Document:

Exhibit 4.2

 

THIS WARRANT WAS ORIGINALLY ISSUED
ON SEPTEMBER 11, 2012, AND SUCH ISSUANCE WAS NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE
SECURITIES LAWS. NEITHER THIS WARRANT NOR ANY OF THE SECURITIES ISSUABLE ON EXERCISE HEREOF MAY BE SOLD, ASSIGNED, TRANSFERRED,
PLEDGED OR OTHERWISE DISPOSED OF UNLESS THE SAME IS REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS OR UNLESS AN
EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE AND THE COMPANY HAS RECEIVED EVIDENCE OF SUCH EXEMPTION REASONABLY SATISFACTORY TO
IT.

COVER-ALL TECHNOLOGIES INC.

STOCK PURCHASE WARRANT

	 	 
	Date of Issuance: September 11, 2012	Certificate No. W-___

 

FOR VALUE RECEIVED, COVER-ALL TECHNOLOGIES
INC., a Delaware corporation (the “Company”), hereby grants to MONARCH CAPITAL GROUP, LLC, a [●] company,
or its registered successors and/or assigns (individually and collectively, the “Registered Holder”) the right
to purchase from the Company ___________ shares (the “Warrant Quantity”) of its Common Stock (defined below),
at $1.48 per share. Certain capitalized terms used in this Warrant are defined in Section 1 of this Warrant. The amount and kind
of securities obtainable pursuant to the rights granted under this Warrant and the purchase price for such securities are subject
to adjustment pursuant to the provisions contained in this Warrant.

 

This Warrant is one
of a series of Warrants, with an aggregate Warrant Quantity of 42,000 shares, issued pursuant to the engagement letter, dated June
25, 2012, between the Company and Monarch Capital Group, LLC.

This Warrant is subject
to the following provisions:

SECTION
1.                  
DEFINITIONS.   The following terms have the meanings set forth below:

“Additional Shares
of Common Stock” means all shares (including treasury shares) of Common Stock issued or sold (or deemed to be issued
or sold) by the Company after the Date of Issuance, whether or not subsequently reacquired or retired by the Company, other than:

(a)shares issued
upon the exercise of this Warrant;

(b)such number
of additional shares as may become issuable upon the exercise of this Warrant by reason of adjustments required pursuant to the
anti-dilution provisions applicable to this Warrant as in effect on the Date of Issuance;

(c)shares, warrants,
options and other securities issued by the Company at any time to the Registered Holder or any affiliate of the Registered Holder;

(d)in connection
with an Approved Share Plan; and

(e)shares issuable
upon exercise of (x) the warrant to Imperium Commercial Finance Master Fund LP and/or its registered successors and/or assigns,
dated the Date of Issuance, substantially in the form attached to this Warrant as Exhibit 1 (the “Imperium Warrant”),
and (y) the warrant to Robert Nathan and/or his registered successors and /or assigns, dated the Date of Issuance, substantially
in the form attached to this Warrant as Exhibit II (the “Nathan Warrant”).

“Aggregate
Exercise Price” shall have the meaning as set forth in Section 2B(i)(d)(1) below.

“Anti-Dilution
Trigger Price” means the lower of (a) the Exercise Price or (b) the Current Market Price in effect immediately prior
to an issue or sale that is described in Section 3 of this Warrant.

“Approved
Share Plan” means any employee benefit plan that has been approved by the Company’s board of directors,
pursuant to which the Company’s equity securities may be issued to any employee, officer, consultant or director for services
provided to the Company.

“Business
Day” means any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed in
the State of New York.

“Change of
Control” means with respect to the Company on or after the Date of Issuance, that any direct or indirect change in the
composition of the Company’s stockholders, of record or beneficially, as of the Date of Issuance shall occur that would result
in any stockholder or group acquiring 50.1% or more of any class of stock of the Company, or that any Person (or group of Persons
acting in concert) shall otherwise acquire, directly or indirectly (including through affiliates), the power to elect a majority
of the Board of Directors of the Company or otherwise direct the management or affairs of the Company by obtaining proxies, entering
into voting agreements or trusts, acquiring securities or otherwise.

“Commission”
means the Securities and Exchange Commission or any other federal agency then administering the Securities Act and other federal
securities laws.

“Common Stock”
means the Company’s common stock, par value $0.01 per share and any other stock into which such common stock shall have been
changed or any stock resulting from any reclassification of such common stock, and all other stock of any class or classes (however
designated) of the Company the holders of which have the right, without limitation as to amount, either to all or to a share of
the balance of current dividends and liquidating dividends after the payment of dividends and distributions on any shares entitled
to preference.

“Convertible
Securities” means any evidences of indebtedness, shares of stock (other than Common Stock) or other securities directly
or indirectly convertible into or exchangeable for shares of Common Stock.

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“Current Market
Price” means, on any date specified herein, the average of the daily Market Price during the twenty (20) consecutive
trading days immediately preceding such date, except that, if on any such date the shares of Common Stock are not listed or admitted
for trading on any national securities exchange or quoted in the over-the-counter market, the Current Market Price shall be the
Market Price on such date.

“Date of Issuance”
means the date the Company initially issues this Warrant as set forth above.

“Demanding
Security Holders” shall have the meaning as set forth in Section 5A below.

“Discontinuation
Event” shall have the meaning as set forth in Section 5B(v) below.

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any similar federal statute, and the rules and regulations
of the Commission thereunder, all as the same shall be in effect from time to time.

“Exercise
Price” shall have the meaning as set forth in the first paragraph.

“Exercise
Time” shall have the meaning as set forth in Section 2B below.

“Fair Value”
means, on any date specified herein (i) in the case of cash, the dollar amount thereof, (ii) in the case of a security, the Current
Market Price, (iii) if neither (i) nor (ii) is applicable and the Registered Holder of the Imperium Warrant provides timely
notice of its disagreement with determination, then Fair Value as determined by an appraiser in accordance with clause (iii) of
the definition of “Fair Value” of the Imperium Warrant or as otherwise agreed by the Registered Holder of the Imperium
Warrant (which agreement shall be binding and conclusive upon the holder hereof), and (iv) in all other cases, the fair value thereof
(as of a date which is within twenty (20) days of the date as of which the determination is to be made) determined in good faith
by the Company; provided that if the Registered Holder provide written notice to the Company that it does not agree with the Company’s
determination of Fair Value within a reasonable period of time after receipt of such valuation and the documentation on which it
is based, such Fair Value shall be determined by an appraiser jointly selected by the Company and the Registered Holder or, if
that selection cannot be made within ten (10) days, by an appraiser selected by the American Arbitration Association in accordance
with its rules. The determination of such appraiser shall be final and binding on the Company and the Registered Holder, and the
fees and expenses of such appraiser shall be paid by the Company.

“First Exercise
Date” means the earliest of; (a) the date when the Current Market Price exceeds the Exercise Price multiplied by 2, (b)
the date of a Change of Control transaction or (c) the third anniversary of the Date of Issuance.

“Market Price”
means as to any security, the closing price of such security’s sales on the principal exchange on which such security may
at the time be listed, or, if there have been no sales on any such exchange on any day, the average of the highest reported bid
and lowest asked prices on such exchange at the end of such day, or, if on any day such security is not so listed, the

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average of the reported bid and asked
prices quoted in the NASDAQ System as of 4:00 P.M., New York time, on such day, or, if on any day such security is not quoted in
the NASDAQ System, the average of the highest bid and lowest asked prices on such day in the domestic over-the-counter market as
reported by the National Quotation Bureau, Incorporated, or any similar successor organization, in each such case averaged over
a period of twenty-one (21) days consisting of the day as of which “Market Price” is being determined and the twenty
(20) consecutive Business Days prior to such day; but if such security is listed on a domestic securities exchange the term “Business
Days” as used in this sentence means Business Days on which the principal exchange is open for trading. If at any time such
security is not listed on any domestic securities exchange or quoted in the NASDAQ System or the domestic over-the-counter market,
the “Market Price” shall be the Fair Value thereof.

“Options”
means any rights, options or warrants to subscribe for, purchase or otherwise acquire either Additional Shares of Common Stock
or Convertible Securities.

“Other Securities”
means any stock (other than Common Stock) and other securities of the Company or any other Person (corporate or otherwise) which
the holders of this Warrant at any time shall be entitled to receive, or shall have received, upon the exercise of this Warrant,
in lieu of or in addition to Common Stock, or which at any time shall be issuable or shall have been issued in exchange for or
in replacement of Common Stock or Convertible Securities.

“Person”
means an individual, a partnership, a joint venture, a corporation, a limited liability company, a trust, an unincorporated organization
and a government or any department or agency thereof.

“Purchase
Rights” shall have the meaning as set forth in Section 4 below.

“Registrable
Securities” means (i) any of the shares of Common Stock issuable upon the exercise of this Warrant and (ii) any shares
of Common Stock issued or to be issued with respect to the Common Stock issuable upon the exercise of this Warrant by way of a
stock dividend or stock split. As to any particular Registrable Security, such security will cease to be a Registrable Security
when it (A) has been effectively registered under the Securities Act and disposed of in accordance with the registration statement
covering such security, (B) has been transferred through a broker-dealer in an open market transaction pursuant to Rule 144 (or
any similar provision then in force) or (C) is eligible for sale pursuant to Rule 144(b) (or any similar provision then in force).

“Securities
Act” means the Securities Act of 1933, as amended, or any similar federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect at the time.

“Warrants”
shall have the meaning as set forth in Section 8 below.

 

SECTION
2.                  
EXERCISE OF WARRANT.

2A.            
Exercise Period and Elective Exercise. A Registered Holder may exercise, in whole or in part (but not as to a fractional
share of Common Stock), the purchase rights represented by this

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Warrant at any
time and from time to time after the First Exercise Date until 5:00 p.m., Eastern Time, on the fifth (5th) anniversary
of the Date of Issuance (the “Exercise Period”).

2B.            
Forced Exercise. Notwithstanding anything to the contrary contained in Section 2A, from and after the Date of Issuance,
the Company shall be entitled to force the exercise of the Warrant by providing not less than thirty (30) days prior written notice
to the Registered Holder (the “Forced Exercise Notice”), provided, however, that
the Registered Holder shall not be forced to exercise such purchase rights at any time when the Current Market Price of a share
of Common Stock of the Company on the date of the Forced Exercise Notice is lower than three (3) times the Exercise Price.

2C.            
Exercise Procedure.

(i)                 
This Warrant shall be deemed to have been exercised when the Company has received all of the following items (the “Exercise
Time”):

(a)               
a completed Exercise Agreement, as described in Section 2D below and in the form set forth in Exhibit I hereto, executed
by the Person exercising all or part of the purchase rights represented by this Warrant (the “Purchaser”);

(b)              
this Warrant;

(c)               
if this Warrant is not registered in the name of the Purchaser, an Assignment or Assignments in the form set forth in Exhibit
II hereto evidencing the assignment of this Warrant to the Purchaser together with such reasonably requested supporting documentation
and/or information relating thereto, if any, as the Company has theretofore requested; and

(d)              
either (1) a check payable to the Company in an amount equal to the product of the Exercise Price multiplied by the number
of shares of Common Stock being purchased upon such exercise (the “Aggregate Exercise Price”) or (2) a written
notice to the Company that the Purchaser is executing a cashless exercise of the Warrant (or a portion thereof) by authorizing
the Company to withhold from issuance the number of shares of Common Stock issuable upon such exercise of the Warrant that, when
multiplied by the Current Market Price of the Common Stock, is equal to the Aggregate Exercise Price (and such withheld shares
shall no longer be issuable under this Warrant).

(ii)               
Certificates for shares of Common Stock purchased upon exercise of this Warrant shall be delivered by the Company to the
Purchaser within ten (10) Business Days after the date of the Exercise Time. Unless this Warrant has expired or all of the purchase
rights represented hereby have been exercised, the Company shall prepare a new Warrant, substantially identical to this Warrant,
representing the rights formerly represented by this Warrant which have not expired or been exercised and shall, within such ten
(10) Business Day period, deliver such new Warrant to the Registered Holder.

(iii)              
The Common Stock issuable upon the exercise of this Warrant shall be deemed to have been issued to the Purchaser at the
Exercise Time, and the Purchaser shall be

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deemed for all
purposes to have become the record holder of such Common Stock at the Exercise Time, but if the Company shall have notified the
Purchaser, in writing, that additional documentation and/or information is required to effect the exercise of this Warrant, for
the purpose of Section 2B(i)(c), the “Exercise Time” shall be the time when the Company receives such documentation
and/or information.

