Document:

exv10w19

 

Exhibit 10.19

BROOKWOOD COMPANIES INCORPORATED

STOCK OPTION PLAN

STOCK OPTION AGREEMENT

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	Number of Option	 	 	Option Price Per	 	 	 	 
	 	Grant Date	 	 	Shares	 	 	Share	 	 	Last Day to Exercise	 
	 	 
	 	 	 	 	 	 	 	 	 	 
	 

This agreement evidences the Company’s grant of a stock option (the “Option”) to you under the
option plan noted above (the “Plan”) to purchase shares of Brookwood Companies Incorporated (the
“Company”) Common Stock, $.01 par value (the “Option Shares”) and your acceptance of the Option and
the terms and conditions of this Agreement and the Plan.

A copy of the Plan is furnished to you with this Agreement. An additional copy may be obtained on
request.

The terms of the Plan and any rules and regulations of the Committee which administers the Plan are
incorporated in this Agreement as if fully set forth in it. On the reverse side are some
additional terms of this Option and a brief description of some of the provisions of the Plan. In
the case of any ambiguity or any other conflict between such description and the Plan, the
provisions of the Plan shall govern.

You may purchase any one or more of the Option Shares that become exercisable on a given date from
that date through and including the Last Day to Exercise Option, set forth above. The date or
dates on which the Option Shares become exercisable are as follows:

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Grant Date set forth above.

BROOKWOOD COMPANIES INCORPORATED

	 	 	 	 	 
	By:
	 	 	 	 
	

	 	 
	 	 

 

 

Nothing in this Option Agreement shall in any way affect your right to resign from the Company’s
employ or service, or the Company’s right to terminate your employment or service.

	A.  	For an exercise to be effective, the Company must receive from you:

	 	1)  	A signed letter stating the number of Option Shares you wish to purchase;
	 
	 	2)  	Payment for the Option Shares by cashier’s or certified check; and
	 
	 	3)  	A written statement satisfactory to the Company to the effect that any Option Shares
acquired by you under this Option will be acquired from investment purposes only, and not
with a view to their resale or distribution; and that you will not sell, offer or
distribute the shares without a current registration statement in effect or pursuant to an
applicable exemption from registration under the Securities Act of 1933 acceptable to
counsel to the Company. The certificates representing Option Shares may bear a legend
restricting their transfer in accordance with the foregoing.

	B.  	The Company will not be obligated to deliver any Option Shares to you unless:

	 	1)  	Provision acceptable to the Company has been made for the payment of any federal, state,
and local taxes, which are or will become due and payable by reason of the delivery of the
Option Share; and
	 
	 	2)  	There has been compliance with all federal and state laws and regulations which the Company
deems applicable, and all other legal matters in connection with the issuance and delivery of
the Option Shares have been approved by the Company’s counsel.

	C.  	Except as expressly otherwise provided in the Plan, this Option is exercisable only by you
during your lifetime. In addition, it may not be assigned, transferred, pledged or
hypothecated in any way (whether by operation of law or otherwise) and is not subject to
execution, attachment or similar proceeding.

	D.  	The number and kind of shares issuable under this Option and the Option Price Per Share will
be equitably adjusted to take into account any reorganization, merger, recapitalization, or
the like.

FOR ADDITIONAL TERMS GOVERNING THIS OPTION YOU SHOULD REFER TO THE BROOKWOOD COMPANIES
INCORPORATED STOCK OPTION PLAN DATED JUNE 12, 1989, AS AMENDED. A COPY WILL BE FURNISHED
TO YOU ON REQUEST.exv10w1

 

Ex. 10.1

EXECUTION COPY 

AMENDMENT NO. 1

Dated as of March 28, 2005

to

DEVELOPER TRANSFER AGREEMENT

Dated as of December 19, 2003

     THIS AMENDMENT NO. 1 to DEVELOPER TRANSFER AGREEMENT is entered into as of March 28, 2005
between Silverleaf Resorts, Inc. (the “Company”), a Texas corporation, and Silverleaf
Finance II, Inc., a Delaware corporation (“SPV”). Capitalized terms used herein and not
defined herein have the meaning ascribed thereto in Schedule I to the Loan and Security
Agreement, dated as of December 19, 2003 (as may be amended, restated, supplemented or otherwise
modified from time to time, the “SPV Loan Agreement”), between SPV and Textron Financial
Corporation (“TFC”).

