7.4 APPLICABLE LAW. This Agreement and the other Loan Documents shall be
governed by and construed according to the laws of the State of Washington.

7.5 SEVERABILITY. Should any one or more provisions of this Agreement or any
other Loan Document be determined to be illegal or unenforceable, all other
provisions of such document shall nevertheless be effective.

7.6 CONTROLLING DOCUMENT. In the event of any inconsistency between the terms of
this Agreement and any other Loan Document, the terms of the other Loan Document
shall prevail.

7.7 CONSTRUCTION. The section and subsection headings herein are for convenient
reference only and shall not limit or otherwise affect the interpretation of
this Agreement.

                                     Page 8
<PAGE>   9

7.8 AMENDMENTS. This Agreement may be amended only in writing signed by all
parties hereto.

7.9 COUNTERPARTS. Borrower and Bank may execute one or more counterparts to this
Agreement, each of which shall be deemed an original, but all such counterparts
when taken together, shall constitute one and the same agreement.

7.10 NOTICES. Any notices or other communications provided for or allowed
hereunder shall be effective only when given by one of the following methods and
addressed to the parties at their respective addresses and shall be considered
to have been validly given (a) upon delivery, if delivered personally, (b) upon
receipt, if mailed, first class postage prepaid, with the United States Postal
Service, (c) on the next business day, if sent by overnight courier service of
recognized standing, or (d) upon telephoned confirmation of receipt, if
telecopied or e-mailed. The addresses to which notices or demands are to be
given may be changed from time to time by notice delivered as provided above.

7.11 INTEGRATION CLAUSE. Except for the other Loan Documents, this Agreement
constitutes the entire agreement between Bank and Borrower regarding the Loan,
and all prior oral or written communications between Borrower and Bank shall be
of no further effect or evidentiary value.

THIS AGREEMENT is executed on behalf of the parties by their duly authorized
representative(s) as of the date first above written.

ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR
FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW.

                                     Page 9
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THOUSAND TRAILS, INC.

By:  /s/ Walter B. Jaccard
   -----------------------------------
Title:   Vice President
      --------------------------------

Address:

2711 LBJ Fwy, Ste. 200
Dallas, Texas  75234
Attention: Walter B. Jaccard, Vice
President, General Counsel and Secretary
Telecopier: (972) 488-5030
Telephone:  (972) 243-2228

UNION BANK OF CALIFORNIA, N.A.

By:  /s/ Sam A. Miller
   -----------------------------------
         Sam A. Miller, III
         Vice President

Address:

910 Fourth Avenue
Seattle, Washington  98164
Attention:  Sam A. Miller, III, Vice President
Telecopier:  (206) 587-4794
Telephone: (206) 587-4793

                                    Page 10<PAGE>   1
                                                                   EXHIBIT 10.32

Member Name:                                      Member #:
            ------------------------------------           ---------------------

                              MEMBERSHIP AGREEMENT
                              (NATIONAL MEMBERSHIP)

                           RETAIL INSTALLMENT CONTRACT

1. DEFINITION OF TERMS. "You" and "your" refer to the individual purchaser or
purchasers who have signed this Agreement. "We", "us", and "our" refer to
Thousand Trails, Inc. ("Trails"), National American Corporation ("NACO") and
Leisure Time Resorts of America, Inc. ("Leisure Time"). "Disclosure Statement"
means the booklet containing information on our membership program that was
attached to this Agreement and delivered to you at the time of your purchase.
"Preserves" mean the recreational campground resorts owned or operated by
Trails, NACO and Leisure Time for the benefit of their respective memberships.
"Member Rules" mean the rules and other terms that govern the use of the
preserves by our members. A copy of our Member Rules was delivered to you at the
time of your purchase. In the event of any conflict between the terms of this
Agreement and the Member Rules, the terms of this Agreement shall control.

2. WHAT YOU ARE PURCHASING. You are purchasing a NATIONAL MEMBERSHIP, which
entitles you to use all Trails, NACO and Leisure Time preserves on the terms set
forth herein. The preserves that are currently available for use by members are
described in the Disclosure Statement.

The initial term of your membership is three (3) years following the date of
your purchase. After this initial term, the term of your membership will
automatically renew for additional one-year periods ("renewal terms" herein)
unless you notify us in writing of your desire to terminate your membership at
least 60 days prior to the expiration of the initial term or renewal term, as
the case may be.

