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Ex. 10.2
 
THIRD AMENDMENT TO 
AMENDED AND RESTATED SALE AND SERVICING AGREEMENT
 
THIRD AMENDMENT TO AMENDED AND RESTATED SALE AND SERVICING AGREEMENT (this “Amendment”) dated as of August 6, 2010, by and among SILVERLEAF FINANCE IV, LLC a Delaware limited liability company, as purchaser (the “Purchaser”), SILVERLEAF RESORTS, INC., a Texas corporation, as seller and servicer (the “Seller”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”), Backup Servicer and Account Intermediary. 
 
WHEREAS, the parties hereto have entered into the Amended and Restated Sale and Servicing Agreement, dated as of December 22, 2006, by and among the Purchaser, the Seller, and the Trustee (as amended from time to time, the “Agreement”). Capitalized terms used in this Amendment have the meanings given such terms in the Agreement, except as provided otherwise herein; and
WHEREAS, Section 11.1 of the Agreement permits the Agreement to be amended from time to time pursuant to the conditions set forth therein.
NOW THEREFORE, in consideration of the above premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
 
		
	1.    
	Amendments. 

(a)    Section 3.1(a)(ii) of the Agreement is hereby amended by
(i)    replacing clause (B) thereof in its entirety with the following:
“(B) after the pledge of each Related Receivable pursuant to the Indenture, the weighted average Timeshare Loan Rate of all the Eligible Timeshare Loans that are included in the determination of Net Eligible Receivable Balance shall be no less than 15% and the weighted average original term to maturity of all the Eligible Timeshare Loans that are included in the determination of Net Eligible Receivable Balance shall not exceed 108 months;” 
 
and
 
(ii)    replacing clause (C) thereof in its entirety with the following:
“(C) after the pledge of each Related Receivable pursuant to the Indenture, the Aggregate Principal Balance of Eligible Timeshare Loans with a related Obligor having a FICO score of greater than or equal to 500 and less than 600 as of the date of origination of such Timeshare Loan shall not exceed 7.00% of the Aggregate Principal Balance of all Eligible Receivables;”.
 
(b)    Article VII of the Agreement is hereby amended by adding the following after Section 7.2 thereof:
 
“Section 7.3    Future Term Securitizations.    The Purchaser and the Seller agree that 

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in the event that Silverleaf (whether directly, or through or involving any of its subsidiaries or affiliates) executes a term securitization of timeshare loans during any period when there remains any outstanding principal balance under the Notes (or under the Class A Notes or Class B Notes, following the S&P Rating Restructuring), not less than a pro rata amount of Timeshare Loans (constituting the same proportion of Timeshare Loans, by outstanding principal balance, that the aggregate principal amount of timeshare loans to be securitized in such term securitization bears to the aggregate principal amount of all timeshare loans, including the Timeshare Loans, available to Silverleaf for inclusion in such term securitization) shall be included as part of the timeshare loans being securitized by purchase from the Purchaser (and Silverleaf shall cause any of its subsidiaries or affiliates involved in such term securitization to abide by such requirement). Such inclusion shall be at a release price not less than the greater of (i) the allocable principal amount advanced against such Timeshare Loans under the term securitization plus all accrued and unpaid interest on such Timeshare Loans as of the date of purchase and (ii) the amount necessary to be received by the Purchaser and allocated as Available Funds such that, after giving effect to the release and transfer of such Timeshare Loans, no Borrowing Base Deficiency under the Notes (or under the Class A Notes or Class B Notes, following the S&P Rating Restructuring) would exist.”
 
(c)    Exhibit B, “Eligibility Criteria” is hereby amended by 
 
(i)    replacing clause (d) thereof, currently reading 
 
“(d)    as of the related Cutoff Date, no principal or interest due with respect to the Timeshare Loan is thirty (30) days or more delinquent;”
 
in its entirety with the following: 
 
 “(d)    as of the related Cutoff Date (i) at least six (6) consecutive Scheduled Receivable Payments on the Timeshare Loan shall have been received (in each case in the full amount and not more than thirty (30) days past the due date) and (ii) no principal or interest due with respect to the Timeshare Loan is thirty (30) days or more delinquent;” 
 
and
 
(ii)    replacing clause (iii) thereof, currently reading 
 
“(iii) The Obligor had a FICO Score of at least 500 at the time such Obligor purchased the related Timeshare Property (except with respect to Obligors for whom no FICO score is available, to the extent permitted under clause (v) of the definition of “Overconcentration Amount”).”
 
in its entirety with the following: 
 
“(iii) The Obligor had a FICO Score of at least 500 at the time such Obligor purchased the related Timeshare Property.”
 