PRELIMINARY STATEMENTS

     A. The Company and SPV desire to amend certain provisions of the Developer Transfer Agreement,
dated as of December 19, 2003, between the Company and SPV (as amended, restated, supplemented or
otherwise modified from time to time, the “Developer Transfer Agreement”).

     B. In consideration of the foregoing, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged by the parties hereto, such parties hereby agree
as follows:

     SECTION 1. Amendments to the Developer Transfer Agreement. Effective as of the date
hereof, subject to the satisfaction of the conditions precedent set forth in Section 3
below, the Developer Transfer Agreement is hereby amended as follows:

     1.1 Clause (x) of the proviso to the first sentence of Section 2.1(a) is hereby amended and
restated to read as follows:

          “SPV shall not be required to purchase any Conveyed Assets if it does not have
sufficient funds to pay for such assets nor shall SPV be permitted to incur Indebtedness to
purchase the Receivables, except that prior to March 10, 2005 SPV may incur indebtedness to
Developer evidenced by the Subordinated Note for such purpose to the extent that, after
giving effect to such indebtedness, the Overcollateralization Amount equals or exceeds the
Required Overcollateralization Amount”.

     1.2 Clauses (vi) and (vii) of Section 4.1 is hereby amended and restated in its
entirety to read as follows:

          “(vi) the aggregate Outstanding Balance of PPM Receivables in Pool I determined as of
the Cut-off Date does not exceed 5% of the aggregate Outstanding Balance of the Sold
Receivables and the Contributed Receivables determined as of the Cut-off Date,

 

 

and, as of the Second Advance Funding Date, no Pledged Receivable in Pool II is a PPM
Receivable; and (vii) as of each Substitution Date, the aggregate Outstanding Balance of
Exchange Receivables and Replacement Receivables to be added into Pool I for that
Substitution Date that constitute PPM Receivables does not exceed the aggregate Outstanding
Balance of the Deleted Receivables and Upgrade Receivables for that Substitution Date that
constitute PPM Receivables, and no Substitute Receivable to be added into Pool II is a PPM
Receivable.”

     1.3 Section 6.2(a) is hereby amended and restated in its entirety to read:

          “(a) The Company may (but shall not be required to), with the written consent of the
Master Servicer, convey Substitute Receivables to SPV, provided that the requirements of
Section 3.2 of the SPV Loan Agreement are satisfied, and, at the time of the substitution,
SPV is “solvent” within the meaning of applicable fraudulent transfer laws. The Company
shall deliver to the Master Servicer, on the tenth Business Day prior to the proposed date
of substitution, which proposed date shall be a Payment Date (the “Substitution Date”), a
“Substitution Certificate” in the form of Exhibit B identifying (i) all of the Exchange
Receivables, and the Delinquent Receivables for which they will be exchanged, and (ii) all
Replacement Receivables and the related Upgrade Receivables, and the Company and the SPV
each shall certify in such Substitution Certificate that SPV is solvent within the meaning
of applicable fraudulent transfer laws. The exchange or replacement of such Receivables
shall not become effective until TFC has approved such Substitution Certificate and Sale
Assignment on or prior to the Substitution Date. To the extent that the aggregate
outstanding balance of all Substitute Receivables transferred to the SPV in exchange for
Delinquent Receivables on any day exceeds the then current value of such Delinquent
Receivables, (i) the SPV will be required to make a payment to the Company for the amount of
such excess in cash, to the extent that the SPV has cash available, or (ii) to the extent
the SPV does not have cash available, (A) prior to March 10, 2005, and, if after giving
effect to such increase, the Overcollateralization Amount would not be less than the
Required Overcollateralization Amount, the SPV will make such payment by increasing the
balance of the Subordinated Note, or (B) in any other case, the amount of such excess will
be deemed to be a capital contribution by the Company to the SPV. To the extent that the
aggregate outstanding balance of all Substitute Receivables transferred to the SPV as a
replacement for Upgrade Receivables on any day exceeds the aggregate outstanding balance of
such Upgrade Receivables, (i) the SPV will be required to make a payment to the Company for
the amount of such excess, in cash to the extent that the SPV has cash available, or (ii) to
the extent the SPV does not have cash available, (A) prior to March 10, 2005, and, if after
giving effect to such increase, the Overcollateralization Amount would not be less than the
Required Overcollateralization Amount, the SPV will make such payment by increasing the
balance of the Subordinated Note, or (B) in any other case, the amount of such excess will
be deemed to be a capital contribution by the Company to the SPV.”