3. TERMS OF MEMBERSHIP. During the term of your membership, you are entitled to
use all preserves that are designated by Trails, NACO and Leisure Time as
available for use by members, subject to the following:

You must use the preserves in accordance with this Agreement and the Member
Rules. We have Member Rules regarding, among other things: (a) advance
reservation or first-come, first-choice space arrangements; (b) length of stay;
(c) frequency of use; (d) charges for benefits or services, including rental
units, pet fees, food services, goods purchased, gasoline, and other services
made available by us from time to time; (e) special assessments to cover
unforeseen costs and expenses, such as repairs due to natural disasters and
increases in insurance premiums, utilities and taxes; (f) restrictions on guest
visits, including number of guests allowed and guest fees; (g) length of season
for use of the preserves; (h) hours of operation of facilities; (i) use of
preserves by non-members in connection with programs sponsored by us, including
without limitation, our marketing and sales programs, SuperHost group rentals,
charitable functions, community groups and other public use scheduled so as not
to conflict with member use; and (j) such other matters and restrictions on use
as may be reasonably necessary to ensure maximum availability of any preserve
for use by our membership as a whole. We reserve the right, in our sole
discretion, to add, modify, or delete Member Rules from time to time as we may
deem appropriate. Please consult the current Member Rules if you have questions
regarding use of the preserves.

Your membership entitles you to unlimited day use and unlimited overnight
camping in your own recreational vehicle or tent (subject to length of stay
restrictions) at the preserves. You may stay at one preserve up to 14
consecutive nights at a time. If you stay at any preserve for more than four
consecutive nights, you must wait for seven nights before you stay again at ANY
preserve. You may make reservations to use the preserves 90 days in advance of
your intended date of arrival.

It is your responsibility to use the preserves in a safe and reasonable manner
and to observe the Member Rules. You are also responsible for the conduct of
your children and guests and you are liable for all damages caused by the
negligent or reckless use, or intentional misuse, of the preserves by you or
your children.

The location of, and facilities and amenities at, all of Trails', NACO's and
Leisure Time's preserves are described in the Disclosure Statement and are
subject to change by Trails, NACO and Leisure Time. Preserves and facilities may
be added to or subtracted from those which existed at the time of execution of
this Agreement. Trails, NACO and Leisure Time are under no obligation to
increase the number of or improve existing preserves. Trails, NACO and Leisure
Time reserve the right to sell memberships with rights and privileges different
from your membership.

Your membership constitutes merely a contractual license to use the facilities
provided by Trails, NACO and/or Leisure Time from time to time at the preserves
where you have membership rights. Such preserves and facilities are subject to
change as provided in this Agreement and your membership does not constitute an
interest in, is not secured by, and does not entitle you to any recourse against
any real property of Trails, NACO or Leisure Time, nor are you entitled to vote
on any aspect relating to the businesses of Trails, NACO or Leisure Time or to
share in any of the profits of the businesses of Trails, NACO or Leisure Time.
The application and use of all amounts paid by you under this Agreement,
including your purchase price and annual dues, is within our sole discretion.

You may not possess, hold, or own more than one membership in Trails, NACO or
Leisure Time, and if you acquire more than one membership under any
circumstances, we will terminate all memberships held by you in excess of one.

4. TRANSFERABILITY. Your National Membership is transferable, subject to the
following limitations. A National Membership: (a) may only be resold for a price
which does not exceed the price paid by you for your membership plus a
reasonable transfer fee as set forth below; (b) may be transferred only if the
purchase price for your membership is paid in full and your annual dues are
current at the time of transfer; and (c) may be transferred only if your
transferee agrees to accept the rate of annual dues and use fees charged by us
on new sales of similar memberships and the Member Rules in effect at the time
of transfer. A National Membership cannot be divided and, if you transfer one,
or if one is transferred by operation of law, as in the event of divorce,
inheritance, descent, or attachment, all membership privileges must be
transferred together.

In connection with any transfer of a National Membership, we will charge a
reasonable transfer fee, which is currently $250 if the membership is
transferred to a member of your immediate family and $750 if the membership is
transferred to anyone who is not a

                                  Page 1 of 4
<PAGE>   2
Member Name:                                      Member #:
            ------------------------------------           ---------------------

member of your immediate family. For purposes of this Agreement, the members of
your immediate family are your lineal ascendants and descendants (i.e., your
parents and grandparents and your children and grandchildren). A transfer may be
effected only with our prior written consent, which we will not unreasonably
withhold. A transfer will not become effective until: (a) you and your
prospective transferee have represented to us in writing that the transfer is in
compliance with the foregoing terms; and (b) your prospective transferee has
entered into a new membership agreement.

