Document:

Exhibit 10.53 

 

OMNIBUS AMENDMENT No. 2

 

THIS OMNIBUS AMENDMENT
No. 2, dated as of February 7, 2012 (this “Amendment”), is entered into by and among the Transaction Parties
(defined below) and relates to the following transaction documents (the “Transaction Documents”): (1) the Purchase
and Contribution Agreement, dated as of December 22, 2010, by and between Bluegreen/Big Cedar Vacations, LLC (“BBCV”)
and BBCV Receivables-Q 2010 LLC (the “Seller”), as amended by that certain Omnibus Amendment, dated as of May
3, 2011, by and among the parties named therein (“Amendment No. 1”) (the “Purchase Agreement”),
(2) the Loan Sale and Servicing Agreement, dated as of December 22, 2010, by and among the Seller, Quorum Federal Credit Union
(the “Buyer”), Bluegreen Corporation, as servicer (“Servicer”), Vacation Trust, Inc. (“Club
Trustee”), Concord Servicing Corporation, as backup servicer (the “Backup Servicer”) and U.S. Bank
National Association, as custodian and paying Agent (“Custodian,” and together with BBCV, the Seller, the Buyer,
the Servicer, the Club Trustee and the Backup Servicer, the “Transaction Parties”), as amended by Amendment
No. 1, (the “Loan Sale Agreement”), (3) the Custodial Agreement, dated as of December 22, 2010, by and among
the Buyer, the Seller, the Custodian, the Backup Servicer and the Servicer, as amended by that certain First Amendment to Custodial
Agreement, dated as of May 3, 2011, by and among the parties named therein, and as further amended by Amendment No. 1, and (4)
the Backup Servicing Agreement, dated as of December 22, 2010, by and among the Backup Servicer, the Servicer, the Buyer and the
Custodian, as amended by Amendment No. 1.

 

RECITALS

 

WHEREAS, the
Transaction Parties desire to amend the Standard Definitions attached or incorporated into each of the Transaction Documents in
the manner set forth herein.

 

WHEREAS, the
Transaction Parties desire to amend Schedule I to each of the Purchase Agreement and the Loan Sale Agreement in the manner set
forth herein.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the Transaction Parties, intending to be legally bound hereby, agree as follows:

 

1.       Amendment
of Standard Definitions. The following definition shall replace the corresponding definition in the Standard Definitions:

 

““Resort”
shall mean, as the context shall require, the resort at which the Timeshare Property related to a Timeshare Loan is located and
may include the Resorts commonly known as Bluegreen Wilderness Club at Big Cedar, located in Ridgedale, Missouri, Long Creek Ranch
at Big Cedar, located in Ridgedale, Missouri or Paradise Point Resort, located in Hollister, Missouri.”

 

2.       Amendment
of Purchase Agreement and Loan Sale Agreement.

 

(a)       Item
(y) of Schedule I of the Purchase Agreement shall be amended by deleting the same in its entirety and replacing it as follows:

 

   “(y) the Timeshare
Loan relates to the Resorts commonly known as Bluegreen Wilderness Club at Big Cedar, located in Ridgedale, Missouri, Long Creek
Ranch at Big Cedar, located in Ridgedale, Missouri or Paradise Point Resort, located in Hollister, Missouri;”

 

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(b)      Item
(y) of Schedule I of the Loan Sale Agreement shall be amended by deleting the same in its entirety and replacing it as follows:

 

   “(y) the Timeshare
Loan relates to the Resorts commonly known as Bluegreen Wilderness Club at Big Cedar, located in Ridgedale, Missouri, Long Creek
Ranch at Big Cedar, located in Ridgedale, Missouri or Paradise Point Resort, located in Hollister, Missouri;”

 

3.       Acknowledgement.
In connection with the addition of the Paradise Point Resort pursuant to this Amendment, the Buyer hereby acknowledges and agrees
that no written opinion from local counsel shall be required relating to said Resort.

 

4.       Choice
of Law and Venue. This Amendment shall be construed in accordance with the internal laws of the State of New York.

 

5.       Binding
Effect. This Amendment shall inure to the benefit of and be binding upon the parties to this Amendment and their successors
and assigns.

