Document:

ex10_61.htm

    
      

    

    Ex.
10.61

    

    Silverleaf
Resorts, Inc.

    1221
Riverbend Drive, Suite 120

    Dallas,
TX 75221

    

    

    November
15, 2007

    

    Liberty
Bank

    315 Main
Street

    Middletown,
Connecticut 06457

    Attention:
Melanie S. Joy

    

    
      	
              Re:

            	
              $37,500,000
      Receivables Financial Accommodation by Liberty Bank to Silverleaf Resorts,
      Inc. dated September 28, 2007

            

    

    

    Dear Ms.
Joy:

    

    Pursuant
to discussions between us, you have requested and the undersigned, Silverleaf
Resorts, Inc., has agreed to modify the Loan and Security Agreement dated as of
September 28, 2007 and evidencing the financial accommodation above-described,
effective as of the date hereof in the following respects:

    

    1. That
part of Section 1.1 representing the defined term for "Eligible Notes
Receivables" shall be revised to delete the existing subsection (i) and to
substitute in its place and stead the following new replacement
sub-section:

    

    "(i) the
first payment under each Note Receivable must be due and payable to Borrower
within 65 days of the closing date of the purchase of the Interval but in no
instance more than 30 days from the date of a requested Advance against such
Note Receivable once pledged to Lender, no monthly installment is more than
thirty (30) days contractually past due at the time of an Advance in respect of
such Note Receivable, nor more than sixty (60) days contractually past due at
any time;"

    

    2.
Section 5.l(b) shall be revised to delete in its entirety such existing Section
5.1 (b) and to substitute in its place and stead the following new replacement
sub-section:

    

    "(b)
Loan
Documents/Collateral.  Not less than five (5) Business Days
prior to the date of any Advance, Borrower shall have:

    

    (i)
delivered to Agent a list of all Eligible Notes Receivable and related Mortgages
which are to be the subject of such requested Advance, indicating the unpaid
principal balance owing on each of the Pledged Notes Receivable deemed to be an
Eligible Note Receivable, together with such additional information as Agent may
require;

    

    (ii)
delivered to Agent (or, if Agent shall so instruct, a designee appointed by
Agent in writing) (A)the original of each Pledged Note Receivable (duly endorsed
with the words "Pay to the order of Liberty Bank, as Agent,
with

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Liberty
Bank

    Attention:
Melanie Joy

    November
15, 2007

    Page
2

    

    recourse"),
(B) the original of each Mortgage securing such Pledged Notes Receivable, (C)
the original of each purchase contract (including addenda) relating to the
Pledged Notes Receivable and Mortgages, (D) originals or true copies of the
related truth-in-lending disclosures, loan application, warranty deed, Payment
Authorization Agreement and, if required by Agent, the related Purchaser's
acknowledgement, receipt and exchange company application, disclosures and
materials, and (E) with respect to each Eligible Note Receivable from the sale
of Intervals at Oak N' Spruce evidence satisfactory to Agent of the filing in
the appropriate recorder's office of the original UCC-1 Financing Statement,
naming the Purchaser of the Interval giving rise to the Eligible Note Receivable
as debtor and Borrower as secured party (the "Purchaser Financing Statement"),
perfecting Borrower's security interest in the applicable Interval to secure the
Purchaser's obligations under the Eligible Note Receivable and naming Borrower
as assignor and Agent as assignee, assigning to Agent, all of Borrower's right,
title and interest under each Purchaser Financing Statement.

    

    (iii)
delivered to Agent a duly executed Assignment of Notes Receivable and Mortgages
assigning to Agent all of Borrower's right, title and interest in and to each
such Pledged Note Receivable and the related Mortgage; and

    

    (iv)
subject to Section
4.4(c)(xvi) hereof and the partial waiver set forth in Section 5.1(f)
hereof, delivered to Agent, with respect to each Encumbered Interval, a
commitment for a Mortgagee's Title Policy showing that the Mortgage in respect
of such Interval has been assigned to Agent and insuring in favor of Agent the
first priority Lien of such Mortgage in the amount of the Advance to be made in
respect of such Pledged Note Receivable, with a satisfactory title insurance
policy to be issued within ninety (90) days from the date of the
Advance.

    

    The
Mortgages and the assignments thereof to Agent shall each be duly recorded in
the applicable land records with acceptable confirmation of submission for
recording provided to Agent. The Mortgagee's Title Policies shall be in form and
substance satisfactory to Agent and shall be issued by a title insurance company
satisfactory to Agent (the "Title Company"), and name Borrower as the insured
party therein. The funding of the requested Advance, delivery of the Collateral
and issuance of the title insurance policy, and recording of the assignments or
any releases may, in Agent's discretion, be effected by way of an escrow
arrangement with the Title Company or other fiduciary, the form and substance of
which shall be satisfactory to Agent."