(iv)             
The issuance of certificates for shares of Common Stock on exercise of this Warrant shall be made without charge to the
Registered Holder or the Purchaser for any issuance tax in respect thereof or other cost incurred by the Company in connection
with such exercise and the related issuance of shares of Common Stock. Each share of Common Stock issuable upon exercise of this
Warrant shall, on payment of the Exercise Price therefor, be fully paid and non-assessable and free from all taxes, liens and charges
with respect to the issuance thereof.

(v)               
The Company shall not close its books against the transfer of this Warrant or of any share of Common Stock issued or issuable
upon the exercise of this Warrant in any manner which interferes with the timely exercise of this Warrant. The Company shall from
time to time take all such action as may be necessary to assure that the par value per share of the unissued Common Stock acquirable
on exercise of this Warrant is at all times equal to or less than the Exercise Price then in effect.

(vi)             
The Company shall assist and cooperate with any Registered Holder or Purchaser, at the Registered Holder’s or Purchaser’s
expense, except as provided herein, required to make any governmental filings or obtain any governmental approvals prior to or
in connection with any exercise of this Warrant (including, without limitation, making any filings required to be made by the Company).

(vii)            
Notwithstanding any other provision hereof, if an exercise of any portion of this Warrant is to be made in connection with
a registered public offering or the sale of the Company, the exercise of any portion of this Warrant may, at the election of a
Registered Holder hereof, be conditioned on the consummation of the public offering or sale of the Company in which case such exercise
shall not be deemed to be effective until the consummation of such transaction.

(viii)          
The Company shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock solely
for the purpose of issuance on the exercise of the Warrants, such number of shares of Common Stock issuable upon the exercise of
all outstanding Warrants. The Company shall take all such actions as may be necessary to assure that all such shares of Common
Stock may be so issued without violation of any applicable law or governmental regulation or any requirements of any domestic securities
exchange on which shares of Common Stock may be listed (except for official notice of issuance which shall be immediately delivered
by the Company upon each such issuance). The Company shall not take any action which would cause the number of authorized but unissued
shares of Common Stock to be less than the number of such shares required to be reserved hereunder for issuance on exercise of
the Warrants.

(ix)             
On any exercise of this Warrant, the Company may require customary investment representations from a Registered Holder and
the Purchaser to assure that the issuance of the Common Stock hereunder shall not require registration or qualification under the
Securities Act

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or any applicable
state securities laws and such Registered Holder or the Purchaser, as the case may be, agrees promptly to provide such investment
representations to the Company.

2D.            
Exercise
Agreement. On any exercise of
this Warrant, the Exercise Agreement shall be substantially in the form set forth in Exhibit I hereto, except that if the
shares of Common Stock are not to be issued in the name of the Registered Holder or Purchaser, the Exercise Agreement shall also
state the name of Registered Holder or Purchaser, and if the number of shares of Common Stock to be issued does not include all
the shares of Common Stock purchasable hereunder, it shall also state the name of the Registered Holder or Purchaser for the unexercised
portion of the rights hereunder is to be delivered. Such Exercise Agreement shall be dated the actual date of execution thereof.

2E.            
Fractional
Shares. If a fractional share
of Common Stock would, but for the provisions of paragraph 2A, be issuable upon exercise of the rights represented by this Warrant,
the Company shall, within ten (10) Business Days after the date of the Exercise Time, deliver to the Purchaser a check payable
to the Purchaser in lieu of such fractional share in an amount equal to the difference between Current Market Price of such fractional
share as of the date of the Exercise Time and the Exercise Price of such fractional share.

SECTION
3.                  
ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF SHARES. In order to prevent dilution of the rights granted under this Warrant,
the Warrant Quantity and Exercise Price shall be subject to adjustment from time to time as provided in this Section 3.

3A.            
Adjustment
of Number of Shares and Exercise Price on Certain Issuances. If the Company, at
any time or from time to time after the date hereof, shall issue or sell Additional Shares of Common Stock (including Additional
Shares of Common Stock deemed to be issued pursuant to Section 3B and 3C below) without consideration or for consideration per
share less than the Anti-Dilution Trigger Price, then, in each such case, the Warrant Quantity shall be increased, and the Exercise
Price shall be simultaneously and proportionately decreased, concurrently with such issue or sale, to an amount determined by multiplying
such Warrant Quantity by a fraction:

(i)                 
the numerator of which shall be the number of shares of Common Stock outstanding immediately after such issue or sale, provided
that, for the purposes of this Section 3A(i), (x) immediately after any Additional Shares of Common Stock are deemed to have
been issued pursuant to Section 3B, such Additional Shares shall be deemed to be outstanding, and (y) treasury shares shall not
be deemed to be outstanding, and

(ii)               
the denominator of which shall be the sum of (x) the number of shares of Common Stock outstanding immediately prior
to such issue or sale plus (y) the number of shares of Common Stock which the aggregate consideration received by the Company
for the total number of such Additional Shares of Common Stock so issued or sold would purchase at the Anti-Dilution Trigger Price
(before giving effect to the adjustment pursuant to this section 3A).

(iii)              
The determination of Additional Shares of Common Stock is set forth below in this Section 3.

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3B.            
Treatment of Options and Convertible Securities. If the Company at any time or from time to time after the Date of
Issuance shall issue, sell, grant or assume, or shall fix a record date for the determination of holders of any class of securities
of the Company entitled to receive, any Options or Convertible Securities (whether or not the rights thereunder are immediately
exercisable), then, and in each such case, the maximum number of Additional Shares of Common Stock (as set forth in the instrument
relating thereto, without regard to any provisions contained therein for a subsequent adjustment of such number) issuable upon
the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such
Convertible Securities, shall be deemed to be Additional Shares of Common Stock issued as of the time of such issue, sale, grant
or assumption or, in case such a record date shall have been fixed, as of the close of business on such record date (or, if the
Common Stock trades on an ex-dividend basis, on the date prior to the commencement of ex-dividend trading), provided, that,
such Additional Shares of Common Stock shall not be deemed to have been issued unless the consideration per share (determined pursuant
to Section 3D) of such shares would be less than the Anti-Dilution Trigger Price in effect on the date of and immediately
prior to such issue, sale, grant or assumption or immediately prior to the close of business on such record date (or, if the Common
Stock trades on an ex-dividend basis, on the date prior to the commencement of ex-dividend trading), as the case may be, and provided,
further, that in any such case in which Additional Shares of Common Stock are deemed to be issued:

(i)                 
whether or not the Additional Shares of Common Stock underlying such Options or Convertible Securities are deemed to be
issued, no further adjustment of the Warrant Quantity shall be made on the subsequent issue or sale of Convertible Securities or
shares of Common Stock on the exercise of such Options or the conversion or exchange of such Convertible Securities, except in
the case of any such Options or Convertible Securities which contain provisions requiring an adjustment, subsequent to the date
of the issue or sale thereof, of the number of Additional Shares of Common Stock issuable upon the exercise of such Options or
the conversion or exchange of such Convertible Securities by reason of (x) a change of control of the Company, (y) the acquisition
by any Person or group of Persons of any specified number or percentage of the voting securities of the Company or (z) any similar
event or occurrence, each such case to be deemed hereunder to involve a separate issuance of Additional Shares of Common Stock,
Options or Convertible Securities, as the case may be;

(ii)               
if such Options or Convertible Securities by their terms provide, with the passage of time or otherwise, for any increase
in the consideration payable to the Company, or decrease in the number of Additional Shares of Common Stock issuable, on the exercise,
conversion or exchange thereof (by change of rate or otherwise), the Warrant Quantity computed on the original issue, sale, grant
or assumption thereof (or on the occurrence of the record date, or date prior to the commencement of ex-dividend trading, as the
case may be, with respect thereto), and any subsequent adjustments based thereon, shall, on any such increase or decrease becoming
effective, be recomputed to reflect such increase or decrease insofar as it affects such Options, or the rights of conversion or
exchange under such Convertible Securities, which are outstanding at such time;

(iii)              
on the expiration (or purchase by the Company and cancellation or retirement) of any such Options which shall not have been
exercised or the expiration of any rights of conversion or exchange under any such Convertible Securities which (or purchase by
the Company

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and cancellation
or retirement of any such Convertible Securities the rights of conversion or exchange under which) shall not have been exercised,
the Warrant Quantity computed upon the original issue, sale, grant or assumption thereof (or on the occurrence of the record date,
or date prior to the commencement of ex-dividend trading, as the case may be, with respect thereto), and any subsequent adjustments
based thereon, shall, on such expiration (or such cancellation or retirement, as the case may be), be recomputed as if:

(a)               
in the case of Options for Common Stock or Convertible Securities, the only Additional Shares of Common Stock issued or
sold were the Additional Shares of Common Stock, if any, actually issued or sold upon the exercise of such Options or the conversion
or exchange of such Convertible Securities and the consideration received therefor was the consideration actually received by the
Company for the issue, sale, grant or assumption of all such Options, whether or not exercised, plus the consideration actually
received by the Company upon such exercise, or for the issue or sale of all such Convertible Securities which were actually converted
or exchanged, plus the additional consideration, if any, actually received by the Company upon such conversion or exchange, and

(b)              
in the case of Options for Convertible Securities, only the Convertible Securities, if any, actually issued or sold upon
the exercise of such Options were issued at the time of the issue or sale, grant or assumption of such Options, and the consideration
received by the Company for the Additional Shares of Common Stock deemed to have then been issued was the consideration actually
received by the Company for the issue, sale, grant or assumption of all such Options, whether or not exercised, plus the consideration
deemed to have been received by the Company (pursuant to Section 3D) on the issue or sale of such Convertible Securities with
respect to which such Options were actually exercised;

(iv)             
no readjustment pursuant to subdivision (ii) or (iii) above shall have the effect of decreasing the Warrant Quantity
by an amount in excess of the amount of the adjustment thereof originally made in respect of the issue, sale, grant or assumption
of such Options or Convertible Securities; and

(v)               
in the case of any such Options which expire by their terms not more than thirty (30) days after the date of issue, sale,
grant or assumption thereof, no adjustment of the Warrant Quantity shall be made until the expiration or exercise of all such Options,
whereupon such adjustment shall be made in the manner provided in subdivision (iii) above.

3C.            
Stock Dividends, Splits, etc. If the Company at any time or from time to time after the date hereof shall declare
or pay any dividend on the Common Stock payable in Common Stock, or shall effect a subdivision of the outstanding shares of Common
Stock into a greater number of shares of Common Stock (by reclassification or otherwise than by payment of a dividend in Common
Stock), then, and in each such case, Additional Shares of Common Stock shall be deemed to have been issued (a) in the case
of any such dividend, immediately after the close of business on the record date for the determination of holders of any class
of securities entitled to receive such dividend, or (b) in the case of any such subdivision, at the close of business on the
day immediately prior to the day on which such corporate action becomes effective.

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3D.            
Computation of Consideration. For the purposes of this Section 3, the consideration for the issue or sale of
any Additional Shares of Common Stock shall, irrespective of the accounting treatment of such consideration,

(i)                 
insofar as it consists of cash, be computed at the amount of cash received by the Company, without deducting any expenses
paid or incurred by the Company or any commissions or compensations paid or concessions or discounts allowed to underwriters, dealers
or others performing similar services in connection with such issue or sale,

(ii)               
insofar as it consists of property (including securities) other than cash, be computed at the Fair Value thereof at the
time of such issue or sale, and

(iii)              
in case Additional Shares of Common Stock are issued or sold together with other stock or securities or other assets of
the Company for a consideration which covers both, the portion of such consideration so received, computed as provided in clauses
(i) and (ii) above, allocable to such Additional Shares of Common Stock, such allocation to be determined in the same
manner that the Fair Value of property not consisting of cash or securities, is to be determined as provided in the definition
of Fair Value in this Warrant;

(iv)             
Additional Shares of Common Stock deemed to have been issued pursuant to Section 3B, relating to Options and Convertible
Securities, shall be deemed to have been issued for a consideration per share determined by dividing:

(a)               
the total amount, if any, received and receivable by the Company as consideration for the issue, sale, grant or assumption
of the Options or Convertible Securities in question, plus the minimum aggregate amount of additional consideration (as set forth
in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration)
payable to the Company upon the exercise in full of such Options or the conversion or exchange of such Convertible Securities or,
in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or
exchange of such Convertible Securities, in each case computing such consideration as provided in this subsection (a)

by

(b)              
the maximum number of shares of Common Stock (as set forth in the instruments relating thereto, without regard to any provision
contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange
of such Convertible Securities; and

(v)               
Additional Shares of Common Stock deemed to have been issued pursuant to Section 3C, relating to stock dividends, stock
splits, etc., shall be deemed to have been issued for no consideration.