     1.4 Exhibit B is hereby amended and restated in its entirety to read as set forth on
Exhibit B attached hereto.

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     SECTION 2. Acknowledgement. The parties hereto acknowledge and agree that
Schedule I to the SPV Loan Agreement is amended concurrently herewith as provided in
Amendment No. 1, dated as of the date hereof, to the SPV Loan Agreement (“SPV Loan Agreement
Amendment”) and attached hereto as Exhibit A.

     SECTION 3. Conditions Precedent. This Amendment shall become effective and be deemed
effective as of the date first above written upon receipt by SPV, TFC and the Administrative Agent
of a fully executed copy of this Amendment and upon the satisfaction of the conditions precedent
provided for in Section 2 of the SPV Loan Agreement Amendment.

     SECTION 4. Representations, Warranties and Covenants.

     4.1 Upon the effectiveness of this Amendment, the Company hereby reaffirms all covenants,
representations and warranties made by it, to the extent the same are not amended hereby, in the
Developer Transfer Agreement, as amended hereby and agrees that all such covenants, representations
and warranties shall be deemed to have been re-made as of the effective date of this Amendment,
except to the extent that any such other covenants, representations and warranties expressly relate
solely to an earlier date (in which case such covenants, representations and warranties shall have
been true and accurate on and as of such earlier date).

     4.2 The Company hereby represents and warrants (i) that this Amendment constitutes the legal,
valid and binding obligation of the Company enforceable against the Company in accordance with its
terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditors’ rights generally and general
principles of equity which may limit the availability of equitable remedies and (ii) upon the
effectiveness of this Amendment, no Developer Event of Termination, Event of Default or a
Subservicer Event of Default or event which would constitute a Developer Event of Termination, an
Event of Default or a Subservicer Event of Default but for the requirement that notice be given or
time elapse or both shall have occurred or be continuing.

     4.3 The Company, promptly after the Second Advance Funding Date and to the extent it has not
already done so, shall direct or shall cause SPV to direct each Person liable for the payment of
any Sold Receivable or Contributed Receivable (including those transferred on the date hereof) to
pay each installment thereon to the applicable Account Agent, pursuant to the Lockbox Agreement,
unless and until directed otherwise by written notice from the Administrative Agent or, at the
Administrative Agent’s direction, from the Company, after which such parties are and shall be
directed to make all further payments on the Pledged Receivables in accordance with the directions
of the Administrative Agent.

     4.4 A UCC Financing Statement number 040052121681 was filed and recorded on December 29, 2003
in the office of the Secretary of State of Texas naming the Company as Debtor/Seller, SPV as
Secured Party/Buyer/First Assignor, TFC as Secured Party/2nd Assignor and Citicorp North
America, Inc., as Administrative Agent (the “Administrative Agent”) as Assignee of Secured
Party/2nd Assignor (the “Texas Filing”). A UCC Financing Statement Amendment
was filed and recorded on April 7, 2004 (the “Texas UCC Amendment”). The Company and SPV
agree and confirm that the Texas UCC Amendment did not release,

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terminate, or modify the Administrative Agent’s security interest in any Receivables, Conveyed
Assets, Collections or other assets constituting Collateral under the SPV Loan Agreement.