We will not purchase your membership and we can provide no assurance that we
will be able to locate a buyer for your membership in the event it is
transferable and you decide to sell it. In addition to our sale of new
memberships in company sales programs, we currently offer a resale program
pursuant to which we attempt to resell previously owned memberships on behalf of
the selling member. In order to participate in our resale program, the selling
member must have paid the purchase price of his membership in full and must be
current on his annual dues. We reserve the right to modify or discontinue our
resale program at any time without further notice and without incurring any
legal liability for the modification or discontinuation.

You may not transfer or sell your membership or assign, rent, loan, or otherwise
alienate your membership, temporarily or permanently, in any manner other than
as provided in this section. Any transfer in violation of this prohibition shall
be null and void. In the event of any dispute over ownership of your membership,
we may, without liability to any person and without releasing you from your
financial obligations to us, suspend and refuse membership privileges to all
persons claiming rights to the membership until they have resolved the dispute
in a manner satisfactory to us and communicated the resolution to us in writing.

5. DEFAULT AND REMEDIES. Time is of the essence of this Agreement and any of the
following events will be "an event of default":

         (a)   Your failure to make any payment under this Agreement when due,
               including but not limited to the payment of the application fee,
               purchase price, finance charge, and annual dues, or

         (b)   The falsity of any representation made by you in this Agreement
               or your credit application, or

         (c)   A material breach by you of any provision of this Agreement or
               the Member Rules.

Should any "event of default" occur, we may immediately suspend your membership
rights. In addition, upon the occurrence of any "event of default", we may, upon
30 days' written notice to you, declare the entire unpaid principal balance of
the purchase price, together with the finance charge and annual dues accrued to
the date of default, immediately due and payable. Moreover, we may continue to
collect annual dues from you as they accrue for the balance of the initial term
or renewal term, as the case may be. In the alternative, we may, upon the
occurrence of any "event of default", and upon 30 days' written notice to you,
terminate this Agreement and your membership. If we terminate this Agreement and
your membership because of your default, which we may, but are not required to
do, we shall have all remedies provided by law. If any payment required by this
Agreement is not made in full within ten days of its due date, you agree to pay
us a late charge in the amount set forth in paragraphs 11 and 12. In addition,
where permitted by law, reasonable collection charges will be imposed if any
payment required by this Agreement is not made in full within 30 days of its due
date and collection efforts are made. If permitted by law, a reasonable fee will
also be imposed for processing any check or other payment that is returned
unpaid. If this Agreement is referred to an attorney for collection after your
default, or if a legal action is commenced to enforce or declare the meaning of
any provision of this Agreement, the prevailing party will be awarded its
reasonable attorney's fees and costs, including fees and costs incurred in both
trial and appellate courts.

6. ASSIGNMENT. We may sell or assign this Agreement, and any such assignment may
vest in our assignee all of our right, title, and interest in this Agreement,
and all payments required to be made by you under this Agreement may be required
to be paid to such assignee. No transfer, extension, or assignment of any
interest under this Agreement will release you from your obligation to make all
payments required under this Agreement.

7. CREDIT APPLICATION AND REPORTING. If this Agreement provides for an
installment purchase, we may cancel the Agreement, in our sole discretion,
unless our corporate office approves your application for credit. If your credit
application is not approved, we will notify you in writing within 30 days. You
agree that we may from time to time seek and receive credit related information
about you from others such as stores, other creditors, and credit reporting
agencies. You also agree that we may furnish on a regular basis credit and
experience information regarding your account to others seeking that
information. You represent that all information supplied to us is true, that you
are of legal age, that the address set forth on page 4 of this Agreement is your
permanent residence address, and that you are acquiring this membership solely
for the personal enjoyment of you and your family.

8. MISCELLANEOUS. This Agreement contains the entire agreement between you and
us. No waiver or modification of any of the terms or conditions of this
Agreement shall be effective unless in writing and signed by you and an
authorized representative of our corporate office. The terms of this Agreement
will benefit and bind the respective heirs, executors, administrators, legal
representatives, successors, assigns, and transferees of the parties. Any
provision of this Agreement which proves to be invalid, void, or illegal will
not affect, impair, or invalidate any other provision of this Agreement and such
other provisions will remain in full force and effect.

                                  Page 2 of 4
<PAGE>   3

Member Name:                                      Member #:
            ------------------------------------           ---------------------

9. APPLICATION FEE. An application fee of $150.00, plus applicable taxes, is
payable as set forth in section 11. This application fee is designed to cover
the costs we incur in processing your membership application and related
paperwork, setting up your membership in our computer system, and issuing you a
membership card that works with our CIS system.

10.  PURCHASE PRICE.  The purchase price for your membership is $______________,
plus applicable taxes, and is payable as set forth in section 11.