 

6.       Counterpart
Execution. This Amendment may be executed in counterpart, and any number of copies of this Amendment which in the aggregate
have been executed by all parties to this Amendment shall constitute one original.

 

7.       Time
is of the Essence. Time is of the essence in the performance of the obligations in this Amendment.

 

8.       No
Third Party Beneficiary. No third party shall be a beneficiary hereof.

 

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IN WITNESS WHEREOF, the parties hereto
have executed this Amendment as of the date set forth above.

 

	BBCV:	 	BLUEGREEN/BIG CEDAR VACATIONS, LLC

 

	 	 	By:	/s/ Anthony M. Puleo
	 	 	 	Anthony M. Puleo, 
	 	 	 	Vice President and Treasurer

 

	THE BUYER:	 	QUORUM FEDERAL CREDIT UNION

 

	 	 	By:	/s/ Bruno Sementilli
	 	 	 	Bruno Sementilli, 
	 	 	 	President and CEO

 

	THE SELLER:	 	BBCV RECEIVABLES-Q 2010 LLC

 

	 	 	By:	/s/ Allan J. Herz
	 	 	 	Allan J. Herz 
	 	 	 	President and Assistant Treasurer

 

	THE SERVICER:	 	BLUEGREEN CORPORATION

 

	 	 	By:	/s/ Anthony M. Puleo
	 	 	 	Anthony M. Puleo 
	 	 	 	Senior Vice President, CFO & Treasurer

 

	THE BACKUP SERVICER:	 	CONCORD SERVICING CORPORATION

 

	 	 	By:	/s/ Mary-Jeanne Fincher
	 	 	 	
        Mary-Jeanne Fincher

        

	 	 	 	Vice President and General Counsel

 

	THE CUSTODIAN:	 	U.S. BANK NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Custodian and Paying Agent hereunder

 

	 	 	By:	/s/
	 	 	 	Printed Name: 
	 	 	 	Title:

 

	THE CLUB TRUSTEE:	 	VACATION TRUST, INC.,
	 	 	as Club Trustee

 

	 	 	By:	/s/ Tonya Wardak
	 	 	 	Tonya Wardak 
	 	 	 	Vice President, Treasurer and Secretary

 

[Signature Page to Omnibus Amendment No.
2]

 

    	 	3Exhibit 10.55

 

SECOND COMMITMENT AMENDMENT TO

LOAN SALE AND SERVICING AGREEMENT

 

THIS SECOND COMMITMENT
AMENDMENT TO LOAN SALE AND SERVICING AGREEMENT (this “Second Amendment”), dated as of January 31, 2013,
is entered into by and among BBCV Receivables-Q 2010 LLC, a Delaware limited liability company, as seller (the “Seller”),
Quorum Federal Credit Union, a federally chartered credit union, as buyer (the “Buyer”), Vacation Trust, Inc.,
a Florida Corporation, as Club Trustee (the “Club Trustee”), U.S. Bank National Association, a national banking
association, as custodian and paying agent (the “Custodian”), Bluegreen Corporation, a Massachusetts corporation,
as servicer (the “Servicer”), and Concord Servicing Corporation, an Arizona corporation, as backup servicer
(the “Backup Servicer”).

 

RECITALS

 

WHEREAS, the
Buyer, the Seller, the Servicer and the Backup Servicer have previously entered into that certain Loan Sale and Servicing Agreement,
dated as of December 22, 2010, as amended by that certain Omnibus Amendment, dated as of May 3, 2011 and that certain Omnibus Amendment
No. 2, dated as of February 7, 2012 and as further amended by that certain First Commitment Amendment, dated as of March 1, 2012
(as may be amended, supplemented or restated from time to time, the “Loan Sale and Servicing Agreement”).

 

WHEREAS, Standard
Definitions are attached to the Loan Sale and Servicing Agreement at Annex A (the “Standard Definitions”).

 

WHEREAS, the
parties hereto desire to modify the Loan Sale and Servicing Agreement as set forth in this Second Amendment.

 

WHEREAS, capitalized
terms used herein not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Sale and Servicing Agreement.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

1.         Amendment
of Standard Definitions.

 

(a)       The
following definitions shall replace the corresponding definition in the Standard Definitions:

 

“Commitment
Period” and “Commitment Purchase Period” shall mean the period commencing on January 31, 2013 and
continuing until March 31, 2014.

