Document:

MANUFACTURING
        AGREEMENT

       

      THIS
        IS
        AN AGREEMENT made this 6th
        day of
        March, 1998 between WESTERN FARM SERVICE, INC. a Delaware corporation,
        (hereinafter "WFS"), and ITRONICS METALLURGICAL, INC., a Nevada corporation,
        (hereinafter “IMI”)

       

      1. GRANT
        OF LICENSE. IMI
        hereby grants to WFS a license and right to manufacture the products identified
        in Exhibit "A", hereinafter the "Products", attached hereto and incorporated
        herein by this reference.

       

      2.
        TRADE
        SECRET.
        The
        parties acknowledge that IMI holds the Products and their formulas trade
        secrets
        as defined in NRS Chapter 600A.  

      

      3. CONFIDENTIALITY.
        All
        disclosures made by IMI to WFS regarding the manufacture of the Products,
        are to
        be considered as confidential. Except as set forth in paragraph 6 herein,
        WFS
        agrees to use this information strictly for the purpose of performing its
        service to IMI and agrees, to the best of their ability, to hold it in the
        strictest confidence at all times. WFS agrees to not reveal, publish or
        communicate the subject matter except to those WFS employees required to
        provide
        the contracted service set forth herein. At no time will WFS disclose the
        subject matter to any other party for any purpose without the prior written
        consent of IMI Upon the termination of this Agreement, WFS agrees to return
        to
        IMI all confidential and other related material which may have been provided
        by
        IMI to WFS. Notwithstanding anything stated herein to the contrary, should
        any
        of the materials given to WFS by IMI already be in the public domain, become
        available through public domain or if WFS can document prior knowledge of
        the
        materials from another source, WFS is not obligated to hold that specific
        material in confidence.

       

      4.
        PRODUCT
        CONFORMITY AND QUALITY OF MANUFACTURE.
        IMI
        hereby confirms to WFS that the Products and formulas to manufacture such
        products, conform to all federal, state and local laws. WFS agrees that the
        Products manufactured by WFS will be produced and distributed in accordance
        with
        federal, state and local laws and will be produced using the formulas supplied
        by IMI under the terms of this Agreement. WFS further agrees to submit a
        sample
        of said Products, its carton, containers, and packing material to IMI for
        approval, which approval shall not be unreasonably withheld. Any item not
        specifically disapproved at the end of ten (10) working days after submission
        and receipt by IMI shall be deemed to be approved. The approved Product(s)
        may
        not thereafter be materially changed without approval of IMI.

       

      S. RIGHT
        TO USE NAME/EXCLUSIVITY.
        IMI
        hereby grants to WFS the exclusive right to use the Gold'n Gro trademark
        for the
        20-1-7 and other primary formulas provided to WFS, the Products, for the
        purpose
        of manufacturing and marketing such Products within the territory set forth
        in
        paragraph 7 (hereinafter "Territory"). IMI further grants WFS the exclusive
        rights to market those products, within the territory, identified within
        Exhibit
        "B", attached hereto and incorporated herein by this reference. WFS may modify
        the primary Gold'n Gro product labels by obtaining IMI's prior approval to
        include a credit that the product is manufactured and distributed by WFS.
        WFS
        shall not produce or use any other label, name or trademark on such Products.
        On
        the
        termination of this Agreement, WFS shall discontinue its use of the Gold'n
        Gro
        trademark for 20-1-7 and other primary formulas provided to WFS under the
        terms
        of this Agreement and its manufacture of 20-1-7 and other primary formulas
        provided. WFS shall however maintain the right to market all such Products
        that
        WFS has in its inventories until said product inventory is depleted.
        Notwithstanding anything stated to the contrary herein, IMI shall maintain
        the
        right to sell into the homeowner market, using its small container/packages
        goods.

      

      

      6. NEW
        PRODUCTS.
        IMI
        hereby grants to WFS a license and right to use the Gold'n Gro formulas provided
        to WFS under the terms of this Agreement for the purpose of blending into
        other
        formulas to be manufactured by WFS under other trade names and trade marks.
        All
        new products developed by WFS, or in cooperation with IMI will be the
        proprietary products of WFS and will be labeled under the FIRST CHOICE trademark
        of WFS. Such license and right to use such formulas shall survive the
        termination of this Agreement.

