Document:

ex10-2.htm

                                                                    Exhibit 10.2

                               RESELLER AGREEMENT

     THIS AGREEMENT is made the 14th day of December 2012

Between

(1)  BAXTECH ASIA PTE LTD, a company  incorporated  in Singapore  and having its
     registered  office at 190 Middle Road,  #19-05  Fortune  Centre,  Singapore
     688979 ("Baxtech")

And

(2)  [VOZ MOBILE CLOUD LTD], a company incorporated in Washington, United States
     of America ("Voz")

     (Baxtech and Voz collectively the "Parties" and each a "Party")

     WHEREAS:

(A)  Baxtech is the  proprietor of the Universal  Communication  System  ("UCS")
     together with all other commercial rights in conjunction therewith.

     The UCS consolidates  multiple modes of communication such as emails,  sms,
     voice mails,  fax, instant messaging into the same inbox. The user can also
     make calls and send email, sms, and voicemails within the same system.  The
     user has the convenience of having all modes of  communication  in the same
     place.  This is useful  especially  in a work setting as it is important to
     archive all modes of  communications  (e.g. voice mails,  sms) and not just
     email  alone.  The system  also has the  ability to forward  voice mails to
     colleagues to take action.

(B)  Voz is a company that markets telephony solutions in the United States.

(C)  Baxtech has agreed to grant to Voz the  exclusive  right to sell and supply
     the Product (as herein  defined)  directly to Customers  upon the terms and
     conditions set out in this Agreement.

     NOW IT IS HEREBY AGREED as follows:-

1.   INTERPRETATION

1.1  Definitions - In this Agreement unless the context  otherwise  requires the
     following words or expressions shall have the following meanings:-

     "Customers"  means end users of its telephony  solutions or  intermediaries
     through  which  these  services  are  delivered  to the end  users  such as
     telecommunication companies.

     "Gross Sales" means all revenue from the sale of the Product and Service by
     Voz,  whether for cash or credit,  regardless  of collection in the case of
     credit. Provided that Gross Sales shall not include all VAT, sales tax, and
     goods and services tax.

     "Product"  means  telephony  solutions that  consolidate  multiple modes of
     communication  into one location and enables hands-free  communication.  It
     refers  to  software  only  and not to any  hardware  that  Voz may need in
     supplying the Product.

     "Royalty"  means the  continuing  quarterly  royalty fees payable by Voz to
     Baxtech equal to 4 percent (4%) of the Gross Sales and in  accordance  with
     Clause 4.2 of this Agreement.

     "Service"  means  supply of telephony  solutions as described  above either
     directly to end users or through telecommunication companies.

                                       1
<PAGE>
     "Territory" means the United States of America.

     "Trade  Marks" means any trade mark and device  together  with trade names,
     and logos owned by Baxtech from time to time.

1.2  Miscellaneous - Unless the context otherwise requires :-

     (a)  words  importing the singular  number include the plural  number,  and
          vice versa,  and words  importing  the  masculine  gender  include the
          feminine and neuter genders, and vice versa;
     (b)  the words "hereof",  "herein", "hereon" and "hereunder" and words of a
          similar import,  when used in this Agreement,  refer to this Agreement
          as a whole and not to any particular provision of this Agreement;
     (c)  the  headings to the Clauses  hereof  shall not be deemed to be a part
          thereof  or  be  taken  in  consideration  in  the  interpretation  or
          construction thereof or of this Agreement;
     (d)  references  herein to Clauses and Schedules are  references to Clauses
          of and Schedules to this Agreement;
     (e)  references  herein to documents  include  variations and  replacements
          thereof and supplements thereto;
     (f)  references   herein  to  statutes   and  other   legislation   include
          re-enactments  and  amendments  thereof and  include  any  subordinate
          legislation made under any such statute; and
     (g)  references  herein  to a  party  include  its  permitted  assigns  and
          transferees, and its successors-in-title and personal representatives.
     (h)  "quarter"  or  "quarterly"   means  a  period  of  3  calendar  months
          commencing from January, April, July and October of each year.

2.   APPOINTMENT

2.1  Appointment - Baxtech hereby appoints Voz as the exclusive  reseller of the
     Products in the United States and grants to Voz a transferable  license (to
     parties  approved by Baxtech) to reproduce  and sell and supply the Product
     directly to Customers  for the duration of this  Agreement  and any renewal
     thereof.

2.2  Restricted Sale - Voz undertakes and agrees that it will not sell or supply
     the Product to any person, firm or company who is not a Customer.

3.   DURATION AND RENEWAL

3.1  Commencement  & Term - This  Agreement  shall  commence on 14 Dec. 2012 and
     shall  continue  for a period of 10 years until 13 Dec 2022  subject to the
     provisions for termination set out in Clause 13.

3.2  Renewal - This  Agreement  shall be  automatically  renewed  for another 10
     years upon the same terms and conditions as herein  provided  unless either
     Party  notifies  the other Party in writing of its  intention  not to renew
     this Agreement at least six (6) months prior to the expiration date of this
     Agreement.

4.   CONSIDERATION, FEES AND PAYMENT

4.1  Consideration - In  consideration  of the rights and licence granted to Voz
     under  this  Agreement,  Voz shall  issue and allot to  Baxtech  14 million
     shares of common stock in the share capital of Voz upon the signing of this
     Agreement.

4.2  Royalty - During the term of this  Agreement,  Voz shall pay to Baxtech the
     continuing Royalty quarterly not later than thirty (30) days after the last
     day of each relevant quarter.

                                       2
<PAGE>
4.3  Retainer  Fee - In  consideration  for the  technical  support and software
     enhancements provided by Baxtech Asia Pte. Ltd. to Voz Mobile Cloud Ltd, it
     has been mutually agreed that a monthly  retainer fee of US$30,000 would be
     payable to Baxtech  starting from Jan 1 2013.  This monthly  amount will be
     accrued and become payable only when Voz raises a minimum of US$200,000.

4.4  Payments - All Royalty and other monies payable  hereunder shall be due and
     payable in Dollars and on the due dates  provided  hereunder  regardless of
     any disputes or  controversies  between the  Franchisor  and the Franchisee
     and/or  the  Franchisee  and  third  parties  and  shall  not  relieve  the
     Franchisee from its obligations to pay Royalty or such other monies payable
     hereunder on the due date without deduction or set off.

4.5  Late Payment Interest - All Royalty and other monies payable  hereunder not
     actually  received by the Franchisor in the manner herein  provided,  on or
     before  the due date  shall be deemed  overdue.  The  Franchisee  shall pay
     interest on all such overdue  payment from due date to date of full payment
     at the Prescribed Interest Rate.

5.   VOZ'S OBLIGATIONS

5.1  Voz's  Undertakings - Voz hereby undertakes and agrees with Baxtech that it
     will at all times during the continuance in force of this Agreement observe
     and  perform  the terms and  conditions  set out in this  Agreement  and in
     particular:

     (a)  will not be concerned or interested  either  directly or indirectly in
          the manufacture, production, importation, sale or advertisement of any
          software  product in the  Territory  which might  compete or interfere
          with the sale of the  Product  except  with the  consent of Baxtech in
          writing;

     (b)  will not either  directly  or  through  any agent  resell the  Product
          outside the  Territory or  knowingly or having  reason to believe that
          they  would be so  resold  sell the  Product  to any  person,  firm or
          company  in the  Territory  with a view  to  its  resale  outside  the
          Territory except with the written consent of Baxtech;

     (c)  will in all  correspondence  and other dealings  relating  directly or
          indirectly to the sale or other  dispositions  of the Product  clearly
          indicate that it is acting as principal;

     (d)  will not incur any liability on behalf of Baxtech or in any way pledge
          or purport to pledge Baxtech's credit;

     (e)  will promptly bring to the notice of Baxtech any information  received
          by it which is likely to be of  interest  use or benefit to Baxtech in
          relation to the marketing of the Product in the Territory;

     (f)  will from  time to time  upon the  request  of the  Company  supply to
          Baxtech reports and other information relating to the Project;

     (g)  will,  at its  own  expense,  comply  with  all  applicable  laws  and
          regulations,    obtain   all   necessary    permits,    consents   and
          authorizations, and pay all duties, levies and taxes for the provision
          of any  services  relating  to the use or sale of the  Product  in the
          Territory;

     (h)  will not use the Trade Marks or designs of the Product except with the
          consent and in accordance with any directions given by Baxtech;

     (i)  will furnish to Baxtech  reports and  information  required by Baxtech
          from time to time including but not limited to monthly sales reports;

     (j)  will keep full and correct records showing details of the Product sold
          and such other information as may be reasonably requested by Baxtech.

                                       3
<PAGE>
5.2  Trade  Marks - Voz  acknowledges  that the Trade  Mark is the  property  of
     Baxtech and that use of the Trade Mark shall be for the benefit of Baxtech.
     Voz shall not at any time contest Baxtech's ownership of the Trade Mark and
     undertakes  not to use  the  Trade  Mark in  derogation  of the  rights  of
     Baxtech. Registration of the Trade Mark in the Territory shall be solely at
     Baxtech's  discretion and costs, and in its name. Voz shall not register or
     attempt to register the Trade Mark in the Territory or elsewhere.

6.   TRAINING AND TECHNICAL SUPPORT

6.1  Baxtech will provide Voz, at no additional  charge,  a one time product and
     service  training at Voz's office to enable Voz's technical staff to attain
     industry  standard  knowledge  and  competency in operating of the Product.
     Baxtech  may make  available  additional  training  at  mutually  agreeable
     charges.

6.2  During  the  term  of this  Agreement,  Baxtech  will  provide  Voz,  at no
     additional  charge,   telephone  technical  support.  Except  as  otherwise
     provided  in this  Agreement  or as may be  otherwise  agreed  between  the
     parties,  Baxtech  may  make  available  additional  technical  support  at
     mutually agreeable charges.

6.3  Baxtech will provide  operating and/or user manuals in the English language
     with each Product delivered.

7.   NO WARRANTY

     EXCEPT AS EXPRESSLY  STATED IN THIS AGREEMENT,  THE PRODUCT IS PROVIDED AND
     LICENSED  "AS  IS"  AND  THERE  ARE  NO  WARRANTIES,   REPRESENTATIONS   OR
     CONDITIONS,  EXPRESS  OR  IMPLIED,  WRITTEN OR ORAL,  ARISING  BY  STATUTE,
     OPERATION OF LAW OR  OTHERWISE,  REGARDING  THEM,  OR ANY OTHER  PRODUCT OR
     SERVICE PROVIDED HEREUNDER OR IN CONNECTION HEREWITH. BAXTECH DISCLAIMS ANY
     IMPLIED  WARRANTY OR CONDITION OF  MERCHANTABLE  QUALITY,  MERCHANTABILITY,
     DURABILITY OR FITNESS FOR A PARTICULAR  PURPOSE. NO REPRESENTATION OR OTHER
     AFFIRMATION  OF FACT,  INCLUDING  BUT NOT LIMITED TO  STATEMENTS  REGARDING
     PERFORMANCE OF THE PRODUCT, WHICH IS NOT CONTAINED IN THIS AGREEMENT, SHALL
     BE DEEMED TO BE A WARRANTY  BY  BAXTECH.  THERE IS NO IMPLIED  WARRANTY  OF
     NON-INFRINGEMENT.

8.   LIMITATION OF LIABILITY

8.1  IN NO EVENT SHALL BAXTECH BE LIABLE TO VOZ FOR ANY LOSS OF PROFITS, LOSS OF
     USE, CONSEQUENTIAL,  INCIDENTAL OR OTHER INDIRECT DAMAGES OF ANY KIND BASED
     UPON A CLAIM GROUNDED IN TORT  (INCLUDING  NEGLIGENCE),  STRICT  LIABILITY,
     BREACH OF CONTRACT,  BREACH OF WARRANTY OR  OTHERWISE,  EVEN IF BAXTECH HAS
     BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

8.2  Baxtech's  liability under this Agreement for any reasons  whatsoever shall
     be limited to  replacing  the  Product  concerned  (at  Baxtech's  cost and
     expense).

9.   INDEMNITY BY VOZ

     Baxtech  shall not be liable for and Voz shall  indemnify  and keep Baxtech
     indemnified  and  harmless  against  any  claim by or loss or damage to any
     person or property directly or indirectly occasioned by or arising from the
     use or  operation or  possession  of the Product,  and from  negligence  or
     default or misuse by or on the part of Voz or any  person or persons  other
     than Baxtech using or operating or possessing  the Product.  This indemnity
     shall  extend  to any legal  costs (on an  indemnity  basis)  and  expenses
     incurred by Baxtech.

                                       4
<PAGE>
10.1 CONFIDENTIALITY

10.1 Confidential  Information - This Agreement and all  communications  between
     the parties hereto and all  information  and other material  supplied to or
     received  by  a  party  from  the  other  party  which  is  either   marked
     "confidential"  or is identified by the  disclosing  party at the time such
     information or material is supplied as information or material  intended to
     be treated as  confidential or sensitive  information,  and any information
     concerning the business transactions,  financial arrangements or affairs of
     a party  hereto  coming to the  knowledge of the  recipient  ("Confidential
     Information"),  shall be kept confidential by the recipient unless or until
     compelled to disclose by judicial or  administrative  procedures,  by other
     requirements of applicable law, or the recipient can reasonably demonstrate
     that it is or part of it is in the public domain,  whereupon, to the extent
     that it is in the public domain, this obligation shall cease.

10.2 Permitted  access by others - Each party hereto shall cause its  directors,
     officers,  employees,  agents and subcontractors who shall have access on a
     "need to know"  basis  to such  Confidential  Information  to  retain  such
     Confidential Information in confidence and not to use or attempt to use any
     such  information  in any  manner  which may  injure or cause  loss  either
     directly or  indirectly to the other party or its business or may be likely
     to do so.

11.  FORCE MAJEURE

     No delay or  failure  of  performance  by either  Party of its  obligations
     hereunder  (except  the  obligation  to pay money)  shall be deemed to be a
     breach of or default under this Agreement nor give rise to any claim by the
     other party if and so long as such delay or failure is  occasioned by or in
     consequence  of any  Acts  of  God;  strikes,  lockouts,  or  other  labour
     disputes; wars, blockades, insurrection, civil disturbances, acts of public
     enemies;  riots,  epidemics;  lightning,   earthquake,  fires,  explosions,
     storms, floods, landslides,  washouts, arrests and restraints of rulers and
     people,  acts of public  enemies,  the order or  direction  of any court or
     other authorities having jurisdiction; and any other cause or circumstances
     whether of the kind herein  enumerated or otherwise which is not within the
     reasonable control of the Party invoking this clause, and not the result of
     its negligence or lack of due diligence.

12.  TERMINATION

     Baxtech shall have the right at any time by giving notice in writing to Voz
     to terminate this Agreement forthwith in any of the following events:-

     (a)  If Voz is in breach of any of its  obligations to pay any monies owing
          to the Baxtech hereunder;

     (b)  If Voz is in default in respect of any of its  obligations  under this
          Agreement  (other than as referred to in paragraph  (a) above) and Voz
          fails to  remedy  such  default  within 30 days of  receiving  written
          notice from Baxtech to remedy the same;

     (c)  If Voz enters into  liquidation  or a resolution is passed or an order
          is made for the  winding up of Voz  whether  voluntary  or  compulsory
          (save for the purpose of reconstruction  or  amalgamation);  or if Voz
          becomes insolvent, is unable to pay its debts as they fall due, stops,
          suspends or threatens to stop or suspend  payment of all or a material
          part of its debts; or makes a general  assignment or an arrangement or
          composition with or for the benefit of its creditors;

     (d)  On the appointment of a receiver, custodian, manager, judicial manager
          or similar  officer over the affairs or assets of Voz or the taking of
          any steps with respect to the making of such appointment;

     (e)  If Voz takes steps to or  threatens  to cease to carry on its business
          as a going concern.

                                       5
<PAGE>
13.  RIGHTS AND OBLIGATIONS ON TERMINATION

13.1 Upon the expiry or termination of this Agreement, Voz shall:-

     (a)  immediately pay to Baxtech all outstanding  sums of money owing by Voz
          which shall become  immediately  due and payable  notwithstanding  the
          payment  terms set out in Schedule 1 or otherwise  agreed  between the
          parties; and

     (b)  promptly return to Baxtech all documents, materials and information in
          its  possession  and  supplied  by  Baxtech  together  with any copies
          thereof made by Voz.

13.2 Notwithstanding   the  expiry  or  termination  of  this   Agreement,   the
     obligations  and  undertakings  of Voz and the rights of Baxtech set out in
     Clauses 7, 8, 9, 10 and 11 shall  remain in full force and effect so far as
     such  obligations  and  undertakings  and such rights are not  fulfilled or
     discharged, or have not lapsed by effusion of time.

14. GENERAL

14.1 Entire  Agreement - This  Agreement  embodies all the terms and  conditions
     agreed upon between the Parties as to the subject  matter of this Agreement
     and  supersedes  and cancels in all respects all  previous  agreements  and
     undertakings, between the Parties with respect to the subject matter hereof
     whether  such be  written or oral.  This  Agreement  shall not be  altered,
     changed,  supplemented,  or amended except by written instruments signed by
     the Parties.

14.2 Independent Contractor - Voz shall be an independent contractor and nothing
     in this Agreement shall constitute or be deemed to constitute Voz an agent,
     legal representative,  subsidiary,  partner, employee or servant of Baxtech
     for any purpose whatsoever and Voz shall not have any authority or power to
     bind Voz or to  contract  in the name of and  create  a  liability  against
     Baxtech in any way or for any purpose.

14.3 Assignment - All rights and  obligations  hereunder are personal to Voz and
     Voz shall not assign any such  rights and  obligations  to any third  party
     without the prior consent in writing of Baxtech.

14.4 No Waiver - No failure by any Party to  exercise  and no delay by any Party
     in exercising any right,  power or remedy under this Agreement will operate
     as a waiver.  Nor will any single or partial  exercise  by any Party of any
     right,  power or remedy  preclude any other or further  exercise of that or
     any other  right,  power or remedy by such Party.  No waiver shall be valid
     unless in writing  signed by both Parties.  The rights and remedies  herein
     are in addition to any rights or remedies provided by law.

14.5 Severance - Any one or more  clauses,  stipulations  or  provisions of this
     Agreement,  or any  part  thereof,  which is  declared  or  adjudged  to be
     illegal,  invalid,  prohibited or unenforceable under any applicable law in
     any  jurisdiction  shall be ineffective  to the extent of such  illegality,
     invalidity, prohibition or unenforceability without invalidating, vitiating
     or  rendering   unenforceable  the  remaining   clauses,   stipulations  or
     provisions  of  this  Agreement,  and  any  such  illegality,   invalidity,
     prohibition or  unenforceability  in any jurisdiction shall not invalidate,
     vitiate  or  render   unenforceable  any  such  clauses,   stipulations  or
     provisions in any other jurisdiction.

15.  NOTICES

     All notices,  demands or other  communications  required or permitted to be
     given or made  hereunder  shall be in writing and  delivered  personally or
     sent by  prepaid  registered  post or by fax or by email  addressed  to the
     intended  recipient  thereof at its address or fax number or email  address
     set out below (or to such other address or fax number or email as any Party
     may from time to time notify the other Party).  Any such notice,  demand or
     communication  shall be deemed to have been duly served on and  received by
     the addressee:

                                       6
<PAGE>
     (a)  if delivered by hand, at the time of delivery;

     (b)  if sent by prepaid registered post, within 7 days of posting;

     (c)  if transmitted by way of fax, at the time of transmission; or

     (d)  if transmitted by email, at the time of transmission.

     In  proving  the  giving  of a notice or any  other  document,  it shall be
     sufficient to show:

     (i)  in the case of registered  post, that the notice or other document was
          contained in an envelope which was duly addressed and posted; or

     (ii) in the case of fax,  that the fax  transmission  was duly  transmitted
          from the  transmitting  terminal as evidence by a transmission  report
          generated by the transmitting terminal; or

     (iii)in the  case of  email,  that  the  email  was  duly  transmitted  and
          acknowledged by the intended recipient.

     Baxtech       :      Baxtech Asia Pte Ltd
                          info@baxtechasia.com

     Voz           :      [Voz Mobile Cloud Ltd]
                          info@voz-mobile.com

16.  GOVERNING LAW

     This  Agreement  shall  be  governed  by,   interpreted  and  construed  in
     accordance with the laws of Singapore.

17.  ARBITRATION

17.1 Any dispute arising out of or in connection  with this Agreement  including
     any questions  regarding its existence,  validity or  termination  shall be
     referred to and finally  resolved by arbitration in Singapore in accordance
     with the  Arbitration  Rules  of the  Singapore  International  Arbitration
     Centre  for  the  time  being  in  force  which  rules  are  deemed  to  be
     incorporated  by reference into this Clause.  The Tribunal shall consist of
     one arbitrator  (the  "Arbitrator")  to be appointed by the Chairman of the
     Singapore International Arbitration Centre. The language of the arbitration
     shall be English.

17.2 The  decision in writing of the  Arbitrator  shall be final and  conclusive
     upon both  Parties.  The costs and expenses of  arbitration,  including the
     compensation and expenses of the Arbitrator,  shall be borne by the Parties
     as the Arbitrator may determine.  Either Party may apply to any court which
     has  jurisdiction  for an order  confirming  the  award or  commence  legal
     proceedings  to sue on the award.  Except as provided  below,  any right of
     either  Party to  judicial  action on any  matter  subject  to  arbitration
     hereunder is hereby waived, except suit to enforce the arbitration award.

18.  CONTRACTS (RIGHTS OF THIRD PARTIES) ACT (CAP. 53B) NOT APPLICABLE

     Save for the  parties  specifically  identified  at the  beginning  of this
     Agreement,  any  person  or  entity  who is not a party  to this  Agreement
     whether or not any benefit is conferred or purported to be conferred on him
     directly or indirectly  has no rights under the Contracts  (Rights of Third
     Parties) Act (Cap. 53B) to enforce any term or condition of this Agreement.

                                       7
<PAGE>
19.  COUNTERPARTS

     This Agreement may be executed in any number of  counterparts  and all such
     counterparts shall be deemed to constitute one and the same instrument. The
     execution of this Agreement shall not be effective  until the  counterparts
     of this  Agreement  have been  executed by the Parties and executed  copies
     delivered to each Party.

     The Parties  have caused this  Agreement to be executed on the day and year
first above written.

Baxtech

BAXTECH ASIA PTE LTD                      By: /s/ Lawrence Lee
                                             --------------------------------
                                          Name:  Lawrence Lee

                                          Title: Director

Voz

[VOZ MOBILE CLOUD LTD]                    By: /s/ Lawrence Lee
                                             --------------------------------
                                          Name:  Lawrence Lee

                                          Title: President

                                       8Table of Contents

 

Page

 

	1.  Definitions and Construction.	1
	 	1.1  Definitions	1
	 	1.2  Construction	18
	 	1.3  General Acknowledgments.	19
	 	1.4  Inconsistency	20
	 	1.5  Schedules and Exhibits	20
	 	1.6  Accounting Principles	20
	2.  The Receivables Loan.	20
	 	2.1  Loan Amount	20
	 	2.2  Advances.	20
	 	2.3  Requests for Advance	23
	 	2.4  Limitation on Amount of Advances	23
	 	2.5  Supplementary Advances	23
	 	2.6  Loan Account	23
	 	2.7  Receivables Loan Notes	24
	 	2.8  Amounts in Excess of Maximum Receivables Loan Amount	24
	 	2.9  Use of Proceeds	24
	 	2.10  Closing	24
	 	2.11  Purposely Omitted.	24
	 	2.12  Allocation of Pledged Timeshare Loans Among Lenders	24
	3.  Loan Administration.	24
	 	3.1  Receivables Loan Advances	24
	 	3.2  Several Obligations of Lenders	25
	 	3.3  Permitted Assumptions by Agent	25
	4.  Interest Rate.	27
	 	4.1  Primary Interest Rate	27
	 	4.2  Default Rate	27
	 	4.3  Calculation of Interest	28
	 	4.4  Limitation of Interest to Maximum Lawful Rate	28
	5.  Fees.	28
	 	5.1  Receivables Loan Fee	28
	 	5.2  Late Charge	29
	 	5.3  Non-Utilization Fee	29
	 	5.4  Change of Control Fee	29
	 	5.5  Loan Balance Fee	30
	6.  Payments.	30
	 	6.1  Collections	30
	 	6.2  Additional Mandatory Payments	31
	 	6.3  Minimum Payments	31
	 	6.4  Final Payment Date	31
	 	6.5  Reinstatement of Obligations	31
	 	6.6  Prepayments	32
	 	6.7  Change of Control Payment	33

i

 

Table of Contents

(continued)

Page

 

	 	6.8  Application of Payments	33
	 	6.9  Indemnity	34
	 	6.10  General	34
	7.  Security; Guaranties.	34
	 	7.1  Security	34
	 	7.2  Endorsement of Notes; Assignment and Delivery	36
	 	7.3  Lockbox Agreement	37
	 	7.4  Servicing Agreement	38
	 	7.5  Custodial Agreement	38
	 	7.6  Notice to Purchasers.	38
	 	7.7  Payments to be Forwarded	39
	 	7.8  Cancellation and Modifications of Notes	39
	 	7.9  Permitted Contests	39
	 	7.10  Release	40
	8.  Representations and Warranties	40
	 	8.1  Organization; Power.	40
	 	8.2  Licenses	41
	 	8.3  Transaction is Legal and Enforceable	41
	 	8.4  Due Authorization; No Legal Restrictions	41
	 	8.5  No Breach or Default of Other Agreements; Compliance with Other Agreements	41
	 	8.6  Litigation	42
	 	8.7  Taxes	42
	 	8.8  Insurance	42
	 	8.9  Consents	43
	 	8.10  No Violation of Law	43
	 	8.11  Financial Statements.	43
	 	8.12  No Material Adverse Change in Financial Condition	43
	 	8.13  Title to Collateral	44
	 	8.14  Names, Addresses and States of Formation	44
	 	8.15  Current Compliance	44
	 	8.16  Pension Plans	44
	 	8.17  Use of Proceeds/Margin Stock/Governmental Regulations	44
	 	8.18  Solvency	45
	 	8.19  Insurance	45
	 	8.20  Tax Identification Number	45
	 	8.21  Purposely Omitted.	45
	 	8.22  Restrictive Contracts	45
	 	8.23  Closing Date Indebtedness	45
	 	8.24  Completeness of Representations	46
	9.  Representations, Warranties and Covenants With Respect to the Project	46
	 	9.1  Access, Utilities and Parking	46
	 	9.2  Compliance	46
	 	9.3  Declarations	46
	 	9.4  Zoning Laws, Building Codes, Etc	46

ii

 

Table of Contents

(continued)

Page

 

	 	9.5  Unit Ready for Use	47
	 	9.6  Property Taxes and Fees	47
	 	9.7  No Defaults	47
	 	9.8  Timeshare  Approvals	47
	 	9.9  Sale of Timeshare Interests	48
	 	9.10  Brokers	48
	 	9.11  Tangible Property; Non-Disturbance Agreements	48
	 	9.12  Condition of Project	48
	 	9.13  Assessments	48
	 	9.14  Developer Subsidy	49
	 	9.15  Project Documents	49
	 	9.16  Common Areas and Amenities	49
	 	9.17  Trust Agreement	49
	10.  Representations, Warranties and Covenants with Respect to the Timeshare
      Loans	49
	 	10.1  No Defaults	50
	 	10.2  Validity	50
	 	10.3  Competency	50
	 	10.4  Defenses; Rescission	50
	 	10.5  Legal Requirements	50
	 	10.6  Payments	50
	 	10.7  Payments by Borrower	51
	 	10.8  Title; Title Insurance	51
	 	10.9  Right to Convey	51
	 	10.10  Bankruptcy; Litigation	51
	 	10.11  Authorization	51
	 	10.12  Representations	51
	 	10.13  Notice of Assignment	51
	 	10.14  Marketability	52
	 	10.15  Recording of Mortgages	52
	 	10.16  Recording of Deed	52
	 	10.17  Amendment	52
	 	10.18  Assignment; No Liens	52
	 	10.19  Loan File	52
	 	10.20  Public Reports	52
	 	10.21  Credit	52
	 	10.22  Qualified Timeshare Loans	53
	 	10.23  Enforceability	53
	 	10.24  No Impairment	53
	 	10.25  No Defaults	53
	 	10.26  Assumption	53
	 	10.27  Executory Obligations	53
	 	10.28  Fulfillment of Obligations to Purchasers	53
	11.  Consumer Documents	53
	12.  Payment or Replacement of Timeshare Loans.	54
	 	12.1  Delinquent Loans	54

iii

 

Table of Contents

(continued)

Page

 

	 	12.2  Replacement	55
	 	12.3  Documents	55
	 	12.4  Application of Representations and Warranties to Replacement Timeshare Loans	55
	13.  Reassignment of Timeshare Loans by Agent; Collection Proceedings;
      Etc.	55
	 	13.1  Collection Proceedings	55
	 	13.2  Reassignments	55
	14.  General Affirmative Covenants	56
	 	14.1  Payment of Taxes and Claims	56
	 	14.2  Maintenance of Property	57
	 	14.3  Insurance	57
	 	14.4  Existence and Rights	57
	 	14.5  Failure to Pay Taxes, Insurance, Etc	57
	 	14.6  Books and Records	58
	 	14.7  Inspections	58
	 	14.8  Regulatory Approvals	58
	 	14.9  Compliance With Laws, Etc	59
	 	14.10  Management of Borrower	59
	 	14.11  Loan Files	59
	 	14.12  Management Agreements	59
	 	14.13  Lockbox Agreement	59
	 	14.14  Servicing Agreement	60
	 	14.15  Project Documents	60
	 	14.16  Assessments	60
	 	14.17  Maintenance of Larger Tract	60
	 	14.18  Accuracy of Representations and Warranties	60
	 	14.19  Additional Documents and Future Actions	60
	 	14.20  Inventory Controls	61
	 	14.21  Trust Agreement	61
	15.  Negative Covenants	61
	 	15.1  Organization	61
	 	15.2  No Transfers	61
	 	15.3  Other Business	61
	 	15.4  Affiliate Transactions	61
	 	15.5  No Lien on Collateral or Reservation System	61
	 	15.6  Proxies	62
	 	15.7  Restrictive Covenants	62
	 	15.8  Chief Executive Office	62
	 	15.9  Marketing/Sales	62
	 	15.10  Amenities	62
	 	15.11  Trust Agreement	62
	 	15.12  Demand Balancing Standard	62
	16.  Financial Covenants.	62
	 	16.1  Minimum Tangible Net Worth	63

 

iv

 

Table of Contents

(continued)

Page

 

	 	16.2  Leverage Ratio	63
	 	16.3  Deposit Relationship	63
	17.  Financial Statements and Reporting Requirements.	63
	 	17.1  Monthly Reports	63
	 	17.2  Annual Financial Statements	63
	 	17.3  Annual Association Financial Statements	64
	 	17.4  Quarterly Financial Statements	64
	 	17.5  SEC Filings.	64
	 	17.6  Confirmation of Compliance	65
	 	17.7  Audit Reports	65
	 	17.8  State Audits	65
	 	17.9  Budgets	65
	 	17.10  Notices	65
	 	17.11  Other Debt	65
	 	17.12  Sales and Marketing Materials	65
	 	17.13  Schedule of Purchasers	66
	 	17.14  Purposely Omitted.	66
	 	17.15  Other Information	66
	18.  Purposely Omitted.	66
	19.  Purposely Omitted.	66
	20.  Conditions of and Documents to be Delivered at the Closing	66
	 	20.1  Loan Documents	66
	 	20.2  Opinions of Counsel	66
	 	20.3  Project Documents	66
	 	20.4  Association Documents	66
	 	20.5  Borrower’s Documents	66
	 	20.6  Good Standing Certificates	66
	 	20.7  Insurance	67
	 	20.8  Flood Insurance	67
	 	20.9  Timeshare Approvals	67
	 	20.10  Authorizing Resolutions	67
	 	20.11  UCC-1 Financing Statements	67
	 	20.12  Environmental Matters	67
	 	20.13  UCC-1 Search Report	67
	 	20.14  Releases	68
	 	20.15  Closing Certificates	68
	 	20.16  Compliance	68
	 	20.17  Survey	68
	 	20.18  Title Report/Commitment	68
	 	20.19  Taxes and Assessments	68
	 	20.20  Preclosing Inspections	68
	 	20.21  Expenses	68
	 	20.22  Permits and Approvals	68
	 	20.23  Lockbox Agreement	69

 

v

 

Table of Contents

(continued)

Page

 

	 	20.24  Servicing Agreement	69
	 	20.25  Compliance with Planning, Land Use and Zoning Stipulations	69
	 	20.26  Litigation Search	69
	 	20.27  Trust Agreement	69
	 	20.28  Other	69
	21.  Conditions of and Documents to be Delivered Prior to Initial Receivables
      Loan Advance	69
	 	21.1  Loan Documents	70
	 	21.2  Other	70
	22.  Conditions of and Documents to be Delivered Prior to Funding And in
      Connection With Each Receivables Loan Advance	70
	 	22.1  Representations; No Defaults	70
	 	22.2  Request for Receivables Loan Advance	70
	 	22.3  Approval of Credit	70
	 	22.4  Original Notes, Mortgages and Other Documents	70
	 	22.5  Original Assignments	70
	 	22.6  Title Insurance	71
	 	22.7  Documents Received and Recorded	71
	 	22.8  Subsequent Legal Opinions	71
	 	22.9  Advances Do Not Constitute a Waiver	72
	 	22.10  No Obligation to Fund After Filed Liens	72
	 	22.11  Other	72
	23.  Post Receivables Loan Advance Obligations.	72
	 	23.1  Confirmation of Recording	72
	 	23.2  Title Policy	72
	24.  Conditions to Agent’s and Lenders’ Obligations to Advance
      Receivables Loan Proceeds Related to Sales of Timeshare Interests in Projects Added to the Primary Projects	73
	 	24.1  General	73
	 	24.2  Inspection	73
	 	24.3  Insurance	73
	 	24.4  Environmental Matters	73
	 	24.5  Zoning, Access, Parking and Utilities	73
	 	24.6  Flood Zone	73
	 	24.7  Project Documents	73
	 	24.8  Quiet Enjoyment Rights	73
	 	24.9  Opinions	74
	 	24.10  Other	74
	 	24.11  Approval of Projects to be Added to the Primary Projects	74
	25.  Default; Remedies.	74
	 	25.1  Events of Default	74
	 	25.2  Remedies	77
	 	25.3  Sale or Other Disposition of Collateral	78
	 	25.4  Application of Proceeds	79
	 	25.5  Actions with Respect to Timeshare Loans	79
	 	25.6  Retention of Collateral	80

vi

 

Table of Contents

(continued)

Page

 

	 	25.7  Performance by Agent and Lenders	80
	 	25.8  No Liability of Agent or any Lender	81
	 	25.9  Right to Defend Action Affecting Collateral	81
	 	25.10  Delegation of Duties and Rights	81
	 	25.11  Condemnation or Litigation	81
	 	25.12  Set-Off	81
	 	25.13  Waiver of Right of First Refusal	82
	26.  Regarding Agent.	82
	 	26.1  Appointment	82
	 	26.2  Nature of Duties	82
	 	26.3  Lack of Reliance on Agent and Resignation.	83
	 	26.4  Certain Rights of Agent	83
	 	26.5  Reliance	84
	 	26.6  Purposely Omitted.	84
	 	26.7  Agent in its Individual Capacity	84
	 	26.8  Borrower’s Undertaking to Agent	84
	 	26.9  Allocation of Payments and Collateral	84
	 	26.10  Agency Agreement	84
	27.  Sale And Assignment.	84
	 	27.1  Successors and Assigns; Participations; New Lenders.	84
	 	27.2  Pledge of Commitment Amount	86
	28.  Amendments to Agreement	87
	29.  Miscellaneous.	87
	 	29.1  Notices	87
	 	29.2  Borrower’s Representative	88
	 	29.3  Binding Effect; Assignment	89
	 	29.4  No Waiver	89
	 	29.5  Remedies Cumulative	89
	 	29.6  Costs, Fees and Expenses.	89
	 	29.7  No Other Agreements	91
	 	29.8  Amendments	92
	 	29.9  Survival of Covenants, Agreements, Representations and Warranties	92
	 	29.10  Governing Law	92
	 	29.11  Limitation of Liability	92
	 	29.12  Submission to Jurisdiction	93
	 	29.13  Service of Process	93
	 	29.14  Use of Name	93
	 	29.15  Headings; References to “Exhibits” or to “Sections”	93
	 	29.16  Partial Invalidity	94
	 	29.17  Waiver in Legal Actions	94
	 	29.18  Sale; Participations; Delegations of Duties	94
	 	29.19  Indemnification	95
	 	29.20  Brokers; Payment of Commissions	95
	 	29.21  Counterparts; Electronic Signatures	96

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Page

 

	 	29.22  Consents, Approvals and Discretion	96
	 	29.23  Control of Association	96
	 	29.24  No Joint Venture	96
	 	29.25  All Powers Coupled With Interest	96
	 	29.26  Time of the Essence	96
	 	29.27  No Third Party Beneficiaries	97
	 	29.28  Directly or Indirectly	97
	 	29.29  Dealing With Multiple Borrowers	97
	 	29.30  Limitation on Damages	97
	 	29.31  Confidentiality	97
	 	29.32  Commercial Transaction	97
	 	29.33  Waiver of Right to Trial by Jury	98
	 	29.34  Delegation of Duties and Rights	98
	 	29.35  USA Patriot Act Notice	98
	 	29.36  New Loan Tranche	98
	 	29.37  FBS Project Approval	99

viii

AMENDED
  AND RESTATED

  RECEIVABLES LOAN AGREEMENT

By and
Among

THE FINANCIAL
INSTITUTIONS REFERRED TO ON 

THE SIGNATURE
PAGES AS THE LENDERS,

 

 

 

LIBERTY
BANK, AS THE

ADMINISTRATIVE
AND COLLATERAL AGENT

 

 

and

BLUEGREEN
CORPORATION

Dated:
December 11, 2012

_________________________________

AMENDED
AND RESTATED

RECEIVABLES LOAN AGREEMENT

THIS
AMENDED AND RESTATED RECEIVABLES LOAN AGREEMENT (this “Agreement”) is made effective as of December 11,
2012 by and among BLUEGREEN CORPORATION, a Massachusetts corporation (“Borrower”); each of the
financial institutions identified under the caption “Lenders” on the signature pages of this Agreement or which,
pursuant to Section 27.1 shall become a “Lender” (individually, a “Lender”
and collectively, the “Lenders”); and LIBERTY BANK, a Connecticut non-stock mutual savings bank, as
administrative and collateral agent for Lenders (in such capacity, together with its successors and assigns in such capacity,
“Agent”).