3E.             
Adjustments for Combinations, etc. In case the outstanding shares of Common Stock shall be combined or consolidated,
by reclassification or otherwise, into a lesser number of shares of Common Stock, the Warrant Quantity in effect immediately prior
to such combination or

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consolidation
shall, concurrently with the effectiveness of such combination or consolidation, be proportionately decreased (with a corresponding
increase to the Exercise Price).

3F.             
Dilution in Case of Other Securities. In case any Other Securities shall be issued or sold or shall become subject
to issue or sale upon the conversion or exchange of any stock (or Other Securities) of the Company (or any issuer of Other Securities
or any other Person referred to in Section 1) or to subscription, purchase or other acquisition pursuant to any Options issued
or granted by the Company (or any such other issuer or Person) for a consideration such as to dilute, on a basis consistent with
the standards established in the other provisions of this Section 3, the purchase rights granted by this Warrant, then, and
in each such case, the computations, adjustments and readjustments provided for in this Section 3 with respect to the Warrant
Quantity shall be made as nearly as possible in the manner so provided and applied to determine the amount of Other Securities
from time to time receivable on the exercise of this Warrant, so as to protect the Registered Holder of this Warrant against the
effect of such dilution.

3G.            
De Minimis Adjustments. If the amount of any adjustment of the Warrant Quantity required pursuant to this Section 3
would be less than one-half of one (0.5%) percent of the Warrant Quantity in effect at the time such adjustment is otherwise so
required to be made, such amount shall be carried forward and adjustment with respect thereto made at the time of and together
with any subsequent adjustment which, together with such amount and any other amount or amounts so carried forward, shall aggregate
a change in the Warrant Quantity of at least one-half of one (0.5%) percent of such Warrant Quantity. All calculations under this
Warrant shall be made to the nearest 1/10 of a share.

3H.            
Abandoned Dividend or Distribution. If the Company shall take a record of the holders of its Common Stock for the
purpose of entitling them to receive a dividend or other distribution (which results in an adjustment to the Warrant Quantity under
the terms of this Warrant) and shall, thereafter, and before such dividend or distribution is paid or delivered to stockholders
entitled thereto, legally abandon its plan to pay or deliver such dividend or distribution, then any adjustment made to the Warrant
Quantity (and Exercise Price) by reason of the taking of such record shall be reversed, and any subsequent adjustments, based thereon,
shall be recomputed.

3I.               
Reorganization, Reclassification, Consolidation, Merger or Sale. Any recapitalization, reorganization, reclassification,
consolidation, merger or sale of all or substantially all of the Company’s assets or other transaction, in each case which
is effected in such a way that the holders of Common Stock are entitled to receive (either directly or upon subsequent liquidation)
stock, securities or assets with respect to or in exchange for Common Stock is referred to herein as an “Organic Change”.
Prior to the consummation of any Organic Change, the Company shall make appropriate provision (in form and substance satisfactory
to the Registered Holder of the Warrants representing a majority of the Common Stock obtainable upon exercise of all Warrants then
outstanding) to insure that the Registered Holder of the Warrants shall thereafter have the right to acquire and receive, in lieu
of or in addition to (as the case may be) the shares of Common Stock immediately theretofore acquirable and receivable on the exercise
of such Registered Holder’s Warrant, such shares of stock, securities or assets as would have been issued or payable in such
Organic Change (if the Registered Holder had exercised this Warrant immediately prior to such Organic Change) with respect to or
in exchange for the number of shares of Common Stock

11

immediately
theretofore acquirable and receivable on exercise of such Registered Holder’s Warrant had such Organic Change not taken place.
In any such case, the Company shall make provision (in form and substance commercially reasonably satisfactory to the Registered
Holder) with respect to such Registered Holder’s’ rights and interests to insure that the provisions of this Section
3 and Section 4 hereof shall thereafter apply to the Warrants. The Company shall not effect any such consolidation, merger or sale,
unless prior to the consummation thereof, the successor entity (if other than the Company) resulting from consolidation or merger
or the entity purchasing such assets assumes by written instrument (in form and substance commercially reasonably satisfactory
to the Registered Holder), the obligation to deliver to each such Registered Holder such shares of stock, securities or assets
as, in accordance with the foregoing provisions, such Registered Holder may be entitled to acquire.

3J.           
Certain Events. If any event occurs
of the type contemplated by the provisions of this Section 3 but not expressly provided for by such provisions (including, without
limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features unless granted
under an Approved Share Plan), then the Company’s board of directors shall make an appropriate adjustment in the Warrant
Quantity and Exercise Price so as to protect the rights of the Registered Holder of the Warrants; provided that no
such adjustment shall decrease the number of shares of Common Stock obtainable as otherwise determined pursuant to this Section
3.

3K.           
Notices.

(i)                 
Immediately upon any adjustment of the Warrant Quantity, the Company shall give written notice thereof to the Registered
Holder, setting forth in reasonable detail and certifying the calculation of such adjustment.

(ii)               
The Company shall give written notice to the Registered Holder at least twenty (20) days prior to the date on which the
Company closes its books or takes a record (A) with respect to any pro rata subscription offer to holders of Common Stock or (B)
for determining rights to vote with respect to any Organic Change, dissolution or liquidation.

SECTION
4.                  
PURCHASE RIGHTS.   If at any time the Company issues or sells any Options, Convertible Securities or rights to purchase stock,
warrants or equity securities pro rata to the record holders of any class of Common Stock (the “Purchase Rights”),
then the Registered Holder of this Warrant shall be entitled to acquire, on the terms applicable to such Purchase Rights, the aggregate
Purchase Rights which such Registered Holder could have acquired if such Registered Holder had held the number of shares of Common
Stock acquirable upon complete exercise of this Warrant immediately before the date on which a record is taken for the grant, issuance
or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Stock are to
be determined for the grant, issue or sale of such Purchase Rights; provided that such Registered Holder provides the Company
with written notice of its election to acquire such Purchase Rights within five (5) Business Days of receipt of notice thereof
by the Company.

SECTION
5.                  
REGISTRATION RIGHTS

5A.            
Piggyback Registration Rights. Until such time as the Registrable Securities may be sold in accordance with Rule
144(b) of the Commission under the Securities Act, if the Company at

12

any time proposes
to file on its behalf and/or on behalf of any of its security holders (the “Demanding Security Holders”) a registration
statement under the Securities Act on any form (other than a registration statement on Form S-4 or S-8 or any successor form or
to the Company’s employees pursuant to any employee benefit plan, respectively) for the general registration of securities
to be sold for cash with respect to the Common Stock, it will give written notice to the Registered Holder at least ten (10) days
before the initial filing with the Commission of the registration statement (or, in the case of a registration statement that has
already been filed with the Commission but has not yet been declared effective, within ten (10) days before the anticipated effective
date of the registration statement), which notice shall set forth the intended method of disposition of the securities that the
Company proposes to register. The notice shall offer to include in such filing the aggregate number of Registrable Securities as
the Registered Holder may request. Nothing in this Section 5A shall preclude the Company from discontinuing the registration of
its securities being effected on its behalf under this Section 5A at any time and for any reason before the effective date of the
registration relating thereto; but, in that event, the Company shall notify the Registered Holder of such discontinuation of the
registration.

The Registered Holder
desiring to have Registrable Securities registered under this Section 5A shall advise the Company in writing within five (5) days
after the date of receipt of such offer from the Company, setting forth the amount of Registrable Securities for which registration
is being requested. The Company shall thereupon include in such filing the number of shares of Registrable Securities for which
registration is so requested, subject to the next sentence. If the managing underwriter or underwriters of the proposed public
offering shall advise the Company in writing that, in their good faith opinion, the number of Registrable Securities to be included
in such registration would materially and adversely affect the marketing or price of such securities to be sold, the Company will
allocate the securities to be included in such registration in accordance with the following priority: (a) first, the securities
to be included in such registration by the Company or the holder or holders initiating the registration and (b) next, the Registrable
Securities requested to be included in such registration by the Registered Holder. Except as otherwise provided in Section 5D,
the Company shall bear all expenses of such registration.

If any registration
pursuant to this Section 5A is underwritten, the Company will select investment banker(s) and manager(s) and make other decisions
regarding the underwriting arrangements for the offering.

Unless otherwise consented
to in writing by the managing underwriter or underwriters, neither the Company nor any holder of Registrable Securities will effect
any public sale or distribution of its Common Stock or its Convertible Securities during the ten (10) day period before, and during
the one hundred eighty (180) day period beginning on the closing date of each underwritten offering by the Company made pursuant
to a registration statement filed pursuant to this Section 5A (except as part of such underwritten registration) plus the extension
period that is requested by the managing underwriter or underwriters to address FINRA regulations regarding the publication of
research whether or not the holder participates in such registration; and, except as may be required under agreements that the
Company enters into before the date hereof, the Company shall cause each holder of its privately placed Common Stock or Convertible
Securities issued by it at any time on or after the date of this Warrant to agree not to effect any public sale or distribution
of

13

any such securities
during such period, including a sale pursuant to Rule 144 or Rule 144A of the Commission under the Securities Act.

5B.            
Registration Procedures. The Company shall use its commercially reasonable efforts to effect the registration of
any of its Registrable Securities under the Securities Act, to complete the following as expeditiously as possible:

(i)                 
prepare and file with the Commission such amendments and supplements to the registration statement and the prospectus used
in connection therewith as may be necessary to keep the registration statement effective and to comply with the provisions of the
Securities Act with respect to the sale or other disposition of all securities covered by the registration statement during the
Effectiveness Period;

(ii)               
furnish to such selling security holders such number of copies of a summary prospectus or other prospectus, including a
preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents, as such selling security
holders may reasonably request;

(iii)              
register or qualify the securities covered by the registration statement under such other securities or blue sky laws of
such jurisdictions as each holder of such securities shall request (but, the Company shall not be obligated to qualify as a foreign
corporation to do business under the laws of any jurisdiction in which it is not then qualified or to file any general consent
to service or process or to subject itself to taxation in any jurisdiction), and do such other reasonable acts and things as may
be required of it to enable such security holder to consummate the disposition in such jurisdiction of the securities covered by
the registration statement;

(iv)             
cause the securities covered by the registration statement to be registered with or approved by such other governmental
agencies or authorities as may be necessary to enable such security holder to consummate the disposition of the securities covered
by the registration statement;

(v)               
notify each security holder of any securities covered by the registration statement, promptly at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, of the occurrence of a Discontinuation Event (as defined
below) and the Registered Holder agrees by its acquisition of such Registrable Securities that, on receipt of a notice from the
Company of the occurrence of a Discontinuation Event, such Registered Holder will forthwith discontinue disposition of such Registrable
Securities under the applicable registration statement until such Registered Holder’s receipt of the copies of the supplemented
prospectus and/or amended registration statement or until it is advised in writing by the Company that the use of the applicable
prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated
or deemed to be incorporated by reference in such prospectus or registration statement. For purposes of this Warrant, a “Discontinuation
Event” shall mean (1) when the Commission notifies the Company that there will be a “review” of such registration
statement and whenever the Commission comments in writing on such registration statement and until the Company has addressed the
comments in a supplemented prospectus and/or amended registration statement and/or supplementally; (2) any request by the Commission
or any other Federal or state governmental authority for amendments or supplements to such registration statement or prospectus
or for additional information and until the request has been responded to; (3)

14

the issuance
by the Commission of any stop order suspending the effectiveness of such registration statement covering any or all of the Registrable
Securities or the initiation of any proceedings for that purpose; (4) the receipt by the Company of any notification with respect
to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction,
or the initiation or threatening, in writing, of any proceeding for such purpose; and (5) the occurrence of any event or passage
of time that makes the financial statements included in such registration statement ineligible for inclusion therein or any statement
made in such registration statement or prospectus or any document incorporated or deemed to be incorporated therein by reference
untrue in any material respect or that requires any revisions to such registration statement, prospectus or other documents so
that, in the case of such registration statement or prospectus, as the case may be, it will not contain any untrue statement of
a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein in
light of the circumstances under which they were made, not misleading. The Company agrees to notify the Registered Holder promptly
of the occurrence of any Discontinuation Event and to use its reasonable best efforts to eliminate or remove any Discontinuation
Event described in (1) through (5) as promptly as practicable.