     In addition to the existing indemnities under the Developer Transfer Agreement, the Company
agrees and confirms that any loss, cost or expense incurred by an Indemnified Party thereunder that
results in connection with the filing and recordation of the Texas UCC Amendment and the purported
release contemplated thereby, shall benefit from the indemnification provisions of and shall be
repaid by the Company in accordance with Section 5.21 of the Developer Transfer Agreement.

     SECTION 5. Reference to and Effect on the Developer Transfer Agreement.

     5.1 Upon the effectiveness of this Amendment, each reference in the Developer Transfer
Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” “hereby” or words of like import
shall mean and be a reference to the Developer Transfer Agreement as amended hereby, and each
reference to the Developer Transfer Agreement in any other document, instrument or agreement
executed and/or delivered in connection with the Developer Transfer Agreement shall mean and be a
reference to the Developer Transfer Agreement as amended hereby.

     5.2 Except as specifically amended hereby, the Developer Transfer Agreement and the other
documents, instruments and agreements executed and/or delivered in connection therewith shall
remain in full force and effect and are hereby ratified and confirmed.

     5.3 The execution, delivery and effectiveness of this Amendment shall not operate as a waiver
of any right, power or remedy of SPV, TFC or the Administrative Agent under any Loan Document, nor
constitute a waiver of any provision contained therein, except as specifically set forth herein.

     SECTION 6. Costs and Expenses. Developer shall pay all reasonable legal costs and
expenses incurred by TFC, the Administrative Agent, SPV or the Company in connection with the
negotiation, execution and delivery of this Amendment and the SPV Loan Agreement Amendment.

     SECTION 7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, EXCLUSIVE OF ITS CHOICE OF LAWS PRINCIPLES.
EACH OF THE COMPANY AND SPV HEREBY AGREES TO ACCEPT THE STATE COURTS LOCATED IN NEW YORK, NEW YORK
AS HAVING PROPER JURISDICTION AND BEING THE PROPER VENUE FOR ANY LEGAL PROCEEDINGS ARISING OUT OF
THIS AMENDMENT AND ANY LOAN DOCUMENTS.

     SECTION 8. Execution in Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which taken together shall
constitute but one and the same instrument.

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     SECTION 9. Headings. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment for any purpose.

* * * * *

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     IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective
officers thereunto duly authorized, as of the date first above written.

	 	 	 	 	 
	 	 	SILVERLEAF RESORTS, INC.
	 
	 	 	 	 
	

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

	 	 	 	Name: Harry J. White, Jr.

	

	 	 	 	Title: CFO
	 
	 	 	 	 
	 	 	SILVERLEAF FINANCE II, INC.
	 
	 	 	 	 
	

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

	 	 	 	Name: Harry J. White, Jr.
	

	 	 	 	Title: CFO

ACKNOWLEDGED AND AGREED TO BY:

CITICORP NORTH AMERICA, INC.,

as Administrative Agent

	 	 	 	 	 
	By:

	 	/S/ LAIN GUTIERREZ	 	 
	 	 	 	 	 
	

	 	Name: Lain Gutierrez	 	 
	

	 	Title: Vice President	 	 
	 
	 	 	 	 
	TEXTRON FINANCIAL CORPORATION	 	 
	 
	 	 	 	 
	By:

	 	/S/ NICHOLAS L. MECCA	 	 
	 	 	 	 	 
	

	 	Name: Nicholas L. Mecca	 	 
	

	 	Title: Managing Director	 	 

List of Exhibits Attached to Agreement and not filed herewith:

Ex. A: Amendment to Loan and Security Agreement

Ex. B: Form of Substitution Certificate

B-1

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