EX 10.2 BBCV Terms Letter


		
			EXHIBIT 10.2
		

		
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			QUORUM FEDERAL CREDIT UNION
		

		
			2500 Westchester Avenue
		

		
			Suite 411
		

		
			Purchase, NY 10577
		

		
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			Dated as of April 6,  2018
		

		
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			Allan J. Herz
		

		
			President and Assistant Treasurer
		

		
			BBCV Receivables-Q 2010 LLC
		

		
			4950 Communication Avenue, Suite 900
		

		
			Boca Raton, Florida 33431
		

		
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			Re: Commitment Purchase Period Terms Letter; Terms Governing Sale of Timeshare Loans by BBCV Receivables-Q 2010 LLC (the "Seller") to Quorum Federal Credit Union (the "Buyer") 
		

		
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			Dear Mr. Herz:
		

		
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			The Buyer agrees to purchase Eligible Timeshare Loans from the Seller during the Commitment Purchase Period on the terms and conditions set forth in the Loan Sale and Servicing Agreement dated as of December 22, 2010, by and among the Seller, the Buyer, Bluegreen Vacations Corporation, as the Servicer, Concord Servicing Corporation, as the Back-Up Servicer and the other parties thereto, as amended (the "Agreement") as supplemented below: 
		

		
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				 A.
			

			
	
			
			Buyer Purchase Price Percentage: No less than 85% during the Commitment Period, subject to adjustment as provided herein.




		
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				 B.
			

			
	
			
			Program Fee Rate: 4.95% per annum for purchases during the period from January 1, 2018, through September 30, 2018. 




		
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				 C.
			

			
	
			
			Minimum Required Amount Underutilization Fee: A fee of $100,000 shall be due to the Buyer if the Seller fails to sell to the Buyer Timeshare Loans having an aggregate outstanding principal balance as of the related Sale Dates of at least $20,000,000 between January 1, 2018, and September 30, 2018 (the "MRA Underutilization Fee") unless capacity is unavailable under the Minimum Required Amount. The MRA Underutilization Fee will be payable within thirty (30) days of September 30, 2018. For the purposes of determining if the MRA Underutilization Fee is due, the Buyer agrees to include the aggregate outstanding principal loan balance as of the related Sale Dates of all timeshare loans sold by BRFC-Q 2010 LLC to the Buyer during the period January 1, 2018, through September 30, 2018, except that the aggregate outstanding principal balance related to the 
		

		 


		

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			First Aggregate Sale Date Loan Pool transferred into the Fifth Aggregate Sale Date Loan Pool shall be excluded for purposes of calculating the MRA Underutilization Fee. 




		
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				 D.
			

			
	
			
			Loan Purchase Fee: the product of (i) 0.25% and (ii) the outstanding principal loan balance of the related Sale Date Loan Pool.




		
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				 E.
			

			
	
			
			Timeshare Portfolio Performance Event levels:




		
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				 a.
			

			
	
			
			Delinquency Level: 4.00% during the Commitment Purchase Period, subject to adjustment at any time by the Buyer.




		
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				 b.
			

			
	
			
			Default Level: 2.75% during the Commitment Purchase Period, subject to adjustment at any time by the Buyer.




		
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				 c.
			

			
	
			
			Cumulative Default Level: Table 1 attached hereto during the Commitment Purchase Period, subject to adjustment at any time by the Buyer. 




		
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			Notwithstanding anything to the contrary in the Agreement, the Buyer agrees during the period from January 1, 2018 through September 30, 2018, to purchase timeshare loans related to a Unit at a Resort pending installation of furniture, fixtures and equipment ("Pending FF&E Unit") offered for sale by the Seller to the Buyer provided that (i) such timeshare loans in all other respects satisfy the Eligible Timeshare Loan requirements, (ii) a certificate of conformance has been issued in connection with the Pending FF&E Unit, and (iii) the installation of furniture, fixtures and equipment will occur within one hundred twenty (120) days after the Sale Date.  
		

