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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
        STATES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>WASHINGTON,
        D.C. 20549</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
        8-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
        REPORT</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PURSUANT
        TO SECTION 13 OR 15(d) OF</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>THE
        SECURITIES EXCHANGE ACT OF 1934</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Date
        of Report: December 23, 2005</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Date
        of earliest event reported): December 21, 2005</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Silverleaf
        Resorts, Inc.</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Exact
        name of registrant as specified in its charter)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Texas</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
        <hr style="COLOR: #000000" align="left" noshade size="2" width="100%">
        &#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(State
        or other jurisdiction of incorporation)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
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                    <td valign="top" width="50%" style="BORDER-BOTTOM: medium none">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>1-13003</strong></font></div>
                    </td>
                    <td valign="top" width="50%" style="BORDER-BOTTOM: medium none">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>75-2259890</strong></font></div>
                    </td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Commission
                        File Number)</strong></font></div>
                    </td>
                    <td valign="top" width="50%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(IRS
                        Employer Identification
                        Number)</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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        <div align="left">
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                <td align="left" valign="top" width="70%" style="BORDER-BOTTOM: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>1221
                    River Bend Drive, Suite 120, Dallas, Texas</strong></font></div>
                </td>
                <td align="left" valign="top" width="30%" style="BORDER-BOTTOM: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>75247</strong></font></div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Address
                    of principal executive offices)</strong></font></div>
                </td>
                <td align="left" valign="top" width="30%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Zip
                    Code)</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>214-631-1166</strong></font><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
          <hr style="COLOR: #000000" align="left" noshade size="2" width="100%"><font size="3">&#160;</font><strong>(Registrant&#8217;s
          telephone number, including area
          code)</strong></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Not
        applicable</strong></font></div>
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        <div>
          <hr style="COLOR: #000000" align="left" noshade size="2" width="100%">
          &#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Former
          name or former address, if changed since last
          report)</strong></font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions (see General Instruction A.2. below):</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o
</font>Written
        communications pursuant to Rule
        425 under the Securities Act (17 CFR 230.425)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o
</font>Soliciting
        material pursuant to Rule
        14a-12 under the Exchange Act (17 CFR 240.14a.12)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o
</font>Pre-commencement
        communications pursuant
        to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o
</font>Pre-commencement
        communications pursuant
        to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font><br></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        1.01 Entry into a Material Definitive Agreement</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Silverleaf
        Resorts, Inc. (the &#8220;Registrant&#8221;) has entered into a Loan and Security Agreement
        - Inventory ("Inventory Loan Agreement") and a Loan and Security Agreement
        -
        Receivables ("Receivables Loan Agreement") with Wells Fargo Foothill, Inc.
        ("Wells Fargo Foothill"). Although each of these agreements is dated December
        16, 2005, neither agreement was formally closed until December 21, 2005 when
        all
        contingencies were met. Under the terms of the Inventory Loan Agreement,
        the
        Registrant may from time to time borrow up to $15 million which will be secured
        by a portion of the Registrant's inventory of unsold timeshare intervals.
        The
        Inventory Loan Agreement will mature on December 31, 2010 and bear interest
        annually at prime rate plus 2%, with a floor of 6%. Under the terms of the
        Receivables Loan Agreement the Registrant may from time to time borrow up
        to an
        aggregate of $50 million which will be secured by notes receivable from
        timeshare interval purchasers at an advance rate of up to 75% of the aggregate
        outstanding principal balance of all eligible notes receivable pledged as
        security. The Receivables Loan Agreement will mature on December 31, 2011
        and
        bears interest at a rate equal to prime rate plus 0.5%, with a floor of 6%.