NOW,
THEREFORE, intending to be legally bound hereby, the parties agree as follows:

BACKGROUND

A.        Borrower,
Agent and Lenders are parties to a Receivables Loan Agreement dated as of February 11, 2011 (as such Receivables Loan Agreement
has been amended from time to time, the “2011 Loan Agreement”).

B.        Borrower,
Agent and Lenders desire to amend and restate the 2011 Loan Agreement on the terms and conditions set forth in this Agreement.

1.        
Definitions and Construction.

1.1        
Definitions. When used in this Agreement, the following terms shall have the following meanings (such meanings
to be applicable equally both to the singular and plural terms defined):

Advance
means an advance of the proceeds of the Receivables Loan by Agent or any Lender to or on behalf of Borrower in accordance
with the terms of this Agreement.

Affiliate
means any Person: (a) which directly or indirectly controls, or is controlled by, or is under common control with such
Person; (b) which directly or indirectly beneficially owns or holds five percent (5%) or more of the voting stock of such Person;
or (c) for which five percent (5%) or more of the voting stock of which is directly or indirectly beneficially owned or held by
such Person; provided, however, that under no circumstances shall Borrower be deemed an Affiliate of any 5% or greater
shareholder of Borrower or any Affiliate of such shareholder who is not a Direct Affiliate (as defined herein) of Borrower, nor
shall any such shareholder be deemed to be an Affiliate of Borrower; and provided further, however, that
BFC Financial Corporation shall not be deemed to be an Affiliate of Borrower. The term “control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through
the ownership of voting securities, by contract or otherwise. For purposes of this definition, any entity included in the Borrower’s
GAAP consolidated financial statements shall be an Affiliate of Borrower (a “Direct Affiliate”).

Agency
Agreement means that certain Agency Agreement among Agent and Lenders and reasonably acceptable to Borrower to be executed
and delivered at such time another lender becomes a “lender” pursuant to Section 27.1 of this Agreement.

Agent
means Liberty Bank, a Connecticut non-stock mutual savings bank, solely in its capacity as administrative and collateral
agent for Lenders and shall include any successor or assign in such capacity.

Amenities
means the recreational, access and utility facilities to be included as part of or to benefit a Project, as such amenities
may be further described in the applicable Declaration and/or Public Report for such Project.

Applicable
Usury Law means the usury law applicable pursuant to the terms of Section 29.10 or such other usury law
which is applicable if the law chosen by the parties is not applicable.

Assessments
means the maintenance assessments and special assessments made against each Timeshare Interest and the Owner thereof pursuant
to the provisions of the Declaration for the applicable Project.

Assignment
shall have the meaning set forth in Section 7.2.

Association
means each non-profit corporation or entity or cooperative association under applicable state or other law which is responsible
for the management and maintenance of a Project pursuant to the terms of a related Declaration and/or other applicable Governing
Documents.

Back-Up
Servicing Agreement shall have the meaning set forth in Section 7.4.

Bluegreen
Owner Agreement shall have the meaning set forth in the Trust Agreement.

Borrower
means Bluegreen Corporation, a Massachusetts corporation, its successors and assigns.

Business
Day means every day on which Agent’s and Borrower’s offices in the states of Connecticut and Florida, respectively,
are open to the public for carrying on substantially all its business functions.

Change
of Control means the occurrence of any of the following events: (a) a change in ownership or control of Borrower effected
through a transaction or series of transactions whereby any Person or group of Persons who are Affiliates directly or indirectly
acquires beneficial ownership (within the meaning of Rule 13d-3 under the Securities and Exchange Act of 1934) of securities of
Borrower possessing more than fifty percent (50%) of the total combined voting power of Borrower’s securities outstanding
immediately after such acquisition, whether by means of a sale, merger, consolidation or otherwise or (b) any direct or indirect
acquisition or purchase of over fifty percent (50%) in fair market value of the consolidated assets of Borrower and its Affiliates
other than through the ordinary course of business of Borrower and its Affiliates; provided, however, that a Change
of Control shall not be deemed to occur upon (x) a change in ownership or control of Borrower effected through a transaction or
series of transactions whereby BBX Capital Corporation, BFC Financial Corporation, Woodbridge Holdings Corporation or any of their
Affiliates directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange
Act of 1934) of securities of Borrower possessing more than fifty percent (50%) of the total combined voting power of Borrower’s
securities outstanding immediately after such acquisition, whether by means of a sale, merger, consolidation or otherwise, or
(y) any direct or indirect acquisition or purchase of over fifty percent (50%) in fair market value of the consolidated assets
of Borrower and its Affiliates by BBX Capital Corporation, BFC Financial Corporation, Woodbridge Holdings Corporation or any of
their Affiliates.

2

Change
of Control Fee has the meaning set forth in Section 5.4.

Closing
means the closing of the transactions contemplated under this Agreement on the Closing Date.

Closing
Date means the effective date of this Agreement, which is as of December 11, 2012.

Closing
Date Indebtedness has the meaning set forth in Section 8.23.

Collateral
has the meaning set forth in Section 7.1.

Commitment
Amount means the amount each Lender has agreed to advance under the Receivables Loan, as set forth on the signature pages
to this Agreement and any Commitment Transfer Supplement, as such amounts may be amended from time to time.

Commitment
Transfer Supplement has the meaning set forth in Section 27.1(c).

Concord
shall have the meaning set forth in Section 7.4.

Consumer
Documents means the following documents used by Borrower in connection with the credit sale of Timeshare Interests:

(a)         
Credit Application;

(b)         
Evidence of FICO Score (to the extent required under Section 22.3);

(c)          Purchase Agreement (with Right of Rescission Notice);

(d)         
Deed;

(e)          Mortgage;

3

(f)          
Note;

(g)         
Disclosure Statement;

(h)         
Owner Confirmation Interview (Acknowledgment of Representations);

(i)           Receipt for Timeshare Documents;

(j)           Mortgage Service Disclosure Statement;

(k)         
Settlement Statement (HUD-1);

(l)           Good Faith Estimate of Settlement Charges;

(m)         Privacy Act Notice; and

(n)         
Certificate of Purchase of Owner Beneficiary Rights.

A
sample form of each of the Consumer Documents from the jurisdictions representative of each Primary Project is attached hereto
as part of Exhibit A.

Custodial
Agreement shall have the meaning set forth in Section 7.5.

Custodian
shall have the meaning set forth in Section 7.5.

Debt
means, for any Person, without duplication, the sum of the following:

(a)         
indebtedness for borrowed money;

(b)         
obligations evidenced by bonds, debentures, notes or other similar instruments;

(c)          obligations as lessee under leases which have been, in accordance with GAAP, recorded as capital leases;

(d)         
obligations of such Person to purchase securities (or other property) which arise out of or in connection with the
sale of the same or substantially similar securities or property;

(e)          
indebtedness or obligations of others secured by a lien on any asset of such Person, whether or not such indebtedness
or obligations are assumed by such Person (to the extent of the value of the asset);

(f)          
obligations under direct or indirect guaranties in respect of, and obligations (contingent or otherwise) to purchase
or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of others of the
kinds referred to in clauses (a) through (e) above; and

4

(g)         
liabilities in respect to unfunded vested benefits under plans covered by Title IV of ERISA.

Notwithstanding
the foregoing, with respect to Borrower, the term “Debt” shall exclude recorded liabilities for non-recourse
sales of timeshare notes receivable and such Debt, if any, as may be subordinated pursuant to the terms of this Agreement or the
other Loan Documents.

Debtor
Relief Laws means all applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, insolvency, reorganization
or similar law, proceeding or device providing for the relief of debtors from time to time in effect and generally affecting the
rights of creditors.

Declarations
means, with respect to each Project, the condominium declaration or similar instrument related thereto pursuant to which
such Project is encumbered and the property regime established thereat is created as all of the foregoing may be lawfully amended
or supplemented from time to time.

Deed
means the writing evidencing title in the Trustee on behalf of the Owner Beneficiaries referred to in, and subject to
the other provisions of, the Trust Agreement, with respect to Timeshare Interests relating to Timeshare Loans.

Defaulting
Lender shall have the meaning set forth in Section 3.3(c).

Default
Rate has the meaning set forth in Section 4.2.

Delinquent
Loan means any Timeshare Loan (a) with respect to which any payment is, at any time, more than fifty-nine (59) days past
due (computed without reference to any notice or grace period) or (b) which does not meet the criteria of a Qualified Timeshare
Loan.

Demand
Balancing Standard has the meaning ascribed to it in the Trust Agreement.

Disclosure
Statement means the truth-in-lending disclosures given by Borrower or its Affiliates to a Purchaser in connection with
the credit purchase of one or more Timeshare Interests.

Division
means the applicable state regulatory agency, department or division in the state in which a Project is located, which
has the power and authority to regulate timeshare projects in such state.

Eligible
Transferee means (a) a commercial bank organized under the laws of the United States, or any state thereof, (b) a commercial
bank organized under the laws of any other country which is a member of the Organization for Economic Co-operation and Development
or a political subdivision of any such country, (c) a finance company, insurance or other financial institution, or fund that
is engaged in making, purchasing, or otherwise investing in commercial loans in the ordinary course of its business, (d) any Affiliate
(other than individuals) of an existing Lender, and (e) any other Person approved by Agent and Borrower.

5

Environmental
Agreement means that certain Amended and Restated Environmental Agreement of even date herewith between Borrower and Agent
as amended, restated, extended or supplemented from time to time, and any new Environmental Agreement executed in its place.

ERISA
has the meaning set forth in Section 8.16.

ERISA
Affiliates has the meaning set forth in Section 8.16.

Event
of Default means any Event of Default described in Section 25.1.

FBS
Developer shall mean a third party timeshare developer of an FBS Project.

FBS
Project shall mean a Project in respect to which Borrower or its Affiliates have provided to third party timeshare developers
and property owners’ associations fee-based service arrangements which includes one or more of the following services: sales
and marketing, fee-based management services, mortgage servicing, title and construction management, and other similar resort
and/or hospitality related services.

FICO
Score means a credit risk score known as a “FICO® Score” and determined by the Fair Isaac Company system
implemented by Experian or a successor acceptable to Agent, in its reasonable discretion, for a consumer borrower through
the analysis of individual credit files. In the event that such credit risk scoring program ceases to exist, Agent and Borrower
may select a successor credit risk scoring program as mutually agreed.

In
the event that a Purchaser consists of more than one (1) individual (e.g. husband and wife) (a “Purchaser Group”),
the FICO Score for a Purchaser shall be based on the highest FICO Score for all individuals who have a FICO Score in such Purchaser
Group as of the date of origination or, as refreshed, as agreed upon between Borrower and Agent. For such Receivables Loan Advances,
a Purchaser shall be considered to have no FICO Score if all individuals in such Purchaser Group have no FICO Score.

GAAP
means generally accepted accounting principles in the United States, applied on a consistent basis, as described in Opinions
of the Accounting Principles Board of the American Institute of Certified Public Accountants and/or in statements of the Financial
Accounting Standards Board which are applicable in the circumstances as of the date in question.

Governing
Documents means the certificate or articles of incorporation, organization or formation, by-laws, partnership agreement,
joint venture agreement, trust agreement, operating agreement or other organizational or governing documents of any Person.

Incipient
Default means any condition or event which, after notice or lapse of time or both, would constitute an Event of Default
under this Agreement.

Indemnified
Party shall have the meaning set forth in Section 29.19.

6

Introductory
Product means  an agreement pursuant to which a purchaser thereunder obtains those certain benefits set forth therein
which comprise introductory benefits not under Borrower’s FICO Score underwriting standards.

Legal
Requirements means all applicable federal, state and local ordinances, laws, regulations, orders, judgments, decrees,
determinations and other legal restrictions governing a Project, Borrower or their business or operations.

Lender
means each of the financial institutions identified under the caption “Lenders” on the signature pages
to this Agreement, and their successors and assigns.

Lender
Portfolio Timeshare Loans means all Timeshare Loans now existing or hereafter arising which have been pledged, assigned
and delivered to Agent, for the benefit of Lenders, pursuant to this Agreement or any Assignment (and all replacements of such
Timeshare Loans which have been pledged, assigned and delivered to Agent, for the benefit of Lenders, pursuant to Section
12.2).

Leverage
Ratio means the ratio of (a) consolidated Debt of Borrower, to (b) consolidated Tangible Net Worth of Borrower.

Loan
Account has the meaning set forth in Section 2.6.

Loan
Documents means this Agreement, the Receivables Loan Notes, any document evidencing any assignment or security interest
described in Section 7.1, the Servicing Agreement, the Lockbox Agreement, the Custodial Agreement, the Back-Up Servicing
Agreement, the Environmental Agreement, and all documents now or hereafter executed in connection with the Receivables Loan or
securing the Obligations, as such documents may be amended, restated or modified.

Loan
File means, with respect to each of the Timeshare Loans, all the Consumer Documents relating thereto, each duly executed,
as applicable, plus:

(a)         
all guaranties, if any, for the payment of the Timeshare Loans; and

(b)         
in the case of a Timeshare Loan made to a corporation, partnership or other entity not an individual, evidence that
the execution and delivery of the Note and other Consumer Documents and the related purchase of Timeshare Interests have been
duly authorized by all necessary action of such entity; and

(c)         
the Title Insurance Policy insuring the lien of the Mortgage.

Loan
Pledgee shall have the meaning set forth in Section 27.2.

Loan
Year means each twelve (12) month period after the expiration of the Receivables Loan Advance Period, as such Receivables
Loan Advance Period may be extended from time to time, i.e., the first Loan Year will commence on the date the Receivables Loan
Advance Period expires after all extensions thereof.

7

Lockbox
Agreement shall have the meaning set forth in Section 7.3.

Lockbox
Bank shall have the meaning set forth in Section 7.3.

Low
FICO Score Timeshare Loans shall have the meaning set forth in Section 2.2(e)(ii).

Management
Agreement means the agreement between an Association and the Manager providing for the management of a Project and any
new management agreement executed in its place, each as amended in accordance with the terms of this Agreement.

Manager
means the entity serving as the manager for a Project pursuant to a Management Agreement and any replacement manager for
such Project approved by Agent, in its reasonable discretion. Bluegreen Resorts Management, Inc., Dennis Management, Vacation
Resorts International, Inc., RAL Resort Property Management, Inc., Lake Condominium Owners’ Association, Inc., Ocean Towers
Beach Club Condominium Association, Inc., Gold Crown Management, Inc., Eastman Management Services, Inc., Innsbruck Suites Management
Company LLC, Ericson Resort Management LLC, and New York Urban Ownership Management, LLC shall each be deemed by Agent to be an
approved Manager or replacement manager for any Project. In the event that Agent does not approve a Manager for any Project, then
Agent shall have no obligation to make any further Advances under the Receivables Loan in connection with the applicable Project.

Material
Adverse Change means any material and adverse change in, or a change which has a material adverse effect upon, any of:

(a)         
the business, properties, operations or condition (financial or otherwise) of Borrower, which, with the giving of notice
or the passage of time, or both, could reasonably be expected to result in either (i) Borrower failing to comply with any of the
financial covenants contained in Section 16 or (ii) Borrower’s inability to perform its obligations pursuant
to the terms of the Loan Documents; or

(b)         
the legal or financial ability of Borrower to perform its obligations under the Loan Documents and to avoid any Incipient
Default or Event of Default; or

(c)         
the legality, validity, binding effect or enforceability against Borrower of any Loan Document in accordance with its
terms.

Maximum
Receivables Loan Amount means the lesser of: (i) the aggregate Commitment Amount of all Lenders, or (ii) an amount not
to exceed $50,000,000 at any time, provided that, such maximum amount is subject to further restrictions
as set forth in Sections 2.1 and 2.2 of this Agreement.

Mortgage
means a mortgage, deed to secure debt or deed of trust (or assignment thereof) naming Borrower as mortgagee, grantee or
beneficiary, which secures payment of a Note, is executed by the Trustee, and encumbers the Timeshare Interest purchased by such
Purchaser.

8

Net
Income shall have the meaning given to it under GAAP.

Net
Worth means, for any Person: (a) total assets of such Person, as would be reflected on a balance sheet prepared on a consolidated
basis and in accordance with GAAP, consistently applied, exclusive of intellectual property, experimental or organization expenses,
franchises, licenses, permits, unamortized underwriters’ debt discount and expenses, and goodwill, minus (b) total
liabilities of such Person, as would be reflected on a balance sheet prepared on a consolidated basis and in accordance with GAAP
consistently applied.

New
Loan Tranche has the meaning set forth in Section 29.36.

No-FICO
Score Timeshare Loans shall have the meaning set forth in Section 2.2(e)(iii).

Non-Complying
Consumer Documents has the meaning set forth in Section 11.

Non-Primary
Project means each Project approved by Agent as of the date of this Agreement as an eligible Non-Primary Project for financing,
which approved Non-Primary Projects are specified on Schedule 2 attached to this Agreement as it may be supplemented
or replaced from time to time with Agent’s written approval, including any approved replacements to Schedule 2
pursuant to Section 24.11.

Non-Primary
Project Timeshare Loans shall have the meaning set forth in Section 2.2(e)(iv).

Non-Resident
Timeshare Loans shall have the meaning set forth in Section 2.2(e)(i).

Note
means a purchase money note made by a Purchaser secured by a Mortgage, payable to the order of (or otherwise endorsed
as payable to) Borrower, and delivered by a Purchaser in connection with the credit purchase of one or more Timeshare Interests.

Notice
to Purchasers shall have the meaning set forth in Section 7.6(b).

Obligations
means all payment and performance obligations and liabilities of Borrower to Agent or any Lender of every kind, nature
and description, direct or indirect, absolute or contingent, due or to become due, secured or unsecured, joint, several, joint
and several, now existing or hereafter arising, contractual or tortious, liquidated or unliquidated, regardless of how such obligations
or liabilities arise, including without limitation, the obligation of Borrower to pay (a) the principal of, premium, if any, on
and interest on the Receivables Loan; and (b) all fees, costs, expenses, indemnities, obligations and liabilities of Borrower
owing at any time to Agent or any Lender under or in respect of this Agreement and each of the other Loan Documents.

Owner
or Owners means the Purchaser or Purchasers of a Timeshare Interest, the successive owner or owners of each
Timeshare Interest so conveyed, and Borrower or its Affiliates with respect to Timeshare Interests in a Project not so conveyed.

9

Owner
Beneficiary shall have the meaning set forth in the Trust Agreement and includes a Purchaser under a Purchase Agreement
who acquires Owner Beneficiary Rights with appurtenant Vacation Points.

Owner
Beneficiary Rights shall have the meaning set forth in the Trust Agreement.

Patriot
Act Certificate and Agreement means the Amended and Restated Patriot Act Certificate and Agreement by and between Borrower
and Agent, dated of even date herewith.

PBGC
has the meaning set forth in Section 8.16.

Permitted
Encumbrances  means, with respect to a Mortgage, (a) real estate taxes and assessments not yet due and payable, (b) exceptions
to title which are approved in writing by the Agent, which includes the exceptions set forth in the approved forms of Title Insurance
Policies for the Primary Projects attached hereto as Exhibit E and the exceptions in the forms of Title Insurance
Policies for the Non-Primary Projects existing as of the Closing Date (including such easements, dedications and covenants which
Agent consents to in writing after the date of this Loan Agreement). In addition, the following shall be deemed to be Permitted
Encumbrances: 1) liens for state, municipal and other local taxes if such taxes shall not at the time be due and payable; 2) liens
in favor of Agent or Lenders pursuant to this Agreement; 3) materialmen’s, warehouseman’s and mechanic’s and
other liens arising by operation of law in the ordinary course of business for sums not due; 4) a Purchaser’s interest in
a Timeshare Interest relating to a Timeshare Loan comprising a portion of the Lender Portfolio Timeshare Loans whether pursuant
to the Trust Agreement or otherwise; and 5) any Owner Beneficiary Rights. Notwithstanding the foregoing, such Permitted Encumbrances
will not affect or subordinate the first and prior lien of Agent or Lenders in and to a Qualified Note which has been encumbered
by a Qualified Mortgage, the lien of which Qualified Mortgage is insured by the applicable Title Insurance Policy collaterally
assigned to Agent, for the benefit of Lenders.

Permitted
Modifications means an amendment or other modification to the terms and conditions of a Timeshare Loan (a) of a Purchaser
as a result of the Servicemembers Civil Relief Act, (b) with respect to a one percent (1%) increase or decrease in the related
Timeshare Loan’s interest rate related to a Purchaser’s voluntary or involuntary election to commence or cease using
an automatic payment option, as applicable, or (c) in connection with an Upgraded Note Receivable or Introductory Product.

Person
means an individual, a government or any agency or subdivision thereof, a corporation, partnership, trust, unincorporated
organization, association, joint stock company, limited liability company or other legal entity.

Plan
has the meaning set forth in Section 8.16.

Pledge
shall have the meaning set forth in Section 27.2.

Primary
Project means each Project approved by Agent as of the date of this Agreement as an eligible Primary Project for financing,
which approved Primary Projects are specified on Schedule 1 attached to this Agreement as it may be supplemented
or replaced from time to time with Agent’s written approval, including any approved replacements to Schedule 1
pursuant to Section 24.11.

10

Processing
Fee shall have the meaning set forth in Section 3.3(b).

Project
means each timeshare project or phase thereof approved by Agent as of the date of this Agreement as an eligible Project
for financing, which approved Projects are identified on Schedules 1 and 2 attached to this Agreement as they may
be supplemented or replaced from time to time with Agent’s written approval, including any approved replacements to Schedules
1 and 2 pursuant to Section 24.11, including without limitation, all Primary Projects and Non-Primary Projects;
provided, however, any deletions of Projects from such Schedules shall not require Agent’s approval but shall be subject
to ten (10) Business Days prior written notice to Agent.

Project
Documents means with respect to any Project, any and all documents evidencing or relating to the creation and sale of
Timeshare Interests, the applicable Declarations, the applicable Governing Documents of the Associations, any rules and regulations
of the Associations, and the Management Agreements.

Pro
Rata Share means with respect to a Lender, a fraction (expressed as a percentage), the numerator of which is the amount
of such Lender’s Commitment Amount of the Receivables Loan and the denominator of which is the aggregate amount of all of
the Commitment Amounts of all Lenders relating to the Receivables Loan, as the same may be adjusted upon any assignment by a Lender
to the extent permitted by Section 27.1.

Public
Records means the applicable recording or filing office in the jurisdiction in which a Project is located which is the
legally required office for the recording of Deeds, Mortgages, Declarations and other documents affecting title to real estate
in such jurisdiction.

Public
Report means the approved public report, permit or public offering statement for the Vacation Club or a Project and the
approvals or registrations for such Vacation Club or Project, in the jurisdiction in which Timeshare Interests in the Vacation
Club are offered for sale or in which such Project is located and in each other jurisdiction in which sales of the Vacation Club
or Timeshare Interests are made or such Vacation Club or Project is otherwise required to be registered.

Purchase
Agreement means the form of Bluegreen Owner Agreement.

Purchaser
means a bona fide third-party purchaser for value (whether one or more Persons) who has purchased one or more Timeshare
Interests from Borrower or its Affiliates or an FBS Developer.

Qualified
Mortgage means a Mortgage which may be subject to a Permitted Encumbrance, securing the payment of a Qualified Note which
has been or may be assigned of record to Agent, for the benefit of Lenders.

11

Qualified
Note means a Note executed by a Purchaser or Purchasers, payable to the order of (or otherwise endorsed as payable to)
Borrower in connection with a Qualified Sale, which has been assigned and endorsed over to Agent, for the benefit of Lenders,
with recourse, with respect to which all of the requirements for a Qualified Timeshare Loan are true.

Qualified
Sale means a credit sale of a Timeshare Interest to a Purchaser, which is made by Borrower or its Affiliates or an FBS
Developer in the ordinary course of its business and is consummated in compliance with all applicable Legal Requirements and in
connection with which (other than in the case of an equity trade or conversion in connection with an Introductory Product) the
Purchaser pays a down payment by cash, check, credit card or otherwise equal to at least ten percent (10%) of the Sales Price,
which down payment may, (i) in the case of an Upgraded Note Receivable or conversion in connection with an Introductory Product,
be represented in part or in whole by the principal payments and down payment made on, as applicable, such original Qualified
Note or the related Introductory Product since its date of origination or (ii) in the case of an equity conversion or a conversion
in connection with an Introductory Product, be represented in whole or in part by the amount paid where the Purchaser has paid
in full, whether at the point of sale or otherwise, for the original Timeshare Interest or the Introductory Product, as applicable.

Qualified
Timeshare Loan means each Timeshare Loan made by Borrower or FBS Developer to a Purchaser or Purchasers in connection
with a Qualified Sale which is evidenced by a Qualified Note, secured by a Qualified Mortgage and which meets the following criteria:

(a)         
The Timeshare Loan is evidenced by a Qualified Note, Qualified Mortgage, Purchase Agreement and such other Consumer
Documents which have been, as applicable, executed in connection with the credit purchase and sale of a Timeshare Interest;

(b)         
The Timeshare Loan has an original maturity date of one hundred twenty (120) months or less, payable in equal monthly
installments of principal and interest, with the first installment due and payable not more than forty-five (45) days after the
date on which Agent has first advanced funds based upon the collateral assignment of such Timeshare Loan;

(c)         
Purposely Omitted;

(d)         
The Timeshare Loan is not a Delinquent Loan;

(e)         
The Timeshare Loan is not more than thirty (30) days past due at the time of the initial Advance against such Timeshare
Loan;

(f)          
There has been no default on the Timeshare Loan by the Purchaser;

(g)         
Other than with respect to the effect of the application of the Service Member’s Civil Relief Act on Timeshare
Loans in the Lender Portfolio Timeshare Loans, the annual rate of interest applied to the unpaid principal balance of the applicable
Note is at least equal to a fixed rate of 10% per annum and the weighted average interest rate for all of the Lender Portfolio
Timeshare Loans is at least equal to 14% per annum;

12

(h)         
The Purchaser has no claim of any defense, setoff or counterclaim to the applicable Timeshare Loan;

(i)          
The Timeshare Loan represents the balance of the Sales Price and the Purchaser is not, and no payment of a sum due
under the Timeshare Loan has been made by, an Affiliate, or an officer, director, agent, employee, principal, broker, creditor
(or relative thereof) of any other Person related to or an Affiliate of Borrower;

(j)          
The Consumer Documents and all other aspects of the related transaction comply with all Legal Requirements;

(k)         
The payment to be received is payable in United States dollars;

(l)          
Each Purchase Agreement, Note, Mortgage and related Consumer Document has been duly executed, as applicable, by or
on behalf of all Persons having a beneficial ownership interest in the Timeshare Interest;

(m)         The Unit in which the applicable Timeshare Interest financed by the Timeshare Loan is situate: (i) has been completed
in compliance with all Legal Requirements, is currently served by all required utilities, is fully furnished and ready for use;
provided, however, Units may be subject to renovations for improvements from time to time, provided that,
a “One-to-One Owner Beneficiary to Accommodation Ratio” (as defined in the Trust Agreement) is maintained in accordance
with the Trust Agreement and applicable Legal Requirements and Borrower provides evidence of the same to Agent upon Agent’s
request; (ii) is covered by a valid certificate of occupancy (or its equivalent) duly issued; (iii) is subject to the terms of
the Declaration for the applicable Project; and (iv) has been developed to the specifications provided for in the applicable Purchase
Agreement. All furnishings (including appliances) within the Unit have been or will be fully paid for and are free and clear of
any lien or other interest by any third party prior to dedication to the governing timeshare regime, except for any furniture
leases which contain non-disturbance provisions acceptable to Agent;

(n)         
The Unit in which the applicable Timeshare Interest financed by the Timeshare Loan is situate has had all taxes, Assessments,
penalties and fees related thereto paid when due;

(o)         
Any and all applicable rescission periods have expired;

(p)         
The Purchaser’s FICO Score (if more than one Purchaser, the highest FICO Score will be submitted to Agent and
used for this calculation) shall not be less than 600, subject to the exceptions provided in Sections 2.2(e)(i), 2.2(e)(ii)
and 2.2(e)(iii);

(q)         
The weighted average FICO Score for all Lender Portfolio Timeshare Loans after this Timeshare Loan is added as part
of the Lender Portfolio Timeshare Loans (excluding No-FICO Score Timeshare Loans and Non-Resident Timeshare Loans as provided
in Section 2.2(e)(v)) shall not be less than 680;

(r)         
The Purchaser is a resident of the United States or Canada, subject to the exception provided in Section 2.2
(e)(i);

13

(s)         
The lien of the Mortgage securing the Note is a perfected first priority purchase money mortgage which may be assigned
of record to Agent, for the benefit of Lenders, (or is being assigned to Agent, for the benefit of Lenders, in accordance with
this Agreement, as applicable) and is or will be fully insured by a Title Insurance Policy in the amount of the Timeshare Loan,
which policy is endorsed to Agent, for the benefit of Lenders, and its successors and assigns or insured in the name of Borrower
and collaterally assigned to Agent, for the benefit of Lenders, and its successors and assigns;

(t)          
All representations, warranties and covenants regarding such Timeshare Loans and the Consumer Documents related thereto
and the matters related thereto as set forth in Section 10 and elsewhere in this Agreement are accurate and Borrower
shall have performed all of its obligations with respect thereto;

(u)         
Agent and/or Lenders have a valid, perfected first priority lien against and security interest in the Note and the
related Consumer Documents (which in the case of the Consumer Documents may be subject to a Permitted Encumbrance) and all payments
to be made thereunder;

(v)         
The total maximum remaining principal balance of all Timeshare Loans outstanding to any one Purchaser or Affiliates
of such Purchaser (and assigned to Agent, for the benefit of Lenders, hereunder) shall not exceed $75,000 in the aggregate;

(w)          The payment terms of such Timeshare Loan have not been amended in any way, including any revisions to the payment provisions
to cure any defaults or delinquencies, except in the case of a Permitted Modification or unless otherwise agreed by Agent in writing
at its sole discretion. If an otherwise Qualified Timeshare Loan is amended to cure a delinquency without Agent’s agreement,
such Timeshare Loan shall be deemed a Delinquent Loan;

(x)         
There has been no increase to the applicable interest rate payable on the Timeshare Loan as the result of the termination
of any automatic payment option, unless all disclosures required under Regulation Z for such increase have been properly given
by Borrower or its Affiliates to Purchaser;

(y)         
The Purchaser is not a “blocked person”, as defined in the Patriot Act Certificate and Agreement; and

(z)          
The Unit in which the applicable Timeshare Interest financed by the Timeshare Loan is situate in a Unit comprising
part of a Primary Project, subject to the exception provided in Section 2.2(e)(iv).

Receivables
Loan means that certain credit facility in an amount up to the Maximum Receivables Loan Amount to be extended by Agent
and Lenders to Borrower pursuant to the terms of this Agreement, as such loan may be increased, decreased, amended, restated or
modified, subject to the limitations set forth in Section 2.2.

Receivables
Loan Advance Period means the period of time commencing on the date of this Agreement through and including March 1, 2015.

14

Receivables
Loan Fee has the meaning set forth in Section 5.1.

Receivables
Loan Interest Rate means until the occurrence of an Event of Default:

(a)          From
the Closing Date until the first calendar day of the month following the month during which the Closing Date occurs, at a yearly
rate which is equal to two and one-quarter percent (2.25%) per annum in excess of the WSJ Prime Rate in effect on the Closing
Date, provided that, in no event shall the interest rate on the Receivables Loan be less than 6.50% per annum.

(b)          On
each WSJ Prime Rate Adjustment Date, the yearly rate at which interest shall be payable on the unpaid principal balance of the
Receivables Loan shall be, as applicable, increased or decreased to a rate which is equal to two and one-quarter percent (2.25%)
per annum in excess of the WSJ Prime Rate in effect on the WSJ Prime Rate Determination Date, provided that, in
no event shall the interest rate on the Receivables Loan be less than 6.50% per annum.

(c)          Notwithstanding
the foregoing subsections (a) and (b), on the first calendar day of the month immediately following the date at
which the outstanding principal balance of the Receivables Loan is equal to or greater than $30,000,000, and on the first calendar
day of each month thereafter, the yearly rate at which interest shall be payable on the unpaid principal balance of the Receivables
Loan shall be, as applicable, increased or decreased to a rate which is equal to two percent (2.00%) per annum in excess of the
WSJ Prime Rate in effect on such date, provided that, in no event shall the interest rate on the Receivables Loan
be less than 6.00% per annum. After such change in interest rate, the non-default interest rate will not revert to the previous
higher non-default interest rate if the outstanding principal balance of the Receivables Loan falls below $30,000,000 during any
subsequent period.

Receivables
Loan Maturity Date means March 1, 2018.

Receivables
Loan Notes means Borrower’s amended and restated promissory note dated as of the Closing Date herewith payable to
the order of Liberty Bank evidencing Borrower’s obligation to repay Advances under the Receivables Loan and all interest
thereon.

Redirection
Notice shall have the meaning set forth in Section 27.2.

Register
shall have the meaning set forth in Section 27.1(d).

Request
for Receivables Loan Advance means a Request for Advance as described in Section 2.3.

Request
for Supplementary Advance means a Request for Supplementary Advance as described in Section 2.5.

Reservation
System means any proprietary method, arrangement or procedure, maintained, owned and operated by Borrower or any Manager
of the Vacation Club (including the Vacation Club Manager), including any lease, license, contract or other agreements evidencing
such method, arrangement or procedure, by which an Owner Beneficiary reserves the use and occupancy of any accommodation or facility
of the Vacation Club.

15

Sales
Price means the gross sales price paid by a Purchaser for one or more Timeshare Interests and shall include closing costs.

Section
3.3 Advance shall have the meaning set forth in Section 3.3(c).

Servicer
shall have the meaning set forth in Section 7.4.

Servicing
Agreement shall have the meaning set forth in Section 7.4.

Tangible
Net Worth shall mean, at any time, the sum of (i) Borrower’s Net Worth at such time (determined in accordance with
GAAP), minus (ii) the sum of (A) intangible assets, plus (B) notes and other obligations payable to Borrower from
any related party, any employee, shareholder, officer or director of Borrower, plus (iii) Borrower’s existing junior
subordinated debentures and any indebtedness owed by Borrower which indebtedness is subject to a subordination agreement acceptable
to Agent in its sole discretion.

Timeshare
Act means the applicable state statute or other law in the state or other jurisdiction in which a Project is located which
governs the creation and regulation of timeshare projects in such state, as it may be amended.

Timeshare
Approvals means all approvals, registration and licenses required from governmental agencies in order to sell Timeshare
Interests and offer them for sale, to operate the Projects as timeshare projects, to make Timeshare Loans and to own, operate
and manage the Projects, including without limitation, the registrations/consents to sell, the final subdivision public reports/public
offering statements and/or prospectuses and approvals thereof required to be issued by or used in the jurisdiction where the applicable
Project is located and other jurisdictions where Timeshare Interests have been offered for sale or sold.

Timeshare
Interest means with respect to any Project, (x) an undivided fee simple ownership interest as a tenant in common or (y)
a Resort Interest (as defined in the Trust Agreement) that is an ownership interest in real property substantially similar to
an ownership interest described in clause (x) above (including Owner Beneficiary Rights), in either case with respect to any Unit
in such Project, with a right to use such Unit, or a Unit of such type, generally for one (1) week or a portion of one (1) week
annually or biennially, together with all appurtenant rights and interests as more particularly described in the Project Documents.

Timeshare
Loan or Timeshare Loans means the loan or loans by Borrower or an FBS Developer to a Purchaser, now existing
or hereafter arising, related to the financing of the sale of a Timeshare Interest.

Title
Company means a title insurance company selected by Borrower and approved by Agent which is authorized and duly licensed
to carry on a title insurance business in the state in which the applicable Project is located. The Title Companies set forth
on Exhibit K attached hereto, as amended from time to time, shall be deemed by Agent as approved Title Companies.

16

Title
Insurance Policy means a mortgagee’s or lender’s title insurance policy issued by the Title Company insuring
each Mortgage (or group of Mortgages) assigned to Agent, for the benefit of Lenders, pursuant hereto, endorsed to Agent and its
successors and assigns or insured in the name of Borrower (including as successor or an assignee of an FBS Developer) and collaterally
assigned to Agent and its successors and assigns and in the amount of the Note (or group of Notes) secured by such Mortgage (or
group of Mortgages). The form of Title Insurance Policy related to each of the Primary Projects, together with all endorsements,
are attached hereto as Exhibit E.

Transfer
means, with respect to the Collateral, the occurrence of any sale, conveyance, assignment, transfer, alienation, mortgage,
conveyance of security interest, title, encumbrance of other disposition of any kind of the Collateral, or any other transaction
the result of which is, directly or indirectly, to divest Borrower of any portion of its title to or interest in such Collateral,
voluntarily or involuntarily, it being the express intention of Borrower and Agent that Borrower is prohibited from granting to
any Person a lien or encumbrance upon such Collateral, regardless of whether such lien is senior or subordinate to the Agent’s
and Lenders’ lien; provided that the Collateral may be subject to Permitted Encumbrances, which shall not
be deemed to be a Transfer.

Trust
Agreement means, collectively, that certain Bluegreen Vacation Club Amended and Restated Trust Agreement, dated as of
May 18, 1994, by and among Bluegreen Vacations Unlimited, Inc., the Trustee, Bluegreen Resorts Management, Inc. and Bluegreen
Vacation Club, Inc., as amended, restated or otherwise modified from time to time.

Trustee
means Vacation Trust, Inc., a Florida corporation, in its capacity as trustee under the Trust Agreement, and its permitted
successors and assigns.

Unit
means any apartment, condominium or cooperative unit, cabin, lodge, hotel or motel room, villa, cottage, townhome, lot
or other private or commercial structure which is situated on real or personal property and designed for occupancy by one or more
persons within a Project, together with all furniture, fixtures and furnishings therein, if applicable, and together with any
and all interests in common elements appurtenant thereto, as provided in the related Declaration.

Upgraded
Note Receivable means a new Qualified Note made by the Purchaser under an existing Timeshare Loan (i) who has elected
to terminate such Purchaser’s interest in an existing Timeshare Interest and related Owner Beneficiary Rights and Vacation
Points (if any) in exchange for purchasing an upgraded Timeshare Interest of higher value than the existing Timeshare Interest
and related Owner Beneficiary Rights and Vacation Points (if any) and (ii) whereby the Borrower releases the Purchaser from
Purchaser’s obligations in respect of the existing Timeshare Interest and all related Owner Beneficiary Rights and Vacation
Points (if any) in exchange for receiving (in substantially all cases) the new Qualified Note from the Purchaser secured by the
upgraded Timeshare Interest and related Owner Beneficiary Rights and Vacation Points (if any).

