SILVERLEAF FINANCE II SUBORDINATED NOTE

SILVERLEAF FINANCE II SUBORDINATED NOTE. SHALL MEAN THE SUBORDINATED NOTE, DATED AS OF DECEMBER 19, 2003, PAYABLE BY SPVTO THE ORDER OF SILVERLEAF RESORTS, INC., AND ANY OTHER PROMISSORY NOTE ISSUED IN REPLACEMENT OR RESTATEMENT THEREOF, OR OTHERWISE ISSUED TO EVIDENCE SPV'S OBLIGATION TO PAY THE DEFERRED PURCHASE PRICE OF RECEIVABLES UNDER THE DEVELOPER TRANSFER AGREEMENT WHICH IS PART OF THE SILVERLEAF FINANCE II ... DOCUMENTS, IN EACH CASE AS AMENDED OR OTHERWISE MODIFIED FROM TIME TO TIME, AND ALL PROCEEDS OF THE FOREGOING. View More