		
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			As of the First Optional Reacquisition Date, the First Aggregate Sale Date Loan Pool shall transfer into the Fifth Aggregate Sale Date Loan Pool and cease to exist. The Program Fee Rate and the Timeshare Portfolio Performance Event levels herein shall apply to such transferred First Aggregate Sale Date Loan Pool as of the date of the transfer.  No Loan Purchase Fee shall be due as a result of the transfer of the First Aggregate Sale Date Loan Pool into the Fifth Aggregate Sale Date Loan Pool. Notwithstanding anything to the contrary in the Agreement, the Net Investment Amount of the First Aggregate Sale Date Loan Pool as of the transfer date shall be used in determining the Fifth Optional Reacquisition Date.
		

		
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			The Buyer reserves the right to modify the Buyer Purchase Price Percentage and the Timeshare Portfolio Performance Event levels,  at any time during or after the Commitment Period for new fundings. Written notice of any change(s) in the Buyer Purchase Price Percentage and/or the Timeshare Portfolio Performance Event levels will be provided by the Buyer to the Seller at least thirty (30) days in advance of the effective date thereof. Should the Buyer decrease the Buyer Purchase Price Percentage and/or change the Timeshare Portfolio Performance Event levels during the period between January 1, 2018, and September 30, 2018, for a reason other than the occurrence of a Purchase Termination Event or a Timeshare Portfolio Performance Event, the MRA Underutilization Fee shall be waived. Any change in the Delinquency Level, Default Level and/or Cumulative Default Level will be noted in the Buyer Commitment Purchase Confirmation or the Buyer Purchase Confirmation, as applicable. The Buyer and the Seller agree to negotiate 
		

		 


		

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		prior to September 30, 2018 the minimum volume of Timeshare Loans to be sold to the Seller by the Buyer and the Program Fee Rate applicable after October 1, 2018.
		

		
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			This letter is provided pursuant to the provisions of Section 2.1(b) of the Agreement. Capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Agreement.
		

		
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						QUORUM FEDERAL CREDIT UNION, as Buyer

				
	
					
						By: /s/ Bruno Sementilli

				
	
					
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						Name: Bruno Sementilli

				
	
					
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						Title: President & CEO

				
	
					
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						Address:

					
					
						2500 Westchester Avenue

				
	
					
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						Suite 411

				
	
					
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						Purchase, NY 10577

				
	
					
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						Attention:

					
					
						President/CEO 

				
	
					
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						Telephone:

					
					
						914-641-3739

				
	
					
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						Facsimile:

					
					
						914-641-3777

				
	
					
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						ACKNOWLEDGED AND AGREED TO:

				
	
					
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						BBCV Receivables-Q 2010 LLC, as Seller

				
	
					
						By: /s/ Allan J. Herz

				
	
					
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						Name: Allan J. Herz

				
	
					
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						Title: President & Assistant Treasurer

				
	
					
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						Address:

					
					
						4950 Communication Avenue

				
	
					
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						Suite 900

				
	
					
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						Boca Raton, Florida 33431

				
	
					
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						Attention:

					
					
						Allan J. Herz

				
	
					
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						Telephone:

					
					
						561-912-8210

				
	
					
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						Facsimile:

					
					
						561-912-8123

				



		
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		Table I
		

		
			Cumulative Default
		

		
			Levels
		

		
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						Month

					
					
						Cumulative Defaults

					
					
						Month

					
					
						Cumulative Defaults

					
					
						Month

					
					
						Cumulative Defaults

				
	
					
						1

					
					
						N/A

					
					
						41

					
					
						23.53%

					
					
						81

					
					
						33.69%

				
	
					
						2

					
					
						N/A

					
					
						42

					
					
						24.18%

					
					
						82

					
					
						33.78%

				
	
					
						3

					
					
						N/A

					
					
						43

					
					
						24.51%

					
					
						83

					
					
						33.86%

				
	
					
						4

					
					
						N/A

					
					
						44

					
					
						24.84%

					
					
						84

					
					
						33.94%

				
	
					
						5

					
					
						N/A

					
					
						45

					
					
						25.17%

					
					
						85

					
					
						34.01%

				
	
					
						6

					
					
						N/A

					
					
						46

					
					
						25.67%

					
					
						86

					
					
						34.08%

				
	
					
						7

					
					
						N/A

					
					
						47

					
					
						26.17%

					
					
						87

					
					
						34.15%

				
	
					
						8

					
					
						N/A

					
					
						48

					
					
						26.67%

					
					
						88

					
					
						34.22%

				
	