11.  METHOD OF PAYMENT. (CHECK ONLY ONE AND INITIAL.)

__________________ [ ] I desire to pay the total application fee and purchase
(Buyer's Initials)     price for my membership of $_______  in full on the day
                       of purchase.

__________________ [ [ I desire to pay the total application fee and purchase
(Buyer's Initials)     price for my membership in installments, as follows:
                       (IF CHECKED, COMPLETE THE BALANCE OF SECTION 11.)

If you are financing, a cash down payment of $_____________________ is due on
the day of purchase. The remaining balance of $ ____________________ will accrue
interest on the declining principal balance at the rate of 14.9% per annum, and
will be payable in [ ] 12 (twelve), [ ] 24 (twenty-four), [ ] 36 (thirty-six),
or [ ] 48 (forty-eight) equal consecutive monthly installments of $_______ each,
including interest. These payments will commence on the __ day of ______ , 20__,
and will continue on the same day of each month thereafter until the principal
balance and accrued interest thereon are paid in full. All payments are stated
and must be made in U.S. Dollars.

<Table>
<Caption>

ANNUAL PERCENTAGE RATE      FINANCE CHARGE            AMOUNT FINANCED            TOTAL OF PAYMENTS         TOTAL SALE PRICE
The cost of your credit as  The dollar amount the     The amount of credit       The amount you will have  The total cost of your
a yearly rate.              credit will cost you.     provided to you or on      paid after you have paid  purchase on credit
                                                      your behalf.               all payments as           including your down
                                                                                 scheduled.                payment of
                                                                                                           $ _____________

<S>                         <C>                       <C>                        <C>                       <C>
______________%             $ ______________          $ ______________           $ ______________          $ _____________

Your payment schedule will be:      Number of Payments: _________________________________

                                    Amount of Monthly Payment:  $________________________

                                    Payments are due monthly beginning:  ________________

LATE CHARGE: If a payment is late by ten or more days, you will be charged 5% of the delinquent  installment or $5.00,  whichever is
less.

PREPAYMENT: If you pay off early, you will not have to pay a penalty.

See the other provisions of this Agreement for additional information about nonpayment, default, our right to accelerate the
maturity of this obligation, and prepayment.
</Table>

ITEMIZATION OF THE AMOUNT FINANCED:

(1)  Application Fee                                          $_______________

(2)  Purchase Price                                           $_______________

(3)  Sales Tax                                                $_______________

(4)  Less Down Payment                                        $_______________

(5)  Amount Financed  (Sum of items 1, 2 & 3, less item 4)    $_______________

12. ANNUAL DUES. During the initial term and each renewal term of your
membership, you agree to pay us annual dues in the amount of $384.00 per year.
Applicable taxes, if any, will be added to your annual dues. BY SIGNING THIS
AGREEMENT, YOU ARE MAKING A LEGAL COMMITMENT TO PAY ANNUAL DUES FOR A MINIMUM OF
THREE YEARS.

Your annual dues will be prorated for the period from the date of this Agreement
through December 31 of the year in which this Agreement is executed. Thereafter,
your annual dues are payable in full on or before January 1 of each year. As a
convenience, you may pay the annual dues in two semi-annual installments or four
quarterly installments. Each of the installment payments will be subject to a
processing fee in an amount set by us. This processing fee, which is subject to
increase, is currently $5 for each installment payment. If payment of your
annual dues is late by ten or more days, you will be assessed a late charge in
the maximum amount permitted for late charges under the retail installment sales
law in effect in the state of your residence. Your annual dues are stated and
must be paid in U.S. Dollars.

DUES INCREASES. The amount of your annual dues may be increased each year, upon
thirty (30) days advance written notice, by the percentage increase in the
Consumer Price Index for the calendar year prior to the year for which the
increase is being made. Consumer Price Index means the consumer price index for
all urban consumers as reported by the United States Department of Labor, Bureau
of Labor Statistics.

                                  Page 3 of 4
<PAGE>   4

Member Name:                                      Member #:
            ------------------------------------           ---------------------

                                     NOTICE

ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND
DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES
OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY THE
DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER.