        The
        proceeds from each of the Wells Fargo Foothill loans will be used by the
        Registrant for general working capital purposes.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        1.02 Termination of a Material Definitive Agreement</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Registrant entered into an agreement dated December 16, 2005 to terminate
        a $25
        million </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">revolving
        credit facility established pursuant to that certain Second Amended and Restated
        Revolving Credit Agreement dated as of July 30, 2004, as amended from time
        to
        time, among the Registrant, Sovereign Bank, and certain other lenders
        represented by Sovereign Bank. The Registrant also entered into a second
        agreement dated December 16, 2005 to terminate a $10 million revolving credit
        facility established pursuant to that certain Inventory and Receivables
        Revolving Credit Agreement dated as of July 30, 2004, as amended from time
        to
        time, among the Registrant, Sovereign Bank, and certain other lenders
        represented by Sovereign Bank. Both terminated facilities were originally
        scheduled to mature on March 30, 2009; however, under the terms of the $25
        million facility, it would have ceased to revolve in March 2006. Pursuant
        to the
        two agreements, the Registrant requested the early termination of the credit
        facilities no later than December 30, 2005 and the lenders agreed effective
        upon
        receipt of payment in full. The Registrant repaid all amounts due under the
        two
        terminated facilities on December 21, 2005. The Registrant terminated these
        two
        facilities prior to their respective maturity dates because it believes that
        it
        has sufficient borrowing capacity under other existing facilities, including
        the
        new Wells Fargo Foothill facilities described in Item 1.01 hereof.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        2.03 Creation of a Direct Financial Obligation or an Obligation under an
        Off-Balance Sheet Arrangement of a Registrant</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
        described in Item&#160;1.01 above, Registrant became obligated on direct
        financial obligations up to a maximum of $15 million in connection with the
        Inventory Loan Agreement with Wells Fargo Foothill and up to a maximum of
        $50
        million in connection with the Receivables Loan Agreement. The Registrant&#8217;s
        responses to Item&#160;1.01 of this Form&#160;8-K are hereby incorporated
        by
        reference into this Item&#160;2.03. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        7.01 Regulation FD Disclosure</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        December 22, 2005, the Registrant issued a press release announcing that
        it had
        entered into two revolving credit agreements with Wells Fargo Foothill, Inc.
        on
        December 21, 2005. The Registrant also announced that it had voluntarily
        terminated two credit facilities with Sovereign Bank the same day. A copy
        of the
        press release, issued on December 22, 2005 is furnished as
        Exhibit&#160;No.&#160;99.1 to this Report on Form 8-K. The Registrant&#8217;s reports
        on Forms 10-K, 10-Q and 8-K and other publicly available information should
        be
        consulted for other important information about the registrant.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        9.01 Financial Statements and Exhibits</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)
        Exhibits</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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        <table border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr>
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                  No.</font></div>
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              <td width="5%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
              <td align="justify" valign="top" width="64%" style="BORDER-BOTTOM: #000000 thin solid">
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                  of Exhibit</font></div>
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            </tr>
            <tr>
              <td align="left" valign="top" width="10%">&#160;</td>
              <td width="5%">&#160;</td>
              <td align="justify" valign="top" width="64%">&#160;</td>
            </tr>
            <tr>
              <td valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*10.1</font></div>
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              <td align="justify" valign="top" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loan
                  and Security Agreement--Inventory </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">between
                  </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                  Registrant and Well Fargo Foothill, Inc., dated as of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">December
                  16, 2005.</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*10.2</font></div>
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                  and Security Agreement--Receivables between the Registrant and
                  Well Fargo
                  Foothill, Inc., dated as of December 16, 2005</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*10.3</font></div>
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              <td align="justify" valign="top" width="64%">
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                  Letter Agreement dated December 16, 2005 between the Registrant
                  and
                  Sovereign Bank regarding the t</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ermination
                  of the Second Amended and Restated Revolving Credit
                  Agreement.</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*10.4</font></div>
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                  Letter Agreement dated December 16, 2005 between the Registrant
                  and
                  Sovereign Bank regarding the termination of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                  Inventory and Receivables Revolving Credit Agreement.</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*99.1</font></div>
              </td>
              <td width="5%">&#160;</td>
              <td align="justify" valign="top" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                  Release issued by the Registrant on December 22, 2005 announcing
                  new
                  credit facilities with Wells Fargo Foothill, Inc. and voluntary
                  termination of credit facilities with Sovereign Bank.
                  </font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_______________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*
        filed
        herewith</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURE</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of the Securities Exchange Act of 1934, the Registrant
        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr valign="top" bgcolor="#ffffff">
              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SILVERLEAF
                RESORTS, INC.</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:&#160;December
                23, 2005<font id="TAB2" style="COLOR: black; LETTER-SPACING: 0.65pt" size="3">&#160;</font></font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&#160;HARRY
                J. WHITE, JR.</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="FONT-FAMILY: Times New Roman" size="1">&#160;</font></td>
              <td align="left">
                <hr style="COLOR: #000000" align="left" noshade size="2" width="80%"><font size="2">Name:</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Harry
                J. White, Jr. </font>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:&#160;&#160;
                  Chief Financial Officer</font></div>
              </td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td>&#160;</td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit
        Index</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
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                  No.</font></div>
              </td>
              <td width="5%">&#160;</td>
              <td align="justify" valign="top" width="64%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Description
                  of Exhibit</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="10%">&#160;</td>
              <td width="5%">&#160;</td>
              <td align="justify" valign="top" width="64%">&#160;</td>
            </tr>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*10.1</font></div>
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                  and Security Agreement--Inventory between the Registrant and Well
                  Fargo
                  Foothill, Inc., dated as of December 16, 2005.</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*10.2</font></div>
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                  and Security Agreement--Receivables between the Registrant and
                  Well Fargo
                  Foothill, Inc., dated as of December 16, 2005</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*10.3</font></div>
              </td>
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                  Letter Agreement dated December 16, 2005 between the Registrant
                  and
                  Sovereign Bank regarding the t</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ermination
                  of the Second Amended and Restated Revolving Credit
                  Agreement.</font></div>
              </td>
            </tr>
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              <td valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*10.4</font></div>
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                  Letter Agreement dated December 16, 2005 between the Registrant
                  and
                  Sovereign Bank regarding the termination of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                  Inventory and Receivables Revolving Credit Agreement.</font></div>
              </td>
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              </td>
              <td width="5%">&#160;</td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                  Release issued by the Registrant on December 22, 2005 announcing
                  new
                  credit facilities with Wells Fargo Foothill, Inc. and voluntary
                  termination of credit facilities with Sovereign Bank.