(d)    The following definitions are hereby added to Annex A, to appear in correct alphabetical order:

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“Class A Notes” has the meaning assigned to such term in Section 7.02(b) of the Note Purchase Agreement.
 
“Class B Notes” has the meaning assigned to such term in Section 7.02(b) of the Note Purchase Agreement.
 
“Required Restructuring Event” has the meaning assigned to such term in Section 7.02(b) of the Note Purchase Agreement.
 
“S&P Rating Restructuring” has the meaning assigned to such term in Section 7.02(b) of the Note Purchase Agreement.
 
(e)    The definition of “Funding Termination Event” in Annex A is hereby amended by deleting the “and” appearing before clause (vii) thereof and adding the following after clause (vii) and before the ending period:
“; (viii) the failure of any of Silverleaf or the Purchaser to comply with its undertakings in respect of obtaining a rating of the Notes set forth in Section 7.02(a) of the Note Purchase Agreement or to effect the S&P Rating Restructuring described in Section 7.02(b) of the Note Purchase Agreement or to procure the ratings on the Class A Notes and Class B Notes described in Section 7.02(c) of the Note Purchase Agreement, in each case by the respective dates required in such Section 7.02(a) and, in respect of the S&P Rating Restructuring and procurement of ratings on the Class A Notes and Class B Notes, Section 7.02(c), as applicable); and (ix) the failure of any of Silverleaf or the Purchaser to comply with their respective undertakings concerning future term securitizations as set forth at Section 7.3 hereof.”
 
(f)    The definition of “Net Spread” in Annex A is amended by replacing the phrase in clause (x) thereof, currently reading 
 
“(x) weighted average Timeshare Loan Rate of the Eligible Timeshare Loans minus” 
 
 in its entirety with the following:
 
“(x) weighted average Timeshare Loan Rate of the Eligible Timeshare Loans included in the determination of Net Eligible Receivable Balance minus”.
 
(g)    The definition of “Note Interest Rate” in Annex A is amended by replacing the proviso at the end of such definition, currently reading 
 
“provided, however, that the Note Interest Rate will in no event be higher than the maximum rate permitted by law” 
 
 in its entirety with the following:
 
“provided, however, that the Note Interest Rate will in no event (A) be less than 6.00% per annum (or 6.75% per annum, following a failure to obtain the rating of the Notes described in Section 7.02(a) of the Note Purchase Agreement or to effect the S&P Rating Restructuring described in Section 7.02(b) of the Note Purchase 

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Agreement or to procure the ratings on the Class A Notes and the Class B Notes described in Section 7.02(c) of the Note Purchase Agreement, in each case by the respective dates required in such Section 7.02(a) and, in respect of the S&P Rating Restructuring and the procurement of the ratings on the Class A Notes and Class B Notes, Section 7.02(c), as applicable) or (B) be higher than the maximum rate permitted by law.”
 
(h)    The definition of “Noteholder Excess Principal Event” is hereby amended by inserting the phrase “included in the determination of Net Eligible Receivable Balance” immediately following each of the following phrases contained in clauses (iii)(B), (iii)(D) and (iii)(E) therein, respectively: “related to the Eligible Receivables”, “all the Eligible Timeshare Loans” and “all the Eligible Timeshare Loans”.
(i)    The definition of “Overconcentration Amount” in Annex A is hereby amended by 
(i)    replacing clause (v) thereof, currently reading
“(v)    the amount by which the sum of the Aggregate Principal Balance of all Eligible Receivables with Obligors in respect of which no FICO score is available exceeds 3% of the Aggregate Principal Balance of all Eligible Receivables at such time;”
in its entirety with the following:
“(v) [Reserved];”
and
(ii)    replacing clause (x) thereof, currently reading
“(x) the amount by which the sum of the Aggregate Principal Balance of all Eligible Receivables relating to Timeshare Loans with a related Obligor having a FICO score of greater than or equal to 500 and less than 600 as of the date of origination of such Timeshare Loan exceeds, in the aggregate, 20% of the Aggregate Principal Balance of all Eligible Receivables at such time;”
in its entirety with the following:
“(x) the amount by which the sum of the Aggregate Principal Balance of all Eligible Receivables relating to Timeshare Loans with a related Obligor having a FICO score of greater than or equal to 500 and less than 600 as of the date of origination of such Timeshare Loan exceeds, in the aggregate, 7.00% of the Aggregate Principal Balance of all Eligible Receivables at such time;”.
 