 

“Minimum Required
Amount” shall mean, during the Commitment Period, an amount which does not exceed $30,000,000.

 

“Reacquisition
Date” shall mean, with respect to the reacquisition of the First Aggregate Sale Date Loan Pool or the Second Aggregate
Sale Date Loan Pool, on or after the First Optional Reacquisition Date or the Second Optional Reacquisition Date, respectively,
the date fixed pursuant to Section 11.3 of this Agreement.

 

    	 		 

     

    

 

“Reacquisition
Price” shall mean, with respect to the First Aggregate Sale Date Loan Pool or the Second Aggregate Sale Date Loan Pool,
the sum of the Net Investment Amounts of all Sale Date Loan Pools comprising the First Aggregate Sale Date Loan Pool or the Second
Aggregate Sale Date Loan Pool, together with the Program Fee accrued and unpaid thereat at the applicable Program Fee Rate up to
and including the Reacquisition Date.

 

(b)       The
definition for Optional Reacquisition Date is hereby deleted in its entirety.

 

(c)       The
following definitions shall be added to the Standard Definitions:

 

“First Aggregate
Sale Date Loan Pool” shall mean, on any date of determination, all Timeshare Loans sold to the Buyer on each Sale Date
occurring prior to January 31, 2013.

 

“First Optional
Reacquisition Date” shall mean the first date on which the then current aggregate Net Investment Amounts in respect of
all Timeshare Loans in the First Aggregate Sale Date Loan Pool is less than or equal to fifteen percent (15%) of all of the original
aggregate Net Investment Amounts in respect of all of the Timeshare Loans sold in each Sale Date Loan Pool corresponding to the
First Aggregate Sale Date Loan Pool on the related Sale Date.

 

“Second Aggregate
Sale Date Loan Pool” shall mean, on any date of determination, all Timeshare Loans sold to the Buyer on each Sale Date
occurring after January 31, 2013.

 

“Second Optional
Reacquisition Date” shall mean the first date on which the then current aggregate Net Investment Amounts in respect of
all Timeshare Loans in the Second Aggregate Sale Date Loan Pool is less than or equal to fifteen percent (15%) of all of the original
aggregate Net Investment Amounts in respect of all of the Timeshare Loans sold in each Sale Date Loan Pool corresponding to the
Second Aggregate Sale Date Loan Pool on the related Sale Date.

 

2.         Section
11.1 of the Loan Sale and Servicing Agreement is hereby deleted in its entirety and replaced with the following:

 

SECTION 11.1. Clean-up Call;
Optional Reacquisition; Election to Reacquire.

 

    The initial Servicer
shall have the option to reacquire not less than all of the Timeshare Loans in the First Aggregate Sale Date Loan Pool or the Second
Aggregate Sale Date Loan Pool any date after the First Optional Reacquisition Date or the Second Optional Reacquisition Date, respectively,
by payment of an amount equal to the Reacquisition Price (unless amounts in the Trust Accounts are sufficient to make such payments).

 

3.         Section
11.2 of the Loan Sale and Servicing Agreement is hereby deleted in its entirety and replaced with the following:

 

SECTION 11.2. Notice
to Buyer.

 

    The Servicer shall give
written notice of its intention to reacquire the First Aggregate Sale Date Loan Pool or the Second Aggregate Sale Date Loan Pool
to the Buyer at least fifteen (15) days prior to the Reacquisition Date (unless a shorter period shall be satisfactory to the Buyer).

 

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4.         Section
11.3 of the Loan Sale and Servicing Agreement is hereby deleted in its entirety and replaced with the following:

 

SECTION
11.3. Notice of Reacquisition by the Servicer.