Vacation
Club means the Bluegreen Vacation Club Multi-Site Timeshare Plan created pursuant to the Trust Agreement.

17

Vacation
Club Management Agreement means the Amended and Restated Management Agreement between Bluegreen Resorts Management, Inc.
and Vacation Trust, Inc. dated as of May 18, 1994, as amended.

Vacation
Club Manager means Bluegreen Resorts Management, Inc., a Delaware corporation, in its capacity as manager of the Vacation
Club, and its successors and assigns.

Vacation
Points shall have the meaning set forth in the Trust Agreement.

Wellington
Financial means New Wellington Financial LLC, doing business as Wellington Financial.

WSJ Prime Rate
means the rate of interest published in the Wall Street Journal (Eastern Edition) under the designation “Money Rates”
and described as “Prime Rate” or “Base Rate on Corporate Loans at Large U.S. Money Center Commercial Banks.”
If the rate so published is shown as a range of rates, Agent will use the highest rate in such range as the WSJ Prime Rate. If
such rate is no longer published or available, Agent will choose a comparable substitute rate based upon a national index, selected
by Agent in its reasonable discretion.

WSJ
Prime Rate Adjustment Date means the first calendar day of the month following the month during which the Closing Date
occurs and the first calendar day of each month thereafter.

WSJ
Prime Rate Determination Date means the last Business Day immediately preceding the applicable WSJ Prime Rate Adjustment
Date.

2008
Loan Agreement means the Receivables Loan Agreement between Borrower and Liberty Bank dated as of August 27, 2008 and
which has been previously prepaid in full, terminated and is of no further force and effect as of the date hereof.

2011
Loan Agreement shall have the meaning as set forth in Recital A above.

2011
Loan Documents means the 2011 Loan Agreement and such other loan documents executed in connection therewith or given as
security therefor.

1.2        
Construction. Unless the context of this Agreement clearly requires otherwise, references to the plural include
the singular, references to the singular include the plural, the term “including” is not limiting, and the term “or”
has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,”
“herein,” “hereby,” “hereunder,” and similar terms in this Agreement refer to this Agreement
as a whole and not to any particular provision of this Agreement. An Event of Default shall “continue” or be “continuing”
until such Event of Default has been waived in writing by Agent. Section, subsection, clause, schedule, and exhibit references
are to sections, subsections, clauses, schedules and exhibits in this Agreement unless otherwise specified. Any reference in this
Agreement or in the Loan Documents to this Agreement, any of the Loan Documents or any other document or agreement shall include
all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, supplements, and restatements
thereto and thereof, as applicable.

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1.3        
General Acknowledgments.

(a)         
Confirmation of Background. Borrower hereby ratifies, confirms and acknowledges that the statements in the foregoing
background are true and complete in all material respects and that the 2011 Loan Documents are valid, binding and in full force
and effect as of the date hereof and fully enforceable against Borrower and its assets in accordance with the terms thereof, except
to the extent amended by this Agreement and the other Loan Documents.

(b)         
Validity of Liens. All liens, security interests, rights and remedies granted to Agent and Lenders under the
2011 Loan Documents and all UCC-1 financing statements filed in connection with the 2011 Loan Documents shall remain valid and
effective, are hereby ratified, confirmed and continued. Such liens, security interests, rights and remedies (i) shall secure
all Obligations of Borrower under the Loan Documents, (ii) shall secure all Obligations of Borrower to Agent and Lenders and (iii)
shall continue to secure all obligations of Borrower under the 2011 Loan Documents.

(c)          
No Challenge to Enforcement. The parties hereto acknowledge that as of November 30, 2012, the unpaid principal
balance under the 2011 Loan Agreement is $21,347,695.28. Borrower acknowledges and agrees that it does not have any defense, set-off,
counterclaim or challenge against the payment of sums owing under the 2011 Loan Documents.

(d)         
Receivables Loan Note. Coincident with the execution of this Agreement, Borrower shall execute and deliver to
Lender, an Amended and Restated Receivables Loan Note. The outstanding indebtedness as of the Closing Date which was previously
evidenced by the notes executed in connection with the 2011 Loan Documents (collectively, the “2011 Notes”)
remains outstanding. Such indebtedness and all other Obligations shall be secured by all Collateral including all collateral previously
assigned pursuant to the 2011 Loan Documents and the prior Assignment, which has not been previously released to Borrower pursuant
to the 2011 Loan Documents. The Receivables Loan Notes are given in substitution of and not in payment of such 2011 Notes and
are not intended as a novation thereof.

(e)         
No Novation or Satisfaction. Borrower acknowledges and agrees that this Agreement constitutes the amendment
and restatement of the 2011 Loan Agreement. Except as expressly provided herein, neither this Agreement nor any other agreement
entered into in connection herewith or pursuant to the terms hereof shall be deemed or construed to be a compromise, satisfaction,
reinstatement, accord and satisfaction, novation or release of the 2011 Loan Agreement, or any rights or obligations thereunder,
or a waiver by Agent and Lenders of any of its rights under the 2011 Loan Agreement or at law or in equity. The outstanding principal
balances as of the date hereof of all Advances under the 2011 Loan Agreements shall be deemed to be the outstanding balance of
the Receivables Loan on the date hereof, and such amount is indicated in Section 1.3(c) above.

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(f)          
Other Documents. Borrower hereby confirms and acknowledges that all security interests, assignments and endorsements
of Notes, Mortgages and other Collateral, are valid, binding and in full force and effect as of the date hereof. Borrower further
acknowledges and agrees that it has no defenses, set-offs, counterclaims or challenges against the enforcement of any terms thereof
or the validity of the terms thereof. Borrower agrees that this Agreement is in no way intended to constitute a novation to or
of any existing liens or security interests.

1.4        
Inconsistency. In the event of any inconsistency between the terms of this Agreement and the terms of the 2011
Loan Agreement, the terms of this Agreement shall prevail.

1.5        
Schedules and Exhibits.  All of the schedules and exhibits attached to this Agreement, as they may
from time to time be amended or restated, shall be deemed incorporated herein by reference.

1.6        
Accounting Principles.  Where the character or amount of any asset or liability or item of income
or expense is required to be determined or any consolidation or other accounting computation is required to be made for the purposes
of this Agreement, the same shall be determined or made in accordance with GAAP consistently applied at the time in effect, to
the extent applicable, except where such principles are inconsistent with the requirements of this Agreement.

2.        
The Receivables Loan.

2.1        
Loan Amount. Subject to the other provisions and conditions of this Agreement, each Lender (severally, but not
jointly) agrees, from time to time during the Receivables Loan Advance Period, to make its Pro Rata Share of Advances under the
Receivables Loan to Borrower in amounts equal to the lesser of: (a) eighty-five percent (85%) of the unpaid principal balance
of Qualified Timeshare Loans included within the Lender Portfolio Timeshare Loans assigned to Agent, for the benefit of Lenders,
in connection with such requested Advance, or (b) the Maximum Receivables Loan Amount.

Notwithstanding
anything to the contrary contained herein, at no time shall Agent or any Lender be required to make additional Advances to Borrower
pursuant to the terms and conditions of this Agreement if, after giving effect to any such Advance, the result is either that
(i) the aggregate outstanding principal balance of the Receivables Loan exceeds the Maximum Receivables Loan Amount in the aggregate
at any time, or (ii) the aggregate outstanding principal balance of the Receivables Loan owed to any Lender (or its participant),
exceeds such Lender’s Commitment Amount.

2.2        
Advances.

(a)         
Revolving Credit. The Advances to be made under this Agreement are part of a revolving credit facility. To the
extent repaid, amounts advanced by Agent and Lenders to Borrower may be reborrowed, subject to the conditions set forth in this
Agreement. Although the aggregate amount of all Advances made under this Agreement may exceed the Maximum Receivables Loan Amount,
the outstanding principal balance of such Advances may at no time exceed the Maximum Receivables Loan Amount.

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(b)         
Restrictions on Loan Advances.  No Lender shall have any obligation to make any Advance under the
Receivables Loan at such time that the Commitment Amount of any other Lender would be insufficient for such Lender to fund its
Pro-Rata Share of such Advance. Borrower acknowledges and agrees that such limitation will be applicable notwithstanding that
a Lender may otherwise be obligated to make such Advance under any other terms or conditions of this Agreement.

(c)          
Other Restrictions on Receivables Loan Advances. Agent and Lenders shall have no obligation to make an Advance
under the Receivables Loan (i) more often than twice during any calendar month, (ii) in an amount less than One Hundred Thousand
Dollars ($100,000.00), (iii) pursuant to a Request for Receivables Loan Advance received after the expiration of the Receivables
Loan Advance Period, or (iv) after the occurrence of an Incipient Default or an Event of Default.

(d)         
Additional Restrictions on Receivables Loan Advances. Notwithstanding anything to the contrary contained in
this Section 2, Agent and Lenders shall have no obligation to make any Advance (i) under the Receivables Loan in
an amount which would cause the aggregate outstanding balance of the Receivables Loan to exceed $50,000,000; (ii) under the Receivables
Loan in an amount which would cause the outstanding principal balance of Liberty Bank’s Pro Rata Share of the Receivables
Loan to exceed $50,000,000; or (iii) under the Receivables Loan which would cause Agent or any Lender or any participant in the
Receivables Loan to violate or continue to violate any legal lending limit.

(e)          
Other Limitations. Advances under the Receivables Loan shall also be subject to the following exceptions and
limitations:

(i)           
Notwithstanding the limitations set forth in subsections (p) and (r) of the definition of Qualified Timeshare
Loan, Timeshare Loans which otherwise satisfy the criteria of a Qualified Timeshare Loan but which involve a Purchaser who is
not a resident of the United States or Canada (“Non-Resident Timeshare Loans”) may be considered Qualified
Timeshare Loans, provided that, (A) payment of such Non-Resident Timeshare Loan must be made by the Purchaser under
an “auto pay” program via a major credit card, pre-authorized checking or ACH payment, in United States dollars; and
(B) at any time thereafter not more than 10% of the then outstanding principal balance of all Qualified Timeshare Loans included
in the Lender Portfolio Timeshare Loans and against which Agent and Lenders have made Advances may be comprised of such Non-Resident
Timeshare Loans and No-FICO Score Timeshare Loans, collectively. The Purchasers under such Non-Resident Timeshare Loans shall
not be required to have a FICO Score and accordingly, Non-Resident Timeshare Loans shall not also be deemed to be No-FICO Score
Timeshare Loans.

(ii)         
Notwithstanding the limitations set forth in subsection (p) of the definition of Qualified Timeshare
Loan, Timeshare Loans which otherwise satisfy the criteria of a Qualified Timeshare Loan but involve (A) a Purchaser with a FICO
Score less than 600 but equal to or greater than 575, provided that, for Lender Portfolio Timeshare Loans originated
on or after December 15, 2008, and (B) a downpayment (including (1) cash “at the table”, (2) the aggregate sum of
principal payments paid by a Purchaser under its promissory note for such Unit at the time of such assignment, and (3) paid-in
equity) of at least 20% of the Purchase Price (“Low FICO Score Timeshare Loans”) may be considered Qualified
Timeshare Loans, provided that, at any one time not more than 10% of the then outstanding principal balance of all
Qualified Timeshare Loans included in the Lender Portfolio Timeshare Loans may consist of such Low FICO Score Timeshare Loans.
Notwithstanding anything to the contrary set forth in this Section 2.2(e), the credit of any Purchaser whose Timeshare
Loan is submitted to Agent as security as provided in this Section 2.2(e) may be rejected by Agent if such Purchaser’s
Evidence of FICO Score (as submitted as part of the Consumer Documents for such Purchaser) reflects a bankruptcy filing which
has not been dismissed or discharged as noted therein.

21

(iii)        
Notwithstanding the limitations set forth in subsection (p) of the definition of Qualified Timeshare
Loan, Timeshare Loans which otherwise satisfy the criteria of a Qualified Timeshare Loan but involve a Purchaser for whom no FICO
Score is submitted by Borrower (“No-FICO Score Timeshare Loans”) may be considered Qualified Timeshare Loans,
provided that, at any time thereafter not more than 10% of the then outstanding principal balance of all Qualified
Timeshare Loans included in the Lender Portfolio Timeshare Loans and against which Agent and Lenders have made Advances may be
comprised of such No-FICO Score Timeshare Loans and Non-Resident Timeshare Loans, collectively.

(iv)         
Notwithstanding the provisions of subsection (z) of the definition of Qualified Timeshare Loan, Timeshare
Loans which otherwise satisfy the criteria of a Qualified Timeshare Loan but which involve the financed sale of a Timeshare Interest
in a Unit in a Non-Primary Project (“Non-Primary Project Timeshare Loans”) may be considered Qualified Timeshare
Loans, provided that, at any time thereafter not more than 25% of the then outstanding principal balance of all
Qualified Timeshare Loans included in the Lender Portfolio Timeshare Loans and against which Agent and Lenders have made Advances
may be comprised of such Non-Primary Project Timeshare Loans.

(v)          
The minimum weighted average FICO Score of all Qualified Timeshare Loans included in the Lender Portfolio Timeshare
Loans (excluding No-FICO Score Timeshare Loans and Non-Resident Timeshare Loans) shall be at least 680.

(vi)         
Notwithstanding the provisions of subsection (g) of the definition of Qualified Timeshare Loan, the weighted
average interest rate for all of the Lender Portfolio Timeshare Loans shall not be less than 14% per annum.

If
the percentage limitations described in subsections (i)-(iv) above are exceeded, the excess amount of such Non-Resident
Timeshare Loans, Low FICO Score Timeshare Loans, No-FICO Score Timeshare Loans and Non-Primary Project Timeshare Loans in the
Lender Portfolio Timeshare Loans, shall not be deemed to be Qualified Timeshare Loans. In addition, in the event that the weighted
average FICO Score for all of the Lender Portfolio Timeshare Loans (excluding No-FICO Score Timeshare Loans and Non-Resident Timeshare
Loans) is less than 680, Agent may exclude from the category of Qualified Timeshare Loan any Timeshare Loans with a FICO Score
below 680 as may be necessary to result in compliance with such weighted average FICO Score requirement. In addition, in the event
that the weighted average interest rate for all of the Lender Portfolio Timeshare Loans is less than 14% per annum, Agent may
exclude from the category of Qualified Timeshare Loans any Timeshare Loans with interest rates below 14% per annum as may be necessary
to result in compliance with such 14% per annum minimum weighted average interest rate requirement.

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(f)          
Method of Funding. The funding of Advances shall be in accordance with such procedures as Agent may require,
including without limitation, disbursement through an escrow agent acceptable to Agent. In connection with any wire transfer,
Borrower will pay Agent’s and any Lender’s reasonable costs and expenses for such wire transfers.

2.3        
Requests for Advance. Each Advance (other than a supplementary Advance pursuant to Section 2.5
below) shall be pursuant to a Request for Receivables Loan Advance submitted to Agent (or a servicer designated by Agent) in the
form attached hereto as Exhibit B, with appropriate insertions and duly executed on behalf of Borrower, together
with all required supporting documentation as described therein. Other conditions for the funding of Receivables Loan Advances
are set forth in various other sections of this Agreement, including without limitation Sections 7.2, 20, 21 and 22.

Notwithstanding
the foregoing, Borrower irrevocably authorizes Agent and Lenders to advance sums under this Agreement to Agent and Lenders to
pay fees, costs, expenses and other obligations owed by Borrower under the Loan Documents without requiring Agent to have received
any Request for Receivables Loan Advance or other related documents.

2.4        
Limitation on Amount of Advances. Agent and Lenders shall have no obligation to make an Advance which would
cause the total of Advances at any one time outstanding to exceed any limitation set forth in Sections 2.1 or 2.2
or any other limitation set forth in this Agreement.

2.5        
Supplementary Advances. In the event that the outstanding principal balance of the Receivables Loan is less
than 85% of the outstanding principal balance of all Qualified Timeshare Loans included within the Lender Portfolio Timeshare
Loans, then Borrower may request supplementary Advances in an amount equal to such 85% limitation, provided that
(a) Borrower submits to Agent a Request for Supplementary Advance in the form attached hereto as Exhibit G, and
(b) Agent and Lenders shall have no obligation to make such supplementary Advances (i) more often than once every calendar month,
(ii) in an amount less than $100,000, (iii) after the expiration of the Receivables Loan Advance Period, (iv) after the occurrence
but only during the continuance of an Incipient Default or an Event of Default, (v) which would cause the aggregate balances of
all outstanding Advances to exceed the Maximum Receivables Loan Amount, or (vi) which would result in a violation of any of the
limitations set forth in Section 2.2.

2.6        
Loan Account. Agent will open and maintain on its books a Loan Account (the “Loan Account”)
with respect to Advances made, repayments, the computation and payment of interest and fees and the computation and final payment
of all other amounts due and sums paid to Agent and Lenders under this Agreement and with respect to the Receivables Loan. Except
in the case of manifest error in computation, the Loan Account will be conclusive and binding on Borrower as to the amount at
any time due to Agent and Lenders from Borrower or to any Lender from Agent under this Agreement or the Receivables Loan Notes
as an account stated, except to the extent that (i) Agent receives a written notice from Borrower of any specific exceptions of
Borrower thereto within forty-five (45) days after the date the applicable Loan Account statement has been delivered to Borrower
or (ii) Agent receives written notice from any Lender of any specific exceptions of such Lender thereto within twenty (20) days
after the date the applicable Loan Account statement has been mailed by Agent.

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2.7        
Receivables Loan Notes. The obligation of Borrower to repay amounts advanced under the Receivables Loan and
all interest thereon shall be evidenced by the Receivables Loan Notes.

2.8        
Amounts in Excess of Maximum Receivables Loan Amount. Agent and Lenders shall have the right, but not the obligation,
to fund amounts in excess of the Maximum Receivables Loan Amount from time to time to pay accrued and unpaid interest to correct
or cure any Incipient Default or Event of Default. Borrower agrees that the correcting or curing by Agent and Lenders of an Incipient
Default or Event of Default shall not cure the Incipient Default or Event of Default under this Agreement. Such excess amounts
funded shall be deemed evidenced by the Receivables Loan Notes to the fullest extent possible and then by this Agreement, shall
bear interest at the Default Rate and shall also be secured by the Collateral, and all other security and collateral for the Receivables
Loan. Borrower hereby agrees to execute additional notes, Assignments and other additional Loan Documents, and modifications thereto,
promptly upon request by Agent, in favor of Agent and Lenders, evidencing and securing amounts funded in excess of the Maximum
Receivables Loan Amount.

2.9        
Use of Proceeds. Advances under the Receivables Loan will be used by Borrower for working capital, general corporate
and other proper business purposes of Borrower.

2.10      
Closing. The Closing under this Agreement shall take place effective as of the Closing Date at such place as
Agent may require, provided that all conditions for Closing have been completed.

2.11      
Purposely Omitted.

2.12      
Allocation of Pledged Timeshare Loans Among Lenders. Borrower agrees that in allocating which Timeshare Loans
to assign to Agent, for the benefit of Lenders, under this Agreement, Borrower shall not adversely select to allocate to Agent
otherwise Qualified Timeshare Loans based on Project location, in a proportion materially different from Borrower’s other
lenders.

3.        
Loan Administration.

3.1        
Receivables Loan Advances. Subject to the terms and conditions hereinafter set forth, each Lender, severally
and not jointly, agrees to fund its Pro Rata Share of any Advance. Agent agrees to give each Lender prompt written notice (which
may be by facsimile, pdf or other electronic transmission) of such Lender’s Pro Rata Share of an Advance together with such
supporting materials as Agent customarily provides, which notice and supporting materials shall be given to each Lender by 1:00
p.m. Eastern Time one (1) Business Day prior to the date of the proposed Advance and will specify the amount to be funded by such
Lender and the proposed funding date. Provided that such notice and supporting materials are timely received by a Lender as provided
above, such Lender will make such arrangements as are necessary to assure that such Lender’s Pro Rata Share of such Advance
is made available to Agent (in U.S. Dollars) no later than 1:00 p.m. Eastern Time on the funding date.

24

3.2        
Several Obligations of Lenders. Each Lender is severally bound by this Agreement. There shall be no joint obligations
of Lenders under this Agreement. No Lender shall be responsible for the failure by any other Lender to perform its obligations
under this Agreement or any of the Loan Documents. The Pro Rata Share of any Lender shall not be increased or decreased as a result
of the failure of any other Lender to perform its obligations under this Agreement or any of the Loan Documents. The failure of
any Lender to fund its Pro Rata Share of any Advance under this Agreement shall not excuse any other Lender from its obligations
to fund its Pro Rata Share of any Advance.

3.3        
Permitted Assumptions by Agent. Unless Agent shall have received notice from a Lender prior to 11:00 a.m. Eastern
Time on the requested funding date of any Advance that such Lender will not make available to Agent such Lender’s Pro Rata
Share of such Advance, Agent may assume that such Lender has made or will make its Pro Rata Share of such Advance available to
Agent on the requested funding date of such Advance. Agent may in its discretion and in reliance upon such assumption make available
to Borrower on such date a corresponding amount of such Lender’s Pro Rata Share of such Advance.

(a)         
Subject to the terms of the Agency Agreement, if a Lender has not or does not make available to Agent the full amount
of its Pro Rata Share of any Advance required to be funded under the Loans on the requested funding date specified by Agent as
provided in Section 3.1 above, and such Lender has not notified the Agent of such Lender’s intention not to
fund pursuant to the first sentence of Section 3.3, Agent may advance such corresponding amount of such Advance,
and accrue interest thereon for its own account, at the interest rate set forth for the Receivables Loan, for each day from the
date such principal amount is made available to Borrower until the date such principal amount (together with such accrued interest)
is repaid by such Lender (or Borrower as further provided below) to Agent. If such Lender shall reimburse Agent for the principal
amount advanced by Agent pursuant to the preceding sentence with interest as provided above, upon such reimbursement such principal
amount shall constitute such Lender’s Pro Rata Share of the applicable Advance under the Receivables Loan for all purposes
of this Agreement and any interest in respect of such principal paid by Borrower shall be for such Lender’s account. The
failure of any Lender to fund its Pro Rata Share of any Advance shall not relieve any other Lender of its obligation, if any,
hereunder to fund its respective Pro Rata Share of the Advance on the funding date, but no Lender shall be responsible for any
such failure of any other Lender.

(b)         
If Agent advances any funds pursuant to Section 3.3 in respect of another Lender’s Pro Rata Share,
and the relevant Lender does not reimburse the Agent as provided in subsection (a) above or pursuant to the terms
of any agreement among Agent and Lenders, any interest paid on such amount by Borrower hereunder, for the period commencing on
the date such amount was made available by the Agent until the date the relevant Lender (or Borrower as further provided in subsection
(a) above) reimburses Agent, shall be paid to Agent and not such Lender and, in addition, such Lender shall pay Agent
any reasonable out-of-pocket costs or expenses incurred by Agent in connection therewith. In addition, if a Lender has failed
to fund its Pro Rata Share of Advances hereunder in a timely fashion (after receipt of the items required under Section
3.1), such Lender shall also pay to Agent a $3,500.00 fee (the “Processing Fee”) to compensate Agent
for its efforts in connection therewith. Such payment shall be retained by Agent for its own account. Borrower shall have no liability
for any Processing Fee or other out-of-pocket costs or expenses payable to Agent under this Section 3.3(b).

25

(c)         
In the event that, at any time a Lender fails or refuses to fund its Pro Rata Share of an Advance as required under
this Agreement or any other agreement among Agent and Lenders, such Lender, after two (2) Business Days from the date it shall
have received notice from Agent that its Pro Rata Share of such Advance is past due and has not been received, shall be deemed
to be a “Defaulting Lender”. Until such time as such Defaulting Lender has funded its Pro Rata Share of such
Advance (which late funding shall not absolve such Defaulting Lender from any liability it may have), such Defaulting Lender shall
not have the right to vote regarding or to approve any issue on which voting or approval is required or advisable under this Agreement
or any other Loan Document, and the amount of the Pro Rata Share of such Advance of such Lender shall not be counted as outstanding
for purposes of determining any matters or actions as to which such Lender would otherwise be entitled to vote or to direct the
Agent to act on its behalf under this Agreement or the other Loan Documents. In addition, Agent shall not be obligated to transfer
to any Defaulting Lender, in the event that (a) the Defaulting Lender did not, pursuant to the first sentence of Section
3.3, notify the Agent of its intention not to fund its Pro Rata Share of any Advance, and (b) the Agent has, pursuant
to and in accordance with Section 3.3, advanced funds in respect of the Defaulting Lender’s Pro Rata Share
of such Advance (a “Section 3.3 Advance”), and (c) the Agent has not been reimbursed the Section 3.3 Advance
(including all accrued interest and fees) by the Defaulting Lender or by the Borrower or by any other means, then, the Agent shall
apply any payments (including principal, interest and fees) made by or for Borrower to Agent or otherwise received by Agent (including
as a result of realization upon a sale of any Collateral) for the Defaulting Lender’s benefit against such Section 3.3 Advance
until such Section 3.3 Advance (plus all accrued interest and fees) is repaid in full, and thereafter such amounts shall be paid
to the Defaulting Lender in respect of its Pro Rata Share of the Receivables Loan.

(d)         
Without prejudice to the survival of any other remedies against a Defaulting Lender, if a Defaulting Lender fails to
make available to Agent the full amount of such Defaulting Lender’s Pro Rata Share of any Advance required to be made under
the Loan within five (5) Business Days after the date it shall have received notice from Agent that its Pro Rata Share of the
Advance has not been received, Borrower or Agent may require that such Defaulting Lender transfer all of its right, title and
interest under this Agreement, such Defaulting Lender’s Receivables Loan Note and each other Loan Document to Agent or to
a Eligible Transferee identified by Borrower (with the consent of Agent) or by Agent (with the consent of Borrower), subject to
the following:

(i)           
such proposed Eligible Transferee shall agree to assume all of the obligations of the transferor Defaulting Lender
under the Loan Documents, for consideration equal to the outstanding principal of such transferor Defaulting Lender’s share
of the Receivables Loan, together with interest thereon to the date of such transfer;

26

(ii)         
satisfactory arrangements shall be made for payment to such transferor Defaulting Lender of all other amounts payable
hereunder (including the outstanding principal amount of the Receivables Loan of the Defaulting Lender, all accrued interest owed
to the Defaulting Lender, and all accrued fees which have then been earned by and are owed to the Defaulting Lender), provided
that, in the event that any transfer is made pursuant to this subparagraph (d), Agent shall be entitled to an
amount equal to the Processing Fee payable by the transferor Defaulting Lender, which shall be deducted from the consideration
payable to the transferor Defaulting Lender by the Eligible Transferee and shall be paid by the Eligible Transferee to Agent;

(iii)        
the transferor Defaulting Lender agrees to pay the Eligible Transferee the Eligible Transferee’s Pro Rata Share
of fees which the transferor Defaulting Lender has received related to this Agreement. This Pro Rata Share of the fees may be
deducted from the consideration payable to the transferor Defaulting Lender by the Eligible Transferee;

(iv)         
Other than as expressly set forth herein, the rights and obligations of a Defaulting Lender (including the obligation
to indemnify Agent) and the other parties hereto shall remain unchanged. Nothing in this subsection shall be deemed to release
any Defaulting Lender from its obligations under this Agreement and the Loan Documents, shall alter such obligations, shall operate
as a waiver of any default by such Defaulting Lender hereunder, or shall prejudice any rights which Borrower, Agent or any other
Lender may have against any Defaulting Lender as a result of any default by such Defaulting Lender hereunder; and

(e)        
In the event a Defaulting Lender cures to the satisfaction of Agent all outstanding breaches which caused such Lender
to become a Defaulting Lender and Agent has received the Processing Fee, such Defaulting Lender shall no longer be a Defaulting
Lender and shall be treated as a Lender under this Agreement.

4.        
Interest Rate.

4.1        
Primary Interest Rate. Until the occurrence of an Event of Default, interest shall accrue and be payable on
the unpaid principal balance at the Receivables Loan Interest Rate.

4.2        
Default Rate. From and after the occurrence of an Event of Default, interest shall accrue and be payable on
the unpaid principal balance of the Receivables Loan Notes and all other Obligations under the Loan Documents at a rate (the “Default
Rate”) which is four (4) percentage points higher than the rate provided in Section 4.1. Any judgment
obtained for sums due under the Receivables Loan Notes or other Obligations under the Loan Documents will accrue interest at the
Default Rate until paid. Borrower acknowledges and agrees that the Default Rate is reasonable in light of the increased risk of
collection after occurrence of an Event of Default.

27

4.3        
Calculation of Interest. Interest will be calculated on the basis of a year of three hundred sixty (360) days
and charged upon the actual number of days elapsed. Interest will accrue on balances as of the date Agent or any Lender wire such
funds to Borrower.

4.4        
Limitation of Interest to Maximum Lawful Rate. Agent, Lenders and Borrower intend to comply at all times with
Applicable Usury Laws. In no event will the rate of interest payable hereunder exceed the maximum rate of interest permitted to
be charged by Applicable Usury Law (including the applicable choice of law rules) and any interest paid in excess of the permitted
rate will be refunded to Borrower. Such refund may be made by application of the excessive amount of interest paid against any
outstanding Obligations, applied in such order as Agent may determine. If the excessive amount of interest paid exceeds the outstanding
Obligations, the portion exceeding the outstanding Obligations will be refunded by Agent and Lenders. Any such crediting or refunding
will not cure or waive any Event of Default. Borrower agrees that in determining whether or not any interest payable hereunder
exceeds the highest rate permitted by Applicable Usury Law, any non-principal payment, including, without limitation, prepayment
fees and late charges, will be deemed to the extent permitted by law to be an expense, fee, premium or penalty rather than interest.

All
sums paid or agreed to be paid to Agent or any Lender for the use, forbearance or detention of the indebtedness incurred by Borrower
hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the term of
such indebtedness until payment in full, so that the rate or amount of interest on account of such indebtedness does not exceed
the usury ceiling from time to time in effect and applicable to the Receivables Loan.

5.        
Fees.

5.1        
Receivables Loan Fee. Borrower agrees to pay to Agent a Receivables Loan fee equal to $400,000 (the “Receivables
Loan Fee”) which is due and payable on the Closing Date. This Receivables Loan Fee is fully earned by Agent and shall
not be refundable in whole or in part, notwithstanding that the full Maximum Receivables Loan Amount is not advanced, unless the
full Maximum Receivables Loan Amount is not advanced as described in the second paragraph of this Section 5.1. Agent
is irrevocably authorized to advance the sums necessary to pay such Receivables Loan Fee to itself from the proceeds of any Advance
under the Receivables Loan or as an Advance under the Receivables Loan without any further Request for Receivables Loan Advance
from Borrower. Agent shall apply any excess deposits or fees paid to Agent prior to the Closing Date to the Receivables Loan Fee.

Notwithstanding
the foregoing, in the event that any Lender’s Commitment Amount is reduced by an assignment or sale to a co-lender or through
a participation arrangement, and thereafter such co-lender or participant fails to fund its Pro Rata Share of Advances under the
Receivables Loan, then a portion of the Receivables Loan Fee shall be refunded to Borrower in a pro rata amount, taking into account
the decrease in the Advanced amount and the number of months elapsed in the Receivables Loan Advance Period. For example, if a
co-lender or participant who is obligated to contribute $5,000,000 to a Receivables Loan Advance fails to do so under the circumstances
described herein during the Receivables Loan Advance Period, then the Pro Rata Share amount of the Receivables Loan Fee to be
refunded to Borrower would be equal to an amount calculated as follows: $5,000,000/$50,000,000 multiplied by a fraction, the numerator
of which is the number of months remaining in the Receivables Loan Advance Period and the denominator of which is the total number
of months in the Receivables Loan Advance Period multiplied by $400,000.

28

 

5.2        
Late Charge. In the event that any payment required under the Receivables Loan is not received by Agent within
ten (10) Business Days after the due date, Borrower agrees to pay a late charge equal to three percent (3%) of the amount due
and payable to defray the expenses incident to handling such delinquent payments, and to compensate Agent and Lenders for the
harm and damages related to such late payments. Borrower hereby acknowledges and agrees that such late charges are reasonable
in light of the anticipated and the actual harm caused by the late payments; the difficulties of proof of loss, harm and damages;
and the inconvenience and non-feasibility of Agent and Lenders otherwise obtaining an adequate remedy. Acceptance of such late
charge will not constitute a waiver of the default with respect to the overdue installment, and will not prevent Agent and Lenders
from exercising any of the other rights and remedies available under the Loan Documents.

5.3        
Non-Utilization Fee. Subject to Section 6.8 below, on March 1, 2014 (for the period from March
1, 2013 to February 28, 2014) and on each March 1 thereafter (for the prior twelve (12) month period) during the Receivables Loan
Advance Period, Borrower agrees to pay to Agent, for its own benefit, a non-utilization fee equal to 1.00% per annum of the positive
difference between (a) Forty Million Dollars ($40,000,000), and (b) the average outstanding aggregate monthly principal balance
of the Receivables Loan (including any New Loan Tranche thereunder) during the immediately preceding twelve (12) month period.
Such non-utilization fee shall be payable on April 15th of each calendar year following the anniversary date of this
Agreement during the Receivables Loan Advance Period. Agent is irrevocably authorized to advance the sums necessary to pay such
fee to itself from the proceeds of any Advance under the Receivables Loan or as an Advance under the Receivables Loan without
any further Request for Receivables Loan Advance form from Borrower. If the average aggregate monthly outstanding principal balance
of the Receivables Loan (including any New Loan Tranche thereunder) was equal to or greater than Forty Million Dollars ($40,000,000)
during such twelve (12) month period, then such fee shall not be due. Notwithstanding the foregoing, the non-utilization fee would
be waived in any year the prepayment fee described in Section 6.6 below was paid as a result of a prepayment for
the purposes of a securitization or similar conduit transaction.

5.4        
Change of Control Fee. In the event that a Change of Control occurs at any time prior to February 11, 2013,
Borrower agrees to pay to Agent, for the benefit of Lenders, an amount equal to the greater of (a) $1,000,000 (the “Change
of Control Fee”) or (b) the prepayment fee that would otherwise be due and payable to Agent, for the benefit of Lenders,
pursuant to Section 6.6 below. In the event that a Change of Control occurs at any time after the second anniversary
date of this Agreement, Borrower agrees to pay to Agent, for the benefit of Lenders, the prepayment fee then due and payable to
Agent, for the benefit of Lenders, pursuant to Section 6.6 below. Such Change of Control Fee or prepayment fee,
as applicable, shall be fully earned and due and payable in full upon the occurrence of a Change of Control and shall not be refundable
in whole or in part. Notwithstanding the foregoing, Agent agrees that Agent may, at its sole and absolute discretion, waive such
Change of Control Fee or prepayment fee, as applicable, if the Person or group of Persons effecting the Change of Control event
agrees (i) to continue the Receivables Loan, (ii) to be bound by the terms of this Agreement and the other Loan Documents, and
(iii) to execute and deliver to Agent such amendment and joinder documents and other due diligence deliveries as Agent may require.

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5.5        
Loan Balance Fee. In the event that the outstanding principal balance of the Receivables Loan (including any
New Loan Tranche thereunder) is not greater than or equal to $30,000,000 at December 31, 2012, Borrower agrees to pay to Agent,
for the benefit of Lenders, an amount as provided below (the “Loan Balance Fee”):

	Loan
    Balance	Fee
	Greater
    than or equal to $30,000,000	No
    fee
	Greater
    than or equal to $25,000,000, but less than $30,000,000	$100,000
	Greater
    than or equal to $20,000,000, but less than $25,000,000	$200,000
	Greater
    than or equal to $10,000,000, but less than $20,000,000	$500,000

 

The
Loan Balance Fee shall be fully earned as of December 31, 2012 and be due and payable by Borrower to Agent, for the benefit of
Lenders, on or before January 15, 2013.

6.        
Payments.

6.1        
Collections. (a) All payments (principal, interest and fees) made on account of the Lender Portfolio Timeshare
Loans shall be paid to Agent, for the benefit of Lenders, via wire transfer once each Business Day pursuant to the Lockbox Agreement.
Prior to the occurrence of an Event of Default, all such amounts received by Agent shall be applied twice a month by Agent, on
the first (1st) and fifteenth (15th) day of the month (i) first to the payment of any fees, costs,
expenses, charges and indemnification obligations payable by Borrower under the Loan Documents, including without limitation those
payable under Section 29.6 and Section 29.19, or past due amounts owing by Borrower to Agent and Lenders
in connection with the Receivables Loan, (ii) second, to interest accrued on the unpaid principal balance of the Receivables
Loan through the preceding Business Day, (iii) third, to the principal balance of the Receivables Loan, and (iv) finally,
to all other unpaid Obligations. Upon the occurrence of any Event of Default, all payments on the Lender Portfolio Timeshare
Loans may be applied by Agent towards the repayment of the Obligations in such order as Agent may elect.

(b)
In the event that the (collections with respect to the Lender Portfolio Timeshare Loans) received by Agent include payments for
items other than principal and interest payable under the Notes assigned to Agent, for the benefit of Lenders, (e.g. tax and insurance
impounds, maintenance and other Assessment payments, late charges, “NSF” or returned check charges, misdirected payments
or deposits, etc.), Agent shall remit such other payments back to Borrower provided that (i) no Event of Default or Incipient
Default exists, (ii) Borrower requests in writing that Agent remit such other payments back to Borrower, (iii) Borrower specifically
identifies (inclusive of the amount of) such other payments, (iv) Borrower provides Agent with back-up to support the claim that
such payments should not be part of the proceeds of Collateral, and (v) if such amount is actually remitted to Borrower, then
Agent may adjust the Receivables Loan balance to give effect to such remitted amounts to Borrower.

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(c)
Whether or not the collections on account of the Lender Portfolio Timeshare Loans or the proceeds of the Collateral shall be sufficient
for that purpose, Borrower shall pay when due all payments of principal, interest, and other amounts required to be made pursuant
to any of the Loan Documents. Borrower’s obligation to make the payments required by the terms of the Loan Documents is
absolute and unconditional.