(j)    The definition of “Qualified Substitute Timeshare Loan” is hereby amended by inserting the phrase “included in the determination of Net Eligible Receivable Balance” immediately following the phrase “weighted average coupon rate of the Timeshare Loans” contained in clause (iii) therein.
(k)    The definition of “Required Credit Enhancement” in Annex A is hereby amended by replacing the entire definition, including the table identified in the first paragraph thereof as the “matrix”, in its entirety with the following:
““Required Credit Enhancement” means 25%.”. 

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(l)    The definition of “Weighted Average FICO Score” currently reading
“Weighted Average FICO Score” means the weighted average FICO score of all the Obligors in respect of Eligible Receivables at the time such Obligors purchased the related Timeshare Property. For the purposes of determining the Weighted Average FICO Score, Obligors for whom no FICO score is available will be deemed to have a FICO score of 550.” 
is hereby replaced in its entirety with the following:
 
“Weighted Average FICO Score” means the weighted average FICO score, at the time such Obligors purchased the related Timeshare Property, of all the Obligors in respect of Eligible Receivables that are included in the determination of Net Eligible Receivable Balance.”
 
(m)    The definition of “Weighted Average Seasoning” currently reading
“Weighted Average Seasoning” means, with respect to all Eligible Receivables, the weighted average number of months elapsed origination of the Eligible Receivables.” 
is hereby replaced in its entirety with the following:
 
“Weighted Average Seasoning” means, with respect to all Eligible Receivables included in the determination of Net Eligible Receivable Balance, the weighted average number of months elapsed origination of such Eligible Receivables.” 
 
		
	2.    
	Conditions to Effectiveness.    

This Amendment shall be effective upon (i) delivery to the Note Purchaser of counterparts hereof executed by each of the parties hereto, (ii) delivery to the Note Purchaser of executed counterparts of the Second Amendment to Note Purchase Agreement being entered into concurrently with this Amendment, (iii) delivery to the Note Purchaser of executed legal opinions of counsel to the Seller and the Purchaser each in form and substance satisfactory to the Note Purchaser, (iv) delivery to the Note Purchaser of such evidence of authorization or other required entity action of the Seller and the Purchaser, incumbency, good standing and other matters as may be required by the Note Purchaser, in each case in form and substance satisfactory to the Note Purchaser and (v) the representations and warranties of the Seller and the Purchaser referred to in Section 3(a) below are accurate as of the date hereof (or as of the date otherwise deemed made, as applicable).
 
		
	3.    
	Miscellaneous.

(a)Each of the Seller and the Purchaser hereby certifies that its representations and warranties set forth any Basic Document, in each case to the extent that such representations and warranties are deemed repeated on each Settlement Date, Determination Date or the date of any Advance pursuant to the terms of any such Basic Document, are true and correct on the date hereof with the same force and effect as if made on the date hereof. In addition, the Seller and the Purchaser each represents and warrants that (i) no Event of Default or other Funding Termination Event (nor any event that but for notice or lapse of time or both would constitute an Event of Default or other Funding Termination Event) shall have occurred and be continuing as of the date hereof nor shall any of the foregoing occur due to this Amendment becoming effective, (ii) the Seller and the Purchaser each has the entity power and authority 

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to execute and deliver this Amendment and has taken or caused to be taken all necessary entity actions to authorize the execution and delivery of this Amendment, (iii) this Amendment constitutes the valid and binding obligation of the Seller and the Purchaser, enforceable in accordance with its terms and (iv) no consent of any other person (including, without limitation, equityholders or creditors of the Seller or the Purchaser) and no action of or filing with any governmental or public body or authority is required to authorize, or is otherwise required in connection with the execution and performance of this Amendment, other than such that have been obtained.
(b)The Agreement, as amended hereby, is hereby ratified and confirmed in all respects and remains in full force and effect in accordance with its terms.
(c)All references in any Basic Document to the Agreement shall mean the Agreement as amended hereby.
(d)This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile shall be effective as delivery of a manually executed counterpart of this Amendment.
(e)THIS AMENDMENT SHALL, IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES THEREOF THAT WOULD CALL FOR THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.
(f)The headings of the several sections of this Amendment are for convenience only and shall not affect the construction hereof.
(g)This Amendment shall be deemed to be a Basic Document under the Indenture and the other Basic Documents.
 
