THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT THOUSAND TRAILS, INC.
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EXHIBIT 10.1
THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT
THOUSAND TRAILS, INC.
This Third Amendment to Loan and Security Agreement ("the Amendment")
is entered into as of January 5, 1998 by and between FOOTHILL CAPITAL
CORPORATION, a California corporation ("Foothill"), with an office located
00000 Xxxxx Xxxxxx Xxxxxxxxx, Xxxxx 0000, Xxx Xxxxxxx, Xxxxxxxxxx 00000-0000,
on the one hand, and NATIONAL AMERICAN CORPORATION, a Nevada corporation
("National American"), THOUSAND TRAILS, INC., a Delaware corporation ("Thousand
Trails"), and the other party borrowers signatory hereto (each, together with
National American and Thousand Trails, individually a "Borrower" and
collectively, jointly and severally, "Borrowers"), on the other hand, in light
of the following facts:
FACTS
FACT ONE: Foothill and Borrowers have previously entered into that
certain Loan and Security Agreement, dated as of July 10, 1996 (as amended and
supplemented, the "Agreement").
FACT TWO: Foothill and borrowers have agreed to amend the Agreement
as provided herein.
NOW, THEREFORE, Foothill and borrower hereby amend and supplement the
Agreement as follows:
1. Schedule 5.4 (5/97) of the Agreement is amended by deleting "Palm
Springs Acreage* $1,800,000" in its entirety and substituting "Palm Springs
Acreage* $760,000" in lieu thereof.
2. In the event of a conflict between the terms and provisions of
this Amendment and the terms and provisions of the Agreement, the terms of this
Amendment shall govern. In all other respects, the Agreement, as amended and
supplemented hereby, shall remain in full force and effect.
IN WITNESS WHEREOF, Foothill and Borrower have executed this Amendment
as of the date first written above.
"Foothill"
FOOTHILL CAPITAL CORPORATION,
a California corporation
By: /s/ Xxxx X. Xxxxxxxx
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Xxxx X. Xxxxxxxx
Assistant Vice President
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"Borrowers"
NATIONAL AMERICAN CORPORATION,
a Nevada corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
THOUSAND TRAILS, INC.,
a Delaware corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
THOUSAND TRAILS (CANADA) INC.,
a British Columbian corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
TT OFFSHORE, LTD,
a Virginia corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
BEECH MOUNTAIN LAKES CORPORATION,
a Pennsylvania corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
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CAROLINA LANDING CORPORATION,
a South Carolina corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
CARRIAGE MANOR CORPORATION,
a North Carolina corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
CB RESORT CORPORATION,
a Massachusetts corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
CHEROKEE LANDING CORPORATION,
a Tennessee corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
CHIEF CREEK CORPORATION,
a Tennessee corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
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COAST FINANCIAL SERVICES, INC.,
a Delaware corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
DIXIE RESORT CORPORATION,
a Mississippi corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
FOXWOOD CORPORATION,
a South Carolina corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
GL LAND DEVELOPMENT CORPORATION,
an Oklahoma corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
LAKE ROYALE CORPORATION,
a North Carolina corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
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LAKE TANSI VILLAGE, INC.,
a Tennessee corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
LML RESORT CORPORATION,
an Alabama corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
NATCHEZ TRACE WILDERNESS PRESERVE
CORPORATION, a Tennessee corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
QUAIL HOLLOW PLANTATION CORPORATION, a
Tennessee corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
QUAIL HOLLOW VILLAGE, INC.,
a Pennsylvania corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
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RECREATION LAND CORPORATION,
a Pennsylvania corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
RECREATION PROPERTIES, INC.,
a Mississippi corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
RESORT LAND CORPORATION,
an Arkansas corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
RESORT PARKS INTERNATIONAL, INC.,
a Georgia corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
TANSI RESORT, INC.,
a Tennessee corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
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THE KINSTON CORPORATION,
a South Carolina corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
THE VILLAS OF HICKORY HILLS, INC.,
a Mississippi corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
WESTERN FUN CORPORATION,
a Texas corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
WESTWIND MANOR CORPORATION,
a Texas corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
WOLF RUN MANOR CORPORATION,
a Pennsylvania corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
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UST WILDERNESS MANAGEMENT CORPORATION, a
Nevada corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
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