6.2        
Additional Mandatory Payments. Notwithstanding the foregoing, if at any time the aggregate outstanding principal
amount of the Receivables Loan outstanding is greater than (a) eighty-five percent (85%) multiplied by the remaining principal
payments due under Qualified Timeshare Loans comprising the Lender Portfolio Timeshare Loans, or (b) any other restriction or
limitation set forth in this Agreement, including without limitation, those set forth in Section 2.2, then within
twenty (20) days after notice to Borrower, Borrower agrees to either (a) at Borrower’s sole option (i) prepay (without prepayment
premium or penalty) an amount equal to such difference together with accrued interest thereon, or (ii) pledge additional Qualified
Timeshare Loans as part of the Lender Portfolio Timeshare Loans in an amount sufficient to cure the deficiency, or (b) if requested
by Borrower, at Agent’s sole option, prepay (without prepayment premium or penalty), in part, and pledge additional Qualified
Timeshare Loans, in part, in a total amount sufficient to cure the deficiency. For purposes of calculating required payments under
this section, any Delinquent Loans or Timeshare Loans described in Sections 12.1(a), (b), (c) and (d) shall not
be deemed to be Qualified Timeshare Loans.

6.3        
Minimum Payments. In the event that the amounts received by Agent pursuant to the provisions of Section
6.1 are insufficient to pay the accrued interest on the unpaid principal balance of the Receivables Loan for any calendar
month, then and in that event, Borrower agrees to pay to Agent, for the benefit of Lenders, the unpaid accrued interest for such
month within five (5) Business Days after notice from Agent.

6.4        
Final Payment Date. If not sooner paid, Borrower agrees to pay to Agent, for the benefit of Lenders, all amounts
owing by Borrower to Agent and Lenders on account of the Receivables Loan and all other Obligations owing by Borrower to Agent
and Lenders pursuant to this Agreement on the Receivables Loan Maturity Date.

6.5        
Reinstatement of Obligations. Borrower agrees that, to the extent any payment or payments are made on any Obligations
and such payment or payments, or any part thereof, are subsequently invalidated, declared to be fraudulent or preferential, set
aside or are required to be repaid to a trustee, receiver, or any other Person under any Debtor Relief Laws, state or federal
law, common law or equitable cause, then to the extent of such payment or payments, the Obligations or any part thereof hereunder
intended to be satisfied shall be revived and continued in full force and effect as if said payment or payments had not been made.

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6.6        
Prepayments. Except as otherwise provided herein, Borrower may not prepay any of the principal balance of the
Receivables Loan during the Receivables Loan Advance Period. After the end of the Receivables Loan Advance Period, Borrower may
prepay all or any part of the principal balance of the Receivables Loan following delivery of not less than thirty (30) days’
prior written notice to Agent and upon payment of the applicable fee to Agent, for the benefit of Lenders, as set forth below.
Any prepayment shall not relieve Borrower of its obligation to make all regularly scheduled payments hereunder. The following
prepayment fees on the Receivables Loan shall be payable:

(a)         
Each prepayment made in the first Loan Year shall be accompanied by a prepayment fee equal to 3% of the principal amount
prepaid;

(b)         
Each prepayment made in the second Loan Year shall be accompanied by a prepayment fee equal to 2% of the principal
amount prepaid;

(c)         
Each prepayment made in the third Loan Year shall be accompanied by a prepayment fee equal to 1% of the principal amount
prepaid; provided, however, any prepayment made within six (6) months prior to the Receivables Loan Maturity Date
shall not require any prepayment fee, provided that such prepayment is made in full and not in part; and

(d)         
Any prepayment made after the third Loan Year shall not require any prepayment fee.

In
the event that Agent or any Lender voluntarily agrees to accept a prepayment prior to the end of the Receivables Loan Advance
Period or is compelled to accept a prepayment prior to the end of the Receivables Loan Advance Period, Borrower agrees to pay
to Agent, for the benefit of Lenders, a prepayment fee equal to 5% of the amount prepaid.

In
the event Agent or any Lender exercises its right to accelerate payments under the Receivables Loan following an Event of Default
or otherwise, any tender of payment of the amount necessary to repay all or part of the Receivables Loan made thereafter at any
time by Borrower, its successors or assigns or by anyone on behalf of Borrower shall be deemed to be a voluntary prepayment and
in connection therewith Agent and Lenders shall be entitled to receive the fee required to be paid under the foregoing prepayment
restrictions.

Borrower
shall be entitled (and is obligated) to prepay the balance of the Receivables Loan to the extent such prepayment results from
a shortfall in sums received from Purchasers under Lender Portfolio Timeshare Loans and to the extent such prepayment results
from a formerly Qualified Timeshare Loan no longer being deemed “Qualified”. Borrower shall not be liable to pay a
prepayment fee resulting from payments described in the immediately preceding sentence, unless Borrower has solicited accelerated
payments from Purchasers.

Borrower
shall also be entitled to prepay the balance of the Receivables Loan, without any prepayment fee, to the extent such prepayment
results from a Timeshare Loan being removed from the Lender Portfolio Timeshare Loans due to a refinance of the Note related thereto
resulting from an upgrade by a Purchaser.

32

Notwithstanding
anything to the contrary set forth in this Section 6.6, upon the occurrence of a Change of Control, subject to the
exception set forth in Section 5.4, Borrower shall be obligated to prepay the balance of the Receivables Loan in
accordance with Section 6.7 below, together with the prepayment fee or Change of Control Fee, as applicable, pursuant
to Section 5.4 above.

The
prepayment fees shall be presumed to be the amount of damages sustained by Agent and Lenders as a result of such prepayment and
Borrower agrees that such prepayment fees are reasonable under the circumstances currently existing. The prepayment fees provided
for in this Section shall be deemed included in the Obligations and shall be secured by the Collateral.

Notwithstanding
the foregoing, Borrower may prepay all or a portion of the outstanding principal balance of the Receivables Loan by a single prepayment
each calendar year (beginning in 2013 and continuing each year so long as the Receivables Loan Advance Period had not expired)
for the purpose of a receivables securitization or similar conduit transaction, subject to the following terms and conditions:
(i) at no time would the unpaid principal balance of the Receivables Loan be less than $10,000,000 unless the Receivables Loan
Advance Period has expired, (ii) the proposed paydown will occur only one time in each calendar year beginning in calendar year
2013, and only pursuant to a schedule submitted to Lender by Borrower before September 15 of the preceding calendar year of such
prepayment, provided, however, Lender acknowledges that Borrower has previously submitted such schedule for calendar year 2013,
(iii) a prepayment fee of 1% of such prepayment would be due at the time of such prepayment, (iv) should the proposed paydown
not occur within thirty (30) days before such proposed date or within ninety (90) days after such proposed date as set forth on
the schedule submitted by Borrower, then the prepayment fee (as described above) would increase to 3% for that calendar year,
and (v) the portfolio characteristics of the remaining pledged Collateral (i.e. weighted average FICO score, average balance,
WAC, etc.) must be substantially similar to those characteristics in existence prior to the prepayment (other than seasoning).
Agent will have the right of first refusal with respect to the financing of Timeshare Loans that did not qualify for such receivables
securitization or similar conduit transaction.

6.7        
Change of Control Payment. Upon the occurrence of a Change of Control, subject to the exception set forth in
Section 5.4, Borrower shall immediately pay to Agent, for the benefit of Lenders, all amounts owing by Borrower
to Agent and Lenders on account of the Receivables Loan and all other Obligations owing by Borrower to Agent and Lenders pursuant
to this Agreement, including, without limitation, the Change of Control Fee or prepayment fee, as applicable, pursuant to Section
5.4 above. Upon such payment, and without limiting the effect of such payment, no further non-utilization fee, as set
forth in Section 5.3, shall be due by Borrower to Agent.

6.8        
Application of Payments.  Prior to the occurrence of an Event of Default, all collections received by
Agent, for the benefit of Lenders, with respect to the Lender Portfolio Timeshare Loans shall be applied to the Obligations as
set forth in Section 6.1. Prior to the occurrence of an Event of Default, all other payments received by Agent,
for the benefit of Lenders, with respect to the Receivables Loan shall be applied to the Obligations as directed by Borrower,
or if no direction is received by Agent, as Agent may elect in its discretion. Upon the occurrence of any Event of Default, Agent
at its option, may apply any and all collections and other payments received from Borrower with respect to any of the Collateral
to accrued interest, outstanding principal and other sums due hereunder, under the Loan Documents in such order and with respect
to the Obligations, as Agent in its discretion elects. To the extent that Borrower fails to pay to Agent, for the benefit of Lenders,
any fees, costs, expenses, charges or indemnification obligations under the Loan Documents, Agent, at its option, may apply all
or part of such payments towards such fees, costs, expenses and indemnification obligations.

33

6.9        
Indemnity. Borrower agrees to indemnify Agent and Lenders against any loss or expense which Agent or any Lender
sustains or incurs as a consequence of an Event of Default, including, without limitation, any failure of Borrower to pay when
due (at maturity, by acceleration or otherwise) any principal, interest, fee or any other amount due under this Agreement or the
other Loan Documents, but only to the extent that any such loss or expense did not arise out of Agent’s or any Lender’s
gross negligence or willful misconduct. If Agent and Lenders sustain or incur any such loss or expense which constitutes the failure
to pay when due (at maturity, by acceleration or otherwise) any principal, interest, fee or any other amount due under this Agreement),
Agent will notify Borrower in writing of the amount determined in good faith by Agent to be necessary to indemnify them for such
loss or expense. Such amount will be due and payable by Borrower to Agent, for the benefit of Lenders, within five (5) Business
Days after presentation by Agent of a statement setting forth a brief explanation of and its calculation of such amount, which
statement shall be conclusively deemed correct absent manifest error. Any amount payable by Borrower under this Section will bear
interest at the Default Rate from the due date until paid, both before and after judgment.

6.10       
General. The Receivables Loan, all interest thereon and all other sums payable by Borrower under the Loan Documents
shall be paid in immediately available funds in U.S. Dollars according to the terms of the Loan Documents.

7.        
Security; Guaranties.

7.1        
Security. The Obligations shall be secured by, and Borrower hereby grants to Agent, for the benefit of Lenders,
a security interest in and to, all right, title and interest of the Borrower in the following (collectively, the “Collateral”):

(a)         
All Lender Portfolio Timeshare Loans, together with all Purchase Agreements, Mortgages, Notes and other Consumer Documents
related thereto; all payments due or to become due thereunder in whatever form, including without limitation cash, checks, notes,
drafts and other instruments for the payment of money; and all books and records, including all computer records, relating thereto.

(b)         
All proceeds, property, property rights, privileges and benefits arising out of, from the enforcement of, or in connection
with, all present and future Lender Portfolio Timeshare Loans and all Purchase Agreements, Mortgages, Notes and other Consumer
Documents related thereto, including without limitation, to the extent applicable, all property returned by or reclaimed or repossessed
from purchasers thereunder, all rights of foreclosure, termination, dispossession, repossession, all documents, instruments, contracts,
liens and security instruments and guaranties relating to such Lender Portfolio Timeshare Loans, Mortgages, Notes and other Consumer
Documents, all collateral and other security securing the obligations of any Person under or relating to such Lender Portfolio
Timeshare Loans, Mortgages, Notes and other Consumer Documents, including, without limitation, all Owner Beneficiary Rights under
the Trust Agreement in respect of such Lender Portfolio Timeshare Loans and all of the Borrower’s rights or interest in
all other property (personal or other), if any, the sale of which gave rise to such Lender Portfolio Timeshare Loans, all rights
and remedies of whatever kind or nature Borrower may hold or acquire for the purpose of securing or enforcing such Lender Portfolio
Timeshare Loans, Mortgages, Notes and other Consumer Documents, and all general intangibles relating to or arising out of such
Lender Portfolio Timeshare Loans, Mortgages, Notes and other Consumer Documents.

34

(c)        
All of Borrower’s accounts receivable, chattel paper, contract rights, documents, instruments, pre-authorized
account debit agreements, general intangibles and choses-in-action, claims and judgments, solely related to all Lender Portfolio
Timeshare Loans.

(d)         
All of Borrower’s rights under any Title Insurance Policies covering Mortgages assigned to Agent, for the benefit
of Lenders, in which Borrower now or hereafter has any interest to the extent related to any Lender Portfolio Timeshare Loans.

(e)         
Any and all proceeds of the foregoing.

(f)          
Any and all other property now or hereafter serving as security for the Obligations.

Notwithstanding
the foregoing, in the event that any Lender Portfolio Timeshare Loan becomes a Delinquent Loan and such Delinquent Loan has been
replaced and/or repaid as set forth in Sections 12.1 and 12.2 of this Agreement, then Agent and Lenders shall release
their lien on the collateral securing such Delinquent Loan.

All
liens and security interests shall be first priority liens and security interests. Borrower, Agent and Lenders hereby agree that
this Agreement shall be deemed to be a security agreement under the Uniform Commercial Codes of the State of Connecticut and the
Commonwealth of Massachusetts. Accordingly, in addition to any other rights and remedies available to Agent and Lenders hereunder,
Agent and each Lender shall have all the rights of a secured party under the Connecticut and Massachusetts Uniform Commercial
Codes.

The
above-described liens and security interests shall not be rendered void by the fact that no Obligations in respect of the Receivables
Loan exist as of any particular date, but shall continue in full force and effect until all Obligations under this Agreement and
the other Loan Documents pertaining to the Receivables Loan have been fully and finally paid, performed and satisfied, and Agent
and Lenders have no agreement or commitment outstanding pursuant to which Agent or any Lender may extend credit to or on behalf
of Borrower and Agent has executed termination statements or releases with respect thereto. IT IS THE EXPRESS INTENT OF BORROWER
THAT ALL OF THE COLLATERAL SHALL SECURE ALL PRESENT AND FUTURE OBLIGATIONS OF BORROWER TO AGENT AND LENDERS UNDER THIS AGREEMENT.

35

7.2        
Endorsement of Notes; Assignment and Delivery. The original Note evidencing each of the Timeshare Loans shall
be delivered to Agent and shall be endorsed to Agent with the following signed form of Endorsement:

Pay
to the order of Liberty Bank, as Agent, with recourse.

Bluegreen
Corporation

By:___________________________________

Name/Title:_____________________________

 

To
the extent that any of such Notes had previously been endorsed by Borrower to another Person, such Person shall have re-endorsed
such Notes back to Borrower.

 

Each
of the Timeshare Loans shall be collaterally assigned to Agent, for the benefit of Lenders, by written Assignment (the “Assignment”),
duly executed on behalf of Borrower in substantially the form attached hereto as Exhibit C, provided that a batch
Assignment shall also be deemed acceptable to Lender. Each Assignment shall be in a form which is properly recordable in the applicable
real estate records in the state in which the applicable Project is located. As an accommodation to Borrower to effectuate the
recordation of an “aged” Assignment, as further described in the following paragraph, Agent agrees that each Assignment
will be duly executed on behalf of Borrower but will not reflect an effective date when delivered to Agent by Borrower or at Agent’s
direction to the Custodian.

Agent
agrees that it will not record any Assignment in such real estate records for a period of twelve (12) months after such Assignment
is executed by Borrower, provided that: (a) each and every Assignment may be recorded by Agent, at its sole discretion,
at any time after the occurrence of an Event of Default or an Incipient Default, and (b) an Assignment may be recorded prior to
the expiration of such twelve (12) month period, if the Legal Requirements for the state in which the applicable Project covered
by the Assignment is located requires that such Assignment be recorded within a period shorter than twelve (12) months after the
Assignment is executed in order for such Assignment to be accepted for recording, be valid and enforceable and not subject to
challenge. Notwithstanding the foregoing, if Borrower notifies the Agent in writing thirty (30) days prior to the expiration of
such twelve (12) month period that it intends to prepay all or a portion of the outstanding principal balance of the Receivables
Loan in connection with a receivables securitization or similar conduit transaction and requests the re-assignment and release
of certain specified Timeshare Loans then evidenced by an unrecorded Assignment, Agent and Lenders agree that such twelve (12)
month period will be extended by an additional forty-five (45) days, provided that the conditions set forth in subsections
(a) and (b) of this paragraph have not occurred.

 

Borrower
hereby grants to Agent a power of attorney, at Borrower’s cost, during such twelve (12) month period after such Assignment
is executed by Borrower but prior to its recordation by Agent, to re-execute, date and deliver for recording any Assignment previously
executed and delivered undated by Borrower to Agent or at its direction at any time (i) after the occurrence of an Event of Default
or an Incipient Default, or (ii) if the Legal Requirements for the state in which the applicable Project covered by such Assignment
is located requires that such Assignment be recorded does not accept such Assignment for recording when presented by Agent for
any reason. This power of attorney being coupled with an interest is irrevocable.

36

Notwithstanding
anything to the contrary contained in this Agreement, Borrower agrees that the execution and delivery of a duly executed but undated
Assignment shall not vitiate any of the representations, warranties or covenants of Borrower contained herein with respect to
the collateral assignment to Agent of the Timeshare Loans pursuant to the terms and conditions of this Agreement. Borrower acknowledges
and confirms that the agreement by Agent to hold and not record such Assignment for up to a twelve (12) month period is made as
an accommodation by Agent for the benefit of Borrower and will not be construed in any manner against Agent or Lender as to the
validity of Agent’s security interest in or lien upon the Collateral, including without limitation, any Lender Portfolio
Timeshare Loans.

7.3        
Lockbox Agreement. All amounts payable on account of the Lender Portfolio Timeshare Loans shall be received
by a financial institution or other entity approved by Agent (“Lockbox Bank”) and transmitted by Lockbox Bank
to Agent or any entity designated by Agent in accordance with the provisions of an amended and restated agreement among Borrower,
Agent, Servicer and Lockbox Bank in form and content acceptable to Borrower and Agent (the “Lockbox Agreement”).
Bank of America, N.A. shall be deemed by Agent to be an approved Lockbox Bank. All payments on account of Lender Portfolio Timeshare
Loans shall be directed to an account maintained by Borrower for the benefit of Agent with the Lockbox Bank and shall be transmitted
to Agent by wire transfer by the Lockbox Bank once each Business Day, pursuant to the Lockbox Agreement.

At
any time after Lockbox Bank shall fail to keep and perform its obligations under the Lockbox Agreement to the satisfaction of
Agent, Borrower shall, upon the written request of Agent, terminate such agreement in accordance with its terms. If the Lockbox
Agreement shall be terminated by Agent, the Lockbox Bank or, with the consent of Agent, by Borrower, Borrower shall, prior to
the effective date of such termination, enter into a similar arrangement with another financial institution satisfactory to Agent,
or at Agent’s option make other arrangements satisfactory to Agent, in its sole discretion, for the collection and transmittal
to Agent, for the benefit of Lenders, of payments made on account of Timeshare Loans then and thereafter assigned to Agent, for
the benefit of Lender, pursuant to this Agreement.

Borrower
expressly acknowledges and agrees that an action for damages for any breach of the requirements of this Section 7.3
shall not be an adequate remedy at law. In the event of any such breach, Borrower agrees to the fullest extent allowed by law
that Agent and Lenders shall be entitled to injunctive relief to restrain such breach and require compliance with such requirements.

Borrower
hereby agrees to indemnify and hold Agent and Lenders harmless from and against any claims, demands, expenses, costs, damages,
liabilities, setoffs, recoupments and expenses associated with the Lockbox Agreement regardless of whether or not Lockbox Bank
is liable or responsible for such items under the express terms of the Lockbox Agreement, except to the extent such claims, demands,
expenses, costs, damages, liabilities, setoffs, recoupments and expenses are found in a final non-appealable judgment by a court
of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Agent, any Lender or Lockbox
Bank. By way of example, but without limiting any other possibilities, Borrower shall, subject to the foregoing sentence, indemnify
and hold Agent and Lenders harmless from and against any claims, demands, expenses, costs, damages, liabilities, setoffs, recoupments
and expenses (including, without limitation, reasonable attorney’s fees and court costs) both legal and equitable, associated
with the Lockbox Agreement regardless of whether or not Lockbox Bank may avoid or limit its responsibility by claiming (i) that
Agent had a duty to notify Lockbox Bank of any errors, discrepancies and/or irregularities under the Lockbox Agreement, (ii) that
Lockbox Bank’s liability cannot exceed the service charges charged in connection with the Lockbox Agreement for the most
recent twelve-month period, and (iii) that Lockbox Bank’s liability does not extend to special, incidental, indirect or
consequential damages.

37

7.4        
Servicing Agreement. The Lender Portfolio Timeshare Loans shall be serviced by Borrower (in its capacity
as servicer, and any third party successor servicer, the “Servicer”), provided that, the terms
and conditions of such servicing shall at all times be acceptable to Agent and Borrower and shall be in writing in the form of
an amended and restated bi-party servicing agreement between Borrower and Agent (the “Servicing Agreement”).
Agent shall also engage Concord Servicing Corporation (“Concord”) as a “warm” back-up servicer
to take over as servicer, in its commercially reasonable discretion at any time whether or not an Incipient Default of Event of
Default then exists, and as of the date hereof, Borrower, Concord and Agent shall enter into an amended and restated back-up servicing
agreement on terms and conditions acceptable to Agent (the “Back-Up Servicing Agreement”).

7.5        
Custodial Agreement. The Loan Files related to the Lender Portfolio Timeshare Loans shall be held for the benefit
of Agent and Lenders by U.S. Bank National Association or another entity approved by Agent (“Custodian”) pursuant
to the provisions of an agreement among Agent, Borrower and Custodian in form and content acceptable to Agent, Custodian and Borrower
(the “Custodial Agreement”). At any time after Custodian shall fail to keep and perform its obligations under
the Custodial Agreement to the reasonable satisfaction of Agent, Agent may terminate such agreement in accordance with the terms
of such Custodial Agreement.

7.6        
Notice to Purchasers.

(a)         
Each Purchaser with a Lender Portfolio Timeshare Loan shall be instructed by Borrower, in writing, to direct all payments
on account of such Lender Portfolio Timeshare Loan (i) by automatic debit to such Purchaser’s bank account, to be initiated
by and to be paid to Lockbox Bank; (ii) by check payable to the order of Borrower pursuant to the Lockbox Agreement and to mail
such checks to the Lockbox Bank at the address specified in the Lockbox Agreement; or (iii) by credit card payment for processing
through Borrower’s merchant account with such payment to be deposited through the Lockbox Bank into Agent’s deposit
account.

(b)         
Borrower shall deliver to Agent at the Closing, a form of notice to Purchasers advising them of the collateral assignment
of their Lender Portfolio Timeshare Loan to Agent and directing that all payments on account of such Purchaser’s Lender
Portfolio Timeshare Loan be made as directed in Section 7.6(a), which notice (the “Notice to Purchasers”)
shall be in the form attached hereto as Exhibit D. Agent shall have the right, at any time upon the occurrence and
during the continuance of an Event of Default, to send an original or a copy of such Notice to Purchasers to each Purchaser with
a Lender Portfolio Timeshare Loan.

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(c)         
In addition, Borrower hereby grants to Agent a power of attorney, at Borrower’s cost, to give notice in writing
or otherwise, upon the occurrence and during the continuance of an Event of Default, in such form or manner as Agent may deem
advisable in its sole discretion, to each Purchaser with a Lender Portfolio Timeshare Loan of such assignment with direction to
make all payments on account of such Lender Portfolio Timeshare Loan in accordance with such instructions as Agent may deem advisable
in its sole discretion. This power of attorney being coupled with an interest is irrevocable.

(d)         
Borrower authorizes Agent and Servicer (but Agent and Servicer shall not be obligated) to communicate at any time,
upon the occurrence and during the continuance of an Event of Default, with any Purchaser or any other Person primarily or secondarily
liable under a Lender Portfolio Timeshare Loan with regard to the lien of Agent and Lenders thereon and any other matter relating
thereto.

7.7        
Payments to be Forwarded. If Borrower shall, at any time and for any reason, receive any payment on account
of any Lender Portfolio Timeshare Loan, it shall hold such payments in trust for the benefit of Agent and Lenders and shall deliver
such payment, in the form received, with any necessary endorsements, within two (2) Business Days after receipt, to the Lockbox
Bank for collection and deposit as required in the Lockbox Agreement.

7.8        
Cancellation and Modifications of Notes. As long as any Timeshare Loan is included in the Lender Portfolio Timeshare
Loans, Borrower shall not cancel or modify the Note related thereto; provided, however, that Borrower may modify
the Note (i) in connection with a Permitted Modification or (ii) if agreed by Lender in writing in its sole discretion. If a Qualified
Timeshare Loan is amended to cure a delinquency without Lender’s agreement, such Timeshare Loan shall be deemed a Delinquent
Loan.

7.9        
Permitted Contests. Notwithstanding anything in the Loan Documents or otherwise to the contrary, after prior
written notice to Agent, Borrower at its expense may contest, by appropriate legal or other proceedings conducted in good faith
and with due diligence, the amount or validity of any tax, charge, assessment, statute, regulation, or any monetary lien on the
Collateral, so long as: (i) in the case of an unpaid tax, charge, assessment or lien, such proceedings suspend the collection
thereof from Borrower and the Collateral, and shall not interfere with the payment of any monies due under the Collateral in accordance
with the terms of the Loan Documents; (ii) none of the Collateral is, in the judgment of Agent, in any imminent danger of being
sold, forfeited or lost; (iii) in the case of a statute or regulation, neither Borrower nor Agent is in any danger of any civil
or criminal liability for failure to comply therewith; and (iv) Borrower has furnished such security, if any, as may be required
in the proceedings or as Agent reasonably requests up to 100% of the amount in controversy.

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7.10      
Release. In the event of (i) a partial prepayment of the Receivables Loan subject to the terms and conditions
set forth in Section 6.6 of this Agreement, or (ii) a prepayment in full of the Receivables Loan and termination
of this Agreement and the other Loan Documents, Agent shall release its security interest and assign or deliver to Borrower such
Timeshare Loans, Notes, Mortgages and other related Collateral assigned to Agent, for the benefit of Lenders, under this Agreement
or the other Loan Documents, provided that, if such prepayment is a partial prepayment of the Receivables Loan permitted
under Section 6.6 of this Agreement, Agent and Borrower shall mutually agree as to the collateral pool to be released,
so that (i) the quality and nature of the Timeshare Loans, Notes, Mortgages and other related Collateral from a credit underwriting
standard after such release is materially consistent (other than seasoning) with the quality and nature of the Timeshare Loans,
Notes, Mortgages and other related Collateral from the credit underwriting standard that existed immediately prior to such partial
prepayment and release, (ii) Borrower maintains the borrowing base formula set forth in Section 2.1 of this Agreement
of eighty-five percent (85%) of the unpaid principal balance of Qualified Timeshare Loans included within the Lender Portfolio
Timeshare Loans assigned to Agent in connection with prior Advances, and (iii) no Default or Event of Default will result from
such release. All releases by Agent to Borrower shall be (a) in form reasonably satisfactory to Agent, and (b) at the Borrower’s
cost and expense.

8.        
Representations and Warranties. As an inducement to
Agent and Lenders to advance funds to Borrower, Borrower represents and warrants to Agent and Lenders as follows: 

8.1        
Organization; Power.

(a)         
Borrower. Borrower is a corporation duly formed, validly existing and in good standing under the laws of the
Commonwealth of Massachusetts, duly licensed or qualified and in good standing as a foreign corporation under the laws of each
jurisdiction in which the character or location of the properties owned by it or the business transacted by it requires such licensing
or qualification, except where the failure to be so licensed or qualified would not reasonably be expected to result in a Material
Adverse Change, having full power and lawful authority to enter into the Loan Documents, perform its obligations under the Loan
Documents and carry on its business as it is now being conducted or as proposed to be conducted.

(b)         
Associations. Each Association, other than those Associations that are unincorporated Associations, is a non-profit
corporation or cooperative association duly organized, validly existing and in good standing under the laws of the state or jurisdiction
in which the applicable Project is located, having full power and lawful authority to perform its obligations under the applicable
related Declaration and applicable Management Agreement, and carry on its business as it is now being conducted or as proposed
to be conducted.

8.2        
Licenses. Borrower and its Affiliates, and, to the best of Borrower’s knowledge, the Associations and
their respective employees, servants and agents have and will have all material licenses, permits, consent, orders, registrations,
approvals and other authority as may be necessary to enable them to own and operate their business, to perform all services and
business which they have agreed to perform in any state, municipality or other jurisdiction, to operate the Projects, to sell
Timeshare Interests and to make Timeshare Loans.

40

8.3        
Transaction is Legal and Enforceable. The execution and delivery of this Agreement and all other Loan Documents
and the performance by Borrower of its obligations hereunder and thereunder are within the powers and purposes of Borrower. This
Agreement and all other Loan Documents to which Borrower is a party are valid, legal and binding upon Borrower, enforceable against
Borrower in accordance with their terms.

8.4        
Due Authorization; No Legal Restrictions. The execution and delivery by Borrower of the Loan Documents, the
consummation of the transactions contemplated by the Loan Documents and the fulfillment and compliance with the respective terms,
conditions and provisions of the Loan Documents: (a) have been duly authorized by all requisite corporate action of Borrower,
(b) will not conflict with or result in a breach of, nor constitute a default (or which would reasonably be expected to, upon
the passage of time or the giving of notice or both, constitute a default) under, any of the terms, conditions or provisions of
any applicable statute, law, rule, regulation or ordinance or Borrower’s Governing Documents or any indenture, mortgage,
loan or credit agreement, instrument or other document to which Borrower may be bound or affected, or any judgment or order of
any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, and (c) will
not result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any of the property
or assets of Borrower under the terms or provisions of any such agreement or instrument, except liens in favor of Agent and Lenders.

8.5        
No Breach or Default of Other Agreements; Compliance with Other Agreements. Neither the execution and delivery
of the Loan Documents on behalf of Borrower nor the performance by Borrower of the transactions contemplated hereby (a) will violate
any provision of any applicable Legal Requirements, or (b) to the best of Borrower’s knowledge, will constitute or with
the passage of time or giving of notice will result in the breach of any term or provision or constitute a default under or result
in the acceleration of any obligation under any agreement or other instrument to which Borrower is a party, or by which Borrower,
or any of its property or assets are bound, the effect of which would reasonably be expected to result in a Material Adverse Change.
Borrower is not in default under or with respect to any mortgage, lease or agreement to which it is a party or by which it or
any of its properties are bound, the effect of which would reasonably be expected to result in a Material Adverse Change, and
to the best of Borrower’s knowledge, no event or condition which, after notice or lapse of time or both, would constitute
a default thereunder such that the result thereof would reasonably be expected to result in a Material Adverse Change, exists.
To the best of Borrower’s knowledge, Borrower has not received any written notice, from any source, including without limitation,
any mortgagee or lessor, with respect to any claimed default by Borrower with respect to any such mortgage, lease or agreement,
the effect of which would reasonably be expected to result in a Material Adverse Change.

8.6        
Litigation. Except as set forth on Borrower’s most recent SEC filing or on Schedule 8.6,
there are no actions or proceedings pending or to the best of Borrower’s knowledge, threatened, against or affecting any
Project, the Collateral, Borrower, or its properties, at law or in equity before any court or before any governmental or regulatory
authority or agency, arbitration board or other tribunal, which would reasonably be expected to result in a Material Adverse Change.
Neither Borrower nor any Affiliate of Borrower has received any written notice from any court, governmental authority or other
tribunal alleging that Borrower, any Affiliate of Borrower or any Project has violated in any material respect the Timeshare Act,
any of the rules or regulations thereunder, the Declarations or any other applicable Legal Requirements, agreements or arrangements,
in a manner which would reasonably be expected to result in a Material Adverse Change.

41

8.7        
Taxes. Borrower is not in default in the payment of any real property, personal property or income tax or in
the filing of any tax return required to be filed under any tax law (federal, state and local) applicable to it or its properties
except for permitted contests under Section 7.9 or which are otherwise being contested in good faith and for which
Borrower has maintained adequate reserves in accordance with GAAP. All taxes shown by said returns to be payable and all interest
and penalties, if any, in respect thereof, have been fully paid when due, except to the extent that such taxes, assessments, fees
and other governmental charges or the failure to pay the same would not be material to the respective business, properties or
assets of Borrower. To the best of Borrower’s knowledge, no taxing authority has questioned or disputed the accuracy or
completeness of any such tax return. No taxing authority has notified Borrower of any basis for any such question or dispute or
investigation except as set forth on Schedule 8.7 or on Borrower’s most recent SEC filing and no tax-related
audit is pending or, to the best of Borrower’s knowledge, threatened with respect to Borrower or any Association except
to the extent such audit would not be material to the respective business, properties or assets of Borrower or such Association,
and except as set forth on Schedule 8.7 or on Borrower’s most recent SEC filing. All taxes (including sales
taxes) related to the operation of the Projects, the ownership or use of the Projects and the sale of Timeshare Interests in respect
of the Projects, which are due and payable, have been paid in full, except for permitted contests under Section 7.9
or which are otherwise being contested in good faith and for which Borrower has maintained adequate reserves in accordance with
GAAP. All tax returns and reports required to be filed by Borrower, if any, have been timely filed, or proper extensions for filing
have been obtained. Borrower has no knowledge of any proposed tax assessment against Borrower that could be material to its business,
properties, assets, operations, condition (financial or otherwise) or business prospects except as set forth on Schedule
8.7 or on Borrower’s most recent SEC filing.

8.8        
Insurance. All the insurance required by the Declarations related to Associations managed by the Vacation Club
Manager, the Loan Documents and this Agreement to be obtained has been obtained, is presently in full force and effect and all
premiums thereon have been fully paid when due to date. Each of Borrower’s certificates evidencing, as applicable, casualty
or liability insurance and in respect to which Agent, for the benefit of Lenders, has been indicated as a loss payee, additional
insured or certificate holder, as applicable, shall endeavor to provide that the related policy may not be canceled or materially
changed except upon (i) providing ten (10) days’ prior written notice, with respect to casualty insurance coverage, and
(ii) endeavoring to provide ten (10) days’ prior written notice, with respect to liability insurance coverage, of intention
of non-renewal, cancellation or material change to Agent and that no act or thing done by Borrower shall invalidate any policy
as against Agent or any Lender; provided, however, that Borrower agrees to use commercially reasonable efforts to
require the applicable insurer to provide thirty (30) days’ prior written notice of cancellation. Agent has been named as
an additional insured, certificate holder or loss payee on such certificates, as applicable. Notwithstanding the generality of
the foregoing, this Section 8.8 relates only to Projects where Qualified Timeshare Loans are included within the
Lender Portfolio Timeshare Loans assigned to Agent, for the benefit of Lenders.

42

8.9        
Consents. No consent, approval, order or authorization of, or registration with, any governmental authority,
or any other Person, which has not been properly obtained and remains in full force and effect, is required in connection with
the valid execution and delivery of this Agreement or any other Loan Documents by Borrower, or the performance by Borrower of
the transactions contemplated hereby or thereby.

8.10        No Violation of Law. Neither Borrower nor any Affiliate of Borrower involved in the operations of any of the
Projects is in violation of any Legal Requirements to which it is subject, which would reasonably be expected to result in a Material
Adverse Change. Neither Borrower nor any Affiliate of Borrower has failed to obtain any material license, permit, franchise or
other governmental authorization necessary to the ownership of its property or to the conduct of its business as the same is presently
conducted and as proposed to be conducted, including, but not limited to, development and construction of the Projects, marketing
and selling Timeshare Interests, the making of Timeshare Loans and the financing of the sale of Timeshare Interests, which failure
would reasonably be expected to result in a Material Adverse Change.

8.11        Financial Statements.

(a)         
The audited financial statements of Borrower for the fiscal year ended December 31, 2011 and the interim financial
statements of Borrower for the fiscal quarter ended June 30, 2012, copies of which have been furnished to Agent via Borrower’s
SEC Filings, have been prepared on a consolidated basis, are complete and correct and fairly present the financial condition of
Borrower and its subsidiaries as at such date and the results of the operations of Borrower and its subsidiaries for the periods
covered by such statements, all in accordance with GAAP.

(b)         
The financial statements of the Associations managed by the Vacation Club Manager for the fiscal year ended December
31, 2011, copies of which have been furnished to Agent, are complete and correct and fairly present the financial condition of
such Associations as at such date and the results of the operations of such Associations for the period covered by such statement,
all in accordance with GAAP.

8.12        No Material Adverse Change in Financial Condition. Except as set forth on Schedule 8.12, there
has been no Material Adverse Change in the financial condition of Borrower or its subsidiaries since June 30, 2012.

8.13        Title to Collateral. The Collateral is and will at all times be owned by Borrower free and clear of all liens
and other encumbrances of any kind, excepting only liens in favor of Agent or Permitted Encumbrances. There are no liens or encumbrances
against any of the Collateral consisting of the Lender Portfolio Timeshare Loans, other than liens in favor of Agent or Permitted
Encumbrances. Borrower will defend its title to the Collateral against any claims of all Persons other than Agent.

43

8.14        Names, Addresses and States of Formation. During the past five (5) years, Borrower has not been known by any
names and has not been located at any addresses, other than those set forth on Schedule 8.14. The portions of the
Collateral which are tangible property and have not been delivered to Agent and the books and records pertaining thereto will
at all times be located at the address for Borrower set forth on Schedule 8.14; or such other location determined
by Borrower after prior notice to Agent and delivery to Agent of any items requested by Agent to maintain perfection and priority
of Agent’s and Lenders’ security interests and access to such books and records. Schedule 8.14 identifies
the chief executive office, principal place of business and state of formation of Borrower.

8.15        Current Compliance. Except as set forth on Schedule 8.12, Borrower is currently in compliance
with all of the terms and conditions of this Agreement and all other Loan Documents and no Incipient Default or Event of Default
currently exists.

8.16        Pension Plans. Borrower has no obligations with respect to any employee pension benefit plan (“Plan”)
(as such term is defined in the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) except
as described in Schedule 8.16. No events, including, without limitation, any “Reportable Event”
or “Prohibited Transaction” (as those terms are defined under ERISA), have occurred in connection with any
such Plan which might constitute grounds for the termination of any such Plan by the Pension Benefit Guaranty Corporation (“PBGC”)
or for the appointment of any United States District Court of a trustee to administer any such Plan. All such Plans meet with
the minimum funding standards of Section 302 of ERISA. Borrower has no existing liability to the PBGC. Borrower is not subject
to or bound to make contributions to any “multi-employer plan” as such term is defined in Section 4001(a)(3) of ERISA.

The
present value of the aggregate benefit liabilities under any of the Plans, determined as of the end of such Plan’s most
recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent
actuarial valuation report, did not exceed the aggregate current value of the assets of such Plan allocable to such benefit liabilities.
The term “benefits liabilities” has the meaning specified in Section 4001 of ERISA and the terms “current
value” and “present value” have the meanings specified in Section 3 of ERISA. Neither Borrower nor
any ERISA Affiliates have incurred withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under Section
4201 or 4204 of ERISA. The term “ERISA Affiliates” means any trade or business (whether or not incorporated)
that is treated as a single employer together with Borrower under Section 414 of the Internal Revenue Code of 1986, as amended.

