FACTS
1
Exhibit 10.1
SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT
THOUSAND TRAILS, INC.
This Second Amendment to Loan and Security Agreement (the "Amendment")
is entered into as of December 23, 1997, by and between FOOTHILL CAPITAL
CORPORATION, a California corporation ("Foothill"), with an office located at
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. Section 5.1(iv) of the Agreement is amended by deleting "One
Hundred Thousand Dollars ($100,000)" in its entirety and substituting "Two
Hundred Thousand Dollars ($200,000)" 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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Title: Assistant Vice President
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2
"Borrowers"
NATIONAL AMERICAN CORPORATION,
a Nevada corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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THOUSAND TRAILS, INC.,
a Delaware corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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THOUSAND TRAILS (CANADA) INC.,
a British Columbian corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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TT OFFSHORE, LTD.,
a Virginia corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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BEECH MOUNTAIN LAKES CORPORATION,
a Pennsylvania corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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CAROLINA LANDING CORPORATION,
a South Carolina corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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3
CARRIAGE MANOR CORPORATION,
a North Carolina corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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CB RESORT CORPORATION,
a Massachusetts corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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CHEROKEE LANDING CORPORATION,
a Tennessee corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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CHIEF CREEK CORPORATION,
a Tennessee corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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COAST FINANCIAL SERVICES, INC.,
a Delaware corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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DIXIE RESORT CORPORATION,
a Mississippi corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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4
FOXWOOD CORPORATION,
a South Carolina corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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GL LAND DEVELOPMENT CORPORATION,
an Oklahoma corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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LAKE ROYALE CORPORATION,
a North Carolina corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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LAKE TANSI VILLAGE, INC.,
a Tennessee corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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LML RESORT CORPORATION,
an Alabama corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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NATCHEZ TRACE WILDERNESS PRESERVE CORPORATION,
a Tennessee corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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5
QUAIL HOLLOW PLANTATION CORPORATION,
a Tennessee corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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QUAIL HOLLOW VILLAGE, INC.,
a Pennsylvania corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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RECREATION LAND CORPORATION,
a Pennsylvania corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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RECREATION PROPERTIES, INC.,
a Mississippi corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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RESORT LAND CORPORATION,
an Arkansas corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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RESORT PARKS INTERNATIONAL, INC.,
a Georgia corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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6
TANSI RESORT, INC.,
a Tennessee corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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THE KINSTON CORPORATION,
a South Carolina corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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THE VILLAS OF HICKORY HILLS, INC.,
a Mississippi corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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WESTERN FUN CORPORATION,
a Texas corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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WESTWIND MANOR CORPORATION,
a Texas corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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WOLF RUN MANOR CORPORATION,
a Pennsylvania corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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7
UST WILDERNESS MANAGEMENT CORPORATION,
a Nevada corporation
By: s/ Xxxxxx X. Xxxxxxx
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Title: Vice President
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