					
						9

					
					
						N/A

					
					
						49

					
					
						27.02%

					
					
						89

					
					
						34.28%

				
	
					
						10

					
					
						N/A

					
					
						50

					
					
						27.37%

					
					
						90

					
					
						34.34%

				
	
					
						11

					
					
						N/A

					
					
						51

					
					
						27.71%

					
					
						91

					
					
						34.40%

				
	
					
						12

					
					
						N/A

					
					
						52

					
					
						28.01%

					
					
						92

					
					
						34.45%

				
	
					
						13

					
					
						6.07%

					
					
						53

					
					
						28.30%

					
					
						93

					
					
						34.50%

				
	
					
						14

					
					
						6.86%

					
					
						54

					
					
						28.60%

					
					
						94

					
					
						34.55%

				
	
					
						15

					
					
						7.65%

					
					
						55

					
					
						29.22%

					
					
						95

					
					
						34.60%

				
	
					
						16

					
					
						8.55%

					
					
						56

					
					
						29.84%

					
					
						96

					
					
						34.65%

				
	
					
						17

					
					
						9.46%

					
					
						57

					
					
						30.46%

					
					
						97

					
					
						34.69%

				
	
					
						18

					
					
						10.36%

					
					
						58

					
					
						30.55%

					
					
						98

					
					
						34.74%

				
	
					
						19

					
					
						11.18%

					
					
						59

					
					
						30.65%

					
					
						99

					
					
						34.78%

				
	
					
						20

					
					
						12.01%

					
					
						60

					
					
						30.74%

					
					
						100

					
					
						34.82%

				
	
					
						21

					
					
						12.83%

					
					
						61

					
					
						30.89%

					
					
						101

					
					
						34.86%

				
	
					
						22

					
					
						13.43%

					
					
						62

					
					
						31.04%

					
					
						102

					
					
						34.89%

				
	
					
						23

					
					
						14.03%

					
					
						63

					
					
						31.19%

					
					
						103

					
					
						34.93%

				
	
					
						24

					
					
						14.64%

					
					
						64

					
					
						31.45%

					
					
						104

					
					
						34.96%

				
	
					
						25

					
					
						15.29%

					
					
						65

					
					
						31.72%

					
					
						105

					
					
						34.99%

				
	
					
						26

					
					
						15.94%

					
					
						66

					
					
						31.98%

					
					
						106

					
					
						35.02%

				
	
					
						27

					
					
						16.59%

					
					
						67

					
					
						32.11%

					
					
						107

					
					
						35.05%

				
	
					
						28

					
					
						17.26%

					
					
						68

					
					
						32.24%

					
					
						108

					
					
						35.08%

				
	
					
						29

					
					
						17.93%

					
					
						69

					
					
						32.37%

					
					
						109

					
					
						35.10%

				
	
					
						30

					
					
						18.60%

					
					
						70

					
					
						32.49%

					
					
						110

					
					
						35.13%

				
	
					
						31

					
					
						18.60%

					
					
						71

					
					
						32.61%

					
					
						111

					
					
						35.15%

				
	
					
						32

					
					
						18.98%

					
					
						72

					
					
						32.73%

					
					
						112

					
					
						35.18%

				
	
					
						33

					
					
						19.55%

					
					
						73

					
					
						32.86%

					
					
						113

					
					
						35.20%

				
	
					
						34

					
					
						19.98%

					
					
						74

					
					
						32.98%

					
					
						114

					
					
						35.22%

				
	
					
						35

					
					
						20.40%

					
					
						75

					
					
						33.10%

					
					
						115

					
					
						35.24%

				
	
					
						36

					
					
						20.82%

					
					
						76

					
					
						33.22%

					
					
						116

					
					
						35.26%

				
	
					
						37

					
					
						21.29%

					
					
						77

					
					
						33.33%

					
					
						117

					
					
						35.28%

				
	
					
						38

					
					
						21.75%

					
					
						78

					
					
						33.43%

					
					
						118

					
					
						35.30%

				
	
					
						39

					
					
						22.22%

					
					
						79

					
					
						33.52%

					
					
						119

					
					
						35.32%

				
	
					
						40

					
					
						22.87%

					
					
						80

					
					
						33.61%

					
					
						120

					
					
						35.33%

				



		
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