8.17        Use of Proceeds/Margin Stock/Governmental Regulations. None of the proceeds of the Receivables Loan will be
used to purchase or carry any “margin stock” (as defined under Regulation U of the Board of Governors of the
Federal Reserve System, as in effect from time to time), and no portion of the proceeds of the Receivables Loan will be extended
to others for the purpose of purchasing or carrying margin stock. None of the transactions contemplated in this Agreement (including,
without limitation, the use of the proceeds from the Receivables Loan) will violate or result in the violation of Section 7 of
the Securities Exchange Act of 1934, as amended, or any regulations issued pursuant thereto, including, without limitation, Regulations
G, T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II. Borrower is not an investment company
as defined by the Investment Company Act of 1940, as amended, and is not required to register under such Act. Borrower is not
subject to regulation under the Federal Power Act, the Public Utility Holding Company Act of 1935, the Interstate Commerce Act,
as the same may be amended from time to time, or any federal or state statute or regulation limiting its ability to incur Debt.

44

8.18        Solvency. Borrower is solvent. No transfer of property is being made by Borrower and no obligation is being
incurred by Borrower in connection with the transactions contemplated by this Agreement or the other Loan Documents with the intent
to hinder, delay, or defraud either present or future creditors of Borrower.

8.19        Insurance. No notice of cancellation has been received by Borrower with respect to any insurance policies required
under this Agreement and Borrower is in compliance with all conditions contained in such policies that pertain to Borrower.

8.20        Tax Identification Number. Borrower’s federal tax identification  number is 03-0300793.

8.21        Purposely Omitted.

8.22        Restrictive Contracts. Borrower is not a party to any contract or agreement, or subject to any lien, charge
or restrictions, which materially and adversely affects its ability to comply with the terms of this Agreement or would reasonably
be expected to result in a Material Adverse Change. Borrower will not be a party to any other contract or agreement which
prohibits its execution of, or compliance with the terms of this Agreement or the Loan Documents. Borrower has not agreed or consented
to cause or permit in the future (upon the happening of a contingency or otherwise) any of the Collateral, whether now owned or
hereafter acquired, to be subject to a lien, except the lien in favor of Agent or a Permitted Encumbrance.

8.23        Closing Date Indebtedness. Schedule 8.23 sets forth the outstanding principal balance of all indebtedness
for borrowed money, repurchase obligations with respect to sold Timeshare Loans and other liabilities of Borrower (other than
accounts payable in the ordinary course) as of September 30, 2012. Such indebtedness, obligations and liabilities are referred
to collectively as “Closing Date Indebtedness”. Borrower is not in default, in any material respect, with respect
to any of the Closing Date Indebtedness as of the Closing Date. From October 31, 2012 through and including the Closing Date,
Borrower has not entered into any agreement relating to any additional indebtedness for borrowed money, repurchase obligations
with respect to sold Timeshare Loans and other liabilities of Borrower (other than accounts payable in the ordinary course) other
than those as set forth on Schedule 8.23.

45

8.24        Completeness of Representations. Neither this Agreement nor any exhibit attached hereto nor any certificate,
financial statement, correspondence or other document delivered or furnished to Agent or any Lender hereunder or in connection
with the transactions contemplated hereby contains or will contain any untrue statement of a material fact or omits or will omit
to state a material fact necessary in order to make the statements contained herein and therein not misleading. There is no fact
(a) which materially and adversely affects Borrower’s ability to perform its obligations under the Loan Documents, or the
condition, financial or otherwise, business or prospects of Borrower, (b) which may result in any liability on the part of Borrower
not reflected on the financial statements described in Section 8.11, (c) which questions or denies the right of
Borrower or its Affiliates to conduct their business or operate a Project, or (d) which prevents or restricts the granting of
security interests to Agent, for the benefit of Lenders, in the Collateral.

9.        
Representations, Warranties and Covenants With Respect to the Project.
Borrower represents and warrants to and covenants with Agent and Lenders as follows, with respect to each Unit included or to
be included in each Project, that at the time such Unit is included as one of the Projects and any Timeshare Interest in such
Unit is encumbered by a Mortgage assigned to Agent, for the benefit of Lenders (as applicable), all of the following shall be
accurate and complied with:

9.1        
Access, Utilities and Parking. As required by applicable Legal Requirements, such Unit has and will have adequate
access from a publicly dedicated street and is served by adequate utilities, including public water and sewer, and has adequate
parking facilities.

9.2        
Compliance. Borrower and the applicable Project are in compliance with and will comply with all Legal Requirements
in a manner that Borrower’s failure to so comply would not be reasonably expected to result in a Material Adverse Change.

9.3        
Declarations. Such Unit and all equipment, furnishings and appliances intended for use in connection therewith
have been and will continue to be duly submitted to the provisions of the applicable Declaration, which has been recorded in the
real property records of the jurisdiction in which the applicable Project is located. The applicable Declarations will not be
cancelled or materially amended in a manner that would reasonably be expected to result in a Material Adverse Change.

9.4        
Zoning Laws, Building Codes, Etc. The applicable Project, all the buildings and other improvements in which
the Unit is situated and all Amenities for such Unit have been or will be completed in compliance with all applicable zoning codes,
building codes, health codes, fire and safety codes, and other Legal Requirements, including without limitation, so-called “environmental”
laws in a manner that Borrower’s failure to so comply would not be reasonably expected to result in a Material Adverse
Change. All material inspections, licenses, permits required to be made or issued in respect of such buildings and Amenities have
been or will be made or issued by the appropriate authorities. The use and occupancy of such buildings for their
intended purposes are and will be lawful under all applicable Legal Requirements. Final certificates of occupancy or the applicable
jurisdictional equivalent have been or will be issued and are or will be in effect for such Unit. The timeshare use and occupancy
of such Unit do not and will not violate or constitute a non-conforming use under any private covenant or restriction or any zoning,
use or similar law, ordinance or regulation affecting the use or occupancy of the applicable Project.

46

9.5        
Unit Ready for Use. The Unit is fully furnished and ready for use except for Units in connection with each of
the Projects described on Schedule 9.5; provided, however, Units may be subject to renovations for
improvements from time to time, provided that, a “One-to-One Owner Beneficiary to Accommodation Ratio”
(as defined in the Trust Agreement) is maintained in accordance with the Trust Agreement and applicable Legal Requirements and
Borrower provides evidence of the same to Agent upon Agent’s request. All common furnishings (including appliances) within
such Unit are owned by Borrower or its Affiliates or the applicable Association, have been or will be fully paid for, and are
and will be free and clear of any liens or other interests of any third party including any lessor.

9.6        
Property Taxes and Fees. All real property taxes, condominium and similar maintenance fees, rents, assessments
and like charges affecting the Units have been fully paid to date, to the extent such items are due and payable.

9.7        
No Defaults. No default or condition which, with the giving of notice or passage of time, or both, would constitute
a default, exists with respect to any mortgage, deed of trust or other encumbrance against the Project in which such Unit is located.

The
Project in which such Unit is located has been approved by the applicable Division as a timeshare project and has been established
and dedicated as a timeshare project in full compliance with all applicable Legal Requirements, including without limitation,
the applicable Timeshare Act in a manner that Borrower’s failure to so comply would not be reasonably expected to result
in a Material Adverse Change. Borrower or its Affiliates have all registrations, approvals and licenses required under all applicable
Legal Requirements for such Project to be operated as a timeshare project, for the sale of Timeshare Interests in such Project,
for the making of Timeshare Loans related to such Project, and for the ownership, operation and management of such Project in
a manner that Borrower’s or any of its Affiliates’ failure to have such registrations, approvals or licenses would
not be reasonably expected to result in a Material Adverse Change.

9.8        
Timeshare Approvals. The Project in which such Unit is located has been approved by the applicable Division
as a timeshare project and has been established and dedicated as a timeshare project in full compliance with all applicable Legal
Requirements, including without limitation, the applicable Timeshare Act in a manner that Borrower’s or an FBS Developer’s
failure to so comply would not be reasonably expected to result in a Material Adverse Change. Borrower or its Affiliates have
obtained and are maintaining, or in the case of FBS Projects have received evidence of, all Timeshare Approvals for such Project
and the Vacation Club.

9.9        
Sale of Timeshare Interests. The Vacation Club and the Timeshare Interests are, as of the Closing Date, registered
or exempt from registration under applicable Legal Requirements in the respective states in which each are marketed and/or sold,
including those states listed on Schedule 9.9, as applicable. The Vacation Club and the Timeshare Interests will
be, after the Closing Date, registered or exempt from registration under applicable Legal Requirements in the respective states
in which each are marketed and/or sold, as applicable. All sales have been and will be made in compliance with all Legal Requirements
and utilizing then current and approved Public Reports in a manner that Borrower’s failure to so comply would not be reasonably
expected to result in a Material Adverse Change. The marketing, sale, offering for sale, rental, solicitation of purchasers and
financing of Timeshare Interests related to the Projects: (a) will not constitute the sale, or the offering for sale, of securities
subject to the registration requirements of the Securities Act of 1933, as amended, or any other federal or state securities law
applicable to such sale or offer for sale; (b) will not violate the Timeshare Act or any applicable land sales or consumer protection
law, statute or regulation; and (c) will not violate any applicable consumer credit or usury statute in a manner that would reasonably
be expected to result in a Material Adverse Change.

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9.10        Brokers. All marketing and sales activities have been and will be performed by employees or independent contractors
of Borrower or its Affiliates, all of whom are and will be properly licensed or exempt from licensing in accordance with applicable
laws. Borrower or its Affiliates will retain a duly licensed broker of record for each Project as may be required by applicable
law in the state in which such Project is located.

9.11        Tangible Property; Non-Disturbance Agreements. The machinery, equipment, fixtures, tools and supplies used or
to be used by Borrower or its Affiliates in connection with each Project, including without limitation, with respect to the operations
and maintenance of the common elements, are and will be owned or leased either by Borrower or its Affiliates or the applicable
Association or the Owners of Timeshare Interests in common.

9.12        Condition of Project. None of the Projects are now damaged nor injured as a result of any fire, explosion, accident,
flood or other casualty, where the risk of loss is not otherwise covered by insurance or exceeds $50,000 at such Project, subject
to reasonable deductibles and not otherwise repaired.

9.13        Assessments. (A) Each Owner of a Timeshare Interest (and Borrower, or its Affiliates or the applicable FBS Developer,
with respect to unsold timeshare Interests in a Project) automatically will be a member of the applicable Association for such
Project, which Association has authority to levy annual Assessments to cover the costs of maintaining and operating such Project.
Any lien for unpaid Assessments will at all times be subordinate to the lien of each Mortgage assigned to Agent, for the benefit
of Lenders. Each Owner’s membership in such Association is immediately conveyed to the Trustee under the applicable Purchase
Agreement and the Trustee will thereafter remain a member of such Association and be entitled to vote on the affairs thereof,
subject only to retaining ownership of the Timeshare Interest. To Borrower’s knowledge, each Timeshare Association is and
will continue to be solvent. (B) For Projects where Qualified Timeshare Loans are included within the Lender Portfolio Timeshare
Loans assigned to Agent, for the benefit of Lenders, to Borrower’s knowledge, (i) subject to Section 9.14,
levied Assessments are and will be adequate to cover the current costs of maintaining and operating the applicable Project and
to establish and maintain a reasonable reserve for capital improvements except as disclosed on Schedule 9.14 and
(ii) there are no reasonably foreseeable circumstances which could give rise to a material increase in such costs, except for
additions of subsequent phases of a Project that will not materially increase Assessments except as disclosed on Schedule
9.14.

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9.14        Developer Subsidy. Except as described in Schedule 9.14 the Assessments levied with respect to
each Primary Project are sufficient to cover all expenses of the Association for each Primary Project.

9.15        Project Documents. The contracts, agreements and documents (and all amendments and modifications thereto) described
on Schedule 9.15 comprise all of the existing Project Documents related to the Primary Projects. None of such Project
Documents will be amended, modified, terminated or waived in whole or in part, after the Closing Date, in a manner that is material
and adverse to Agent and Lenders.

9.16        Common Areas and Amenities. All Amenities for the Projects have been or will be completed. To the extent that
any of such Amenities are located on property not owned by Borrower or the applicable Association or Timeshare Owners, or to the
extent that any such Amenities are subject to any liens or encumbrances, there are in existence valid and enforceable agreements
granting the applicable Owners of Timeshare Interests the right to use such Amenities without disturbance by any third parties.
Except as otherwise permitted and disclosed by the applicable Project Documents: (a) each Association or the Owners of Timeshare
Interests in common (which interests may be held by the Trustee pursuant to the Purchase Agreements) will at all times own the
furnishing in the Units and all the common areas in the applicable Project and other Amenities which have been promised or represented
as being available to Purchasers, free and clear of liens and security interests except for the Permitted Encumbrances; (b) no
part of any Project is or will be subject to partition by the Owners of Timeshare Interests; and (c) all access roads and utilities
and off-site improvements necessary to the use of a Project have been and will be dedicated to and/or accepted by the responsible
governmental authority or utility company or are owned by an association of owners of property in a larger planned development
or developments of which a Project is a part.

9.17        Trust Agreement. Borrower has delivered or caused to be delivered to Agent a true and complete copy of the fully
executed Trust Agreement and all amendments thereto. Borrower shall use its best efforts to ensure that the Trust Agreement will
not be amended, modified or supplemented unless any such amendment, modification or supplement is permitted in accordance with
the terms of the Trust Agreement and applicable Legal Requirements, and a copy has been delivered to Agent. To the best of Borrower’s
knowledge, there are no existing outstanding violations or breaches of the Trust Agreement.

10.        
Representations, Warranties and Covenants with Respect to the Timeshare Loans.
Borrower represents and warrants to and covenants to and with Agent and Lenders, with respect to each Timeshare Loan now or hereafter
comprising part of the Lender Portfolio Timeshare Loans or which Borrower has otherwise identified to Agent as a Qualified Timeshare
Loan, and with respect to all other documents and instruments executed in connection with the sale of any Timeshare Interest financed
by such Timeshare Loan, which representations, warranties and covenants shall continue to be true in all respects while this Agreement
is in effect:

10.1        No Defaults. Each Note, Mortgage and every other Consumer Document and instrument made and delivered in connection
therewith will in every respect be genuine and no default thereunder will exist.

49

10.2        Validity. Each Timeshare Loan will constitute a Qualified Timeshare Loan and each Note will be a valid Qualified
Note. Each Mortgage will be a Qualified Mortgage. Each Note, Mortgage and all related Consumer Documents will be valid and arising
from the Qualified Sale of a Timeshare Interest to a Purchaser. At the time of collateral assignment to Agent, to the best of
Borrower’s knowledge no Purchaser thereunder will have died.

10.3        Competency. All parties thereto will have been competent to contract at the time they executed such Note, Mortgage
and related applicable Consumer Documents.

10.4        Defenses; Rescission. There will be no defenses in law or in equity (including without limitation the defense
of usury), set-off or counterclaim to the Note, Mortgage or related Consumer Documents as the same will exist in the hands of
Agent after collateral assignment thereof to Agent, nor to the obligation of the Purchaser to pay the balance of the Sales Price,
nor will there exist any right in the Purchaser to cancel or rescind such Note, Mortgage or related Consumer Documents or the
sale in connection with which the same were executed and delivered.

10.5        Legal Requirements. Each Timeshare Loan collaterally assigned to Agent, for the benefit of Lenders, pursuant
to this Agreement and the related solicitation, marketing and sale of the Timeshare Interest will have been effected in compliance
with all Legal Requirements, including, without limitation, to the extent applicable, the applicable Timeshare Act, the USA Patriot
Act, the Gramm-Leach-Bliley Privacy Act, the Securities Exchange Act of 1934, the Truth-In-Lending Act (15 U.S.C. Section 1601,
et seq.) and Regulation Z thereunder, the Equal Credit Opportunity Act (15 U.S.C. Section 1691, et seq.) and Regulation B thereunder,
the Interstate Land Sales Full Disclosure Act (15 U.S.C. Section 1701, et seq.), the Real Estate Settlement Procedures Act (12
U.S.C. Section 2601, et seq.) and Regulation X thereunder and the Fair Housing Law, the Mail Fraud Statute (18 U.S.C. Section
1341), the Federal Trade Commission Act, The Flood Disaster Protection Act of 1973, the Federal Trade Commission’s Privacy
of Consumer Financial Information Rule, Federal Trade Commission “do-not-call” rules, and all other material legal
restrictions, contracts and agreements governing or affecting the applicable Project, Borrower or its business or operations,
including, without limitation, zoning, environmental and other land use laws and regulations, subdivision map acts, blue sky laws,
real estate syndication acts and usury laws.

10.6        Payments. The “down payment” shown in the applicable Purchase Agreement in connection with the sale
of the Timeshare Interest will have been made by Purchaser, in available funds (which down payment by cash, credit card or equity
conversion may, (i) in the case of an Upgraded Note Receivable or a conversion in connection with an Introductory Product, be
represented in part or in whole by the principal payments and down payment made on, as applicable, such original Qualified Note
or the related Introductory Product since its date of origination, or (ii) in the case of an equity conversion or a conversion
in connection with an Introductory Product, be represented in whole or in part by the amount paid where the Purchaser has paid
in full at the point of sale for the original Timeshare Interest or Introductory Product, as applicable), and neither all nor
any part of such payment or any payment on account of the Note will have been made by Borrower or any Affiliate of Borrower.

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10.7        Payments by Borrower. Neither Borrower nor any Affiliate of Borrower will have made or will make any payment
on behalf of any Purchaser.

10.8        Title; Title Insurance. Each Mortgage securing a Note will have been duly executed and acknowledged and will
constitute a valid Qualified Mortgage of the Timeshare Interest described therein, as security for the payment of such Note. Each
Mortgage will be insured by a valid, existing Title Insurance Policy issued or to be issued by the Title Company insuring the
interest of the mortgagee thereunder (and such mortgagee’s successors and assigns) as a first mortgage lien against the
Timeshare Interest described therein. Each of the mortgagee’s Title Insurance Policies will be in an amount at least equal
to the unpaid principal balance of the Timeshare Loan. A Title Insurance Policy may insure more than one Qualified Mortgage, provided
that, the aggregate amount of such Title Insurance Policy is at least equal to the aggregate unpaid balances of the Qualified
Timeshare Loans secured by such Qualified Mortgages.

10.9        Right to Convey. As to each Timeshare Interest, Borrower or its Affiliates will have good title to and lawful
right and full authority to convey the Timeshare Interest to the Purchaser thereof.

10.10     Bankruptcy; Litigation. Each Purchaser and each guarantor of any Purchaser’s obligations under such Timeshare
Loan will not be the subject of any proceedings under any Debtor Relief Laws, and will not be involved in any litigation with
Borrower.

10.11     
Authorization. All corporate, partnership or other Purchaser(s), not individuals, will have been duly authorized
by corporate resolution, or other appropriate action, to purchase a Timeshare Interest and execute (as applicable) and deliver
the Note, Mortgage and related Consumer Documents.

10.12     
Representations. There will have been no misrepresentations by Borrower, its Affiliates or any of their employees
and/or selling agents to any Purchaser or Agent or any Lender as to the Amenities or services available at the Project with respect
to the amount of the common expenses or other charges to be paid by a Purchaser or with respect to any other matter relating to
the Project, any Timeshare Interest, the Note, the Mortgage, or any other aspect of the sale or the financing thereof.

10.13     
Notice of Assignment. Each Purchaser will have been directed to make all payments on account thereof as provided
in Section 7.6 of this Agreement.

10.14     
Marketability. Borrower will have no knowledge of any circumstance with respect to the Timeshare Loan, the Timeshare
Interest, or the Project, which would reasonably be expected to cause the Timeshare Loan to become delinquent or adversely affect
the marketability of the mortgaged Timeshare Interest or the related Timeshare Loan.

10.15     
Recording of Mortgages. Each Mortgage collaterally assigned to Agent, for the benefit of Lenders, will have
been or will be recorded in the Public Records and all costs, fees and expenses arising out of the closing of the Timeshare Loan
and of recording of the Mortgage will have been or will be paid.

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10.16     
Recording of Deed. A duly executed Deed by which the Timeshare Interest described on each Mortgage assigned
to Agent, for the benefit of Lenders, (if applicable) was conveyed to the Trustee will have been recorded in the Public Records
prior to the recording of the Mortgage.

10.17     
Amendment. Other than in connection with Permitted Modifications, the terms of the Timeshare Loan and the Consumer
Documents related thereto, will not have been assumed, amended or modified in any respect.

10.18     
Assignment; No Liens. Borrower will be the sole owner of the Timeshare Loan free of all prior assignments, liens,
encumbrances and claims of third parties whatsoever and will have full right and lawful authority to assign the same to Agent,
for the benefit of Lenders, as contemplated by this Agreement.

10.19     
Loan File. Borrower will, at the time of the assignment thereof to Agent, for the benefit of Lenders, have in
its possession or will have delivered to the Custodian a complete Loan File in respect of each of the Timeshare Loans and Borrower
will have delivered to Agent all documents required to be delivered pursuant to Borrower’s Request for Receivables Loan
Advance.

10.20     
Public Reports. The Public Report for the Vacation Club, a copy of which has been furnished to Agent has been
approved by all applicable regulatory agencies and in form and content complies with all applicable Legal Requirements in a manner
that Borrower’s failure to so comply would not be reasonably expected to result in a Material Adverse Change. With respect
to the sale of each Timeshare Interest, there will be in effect at the time of sale and Borrower or its Affiliates will have used
an unexpired, Public Report, approved by all applicable regulatory agencies. If required by the applicable law of a state in which
Borrower or its Affiliates is selling Timeshare Interests, Borrower will keep such Public Reports up-dated and approved by the
applicable regulatory agency of that state and upon request by Agent will promptly deliver to Agent evidence of such continued
approval, including all extensions thereof, promptly upon receipt by Borrower. Borrower will deliver or cause to be delivered
to Agent a copy of the Public Report for the Vacation Club as supplemented or otherwise updated subsequent to the Closing Date.

10.21     
Credit. The credit application and other documents relating to the credit of a Purchaser, obtained by or delivered
to Agent in connection with a Request for Receivables Loan Advance, will be accurate and complete copies of the originals and
will constitute all the documents which will have come into the possession of Borrower which relate to the credit worthiness of
the Purchaser.

10.22    
Qualified Timeshare Loans. Each Lender Portfolio Timeshare Loan or other Timeshare Loan which Borrower has indicated
to Agent is a Qualified Timeshare Loan will meet all the requirements of a Qualified Timeshare Loan.

10.23     
Enforceability. The Consumer Documents are and at all times will remain in full force and effect and will be
valid and binding obligations of the respective parties thereto.

52

10.24     
No Impairment. The grant of the security interests described herein has not affected and will not affect the
validity or enforceability of the Consumer Documents.

10.25     
No Defaults. Each Consumer Document will in every respect be genuine and no default thereunder will exist.

10.26     
Assumption.  Borrower will not agree to the assumption of the Timeshare Loan by any third party acquiring the
applicable Timeshare Interest, without the prior written consent of Agent unless otherwise required by applicable Legal Requirements.

10.27     
Executory Obligations. Borrower or its Affiliates have performed all of their obligations to the Purchasers
and there are no executory obligations owed to Purchasers to be performed by Borrower or its Affiliates, except for non-delinquent
and executory obligations disclosed to Purchasers in their Purchase Agreements or the Project Documents.

10.28    
Fulfillment of Obligations to Purchasers. Borrower will fulfill, and will cause its Affiliates, agents and independent
contractors at all times to fulfill, all their respective obligations to Purchasers. Borrower or its Affiliates will perform all
of their respective obligations under the Consumer Documents and the Project Documents.

11.        
Consumer Documents. Borrower represents to and agrees
with Agent and Lenders that the Consumer Documents, in substantially the forms attached hereto as Exhibit A
are the only documents which are used as of the Closing Date to document the credit sale of Timeshare Interests in respect of
the Primary Projects and that Borrower shall not materially modify, amend or replace, or permit the material modification or amendment,
or replacement of any of such Consumer Documents in a manner that would cause any of such Consumer Documents including any replacements
thereof and additions thereto as applicable, to fail to comply with Legal Requirements or use or permit the use by others of any
other or additional documents in connection with the documentation of the credit sale of Timeshare Interests, except with the
prior written consent of Agent, or as reasonably requested by Agent in order to meet any of the Legal Requirements or to protect
Agent’s and Lenders’ security interest therein. Notwithstanding anything herein or elsewhere to the contrary, Borrower
shall be permitted to modify, amend or replace the form of Consumer Documents or create or utilize additional consumer documents
to the extent necessary to comply with applicable Legal Requirements, without the need to obtain Agent’s prior consent to
such modification, amendment or the utilization of such additional consumer documents. If any such Consumer Document shall be
materially modified or amended or if any additional document shall be used in connection with the credit sale of Timeshare Interests,
Borrower shall promptly provide to Agent an accurate and complete copy of such Consumer Document as so modified or amended and
of any such additional document. 

53

In
the event that any of the Consumer Documents in substantially the forms attached hereto as Exhibit A
are modified, amended or replaced in a manner such that they do not comply with applicable Legal Requirements or Borrower has
not received Agent’s written consent to use or permit the use by others of (i) any other or additional documents to document
the credit sale of Timeshare Interests in respect of the Primary Projects for a reason other than to comply with Legal Requirements
or (ii) materially modified or amended Consumer Documents (“Non-Complying Consumer Documents”),
Agent and Lenders shall not have any obligation to make any Advances under the Receivables Loan in respect of the Timeshare Loans
related to such Non-Complying Consumer Documents. Notwithstanding the foregoing, in the event that Agent and Lenders have made
Advances in respect of the Timeshare Loans related to such Non-Complying Consumer Documents, Borrower shall promptly either (i)
prepay an amount equal to such Advance in respect of the Timeshare Loans utilizing such Non-Complying Consumer Documents together
with accrued interest thereon, (ii) pledge additional Qualified Timeshare Loans in an amount sufficient to cure the deficiency,
or (iii) prepay, in part, and pledge additional Qualified Timeshare Loans, in part, in a total amount sufficient to cure the deficiency.
Upon satisfaction of either of clauses (i), (ii) or (iii) of the preceding sentence, Agent shall release such Timeshare Loans
related to the Non-Complying Consumer Documents in accordance with Section 13.2
below.

12.        
Payment or Replacement of Timeshare Loans.

12.1        Delinquent Loans.  Borrower shall pay to Agent, for the benefit of Lenders to be applied against the outstanding
principal balance on the Receivables Loan, an amount equal to 85% of the then unpaid principal balance of any Timeshare Loan comprising
part of the Lender Portfolio Timeshare Loans (without prepayment penalty or premium) in the event that: (a) such Timeshare Loan
becomes a Delinquent Loan, (b) any applicable representation or warranty set forth at Sections 9 or 10 or elsewhere
herein proves false with respect to such Timeshare Loan, (c) the attorney, Title Company or other approved person fails to comply
with the requirements of Section 23.1 with respect to such Timeshare Loan to the extent applicable, or (d) Borrower
shall fail to deliver a Title Insurance Policy, as required by Section 23.2 with respect to such Timeshare Loan.
With respect to a Delinquent Loan, such payment shall be made on or before the thirtieth (30th) day after such Timeshare Loan
has become a Delinquent Loan, computed without reference to any notice or grace period. With respect to a Timeshare Loan in respect
of which a representation or warranty proves or becomes false or which Borrower is obligated to pay under subsection 12.1(c)
or (d), such payment shall be made within thirty (30) days after Borrower becomes aware of such false representation or
warranty, failure to confirm or failure to deliver, by receipt of notice from Agent or otherwise. Other than in connection with
Permitted Modifications, Borrower may not cure any actual or anticipated delinquency of any Lender Portfolio Timeshare Loan by
revising, rewriting or recasting the payment terms of such Timeshare Loan unless otherwise agreed to by Lender in writing in its
sole discretion. If a Qualified Timeshare Loan is amended to cure a delinquency without Lender’s agreement, such Timeshare
Loan shall be deemed a Delinquent Loan. In the event that the then outstanding principal balance of the Receivables Loan is less
than 85% of the aggregate outstanding principal balances of the Timeshare Loans then comprising the Lender Portfolio Timeshare
Loans (after removal of the applicable Delinquent Loans and Timeshare Loans described in subsection 12.1(c) and (d)),
except to the extent Borrower has pledged additional Qualified Timeshare Loans for such Delinquent Loans, Agent, at its sole discretion,
may waive the prepayment requirement set forth in the first sentence of this Section 12.1.

12.2        Replacement. In lieu of making the payment required by Section 12.1, Borrower may replace the
Timeshare Loan involved by assigning and including in the Lender Portfolio Timeshare Loans another Qualified Timeshare Loan of
equal or greater unpaid principal balance which may be calculated on an aggregate basis.

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12.3        Documents. Each time Borrower shall, pursuant to Section 12.2, replace a Timeshare Loan, Borrower
shall deliver to Agent in respect of such replacement Timeshare Loan all of the documents described at Section 2.3
to be delivered in connection with an Advance, other than a Request for Receivables Loan Advance and the matters referenced in
Section 22.7, with respect to such replacement Timeshare Loan shall be satisfied.

12.4        Application of Representations and Warranties to Replacement Timeshare Loans. All applicable representations
and warranties set forth in this Agreement shall apply to and be true in all respects to each replacement Timeshare Loan.

13.        
Reassignment of Timeshare Loans by Agent; Collection Proceedings; Etc.

13.1        Collection Proceedings. Borrower shall, pursuant to the Servicing Agreement, undertake the diligent and timely
collection of all amounts due under each Lender Portfolio Timeshare Loan, and will bear the entire expense of such collection.
Agent and Lenders shall have no obligation to undertake any action to collect under any Lender Portfolio Timeshare Loans. If Borrower
shall fail promptly to pay in full, or replace any Lender Portfolio Timeshare Loans which Borrower is obligated by the provisions
of Sections 12.1 or 12.2 hereof to pay or replace, Agent may, at its option and without affecting any other right
of Agent and Lenders hereunder, take such measures as it shall deem appropriate to collect such Lender Portfolio Timeshare Loans,
including, as applicable, foreclosure of any Mortgage. Borrower agrees that it will be liable to Agent and Lenders for any deficiency
on any such Lender Portfolio Timeshare Loans, and for any and all expenses, including, without limitation, reasonable attorneys’
fees, incurred by Agent and Lenders in connection with any such action. Borrower agrees and acknowledges that Agent and Lenders
shall not be responsible to it for any action so taken or for failing to take any action in connection therewith, including, without
limitation, the granting of any extensions of time, waivers or other indulgences or the compromise or reduction of any amounts
due. During the occurrence and continuance of an Event of Default, Borrower may not terminate any Purchase Agreement or resell
any Timeshare Interest financed by a Lender Portfolio Timeshare Loan without Agent’s prior written consent.

13.2        Reassignments. Provided that no Incipient Default or Event of Default exists, upon (a) Borrower’s payment
in full of the sums required under Section 12.1 with respect to a Delinquent Loan or a Timeshare Loan in respect
of which a representation or warranty proves to be or becomes false (or replacement of such Timeshare Loan as provided in Section
12.2) or (b) Borrower’s prepayment of the Receivables Loan, subject to the terms and conditions set forth in Section
6.6 of this Agreement, Agent shall reassign and deliver to Borrower the applicable Qualified Note (duly endorsed to Borrower),
together with the related Qualified Mortgage and other Consumer Documents and related documents previously delivered to Agent
or in connection with the assignment of such Timeshare Loan to Agent, for the benefit of Lenders. Upon Borrower’s payment
in full of all Obligations related to this Agreement and the other Loan Documents, Agent shall reassign and deliver to Borrower
all the Notes, together with the Mortgages securing the same, which are at the time assigned to Agent, for the benefit of Lenders,
as security pursuant hereto, together with all related documents then in the possession of Agent. All endorsements and reassignments
by Agent to Borrower shall be (a) in form reasonably satisfactory to Agent, (b) at the expense of Borrower, and (c) without recourse,
representation or warranty, expressed or implied.

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14.        
General Affirmative Covenants. Borrower
covenants and agrees with Agent and Lenders as follows:

14.1        Payment of Taxes and Claims. Borrower or its Affiliates shall pay or cause to be paid before they become delinquent:

(a)         
all taxes, condominium fees, maintenance fees, Assessments and governmental charges or levies imposed upon it or the
Projects, except for permitted contests under Section 7.9;

(b)         
all claims or demands of materialmen, contractors, subcontractors, mechanics, carriers, warehousemen and other Persons,
which, if unpaid, might result in the creation of a lien upon any Timeshare Interest or the Primary Projects, except for permitted
contests under Section 7.9;

(c)         
all taxes, condominium fees, maintenance fees, Assessments and governmental charges on levies imposed upon any Timeshare
Interests owned by Borrower or its Affiliates, except for permitted contests under Section 7.9;

(d)         
all expenses of recording any Assignments and any other Loan Documents;

(e)         
all expenses of UCC-1 financing statements reasonably necessary to perfect the security interests granted under the
Loan Documents;

(f)          
all amounts payable to the Lockbox Bank for the Lockbox Bank’s services under and pursuant to the Lockbox Agreement;

(g)         
all amounts payable to any Servicer for services rendered under and pursuant to the Servicing Agreement;

(h)         
all amounts payable to Concord for services rendered under and pursuant to the Back-Up Servicing Agreement; and

(i)          
all amounts payable to the Custodian for services rendered under and pursuant to the Custodial Agreement.

If
requested by Agent, Borrower shall promptly, but in no event later than fifteen (15) days after such request by Agent, furnish
or cause the Associations to furnish to Agent, evidence that all real estate taxes and Assessments related to the Projects have
been paid in full when due. If Agent has requested and Agent fails to receive such evidence, satisfactory to Agent, within the
time period provided herein, Agent may require that escrows be established to cover such taxes and Assessments and may fund such
escrows or pay such taxes and Assessments from collections received on the Timeshare Loans.

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14.2        Maintenance of Property. Borrower or its Affiliates shall maintain or cause the Associations managed by the
Vacation Club Manager to maintain all properties and assets material to their business, the Amenities, the Units and the Projects
in good condition and make all necessary renewals, repairs, replacements, additions, betterments, and improvements thereto. So
long as Borrower or its Affiliates are in control of the Associations, Borrower or its Affiliates shall maintain or cause each
Association managed by the Vacation Club Manager to maintain a reasonable reserve to assure compliance with the terms of the foregoing
sentence. Notwithstanding the generality of the foregoing, this Section 14.2 relates only to Projects and related
Associations where Qualified Timeshare Loans are included within the Lender Portfolio Timeshare Loans assigned to Agent, for the
benefit of Lenders.

14.3        Insurance. Borrower shall maintain insurance coverage in amount and scope no less than as described in Schedule
14.3.

14.4        Existence and Rights. Borrower shall do or cause to be done all things necessary to preserve and keep in full
force and effect their respective existence, rights, privileges, qualifications, permits, licenses, franchises, and other rights
material to their business.

14.5        Failure to Pay Taxes, Insurance, Etc. If Borrower or its Affiliates fails to pay any item of the type described
in Sections 14.1, 14.2 or 14.3 and is not contesting such items as may be permitted under Sections 14.1(a),
(b) and (c), Agent or any Lender may pay the same either with funds deposited with Agent by Borrower, with an Advance
under the Receivables Loan (without the requirement of any Request for Receivables Loan Advance) or with its own funds. If Borrower
fails to maintain or cause to be maintained insurance as required by Section 14.3 hereof, Agent or any Lender may
obtain such insurance and pay the premiums therefor. Borrower shall, upon the written demand of Agent, reimburse Agent and Lenders
the full amount of all payment made by Agent or any Lender with respect to the obligations of Borrower under Sections 14.1,
14.2 and 14.3 to the extent made with Agent’s or any Lender’s funds, with interest thereon from the date of
payment by Agent or any Lender to the date of reimbursement at the Default Rate. The obligation of Borrower to make such reimbursement
payments shall constitute part of the Obligations and shall be secured by the Collateral.

None
of the provisions of the Loan Documents shall be construed, however, as making the payment of such taxes, assessments, governmental
charges, levies, claims of materialmen, contractors, subcontractors, or other charges, or the maintenance of insurance, obligatory
upon Agent or any Lender and Agent and Lenders shall not be liable for any loss, damage or injury resulting from the non-payment
of such taxes, assessments, governmental charges or levies, claims or demands of materialmen, contractors, subcontractors, or
other charges, or the maintenance of said insurance. In the event that Agent or any Lender does maintain such insurance coverage
as may be required by Section 14.3 hereof, Agent and Lenders shall not be responsible for the solvency of any company
issuing any policy of insurance in connection therewith, whether or not approved by it, or for the collection of any amount due
under any such policy, and shall be responsible and accountable only for such money as may be actually received by it, and then
only in accordance with the terms of the Loan Documents. None of the provisions of the Loan Documents shall be construed as making
Agent or any Lender liable in any way for any loss, damage or injury resulting from the non-insurance of any buildings, improvements
and/or personal property located at the Project.

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14.6        Books and Records. Borrower or its Affiliates shall maintain and cause the Associations to maintain true and
current books, records and accounts in which full and correct entries shall be made of all their transactions, and will reflect
in their financial statements adequate accruals and reserves, all in accordance with GAAP, and in compliance with the rules and
regulations of all governmental regulatory bodies having jurisdiction over Borrower, the Associations or the Projects.

14.7        Inspections. Subject to applicable Legal Requirements and Governing Documents, including, without limitation,
applicable Declarations, Borrower or its Affiliates shall permit and cause the Associations to permit employees or agents of Agent
and Lenders, from time to time, as required by Agent or any Lender, to (a) inspect the Projects, the unoccupied Units and Borrower’s
other properties; provided, however, absent an Incipient Default or an Event of Default, such inspections shall be limited to
once per calendar year, and (b) examine or audit Borrower’s and the Associations books, accounts and records and to make
copies and memoranda thereof; provided, however, absent an Incipient Default or an Event of Default, such examinations and audits
shall be limited to twice per calendar year. Each inspection, examination and audit, together with any inspections, examinations
or audits performed after the occurrence of an Incipient Default or an Event of Default, shall be at the expense of Borrower,
including without limitation, reasonable costs of travel, lodging and meals. Lender or Agent, as applicable, shall bear the expense
of any such inspection, examination or audit which is performed more than as set forth in clause (a) or (b) above, as applicable,
and which is performed in the absence of the occurrence of an Incipient Default or an Event of Default.