(vi)             
enter into customary agreements (including an underwriting agreement in customary form) and take such other actions as are
reasonably required in order to expedite or facilitate the disposition of such Registrable Securities;

(vii)            
make available for inspection by any selling security holder, by any underwriter participating in any disposition to be
effected pursuant to the registration statement and by any attorney, accountant or other agent retained by any such selling security
holder or any such underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the
Company, and cause all of the Company’s officers, directors and employees to supply all information reasonably requested
by such selling security holder, underwriter, attorney, accountant or agent in connection with such registration statement; and

(viii)          
otherwise comply in all material respects with all applicable rules and regulations of the Commission, and make available
to its security holders, as soon as reasonably practicable, but not later than 18 months after the effective date of the registration
statement, an earnings statement covering the period of at least 12 months beginning with the first full month after the effective
date of the registration statement, which earnings statements shall satisfy the provisions of Section 11(a) of the Securities Act
and Rule 158 thereunder.

It shall be a condition
precedent to the Company’s obligation to take any action pursuant to this Section 5 in respect of the Registrable Securities
at the request of any Registered Holder that such Registered Holder shall furnish to the Company such information regarding the
securities held by such Registered Holder, the intended method of disposition thereof and any other information as the Company
shall reasonably request and as shall be required in connection with the action taken by the Company. No Registered Holder may
participate in any underwritten registration pursuant to this Warrant unless it (a) agrees to sell its securities on the basis
provided in any underwriting arrangements approved by the Persons entitled under this Warrant to approve such arrangements; (b)
completes and executes all questionnaires, powers of attorney, lock-up agreements, indemnities, underwriting agreements and other
documents reasonably required under

15

the terms of such underwriting
arrangements and (c) provides all such information reasonably requested by the Company in connection with such registration.

5C.            
Expenses. All expenses incurred in complying with Section 5, including, without limitation, all registration and
filing fees (including all expenses incident to filing with the NASD, printing expenses, fees and disbursements of counsel for
the Company and its independent public accountants, including, without limitation, expenses of any special audits incident to or
required by any such registration, fees and expenses incurred in connection with the listing of the securities on any securities
exchange on which the Common Stock is then listed, the reasonable fees and expenses of one counsel for the selling security holders
(selected by those holding a majority of the Registrable Securities being registered), fees and expenses of complying with the
securities or blue sky laws of any jurisdictions pursuant to subsection 5B(iii) and any fees and disbursements of underwriters
customarily paid by the issuers or sellers of securities, shall be paid by the Company, except that the Company shall not be liable
for any underwriting discounts or commissions or any transfer taxes.

5D.            
Indemnification and Contribution. In the event of any registration of any Registrable Securities under the Securities
Act pursuant to this Section 5:

(i)                 
the Company shall indemnify and hold harmless the holder of such Registrable Securities, such holder’s directors and
officers, each underwriter who participated in the offering of such Registrable Securities and each other Person, if any, who controls
such holder or underwriter within the meaning of the Securities Act, against any losses, claims, damages or liabilities, joint
or several, to which such holder, such director or officer or underwriter or controlling Person may become subject under the Securities
Act or any other statute or at common law, insofar as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based on (a) any alleged untrue statement of any material fact contained, on the effective date thereof, in
any registration statement under which such securities were registered under the Securities Act, any preliminary prospectus or
final prospectus contained therein, or any amendment or supplement thereto, or (b) any alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse such holder
or such director, officer, underwriter or controlling Person for any legal or any other expenses reasonably incurred by such holder
or such director, officer, underwriter or controlling Person in connection with investigating or defending any such loss, claim,
damage, liability or action; but the Company shall not be liable in any such case to the extent that any such loss, claim, damage
or liability arises out of or is based on (i) any alleged untrue statement or alleged omission made in such registration statement,
preliminary prospectus, prospectus or amendment or supplement in reliance on and in conformity with written information furnished
to the Company by such holder, director, officer, underwriter or controlling Person, as the case may be, specifically for use therein
or (ii) a failure by the indemnified party to deliver a copy of the registration statement or prospectus or an amendment or supplement
thereto after the Company has furnished the indemnified party with a sufficient number of copies of the same. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of such holder or such director, officer,
underwriter or controlling Person, and shall survive the transfer of such securities by such holder;

16

 

(ii)               
Each holder of any Registrable Securities, by acceptance thereof, agrees to indemnify and hold harmless the Company, its
directors and officers and each other Person, if any, who controls the Company within the meaning of the Securities Act against
any losses, claims, liabilities, joint or several, to which the Company, any such director or officer or any such Person may become
subject under the Securities Act or any other statute or at common law, insofar as such losses, claims, liabilities (or actions
in respect thereof) arise out of or are based on information in writing provided to the Company by such holder of such Registrable
Securities contained, on the effective date thereof, in any registration statement under which securities were registered under
the Securities Act at the request of such holder, any preliminary prospectus or final prospectus contained therein, or any amendment
or supplement thereto; but such holder’s indemnification obligations under this subsection 5D(ii) shall be limited to an
amount equal to the net proceeds actually received by the holder from the sale of Registrable Securities covered by the applicable
registration statement;

(iii)              
If the indemnification provided for in this Section 5 from the indemnifying party is unavailable to an indemnified party
hereunder in respect of any losses, claims, damages, liabilities or expenses referred to herein, then the indemnifying party, in
lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of
the indemnifying party and indemnified parties in connection with the actions that resulted in such losses, claims, damages, liabilities
or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified
parties shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged
untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information
supplied by, such indemnifying party or indemnified parties, and the parties relative intent, knowledge, access to information
and opportunity to correct or prevent such action. The amount paid or payable by a party under this Section 5 as a result of the
losses, claims, damages, liabilities and expenses referred to above shall be deemed to include any legal or other fees or expenses
reasonably incurred by such party in connection with any investigation or proceeding.

The parties hereto
agree that it would not be just and equitable if contribution pursuant to this subsection 5D(iii) were determined by pro rata allocation
or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately
preceding paragraph. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

(iv)             
If any action or proceeding (including any governmental investigation or inquiry) shall be brought or asserted against any
holder or any Person controlling a holder in respect of which indemnity may be sought from the Company, such holder or controlling
Person shall promptly notify the Company in writing, and the Company shall assume the defense thereof, including the employment
of counsel satisfactory to a majority of the holders to be indemnified and the payment of all reasonable expenses in relation thereto.
All such holders or such controlling Persons shall have the right to employ, at their own expense, one counsel plus additional
local counsel in any such action and to participate in the defense thereof; provided, if in the reasonable

17

judgment of
such holders or such controlling Persons, a conflict of interest exists and it is therefore advisable for such holders or controlling
Persons to be jointly represented by separate counsel, then the Company shall pay the reasonable fees and expenses of one such
separate counsel, and local counsel, as appropriate, for all such holders and controlling Persons. The Company shall not be liable
for any settlement of any such action or proceeding effected without its written consent, but if settled with its written consent,
or if there be a final judgment for the plaintiff in any such action or proceeding, the Company agrees to indemnify and hold harmless
each holder and any such controlling Person from and against any loss or liability by reason of such settlement or judgment; and

(v)               
Indemnification similar to that specified in subsections (i) and (ii) of this Section 5D shall be given by the Company and
each holder (with such modifications as shall be appropriate) with respect to any required registration, or other qualification
of the Registrable Securities under any Federal or state law or regulation of any governmental authority other than the Securities
Act.

5E.             
Public Availability of Information. From and after the date when any registration statement with respect to the Registrable
Securities becomes effective and as long as required under the Exchange Act, the Company shall maintain the registration of its
Common Stock under Section 12 of the Exchange Act and shall keep effective such registration and shall timely file such information,
documents and reports as the Commission may require or prescribe under Section 13 of the Exchange Act, or otherwise. From and after
the date when any registration statement of the Registrable Securities becomes effective, the Company shall comply with the reporting
requirements of Section 15(d) of the Exchange Act (whether or not it shall be required to do so pursuant to the provisions of said
Section 15(d)) and shall comply with, all other public information reporting requirements required by the Commission as a condition
to the availability of an exemption from the Securities Act for the sale of any Registrable Securities, presently existing or hereafter
adopted, including Rules 144 and 144A thereunder.

5F.             
Supplying Information. The Company shall cooperate with each holder of Registrable Securities in supplying such information
as may be reasonably necessary for such holder to complete and file any information reporting forms presently or hereafter required
by the Commission as a condition to the availability of an exemption from the Securities Act for the sale of any Registrable Securities.
The Company shall provide the Register Holder with written notice as soon as possible with respect to the possible occurrence of
any Event of Default (defined below).

SECTION
6.                  
NO VOTING RIGHTS; LIMITATIONS OF LIABILITY.   This Warrant shall not entitle the Registered Holder or Purchaser to any rights
as a stockholder of the Company. No provision hereof, in the absence of affirmative action by the Registered Holder to purchase
Common Stock, and no enumeration herein of the rights or privileges of the Registered Holder shall give rise to any liability of
such holder for the Exercise Price of Common Stock acquirable by exercise hereof or as a stockholder of the Company, other than
in connection with the forced exercise right by the Company in accordance with the terms as set forth in Section 2B.

SECTION
7.                  
WARRANT TRANSFERABLE. Subject to the transfer conditions referred to in the legend endorsed hereon, this Warrant and all
rights hereunder are transferable, in whole or in part, without charge to the Registered Holder, upon surrender of this Warrant
with a properly

18

executed
Assignment (in the form of Exhibit II hereto) and any other documentation reasonably requested by the Company in connection therewith,
at the principal office of the Company.

SECTION
8.                  
WARRANT EXCHANGEABLE FOR DIFFERENT DENOMINATIONS. This Warrant is exchangeable, upon the surrender hereof by the Registered
Holder at the principal office of the Company, for new Warrant(s) of like tenor representing in the aggregate the purchase rights
hereunder. The date the Company initially issues this Warrant shall be deemed to be the “Date of Issuance” hereof regardless
of the number of times new certificates representing the unexpired and unexercised rights formerly represented by this Warrant
shall be issued. All Warrants representing portions of the rights hereunder are also referred to herein as the “Warrants”.

SECTION
9.                  
REPLACEMENT. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of any certificate evidencing this Warrant, and in the case of any such loss, theft or destruction, upon receipt of indemnity reasonably
satisfactory to the Company, or, in the case of any such mutilation on surrender of such certificate, the Company shall execute
and deliver in lieu of such certificate a new certificate of like kind representing the same rights represented by such lost, stolen,
destroyed or mutilated certificate and dated as of the Date of Issuance.

SECTION
10.              
NOTICES. Except as otherwise expressly provided herein, all notices referred to in this Warrant shall be in writing and
shall be delivered personally, sent by reputable overnight courier service (charges prepaid) or sent by registered or certified
mail, return receipt requested, postage prepaid and shall be deemed to have been given when so delivered, sent or deposited in
the U.S. Mail (i) to the Company, at its principal executive offices or (ii) to the Registered Holder of this Warrant, at such
Registered Holder’s address as it appears in the records of the Company (unless otherwise indicated by any such Registered
Holder).

SECTION
11.              
AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company
may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has
obtained the written consent of the Registered Holders of Warrants representing a majority of the shares of Common Stock obtainable
upon exercise of the Warrants.

SECTION
12.              
DESCRIPTIVE HEADINGS; GOVERNING LAW. The descriptive headings of the several Sections and paragraphs of this Warrant are
inserted for convenience only and do not constitute a part of this Warrant. All questions concerning the construction, validity,
enforcement and interpretation of this Warrant shall be governed by the internal law of the State of Delaware, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of Delaware.

 

*  *  *  *  *  *

19

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be signed by its duly authorized officer and to be dated on the Date of Issuance hereof.

	 	
        COVER-ALL TECHNOLOGIES INC.