 

    Notices of reacquisition
shall be given by electronic transmission and by first class mail, postage prepaid, mailed not less than fifteen (15) days prior
to the Reacquisition Date, to the Buyer. All notices of reacquisition shall state (a) the Reacquisition Date, (b) the Reacquisition
Price, (c) that the First Aggregate Sale Date Loan Pool or the Second Aggregate Sale Date Loan Pool is being reacquired, (d) the
Timeshare Loans comprising the First Aggregate Sale Date Loan Pool or the Second Aggregate Sale Date Loan Pool and (e) that on
the Reacquisition Date, the Reacquisition Price shall become due and payable in respect of the reacquisition of the First Aggregate
Sale Date Loan Pool or the Second Aggregate Sale Date Loan Pool, as applicable, and that the Program Fee shall cease to accrue
if payment is made on the Reacquisition Date.

 

5.         Section
11.5 of the Loan Sale and Servicing Agreement is hereby deleted in its entirety and replaced with the following:

 

SECTION
11.5. Timeshare Loans on Reacquisition Date.

 

    Notice of reacquisition
having been given as provided in Section 11.2 hereof and deposit of the Reacquisition Price with the Buyer having been made as
provided in Section 11.4 hereof, the First Aggregate Sale Date Loan Pool or the Second Aggregate Sale Date Loan Pool being reacquired
shall on the Reacquisition Date, become due and payable at the Reacquisition Price, and, on such Reacquisition Date, the First
Aggregate Sale Date Loan Pool or the Second Aggregate Sale Date Loan Pool, as applicable, shall cease to accrue the Program Fee.
The Buyer shall apply all available funds in the Trust Accounts and the Buyer shall be paid any remaining portion of the Reacquisition
Price by the Servicer upon transfer of the First Aggregate Sale Date Loan Pool or the Second Aggregate Sale Date Loan Pool being
purchased by the Servicer or its designee. If the Servicer shall have failed to deposit the Reacquisition Price with the Buyer,
the principal and the Program Fee with respect to the First Aggregate Sale Date Loan Pool or the Second Aggregate Sale Date Loan
Pool, as applicable, shall, until paid, continue to accrue at the applicable Program Fee Rate. The Servicer’s failure to
deposit the Reacquisition Price shall not constitute a Purchase Termination Event hereunder.

 

6.         Choice
of Law and Venue. This Second Amendment shall be construed in accordance with the internal laws of the State of New York.

 

7.         Binding
Effect. This Second Amendment shall inure to the benefit of and be binding upon the parties to this Second Amendment and
their successors and assigns.

 

8.         Counterpart
Execution. This Second Amendment may be executed in counterpart, and any number of copies of this Second Amendment which
in the aggregate have been executed by all parties to this Second Amendment shall constitute one original.

 

9.         Time
is of the Essence. Time is of the essence in the performance of the obligations in this Second Amendment.

 

10.        No
Third Party Beneficiary. No third party shall be a beneficiary hereof.

 

[Signatures Appear on Next Page]

 

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IN WITNESS WHEREOF,
the parties hereto have executed this Second Amendment as of the date set forth above.

 

	THE BUYER:	QUORUM FEDERAL CREDIT UNION

 

	 	By:	/s/ Bruno Sementilli
	 	 	Bruno Sementilli, 
	 	 	President and CEO

 

	THE SELLER:	BBCV Receivables-Q 2010 LLC

 

	 	By:	/s/ Allan J. Herz
	 	 	Allan J. Herz 
	 	 	President and Assistant Treasurer

 

	THE SERVICER:	 	BLUEGREEN CORPORATION
	 	 	 
	 	By:	/s/ Anthony M. Puleo
	 	 	Anthony M. Puleo 
	 	 	 Senior Vice President, CFO & Treasurer

 

	THE BACKUP SERVICER:	CONCORD SERVICING CORPORATION

 

	 	By:	/s/ Mary-Jeanne Fincher
	 	 	Mary-Jeanne Fincher 
	 	 	
        Vice President and General Counsel

        

 

	THE CUSTODIAN:	
        U.S. BANK NATIONAL ASSOCIATION, not in its individual
        capacity         but solely as Custodian and Paying Agent hereunder

        

 

	 	By:	/s/ Michelle Moeller
	 	 	Printed Name: Michelle Moeller
	 	 	Title: Vice President

 

	THE CLUB TRUSTEE:	VACATION TRUST, INC.,
	 	as Club Trustee

 

	 	By:	/s/ Tonya Wardak
	 	 	Tonya Wardak 
	 	 	
        Vice President, Treasurer and Secretary

        

 

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