14.8        Regulatory Approvals. Borrower or its Affiliates shall maintain in full force and effect all Timeshare Approvals
and all other regulatory approvals, permits and consents for operation and use of the Projects and the Vacation Club, sales of
Timeshare Interests in the Projects and the Vacation Club and the making of Timeshare Loans; provided, however, that in connection
with the FBS Projects, Borrower or its Affiliates shall use commercially reasonable efforts to cause the related FBS Developer
to maintain in full force and effect such approvals. Borrower shall make or pay, or cause to be made or paid, all registrations,
declarations or fees with the Divisions and any other government or agency or department thereof, in all applicable jurisdictions,
required in connection with the Projects and the Vacation Club and the occupancy, use and operation thereof, the incorporation
of the Units into the Projects, and the sale, advertising, marketing and offering for sale of Timeshare Interests; provided, however,
that in connection with the FBS         Projects, Borrower shall use commercially reasonable efforts to cause the related FBS Developer
to make such payments. Copies of all such registrations, applications, consents, licenses, permits, franchises, approvals, exemption
certificates, filings and reports shall be delivered to Agent. At Agent’s reasonable request from time to time, Borrower
shall deliver to Agent (a) written statements by the applicable state authorities confirming compliance with applicable registration,
license, permit, approval or filing requirements, all in form acceptable to Agent and a legal opinion rendered by counsel acceptable
to Agent in substantially the form of the respective local counsel opinions delivered as of the Closing Date, stating that either
the Project is duly registered, licensed, permitted or approved in such state or that no registration, license, permit, approval
or filing is necessary, or (b) such other evidence of compliance with applicable Legal Requirements as Agent may require.

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14.9        Compliance With Laws, Etc. Borrower shall (a) comply and cause the Associations to comply with all Legal Requirements
applicable to Borrower, the Associations and the Projects and the Vacation Club, (b) keep and perform, and cause the Associations
to keep and perform, all of their obligations under all agreements relating to the ownership, management or operation of the Projects,
(c) keep and perform, and cause the Associations to keep and perform, all of their obligations under the Declarations, (d) keep
and perform, and cause the Associations to perform their obligations under their applicable Governing Documents, (e) obtain and
maintain and cause the Associations to maintain all licenses, registrations, approvals and other authority as may be necessary
to enable them to own and operate their business and perform all other obligations, (f) not permit the Projects to be used in
a manner to violate any covenant, restriction or any zoning use or similar law, and (g) comply and cause the Associations to comply
with all obligations owed to the Purchasers.

14.10     
Management of Borrower. Borrower shall cause its business to be continuously managed by professional and qualified
management and staff.

14.11     
Loan Files. Borrower shall maintain, in trust for the benefit of Agent and Lenders, continuous possession of
the originals of all documents comprising the Loan File for each Lender Portfolio Timeshare Loan, which have not been delivered
to Agent (or to a custodian for Agent and Lenders) and shall deliver to Agent (or to a custodian for Agent and Lenders) a copy
of any documents in such Loan Files as Agent may request.

14.12     
Management Agreements. Borrower or its Affiliates shall keep (or shall cause the Associations to keep) Management
Agreements with the Managers, or such other property managers reasonably acceptable to Agent, for each of the Projects in full
force and effect and shall perform their obligations thereunder.

14.13     
Lockbox Agreement.  Borrower shall keep the Lockbox Agreement (or a substitute Lockbox Agreement with
a lockbox agent acceptable to Agent) in full force and effect and shall perform its obligations thereunder, all in accordance
with the terms and conditions set forth in the Lockbox Agreement.

14.14     
Servicing Agreement. Borrower shall service the Lender Portfolio Timeshare Loans in compliance with all applicable
Legal Requirements and otherwise in accordance with the terms and conditions set forth in the Servicing Agreement.

14.15     
Project Documents. Borrower and its Affiliates shall comply with all of their obligations under the applicable
Project Documents. Borrower and its Affiliates shall not amend, modify, waive or terminate any of the Project Documents, or enter
into or permit the Associations to enter into any new Project Documents which would in any way materially and adversely alter
the Projects, the rights of Purchasers, the rights of any lender foreclosing on a Timeshare Interest or any priority of past due
Assessment claims over the lien of any mortgage.

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14.16     
Assessments. Borrower or its Affiliates (i) shall use its commercially reasonable efforts to cause each Association
to (A) discharge its obligations under the applicable Project Documents and (B) maintain a reasonable reserve for capital improvements
to the applicable Project; and (ii) so long as Borrower or its Affiliates controls the Association, shall pay to such Association
any amounts as and when required of Borrower under the Project Documents.

14.17     
Maintenance of Larger Tract. To the extent that either a Project is part of a larger common ownership regime
or planned development or parts of buildings in which Units are located are not part of a Project, Borrower or its Affiliates
shall pay any of their required commercially reasonable share of common expenses to be allocated to the applicable Project. Borrower
or its Affiliates shall use commercially reasonable efforts to cause all such property which is not part of a Project to be professionally
managed in a first class manner. Borrower or its Affiliates shall use commercially reasonable efforts not to permit common expenses
to be allocated to a Project in an unreasonably disproportionate manner.

14.18     
Accuracy of Representations and Warranties. Borrower shall take all actions necessary to cause all representations
and warranties by Borrower in the Loan Documents to be true at all times while this Agreement remains in effect (unless such representation
or warranty pertains to an earlier period of time).

14.19     
Additional Documents and Future Actions. Borrower shall, at its sole cost, take such actions and provide Agent
from time to time with such agreements, financing statements and additional instruments, documents or information as Agent may
in its reasonable discretion deem necessary or advisable to perfect, protect, maintain or enforce the security interests in the
Collateral, to permit Agent to protect or enforce its interest in the Collateral, or to carry out the terms of the Loan Documents.
Borrower hereby authorizes and appoints Agent and any officer of Agent as its attorney-in-fact, with full power of substitution,
to take such actions as Agent may deem reasonably advisable to protect its interests in the Collateral and its rights hereunder,
to file at Borrower’s expense financing statements, and amendments thereto, in those public offices deemed necessary or
appropriate by Agent to establish, maintain and protect a continuously perfected security interest in the Collateral, and to execute
on Borrower’s behalf such other documents and notices as Agent or any Lender may deem reasonably advisable to protect the
Collateral and its interests therein and its rights hereunder. Such power being coupled with an interest is irrevocable.

14.20     
Inventory Controls. Borrower shall, or shall cause its Affiliates, to maintain a “One-to-One Owner Beneficiary
to Accommodation Ratio” (as defined in the Trust Agreement) at all times.

14.21     
Trust Agreement. Borrower shall and Borrower shall cause its Affiliates to comply with all of their respective
obligations under the Trust Agreement.

15.        
Negative Covenants. Borrower covenants
and agrees with Agent and Lenders as follows:

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15.1        Organization. Borrower shall not amend, modify or supplement its Governing Documents in a manner that would
be reasonably expected to result in a Material Adverse Change, or change its state of organization, without giving Agent at least
thirty (30) days prior written notice.

15.2        No Transfers. Borrower shall not, unless the Agent otherwise consents in writing, which consent may be granted
or withheld in Agent’s sole and absolute discretion, make any Transfer.

15.3        Other Business. Borrower shall not make any material change in the nature of the timeshare business that
it conducts, as carried on as of the date of this Agreement.

15.4        Affiliate Transactions. Except as set forth on Schedule 15.4, Borrower shall not conduct, permit
or suffer to be conducted, transactions with any Affiliate other than arms-length transactions with Affiliates in the ordinary
course of Borrower’s business pursuant to terms that are no less favorable to Borrower than the terms upon which such transfers
or transactions would have been made had they been made to or with a Person that is not an Affiliate.

15.5        No Lien on Collateral or Reservation System. Subject to Permitted Encumbrances, Borrower shall not (a) create,
incur or permit to exist any mortgage, pledge, encumbrance, lien or security interest of any kind on any of the Collateral, the
Reservation System or the Vacation Club Management Agreement or (b) pledge or assign, or permit to be pledged or assigned, any
Management Agreement for a Primary Project to which Borrower or any of its Affiliates is a party; provided, however, that any
pledge or assignment by the Borrower or its Affiliates of any such Primary Project Management Agreement which occurred prior to
the Closing Date and as further described on Schedule 15.5 shall be permitted and not subject to this Section
15.5, so long as a letter agreement in substantially the form attached hereto as Schedule 15.5 is executed
and delivered by the pledgee or assignee thereof to Agent prior to or as of the Closing Date; and provided further, however, that
a pledge or assignment by the Borrower or its Affiliates of any such Primary Project Management Agreement (including any refinance
or any incurrence of additional indebtedness in connection with any Primary Project as described on Schedule 15.5)
which occurs after the Closing Date shall only be permitted so long as, concurrently with any such pledge or assignment, an intercreditor
agreement relating to such Management Agreement, in form and content reasonably acceptable to Borrower (or any of its applicable
Affiliates), Agent and Lenders, is entered into by and among Borrower (or any of its applicable Affiliates), Agent, for the benefit
of the Lenders, and any pledgee or assignee of such Management Agreement. For avoidance of doubt, the granting by Borrower or
any of its Affiliates to any Person of a non-exclusive license to use the Reservation System or the pledging of declarant’s
rights by an Affiliate of Borrower either prior to or subsequent to the Closing Date shall not be deemed to be a violation or
breach of this Section 15.5.

15.6        Proxies. Borrower shall not enter into proxies, voting trusts, shareholder agreements of similar arrangements
for the purpose of vesting voting rights, authority or discretion of Borrower with respect to the Associations in any Person.

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15.7        Restrictive Covenants. Borrower shall not consent to, or otherwise acquiesce in, any change in any private restrictive
covenant, planning or zoning law or other public or private restriction, which would materially and adversely limit or alter the
use of any Project.

15.8        Chief Executive Office. Borrower shall not change its chief executive office or the location at which it does
business without at least thirty (30) days prior written notice to Agent and delivery to Agent of such UCC amendments or other
financing statement and access agreement as Agent may require to maintain Agent’s and Lenders’ lien against any of
the Collateral and Agent’s ability to obtain access to such Collateral and Borrower’s books and records.

15.9        Marketing/Sales. Borrower shall not market, attempt to sell or sell or permit or justify any sales or attempted
sales of any Timeshare Interests except in compliance with the applicable Timeshare Act and all applicable Legal Requirements
in each other jurisdiction where marketing, sales or solicitation activities occur in a manner that Borrower’s failure to
so comply would not be reasonably expected to result in a Material Adverse Change.

15.10     
Amenities. Borrower shall not make or permit the making of any promises of or representations regarding any
Amenities and their availability for use by Purchasers other than as may be provided in an applicable Public Report in compliance
with applicable Legal Requirements.

15.11     
Trust Agreement. Borrower shall use its best efforts to ensure that the trust established under the Trust Agreement
will not be terminated as long as any Obligations remain outstanding. Borrower shall use its best efforts to ensure that the Trust
Agreement will not be amended or modified in any way which would materially and adversely affect the Obligations of Borrower under
the Loan Documents.

15.12     
Demand Balancing Standard. Borrower shall not make any changes to the Demand Balancing Standard set forth in
the Trust Agreement other than in compliance with the Trust Agreement and applicable Legal Requirements.

16.        
Financial Covenants.

16.1        Minimum Tangible Net Worth. Borrower shall maintain Tangible Net Worth of not less than Three Hundred Twenty-Five
Million Dollars ($325,000,000) as of the Closing Date and at all times thereafter through and including December 31, 2012. Borrower
shall maintain Tangible Net Worth for each subsequent fiscal year end equal to the Tangible Net Worth required to be maintained
under this Section 16.1 for the immediately preceding fiscal year end, plus fifty percent (50%) of Borrower’s
Net Income (but no reduction for any loss) during the then current fiscal year end, provided that, in no event will
Tangible Net Worth of Borrower as of the end of any fiscal year be less than Three Hundred Twenty-Five Million Dollars ($325,000,000).

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16.2        Leverage Ratio. Borrower shall maintain a Leverage Ratio calculated on a trailing twelve (12) month basis of
not more than 2.5 to 1.0 as of December 31, 2012 and as of each fiscal year end thereafter.

16.3        Deposit Relationship. Borrower shall maintain, or shall cause the Associations to maintain, a deposit account
or deposit accounts with Agent with an aggregate amount on deposit of not less than $1,000,000 as of the Closing Date and at all
times thereafter until all Obligations have been paid in full, such minimum amount on deposit to be tested monthly on a rolling
three-month average basis.

17.        
Financial Statements and Reporting Requirements.

17.1        Monthly Reports. Borrower, at its sole cost and expense, shall, not later than the tenth (10th) day of each
month, furnish to Agent or cause the Servicer to furnish to Agent by e-mail or Federal Express, or similar “overnight”
delivery service, a copy of a report in the form attached hereto as Exhibit J (which shall not contain any confidential
personal information relating to any Purchaser) prepared by Borrower or the Servicer, with respect to each of the Timeshare Loans
situate in a Unit comprising part of a Primary Project, and any other Project requested by Agent, as of the close of business
on the last Business Day of the calendar month last ended.

17.2        Annual Financial Statements. Borrower shall deliver to Agent, as soon as available and in any event within ninety
(90) days after the end of each fiscal year:

(a)         
The consolidated income and retained earnings statements of Borrower, for such fiscal year,

(b)         
The consolidated balance sheets of Borrower as at the end of such fiscal year, and

(c)         
The consolidated audited statements of cash flow of Borrower for such fiscal year;

setting
forth in comparative form the corresponding figures as at the end of the previous fiscal year, all in reasonable detail, including
all supporting schedules and comments. Such statements shall be prepared in accordance with GAAP. Such statements shall be audited
by an independent certified public accountant of recognized standing acceptable to Agent with respect to which such accountants
shall deliver their unqualified opinion. The independent certified public accountants auditing such statements as of the Closing
Date shall be deemed acceptable to Agent. Such statements will be certified by the chief financial officer or the equivalent of
Borrower to be accurate.

17.3        Annual Association Financial Statements. Borrower shall deliver to Agent, as soon as available and in any event
within one hundred eighty (180) days after the end of each fiscal year:

(a)         
The income and retained earnings statements of each Association of the Primary Projects, for such fiscal year,

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(b)         
The balance sheets of each Association of the Primary Projects as at the end of such fiscal year, and

(c)         
The audited statements of cash flow of each Association of the Primary Projects for such fiscal year;

setting
forth in comparative form the corresponding figures as at the end of the previous fiscal year, all in reasonable detail, including
all supporting schedules and comments. Such statements shall be prepared in accordance with GAAP. Such statements shall be audited
by an independent certified public accountant of recognized standing acceptable to Agent with respect to which such accountants
shall deliver their unqualified opinion. The independent certified public accountants auditing such statements as of the Closing
Date shall be deemed acceptable to Agent. Such statements will be certified by the chief financial officer or the equivalent of
each Association to be accurate.

17.4        Quarterly Financial Statements. Borrower shall deliver to Agent, as soon as available and in any event within
forty-five (45) days after the end of each calendar quarter except for year-end:

(a)         
The internally prepared consolidated income statement of Borrower for such quarter,

(b)         
The internally prepared consolidated balance sheets of Borrower for such quarter, and

(c)         
The internally prepared consolidated statements of cash flow for Borrower for such quarter;

on a quarter-to-date
and year-to-date cumulative basis, and setting forth in comparative form the corresponding figures as at the end of the corresponding
quarter of Borrower’s prior year, all in reasonable detail, and certified by the chief financial officer of Borrower to
be accurate and to have been prepared in accordance with GAAP.

17.5        SEC Filings. 

(a)         
Upon the request of Agent after its filing, Borrower shall deliver to Agent the following: (i) a copy of Borrower’s
most current 10Q filing certified by the chief financial officer of Borrower to fairly present the financial condition of Borrower
on a fully consolidated basis as at the end of such fiscal quarter and the results of the operations of Borrower on a fully consolidated
basis for the period ending on such date; and (ii) copies of any and all other financial reports and corrections thereto and to
the applicable 10Q filings required of Borrower under federal laws and regulations.

(b)         
Upon the request of Agent after its filing, Borrower shall deliver to Agent the following: (i) a copy of Borrower’s
most current 10K filing (and any 8K filing with any material financial condition disclosures thereafter) certified by the chief
financial officer of Borrower to fairly present the financial condition of Borrower on a fully consolidated basis at the end of
such fiscal year and the results of the operations of such entity on a fully consolidated basis at the end of such fiscal year
and the results of the operations of Borrower on a fully consolidated basis for the period ending on such date; and (ii) copies
of any and all other financial reports and corrections thereto and to the applicable 10K filings (or 8K filings, if any) required
of Borrower under federal laws and regulations.

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17.6        Confirmation of Compliance. The financial statements described at Sections 17.2 and 17.4 to be
delivered to Agent, shall be accompanied by the certificate of the chief financial officer of Borrower in the form of Exhibit
H. Notwithstanding the foregoing, Agent acknowledges that Borrower’s timely filings with the SEC constitute prompt
delivery to Agent of the statements required to be delivered pursuant to Sections 17.2 and 17.4.

17.7        Audit Reports. Borrower shall deliver to Agent promptly upon receipt by Borrower thereof, copies of all audit
reports, if any submitted by Borrower’s independent certified public accountants in connection with each annual audit of
the books of Borrower.

17.8        State Audits. Borrower shall deliver to Agent within twenty (20) days after it is available, any audit report
prepared by any state regulatory agency with respect to any Primary Project.

17.9        Budgets. As soon as reasonably available, but in no event later than thirty (30) days after the commencement
of each fiscal year of the Association for a related Primary Project, Borrower shall submit to Agent a detailed operating budget
(broken down by month) for the upcoming fiscal year of each such Association.

17.10     
Notices. Borrower shall give Agent prompt written notice of (a) any Incipient Default or Event of Default hereunder,
(b) any event which would be reasonably expected to result in a Material Adverse Change, (c) any material loss or damage to any
Project or any Amenities, (d) any material violation by Borrower of any applicable Legal Requirements, and (e) any breach of any
material agreement adversely affecting any Project. Such notice shall include a detailed description of the applicable event,
proceeding or loss and the actions Borrower or its Affiliates are taking or proposes to take with respect thereto.

17.11     
Other Debt. Borrower shall notify Agent of any default under any Debt now or hereafter owed by Borrower.

17.12     
Sales and Marketing Materials. Borrower shall deliver to Agent from time to time, as available and as requested
by Agent in writing, current price lists, sales literature, registrations/consents to sell, public reports/public offering statements/prospectuses,
purchase documents, and any other items requested by Agent, which relate to the Projects or the Vacation Club.

17.13     
Schedule of Purchasers. Within thirty (30) days after the end of each calendar quarter, Borrower shall, at Agent’s
request, deliver or cause Servicer to deliver to Agent a then current list of names and addresses of all Purchasers with Lender
Portfolio Timeshare Loans.

17.14     
Purposely Omitted.

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17.15     
Other Information. Borrower shall, from time to time, provide Agent with such other reasonable information and
reports as Agent shall request relating to the financial condition of Borrower, or relating to the Associations or the Projects
or relating to any of the Lender Portfolio Timeshare Loans.

18.        
Purposely Omitted.

19.        
Purposely Omitted.

20.        
Conditions of and Documents to be Delivered at the Closing.
The following are conditions of Closing. To the extent that the conditions involve the delivery to Agent of any documents or other
due diligence items, such documents and items must be in form and content acceptable to Agent in its discretion.

20.1        Loan Documents. Agent shall receive all of the Loan Documents duly executed by all parties thereto.

20.2        Opinions of Counsel. Agent shall receive an opinion of counsel for Borrower and an opinion of counsel for or
an opinion of counsel regarding the Associations in respect of the Primary Projects covering certain issues regarding the good
standing and existence of the Associations in respect of the Primary Projects.

20.3        Project Documents. Agent shall receive a copy of each of the Project Documents for the Primary Projects and
all amendments thereto, certified as to accuracy and completeness by Borrower or its Affiliates.

20.4        Association Documents. Agent shall receive a copy of the Articles of Incorporation and By-Laws of the Associations
and all amendments thereto for each of the Primary Projects.

20.5        Borrower’s Documents. Agent shall receive a copy of the Governing Documents of Borrower and all amendments
thereto, certified as to accuracy and completeness by either an officer of Borrower or by the public official in whose office
the same are recorded or filed.

20.6        Good Standing Certificates. Agent shall receive current good standing certificates issued by the secretaries
of the states of its respective formation and all other states in which it does business, confirming the current good standing
and qualification of Borrower and each Association of any Primary Project in such states, unless the failure to have any such
certificate would not reasonably be expected to result in a Material Adverse Change.

20.7        Insurance. Agent shall receive certificates of insurance or policies of insurance evidencing that all insurance
required by the Declarations related to Associations managed by the Vacation Club Manager or this Agreement is in force and will
not be canceled without the notice as more specifically provided in and subject to Section 8.8.

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20.8        Flood Insurance. If any portion of any Primary Project is within an area designated by the Director of the Federal
Emergency Management Agency, pursuant to the Flood Disaster Protection Act of 1973, as amended, as one having special flood hazards,
Borrower shall deliver to Agent evidence that the buildings and other improvements within such areas are covered by flood insurance
to the maximum limit of coverage available under the Flood Disaster Protection Act of 1973, as amended or as may otherwise be
available in the commercial insurance market. If a Primary Project is not located within such a special flood hazard area, Borrower
shall provide Agent with evidence satisfactory to the Agent of such fact.

20.9        Timeshare Approvals. Agent shall receive evidence that all Timeshare Approvals for the Projects and/or the Vacation
Club have been issued or obtained, and that they remain in full force and effect.

20.10     
Authorizing Resolutions. Agent shall receive a copy of the resolutions of the Board of Directors of Borrower,
authorizing the transactions contemplated hereunder and the execution of the Loan Documents and all collateral documents on behalf
of Borrower by the officer of Borrower who is signing the Loan Documents.

20.11     
UCC-1 Financing Statements. Agent shall receive confirmation that UCC-1 financing statements naming Agent as
secured party and Borrower as debtor describing all Collateral now or hereafter assigned by Borrower to Agent, for the benefit
of Lenders, pursuant hereto have been filed with the Secretary of State of the Commonwealth of Massachusetts.

20.12     
Environmental Matters. Agent shall receive an Environmental Agreement duly executed by Borrower or its Affiliates,
together with a copy of a Phase I environmental report for each Primary Project not previously delivered by Borrower in connection
with the 2008 Loan Agreement and/or the 2011 Loan Agreement. In addition, Agent shall receive evidence satisfactory to Agent of
environmental remediation or an agreement of Borrower or its Affiliates to complete remediation if required by Agent.

20.13     
UCC-1 Search Report. Agent shall receive a current search report from a UCC search company approved by Agent
setting forth all UCC-1 filings, tax liens and judgment liens made against Borrower. Such search report must indicate that at
the time of the filing of the financing statements (Form UCC-1) in favor of Agent there were on file no financing statements or
liens evidencing a security interest in any Collateral.

20.14     
Releases. Agent shall receive releases and satisfactions from all Persons holding liens, claims or encumbrances
against any of the Collateral other than Agent or Lenders.

20.15     
Closing Certificates. Agent shall receive the executed closing certificate of Borrower certifying to Agent and
Lenders that all representations and warranties of Borrower in this Agreement are accurate and complete and that Borrower has
complied with all covenants and conditions of closing set forth in this Agreement.

20.16     
Compliance. Agent shall receive evidence satisfactory to Agent that Borrower and the Primary Projects are in
compliance with all Legal Requirements in a manner that Borrower’s failure to so comply would not be reasonably expected
to result in a Material Adverse Change.

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20.17     
Survey. Agent shall receive a surveyor’s certificate together with a copy of an as-built survey of each
Primary Project, not previously delivered by Borrower in connection with the 2008 Loan Agreement and/or the 2011 Loan Agreement,
satisfactory to Agent and prepared by a licensed surveyor showing the location and dimensions of all improvements thereon and
indicating the routes of ingress and egress for public access to such Primary Project, all utility lines, walks, drives, recorded
or visible easements and rights-of-way on such Primary Project, and showing that there are no encroachments, improvements, projections
or easements (recorded or unrecorded) on the property lines. The survey shall certify the acreage of the applicable Primary Project
and shall indicate whether the applicable Primary Project is located within any flood hazard area. The survey must be prepared
in accordance with the then-applicable standards set forth by ALTA/ACSM (including any Table “A” items designated
by Agent), any and all applicable state surveyors’ bureaus or associations and any and all regulations or applicable local,
state and federal law.

20.18     
Title Report/Commitment. Agent shall receive a title insurance report or commitment for each Primary Project.
The condition of title must be satisfactory to Agent in all respects.

20.19     
Taxes and Assessments. Agent shall receive evidence that all taxes and Assessments related to the Primary Projects
(and related to any other Project upon the request of Agent) or for which Borrower is responsible for collection which are then
due and payable, have been paid, which taxes and Assessments include, without limitation, real property taxes, and any Assessments
related to the Primary Projects (and related to any other Project upon the request of Agent).

20.20     
Preclosing Inspections. Agent shall have conducted and approved due diligence investigations satisfactory to
Agent of Borrower and the Primary Projects.

20.21     
Expenses. Borrower shall have paid all fees and expenses required to be paid to Agent and Lenders prior to or
at Closing pursuant to this Agreement.

20.22     
Permits and Approvals. Agent shall receive copies of all applicable governmental permits, approvals, consents
and licenses for the Primary Projects and satisfactory evidence that the Primary Projects (and any other Project upon the request
of Agent) and the intended uses of the Primary Projects (and any other Project upon the request of Agent) are and will
be in compliance with all Legal Requirements. Such evidence may include letters, licenses, permits, certificates and other correspondence
from the appropriate governmental authorities, opinions of Borrower’s attorney or other attorneys and opinions or certifications,
as Agent may determine or other confirmation acceptable to Agent. All such approvals shall continue to be legally valid and shall
remain in full force and effect after issuance and until the Receivables Loan is repaid in full.

20.23     
Lockbox Agreement. Agent shall receive an executed original of the Lockbox Agreement.

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20.24     
Servicing Agreement. Agent shall receive an executed original of the Servicing Agreement and the Back-Up Servicing
Agreement.

20.25     
Compliance with Planning, Land Use and Zoning Stipulations. Borrower shall have furnished Agent with evidence
of each Primary Project’s compliance with applicable zoning, planning, land use and other governmental requirements as Agent
may require, including without limitation, evidence satisfactory to Agent that Borrower or its Affiliates has complied with all
conditions of the zoning, planning, land use and related approvals, and has received all permits required thereunder.

20.26     
Litigation Search. Agent shall receive evidence satisfactory to Agent that no bankruptcy, foreclosure or other
material litigation or judgments are outstanding against the Primary Projects or Borrower, except as disclosed in Borrower’s
periodic filings with the Securities and Exchange Commission.

20.27     
Trust Agreement. Agent shall receive a fully executed copy of the Trust Agreement and all amendments thereto.

20.28     
Other. Agent shall receive such other documents, opinions and items as Agent may reasonably request.

By
completing the closing hereunder, or by making advances hereunder, Agent and Lenders do not thereby waive a breach of any warranty
or representation made by Borrower hereunder or any agreement, document, or instrument delivered to Agent or otherwise referred
to herein, and any claims and rights of Agent and Lenders resulting from any breach or misrepresentation by Borrower are specifically
reserved by Agent and Lenders.

21.        
Conditions of and Documents to be Delivered Prior to Initial Receivables Loan Advance.
In addition to, but not in limitation of, any other conditions set forth in this Agreement, Agent’s and Lenders’ obligation
to make the initial Receivables Loan Advance shall be subject to fulfillment of the following conditions to Agent’s satisfaction.
To the extent that the conditions involve the delivery to Agent of any documents or other due diligence items, such documents
and items must be in form and content acceptable to Agent in its discretion.

21.1        Loan Documents. Agent shall receive all original executed Loan Documents.

21.2        Other. Agent and its counsel shall receive copies of such documents and other items as Agent or such counsel
may reasonably request in connection with such requested Receivables Loan Advance.

22.        
Conditions of and Documents to be Delivered Prior to Funding And in Connection With Each Receivables Loan Advance.
In addition to, but not in limitation of, any other conditions set forth in this Agreement, Agent’s and Lenders’ obligation
to make each Receivables Loan Advance shall be subject to fulfillment of the following conditions to Agent’s satisfaction.
To the extent that the conditions involve the delivery to Agent of any documents or other due diligence items, such documents
and items must be in form and content acceptable to Agent in its discretion, provided that the forms of any such documents and
items attached to this Agreement shall be deemed acceptable to Agent.

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22.1        Representations; No Defaults. The representations and warranties of Borrower contained in this Agreement or
otherwise made by or on behalf of Borrower to Agent and Lenders in connection with the transactions contemplated hereby shall
have been true and complete when made and as of the time of each Advance unless made as of an earlier date. Borrower shall have
fully performed and complied with all agreements and conditions contained herein or related hereto, and no Incipient Default or
Event of Default shall have occurred.

22.2        Request for Receivables Loan Advance. Agent shall receive a Request for Receivables Loan Advance or a Request
for Supplementary Advance duly executed on behalf of Borrower with such supporting documentation as is contemplated thereby.

22.3        Approval of Credit. Subject to the exception and limitation set forth in Sections 2.2(e)(i) and 2.2(e)(iii),
Agent shall have received evidence of a FICO Score for each Purchaser, together with a hard copy of such included with the package
of Consumer Documents delivered to Agent.

22.4        Original Notes, Mortgages and Other Documents. Agent shall receive the original Notes, Mortgages and other documents
required under Section 2.3 for the Timeshare Loans to be included in the Lender Portfolio Timeshare Loans and offered
as security for the requested Receivables Loan Advance, which Mortgages shall have been duly executed, acknowledged and recorded
(or will be recorded) and shall have been assigned to Agent, for the benefit of Lenders, in the manner required by this Agreement
(as applicable) and which Notes shall have been endorsed to the order of Agent, for the benefit of Lenders, as required hereunder.
If any Mortgage required to be delivered by this Section cannot be delivered because it is in the possession of the recording
officer, a copy thereof marked “True Copy of Original Forwarded for Recording” may be delivered in lieu thereof and
the original shall be delivered promptly upon availability from the recording officer.

22.5        Original Assignments. Agent shall receive the original Assignment by Borrower to Agent, for the benefit of Lenders,
of the Timeshare Loans to be included in the Lender Portfolio Timeshare Loans and offered as security for the requested Receivables
Loan Advance, which shall have been duly executed on behalf of Borrower, acknowledged and in recordable form.

22.6        Title Insurance. Subject to the terms of Section 23.2, Agent shall receive the original Title
Insurance Policy (or a marked-up commitment to issue such Title Insurance Policy, if the Title Insurance Policy is not reasonably
available at the time) for each Mortgage offered as security for the requested Advance.

22.7        Documents Received and Recorded. Agent shall receive from the Title Company or such other Person approved by
Agent, telecopied confirmation in the form of Exhibit F , as applicable, hereto, that:

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(a)         
each Mortgage being assigned to Agent, for the benefit of Lenders, has been recorded in the Public Records (or is sent
for recording pursuant to Section 22.4 above) and all fees, costs, and other payments required in connection with
such recording have been paid;

(b)         
at the time of such recording, as applicable, such Mortgage was, of record, a first mortgage prior to and superior
in lien to all other monetary liens and encumbrances whatsoever, other than Permitted Encumbrances;

(c)         
at the time of such recording, as applicable, Borrower was, of record, the owner of such Mortgage and of the Note secured
thereby, free of all liens, encumbrances, prior assignments and claims of third parties whatsoever, other than Permitted Encumbrances;

(d)         
the Title Company or such other approved Person shall have sent to Agent, or as otherwise directed by Agent, a copy
of the recorded Assignment or will send as soon as received;

(e)         
if the Title Insurance Policy has not already been delivered to Agent, or as otherwise directed by Agent, the Title
Company shall deliver to Agent the original Title Insurance Policy for the assigned Mortgages as required pursuant to Section
23.2; and

(f)          
containing such other confirmations as Agent may require.

22.8        Subsequent Legal Opinions. Borrower shall have, from time to time, as requested by Agent, delivered to Agent,
in form satisfactory to Agent, the favorable opinion, addressed to Agent, of counsel to Borrower, selected by Borrower and approved
by Agent as to (a) the organization, standing and authority to consummate the transactions contemplated hereby of Borrower, (b)
the compliance of the Primary Projects, Borrower and all Consumer Documents with applicable Legal Requirements, and (c) such other
matters incident to the transactions contemplated hereby as Agent may request.

22.9        Advances Do Not Constitute a Waiver. The making of any Advance shall not constitute a waiver of any condition
of Agent’s and Lenders’ obligation to make further Advances.

22.10     
No Obligation to Fund After Filed Liens. Agent and Lenders shall have no obligation to make any Advance at any
time (a) that there is a claim of lien filed of record against any Project which has not been bonded over, paid, transferred to
other security or otherwise satisfactorily discharged or is otherwise being contested in good faith pursuant to Section
7.9 of this Agreement, or (b) that any condition precedent to such Advance has not been met, or (c) Borrower shall have
failed to comply with any material provision of this Agreement, or (d) an Event of Default or Incipient Default has occurred.
Agent’s and Lenders’ commitment to make Advances hereunder shall at no time be subject to or liable to attachment
or levy by any creditor of Borrower. No such Persons are intended to be third party beneficiaries of this Agreement or any documents
or instrument related to the Receivable Loan or to have any claim or claims in or to any undisbursed or retained Loan proceeds.

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22.11     
Other. Agent and its counsel shall receive copies of such documents and papers as Agent or such counsel may
reasonably request in connection with such requested Receivables Loan Advance.

23.        
Post Receivables Loan Advance Obligations.

23.1        Confirmation of Recording. Immediately after giving to Agent the telecopied confirmation mentioned at Section
22.7, the Custodian, or such other approved Person giving such telecopied confirmation, shall forward to Agent the original
of the written confirmation in the form of Exhibit F.

23.2        Title Policy. If a Title Insurance Policy is not otherwise required hereunder to be delivered prior to such
Advance, not later than the earlier to occur of (a) ninety (90) days after the date of the applicable Assignment or (b) prior
to the expiration of the title insurance commitment in connection with such Title Insurance Policy, if applicable, Borrower shall
send or cause to be sent to Agent, or as otherwise directed by Agent, with respect to each Timeshare Loan described in Schedule
A attached to such Assignment, a Title Insurance Policy issued by the Title Company, insuring Borrower and its successors
and assigns as the holder of a first priority mortgage, subject to Permitted Encumbrances, encumbering the Timeshare Interest
described in Schedule A of the Assignment, each of which Title Insurance Policies shall be in an amount equal to,
at least, the unpaid principal balance of the Timeshare Loan assigned. If such Title Insurance Policies are not delivered within
such time period, Agent and Lenders shall not have any obligation to make any further Advances to Borrower in respect of the Timeshare
Loans related to such delinquent Title Insurance Policies. Notwithstanding the foregoing, in the event that Agent and Lenders
have made Advances in respect of the Timeshare Loans related to such delinquent Title Insurance Policies, Borrower shall promptly
either (i) prepay an amount equal to such Advance together with accrued interest thereon, (ii) pledge additional Qualified Timeshare
Loans as part of the Lender Portfolio Timeshare Loans in an amount sufficient to cure the deficiency, or (iii) prepay, in part,
and pledge additional Qualified Timeshare Loans, in part, in a total amount sufficient to cure the deficiency.

24.        
Conditions to Agent’s and Lenders’ Obligations to Advance Receivables Loan Proceeds Related to Sales of
Timeshare Interests in Projects Added to the Primary Projects.
Agent and Lenders have agreed to make Advances hereunder subject to the conditions of this Agreement with respect to Qualified
Timeshare Loans related to the Qualified Sales of Timeshare Interests in the Primary Projects listed on Schedule
1. Agent and Lenders are willing to make Advances hereunder
with respect to Qualified Timeshare Loans related to Qualified Sales of Timeshare Interests in Projects added to such Primary
Projects, subject to the fulfillment, prior to such Advance, of the following conditions:

24.1        General. All other conditions for Advances set forth in this Agreement shall have been fulfilled, including,
without limitation, those set forth in Sections 20, 21 and 22.

24.2        Inspection. Either Agent or a third party selected and approved by Agent shall have conducted due diligence
investigations and on-site inspections of the Projects to be added to the Primary Projects and the results of such investigations
and inspections shall be satisfactory to Agent.

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24.3        Insurance. Agent shall have received evidence that the Projects to be added to the Primary Projects are covered
by insurance in amounts and with sound and acceptable insurance companies with ratings of AM Best of at least A-VII, unless otherwise
approved by Agent, in its reasonable discretion, as set forth in Schedule 14.3.

24.4        Environmental Matters. Agent shall have received a Phase I environmental report for the Projects to be added
to the Primary Projects which must be in form and content acceptable to Agent.

24.5        Zoning, Access, Parking and Utilities. Agent shall have received and approved evidence of (a) zoning
of the Projects added to the Primary Projects for timeshare use and other intended and existing uses and all approvals required
for such uses under any covenants, conditions and restrictions, (b) adequate access to and parking for the applicable Project
in accordance with applicable Legal Requirements, and (c) current and continued availability of utilities necessary to serve the
applicable Project.

24.6        Flood Zone. Agent shall have received and approved evidence that the Projects added to the Primary Projects
are not located within a flood prone area or, if within a flood zone, evidence that flood insurance has been obtained.

24.7        Project Documents. Agent shall have received and approved a copy of all marketing contracts, management contracts,
service contracts, operating agreements, equipment leases, space leases and other agreements pertaining to the Projects to be
added to the Primary Projects which are necessary for the sale, operation and intended use of such Projects and are not otherwise
required pursuant to another item in this Agreement.

24.8        Quiet Enjoyment Rights. Agent shall have received and approved evidence that each Owner of a Timeshare Interest
within the Projects to be added to the Primary Projects will have available to it the quiet and peaceful enjoyment of the Timeshare
Interest (including promised Amenities and necessary easements) owned by it which cannot be disturbed so long as such Owner is
not in default of its obligations to pay the purchase price of its Timeshare Interest, to pay Assessments to the Association and
other dues or assessments in respect of the Vacation Club, and to comply with reasonable rules and regulations pertaining to the
use of the Timeshare Interests and the rules and regulations of the Vacation Club, including, without limitation, the Trust Agreement.

24.9        Opinions. Borrower shall deliver to Agent a favorable opinion or opinions from independent counsel for Borrower
located in the state where the Projects to be added to the Primary Projects are located covering local matters in such jurisdiction.