         

	 	
        By:  __________________________

        Name:  ________________________

        Title:  _________________________

	 	 

EXHIBIT I

EXERCISE AGREEMENT

To:            
                          
                           
          Dated:

The undersigned, pursuant
to the provisions set forth in the attached Warrant (Certificate No. W-____), hereby agrees to subscribe for the purchase of ______
shares of the Common Stock covered by such Warrant and makes payment herewith in full therefor [in the amount of $_________ (in
cash)] [by surrendering debt or equity securities of the Company or any of its wholly-owned Subsidiaries having a Market Price
equal to _____________________] [by authorizing the Company to withhold from issuance a number of shares of Common Stock issuable
upon such exercise of the Warrant which when multiplied by the Market Price of the Common Stock is equal to _____________________
(and such withheld shares shall no longer be issuable under this Warrant)].

The certificate(s)
evidencing ____ shares of Common Stock is to be issued in the name of _____________________________________, whose address is _____________________________________________________________________________
and whose (SS#)(FEIN#) is ___________.

[The number of shares
of Common Stock to be issued does not include all shares of Common Stock purchasable as provided in the attached Warrant and, accordingly,
a certificate evidencing a new Warrant for _________ shares of Common Stock is to be issued in the name of _____________________________________,
whose address is ______________________________________________________________________________ and whose (SS#)(FEIN#) is ___________.]

	 	
        Signature   ___________________________

        By   ________________________________

        Title   _______________________________

Address    ___________________________

 

EXHIBIT II

ASSIGNMENT

FOR VALUE RECEIVED,
______________________________ hereby sells, assigns and transfers all of the rights of the undersigned under the attached Warrant
(Certificate No. W-_____) with respect to the number of shares of the Common Stock covered thereby set forth below, unto:

	Name(s) of Assignee(s)	Address(es)	No. of Shares
	 	Signature	 
	 	By	 
	 	Title	 
	 	Date	 
	 	WitnessFinal

STANDARD DEFINITIONS

“50/50 Loan”
shall mean a Timeshare Loan where the Obligor has elected to make a down payment equal to at least 50% of the total purchase price
of the Timeshare Property or Timeshare Properties with the remaining balance (together with interest) due within one year of the
origination date, such balance to be paid either in 12 monthly amortizing installments of principal and interest or all principal
and interest due in a lump sum payment on the one year anniversary of the origination of the Timeshare Loan.

“ACH Form”
shall mean the ACH authorization form executed by Obligors substantially in the form attached as Exhibit C to each of the Sale
Agreement, the Transfer Agreement and the Bluegreen Purchase Agreement.

“Act”
shall have the meaning specified in Section 1.4 of the Indenture.

“Additional
Servicing Compensation” shall mean any late fees related to late payments on the Timeshare Loans, any non-sufficient
funds fees, any processing fees, any Liquidation Expenses collected by and due to the Servicer, any refunds paid by the Servicer
as a result of overpayments on payoffs and any unpaid out-of-pocket expenses incurred by the Servicer during the related Due Period.

“Adjusted
Note Balance” shall equal, for any Class of Notes, the Outstanding Note Balance of such Class of Notes immediately prior
to such Payment Date, less the Note Balance Write-Down Amount; provided, however, to the extent that for purposes of consents,
approvals, voting or other similar acts of the Noteholders under any of the Transaction Documents, “Adjusted Note Balance”
shall exclude Notes which are held by Bluegreen or any Affiliate thereof, if any.

“Administration
Agreement” shall mean the administration agreement, dated as of August 15, 2012, by and among the Administrator, the
Owner Trustee, the Issuer and the Indenture Trustee, as amended, supplemented or otherwise modified from time to time in accordance
with the terms thereof.

“Administrator”
shall mean Bluegreen or any successor under the Administration Agreement.

“Administrator
Fee” shall equal on each Payment Date an amount equal to the product of (i) one-twelfth and
(ii) (A) if Bluegreen or an affiliate thereof is the Administrator, $1,000.00 and (B) if Wilmington Trust Company is the Administrator,
$20,000.00.

“Adverse
Claim” shall mean any claim of ownership or any lien, security interest, title retention, trust or other charge or encumbrance,
or other type of preferential arrangement having the effect or purpose of creating a lien or security interest, other than the
interests created under the Indenture or any other Transaction Document in favor of the Indenture Trustee and the Noteholders.

    	 

    	 

    
“Affiliate”
shall mean 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 (i) the Owner Trustee be deemed to be an Affiliate of the Issuer, or the Depositor,
nor shall any of such parties be deemed to be an Affiliate of the Owner Trustee or (ii) Bluegreen be deemed an Affiliate of any
5% or greater shareholder of Bluegreen or any Affiliate of such shareholder who is not a Direct Affiliate (as defined herein) of
Bluegreen, nor shall any such shareholder be deemed to be an Affiliate of Bluegreen. 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, only entities included in Bluegreen’s
GAAP consolidated financial statements shall be an Affiliate of Bluegreen (a “Direct Affiliate”).

“Aggregate
Closing Date Collateral Balance” is an amount equal to $111,731,843.58.

“Aggregate
Initial Note Balance” is equal to the sum of the Initial Note Balances for all Classes of Notes.

“Aggregate
Loan Balance” means the sum of the Loan Balances for all Timeshare Loans (other than Defaulted Timeshare Loans).

“Aggregate
Outstanding Note Balance” is equal to the sum of the Outstanding Note Balances for all Classes of Notes.

“Applicable
Procedures” shall have the meaning in Section 2.4(d)(i) of the Indenture.

“Aruba Club
Loans” shall mean all timeshare loans originated by the Aruba Originator secured by Co-op Shares.

“Aruba Originator”
shall mean Bluegreen Properties, N.V., an Aruba corporation.

“Assignment
of Mortgage” shall mean, with respect to a Deeded Club Loan, a written assignment of one or more Mortgages from the related
Originator or Seller to the Indenture Trustee, for the benefit of the Noteholders, relating to one or more Timeshare Loans in recordable
form, and signed by an Authorized Officer of all necessary parties, sufficient under the laws of the jurisdiction wherein the related
Timeshare Property is located to give record notice of a transfer of such Mortgage and its proceeds to the Indenture Trustee.

“Association”
shall mean the not-for-profit corporation or cooperative association responsible for operating a Resort.

“Assumption
Date” shall have the meaning specified in the Backup Servicing Agreement.

    	-2-

    	 

    
“Authorized
Officer” shall mean, with respect to any corporation, limited liability company or partnership, the Chairman of the Board,
the President, any Senior Vice President, any Vice President, the Secretary, the Treasurer, any Assistant Secretary, any Assistant
Treasurer, managing member, board of managers and each other officer of such corporation or limited liability company or the general
partner of such partnership specifically authorized in resolutions of the board of directors or board of managers of such corporation
or limited liability company, as the case may be, to sign agreements, instruments or other documents in connection with the Indenture
on behalf of such corporation, limited liability company or partnership, as the case may be.

“Available
Funds” shall mean for any Payment Date, (A) all funds on deposit in the Collection Account after making all transfers,
deposits or payments from (i) the Lockbox Account pursuant to the Lockbox Agreement, (ii) the General Reserve Account pursuant
to Section 3.2(b) of the Indenture, (iii) the Prefunding Account pursuant to Section 3.2(c) of the Indenture, (iv) the Capitalized
Interest Account pursuant to Section 3.2(d) of the Indenture, (v) the Force Majeure Loan Reserve Account pursuant to Section 3.2(e)
of the Indenture, (vi) the Club Originator or the Depositor, as the case may be, pursuant to Section 4.6 of the Indenture, and
(vii) the Servicer pursuant to the Indenture, plus (B) all investment earnings on funds on deposit in the Collection Account from
the immediately preceding Payment Date through such Payment Date, if any, less (C) amounts on deposit in the Collection Account
related to collections related to any Due Periods subsequent to the Due Period related to such Payment Date, less (D) any Additional
Servicing Compensation on deposit in the Collection Account, less (E) Misdirected Deposits, if any. Notwithstanding anything in
the Transaction Documents to the contrary, Available Funds shall only include amounts described in the foregoing sentence and not
amounts otherwise deposited voluntarily by Bluegreen or any of its Affiliates.

“Backup Servicer”
shall mean Concord Servicing Corporation, an Arizona corporation, and its permitted successors and assigns.

“Backup Servicing
Agreement” shall mean the backup servicing agreement, dated as of August 15, 2012, by and among the Issuer, the Depositor,
the Servicer, the Backup Servicer and the Indenture Trustee, as the same may be amended, supplemented or otherwise modified from
time to time in accordance with the terms thereof.

“Backup Servicing
Fee” shall on each Payment Date, be equal to:

(A) prior to the removal
or resignation of Bluegreen, as Servicer or, if a successor Servicer has been appointed pursuant to the Indenture (that is not
the Indenture Trustee), the greater of (i) $750.00 and (ii) the product of (1)(x) $0.10 and (y) the number of Timeshare Loans in
the Trust Estate at the end of the related Due Period up to 20,000 and (2)(x) $0.075 and (y) the number of Timeshare Loans in the
Trust Estate at the end of the related Due Period in excess of 20,000, and

    	-3-

    	 

    
(B) after the removal
or resignation of Bluegreen, as Servicer, and appointment of the Indenture Trustee as successor Servicer (unless and until another
successor Servicer has been appointed pursuant to the Indenture) an amount equal to the product of (i) one-twelfth of 1.50%
and (ii) the aggregate Loan Balance as of the first day of the related Due Period.

“Bankruptcy
Code” shall mean the federal Bankruptcy Code, as amended (Title 11 of the United States Code).

“Beneficiary”
shall be as defined in the Club Trust Agreement.

“Benefit
Plan” shall mean an “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to part 4
of Title I of ERISA, any “plan” as defined in Section 4975(e)(1) of the Code, that is subject to Section 4975 of the
Code, any entity whose underlying assets are deemed to include “plan assets” of any of the foregoing under the United
States Department of Labor Regulation 29 C.F.R. Section 2510.3-101 (as modified by Section 3(42) of ERISA) by reason of a direct
or indirect investment by an employee benefit plan or plan in such entity or any plan that is subject to any Similar Law.

“Bluegreen”
shall mean Bluegreen Corporation, a Massachusetts corporation, and its permitted successors and assigns.

“Bluegreen
Club Resorts” shall mean a Resort even if Bluegreen no longer owns substantial vacation ownership interests in the Resort
and includes the following resorts: Casa del Mar Beach Resort, Daytona SeaBreezeTM, The Fountains, Grande Villas at World
Golf VillageTM, The Hammocks at MarathonTM, Orlando’s Sunshine ResortTM, Solara SurfsideTM, Bluegreen
Club La PensionTM, Mountain Run at BoyneTM, The Falls VillageTM, Bluegreen at Atlantic Palace, BG Club
36TM Resort, The Suites at Hershey, Carolina GrandeTM, Harbour LightsTM, SeaGlass TowerTM, The
Lodge Alley InnTM, Shore Crest Vacation VillasTM, Laurel CrestTM, MountainLoftTM, Shenandoah
CrossingTM, Bluegreen Wilderness Traveler at ShenandoahTM, BG Patrick Henry SquareTM, Christmas Mountain
VillageTM, Bluegreen Odyssey DellsTM and La Cabana Beach and Racquet Club.

“Bluegreen
Purchase Agreement” shall mean the purchase and contribution agreement, dated as of August 15, 2012, between the Club
Originator and the Depositor pursuant to which the Club Originator sells certain Initial Timeshare Loans to the Depositor on the
Closing Date and Subsequent Timeshare Loans during the Prefunding Period.

“Book-Entry
Note” shall mean a beneficial interest in the Notes, ownership and transfers of which shall be made through book-entries
by the Depository.

“Business
Day” shall mean any day other than (i) a Saturday, a Sunday, or (ii) a day on which banking institutions in New York
City, Wilmington, Delaware, the State of Florida, the city in which the Servicer is located or the city in which the Corporate
Trust Office of the Indenture Trustee is located, are authorized or obligated by law or executive order to be closed.

“BXG Timeshare
I” shall mean BXG Timeshare Trust I, a Delaware statutory trust.

    	-4-

    	 

    
“Capitalized
Interest Account” shall mean the account maintained by the Indenture Trustee pursuant to Section 3.2(d) of the Indenture.

“Capitalized
Interest Account Initial Deposit” shall equal $62,929.83.

“Capitalized
Interest Requirement” shall mean for each Determination Date during the Prefunding Period, an amount equal to the product
of (i) one-twelfth of the weighted average Note Rates of each Class of Notes and (ii) the amount on deposit in the Prefunding Account.

“Cede &
Co.” shall mean the initial registered holder of the Notes, acting as nominee of The Depository Trust Company.

“Certificate”
shall mean the Residual Interest Certificate.