    

    3.
Section 5.l(f) shall be revised to delete in its entirety such existing Section
5.1(f) and to substitute in its place and stead the following new replacement
sub-section:

    

    “'(f)
Partial Waiver of
Requirement for Title insurance Policies Upon

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Liberty
Bank

    Attention:
Melanie Joy

    November
15, 2007

    Page
3

    

    Satisfactory Maintenance of
Inventory Control Procedures.  Anything in Section
5.1(b)(iv)hereof to the contrary notwithstanding, the delivery of a commitment
for a Mortgagee Title Policy and a Mortgagee Title Policy shall be required only
with respect to twenty-five percent (25%) of the Eligible Notes Receivable
delivered to Agent in respect of each advance and within sixty (60) days after
the applicable Advance, subject to the following requirements and
limitations:

    

    (i)
Borrower shall be in full compliance with the Inventory Control Procedures (as
defined in Section
6.23 hereof); and

    

    (ii)
Agent shall have the right in its sole discretion to determine those Eligible
Notes Receivable in respect of which commitments for Mortgagee Title Policies
and also the Mortgagee Title Policies themselves shall be required.

    

    In the
event that Borrower fails to satisfy the requirements of Subsection 5.1(f)(i) or
should Agent discover unpermitted Liens or other encumbrances on the Mortgagee
Title Policies obtained randomly, then, immediately upon such event, the partial
waiver provided under this Section 5.1(f) shall
no longer be effective and 100% compliance shall be required."

    

    Our signature below shall constitute
our agreement to the above.

    

    We
further confirm in connection with our agreement, that we, as Borrower,
acknowledge that we do not have any offsets, defenses or claims against you, as
Lender, Agent or Holder, or any of your officers, agents, directors or employees
whether asserted or unasserted. To the extent that we may have any such offsets,
defenses or claims, we and each of our respective successors, assigns, parents,
subsidiaries, affiliates, predecessors, employees and agents as applicable,
jointly and severally, release and forever discharge you, as Lender, Agent or
Holder, your subsidiaries, affiliates, officers, directors, employees, agents,
attorneys, successors and assigns, both present and former (collectively the
"Lender Affiliates") of and from any and all manner of action and actions, cause
and causes of action, suits, debts, controversies, damages, judgments,
executions, claims and demands whatsoever, asserted or unasserted, in law or in
equity which against the you, as Lender, Agent or Holder and/or Lender
Affiliates we or any of our respective successors, assigns, parents,
subsidiaries, affiliates, predecessors, employees and agents ever had, now have,
upon or by reason of any manner, cause, causes or thing whatsoever, including,
without limitation, any presently existing claim or defense whether or not
presently suspected, contemplated or anticipated.

    

    [SIGNATURE
PAGE FOLLOWS]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Liberty
Bank

    Attention:
Melanie Joy

    November
15, 2007

    Page
4

    

    SILVERLEAF
RESORTS INC., a Texas corporation

    

    
      	
              By:

            	
              /S/ HARRY J. WHITE, JR.

            	 
      

    

    Name:            Harry
J. White, Jr.

    Title:              Chief
Financial Officer

    

    Received
and Acknowledged:

    Dated:
December 14, 2007

    

    LIBERTY
BANK

    

    
      	
              By:

            	
              /S/ MELANIE S. JOY

            	 
      

    

    Name:          
Melanie S. Joy

    Title:            
VP

    

    

    CC:  
  Wellington
Financial Corp.

    1706 Emmet Street

    Suite #2

    Charlottesville, Virginia
22901-2822

    Attn: Ronald M. Goldberg,
Presidentex10_62.htm

    
      

    

    Ex.
10.62

    

    

    TENTH AMENDMENT TO
MANAGEMENT AGREEMENT

    

    THIS
TENTH AMENDMENT TO MANAGEMENT AGREEMENT (the "Tenth Amendment") is entered into
as of this 6th day of
September, 2007, by and between Silverleaf Club, a Texas non-profit corporation,
f/k/a Master Club, f/k/a Master Endless Escape Club (“Silverleaf Club”), and
Silverleaf Resorts, Inc., a Texas corporation, f/k/a Silverleaf Vacation Club,
Inc, f/k/a Ascension Capital Corporation, successor by merger to Ascension
Resorts, Ltd ("Manager").