NOTICE TO THE BUYER: (1) DO NOT SIGN THIS AGREEMENT BEFORE YOU READ IT OR IF IT
CONTAINS ANY BLANK SPACES TO BE FILLED IN. (2) YOU ARE ENTITLED TO A COMPLETELY
FILLED IN COPY OF THIS AGREEMENT. (3) YOU CAN PREPAY THE FULL AMOUNT DUE UNDER
THIS AGREEMENT AT ANY TIME. (4) IF YOU DESIRE TO PAY OFF IN ADVANCE THE FULL
AMOUNT DUE, THE AMOUNT WHICH IS OUTSTANDING WILL BE FURNISHED UPON REQUEST. (5)
EACH PERSON SIGNING THIS AGREEMENT AS A MEMBER SHALL BE JOINTLY AND SEVERALLY
LIABLE FOR ALL OF YOUR OBLIGATIONS. (6) YOU ACKNOWLEDGE THAT YOU HAVE READ AND
RECEIVED A COPY OF THIS AGREEMENT, THE DISCLOSURE STATEMENT AND OUR CAMPGROUND
DIRECTORY.

                                    YOUR INITIALS ______________/_______________

IF YOU HAVE BEEN PERSONALLY SOLICITED, AND YOUR AGREEMENT OR OFFER TO PURCHASE
IS MADE AT A PLACE OTHER THAN OUR PLACE OF BUSINESS, YOU MAY CANCEL THIS
AGREEMENT AS SET FORTH BELOW.

YOU, THE BUYER, MAY CANCEL THIS TRANSACTION AT ANY TIME PRIOR TO MIDNIGHT OF THE
THIRD BUSINESS DAY AFTER THE DATE OF THIS TRANSACTION. SEE THE ATTACHED NOTICE
OF CANCELLATION FORM FOR AN EXPLANATION OF THIS RIGHT.

     CHECK ONE:         APPLICABLE  [ ]      NOT APPLICABLE  [ ]

EVEN IF THE FOREGOING RIGHT OF CANCELLATION IS NOT APPLICABLE, YOU MAY CANCEL
THIS AGREEMENT AS SET FORTH BELOW.

                             NOTICE OF CANCELLATION

YOU MAY CANCEL THIS CONTRACT, WITHOUT ANY PENALTY OR OBLIGATION, WITHIN THREE
BUSINESS DAYS FROM THE DATE THE CONTRACT IS EXECUTED. TO CANCEL THIS CONTRACT,
MAIL OR DELIVER A SIGNED AND DATED COPY OF THIS CANCELLATION NOTICE OR A COPY OF
THIS CONTRACT IF IT CONTAINS THE CANCELLATION INSTRUCTIONS, OR ANY OTHER WRITTEN
NOTICE, OR SEND A TELEGRAM TO THOUSAND TRAILS, INC., AT 2711 LBJ FREEWAY, SUITE
200, DALLAS, TEXAS 75234; ATTENTION:
CONTRACT PROCESSING, NOT LATER THAN MIDNIGHT OF

_______________________________________.
                  (Date)

I HEREBY CANCEL THIS TRANSACTION _______________________________.
                                            (Date)

                                                     --------------------------
                                                       (Purchaser's Signature)

WITH THE NOTICE OF CANCELLATION, OR SEPARATELY IF A TELEGRAM IS SENT, YOU MUST
RETURN THE ORIGINAL MEMBERSHIP CAMPING CONTRACT, MEMBERSHIP CARD AND ALL OTHER
EVIDENCE OF MEMBERSHIP TO THE SELLER. YOU SHOULD PROMPTLY RETURN THESE DOCUMENTS
WITH THE NOTICE OF CANCELLATION, OR SEPARATELY IF A TELEGRAM IS SENT. FAILURE TO
SEND THE DOCUMENTS PROMPTLY COULD DELAY YOUR REFUND. YOU SHOULD RETAIN FOR YOUR
RECORDS ONE COPY OF THE CANCELLATION NOTICE, OR A CARBON OF THE CONTRACT WHEN IT
PROVIDES THE CANCELLATION INFORMATION, OR OTHER WRITING SHOWING INTENT TO
CANCEL. MAILING BY ORDINARY MAIL IS ADEQUATE BUT CERTIFIED MAIL RETURN RECEIPT
REQUESTED IS RECOMMENDED.

NAME: ___________________________________ ADDRESS: ____________________________

CITY: ___________________________________ STATE:_________________ ZIP: _________

EXECUTED THIS __________________________ DAY OF __________________________ 20___

                                                  Membership Campground
Operator:

-----------------------------------------   ------------------------------------
       Purchaser's Signature                     2711 LBJ Freeway, Suite 200
                                                 Dallas, Texas 75234

-----------------------------------------   ------------------------------------
       Purchaser's Name (please print)

-----------------------------------------   ------------------------------------
       Purchaser's Signature                     Authorized Signature

-----------------------------------------   ------------------------------------
       Purchaser's Name (please print)           Preserve

                                  Page 4 of 4

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