“Certificate
Distribution Account” shall have the meaning specified in Section 5.01 of the Trust Agreement.

“Certificate
of Trust” shall mean the Certificate of Trust of BXG Receivables Note Trust 2012-A filed with the Delaware Secretary
of State on May 22, 2012.

“Certificateholders”
shall mean the holders of the Certificate.

“Class”
shall mean, as the context may require, any of the Class A Notes or the Class B Notes.

“Class A
Notes” shall have the meaning specified in the Recitals of the Issuer in the Indenture.

“Class B
Notes” shall have the meaning specified in the Recitals of the Issuer in the Indenture.

“Closing
Date” shall mean September 13, 2012.

“Closing
Date Resorts” shall mean those Bluegreen Club Resorts in respect of which the Timeshare Property related to an Initial
Timeshare Loan is located.

“Club”
shall mean the multi-site timeshare plan known as Bluegreen Vacation Club.

“Club Loans”
means, collectively, the Deeded Club Loans and the Aruba Club Loans.

“Club Management
Agreement” shall mean that certain Amended and Restated Management Agreement between the Club Managing Entity and the
Club Trustee, dated as of May 18, 1994, as amended from time to time.

    	-5-

    	 

    
“Club Managing
Entity” shall mean Bluegreen Resorts Management, Inc., a Delaware corporation, in its capacity as manager of the Club
and owner of the Club’s reservation system, and its permitted successors and assigns.

“Club Originator”
shall mean Bluegreen, in its capacity as an Originator and its permitted successors and assigns.

“Club Property”
shall mean Timeshare Properties, Owner Beneficiary Rights and Vacation Points, and with respect to the definition of Upgrade, may
also mean, as applicable, timeshare property unrelated to Timeshare Loans subject to the Lien of the Indenture.

“Club Trust
Agreement” shall mean, collectively, that certain Bluegreen Vacation Club Trust Agreement, dated as of May 18, 1994,
by and between the Developer and the Club Trustee, as amended, restated or otherwise modified from time to time, together with
all other agreements, documents and instruments governing the operation of the Club.

“Club Trustee”
shall mean Vacation Trust, Inc., a Florida corporation, in its capacity as trustee under the Club Trust Agreement, and its permitted
successors and assigns.

“Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time and any successor statute, together with the rules and
regulations thereunder.

“Collection
Account” shall mean the account established and maintained by the Indenture Trustee pursuant to Section 3.2(a) of the
Indenture.

“Collection
Policy” shall mean the collection policies of the initial servicer in effect on the Closing Date attached as Exhibit
O to the Indenture, as may be amended from time to time in accordance with the Indenture.

“Completed
Unit” shall mean a Unit at a Resort which has been fully constructed and furnished, has received a valid permanent certificate
of occupancy or its equivalent, is ready for occupancy and is subject to a time share declaration.

“Confidential
Information” means information obtained by any Noteholder including, without limitation, the Preliminary Confidential
Offering Circular dated August 29, 2012 or the Confidential Offering Circular dated September 6, 2012 related to the Notes and
the Transaction Documents, that is proprietary in nature and that was clearly marked or labeled as being confidential information
of the Issuer, the Servicer or their Affiliates, provided that such term does not include information that (a) was publicly known
or otherwise known to the Noteholder prior to the time of such disclosure, (b) subsequently becomes publicly known through no act
or omission by such Noteholder or any Person acting on its behalf, (c) otherwise becomes known to the Noteholder other than through
disclosure by the Issuer, the Servicer or their Affiliates or (d) any other public disclosure authorized by the Issuer or the Servicer.

“Continued
Errors” shall have the meaning specified in Section 5.4(b) of the Indenture.

    	-6-

    	 

    
“Co-op Shares”
shall mean a share certificate issued by the timeshare cooperative association of La Cabana Resort.

“Corporate
Trust Office” shall mean the office of the Indenture Trustee located in the State of Minnesota, which office is at the
address set forth in Section 13.3 of the Indenture.

“Credit Card
Account” shall mean the deposit account (account number 898052308467) established at the Lockbox Bank, which shall be
a non-interest bearing account.

“Credit Card
Timeshare Loan” shall mean a Timeshare Loan where the Obligor makes its payments due on such Timeshare Loan with credit
card payment arrangements.

“Credit Policy”
shall mean the credit and underwriting policies of the Originators in effect on the Closing Date attached as Exhibit G to
the Indenture.

“Cumulative
Net Default Level” for any Due Period is equal to the aggregate Loan Balance of Timeshare Loans that became Defaulted
Timeshare Loans since the Initial Cut-Off Date and not repurchased or substituted (less (i) the aggregate Loan Balances of Defaulted
Timeshare Loans that subsequently became current prior to such date of determination which are still subject to the lien of the
Indenture at such time and (ii) recoveries net of remarketing fees) divided by the Aggregate Closing Date Collateral Balance, expressed
as a percentage.

“Custodial
Agreement” shall mean the custodial agreement, dated as of August 15, 2012 by and among the Issuer, the Depositor, the
Servicer, the Backup Servicer, and the Indenture Trustee and Custodian, as the same may be amended, supplemented or otherwise modified
from time to time in accordance with the terms thereof providing for the custody and maintenance of the Timeshare Loan Documents
relating to the Timeshare Loans.

“Custodian”
shall mean U.S. Bank National Association, a national banking association, or its permitted successors and assigns.

“Custodian’s
Certification” shall have the meaning specified in Section 2.2(a) of the Custodial Agreement.

“Custodian
Fees” shall mean for each Payment Date, the fee payable by the Issuer to the Custodian in accordance with Section 2.4
of the Custodial Agreement.

“Cut-Off
Date” shall mean, with respect to (i) the Initial Timeshare Loans, the Initial Cut-Off Date, and (ii) any Qualified Substitute
Timeshare Loan or Subsequent Timeshare Loan, the related Subsequent Cut-Off Date.

“Cut-Off
Date Loan Balance” shall mean the Loan Balance of a Timeshare Loan on its related Cut-Off Date.

“Deeded Club
Loan” shall mean a Timeshare Loan originated by the Club Originator and evidenced by a Mortgage Note and secured by a
first Mortgage on a fractional fee simple timeshare interest in a Unit or an undivided interest in a Resort (or a phase thereof)
associated with a Unit.

    	-7-

    	 

    
“Default”
shall mean an event which, but for the passage of time, would constitute an Event of Default under the Indenture.

“Default
Level” shall mean for any Due Period, the aggregate Loan Balance (without regard to recoveries) of Timeshare Loans that
became Defaulted Timeshare Loans during such Due Period and not repurchased or substituted by the last day of such Due Period (less
the Loan Balances of Defaulted Timeshare Loans that subsequently became current during such Due Period which are still subject
to the Lien of the Indenture at such time) divided by the Aggregate Loan Balance on the first day of such Due Period, expressed
as a percentage.

“Defaulted
Timeshare Loan” is a Timeshare Loan (other than a Force Majeure Loan) (i) for which,
the Servicer has commenced cancellation or termination proceedings on the related Timeshare Loan after collection efforts
have failed in accordance with its credit and collection policies, (ii) for which, all or part of a scheduled payment under the
Timeshare Loan is more than 120 days delinquent from the due date, provided, that with respect to this clause (ii), if a Timeshare
Loan is not more than 120 days delinquent as of the last day of the Due Period, it shall not be a Defaulted Timeshare Loan as of
that date, or (iii) that otherwise ceases to be an Eligible Timeshare Loan.

“Defective
Timeshare Loan” shall have the meaning specified in Section 4.6 of the Indenture.

“Deferred
Interest Amount” shall mean, with respect to the Class B Notes and a Payment Date, the sum of (i) interest accrued at
the related Note Rate during the related Interest Accrual Period on such Note Balance Write-Down Amounts and (ii) any unpaid Deferred
Interest Amounts from any prior Payment Date, together with interest thereon at the applicable Note Rate from the date any such
Note Balance Write-Down Amount was applied, to the extent permitted by law.

“Definitive
Note” shall have the meaning specified in Section 2.2 of the Indenture.

“Delinquency
Level” shall mean for any Due Period, the sum of the Loan Balances of Timeshare Loans (other than Defaulted Timeshare
Loans or Force Majeure Loans) that are 61 days or more delinquent on the last day of such Due Period divided by the Aggregate Loan
Balance on the first day of such Due Period, expressed as a percentage.

“Depositor”
shall mean BRFC 2012-A LLC, a Delaware limited liability company, and its permitted successors and assigns.

“Depository”
shall mean an organization registered as a “clearing agency” pursuant to Section 17A of the Securities Exchange Act
of 1934, as amended. The initial Depository shall be The Depository Trust Company.

    	-8-

    	 

    
“Depository
Agreement” shall mean the letter of representations dated as of the Closing Date, by and among the Issuer, the Indenture
Trustee and the Depository.

“Depository
Participant” shall mean a securities broker or dealer, bank, trust company, clearing corporation, other financial institution
or other Person for whom from time to time a Depository directly or indirectly effects book-entry transfers and pledges securities
deposited with the Depository.

“Determination
Date” shall mean, with respect to any Payment Date, the day that is five Business Days prior to such Payment Date.

“Developer”
shall mean Bluegreen Vacations Unlimited, Inc., a Florida corporation, and its permitted successors and assigns.

“DTC”
shall mean The Depository Trust Company, and its permitted successors and assigns.

“Due
Period” shall mean with respect to any Payment Date, the period from the 16th day of the second preceding
calendar month to the 15th day of the preceding calendar month. The first Due Period being from August 16, 2012 through
September 15, 2012.

“Eligible
Bank Account” shall mean a segregated account, which may be an account maintained by the Indenture Trustee, which is
maintained with a depositary institution or trust company whose long-term unsecured debt obligations are rated at least “BBB”
by S&P and whose short-term unsecured obligations are rated at least “A-2” by S&P.

“Eligible
Investments” shall mean one or more of the following:

(a)               
obligations of, or guaranteed as to timely payment of principal and interest by, the United States or any agency or instrumentality
thereof when such obligations are backed by the full faith and credit of the United States;

(b)              
federal funds, certificates of deposit, time deposits and bankers’ acceptances, each of which shall not have an original
maturity of more than 90 days, of any depository institution or trust company incorporated under the laws of the United States
or any state; provided that the long-term unsecured debt obligations of such depository institution or trust company at the date
of acquisition thereof have been rated in one of the three highest rating categories available from S&P; and provided, further,
that the short-term obligations of such depository institution or trust company shall be rated in the highest rating category by
S&P;

(c)               
commercial paper or commercial paper funds (having original maturities of not more than 90 days) of any corporation incorporated
under the laws of the United States or any state thereof; provided that any such commercial paper or commercial paper funds shall
be rated in the highest short-term rating category by S&P;

    	-9-

    	 

    
(d)              
any no-load money market fund (including money market funds managed or advised by the Indenture Trustee or an Affiliate
thereof) rated in the highest short-term rating category or equivalent highest long-term rating category by S&P; provided that,
Eligible Investments purchased from funds in the Eligible Bank Accounts shall include only such obligations or securities that
either may be redeemed daily or mature no later than the Business Day next preceding the next Payment Date; or

(e)               
demand and time deposits in, certificates of deposit of, bankers’ acceptances issued by, or federal funds sold by
any depository institution or trust company (including the Indenture Trustee or any Affiliate of the Indenture Trustee, acting
in its commercial capacity) incorporated under the laws of the United States of America or any State thereof and subject to supervision
and examination by federal and/or state authorities, so long as, at the time of such investment, the commercial paper or other
short-term deposits of such depository institution or trust company is rated at least A-1 by S&P;

and provided, further,
that (i) no instrument shall be an Eligible Investment if such instrument evidences a right to receive only interest payments with
respect to the obligations underlying such instrument, and (ii) no Eligible Investment may be purchased at a price in excess of
par. Eligible Investments may include those Eligible Investments with respect to which the Indenture Trustee or an Affiliate thereof
provides services.

“Eligible
Owner Trustee” shall have the meaning specified in Section 10.01 of the Trust Agreement.

“Eligible
Timeshare Loan” shall mean a Timeshare Loan which meets all of the criteria set forth in Schedule I of the Sale
Agreement.

“Equity”
shall mean the “Total Shareholder’s Equity” specified in Bluegreen’s Consolidated Balance Sheet as reported
in Bluegreen’s most recent filing with the Securities and Exchange Commission.

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended.

“Errors”
shall have the meaning specified in Section 5.4 of the Indenture.