       

      7. TERRITORY.
        IMI
        hereby grants to WFS the exclusive rights to market the Products within the
        States of Arizona, California, Oregon, Washington, Idaho and
        Hawaii.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      8. BEST
        EFFORT.
        WFS
        shall promote, to the best of its abilities, the Sale of the Products in
        the
        territory. WFS shall carry out, where applicable, customer workshops, exhibit
        at
        trade shows and provide product presentations to its marketed
        customers.

       

      9. RAW
        MATERIALS.
        IMI
        shall supply to WFS the base Gold'n Gro product and/or formulating material.
        WFS
        shall supply low biuret urea, low biuret UAN-32, AN-20, phosphate liquids,
        including feed grade 10-34-0 and 0-17-17. Such products shall be used by
        WFS in
        the manufacturing of Gold'n Gro products, test products and/or the manufacturing
        of new products.

       

      10.
        MATERIAL
        PRICE.
        IMI and WFS shall supply their respective raw materials and/or product at
        a
        price which shall be agreed to between the parties hereto and shall be set
        forth
        in Exhibit "C" attached hereto and incorporated herein by this reference.
        Any
        adjustment to the base price set forth in Exhibit C shall be in writing and
        agreed to between the parties hereof. The parties further agree to review
        such
        prices on a quarterly bases.

       

      

       

      11.
        TERM.
        The
        term of this agreement shall be for five (5) year beginning on the 6th
        day of
        March, 1998 and ending on the 
        5th
        day of
        March, 2003  and
        shall
        automatically extend in five year increments unless either party gives the
        other
        prior written notice that it wishes to terminate the agreement as provided
        in
        paragraph 12 herein.

       

      12.
        TERMINATION.
        Either
        party may terminate this agreement at the end of the primary term by giving
        the
        other 120 day prior written notice or at anytime following the primary term
        and
        during any automatic extension period by giving the other prior written notice
        120 days prior to December 31st of each agreement year.

       

      13.
        INDEMNITY.

       

      IMI
        agrees to indemnify and hold WFS, its officers, directors, employees assignees,
        and agents, harmless from and against any and all claims, damages, losses,
        expenses, penalties, lawsuits, judgments, (including attorney fees and costs),
        arising from or related to any breach of this Agreement by IMI excepting
        any
        loss, liability, claim, damage, or expense which is directly attributable
        to the
        active negligence or intentional conduct or omissions of WFS, its officer,
        directors, employees or agents. All indemnities contained in this Agreement
        shall survive the termination hereof, however same shall occur.

       

      WFS
        agrees to indemnify and hold IMI, its officers, directors, employees, assignees,
        and agents, harmless from and against any and all claims, damages, losses,
        expenses, penalties, lawsuits, judgments, (including attorney fees and costs),
        arising from or related to any breach of this Agreement by WFS, excepting
        any
        loss, liability, claim, damage, or expense which is directly attributable
        to the
        active negligence or intentional conduct or omissions of IMI its officers,
        directors, employees or agents. All indemnities contained in this Agreement
        shall survive the termination hereof, however same shall occur.

       

      14. GOVERNING
        LAW. This
        agreement shall be construed and interpreted according to the laws of the
        State
        of California.

      

      15. SEVERABILTTY.
        If any
        provision of this Agreement is held in whole or in part to be unenforceable
        for
        any reason, the remainder of that provision and of the entire Agreement will
        be
        severable and remain in effect. 

       

      16. ATTORNEY
        FEES.
        In any
        action or proceeding to enforce this Agreement, the prevailing party shall
        be
        entitled to its reasonable attorney fees and cost.

       

      17. BINDING
        EFFECT ON SUCCESSORS AND ASSIGNS.
        This
        Agreement shall be binding on and shall inure to the benefit of the successors
        and assigns of the parties to this Agreement.

      

      EXECUTED
        by the parties hereto on this 6th
        day of
        March, 1998.

      

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      

      
        	 ITRONICS METALLURGICAL, INC.	 	 	 WESTERN FARM SERVICE, INC.

