Document:

Ex.
      10.2

    

    SECOND
      SUPPLEMENT TO INDENTURE

    

    SECOND
      SUPPLEMENT TO INDENTURE (this “Supplement”) dated as of July 14, 2006, by and
      among Silverleaf Finance III, LLC, as issuer (the “Issuer”), Silverleaf Resorts,
      Inc., as servicer (the “Servicer”), and Wells Fargo Bank, National Association,
      as indenture trustee, backup servicer, paying agent, custodian and account
      intermediary (the “Indenture Trustee”). 

    

    Reference
      is made to the Indenture, dated as of July 1, 2005, by and among the Issuer,
      the
      Servicer, and the Indenture Trustee, pursuant to which the Silverleaf Timeshare
      Loan-Backed Notes, Series 2005-A (the “Notes”) were issued and the Issuer
      pledged certain Collateral to the Indenture Trustee to secure the payment of
      the
      Notes (as supplemented hereby, the "Indenture"). Capitalized terms used in
      this
      Supplement have the meanings given such terms in the Indenture, as supplemented
      hereby, except as provided otherwise herein.

    

    The
      Issuer has requested that the Indenture be amended pursuant to Section 9.1(a)
      thereof, as set forth below. 

    

    1. 
Amendment:
      Section 5.4.
      Section
      5.4(a)(iii) of the Indenture is hereby amended to replace each reference to
      Section “5.3(a)(iv)” of the Indenture with Section “5.3(a)(xiv).” 

    

    2. 
Conditions
      Precedent.
      The
      Issuer hereby states that the following conditions precedent to this Supplement
      have been fulfilled pursuant to Section 9.1(a) of the Indenture:

    

    (a) 
Issuer
      Order.
       An
      Issuer
      Order authorizing the Indenture Trustee to enter into this Supplement has been
      duly executed by the Issuer and presented to the Indenture Trustee.

    

    (b) 
Effect
      on Noteholders.
      The
      Issuer confirms that this Supplement will not adversely affect the interests
      of
      any of the Holders of the Notes. 

    

    3. 
Effective
      Date.
      Pursuant to Section 9.4 of the Indenture, upon execution by the Issuer, the
      Servicer and the Indenture Trustee, this Supplement shall become effective
      and
      be a part of the Indenture for all purposes as though executed with the
      Indenture and effective as of July 1, 2005. All Noteholders shall be bound
      by
      the terms of this Supplement. 

    

    4. 
Reaffirmation
      and Ratification of Existing Agreements, Etc.
      The
      Issuer: (i) reaffirms and ratifies all the obligations to the Indenture Trustee,
      in respect of the Indenture, as hereby amended, and the other Transaction
      Documents, and (ii) agrees that the Indenture, as amended hereby, and the other
      Transaction Documents shall remain in full force and effect, enforceable against
      the Issuer in accordance with their terms.

    

    5. 
Miscellaneous.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (a)             
      This
      Supplement may be executed in any number of counterparts, each of which such
      executed
      shall be deemed to be an original, but all such counterparts shall together
      constitute but one
      and
      the same instrument.

    

    (b)             
      This
      Supplement shall be deemed to be a contract made under the laws of the State
      of
      New York and shall for all purposes be governed by, and construed in accordance
      with, the laws of the State of New York.

    

    (c)            
       The
      headings of the several sections of this Supplement are for convenience only
      and
      shall not affect the construction hereof.

    

    (d)             
      This Supplement shall be deemed to be a Transaction Document under the Indenture
      and the other Transaction Documents.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, this Supplement has been duly executed and delivered as of
      the
      date first above written.

    

    

    
      	 	
              SILVERLEAF
                FINANCE III, LLC

            
	 	 
	 	 
	 	
              By:
                /S/ HARRY J. WHITE,
                JR.                           

            
	 	
              Title:
                Chief Financial Officer

            
	 	 
	 	 
	 	 
	 	
              SILVERLEAF
                RESORTS, INC., as Servicer

            
	 	 
	 	 
	 	
              By:
                /S/ HARRY J. WHITE,
                JR.                          
                

            
	 	
              Title:
                Chief Financial Officer

            
	 	 
	 	 
	 	 
	 	
              WELLS
                FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Indenture Trustee,
                Backup Servicer, Paying Agent, Custodian and Account
                Intermediary

            
	 	 
	 	 
	 	
              By:
                /S/ SUE
                DIGNAN                                        
                

            
	 	
              Title:
                Assistant Vice PresidentEx.
      10.3

    

    

    NINTH
      AMENDMENT TO ASSET PURCHASE AGREEMENT

    

    

    THIS
      NINTH AMENDMENT TO ASSET PURCHASE AGREEMENT (“Amendment”)
      is
      made and entered into as of July 27, 2006, by and between SILVERLEAF RESORTS,
      INC., a Texas corporation ("Seller"),
      and
      ALGONQUIN WATER RESOURCES OF TEXAS, LLC, a Texas limited liability company;
      ALGONQUIN WATER RESOURCES OF MISSOURI, LLC, a Missouri limited liability
      company; ALGONQUIN WATER RESOURCES OF ILLINOIS, LLC, an Illinois limited
      liability company; ALGONQUIN WATER RESOURCES OF AMERICA, INC., a Delaware
      corporation; and ALGONQUIN POWER INCOME FUND, a Canadian income trust
      (collectively, the “Purchaser”).