“Event of
Default” shall have the meaning specified in Section 6.1 of the Indenture.

“Floor Amount”
shall mean the product of 0.25% and the Aggregate Closing Date Collateral Balance.

    	-10-

    	 

    
“Force Majeure
Delay” shall mean with respect to the Servicer, any cause or event which is beyond the control and not due to the negligence
of the Servicer, which delays, prevents or prohibits such Person’s delivery of the reports required to be delivered or the
performance of any other duty or obligation of the Servicer under the Indenture, as the case may be, including, without limitation,
computer, electrical and mechanical failures, acts of God or the elements and fire; provided, that no such cause or event shall
be deemed to be a Force Majeure Delay unless the Servicer shall have given the Indenture Trustee written notice thereof as soon
as practicable after the beginning of such delay.

“Force Majeure
Loan” shall mean a Timeshare Loan for which a natural disaster or act of terror has had a direct impact on the ability
of the related Obligor to make payments due to disruption of employment or to place of residence, as determined by the Servicer
in accordance with the Servicing Standard and for which the Servicer has determined, in accordance with the Servicing Standard,
to defer loan payments for a specified grace period (which grace period shall not exceed 2 months). A Timeshare Loan shall cease
to be a Force Majeure Loan at the end of the grace period granted by the Servicer, in accordance with the Servicing Standard.

“Force Majeure
Loan Reserve Account” shall be the account established and maintained by the Indenture Trustee pursuant to Section 3.2(e)
of the Indenture.

“Force Majeure
Required Reserve Amount” shall mean an amount, if any, by which (i) the aggregate outstanding Loan Balances for all Force
Majeure Loans and Post Grace Period Force Majeure Loans (that have not become Defaulted Timeshare Loans) exceeds (ii) 2.5% of the
Aggregate Loan Balance.

“Foreclosure
Property” shall have the meaning specified in Section 5.3(a)(xiii) of the Indenture.

“GAAP”
shall mean generally accepted accounting principles as in effect from time to time in the United States of America.

“General
Reserve Account” shall mean the account maintained by the Indenture Trustee pursuant to Section 3.2(b) of the Indenture.

“General
Reserve Account Initial Deposit” shall mean an amount equal to 1.00% of the Aggregate Closing Date Collateral Balance.

“General
Reserve Account Required Balance” shall equal, for each Payment Date, the greater of (i) the Target Amount and (ii) the
Floor Amount; provided, however, that in no event shall the General Reserve Account Required Balance equal an amount greater than
the Aggregate Outstanding Note Balance as of such Payment Date regardless of what the Target Amount or the General Reserve Account
Required Balance would otherwise be.

“Global Note”
shall have the meaning specified in Section 2.2 of the Indenture.

“Governmental
Authority” shall mean any nation or government, any state or other political subdivision thereof and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

    	-11-

    	 

    
“Grant”
shall mean to grant, bargain, convey, assign, transfer, mortgage, pledge, create and grant a security interest in and right of
set-off against, deposit, set over and confirm.

“Highest
Lawful Rate” shall have the meaning specified in Section 3 of the Sale Agreement.

“Indenture”
shall mean the indenture, dated as of August 15, 2012, by and among the Issuer, the Club Trustee, the Servicer, the Backup Servicer,
the Indenture Trustee, the Paying Agent and the Custodian, as amended, supplemented or otherwise modified from time to time in
accordance with the terms thereof.

“Indenture
Trustee” shall mean U.S. Bank National Association, a national banking association, not in its individual capacity but
solely as Indenture Trustee under the Indenture, and any successor as set forth in Section 7.9 of the Indenture.

“Indenture
Trustee Fee” shall mean for each Payment Date, the sum of (A) $875.00 and (B)
until the Indenture Trustee shall become the successor Servicer, the greater of (i) the product of one-twelfth of 0.021%
and the Aggregate Loan Balance as of the first day of the related Due Period and (ii) $1,500.00.

“Initial
Cut-Off Date” shall mean the close of business on August 15, 2012.

“Initial
Note Balance” shall mean with respect to the Class A Notes and the Class B Notes, $79,050,000 and $20,950,000, respectively.

“Initial
Payment Date” shall mean the Payment Date occurring in October 2012.

“Initial
Purchasers” shall mean BB&T Capital Markets, a division of Scott & Stringfellow, LLC and RBS Securities Inc.

“Initial
Timeshare Loans” shall mean the Timeshare Loans listed on the Schedule of Timeshare Loans purchased by the Issuer and
pledged to the Indenture Trustee on the Closing Date.

“Intended
Tax Characterization” shall have the meaning specified in Section 4.4(b) of the Indenture.

“Interest
Accrual Period” shall mean for each Class of Notes with respect to any Payment Date, the period from the 2nd
day of the preceding calendar month to the 1st day of the related calendar month, except that the initial Interest Accrual
Period shall be the period from and including the Closing Date through but not including the initial Payment Date.

    	-12-

    	 

    
“Interest
Distribution Amount” shall equal, for a Class of Notes and on any Payment Date, the sum of (i) interest accrued during
the related Interest Accrual Period at the related Note Rate on the Outstanding Note Balance of such Class of Notes immediately
prior to such Payment Date (or, in the case of the Class B Notes, if any Note Balance Write-Down Amounts have been applied to such
Class of Notes, the Adjusted Note Balance of such Class of Notes) and (ii) the amount of unpaid Interest Distribution Amounts from
prior Payment Dates for such Class of Notes, plus, to the extent permitted by applicable law, interest on such unpaid amount at
the related Note Rate. The Interest Distribution Amount shall be calculated on the basis of a 360-day year consisting of twelve
30-day months.

“Issuer”
shall mean BXG Receivables Note Trust 2012-A, a statutory trust formed under the laws of the State of Delaware pursuant to the
Trust Agreement.

“Issuer Order”
shall mean a written order or request delivered to the Indenture Trustee and signed in the name of the Issuer by an Authorized
Officer of the Issuer or Administrator.

“Knowledge”
shall mean (a) as to any natural Person, the actual awareness of the fact, event or circumstance at issue or receipt of notification
by proper delivery of such fact, event or circumstance and (b) as to any Person that is not a natural Person, the actual awareness
of the fact, event or circumstance at issue by a Responsible Officer of such Person or receipt, by a Responsible Officer of such
Person, of notification by proper delivery of such fact, event or circumstance.

“La Cabana
Resort” shall mean the Resort located in Aruba known as the La Cabana Beach and Racquet Club.

“Lien”
shall mean any mortgage, pledge, hypothecation, assignment for security, security interest, claim, participation, encumbrance,
levy, lien or charge.

“Liquidation”
means with respect to any Timeshare Loan, the sale or compulsory disposition of a Foreclosure Property, following foreclosure,
termination or other enforcement action or the taking of a deed-in-lieu of foreclosure, to a Person other than the Servicer or
an Affiliate thereof.

“Liquidation
Expenses” shall mean, with respect to the Foreclosure Property related to a Defaulted Timeshare Loan, as of any date
of determination, any reasonable out-of-pocket expenses (exclusive of overhead expenses) incurred by the Servicer or the Remarketing
Agent in connection with the performance of its obligations under Section 5.3(a)(xiii) in the Indenture or the Remarketing Agreement,
as applicable, including, but not limited to, (i) any foreclosure, deed-in-lieu of foreclosure or termination and other repossession
expenses incurred with respect to such Foreclosure Property, (ii) commissions and marketing and sales expenses incurred by the
Servicer or the Remarketing Agent with respect to the remarketing of the related Foreclosure Property (including the Remarketing
Fee), and (iii) any other fees and expenses reasonably applied or allocated in the ordinary course of business with respect to
the Liquidation of a Foreclosure Property (including any assessed and unpaid Association fees and real estate taxes).

“Liquidation
Proceeds” means with respect to the Liquidation of any Foreclosure Property related to a Defaulted Timeshare Loan, the
amounts actually received by the Servicer or the Remarketing Agent in connection with such Liquidation.

    	-13-

    	 

    
“Loan Balance”
shall mean, for any date of determination, with respect to a Timeshare Loan, the outstanding principal balance due under or in
respect of such Timeshare Loan (including a Defaulted Timeshare Loan).

“Lockbox
Account” shall mean the deposit account maintained at the Lockbox Bank pursuant to the Lockbox Agreement, which shall
be a non-interest bearing account.

“Lockbox
Agreement” shall mean the deposit account control agreement, dated as of August 15, 2012, by and among the Issuer, the
Indenture Trustee and the Lockbox Bank.

“Lockbox
Bank” shall mean Bank of America, N.A., and its permitted successors and assigns.

“Lockbox
Fee” shall mean on each Payment Date, the fee payable by the Issuer to the Lockbox Bank in accordance with the Lockbox
Agreement.

“Lockout
Default Level” shall mean (A) for the initial Determination Date through and including the Determination Date for the
Payment Date in March 2014, 0.50% and (B) thereafter, 0.75%.

“Lockout
Event” shall occur on a Determination Date if (i) the average of the Default Levels for the last three Due Periods exceeds
the related Lockout Default Level and shall continue until the Default Level is equal to or less than the related Lockout Default
Level for three consecutive Due Periods, or (ii) the Cumulative Net Default Level as of the last day of any Due Period specified
below exceeds the corresponding level specified below and shall continue until the Cumulative Net Default Level is equal to or
less than the level specified below for three consecutive Due Periods:

	Due Period	Cumulative Net Default Level
	  1 – 6	2.25%
	  7 – 12	4.00%
	13 – 24	6.75%
	25 – 36	9.00%
	37 – 47	13.50%
	48 and thereafter	17.00%

 

“Misdirected
Deposits” shall mean such payments that have been deposited to the Collection Account in error.

“Monthly
Servicer Report” shall have the meaning specified in Section 5.5 of the Indenture.

“Mortgage”
shall mean, with respect to a Deeded Club Loan, any purchase money mortgage, deed of trust, purchase money deed of trust or mortgage
deed creating a first lien on a Timeshare Property to secure debt granted by the Club Trustee on behalf of an Obligor to the Club
Originator with respect to the purchase of such Timeshare Property and/or the contribution of the same to the Club and otherwise
encumbering the related Timeshare Property to secure payments or other obligations under such Timeshare Loan.

    	-14-

    	 

    
“Mortgage
Note” shall mean, with respect to a Deeded Club Loan, the original, executed promissory note evidencing the indebtedness
of an Obligor under a Deeded Club Loan, together with any rider, addendum or amendment thereto, or any renewal, substitution or
replacement of such note.

“Net Liquidation
Proceeds” shall mean with respect to a Liquidation, the positive difference between Liquidation Proceeds and Liquidation
Expenses.

“Non-Bluegreen
Club Resort” shall mean a Resort that is not a Bluegreen Club Resort.

“Note
Balance Write-Down Amount” shall mean with respect to any Payment Date, an amount equal to the excess, if any,
of the Aggregate Outstanding Note Balance after taking account all distributions of principal on such Payment Date over the sum
of (i) the Aggregate Loan Balance as of the end of the Due Period related to such Payment Date and (ii) amounts on deposit in the
General Reserve Account and the Prefunding Account. The Note Balance Write-Down Amount shall only be applied to the Outstanding
Note Balance of the Class B Notes.

“Note Owner”
shall mean, with respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on
the books of the Depository or on the books of a Person maintaining an account with such Depository (directly or as an indirect
participant, in accordance with the rules of such Depository).

“Note Purchase
Agreement” shall mean that certain note purchase agreement dated September 6, 2012, by and among the Initial Purchaser,
Bluegreen and the Issuer.

“Note Rate”
shall mean with respect to the Class A Notes and the Class B Notes, 2.66% and 3.99%, respectively.

“Note Register”
shall have the meaning specified in Section 2.4(a) of the Indenture.

“Note Registrar”
shall have the meaning specified in Section 2.4(a) of the Indenture.

“Noteholder”
shall mean any holder of a Note of any Class.

“Notes”
shall mean collectively, the Class A Notes and the Class B Notes.

“Obligor”
shall mean the related obligor under a Timeshare Loan.

“Offering
Circular” shall mean that certain Confidential Offering Circular, dated September 6, 2012 related to the Notes and the
Transaction Documents.

    	-15-

    	 

    
“Officer’s
Certificate” shall mean a certificate executed by a Responsible Officer of the applicable party.

“Opinion
of Counsel” shall mean a written opinion of counsel, in each case acceptable to the addressees thereof.