24.10     
Other. Agent shall have received and approved such other due diligence items related to such Projects to be
added to the Primary Project as Agent may reasonably require.

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24.11     
Approval of Projects to be Added to the Primary Projects. During the Receivables Loan Advance Period,
Borrower may submit to Agent Projects proposed to be included as additional part of the approved Primary Projects by delivering
(a) a complete description of the subject Projects, (b) the documents listed in Sections 24.2 through 24.11 above
with respect to the subject Projects, and (c) a proposed replacement Schedule 1 that shall include the subject Projects,
all of which must be satisfactory in form and substance to Agent in its sole and absolute discretion. In addition, Agent may perform
a site inspection/market review with respect to the proposed Projects to be added to the Primary Projects prior to the approval
of the proposed Projects, and Agent must be satisfied with the results of such inspection and review. Agent will have thirty (30)
days to review, and in its sole and absolute discretion, approve or disapprove of the inclusion of the proposed Project as being
added to an approved Primary Project. If Agent approves the proposed Project to be added to the Primary Projects, then Agent shall
execute and date the proposed Schedule 1 attached to this Agreement as set forth in the proposed Schedule
1.

25.        
Default; Remedies.

25.1        Events of Default. The occurrence of any one or more of the following events shall constitute an “Event
of Default” hereunder:

(a)         
Subject to applicable grace periods set forth in this Agreement, Borrower shall fail to pay or cause to be paid any
principal, interest, fee or other sums payable hereunder or under any of the Loan Documents on the date such payment is due, whether
on demand, at the stated maturity or due date thereof, by reason of any requirement for prepayment thereof, by acceleration or
otherwise.

(b)         
Borrower shall default in the observance or performance of any term, covenant or agreement on its part to be observed
or performed hereunder or under the Loan Documents and not otherwise specifically provided for in this Section 25.1,
provided that, such default (including the Events of Default set forth in clauses p, q and r below)
must, in order to be deemed to be an Event of Default, continue unremedied for a period of thirty (30) days after the earlier
to occur of: (i) written notice from Agent to Borrower of the existence of such default, or (ii) Borrower has actual knowledge
of such default, and further provided that, in the event that Borrower has commenced to cure such
default within the initial thirty (30) day cure period and has been unable to complete such cure despite their diligent best efforts
within such initial thirty (30) day cure period, then Borrower shall have an additional thirty (30) day period not to exceed an
additional ninety (90) days in which to complete such cure. Notwithstanding the foregoing, if Agent reasonably determines that
such default is incapable of being cured or if such default involves a breach of any of the financial covenants in Section
16 of this Agreement, then Borrower shall not be entitled to any notice or opportunity to cure. 

(c)         
Any default or event of default shall occur under any other existing or future agreement between Borrower and Agent
and/or any Lender, and any applicable notice and/or cure period in such agreement shall have elapsed.

(d)         
Any representation or warranty made by or on behalf of Borrower herein or in any other writing furnished pursuant hereto
or any fact relative to Borrower’s business operations or financial condition shall be or have been false in any material
respect.

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(e)         
Borrower or its Affiliates shall surrender or shall be deprived, for any reason, of the full right, privilege and franchise
to carry on its timeshare business as presently carried on, to own and/or operate the Projects or to sell Timeshare Interests
or to make Timeshare Loans.

(f)          
Borrower shall dissolve, consolidate or cease its or its Affiliates day-to-day timeshare business operations, or shall
liquidate or commence any proceedings to be liquidated, or shall, without the prior written consent of Agent, make any Transfer.

(g)         
Borrower shall become insolvent or be unable to pay its debts as they mature or shall admit in writing its inability
to pay its debts as they mature.

(h)         
Borrower shall make a general assignment for the benefit of creditors.

(i)          
Borrower shall file or have filed against it a petition under any of the provisions of any Debtor Relief Laws, for
an adjudication in bankruptcy or for reorganization or to effect a plan or other arrangement with creditors, or file an answer
to a creditor’s petition or other petition filed against it admitting the material allegations thereof.

(j)         
Borrower shall apply for the appointment of a receiver, liquidator or trustee of any substantial portion of its property
or assets, or such a receiver, liquidator or trustee shall be appointed without application by Borrower.

(k)        
A writ, warrant, attachment, levy or similar process shall be issued against (i) any of the Collateral or (ii) against
any portion of Borrower’s property or assets in an amount in excess of $250,000 individually or $1,000,000 in the aggregate,
which is not released, expunged, discharged or dismissed within thirty (30) days after such writ, warrant, attachment, levy or
similar process first takes effect.

(l)          
The offering for sale and the sale of Timeshare Interests, the financing of such sale, or the consummation of the transactions
contemplated hereby is found to violate or not to comply in all respects with any Legal Requirement, where the failure to so comply
would reasonably be expected to result in a Material Adverse Change.

(m)         There shall occur any Material Adverse Change.

(n)       
  Any material part of the Projects shall be damaged and such damage is not fully covered by insurance or is in excess
of $50,000, subject to reasonable deductibles and not otherwise repaired.

(o)       
  Borrower shall default in respect of any of its obligations for borrowed funds under a receivables loan facility to
any other Person and such default shall continue uncured beyond any applicable notice and grace period.

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(p)       
  The Custodian or such other approved Person shall default in respect of any of its obligations described in Section
23.1.

(q)       
  The Lockbox Bank or the Servicer (if Borrower or its Affiliates) shall fail to remit to Agent any proceeds of the Timeshare
Loans in accordance with, as applicable, the terms of the Lockbox Agreement or the Servicing Agreement.

(r)        
 Borrower or its Affiliates, the Lockbox Bank or the Servicer (if Borrower or its Affiliates) shall fail to perform
any of their obligations under the Lockbox Agreement or Servicing Agreement, as applicable.

(s)         
Any final, non-appealable judgment or decree for money damages or for a fine or penalty in excess of $250,000 individually,
or $1,000,000 in the aggregate is entered against Borrower which is not paid and discharged, stayed or transferred to a bond within
thirty (30) days thereafter.

(t)          
Any party holding a lien or security interest on any part of any Project commences foreclosure or similar sale thereof
or Borrower defaults under any mortgage, deed of trust or other lien encumbering all or any part of any Project, which, in either
case, results in a Material Adverse Change.

(u)         
Borrower shall sell, transfer or convey or further encumber all or any part of its interest in any of the Collateral,
other than in connection with a payoff of Agent and Lenders in full and a securitization or other takeout financing transactions.

(v)         
Borrower grants, permits or suffers to exist any mortgage, lien or encumbrance upon any of the Collateral, other than
in favor of Agent, for the benefit of Lenders, other than in connection with a payoff of Agent and Lenders in full and a securitization
or other takeout financing transactions.

(w)          Any violation or breach by Borrower shall occur under any agreement, covenant or restriction materially and adversely
affecting title of an Owner to a Timeshare Interest related to a Timeshare Loan comprising part of the Lender Portfolio Timeshare
Loans; provided that, such default must, in order to be deemed to be an Event of Default, continue unremedied for
a period of thirty (30) days in which time Borrower may promptly either (i) prepay an amount equal to the deficiency together
with accrued interest thereon, (ii) pledge additional Qualified Timeshare Loans as part of the Lender Portfolio Timeshare Loans
in an amount sufficient to cure the deficiency, or (iii) prepay, in part, and pledge additional Qualified Timeshare Loans, in
part, in a total amount sufficient to cure the deficiency.

(x)         
Borrower shall fail to prepay to Agent and Lenders, pursuant to Section 6.7, all amounts owing by Borrower
to Agent and Lenders on account of the Receivables Loan and all other Obligations owing by Borrower to Agent and Lenders pursuant
to this Agreement, including, without limitation, the Change of Control Fee or prepayment fee, as applicable, pursuant to Section
5.4, immediately upon the occurrence of a Change of Control.

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(y)         
The indictment of Borrower under any criminal statute, or the commencement of criminal or civil proceedings against
Borrower pursuant to which statute or proceedings the penalties or remedies sought or available include forfeiture of any property
of Borrower, or Borrower engages or participates in any “check kiting” activity regardless of whether a criminal investigation
has been commenced.

25.2        Remedies. At the option of Agent, or at the written direction of Lenders pursuant to the terms of the Agency
Agreement Agent shall, upon the occurrence of an Event of Default or at any time thereafter, take one or more of the following
actions:

(a)         
Agent may declare all or some of the Obligations immediately due and payable;

(b)         
Cease making Advances and Borrower shall have no further right to receive any Advances hereunder;

(c)         
Agent may reduce the advance rate against Qualified Timeshare Loans;

(d)         
Agent may increase the interest rate on the Receivables Loan up to the Default Rate specified herein without further
notice;

(e)         
Agent may enter any premises occupied by Borrower and take possession of the Collateral and any records related thereto;

(f)          
Agent may request and have appointed a receiver with respect to Borrower and/or the Collateral, and to that end, Borrower
hereby consents to the appointment of a receiver by Agent in any action initiated by Agent pursuant to this Agreement, and Borrower
waives any notice and posting of a bond in connection therewith;

(g)         
Agent may terminate any existing Lockbox Agreement or Servicing Agreement and thereafter have the collection and servicing
of the Timeshare Loans done by Agent or any Person designated by Agent all in accordance with the terms and conditions of the
Lockbox Agreement and Servicing Agreement; and/or

(h)        
Agent may exercise each and every right and remedy granted to Agent and Lenders under this Agreement, any Loan Document,
under the applicable Uniform Commercial Code and under any other applicable law, at equity or otherwise.

If
an Event of Default occurs under Section 25.1(g), 25.1(h), 25.1(i) or 25.1(j), all Obligations shall become immediately
due and payable without further action.

Anything
in this Agreement to the contrary notwithstanding, at any time when an Event of Default hereunder exists and is continuing, no
Lender shall be obligated to fund any portion of an Advance hereunder, except in such circumstances as Agent and Lenders may have
mutually agreed, including without limitation, pursuant to the terms of the Agency Agreement.

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25.3        Sale or Other Disposition of Collateral. The sale or other disposition of the Collateral, or any part thereof,
by Agent after an Event of Default may be for cash, credit or any combination thereof, and Agent may purchase all or any part
of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set-off
the amount of such purchase price against the Obligations. Any sales of the Collateral may be adjourned from time to time with
or without notice. Agent may cause the Collateral to remain on Borrower’s premises or otherwise to be removed and stored
at premises owned by other Persons, at Borrower’s expense, pending sale or other disposition of the Collateral. Borrower,
at Agent’s request, shall assemble the Collateral consisting of tangible assets and make such assets available to Agent
at a place to be designated by Agent. Agent shall have the right to conduct such sales on Borrower’s premises, at Borrower’s
expense, or elsewhere, subject to applicable Legal Requirements, on such occasion or occasions as Agent may see fit. With respect
to Borrower’s owned or leased premises, Borrower hereby grants Agent, for the benefit of Lenders, a license, effective upon
the occurrence of an Event of Default, and to the extent not prohibited by the terms of any applicable lease, and subject to applicable
Legal Requirements, to enter into possession of such premises and to occupy the same, without charge, in order to exercise any
of Agent’s and Lenders’ rights or remedies provided herein, at law or in equity, or otherwise.

Any
notice required to be given by Agent of a sale or other disposition or other intended action by Agent with respect to any of the
Collateral which is given in the manner specified in Section 29.1, at least ten (10) Business Days prior to such
proposed action, shall constitute fair and reasonable notice to Borrower of any such action. The net proceeds realized by Agent,
for the benefit of Lenders, upon any such sale or other disposition, after deduction for the expenses related thereto including
without limitation, reasonable attorneys’ fees, shall be applied in such order as Agent, in its sole discretion, elects,
toward satisfaction of the Obligations. Agent shall account to Borrower for any surplus realized upon such sale or other disposition,
and Borrower shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any
judgment or decree for any deficiency shall not affect Agent’s and Lenders’ security interest in the Collateral. Borrower
agrees that Agent and Lenders have no obligation to preserve rights to the Collateral against any other parties. Agent and Lenders
shall be under no obligation to marshal any assets in favor of Borrower or any other Person or against or in payment of any or
all of the Obligations.

In
connection with the disposition of any Collateral by Agent, Borrower agrees that Agent may disclaim any warranties and dispose
of such Collateral without any warranties whatsoever and that Agent shall not be deemed to have acted in a commercially unreasonable
manner as a result thereof.

If
Agent sells any of the Collateral upon credit, Borrower will be credited only with payments actually made by or on behalf of the
purchaser, received by Agent and applied to the indebtedness owed by such purchaser to Agent. If the purchaser fails to pay for
any of the Collateral, Agent may resell the Collateral.

Agent
may, in the name of Borrower or its own name, make and execute all conveyances, assignments and transfers of the Collateral sold
in connection with the exercise of Agent’s and Lenders’ rights and remedies; and Agent is hereby appointed Borrower’s
attorney-in-fact for this purpose.

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25.4        Application of Proceeds. All proceeds from each sale of, or other realization upon, all or any part of the Collateral
following an Event of Default shall be applied or paid over as follows:

(a)         
First: to the payment of all costs and expenses incurred in connection with such sale or other realization,
including reasonable attorneys’ fees; and

(b)         
Second: to the payment of the Obligations relating to the Receivables Loan (with Borrower remaining liable for
any deficiency) in such order as Agent may elect;

(c)         
Third: to the payment of all other Obligations (with Borrower remaining liable for any deficiency); and

(d)         
Fourth: the balance (if any) of such proceeds shall be paid, subject to any duty imposed by law, or otherwise
to whomsoever shall be entitled thereto.

25.5        Actions with Respect to Timeshare Loans. Agent may take any of the following actions, in its name or the name
of Borrower, as Agent may determine, without notice to Borrower and at Borrower’s expense:

(a)         
Verify the validity and amount of or any other matter relating to the Lender Portfolio Timeshare Loans, by mail, telephone,
telegraph or otherwise:

(b)         
Direct all Purchasers to make payment of all Lender Portfolio Timeshare Loans directly to Agent or a Person designated
by Agent, forward invoices directly to such Purchasers and receive and collect all monies due or to become due with respect to
such Lender Portfolio Timeshare Loans;

(c)         
Take control in any manner of any cash or non-cash items of payment or proceeds of the Lender Portfolio Timeshare Loans;
and

(d)         
At any time after an Event of Default occurs and while such Event of Default continues, enforce payment of and collect
any of the Lender Portfolio Timeshare Loans assigned to Agent, for the benefit of Lenders, pursuant to this Agreement, by legal
proceedings or otherwise, and for such purpose, Agent may:

(i)           
Demand payment of any of such Lender Portfolio Timeshare Loans, subject to the terms thereof;

(ii)         
Settle, adjust, compromise, extend, renew, discharge or release any of the Lender Portfolio Timeshare Loans;

(iii)        
Sell or assign any of the Lender Portfolio Timeshare Loans on such terms, for such amount and at such times as Agent
deems advisable;

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(iv)        
Prepare, file and sign Borrower’s name on any proof of claim or similar document in any proceeding filed under
any Debtor Relief Laws as to any of the Lender Portfolio Timeshare Loans;

(v)          
Endorse the name of Borrower upon any documents, instruments or similar documents or agreements relating to the Lender
Portfolio Timeshare Loans or upon any checks or other media of payment that may come into Agent’s possession; or

(vi)         
Take all other actions necessary or desirable to protect Agent’s and Lenders’ interest in the Lender Portfolio
Timeshare Loans.

Borrower
hereby makes, constitutes and appoints Agent (and any of Agent’s designated officers, employees or agents) as its true and
lawful attorney-in-fact, with full power of substitution, with power to sign its name and to take any of the foregoing actions,
in its name or the name of Agent, which power is coupled with an interest and is irrevocable. All acts of Agent taken in connection
with the foregoing are hereby ratified and approved and Agent shall not be liable for any acts of commission or omission, nor
for any error of judgment or mistake of fact or law, except gross negligence or willful misconduct. Borrower agrees to assist
Agent in the collection and enforcement of the Lender Portfolio Timeshare Loans and not to hinder, delay or impede Agent in its
collection or enforcement of the Lender Portfolio Timeshare Loans.

25.6        Retention of Collateral. At its discretion, Agent, for the benefit of Lenders, may retain all or part of the
Collateral in partial or full satisfaction of the Obligations to the extent permitted by applicable law. Agent will not be considered
to have offered to retain the Collateral in satisfaction of the Obligations, unless Agent has entered into a written agreement
with Borrower to that effect.

25.7        Performance by Agent and Lenders. In the event that Borrower fails to perform any obligations under any of the
Loan Documents, the Project Documents or the Consumer Documents, Agent or any Lender may perform such obligations and Borrower
agrees to reimburse Agent and Lenders for all funds expended by Agent and Lenders and all costs related thereto. If Borrower does
not reimburse Agent and Lenders within five (5) Business Days after demand by Agent, interest shall accrue on such reimbursement
obligations at the Default Rate. In no event shall Agent and Lenders have any obligation to perform any obligations of Borrower
under the Loan Documents, the Project Documents or the Consumer Documents. Such performance shall be totally discretionary with
Agent and Lenders and performance by Agent and Lenders at any time shall not give rise to any duty or obligation by Agent and
Lenders to perform at any other time.

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25.8        No Liability of Agent or any Lender. Neither the acceptance of this Agreement by Agent or any Lender, nor the
exercise of any rights hereunder by Agent or any Lender, shall be construed in any way as an assumption by Agent or any Lender
of any obligations, responsibilities or duties of Borrower arising in connection with the Projects, under any applicable Timeshare
Act or under any of the Project Documents, or in connection with any other business of Borrower, or the Collateral, or otherwise
bind Agent or any Lender to the performance of any obligations with respect to the Project or the Collateral. Neither Agent nor
any Lender shall be obligated to perform, observe or discharge any obligation, responsibility, duty, or liability of Borrower
with respect to the Projects or any of the Collateral, under any applicable Timeshare Act or under any of the Project Documents.
This Agreement, any action or actions on the part of Agent or any Lender taken hereunder, and any exercise of rights or remedies
by Agent or any Lender prior to or following the occurrence of an Event of Default shall not constitute an assumption by Agent
or any Lender of any obligations of Borrower with respect to the Projects, the Collateral, and Borrower shall continue to be liable
for all of their obligations thereunder or with respect thereto.

25.9        Right to Defend Action Affecting Collateral. Agent may, at Borrower’s expense, appear in and defend any
action or proceeding at law or in equity which Agent in good faith believes may affect the value of the Collateral, the Projects
or Agent’s and Lenders’ rights under any of the Loan Documents.

25.10     
Delegation of Duties and Rights. Agent may execute any of its duties and/or exercise any of its rights or remedies
under the Loan Documents by or through its officers, directors, employees, attorneys, agents, representatives or through other
Persons. Agent may use Wellington Financial to perform certain services in connection with the transactions contemplated
under the Loan Documents. Agent may pay Wellington Financial or any other Persons performing services for Agent such compensation
as Agent may elect.

25.11     
Condemnation or Litigation. Agent and Lenders shall have no obligation to make any Advances if any condemnation
proceeding or litigation is pending against any Unit or the applicable Primary Project or against Borrower, which would in any
material way impair any Primary Project.

25.12     
Set-Off. Without limiting the rights of Agent or any Lender under applicable law, and subject in all cases to
the terms of any other agreement among Lenders, including without limitation, the Agency Agreement, Agent and each Lender have
and may exercise a right of set-off, a lien against and a security interest in all property of Borrower now or at any time in
Agent’s or such Lender’s possession in any capacity whatsoever, including but not limited to any balance of any deposit,
trust or agency account, or any other bank account with Agent or any Lender, as security for all Obligations. At any time and
from time to time following the occurrence of an Event of Default, or an event which with the giving of notice or passage of time
or both would constitute an Event of Default, Agent or any Lender may without notice or demand, set off and apply any and all
deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing
by Agent or any Lender to or for the credit of Borrower against any or all of the Obligations.

25.13     
Waiver of Right of First Refusal.  Borrower (on behalf of itself and its Affiliates) hereby irrevocably waives
any right of first refusal it may have to purchase Timeshare Interests (including without limitation the right of first refusal
contained in any Declaration in favor of Borrower or its Affiliates, as declarant or otherwise) with respect to any Timeshare
Interests acquired by Agent, for the benefit of Lenders, or its nominee or assignee. Borrower agrees that thereafter such Timeshare
Interests may be assigned, transferred or sold free and clear of any right of first refusal in favor of Borrower.

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26.        
Regarding Agent.

26.1        Appointment. Each Lender hereby designates Liberty Bank to act as Agent for such Lender under this Agreement
and the other Loan Documents. Each Lender hereby irrevocably authorizes Agent to take such action on its behalf under the provisions
of this Agreement and the other Loan Documents and to exercise such powers and to perform such duties hereunder and thereunder
as are specifically delegated to or required of Agent by the terms hereof and thereof and such other powers as are reasonably
incidental thereto and Agent shall hold all collateral, payments of principal and interest, fees, charges and collections received
pursuant to this Agreement, for the ratable benefit of Lenders. Agent may perform any of its duties hereunder by or through its
agents or employees. As to any matters not expressly provided for by this Agreement, Agent shall not be required to exercise any
discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting
or refraining from acting) upon the instructions of Lenders, and such instructions shall be binding; provided, however,
that Agent shall not be required to take any action which exposes Agent to liability or which is contrary to this Agreement or
the other Loan Documents or applicable law unless Agent is furnished with an indemnification from Lenders reasonably satisfactory
to Agent with respect thereto.

26.2        Nature of Duties. Agent shall administer the Receivables Loan in accordance with the provisions of this Agreement,
the other Loan Documents and the Agency Agreement. Agent shall have no duties or responsibilities except those expressly set forth
in this Agreement, the Agency Agreement and the other Loan Documents. Neither Agent nor any of its officers, directors, employees
or agents shall be (i) liable for any action taken or omitted by them as such hereunder, under the Agency Agreement or in connection
herewith or therewith, unless caused by their bad faith, gross negligence (but not mere negligence) or willful misconduct or (ii)
responsible in any manner for any recitals, statements, representations or warranties made by Borrower or any officer thereof
contained in this Agreement or in any other Loan Documents or in any certificate, report, statement or other document referred
to or provided for in, or received by Agent under or in connection with, this Agreement or any of the other Loan Documents or
for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any of the other Loan
Documents or for any failure of Borrower to perform its obligations hereunder or thereunder. The duties of Agent with respect
to the Receivables Loan to Borrower shall be mechanical and administrative in nature. Agent shall not have by any reason of this
Agreement a fiduciary relationship in respect of any Lender and nothing in this Agreement, expressed or implied, is intended to
or shall be construed as to impose upon Agent any obligation in respect of this Agreement except as expressly set forth herein
or in the Agency Agreement.

26.3        Lack of Reliance on Agent and Resignation.

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(a)         
Independently and without reliance upon Agent or any other Lender, each Lender has made and shall continue to make
(i) its own independent investigation of the financial condition and affairs of Borrower in connection with the making and the
continuance of the Receivables Loan hereunder and the taking or not taking of any action in connection herewith, and (ii) its
own appraisal of the creditworthiness of Borrower. Agent shall have no duty or responsibility, either initially or on a continuing
basis, to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before
making of the Receivables Loan or at any time or times thereafter except in any event as shall be provided by Borrower pursuant
to the terms hereof. Agent shall not be responsible to any Lender for any recitals, statements, information, representations or
warranties herein or in any agreement, document, certificate or a statement delivered in connection with or for the execution,
effectiveness, genuineness, validity, enforceability, collectability or sufficiency of this Agreement or any of the other Loan
Documents, or of the financial condition of Borrower or be required to make any inquiry concerning either the performance or observance
of any of the terms, provisions or conditions of this Agreement or any of the other Loan Documents or the financial condition
of Borrower, or the existence of any Event of Default or any Incipient Default, except as expressly set forth herein.

(b)         
Agent may resign upon sixty (60) days’ written notice to each of Lenders and Borrower. Lenders will during such
sixty (60) day period designate a successor Agent which in the absence of an Event of Default shall be reasonably satisfactory
to Borrower, which approval will not be unreasonably withheld or delayed. Any such successor Agent shall succeed to the rights,
powers and duties of Agent, and the term “Agent” shall mean such successor agent effective upon its appointment.
Effective upon the appointment of a successor Agent the former Agent’s rights, powers and duties as Agent shall be terminated,
without any other or further act or deed on the part of such former Agent. After the appointment of a successor Agent as Agent,
the provisions of this Section 26.3 shall inure to the prior Agent’s benefit as to any actions taken or omitted
to be taken by it while it was Agent under this Agreement. Agent’s resignation shall not release Liberty Bank from any of
its obligations to Borrower as a Lender under the Loan Documents.

26.4        Certain Rights of Agent. Subject to the terms of the Agency Agreement, if Agent shall request instructions from
the Lenders with respect to any act or action (including failure to act) in connection with this Agreement or any other Loan Document,
Agent shall be entitled to refrain from such act or taking such action unless and until Agent shall have received instructions
from Lenders; and Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, Lenders
shall not have any right of action whatsoever against Agent as a result of its acting or refraining from acting hereunder in accordance
with the instructions of the Lenders.

26.5        Reliance. Agent shall be entitled to rely, and shall be fully protected in relying, upon any note, writing,
resolution, notice, statement, certificate, telex, teletype or facsimile message, cablegram, order or other document or telephone
message believed in good faith by it to be genuine and correct and to have been signed, sent or made by the proper person or entity,
and, with respect to all legal matters pertaining to this Agreement and the other Loan Documents and its duties hereunder, upon
advice of counsel selected by it. Agent may employ agents and attorneys-in-fact and shall not be liable for the default or misconduct
of any such agents or attorneys-in-fact selected by Agent with reasonable care.

26.6       
Purposely Omitted.

26.7        Agent in its Individual Capacity. In the event that Agent is or becomes a “Lender” under
this Agreement, with respect to the obligation of Agent to lend under this Agreement, Advances made by it shall have the same
rights and powers hereunder as any other Lender and as if it were not performing the duties as Agent specified herein; and the
term “Lender” or any similar term shall, unless the context clearly otherwise indicates, include Agent in its
individual capacity as a Lender.

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26.8        Borrower’s Undertaking to Agent. Without prejudice to its obligations to Lenders under the other provisions
of this Agreement, Borrower hereby undertakes with Agent to pay to Agent from time to time on demand all amounts from time to
time due and payable by Borrower for the account of Agent or Lenders or any of them pursuant to this Agreement to the extent not
already paid. Any payment made pursuant to any such demand shall pro tanto satisfy Borrower’s obligations to make payments
for the account of Agent and Lenders or the relevant one or more of them pursuant to this Agreement.

26.9        Allocation of Payments and Collateral.  In the event of a liquidation of the Collateral, proceeds collected
with respect thereto shall be applied to the Obligations in accordance with Section 25.4.

26.10     
Agency Agreement. Certain other terms governing the relationship between Agent and Lenders are set forth in
the Agency Agreement. The Agency Agreement may be amended, modified or restated in accordance with its terms without the consent
or approval of Borrower.

27.        
Sale And Assignment.

27.1        Successors and Assigns; Participations; New Lenders.

(a)         
This Agreement shall be binding upon and inure to the benefit of Borrower, Agent, each Lender, all future holders of
any Receivables Loan Note and their respective successors and assigns, except that Borrower may not assign or transfer any of
their rights or obligations under this Agreement without the prior written consent of Agent.

(b)         
Borrower acknowledges that one or more Lenders may at any time and from time to time, without prior notice to or consent
of Borrower, sell participating interests in the Receivables Loan. Each Lender shall promptly thereafter provide written notice
to Borrower and to Agent of any sales of participating interests made by each Lender. No such participation shall create a direct
contractual relationship between Borrower and any such participant, and Agent and Borrower shall only be required to deal with
the Lender who sold such participation and the participant shall have no rights hereunder.

84

(c)         
With the prior written consent of Agent, any Lender may, at its own cost and expense, sell, assign or transfer its
rights under this Agreement and the other Loan Documents to one or more Eligible Transferees and such Eligible Transferee may
commit to make Advances hereunder pursuant to a Commitment Transfer Supplement in form substantially similar to that set forth
on Exhibit I hereto (each, a “Commitment Transfer Supplement”), executed by an Eligible Transferee,
the transferor Lender, and Agent and delivered to Agent provided, however, that: any transfer of less than
all of any Lender’s rights hereunder or any transfer to a Person who is not a Lender hereunder shall be in minimum amounts
of not less than $10,000,000. Upon such execution, delivery, acceptance and recording, from and after the transfer effective date
determined pursuant to such Commitment Transfer Supplement, (i) the Eligible Transferee thereunder shall be a party hereto and,
to the extent provided in such Commitment Transfer Supplement, have the rights and obligations of a Lender thereunder with a Pro
Rata Share as set forth therein, and (ii) the transferor Lender thereunder shall, to the extent provided in such Commitment Transfer
Supplement, be released from its obligations under this Agreement, the Commitment Transfer Supplement creating a novation for
that purpose (it being understood that all outstanding obligations of the transferor Lender shall either be satisfied by such
transferor Lender or assumed by the Eligible Transferee). Such Commitment Transfer Supplement shall be deemed to amend this Agreement
to the extent, and only to the extent, necessary to reflect the addition of such Eligible Transferee and the resulting adjustment
of the Pro Rata Shares arising from the purchase by such Eligible Transferee of all or a portion of the rights and obligations
of such transferor Lender under this Agreement and the other Loan Documents. Borrower hereby consents to the addition of such
Eligible Transferee and the resulting adjustment of the Pro Rata Shares arising from the purchase by such Eligible Transferee
in accordance with the terms of this Section 27.1 of all or a portion of the rights and obligations of such transferor
Lender under this Agreement and the other Loan Documents. Borrower shall, to the extent reasonable, execute and deliver such further
documents and do such further reasonable acts and things in order to effectuate the foregoing.

(d)         
Agent shall maintain at its address a copy of each Commitment Transfer Supplement delivered to it and a register (the
“Register”) for the recordation of the names and addresses of each Lender from time to time. The entries in
the Register shall be conclusive, in the absence of manifest error, and Borrower, Agent and Lenders may treat each Person whose
name is recorded in the Register as the owner of the Receivables Loan recorded therein for the purposes of this Agreement. The
Register shall be available for inspection by Borrower or any Lender at any reasonable time and from time to time upon reasonable
prior notice. Agent shall receive a fee in the amount of $3,500 payable by the applicable Eligible Transferee upon the effective
date of each transfer or assignment to such Eligible Transferee.

(e)         
Borrower authorizes Agent and each Lender to disclose to any Eligible Transferee or any participant and any prospective
Eligible Transferee or any participant any and all financial information in Agent’s or such Lender’s possession concerning
Borrower, the Projects or the Vacation Club which has been delivered to such Lender by or on behalf of Borrower pursuant to this
Agreement or in connection with such Lender’s credit evaluation of Borrower, the Projects or the Vacation Club so long as
such information is provided in accordance with the terms and conditions of a confidentiality agreement in form and content acceptable
to Agent and Borrower.

(f)          
Borrower agrees to take all actions that Agent or any Lender may reasonably request in attempting to sell, transfer
or assign any of its rights or interests under this Agreement. Such actions include, but are not limited to, (a) Borrower causing
senior management and representatives of Borrower to be available to participate in information meetings with prospective Eligible
Transferees at such times and places as Agent or the applicable Lender may reasonably request, and (b) Borrower providing Agent
or the applicable Lender with all information reasonably requested by Agent or the applicable Lender in order to accomplish such
sale, transfer or assignment.

85

(g)        
In addition to the foregoing provisions, any Lender may at any time pledge or assign all or any portion of its rights
under the Loan Documents (including any portion of any Receivables Loan Note) to any of the twelve (12) Federal Reserve Banks
organized under Section 4 of the Federal Reserve Act, 12, U.S.C. Section 341. No such pledge or assignment or enforcement thereof
shall release any Lender from its obligations under any of the Loan Documents.

27.2        Pledge of Commitment Amount. Notwithstanding any other provision of this Section 27, any Lender
may pledge (a “Pledge”) its rights and obligations under this Agreement, under its Receivable Loan Note, and
in and to the remaining Loan Documents (all of which rights shall be collectively referred to for purposes of this Section
27.2 as the pledging Lender’s Commitment Amount) to any entity which has extended a credit facility to such Lender
and that is an Eligible Transferee or a financial institution whose long-term unsecured debt is rated at least “A”
(or the equivalent) or better by S&P (a “Loan Pledgee”), on the terms and conditions set forth in this
Section 27.2. Upon written notice by the applicable Lender to the other Lenders and Agent that a Pledge by such
Lender of its Commitment Amount has been effected, Agent thereafter agrees: (a) to give Loan Pledgee written notice of any default
by the pledging Lender under this Agreement at such time as Agent delivers notice to such pledging Lender; and (b) that, upon
written notice (a “Redirection Notice”) to the other Lenders and Agent by such Loan Pledgee that the pledging
Lender is in default, beyond applicable cure periods, under the pledging Lender’s obligations to such Loan Pledgee pursuant
to the applicable credit agreement between the pledging Lender and such Loan Pledgee (which notice need not be joined in or confirmed
by the pledging Lender), and until such Redirection Notice is withdrawn or rescinded by such Loan Pledgee, Loan Pledgee shall
be entitled to receive any payments that Agent would otherwise be obligated to pay to the pledging Lender from time to time pursuant
to this Agreement.

Any
pledging Lender hereby unconditionally and absolutely releases the other Lenders and Agent from any liability to the pledging
Lender on account of any Lender’s or Agent’s compliance with any Redirection Notice believed by Agent or any Lender
to have been delivered by a Loan Pledgee. Loan Pledgee shall be permitted to fully exercise its rights and remedies against the
pledging Lender, and realize on any and all collateral granted by the pledging Lender to such Loan Pledgee (and accept an assignment
in lieu of foreclosure as to such collateral), in accordance with applicable law. In such event, the other Lenders and Agent shall
recognize such Loan Pledgee (and any transferee which is also an Eligible Transferee at any foreclosure or similar sale held by
such Loan Pledgee or any transfer in lieu of such foreclosure), and its successors and assigns, as the successor to the pledging
Lender’s rights, remedies and obligations under this Agreement, and any such Loan Pledgee or Eligible Transferee shall assume
in writing the obligations of the pledging Lender hereunder accruing from and after such transfer and agree to be bound by the
terms and provisions of this Agreement. The rights of a Loan Pledgee under this Section 27 shall remain effective
as to any Lender (and Agent) unless and until such Loan Pledgee shall have notified such Lender (and Agent, as applicable) in
writing that its interest in the pledged Commitment Amount has terminated.

86

28.        
Amendments to Agreement. Lenders, Agent and Borrower
may, subject to the provisions of this Section 28,
and any other agreement among Lenders, including without limitation, the Agency Agreement, from time to time enter into written
supplemental agreements to this Agreement or the other Loan Documents executed by Borrower, Agent and/or Lender(s), for the purpose
of adding or deleting any provisions or otherwise changing, varying or waiving in any manner the rights of Lenders, Agent or Borrower
thereunder or the conditions, provisions or terms thereof or waiving any Incipient Default or Event of Default thereunder, but
only to the extent specified in such written agreements.

Any
such supplemental agreement shall apply equally to each Lender and shall be binding upon Borrower, Lenders and Agent and all future
holders of the Obligations. In the case of any waiver, Borrower, Agent and Lenders shall be restored to their former positions
and rights, and any Event of Default waived shall be deemed to be cured and not continuing, but no waiver of a specific Event
of Default shall extend to any subsequent Event of Default (whether or not the subsequent Event of Default is the same as the
Event of Default which was waived), or impair any right resulting from such subsequent Event of Default.

29.        
Miscellaneous.

29.1        Notices. All notices, requests and demands to be made hereunder to the parties hereto must be in writing (at
the addresses set forth below) and may be given by any of the following means:

(a)         
personal delivery;

(b)         
reputable overnight courier service;

(c)         
electronic communication, whether by telex, telegram or telecopying (if confirmed in writing sent by registered or
certified, first class mail, return receipt requested); or

(d)         
registered or certified, first class mail, return receipt requested.

Any
notice, demand or request sent pursuant to the terms of this Agreement will be deemed received (i) if sent pursuant subsection
(a), upon such personal delivery, (ii) if sent pursuant to subsection (b) on the next Business Day following
delivery to the courier service, (iii) if sent pursuant to subsection (c) upon dispatch if such dispatch occurs
between the hours of 9:00 a.m. and 5:00 p.m. (recipient’s time zone) on a Business Day, and if such dispatch occurs other
than during such hours, on the next Business Day following dispatch and (iv) if sent pursuant to subsection (d)
three (3) days following deposit in the mail with all postage paid.

	If
      to Agent:	Liberty Bank

      291 Main Street

      Middletown, CT 06457

      Attention: Denise M. Brewer

      Telephone No.: (860) 344-7329

      Telecopier No.: (860)
        343-7439

       

87

	If
    to Borrower:	Bluegreen Corporation

        4960 Conference Way North,
        Suite 100

        Boca Raton, Florida 33431

        Attention: Anthony M. Puleo

        Telephone No.: (561) 912-8270

        Telecopier No.: (561)
        912-8123

	With courtesy copies to:

         

         

         

         

         

        If to Lender:
	Bluegreen Corporation

        4960 Conference Way North,
        Suite 100

        Boca Raton, Florida 33431

        Attention: General Counsel

        Telephone No.: (561) 912-8012

        Telecopier No.: (561) 912-8299

         

        At the address provided for
        such Lender

        on its signature page hereto

         

The
addresses and addressees for the purpose of this Section may be changed by giving written notice of such change in the manner
herein provided for giving notice. Unless and until such written notice of a change of address or addressee is received, the last
address and addressee, as stated by written notice, or provided herein if no written notice of change has been sent or received,
shall be deemed to continue in effect for all purposes hereunder.

29.2        Borrower’s Representative. Borrower hereby designates the following natural persons as the representatives
of Borrower for purposes of (a) making all decisions with respect to the Receivables Loan and the Loan Documents, (b) delivering
all notices, certificates, requests for advance and other documents required by the terms of the Loan Documents or requested by
Borrower in connection with the Receivables Loan, and (c) taking all other actions requested by Borrower in connection with the
Receivables Loan and the Loan Documents:

	Anthony M. Puleo, Senior
        Vice President, CFO and Treasurer

        Bluegreen Corporation

        4960 Conference Way North,
        Suite 100

        Boca Raton, Florida 33431

        Telephone No.: (561) 912-8270

        Telecopier No.: (561) 912-8123

   

	Allan J. Herz, Senior Vice
        President, Mortgage Operations and Assistant Treasurer

        Bluegreen Corporation

        4960 Conference Way North,
        Suite 100

        Boca Raton, Florida 33431

        Telephone No.: (561) 912-8210

        Telecopier No.: (561)
        443-8743

88

In taking
action pursuant to the terms of this Agreement and the other Loan Documents, the Agent and Lenders shall be entitled to rely,
without further investigation, upon any notice, certificate, request for advance or other document delivered in writing and executed
or signed by such representative of Borrower. In addition, the Agent and Lenders may, at their option, refuse to take action in
the event a notice, certificate, request for advance or other document is delivered to Agent or any Lender which has not been
executed or delivered by such representative of Borrower.