    

    WITNESSETH

    

    WHEREAS,
      as of August 29, 2004, Seller and Purchaser entered into that certain Asset
      Purchase Agreement (the “Agreement”)
      pursuant to which Seller agreed to sell and Purchaser agreed to purchase certain
      water and sewer facilities owned by Seller (the “Real
      Property”);
      and

    

    WHEREAS,
      pursuant to a First Amendment to Asset Purchase Agreement dated October 12,
      2004, a Second Amendment to Asset Purchase Agreement dated October 20, 2004,
      a
      Third Amendment to Asset Purchase Agreement dated November 10, 2004, a Fourth
      Amendment to Asset Purchase Agreement dated November 12, 2004, a Fifth Amendment
      to Asset Purchase Agreement dated November 16, 2004, a Sixth Amendment
      to Asset Purchase Agreement dated November 30, 2004, a Seventh Amendment to
      Asset Purchase Agreement dated January, 2005, and an Eighth Amendment dated
      February 22, 2005, Seller and Purchaser agreed on certain modifications to
      the
      terms and conditions of the Agreement (hereinafter the Agreement as modified
      is
      referred to as the "Agreement");
      and

    

    WHEREAS,
      Seller and Purchaser desire to further modify the terms and conditions of the
      Agreement in order to extend the deadline by which Seller must obtain all
      necessary governmental approvals of the sale of the portion of the Assets
      located in Texas from the Texas regulatory agencies;

    

    NOW,
      THEREFORE, in consideration of the mutual promises and covenants contained
      herein, and other good and valuable consideration, the receipt, accuracy and
      sufficiency of which is hereby acknowledged, Seller and Purchaser hereby agree
      as follows:

    

    1. Notwithstanding
      anything to the contrary contained in the Agreement, and in particular paragraph
      7 of the Sixth Amendment to Asset Purchase Agreement, Seller and Purchaser
      hereby agree that the deadline by which Seller must obtain all necessary
      governmental approvals of the sale of that portion of the Assets which are
      located in Texas from the appropriate Texas regulatory agencies shall be
      extended by six (6) months to March 8, 2007.

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    Except
      as
      specifically set forth above, all terms and conditions of the Agreement shall
      remain in full force and effect. All capitalized terms not otherwise defined
      herein shall have the meaning given to such terms in the Agreement.

    

    IN
      WITNESS WHEREOF, the undersigned have executed this Amendment under seal, as
      of
      the date and year first above written.

    

    
      	 	
              SELLER:

            
	 	 	 
	 	 	 
	 	
              SILVERLEAF
                RESORTS, INC., a Texas corporation

            
	 	 	 
	 	 	 
	 	 	 
	 	
              By:

            	
              /S/
                JOE W.
                CONNER                                      
                

            
	 	
              Name:

            	
              Joe
                W. Conner

            
	 	
              Its:

            	
              COO

            
	 	 	 
	 	 	 
	 	
              PURCHASER:

            
	 	 	 
	 	
              ALGONQUIN
                WATER RESOURCES OF TEXAS, LLC, 

              a
                Texas limited liability company

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /S/
                EDWARD
                PAMATAT                            
                

            
	 	
              Its:

            	 
	 	 	 
	 	 	 
	 	
              ALGONQUIN
                WATER RESOURCES OF MISSOURI, LLC,
                

              a
                Missouri limited liability company

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /S/
                EDWARD
                PAMATAT                           
                

            
	 	
              Its:

            	 
	 	 	 
	 	 	 
	 	
              ALGONQUIN
                WATER RESOURCES OF ILLINOIS, LLC,
                

              an
                Illinois limited liability company

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /S/
                EDWARD
                PAMATAT                          
                

            
	 	
              Its:

            	 

    

     

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

     

    
      	 	
              ALGONQUIN
                WATER RESOURCES OF AMERICA, INC.,

              a
                Delaware corporation

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /S/
                EDWARD
                PAMATAT                           
                

            
	 	
              Its:

            	 
	 	 	 
	 	 	 
	 	
              ALGONQUIN
                POWER INCOME FUND, a Canadian income trust

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /S/
                EDWARD
                PAMATAT                          
                

            
	 	
              Its:

            	 

    

    

     

     

     

     

     

     

     

     

     

    

    
      
         

      

      
        3

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