[signatures follow]
 

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IN WITNESS WHEREOF, this Amendment has been duly executed and delivered as of the date first above written.
 
			
	 
	 
	SILVERLEAF FINANCE IV, LLC
 
By:       /s/ HARRY J. WHITE, JR.
Name:  Harry J. White, Jr.
Its:        Chief Financial Officer

	 
	 
	 

	 
	 
	SILVERLEAF RESORTS, INC.
 
By:        /s/ HARRY J. WHITE, JR.
Name:  Harry J. White, Jr.
Its:        Chief Financial Officer

	 
	 
	 

	 
	 
	WELLS FARGO BANK, NATIONAL

	 
	 
	ASSOCIATION, in its capacity as Trustee
 
By:       /s/ SUE DIGNAN
Name:  Sue Dignan
Its:        Vice President

 

7coyoteexhibit101.htm

EXHIBIT 10.1

 

FORM OF SUBSCRIPTION AGREEMENT

Coyote Resources, Inc.

5490 Longley Lane,

Reno, Nevada 89511

Gentlemen:

1. Subscription. On the terms and subject to the conditions of this Subscription Agreement (“Subscription Agreement”), ______________ (“Investor”) hereby subscribes for __________( ______ ) shares of $.001 par value common stock (“Shares”) of Coyote Resources, Inc., a Nevada corporation (“Company”), at a purchase price of ____________ (______), or $1.00 per share (“Per Share Price”). In connection with the Shares being issued pursuant to the Subscription Agreement, the Investor shall receive _________ (______) warrants which will provide to the Investor the right to purchase _________ (______) shares of the Company’s common stock at a purchase price of $0.50 per share and which warrant shall expire three years from the date that the Company accepts the subscription contemplated by the provisions of this Subscription Agreement. The Warrant Agreement attached hereto as Exhibit A. The Per Price Share is subject to the anti-dilution provisions of Section 3 of this Subscription Agreement.

The Investor shall send:  (1) an executed copy of this Subscription Agreement; and (2) a wire transfer in immediately available U.S. funds for the full amount of the purchase price of the Shares for which the Investor is subscribing plus all wire transfer fees.

2.           Representations and Warranties.  In order to induce the Company to accept this subscription, the Investor hereby represents and warrants to, and covenants with, the Company as follows:

(a)           The Investor has received and carefully reviewed such information and documentation relating to the Company that the Investor has requested, including without limitation, the Company’s filings with the U.S. Securities and Exchange Commission;

(b)           The Investor has had a reasonable opportunity to ask questions of and receive answers from the Company concerning the Company and terms and conditions of his or her proposed investment in the Company, and all such questions, if any, have been answered to the full satisfaction of the Investor;

(c)           The Investor has such knowledge and expertise in financial and business matters that the Investor is capable of evaluating the merits and risks involved in an investment in the Shares;

(d)           The Investor understands that the Company has determined that the exemption from the registration provisions of the Securities Act of 1933, as amended (the “Securities Act”), provided by Regulation S with respect to non U.S. purchasers is applicable to the offer and sale of the Shares, based, in part, upon the representations, warranties and agreements made by the Investor herein;

 

  

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(e)           Except as set forth herein, no representations or warranties have been made to the Investor by the Company or any agent, employee or affiliate of the Company and in entering into this transaction the Investor is not relying upon any information, other than the results of independent investigation by the Investor;

(f)           The Investor acknowledges that it has been called to his or her attention by those persons with whom the Investor has dealt in connection with his or her proposed investment in the Company, that the Company has a limited operating history with limited revenues and the Company may never have any significant revenues or earnings, and that the Investor’s proposed investment in the Company involves significant risks which may result in the loss of that investment, or a portion thereof;

(g)           The Investor has full power and authority to execute and deliver this Subscription Agreement and to perform the obligations of the Investor hereunder and this Subscription Agreement is a legally binding obligation of the Investor in accordance with its terms; and

(h)           Regulation S.