	 A Nevada corporation	 	 	 a Delaware corporation
	 	 	 	 
	By:
                /s/ John Whitney	 	 	By:
                /s/ Gordon Miller
	
              	 	 	
              
	John
                Whitney
Title: President	 	 	Gordon
                Miller
Title: V.P. WestUnassociated Document

    
      Ex
        10.1

      

      FIRST
        AMENDMENT TO

      INVENTORY
        LOAN AND SECURITY AGREEMENT

      

      THIS
        FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (this "Amendment")
        is
        dated
        as of October 5, 2005 (the "Closing
        Date"),
        by and between CAPITALSOURCE FINANCE LLC, a Delaware limited liability company,
        as secured party (herein referred to as the "Lender") and SILVERLEAF RESORTS,
        INC., a Texas corporation, as debtor (herein referred to as the
        "Borrower").

      

      RECITALS

      

      A.
        Borrower and Lender have entered into that certain Inventory Loan and Security
        Agreement, dated as of April 29, 2005 (as amended and modified from time
        to
        time, the "Loan Agreement").

      

      B.
        The
        Borrower and Lender desire to amend the Loan Agreement on the terms and
        conditions as hereinafter set forth.

      

      NOW,
        THEREFORE, in consideration of the premises herein contained and other good
        and
        valuable consideration, the receipt and sufficiency of which are hereby
        acknowledged, the parties, intending to be legally bound, agree as
        follows:

      

      AGREEMENT

      

      ARTICLE
        I

      Definitions

      

      1.01
        Capitalized terms used in this Amendment are defined in the Loan Agreement,
        as
        amended hereby, unless otherwise stated.

      

      ARTICLE
        II

      Amendments
        to Loan Agreement

      

      Effective
        as of the date hereof, the Loan is hereby amended as follows:

      

      2.01
        Amendment
        to Section 7.9. 
        Section
        7.9 of the Loan Agreement is hereby amended and restated in its entirety
        to read
        as follows:

      

      "7.9
        Transactions
        with Affiliates; Principal Properties. Borrower
        shall not enter into any transaction including, without limitation, the
        purchase, sale or exchange of real or personal property of the Borrower or
        the
        rendering of any service with any Affiliate of Borrower or any Executive
        Management Member (i) except upon fair and reasonable terms no less favorable
        to
        Borrower than would be obtained in a comparable arm's-length transaction
        with a
        Person not an Affiliate, and (ii) provided such transaction will not constitute,
        or will not reasonably be expected to constitute, a Material Adverse
        Effect."

      

      ARTICLE
        III

      Conditions
        Precedent

      

      3.01
        Conditions
        to Effectiveness. The
        effectiveness of this Amendment is subject to the satisfaction of the following
        conditions precedent in a manner satisfactory to Lender, unless specifically
        waived in writing by Lender:

      

      (a)
        Lender shall have received this Amendment, duly executed by the Borrower
        and
        Lender.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (b)
        Lender shall have received a copy of the resolutions in form and substance
        reasonably satisfactory to Lender, of the board of directors of Borrower
        authorizing the execution, delivery and performance of this Amendment, certified
        by the secretary of the Borrower as of the Closing Date, and such certificate
        shall state that the resolutions thereby certified have not been amended,
        modified, revoked or rescinded as of the date of such certificate.

       

      (c)
        The
        representations and warranties contained herein and in the Loan Agreement,
        as
        amended hereby, and the Loan Documents, shall be tree and correct as of the
        date
        hereof, as if made on the date hereof,

       

      (d)
        No
        Default or Event of Default shall have occurred and be continuing, unless
        such
        Default or Event of Default has been otherwise specifically waived in writing
        by
        Lender.

       

      (e)
        All
        corporate proceedings taken in connection with the transactions contemplated
        by
        this Amendment and all documents, instruments and other legal matters incident
        thereto shall be satisfactory to Lender,

       

      (f)
        All
        corporate and other proceedings, mad all documents, instruments and other
        legal
        matters in connection with the execution of this Amendment shall be satisfactory
        in form and substance to Lender and its counsel.

      

      4.01
        No
        Waiver,
        Borrower
        is hereby notified that irrespective of (i) any waivers or consents previously
        granted by Lender regarding the Loan Agreement and the Loan Documents, (ii)
        any
        previous failures or delays of Lender in exercising any right, power or
        privilege under the Loan Agreement or the Loan Documents, or (iii) any previous
        failures or delays of Lender in tire monitoring or' in the requiring of
        compliance by Borrower with the duties, obligations, and agreements of Borrower
        in the Loan Agreement and the Loan Documents, Borrower will be expected to
        comply strictly with its duties, obligations and agreements under the Loan
        Agreement and the Loan Documents.