    

    RECITALS

    

    WHEREAS,
Silverleaf Club and Manager entered into that certain Management Agreement dated
as of the 28th day of March, 1990 (the "Management Agreement”), for purposes of
establishing certain management services to be provided by Manager to Silverleaf
Club and certain resorts, as designated in the Management Agreement;
and

    

    WHEREAS,
on December 28, 1993, Silverleaf Club and Manager executed that certain First
Amendment to Management Agreement effective as of January 1, 1993 (the
"First Amendment") to modify the compensation payable to Manager under the
Management Agreement and to amend certain other provisions of the Management
Agreement; and

    

    WHEREAS,
on December 31, 1997, Silverleaf Club and Manager executed that certain Second
Amendment to Management Agreement (the "Second Amendment") to provide for the
addition of two (2) additional Resorts to be subject to the Management
Agreement; and

    

    WHEREAS,
on December 31, 1997, Silverleaf Club and Manager executed that certain Third
Amendment to Management Agreement (the "Third Amendment") to provide for the
addition of the New Units at Oak N'Spruce Resort, to be subject to the
Management Agreement; and

    

    WHEREAS, on
December 3, 1998, Silverleaf Club and Manager executed that certain Fourth
Amendment to Management Agreement (the "Fourth Amendment") to make Manager
responsible for the administration and management of all Units at Oak N'Spruce
Resort not just the New Units; and

    

    WHEREAS,
on January 20, 1999, Silverleaf Club and Manager executed that certain
Fifth Amendment to Management Agreement (the "Fifth Amendment") to provide for
Apple Mountain Resort located in Habersham County, Georgia to be subject to the
Management Agreement; and

    

    WHEREAS,
on January 20, 1999, Silverleaf Club and Manager executed that certain Sixth
Amendment to Management Agreement (the "Sixth Amendment”) to provide for
Silverleaf’s Seaside Resort located in Galveston County, Texas to be subject to
the Management Agreement; and

    

    WHEREAS,
on January 20, 1999, Silverleaf Club and Manager executed that certain Seventh
Amendment to Management Agreement (the "Seventh Amendment") to provide for Beech
Mountain Resort located in Luzerne County, Pennsylvania to be subject to the
Management Agreement; and

    

    WHEREAS,
on March 9, 1999 Silverleaf Club end Manager executed that certain Eighth
Amendment to the Management Agreement (the "Eighth Amendment”) to further extend
the term of the Management Agreement; and

    

    WHEREAS,
on September 27, 2002 Silverleaf Club and Manager executed that certain Ninth
Amendment to the Management Agreement (the "Ninth Amendment”) to modify
paragraph 7 of the Management Agreement with respect to the compensation payable
to the Manager; and

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    WHEREAS,
Silverleaf Club and Manager now desire to further amend the Management Agreement
to extend the term of the Management Agreement;

    

    NOW,
THEREFORE, for and in consideration of Ten and No/100 Dollars ($10.00), and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Silverleaf Club and Manager hereby agree as
follows:

    

    A.
Paragraph 9 of the Management Agreement shall be amended to provide for an
extension of the ten (10) year term of the Management Agreement for an
additional ten (10) year team beginning on the current date of expiration of the
Management Agreement, i.e., March 28, 2010, and continuing through and including
March 27, 2020. All other provisions of Paragraph 9 of the Management Agreement
shall remain the same.

    

    B. Except
as expressly amended hereby, the original terms and conditions of the Management
Agreement, the First Amendment, Second Amendment, Third Amendment, Fourth
Amendment, Fifth Amendment, Sixth Amendment, Seventh Amendment, Eighth Amendment
and Ninth Amendment are hereby ratified and confirmed by Silverleaf Club and
Manager. This Tenth Amendment inures to the benefit, and is binding upon, the
Silverleaf Club and Manager and their respective successors, legal
representatives, and assigns.

    

    C. This
Tenth Amendment may be signed in any number of counterparts, each of which shall
be an original, with the same effect as if the signatures thereto and hereto
were upon the same instrument, and all such counterparts shall be deemed one and
the same instrument.

    

    EXECUTED the 6th day of September,
2007.

    

    
      	 
      	
              SILVERLEAF
      CLUB:

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /S/ ROBERT G. LEVY

            
	 
      	
              Name:

            	
              Robert
      G. Levy

            
	 
      	
              Title:

            	
              President

            
	 	 	 
	 
      	 
      	 
      
	 
      	
              MANAGER:

            
	 
      	 
      	 
      
	 
      	
              SILVERLEAF RESORTS,
      INC., a Texas
      corporation

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /S/ HARRY J. WHITE, JR.

            
	 
      	
              Name:

            	
              Harry
      J. White, Jr.

            
	 
      	
              Title:

            	
              Chief
      Financial Officer

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