(i)           The Investor understands and acknowledges that (A) the Shares acquired pursuant to this Subscription Agreement have not been registered under the Securities Act and are being sold in reliance upon an exemption from registration afforded by Regulation S; and that such Shares have not been registered with any state securities commission or authority; (B)  pursuant to the requirements of Regulation S, the Shares may not be transferred, sold or otherwise exchanged unless in compliance with the provisions of Regulation S and/or pursuant to registration under the Securities Act, or pursuant to an available exemption thereunder; and (C) other than as set forth in this Subscription Agreement between the Company and the Investor, the Company is under no obligation to register the Shares under the Securities Act or any state securities law, or to take any action to make any exemption from any such registration provisions available.

(ii)           (A) The Investor is not a U.S. person and is not acquiring the Shares for the account of any U.S. person; (B) if a corporation, it is not organized or incorporated under the laws of the United States; (C) if a corporation, no director or executive officer is a national or citizen of the United States; and (D) it is not otherwise deemed to be a “U.S. Person” within the meaning of Regulation S.

(iii)           The Investor, if not an individual, was not formed specifically for the purpose of acquiring the Shares purchased pursuant to this Subscription Agreement.

(iv)           The Investor is purchasing the Shares for its own account and risk and not for the account or benefit of a U.S. Person as defined in Regulation S and no other person has any interest in or participation in the Shares or any right, option, security interest, pledge or other interest in or to the Shares. The Investor understands, acknowledges and agrees that it must bear the economic risk of its investment in the Shares for an indefinite period of time and that prior to any such offer or sale, the Company may require, as a condition to effecting a transfer of the Shares, an opinion of counsel, acceptable to the Company, as to the registration or exemption therefrom under the Securities Act and any state securities acts, if applicable.

 

  

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(v)           The Investor will, after the expiration of the restricted period, as set forth under Rule 903 of Regulation S, offer, sell, pledge or otherwise transfer the Shares only in accordance with Regulation S, or pursuant to an available exemption under the Securities Act and, in any case, in accordance with applicable state securities laws.  The transactions contemplated by this Subscription Agreement have neither been pre-arranged with a purchaser who is in the United States or who is a U.S. Person, nor are they part of a plan or scheme to evade the registration provisions of the United States federal securities laws.

(vi)           The offer leading to the sale evidenced hereby was made in an “offshore transaction.”  For purposes of Regulation S, the Investor understands that an “offshore transaction” as defined under Regulation S is any offer or sale not made to a person in the United States and either (A) at the time the buy order is originated, the purchaser is outside the United States, or the seller or any person acting on his behalf reasonably believes that the purchaser is outside the United States; or (B) for purposes of (1) Rule 903 of Regulation S, the transaction is executed in, or on or through a physical trading floor of an established foreign exchange that is located outside the United States or (2) Rule 904 of Regulation S, the transaction is executed in, on or through the facilities of a designated offshore securities market, and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States.

(vii)           Neither the Investor nor any affiliate of the Investor or any person acting on its behalf, has made or is aware of any “directed selling efforts” in the United States, which is defined in Regulation S to be any activity undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for any of the Shares being purchased hereby.

(viii)           The Investor understands that the Company is the seller of the Shares which are the subject of this Subscription Agreement, and that, for purpose of Regulation S, a “distributor” is any underwriter, dealer or other person who participates, pursuant to a contractual arrangement, in the distribution of securities offered or sold in reliance on Regulation S and that an “affiliate” is any partner, officer, director or any person directly or indirectly controlling, controlled by or under common control with any person in question.  The Investor agrees that it will not, during the restricted period set forth under Rule 903 of Regulation S, act as a distributor, either directly or though any affiliate, nor shall it sell, transfer, hypothecate or otherwise convey the Shares other than to a non-U.S. Person.

(ix)           The Investor acknowledges that the Shares will bear a legend in substantially the following form:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN OFFERED AND SOLD IN AN “OFFSHORE TRANSACTION” IN RELIANCE UPON REGULATION S AS PROMULGATED BY THE SECURITIES AND EXCHANGE COMMISSION. ACCORDINGLY, THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND MAY NOT BE TRANSFERRED OTHER THAN IN ACCORDANCE WITH REGULATION S, PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRA­TION UNDER THE SECURITIES ACT, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE SATISFACTION OF THE COMPANY.  THE SECURITIES REPRESENTED BY THIS CERTIFICATE CANNOT BE THE SUBJECT OF HEDGING TRANSACTIONS UNLESS SUCH TRANSACTIONS ARE CONDUCTED IN COMPLIANCE WITH THE SECURITIES ACT.