      

      Except
        as
        expressly provided in this Amendment, nothing contained in this Amendment
        or any
        other communication between Lender and the Borrower shall be a waiver of
        any
        past, present or future violation, Default or Event of Default of Borrower
        under
        the Loan Agreement or any Loan Document. Similarly, Lender hereby expressly
        reserves any rights, privileges and remedies under the Loan Agreement and
        each
        Loan Document that Lender may have with respect to each violation, Default
        or
        Event of Default, and any failure by Lender to exercise any right, privilege
        or
        remedy as a result of the violations set forth above shall not directly or
        indirectly in any way Whatsoever either (i) impair, prejudice or otherwise
        adversely affect the rights of Lender, except as set forth herein, at any
        time
        to exercise any right, privilege or remedy in connection with the Loan Agreement
        or any Loan Document, (ii) amend or alter any provision of the Loan Agreement
        or
        any Loan Document or any other contract or instrument, or (iii) constitute
        any
        course of dealing or other basis for altering any obligation of Borrower
        or any
        rights, privilege or remedy of Lender under the Loan Agreement or any Loan
        Document or any other contract or instrument. Nothing in this Amendment shall
        be
        construed to be a consent by Lender to any prior, existing or future violations
        of the Loan Agreement or any Loan Document.

      

      ARTICLE
        V

      Ratifications,
        Representations and Warranties

      

      5.01
        Ratifications.
        The
        terms
        and provisions set forth in this Amendment shall modify and supersede all
        inconsistent temps and provisions set forth in the Loan Agreement and the
        Loan
        Document, and, except as expressly modified and superseded by this Amendment,
        the terms and provisions of the Loan Agreement and the Loan Document are
        ratified and confirmed and shall continue in full force and effect. The Borrower
        and Lender agree that the Loan Agreement and the Loan Document, as amended
        hereby, shall continue to be legal, valid, binding and enforceable in accordance
        with their respective terms.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      5.02
        Representations
        and Warranties.
        The
        Borrower hereby represents and warrants to Lender that (a) the execution,
        delivery and performance of this Amendment and any and all Loan Document
        executed and/or delivered in connection herewith have been authorized by
        all
        requisite corporate action on the part of the Borrower and will not violate
        the
        organizational documents or governing documents of Borrower; ('u) the
        representations and warranties contained in the Loan Agreement, as amended
        hereby, and any Loan Document are tree and correct on and as of the date
        hereof
        and on and as of the date of execution hereof as though made on and as of
        each
        such date; (c) no Default or Event of Default under the Loan Agreement, as
        amended hereby, has occurred and is continuing, unless such Default or Event
        of
        Default has been specifically waived in writing by Lender; and (d) the Borrower
        is in full compliance with all covenants and agreements contained in the
        Loan
        Agreement and the Loan Document, as amended hereby; (e) Borrower has not
        amended
        its organizational documents or its governing documents since the date of
        the
        Loan Agreement.

      

      ARTICLE
        VI

      Miscellaneous
        Provisions

      

      6.01
        Survival
        of Representations and Warranties.
        All
        representations and warranties made in the Loan Agreement or any Loan Document,
        including, without limitation, any document furnished in connection with
        this
        Amendment, shall survive the execution and delivery of this Amendment and
        the
        Loan Document, and no investigation by Lender or any closing shall affect
        the
        representations and warranties or the fight of Lender to rely upon
        them.

       

      6.02
        Reference
        to Loan Agreement.
        Each
        of
        the Loan Agreement and the Loan Document, and any and all documents or
        instruments now or hereafter executed and delivered pursuant to the temps
        hereof
        or pursuant to the terms of the Loan Agreement, as amended hereby, are hereby
        amended so that any reference in the Loan Agreement and such Loan Document
        to
        the Loan Agreement shall mean a reference to the Loan Agreement, as amended
        hereby.