                  </font></div>
              </td>
            </tr>

        </table>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*
          filed
          herewith</font></div>
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{"company-data": {"conformed-name": "SILVERLEAF RESORTS INC", "cik": "0001033032", "assigned-sic": "6531", "irs-number": "752259890", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-13003", "film-number": "051284125"}, "business-address": {"street1": "1221 RIVERBEND DR", "street2": "SUITE 120", "city": "DALLAS", "state": "TX", "zip": "75247", "phone": "2146311166"}, "mail-address": {"street1": "1221 RIVERBEND DR", "street2": "SUITE 120", "city": "DALLAS", "state": "TX", "zip": "75247"}}
UNITED
        STATES
SECURITIES
        AND EXCHANGE COMMISSION
WASHINGTON,
        D.C. 20549
FORM
        8-K
CURRENT
        REPORT
PURSUANT
        TO SECTION 13 OR 15(d) OF
THE
        SECURITIES EXCHANGE ACT OF 1934
Date
        of Report: December 23, 2005
(Date
        of earliest event reported): December 21, 2005
Silverleaf
        Resorts, Inc.
(Exact
        name of registrant as specified in its charter)
Texas
(State
        or other jurisdiction of incorporation)
1-13003
75-2259890
(Commission
                        File Number)
(IRS
                        Employer Identification
                        Number)
1221
                    River Bend Drive, Suite 120, Dallas, Texas
75247
(Address
                    of principal executive offices)
(Zip
                    Code)
214-631-1166
(Registrant's
          telephone number, including area
          code)
Not
        applicable
(Former
          name or former address, if changed since last
          report)
Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions (see General Instruction A.2. below):
o
Written
        communications pursuant to Rule
        425 under the Securities Act (17 CFR 230.425)
o
Soliciting
        material pursuant to Rule
        14a-12 under the Exchange Act (17 CFR 240.14a.12)
o
Pre-commencement
        communications pursuant
        to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement
        communications pursuant
        to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
        1.01 Entry into a Material Definitive Agreement
Silverleaf
        Resorts, Inc. (the "Registrant") has entered into a Loan and Security Agreement
        - Inventory ("Inventory Loan Agreement") and a Loan and Security Agreement
        -
        Receivables ("Receivables Loan Agreement") with Wells Fargo Foothill, Inc.
        ("Wells Fargo Foothill"). Although each of these agreements is dated December
        16, 2005, neither agreement was formally closed until December 21, 2005 when
        all
        contingencies were met. Under the terms of the Inventory Loan Agreement,
        the
        Registrant may from time to time borrow up to $15 million which will be secured
        by a portion of the Registrant's inventory of unsold timeshare intervals.
        The
        Inventory Loan Agreement will mature on December 31, 2010 and bear interest
        annually at prime rate plus 2%, with a floor of 6%. Under the terms of the
        Receivables Loan Agreement the Registrant may from time to time borrow up
        to an
        aggregate of $50 million which will be secured by notes receivable from
        timeshare interval purchasers at an advance rate of up to 75% of the aggregate
        outstanding principal balance of all eligible notes receivable pledged as
        security. The Receivables Loan Agreement will mature on December 31, 2011
        and
        bears interest at a rate equal to prime rate plus 0.5%, with a floor of 6%.
        The
        proceeds from each of the Wells Fargo Foothill loans will be used by the
        Registrant for general working capital purposes.