29.3        Binding Effect; Assignment. This Agreement shall bind and inure to the benefit of the parties hereto and their
respective successors and assigns; provided, however, that Borrower shall not assign its rights or obligations under this Agreement,
without Agent’s and each Lender’s prior written consent.

29.4        No Waiver. No delay or omission to exercise any right, power or remedy accruing to Agent or any Lender upon
any breach or default of Borrower under this Agreement shall impair any such right, power or remedy of Agent or any Lender, nor
shall it be construed to be a waiver of any such breach or default thereafter occurring, nor shall any waiver of any single breach
or default theretofore occurring be deemed a waiver of any other breach or default. Any waiver, permit, consent or approval of
any kind under this Agreement, or any waiver on the part of Agent or any Lender of any provision or condition of this Agreement
must be in writing and shall be effective only to the extent specifically set forth in such writing.

29.5       
Remedies Cumulative. All remedies either under this Agreement, by law, or otherwise afforded to Agent and Lenders,
shall be cumulative and not alternative.

29.6        Costs, Fees and Expenses.

(a)         
Loan Documents. Borrower agrees to pay the following:

(i)           
all costs and expenses of Agent and Lenders in connection with (A) the preparation, review, negotiation, execution,
delivery and administration of the Loan Documents, and the other documents to be delivered in connection therewith, or any waivers,
consents, amendments, extensions and increases to any of the foregoing, (B) the preparation for, negotiations regarding, consultations
concerning, or the defense or prosecution of legal proceedings involving any claims made or threatened against Agent or any Lender
arising out of or related to the Loan Documents, the transactions contemplated hereunder and the protection of any of the Collateral,
or (C) after the occurrence and during the continuation of an Event of Default, obtaining any appraisals or reappraisals of Collateral,
periodic lien searches and tax clearance certificates, as Agent in its discretion may require (including in all cases, without
limitation, reasonable attorneys’ fees and expenses);

(ii)         
all losses, costs and expenses of Agent and Lenders and their participants in connection with the interpretation, enforcement,
protection and preservation of Agent’s and Lenders’ rights or remedies under the Loan Documents, or any other agreement
relating to any of the Obligations, or in connection with legal advice relating to the rights or responsibilities of Agent or
any Lender (including without limitation court costs, reasonable attorneys’ fees, expenses of accountants and appraiser
and the cost of all appeals); and

89

(iii)        
any and all stamp and other taxes payable or determined to be payable in connection with the execution and delivery
of the Loan Documents, and all liabilities to which Agent and each Lender may become subject as the result of delay in paying
or omission to pay such taxes.

(b)         
Recording; Etc. Borrower agrees to pay all costs, expenses and fees of Agent and Lenders and their participants
related to the Receivables Loan, the transactions contemplated hereunder and the exercise by Agent and Lenders of their rights
and remedies, including without limitation, costs and expenses incurred or paid by Agent and Lender and their participants for
photocopying; notarization; couriers; messengers; telecommunications; public record searches (including without limitation, real
estate, tax lien, litigation, UCC or bankruptcy searches); filing; recording; publication; appraisals of Collateral upon the occurrence
and during the continuance of an Event of Default; real estate surveys; real estate title insurance reports, commitments, policies
and endorsements; environmental audits or surveys; and accounting or other professional advisors.

(c)         
Attorneys’ Fees. Borrower agrees to pay all reasonable attorneys’ fees and the costs and disbursements
of any outside attorney or paralegal engaged by Agent and Lenders and their participants (where such participants are being added
to increase the Maximum Receivables Loan Amount) in connection with (i) advising, structuring, drafting, preparing, reviewing,
negotiating, administering the Loan Documents or any waivers, consents, amendments, extensions, modifications or restatements
related thereto; (ii) interpreting, enforcing, protecting, preserving, defending or terminating any of the Loan Documents or any
of Agent’s and Lenders’ rights and remedies related thereto, irrespective of whether suit is brought (including without
limitation, all costs and expenses and reasonable attorneys’ fees related to any “workout,” “restructuring,”
insolvency or similar proceeding involving Borrower); (iii) legal advice relating to the rights and responsibilities of Agent
and Lenders in connection with the Loan Documents; (iv) the preparation for negotiations regarding, consultations concerning or
the defense or prosecution of any legal proceedings involving, any claim (including third-party claims) made or threatened against
Agent or any Lender and their participants related to or involving the Loan Documents, the transactions contemplated under the
Loan Documents, Lender’s relationship with Borrower; or (v) any actions taken pursuant to the Loan Documents by Agent or
any Lender.

(d)         
Protection of Security, Etc. Borrower agrees to pay all costs and expenses, including reasonable attorneys’
and paralegals’ fees incurred by Agent and Lenders and their participants in protecting, maintaining, preserving or enforcing
this Agreement or any other Loan Document or any of the Timeshare Loans in defending or prosecuting any action or proceeding arising
out of or relating to Agent’s and Lenders’ transactions with Borrower, or in exercising any of its rights hereunder,
or under any of the Loan Documents or under applicable law.

(e)         
Lockbox Bank; Servicer; Custodian. Borrower agrees to pay all costs and expenses relating to the servicing of
the Timeshare Loans, including without limitation all sums payable to the Lockbox Bank and Servicer, all in accordance with, as
applicable, the terms of the Lockbox Agreement and the Servicing Agreement and any costs, expenses and reasonable fees charged
by Agent in the event Agent services such Timeshare Loans, and the costs, expenses and fees of any other such Lockbox Bank, Servicer
or Custodian.

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(f)          
Sales and Marketing. Borrower agrees that it or its Affiliates shall pay all costs and expenses related to the
sales and marketing of Timeshare Interests, and all reasonable sums payable to any of Borrower or its Affiliates engaged by or
for Agent, for the benefit of Lenders, to sell Timeshare Interests after an Event of Default.

(g)         
Audit and Inspection. Borrower agrees to pay all reasonable costs and expenses incurred by Agent and Lenders
and their participants in connection with any inspections of the Primary Projects or the Units or any audit of Borrower or any
of its business activities; provided, however, unless an Incipient Default or an Event of Default has occurred,
Borrower shall not be responsible to pay for any costs or expenses incurred in connection with any such inspections or audits
more often than once every calendar year.

(h)         
Reimbursement. In the event that Borrower fails to perform any obligations under any of the Loan Documents,
Agent may perform such obligations and Borrower agrees to reimburse Agent for all funds expended by Agent and all costs related
thereto. If Borrower does not reimburse Agent within ten (10) days after demand by Agent, interest shall accrue on such reimbursement
obligations at the Default Rate.

(i)          
Payment. Borrower irrevocably authorizes Agent and Lenders to pay all costs, expenses, fees, reimbursement obligations
and other sums payable to Agent and Lenders and their participants under this Agreement or any of the Loan Documents out of any
Advances under the Receivables Loan or as an Advance under the Receivables Loan without the requirement for a Request for Receivables
Loan Advance form.

(j)          
Survival. Borrower’s obligations under this Section shall survive termination of this Agreement and repayment
of the Receivables Loan.

29.7        No Other Agreements. All understandings and agreements heretofore had between the parties respecting the transactions
contemplated by this Agreement are merged in this Agreement and the Loan Documents and there are no other agreements, written
or oral, and no customs or usages applicable to any provision of this Agreement. In the event of any inconsistency between the
terms of this Agreement and the terms of the other Loan Documents, the terms of this Agreement shall prevail.

29.8        Amendments. No change in or addition to, or waiver of, any provision of this Agreement shall be valid against
Borrower unless in writing and signed on behalf of Borrower, except for such amendments or modifications expressly provided in
this Agreement relating to the relationship among Agent and/or Lenders for which Borrower’s consent is not otherwise expressly
required therefor.

91

29.9        Survival of Covenants, Agreements, Representations and Warranties. All warranties, representations, covenants
and indemnities made by Borrower herein or in any certificate or other instrument delivered by it or on its behalf under this
Agreement: (a) shall be considered to have been relied upon by Agent and Lenders and shall survive the Closing, termination of
this Agreement and repayment of the Receivables Loan, regardless of any investigation made by Agent or any Lender or on its behalf,
(b) are material and being relied upon by Agent and Lenders, and (c) are true in all respects as of the date hereof and shall
be true in all respects at all times hereafter (unless such representations and warranties pertain to an earlier time period).
All statements in any such certificate or other instrument shall constitute warranties and representations by Borrower hereunder.

29.10     
Governing Law. THIS AGREEMENT AND ALL TRANSACTIONS CONTEMPLATED HEREUNDER, AND ALL THE RIGHTS OF THE PARTIES SHALL
BE GOVERNED AS TO THE VALIDITY, INTERPRETATION, CONSTRUCTION, ENFORCEMENT AND IN ALL OTHER RESPECTS BY THE LAW OF THE STATE OF
CONNECTICUT, THE PRIMARY PLACE OF BUSINESS OF AGENT, WITHOUT REGARD TO ITS RULES AND PRINCIPLES REGARDING CONFLICTS OF LAWS OR
ANY RULE OR CANON OF CONSTRUCTION WHICH INTERPRETS AGREEMENTS AGAINST THE DRAFTSMAN.

29.11     
Limitation of Liability. Borrower shall be responsible for and Agent and Lenders are hereby released from any
claim or liability in connection with:

(a)         
safekeeping any Collateral;

(b)         
any loss or damage to any Collateral;

(c)         
any diminution in value of the Collateral not resulting from the gross negligence or willful misconduct of Agent; or

(d)         
any act or default of another Person not resulting from the gross negligence or willful misconduct of Agent.

Agent
and Lenders shall only be liable for any act or omission on their part constituting gross negligence or willful misconduct. In
the event Borrower brings suit against Agent or any Lender in connection with the transactions contemplated hereunder and Agent
or such Lender is found not to be liable, Borrower agrees to indemnify and hold Agent and Lenders harmless from all costs and
expenses, including reasonable attorneys’ fees, incurred by Agent and Lenders in connection with such suit. This Agreement
is not intended to obligate Agent and Lenders to take any action with respect to the Collateral or to incur expenses or perform
any obligation or duty of Borrower. Borrower’s obligations under this Section shall survive termination of this Agreement
and repayment of the Receivables Loan.

29.12     
Submission to Jurisdiction. Borrower consents to the non-exclusive jurisdiction of any state or federal court
located within the State of Connecticut and irrevocably agree that, subject to Agent’s election, all actions or proceedings
relating to the Loan Documents or the transactions contemplated hereunder shall be litigated in such courts, and Borrower waives
any objection which they may have based on lack of personal jurisdiction, improper venue or forum non conveniens to the
conduct of any proceeding in any such court. Nothing contained in this Agreement shall affect the right of Agent or any Lender
to serve legal process in any other manner permitted by law or affect the right of Agent or any Lender to bring any action or
proceeding against Borrower or its property in the courts of any other jurisdiction.

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29.13     
Service of Process. BORROWER HEREBY WAIVES PERSONAL SERVICE OF ANY SUMMONS AND COMPLAINT IN CONNECTION WITH ANY
PROCEEDINGS ARISING OUT OF THIS AGREEMENT, OR OTHER PROCESS OR PAPERS ISSUED THEREIN, AND AGREES THAT SERVICE OF SUCH SUMMONS
AND COMPLAINT OR OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO BORROWER AT THE ADDRESS TO WHICH
NOTICES ARE TO BE SENT PURSUANT TO SECTION 29.1. BORROWER WAIVES ANY CLAIM THAT CONNECTICUT IS AN INCONVENIENT FORUM OR
AN IMPROPER FORUM BASED ON LACK OF VENUE. SHOULD BORROWER, AFTER BEING SO SERVED, FAIL TO APPEAR OR ANSWER TO ANY SUMMONS, COMPLAINT,
PROCESS OR PAPERS SO SERVED WITHIN THE NUMBER OF DAYS PRESCRIBED BY LAW AFTER THE MAILING THEREOF, BORROWER SHALL BE DEEMED IN
DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED BY AGENT AGAINST BORROWER AS DEMANDED OR PRAYED FOR IN SUCH SUMMONS, COMPLAINT,
PROCESS OR PAPERS.

29.14     
Use of Name. Borrower shall not, without the prior written consent of Agent, use the name of Agent or any Lender
in connection with any of its business activities, except in connection with internal business matters and as required in dealings
with governmental agencies and other financial institutions and as may otherwise be required pursuant to applicable Legal Requirements
or in a press release with respect to the Receivables Loan. Upon the consent of Borrower, Agent and Lenders may use the name of
Borrower and any of its Affiliates in any press release, advertisement or other promotional materials issued with respect to the
Receivables Loan.

29.15     
Headings; References to “Exhibits” or to “Sections”. Section headings have been inserted
in this Agreement as a matter of convenience of reference only, and are not a part of this Agreement and shall not be used in
the interpretation of this Agreement. References herein to a “Section” or an “Exhibit” without further
attribution shall be deemed to refer to sections or exhibits, as the case may be, of or to this Agreement. All Schedules and Exhibits
referred to herein or attached hereto shall be deemed to be incorporated herein for all purposes.

29.16     
Partial Invalidity. If any term, provision, covenant or condition of this Agreement, or any application thereof,
should be held by a court of competent jurisdiction to be invalid, void or enforceable, all terms, provisions, covenants and conditions
of this Agreement, and all applications thereof, not held invalid, void or unenforceable shall continue in full force and effect
and shall in no way be affected, impaired or invalidated thereby, provided that the invalidity, voidness or unenforceability of
such term, provision, covenant or condition (after giving effect to the next sentence in this Section) does not materially impair
the ability of the parties to consummate the transactions contemplated hereby. In lieu of such invalid, void or unenforceable
term, provision, covenant or condition there shall be added to this Agreement a term, provision, covenant or condition that is
valid, not void and enforceable and is as similar to such invalid, void or enforceable term, provision, covenant or condition
as may be possible.

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29.17     
Waiver in Legal Actions. In connection with any proceedings under this Agreement or the documents collateral
hereto or the transactions contemplated hereunder, Borrower irrevocably waives:

(a)         
All procedural errors, defects and imperfections in such proceedings;

(b)         
Any requirement of bonds, and any surety or security relating thereto, required by any statute, court rule or otherwise
as incident to such possession;

(c)         
Demand, presentment and protest, notice of demand, presentment or protest of any Receivables Loan Note or any other Loan
Document;

(d)         
The benefit of any valuation, appraisal and exemption law;

(e)         
Any right to subrogation, reimbursement, contribution or indemnity; and

(f)          
Any right to require Agent and Lenders to marshal any assets of Borrower or any other Person.

29.18     
Sale; Participations; Delegations of Duties. Borrower acknowledges and agrees that Agent and Lenders shall have
the right, without notice to or consent of Borrower, to sell participation interests in the Advances made hereunder or the Receivables
Loan in whole or in part to other Persons and that Agent and Lenders may delegate to other Persons performance of certain obligations
of Agent and Lenders under this Agreement. In connection therewith, Agent and Lenders may make available to any prospective purchaser,
assignee, participant or other Person, any information in its possession regarding Borrower, the Project or the Vacation Club
so long as such information is provided in accordance with the terms and conditions of a confidentiality agreement in form and
content acceptable to Agent and Borrower. In the event that Agent or any Lender participates or sells its interest in the Receivables
Loan to any Eligible Transferee, Agent or such Lender shall have no further responsibilities or liabilities in connection with
the sold or participated portion of the Receivables Loan, including without limitation the obligation to fund Advances related
to such sold or participated portions, after the date of such sale or participation. All of such responsibilities and liabilities
after the date of such sale shall be those of the Eligible Transferee of Agent’s or such Lender’s interest.

94

29.19     
Indemnification. Borrower agrees to indemnify Agent and Lenders and all participants, their successors, assigns,
shareholders, officers, directors, employees and agents (each an “Indemnified Party”) against any damage, loss
or expense (including reasonable attorneys’ fees and court costs) awarded against or paid, incurred or suffered by any Indemnified
Party as a result of proceedings, actions, claims, counterclaims, fines or penalties arising out of or resulting from (a) any
act or omission of Borrower or any of its respective Affiliates, employees, contractors or agents, (b) any violation of or noncompliance
by Borrower or its Affiliates with any Legal Requirement, (c) the breach by Borrower of any covenant, warranty, term or provision
of this Agreement or any Loan Document, or (d) any misrepresentation by Borrower in respect of any aspect of the transactions
contemplated by this Agreement unless in the case of any of the foregoing clauses (a)-(d), such damage, loss or expense
results from the gross negligence or willful misconduct of any Indemnified Party.

In
the event Borrower shall fail to pay taxes, insurance, Assessments, costs or expenses which it is required to pay hereunder, or
fail to keep the Collateral free from security interests or lien or fail to maintain or repair the Projects as required hereby,
or otherwise breach any obligation hereunder, Agent in its discretion, may make expenditures for such purposes and the amount
so expended (including reasonable attorneys’ fees and expenses, filing fees and other charges) shall be payable by Borrower
on demand. With respect to any amount required to be paid by Borrower under this Section, in the event Borrower fails to pay such
amount on demand, Borrower shall also pay to Agent, for the benefit of Lenders, interest thereon at the Default Rate.

Borrower
agrees to indemnify and hold harmless, each Indemnified Party, from and against any and all claims, liabilities, losses, damages,
costs and expenses (whether or not such Person is a party to any litigation), including reasonable attorneys’ fees and costs
and costs of investigation, document production, attendance at depositions or other discovery with respect to or arising out of
this Agreement, any of the Loan Documents, the use of any proceeds advanced hereunder, the transactions contemplated hereunder,
or any claim, demand, action or cause of action being asserted against Borrower, unless resulting from the gross negligence or
willful misconduct of such Indemnified Party.

Borrower’s
obligations under this Section shall survive termination of this Agreement and repayment of the Receivables Loan.

29.20     
Brokers; Payment of Commissions. Borrower represents and warrants to Agent and Lenders that no consultant, advisor,
broker, agent, finder or intermediary has acted on its behalf in connection with the negotiation of this Agreement or the consummation
of the transactions contemplated hereby. Borrower agrees to pay the compensation, if any, due to any Person claiming any commission
or finder’s fee or other compensation as a result of any actions by such Person for or on behalf of Borrower. Agent represents
and warrants to Borrower, and Borrower acknowledges and agrees, that Wellington Financial is the only party that has acted as
a consultant, advisor, broker, agent, finder or intermediary solely on Agent’s behalf in connection with the transactions
contemplated hereunder. Agent agrees that it shall pay Wellington Financial such fees or other compensation in connection
with the transactions contemplated hereunder, as may be due to Wellington Financial and agrees to hold Borrower harmless from
any claims, losses or expenses resulting therefrom.

29.21     
Counterparts; Electronic Signatures. This Agreement and any other Loan Document may be executed in any number
of counterparts, each of which when so executed and delivered shall be deemed to be an original without the production of any
other counterpart. Any signature on any Loan Document or any document collateral thereto, delivered by Borrower by facsimile,
pdf or other electronic transmission shall be deemed to be an original signature thereto.

95

29.22     
Consents, Approvals and Discretion. Unless expressly indicated otherwise, whenever Agent’s or any Lender’s
consent or approval is required or permitted, or any documents or other items are required to be acceptable to Agent or such Lender,
such consent, approval or acceptability shall be at the sole and absolute discretion of Agent or such Lender. Unless expressly
indicated otherwise, whenever any determination or act is at Agent’s or such Lender’s discretion, such determination
or act shall be at Agent’s and such Lender’s sole and absolute discretion.

29.23     
Control of Association. Notwithstanding anything herein or elsewhere to the contrary, to the extent that Borrower
agrees to cause any Association to take or refrain from taking any action, such agreement shall only apply with respect to any
Association if Borrower or any of its Affiliates has direct or indirect control of any Association at such time or if such Association
is managed by the Vacation Club Manager.

29.24     
No Joint Venture. Nothing contained herein is intended to permit or authorize Borrower to make any contract
on behalf of Agent or any Lender, nor shall this Agreement nor any of the documents collateral hereto be construed as creating
a partnership or joint venture with Agent or any Lender. Borrower shall indemnify and hold Agent and Lenders harmless from any
damages and expenses resulting from such a construction or any assertion thereof caused by Borrower unless any such damages or
expenses arise from the willful misconduct or gross negligence of Agent or any Lender. Agent and Lenders do not hereby assume
and shall have no responsibility, obligation or liability to any Purchaser or other Person, Agent’s and each Lender’s
relationship being that only of a creditor who has taken, as security for the Obligations, the liens and security interests in
the Collateral.

29.25     
All Powers Coupled With Interest. All powers of attorney and other authorizations granted to Agent or any Lender
and any Persons designated by Agent or any Lender pursuant to any provisions of this Agreement or any of the other Loan Documents
shall be deemed coupled with an interest and shall be irrevocable so long as any of the Obligations remain unpaid or unsatisfied.

29.26     
Time of the Essence. Time is of the essence in the performance by Borrower of all its obligations hereunder.

29.27     
No Third Party Beneficiaries. The rights and benefits of this Agreement and the Loan Documents shall not inure
to the benefit of any third party.

29.28     
Directly or Indirectly. Where any provision in the Agreement refers to action to be taken by any Person, or
which such Person is prohibited from taking, such provisions shall be applicable whether such action is taken directly or indirectly
by such Person.

29.29     
Dealing With Multiple Borrowers. If more than one Person is named as a Borrower hereunder, all obligations,
representations, warranties, covenants and indemnities set forth in the Loan Documents to which such Person is a party, shall
be joint and several. Agent and Lenders shall have the right to deal with any individual Borrower with respect to all matters
concerning the rights and obligations of Agent and Lenders hereunder and with respect to the transactions contemplated under the
Loan Documents. All actions or inactions of the officers, managers, members and/or agents of any Borrower with respect to the
transactions contemplated under the Loan Documents shall be deemed to be with full authority and binding upon all Borrowers. Borrower
hereby appoints each other Borrower as its true and lawful attorney-in-fact, with full right and power, for purposes of exercising
all rights of such Person under the Loan Documents and under applicable law with respect to the transactions contemplated under
the Loan Documents. The foregoing is a material inducement to the agreement of Agent and Lenders to enter into this Agreement
and to consummate the transactions contemplated hereby.

96

29.30     
Limitation on Damages. Borrower agrees that, in any action, suit or proceeding, in respect of or arising
out of this Agreement, the Loan Documents or the transactions contemplated hereunder, whether sounding in contract or tort, each
waives to the fullest extent permitted by law, any claim they may have against Agent or any Lender for consequential, punitive
or special damages.

29.31     
Confidentiality. Borrower, Agent and Lenders shall mutually agree on the contents of any press release, public
announcement or other public disclosure regarding this Agreement and the transactions contemplated hereunder to made following
the mutual execution and delivery of this Agreement; provided that, (a) Agent or any Lender may disclose the terms
hereof and give copies of the Loan Documents to assignees and participants and to prospective assignees and participants and (b)
Borrower may disclose the terms hereof in its periodic filings with the Securities and Exchange Commission. If either party fails
to respond to the other party in writing with either an approval or a disapproval within five (5) Business Days of a party’s
receipt of the other party’s request for consent or approval as expressly contemplated pursuant to this Section 29.31,
then such consent or approval will be deemed to have been given, provided that such five (5) Business Day period will not commence
to run unless and until the other party has received all information, materials, documents and other matters required to be submitted
to it hereunder, with respect to such consent or approval and all other information, materials, documents and other matters reasonably
essential to its decision process.

29.32     
Commercial Transaction. BORROWER ACKNOWLEDGES THAT THIS IS A “COMMERCIAL TRANSACTION” AS SUCH IS DEFINED
IN CHAPTER 903a OF THE CONNECTICUT GENERAL STATUTES, AS AMENDED. BORROWER FURTHER ACKNOWLEDGES THAT, PURSUANT TO SUCH SECTION,
IT HAS A RIGHT TO NOTICE OF AND HEARING PRIOR TO THE ISSUANCE OF ANY “PREJUDGMENT REMEDY”. NOTWITHSTANDING THE FOREGOING,
BORROWER HEREBY WAIVES ALL RIGHTS TO SUCH NOTICE, JUDICIAL HEARING OR PRIOR COURT ORDER IN CONNECTION WITH ANY SUIT ON THIS AGREEMENT,
THE RECEIVABLES LOAN NOTES, ANY OF THE LOAN DOCUMENTS OR ANY EXTENSIONS OR RENEWALS OF THE SAME.

29.33     
Waiver of Right to Trial by Jury. BORROWER, AGENT AND LENDERS WAIVE ANY RIGHT TO TRIAL BY JURY ON
ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING HEREUNDER OR UNDER ANY OF THE DOCUMENTS COLLATERAL HERETO, OR (b) IN
ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF BORROWER, AGENT OR ANY LENDER WITH RESPECT HERETO OR TO ANY
OF THE DOCUMENTS COLLATERAL HERETO, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR
TORT OR OTHERWISE. BORROWER, AGENT AND LENDERS AGREE AND CONSENT THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL
BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS
SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH OF THE OTHER PARTIES’ TO THE WAIVER OF THEIR RIGHT TO
TRIAL BY JURY. BORROWER ACKNOWLEDGES THAT IT HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS SECTION, THAT IT FULLY
UNDERSTANDS ITS TERMS, CONTENT AND EFFECT, AND THAT IT VOLUNTARILY AND KNOWINGLY AGREES TO THE TERMS OF THIS SECTION.

97

29.34     
Delegation of Duties and Rights. Agent may execute any of its duties and/or exercise any of its rights or remedies
under the Loan Documents by or through its officers, directors, employees, attorneys, agents, representatives or through other
Persons. Agent may use Wellington to perform certain services in connection with the transactions contemplated under the Loan
Documents. Agent or any Lender may pay Wellington or any other Persons performing services for Agent such compensation as Agent
may elect. Borrower shall not be responsible for any such payments by Agent or any Lender due to Wellington or such other Persons.

29.35     
USA Patriot Act Notice. Agent hereby notifies Borrower that, pursuant to the requirements of the USA PATRIOT
ACT, Agent and each Lender may be required to obtain, verify and record information that identified Borrower, which information
includes the name and address of Borrower and other information that will allow Agent and Lenders to identify Borrower in accordance
with the USA Patriot Act.

29.36     
New Loan Tranche. At the prior written request of Borrower, Lender will provide on a one-time basis an Advance
to Borrower in a minimum amount of not less than $30,000,000 in either calendar year 2012 or 2013, which Advance will be segregated
as a new receivables loan tranche under the Receivables Loan (the “New Loan Tranche”). The New Loan Tranche
will be subject to all of the terms and conditions of this Agreement and the other Loan Documents, including without limitation,
eligibility requirements for the Collateral pledged to support the extension of the New Loan Tranche, except as noted below.

98

The
New Loan Tranche will have (i) an initial advance rate of 82.5% of the outstanding principal balance at the time of assignment
of the Qualified Timeshare Loans being collaterally assigned by Borrower to Lender with such assignment, and (ii) an interest
rate equal to the WSJ Prime Rate plus 2.00%, provided that, in no event shall the interest rate on the New Loan Tranche be less
than 5.25% per annum. After the funding of the New Loan Tranche, supplemental advances under the New Loan Tranche will be permitted
at an advance rate not to exceed 80% of the outstanding principal balance at the time of assignment of the Qualified Timeshare
Loans being collaterally assigned by Borrower to Lender in connection with the New Loan Tranche, and Borrower may take additional
advances under the New Loan Tranche for up to a two (2) year advance period but in no event to exceed the original principal amount
of the New Loan Tranche. The New Loan Tranche will have a five (5) year maturity from its initial funding date. 

The
New Loan Tranche will not be eligible for prepayment during the advance period, but in the event that Lender is obligated or voluntarily
agrees to accept prepayment prior to the expiration of the advance period, such prepayment shall be accompanied by a prepayment
fee of 5% of the New Loan Tranche amount prepaid. After the advance period expires, the prepayment fee would be 3% (first year
after advance period expired), 2% (second year after advance period expired), and 1% (months 25-30 after advance period expired)
of the New Loan Tranche amount prepaid. There would be no prepayment penalty during the six (6) months immediately preceding New
Loan Tranche maturity date. 

Notwithstanding
anything to the contrary contained herein, Borrower will not request and Lender will have no obligation to extend the New Loan
Tranche or make an additional advance under the New Loan Tranche if the then aggregate outstanding principal balance of the New
Loan Tranche together with the outstanding principal balance of the Receivables Loan will exceed the Maximum Loan Amount. 

Borrower
will execute and deliver to Lender such amendment documents and other agreements that Lender may reasonably require to evidence
the extension of the New Loan Tranche prior to its initial funding.

29.37     
  FBS Project Approval. At the written request of Borrower, Lender will consider making eligible additional FBS
  Projects (it being understood and acknowledged that the FBS Projects identified as Non-Primary Projects on Schedule 2
  attached to this Agreement as of the Closing Date are approved by Lender) as a Project (Primary or Non-Primary) under this Agreement,
  provided that Lender has reviewed and approved the necessary documents, related due diligence and conducted a site visit to determine
  such project eligibility, all in Lender’s sole and absolute discretion and subject to Lender’s internal credit committee
  and loan committee approvals. Borrower agrees to execute and deliver to Lender such documents evidencing the acceptance of such
  FBS Project as an eligible Project and conforming the collateral eligibility criteria to allow for collateral from such Project
  which has not been originated by Borrower, but is owned and serviced by Borrower at a Project that is managed by the Borrower,
  an affiliate of the Borrower, or an unrelated manager, to be deemed acceptable in Lender’s sole discretion to support an
  Advance under the Receivables Loan. All expenses incurred by Lender for the review of documents, due diligence and the project
site visit would be paid by the Borrower.

[Remainder
of page intentionally left blank]

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IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written.

	 	BORROWER:
	 	 
	 	BLUEGREEN CORPORATION

         

	 	 
	 	By:	 
	 	 	Anthony M. Puleo, Senior Vice President,
    CFO and Treasurer
	 	 

 

[Signature Page to Amended and Restated Receivables Loan Agreement (Borrower)]

 

	 	AGENT:
	 	 
	 	LIBERTY BANK
	 	 
	 	By:	 
	 	 	Denise M. Brewer, Vice President
	 	 

[Signature Page to Amended and Restated Receivables Loan Agreement (Agent)]

	 	LENDERS:
	 	 
	 	LIBERTY BANK
	 	 
	 	By:	 
	 	 	Denise M. Brewer,
Vice President
	 	 
	 	Address:    315 Main Street

                        Middletown, Connecticut 06457    
	 	 
	 	Commitment Amount: $50,000,000

 

[Signature Page to Amended and Restated Receivables Loan Agreement (Lenders)]

List
of Schedules and Exhibits

	Schedule 1	Primary Projects
	Schedule 2	Non-Primary Projects
	Schedule 8.6	Litigation
	Schedule 8.7	Taxes
	Schedule 8.12	Material Adverse Change
	Schedule 8.14	Names, Addresses and States of Formation
	Schedule 8.16	Pension Plans
	Schedule 8.23	Closing Date Indebtedness
	Schedule 9.5	Units Ready for Use
	Schedule 9.9	Timeshare States
	Schedule 9.14	Developer Subsidy
	Schedule 9.15	Project Documents
	Schedule 14.3	Required Insurance Coverage
	Schedule 15.4	Affiliate Transactions
	Schedule 15.5	Permitted Primary Project Management Agreement Assignments/Form of Letter Agreement

 

 

	Exhibit A	Consumer Documents for Primary Projects
	Exhibit B	Request for Receivables Loan Advance Form
	Exhibit C	Form of Assignment
	Exhibit D	Form of Notice to Purchaser
	Exhibit E	Form of Title Insurance Policy with Endorsements for Primary Projects
	Exhibit F	Form of Confirmation of Recording
	Exhibit G	Request for Supplementary Advance Form
	Exhibit H	Form of Compliance Certificate
	Exhibit I	Form of Commitment Transfer Supplement
	Exhibit J	Form of Monthly Report
	Exhibit K	List of Title Companies

 

 

SCHEDULE 1

 

PRIMARY PROJECTS

 

	Resort	Location

         

	1.        
    Grande Villas at World Golf Village Condominium	St.
    Augustine, Florida
	2.        
    Resort at World Golf Village	St.
    Augustine, Florida
	3.        
    BG Fountains Condominium	Orlando,
    Florida
	4.        
    BG Daytona SeaBreeze Condominium	Daytona 
    Beach Shores, Florida
	5.        
    BG Patrick Henry Square Vacation Ownership Program	Williamsburg,
    Virginia
	6.        
    Shenandoah Crossing Farm & Country Club	Gordonsville,
    Virginia
	7.        
    BG Pirate’s Lodge Condominium	Wisconsin
    Dells, Wisconsin
	8.        
    Bluegreen Odyssey Dells Condominium	Wisconsin
    Dells, Wisconsin
	9.        
    Christmas Mountains – Villas	Wisconsin
    Dells, Wisconsin
	10.      
    Christmas Mountain – Timbers	Wisconsin
    Dells, Wisconsin
	11.      
    BG Club 36	Las
    Vegas, Nevada
	12.      
    Carolina Grande	Myrtle
    Beach, South Carolina
	13.      
    Harbour Lights	Myrtle
    Beach, South Carolina
	14.      
    Atlantic Palace	Atlantic
    City, New Jersey
	15.      
    Bluegreen Wilderness Traveler at Shenandoah *	Gordonsville,
    Virginia
	16.      
    The Falls Village Resort, a Condominium **	Branson,
    Missouri
	17.      
    MountainLoft Resort, a Condominium **	Gatlinburg,
    Tennessee
	18.      
    MountainLoft Resort II, a Condominium **	Gatlinburg,
    Tennessee
	19.      
    The Club at Big Bear Village **	Big
    Bear Lake, California

 

* Will not include recreational
vehicle (RV) and campsite project locations.

**Non-Primary Projects
until final written approval by Agent.

 

 

SCHEDULE
2

NON-PRIMARY
PROJECTS

	Resort	Location

         

	1.	Orlando’s
    Sunshine Resort, a Condominium	Orlando,
    Florida
	2.	Solara
    Surfside Condominium	Surfside,
    Florida
	3.	Hammocks
    at Marathon Condominium	Marathon,
    Florida
	4.	Mountain
    Run at Boyne	Boyne
    Falls, Michigan
	5.	The
    Suites at Hershey Condominium	Hershey,
    Pennsylvania
	6.	Casa
    Del Mar Beach Resort, a Condominium	Ormond
    Beach, Florida
	7.	BG
    SeaGlass Tower Horizontal Property Regime	Myrtle
    Beach, South Carolina
	8.	Shore
    Crest Vacation Villas Horizontal Property Regime	North
    Myrtle Beach, South Carolina
	9.	Lodge
    Alley Inn Horizontal Property Regime	Charleston,
    South Carolina
	10.	Laurel
    Crest Resort, a Condominium	Pigeon
    Forge, Tennessee
	11.	Shore
    Crest Vacation Villas II Horizontal Property Regime	North
    Myrtle Beach, South Carolina
	12.	Fantasy
    Island Resort II, a Condominium	Daytona
    Beach Shores, Florida
	13.	Ocean
    Towers Beach Club, a Condominium	Panama
    City Beach, Florida
	14.	Outrigger
    Beach Club, a Condominium	Ormond
    Beach, Florida
	15.	Resort
    Sixty-Six, a Timeshare Resort	Holmes
    Beach, Florida
	16.	Via
    Roma Beach Resort, a Condominium	Bradenton
    Beach, Florida
	17.	Paradise
    Isle Resort Condominium	Gulf
    Shores, Alabama
	18.	Shoreline
    Towers Condominium	Gulf
    Shores, Alabama
	19.	Dolphin
    Beach Club, a Condominium	Daytona
    Beach Shores, Florida
	20.	Mariner’s
    Boathouse and Beach Resort, a Condominium	Fort
    Myers Beach, Florida
	21.	Tropical
    Sands Resort, a Condominium	Fort
    Myers Beach, Florida
	22.

         
	Windward
    Passage Resort Condominium, a Timeshare
 Condominium	Fort
    Myers Beach, Florida
	23.	Gulfstream
    Manor, a Condominium	Gulfstream,
    Florida
	24.	Landmark
    Holiday Beach Resort, a Condominium	Panama
    City Beach, Florida
	25.	Panama
    City Resort and Club, a Condominium	Panama
    City Beach, Florida
	26.	Surfrider
    Beach Club, a Condominium	Sanibel
    Island, Florida
	27.	Petit
    Crest Villas at Big Canoe	Marble
    Hill, Georgia
	28.	Club
    Pono Kai Interval Ownership Program	Kapaa
    (Kauai), Hawaii
	29.	Lake
    Condominiums at Big Sky Resort	Big
    Sky, Montana
	30.	Foxrun
    Townhouses	Lake
    Lure, North Carolina
	31.	Sand
    Castle Village II Condominium Complex	New
    Bern, North Carolina
	32.	Waterwood
    Townhouses	New
    Bern, North Carolina
	33.	Players
    Club Resort at Hilton Head Island Horizontal
 Property Regime	Hilton
    Head Island, South Carolina
	34.	Orlando’s
    Sunshine Resort II, a Condominium	Orlando,
    Florida
	35.	Club
    La Pension	New
    Orleans, Louisiana
	36.	Cibola
    Vista Resort and Spa▲	Peoria,
    Arizona
	37.	Studio
    Homes at Ellis Square▲	Savannah,
    Georgia
	38.	The
    Breakers Resort▲	Dennis
    Port, Massachusetts
	39.	The
    Soundings Seaside Resort▲	Dennis
    Port, Massachusetts
	40.	South
    Mountain Resort▲	Lincoln,
    New Hampshire
	41.	Parkside
    Williamsburg Resort▲	Williamsburg,
    Virginia
	42.	Manhattan
    Club▲	New
    York, New York
	43.	Breckenridge
    at TradeWinds▲	St.
    Pete Beach, Florida
	44.	The
    Innsbruck▲+	Aspen,
    Colorado

+ Subject
to final written approval by Agent. 

▲ FBS
Projects

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