3. The Investor understands that this subscription is not binding upon the Company until the Company accepts it, which acceptance is at the sole discretion of the Company and is to be evidenced by the Company’s execution of this Subscription Agreement where indicated.  This Subscription Agreement shall be null and void if the Company does not accept it as aforesaid.  The Investor further understands that all the offering proceeds will be placed directly in the Company’s bank account.  In the event the Company does not accept the offering proceeds, the offering will not be completed and all offering proceeds will thereafter be promptly returned to investors without interest or deduction.

  

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4. The Investor has no right to require that the Shares be registered pursuant to the provisions of the Securities Act, or otherwise.  The Investor further acknowledges and agrees that the Company has no obligation to assist the Investor in obtaining any exemption from any registration requirements imposed by applicable law. The Investor also acknowledges and agrees that he or she shall be responsible for compliance with all conditions on transfer imposed by a securities administrator or similar person of any state, province or territory.

5. The Investor understands that the Company may, in its sole discretion, reject this subscription, in whole or in part, and/or reduce this subscription in any amount and to any extent, whether or not pro rata reductions are made of any other investor’s subscription.

6. The Investor agrees to indemnify the Company and hold it harmless from and against any and all losses, damages, liabilities, costs and expenses which it may sustain or incur in connection with the breach by the Investor of any representation, warranty or covenant made by the Investor.

7. Neither this Subscription Agreement nor any of the rights of the Investor hereunder may be transferred or assigned by the Investor.

8. Except as otherwise provided herein, this Subscription Agreement (i) may only be modified by a written instrument executed by the Investor and the Company; (ii) sets forth the entire agreement of the Investor and the Company with respect to the subject matter hereof; (iii) shall be governed by the laws of the State of Nevada applicable to contracts made and to be wholly performed therein; and (iv) shall inure to the benefit of, and be binding upon the Company and the Investor and their respective heirs, legal representatives, successors and permitted assigns.

9. Unless the context otherwise requires, all personal pronouns used in this Subscription Agreement, whether in the masculine, feminine or neuter gender, shall include all other genders.

10. All notices or other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered personally or mailed by certified or registered mail, return receipt requested, postage prepaid, as follows:  if to the Investor, to the address set forth on the signature page hereto; and if to the Company, to 5490 Longley Lane, Reno, Nevada 89511, Attention: President or to such other address as the Company or the Investor shall have designated to the other by like notice.

  

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SIGNATURE PAGE

IN WITNESS WHEREOF, the Investor has executed this Subscription Agreement this _____ day of November 2010.

Number of Shares Subscribed for _________

Subscription Amount: _________

 

	
Organization Signature:

	 	
Individual Signature:

	 
	  	 	  	 
	  	 	  	 
	  	 	
Signature

	 
	  	 	  	 
	 By:	 	 	  	 
	
Name:

	 	
Print Name

	 
	
Title:

	 	  	 
	  	 	  	 
	  	 	
Additional Signature of Joint Owner

	 
	  	 	  	 
	  	 	  	 
	  	 	
Print Name

	 

(All Subscribers should please print information below exactly

as you wish it to appear in the records of the Company)

 

	 	 	 	 
	
Name

	  	
Social Security Number of Individual

	  
	  	  	
or other Taxpayer I.D. Number

	  
	  	  	  	  
	
Address:

	  	
Address for notices if different:

	  
	  	  	  	  
	  	  	  	  
	
Number and Street

	  	
Number and Street

	  
	  	  	  	  
	  	  	  	  
	City	 Country	Postal Code	  	City	 Country	Postal Code	  

Please check the box to indicate form of ownership (if applicable):

	
 

tenants-in-common ÿ

(Both Parties must sign above)

	
 

joint tenants with right of survivorship ÿ

(Both Parties must sign above)

	
 

community property ÿ

(Both Parties must sign above)

  

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ACCEPTANCE OF SUBSCRIPTION

The foregoing subscription is hereby accepted by Coyote Resources, Inc. this _________ day of November 2010.

	 	
Coyote Resources, Inc.

	 
	 	 	 	 
	
 

	
By: 

	/s/ Earl Abbott	 
	 	 	Name: Earl Abbott	 
	 	 	Title: President	 
	 	 	 	 

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