       

      6.03
        Expenses
        of Lender.
        As
        provided in the Loan Agreement, the Borrower agrees to pay on demand all
        costs
        and expenses incurred by Lender in connection with the preparation, negotiation,
        mad execution of this Amendment and the Loan Documents executed pursuant
        hereto,
        including, without limitation, the costs and fees of Lender's legal counsel,
        and
        all costs and expenses incurred by Lender in connection with the enforcement
        or
        preservation of any rights under the Loan Agreement, as amended hereby, or
        any
        Loan Document, including, without, limitation, the costs and reasonable fees
        of
        Lender's legal counsel in connection with any such enforcement or preservation
        efforts;

       

      6.04
        Severability.
        Any
        provision of this Amendment hold by a court of competent jurisdiction to
        be
        invalid or unenforceable shall not impair or invalidate the remainder of
        this
        Amendment and the effect thereof shall be confined to the provision so held
        to
        be invalid or unenforceable.

       

      6.05
        Successors
        and Assigns.
        This
        Amendment is binding upon and shall inure to the benefit of Lender and the
        Borrower and their respective successors and assigns, except that the Borrower
        may not assign or transfer any of their rights or obligations hereunder without
        the prior written consent of Lender.

       

      6.06
        Counterparts.
        This
        Amendment may be executed in one or more counterparts, each of which when
        so
        executed shall be deemed to be an original, but all of which when taken together
        shall constitute one and the same instrument.

       

      6.07
        Effect
        of Waiver.
        No
        consent or waiver, express or implied, by Lender to or for any breach of
        or
        deviation from any covenant or condition by the Borrower shall be deemed
        a
        consent to or waiver of any other breach of the same or any other covenant,
        condition or duty.

       

      6.08
        Headings.
        The
        headings, captions, and arrangements used in this Amendment are for convenience
        only and shall not affect the interpretation of this Amendment,

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      6.09
        Applicable
        Law.
        THIS
        AMENDMENT AND ALL LOAN DOCUMENT EXECUTED PURSUANT HERETO SHALL BE DEEMED
        TO HAVE
        BEEN MADE AND TO BE PERFORMABLE IN AND SHALL BE GOVERNED BY AND CONSTRUED
        IN
        ACCORDANCE WITH THE LAWS OF THE STATE OF MARYLAND.

       

      6.10
        Final
        Agreement.
        THE
        LOAN
        AGREEMENT AND THE LOAN DOCUMENT, EACH AS AMENDED HEREBY, REPRESENT THE ENTIRE
        EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF ON THE
        DATE
        THIS
        AMENDMENT IS EXECUTED. THE LOAN AGREEMENT AND THE LOAN DOCUMENTS, AS AMENDED
        HEREBY, MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
        SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
        AGREEMENTS BETWEEN THE PARTIES. NO MODIFICATION, RESCISSION, WAIVER, RELEASE
        OR
        AMENDMENT OF ANY PROVISION OF THIS AMENDMENT SHALL BE MADE, EXCEPT BY A WRITTEN
        AGREEMENT SIGNED BY THE BORROWER AND LENDER.

       

      6.11
        Release..
        THE
        BORROWER HEREBY ACKNOWLEDGES THAT IT HAS NO DEFENSE, COUNTERCLAIM, OFFSET,
        CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN
        BE
        ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY
        THE
        "OBLIGATIONS" OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE
        FROM LENDER. THE BORROWER HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER
        DISCHARGES LENDER, ITS PREDECESSORS, LENDER, EMPLOYEES, SUCCESSORS AND ASSIGNS,
        FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS,
        EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR
        UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL,
        AT
        LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS
        AMENDMENT IS EXECUTED, WHICH THE BORROWER MAY NOW OR HEREAFTER HAVE AGAINST
        LENDER, ITS PREDECESSORS, LENDER, EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY,
        AND
        I1LRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION
        OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY "LOANS", INCLUDING,
        WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING
        OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL 1LATE APPLICABLE, THE
        EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE LOAN AGREEMENT OR LOAN DOCUMENT,
        AND NEGOTIATION FOR AND EXECUTION OF THIS AMENDMENT.

      

      

      

      [The
        Remainder of this Page Intentionally Left Blank]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      IN
        WITNESS WHEREOF, this Amendment has been duly executed on the date first
        written
        above.

      

      

      LENDER:

      

      CAPITALSOURCE
        FINANCE LLC, 

      a
        Delaware limited liability company

      

      By:. /S/
        PIERRETTE N. BRADSHAW

      Name: Pierrette
        N. Bradshaw

      Title: General
        Counsel

      

      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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