Item
        1.02 Termination of a Material Definitive Agreement
The
        Registrant entered into an agreement dated December 16, 2005 to terminate
        a $25
        million
revolving
        credit facility established pursuant to that certain Second Amended and Restated
        Revolving Credit Agreement dated as of July 30, 2004, as amended from time
        to
        time, among the Registrant, Sovereign Bank, and certain other lenders
        represented by Sovereign Bank. The Registrant also entered into a second
        agreement dated December 16, 2005 to terminate a $10 million revolving credit
        facility established pursuant to that certain Inventory and Receivables
        Revolving Credit Agreement dated as of July 30, 2004, as amended from time
        to
        time, among the Registrant, Sovereign Bank, and certain other lenders
        represented by Sovereign Bank. Both terminated facilities were originally
        scheduled to mature on March 30, 2009; however, under the terms of the $25
        million facility, it would have ceased to revolve in March 2006. Pursuant
        to the
        two agreements, the Registrant requested the early termination of the credit
        facilities no later than December 30, 2005 and the lenders agreed effective
        upon
        receipt of payment in full. The Registrant repaid all amounts due under the
        two
        terminated facilities on December 21, 2005. The Registrant terminated these
        two
        facilities prior to their respective maturity dates because it believes that
        it
        has sufficient borrowing capacity under other existing facilities, including
        the
        new Wells Fargo Foothill facilities described in Item 1.01 hereof.
Item
        2.03 Creation of a Direct Financial Obligation or an Obligation under an
        Off-Balance Sheet Arrangement of a Registrant
As
        described in Item 1.01 above, Registrant became obligated on direct
        financial obligations up to a maximum of $15 million in connection with the
        Inventory Loan Agreement with Wells Fargo Foothill and up to a maximum of
        $50
        million in connection with the Receivables Loan Agreement. The Registrant's
        responses to Item 1.01 of this Form 8-K are hereby incorporated
        by
        reference into this Item 2.03.
Item
        7.01 Regulation FD Disclosure
On
        December 22, 2005, the Registrant issued a press release announcing that
        it had
        entered into two revolving credit agreements with Wells Fargo Foothill, Inc.
        on
        December 21, 2005. The Registrant also announced that it had voluntarily
        terminated two credit facilities with Sovereign Bank the same day. A copy
        of the
        press release, issued on December 22, 2005 is furnished as
        Exhibit No. 99.1 to this Report on Form 8-K. The Registrant's reports
        on Forms 10-K, 10-Q and 8-K and other publicly available information should
        be
        consulted for other important information about the registrant.
Item
        9.01 Financial Statements and Exhibits
(c)
        Exhibits
2
Exhibit
                  No.
Description
                  of Exhibit
*10.1
Loan
                  and Security Agreement--Inventory
between
the
                  Registrant and Well Fargo Foothill, Inc., dated as of
December
                  16, 2005.
*10.2
Loan
                  and Security Agreement--Receivables between the Registrant and
                  Well Fargo
                  Foothill, Inc., dated as of December 16, 2005
*10.3
Termination
                  Letter Agreement dated December 16, 2005 between the Registrant
                  and
                  Sovereign Bank regarding the t
ermination
                  of the Second Amended and Restated Revolving Credit
                  Agreement.
*10.4
Termination
                  Letter Agreement dated December 16, 2005 between the Registrant
                  and
                  Sovereign Bank regarding the termination of
the
                  Inventory and Receivables Revolving Credit Agreement.
*99.1
Press
                  Release issued by the Registrant on December 22, 2005 announcing
                  new
                  credit facilities with Wells Fargo Foothill, Inc. and voluntary
                  termination of credit facilities with Sovereign Bank.
_______________
*
        filed
        herewith
SIGNATURE
Pursuant
        to the requirements of the Securities Exchange Act of 1934, the Registrant
        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.
SILVERLEAF
                RESORTS, INC.
Date: December
                23, 2005
By:
/s/ HARRY
                J. WHITE, JR.
Name:
Harry
                J. White, Jr.
Title:  
                  Chief Financial Officer
3
Exhibit
        Index
Exhibit
                  No.
Description
                  of Exhibit
*10.1
Loan
                  and Security Agreement--Inventory between the Registrant and Well
                  Fargo
                  Foothill, Inc., dated as of December 16, 2005.
*10.2
Loan
                  and Security Agreement--Receivables between the Registrant and
                  Well Fargo
                  Foothill, Inc., dated as of December 16, 2005
*10.3
Termination
                  Letter Agreement dated December 16, 2005 between the Registrant
                  and
                  Sovereign Bank regarding the t
ermination
                  of the Second Amended and Restated Revolving Credit
                  Agreement.
*10.4
Termination
                  Letter Agreement dated December 16, 2005 between the Registrant
                  and
                  Sovereign Bank regarding the termination of
the
                  Inventory and Receivables Revolving Credit Agreement.
*99.1
Press
                  Release issued by the Registrant on December 22, 2005 announcing
                  new
                  credit facilities with Wells Fargo Foothill, Inc. and voluntary
                  termination of credit facilities with Sovereign Bank.
_______________
*
          filed
          herewith
4