“Optional
Purchase Limit” shall mean, on any date, an amount equal to (x) 15% of the Aggregate Closing Date Collateral Balance,
less (y) the aggregate Loan Balances (as of the related purchase dates or release dates, as applicable) of all Defaulted Timeshare
Loans (i) previously purchased by the Club Originator pursuant to the Sale Agreement, the Transfer Agreement or the Bluegreen Purchase
Agreement or (ii) previously released pursuant to Section 4.7(c) of the Indenture.

“Optional
Redemption Date” shall mean the first date in which the Aggregate Outstanding Note Balance is less than or equal to 10%
of the Aggregate Initial Note Balance.

“Optional
Substitution Limit” shall mean, on any date, an amount equal to (x) 20% of the Aggregate Closing Date Collateral Balance
less (y) the aggregate Loan Balances (as of the related Transfer Dates) of all Defaulted Timeshare Loans previously substituted
by the Club Originator pursuant to the Sale Agreement, the Transfer Agreement or the Bluegreen Purchase Agreement.

“Original
Club Loan” shall mean a timeshare loan for which the related obligor has elected to effect an Upgrade and an Originator
has agreed to effect such Upgrade.

“Originator”
shall mean either the Club Originator or the Aruba Originator.

“Outstanding”
shall mean, with respect to the Notes, as of any date of determination, all Notes theretofore authenticated and delivered under
the Indenture except:

(a)               
Notes theretofore canceled by the Indenture Trustee or delivered to the Indenture Trustee for cancellation;

(b)              
Notes or portions thereof for whose payment money in the necessary amount has been theretofore irrevocably deposited with
the Indenture Trustee in trust for the holders of such Notes; and

(c)               
Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to the Indenture unless
proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a Person in whose hands the Note is a
valid obligation; provided, however, that in determining whether the holders of the requisite percentage of the Outstanding Note
Balance of the Notes have given any request, demand, authorization, direction, notice, consent, or waiver hereunder, Notes owned
by the Issuer or any Affiliate of the Issuer shall be disregarded and deemed not to be Outstanding, except that, in determining
whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent,
or waiver, only Notes that a Responsible Officer of the Indenture Trustee actually has notice are so owned shall be so disregarded.

    	-16-

    	 

    
“Outstanding
Note Balance” shall mean as of any date of determination and Class of Notes, the Initial Note Balance of such Class of
Notes less the sum of principal payments actually distributed to the Noteholders of such Class of Notes as of such date; provided,
however, to the extent that for purposes of consents, approvals, voting or other similar act of the Noteholders under any of the
Transaction Documents, “Outstanding Note Balance” shall exclude Notes which are held by Bluegreen or any Affiliate
thereof.

“Owner Beneficiary”
shall have the meaning specified in the Club Trust Agreement.

“Owner Beneficiary
Agreement” shall mean the purchase agreement entered into by each Obligor and the Developer with respect to the Club
Loans.

“Owner Beneficiary
Rights” shall have the meaning specified in the Club Trust Agreement.

“Owner Trustee”
shall mean Wilmington Trust Company, a Delaware trust company, or any successor thereof, acting not in its individual capacity
but solely as owner trustee under the Trust Agreement.

“Owner Trustee
Corporate Trust Office” shall mean Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001.

“Owner Trustee
Fee” shall mean an annual fee equal to (A) prior to the Owner Trustee becoming successor Administrator,
$6,000.00 and (B) upon the Owner Trustee becoming successor Administrator, $5,000.00, which fee shall be due and payable on the
first Payment Date of each year during the term hereof occurring after the Issuer’s receipt of an invoice therefor.

“Paying Agent”
shall mean any Person authorized under the Indenture to make the distributions required under Sections 3.4 of the Indenture, which
such Person initially shall be the Indenture Trustee.

“Payment
Date” shall mean the 2nd day of each month, or, if such date is not a Business Day, then the next succeeding
Business Day, commencing on the Initial Payment Date.

“Payment
Default Event” shall have occurred if (i) each Class of Notes shall become due and payable pursuant to Section 6.2(a)
of the Indenture or (ii) each Class of Notes shall otherwise become due and payable following an Event of Default under the Indenture
and the Indenture Trustee has, in its good faith judgment, determined that the value of the assets comprising the Trust Estate
is less than the Aggregate Outstanding Note Balance.

“Percentage
Interest” for a Class of Notes on each Payment Date shall mean the then Outstanding Note Balance of such Class of Notes
divided by the sum of the then Aggregate Loan Balance and the then Prefunding Loan Balance (each calculated as of the close of
business on the day immediately prior to the related Due Period), expressed as a percentage (which initially, for the Class A Notes
and the Class B Notes shall be approximately 70.75% and 18.75%, respectively).

    	-17-

    	 

    
“Permitted
Liens” shall mean (a) with respect to Timeshare Loans in the Trust Estate, (i) Liens for state, municipal or other local
taxes if such taxes shall not at the time be due and payable or such exceptions as may be set forth in any related lender’s
title insurance policy or in any related lender’s title insurance commitment as of the Closing Date or a Transfer Date, as
applicable, (ii) Liens in favor of the Depositor and the Issuer created pursuant to the Transaction Documents, and (iii) Liens
in favor of the Trust and the Indenture Trustee created pursuant to the Indenture; (b) with respect to the related Timeshare Property,
(i) materialmen’s, warehousemen’s, mechanic’s and other Liens arising by operation of law in the ordinary course
of business for sums not due, (ii) Liens for state, municipal or other local taxes if such taxes shall not at the time be due and
payable, and (iii) the Obligor’s interest in the Timeshare Property under the Timeshare Loan whether pursuant to the Club
Trust Agreement or otherwise; and (c) with respect to Timeshare Loans and Related Security in the Trust Estate, any and all rights
of the Beneficiaries referred to in the Club Trust Agreement under such Club Trust Agreement.

“Person”
means an individual, general partnership, limited partnership, limited liability partnership, corporation, business trust, joint
stock company, limited liability company, trust, unincorporated association, joint venture, Governmental Authority, or other entity
of whatever nature.

“Post Grace
Period Force Majeure Loan” shall mean a Timeshare Loan that, as a result of the end of the grace period granted by the
Servicer, ceased to be a Force Majeure Loan, but for which the related Obligor has not yet made two consecutive current payments.
Upon the related Obligor making two consecutive current payments, such Post Grace Period Force Majeure Loan shall cease to be a
Post Grace Period Force Majeure Loan.

“Predecessor
Servicer Work Product” shall have the meaning specified in Section 5.4(b) of the Indenture.

“Prefunding
Account” shall be the account maintained by the Indenture Trustee pursuant to Section 3.2(c) of the Indenture.

“Prefunding
Account Initial Deposit” shall equal $8,565,858.30.

“Prefunding
Loan Balance” shall mean the excess of the maximum aggregate Cut-Off Date Loan Balances of Subsequent Timeshare Loans
that may be purchased during the Prefunding Period over the aggregate Cut-Off Date Loan Balances of Subsequent Timeshare Loans
that have been purchased during the Prefunding Period.

“Prefunding
Period” shall mean the period commencing on the Closing Date and ending on the Prefunding Termination Date.

“Prefunding
Termination Date” shall mean the Determination Date immediately following the earliest of (i) 90 days after the Closing
Date, (ii) the date on which the amount on deposit in the Prefunding Account is less than $10,000 and (iii) the date on which an
Event of Default occurs.

    	-18-

    	 

    
“Principal
Advance Rate Percentage” shall mean the lesser of (i) 89.5% and (ii) a fraction, expressed as a percentage, the numerator
of which is the excess of (A) the sum of the Aggregate Loan Balance and the Prefunding Loan Balance, each as of the last day of
the related Due Period over (B) the product of 1% and the Aggregate Closing Date Collateral Balance, and the denominator of which
is the sum of the Aggregate Loan Balance and the Prefunding Loan Balance, each as of the last day of the related Due Period.

“Principal
Advance Reduction Amount” shall mean for any Payment Date, the amount by which the Aggregate Outstanding Note Balance
(determined after giving effect to the payments of the Principal Distribution Amounts on such Payment Date) exceeds the product
of (i) the Principal Advance Rate Percentage and (ii) the sum of the Aggregate Loan Balance and the Prefunding Loan Balance, each
as of the last day of the related Due Period.

“Principal
Distribution Amount” shall equal for any Payment Date and Class of Notes, the sum of the following, without duplication
with respect to any Timeshare Loan:

		(i)	the product of (a) such Class’ Percentage Interest and (b) the amount of principal collected
in respect of each Timeshare Loan during the related Due Period (including, but not limited to, principal in respect of scheduled
payments, partial prepayments, prepayments in full, liquidations, Substitution Shortfall Amounts and Repurchase Prices, if any,
but excluding principal received in respect of Timeshare Loans that became Defaulted Timeshare Loans during prior Due Periods that
have not been released from the Lien of the Indenture) or, if the Cut-Off Date for a Qualified Substitute Timeshare Loan shall
have occurred during the related Due Period, the amount of principal collected in respect of such Qualified Substitute Timeshare
Loan after such Cut-Off Date;

		(ii)	the product of (a) such Class’ Percentage Interest and (b) the aggregate Loan Balance of
all Timeshare Loans which became Defaulted Timeshare Loans during the related Due Period less the sum of (x) the aggregate Loan
Balance of all Qualified Substitute Timeshare Loans which were conveyed to the Trust Estate in respect of Defaulted Timeshare Loans
during the related Due Period, (y) the principal portion of Repurchase Prices paid in respect of Defaulted Timeshare Loans during
the related Due Period, and (z) the principal portion of Liquidation Proceeds received during the related Due Period;

		(iii)	on the first Payment Date after the Prefunding Termination Date, the product of (a)(1) such Class’
Percentage Interest divided by (2) 89.5% and (b) the amount deposited into the Collection Account from the Prefunding Account pursuant
to Section 3.2(c) of the Indenture, if any; and

    	-19-

    	 

    

		(iv)	any unpaid Principal Distribution Amounts for such Class from prior Payment Dates.

“Qualified Institutional Buyer”
shall have the meaning set forth in Rule 144A of the Securities Act.

“Qualified
Substitute Timeshare Loan” shall mean a Timeshare Loan (i) that, when aggregated with other Qualified Substitute Timeshare
Loans being substituted on such Transfer Date, has a Loan Balance, after application of all payments of principal due during or
prior to the month of substitution, not in excess of the Loan Balance of the Timeshare Loan being substituted on the related Transfer
Date, (ii) that complies, as of the related Transfer Date, with each of the representations and warranties contained in the Transfer
Agreement and the Bluegreen Purchase Agreement, including that such Qualified Substitute Timeshare Loan is an Eligible Timeshare
Loan; provided that there will be no seasoning requirement if a Qualified Substitute Timeshare Loan is an Upgrade Club Loan replacing
an Original Club Loan with the same Obligor, (iii) that shall not cause the weighted average coupon rate of the Timeshare Loans
to be less than 15.0% after such substitution, (iv) that shall not cause the weighted average months of age on the Timeshare
Loans to be less than 19 months after such substitution, (v) that shall not cause the weighted average remaining term to maturity
of the Timeshare Loans to be equal to or greater than 101 months, (vi) that does not have a stated maturity later than December
2025 and (vii) that has a FICO® score and, when aggregated with other Qualified Substitute Timeshare Loans being substituted
on such Transfer Date, has a weighted average FICO® score of at least 713.

“Rating Agency”
shall mean S&P.

“RCI”
shall mean Resort Condominiums International, LLC (or one of its wholly owned subsidiaries).

“Receivables”
means the payments required to be made pursuant to a Timeshare Loan.

“Record Date”
shall mean, with respect to any Payment Date (i) for Global Notes, the close of business on the Business Day immediately preceding
such Payment Date and (ii) for Definitive Notes, the close of business on the last Business Day of the month preceding the month
in which such Payment Date occurs.

“Redemption
Date” shall mean with respect to the redemption of the Notes on or after the Optional Redemption Date, the date fixed
pursuant to Section 10.1 of the Indenture.

“Redemption
Price” shall mean, with respect to each Class of Notes, the sum of the Outstanding Note Balance of such Class of Notes,
together with interest accrued and unpaid thereon at the applicable Note Rate up to and including the Redemption Date.

“Regulation
S” shall have the meaning ascribed to such term in the Securities Act, as amended.

    	-20-

    	 

    
“Regulation
S Global Note” shall have the meaning set forth in Section 2.2 of the Indenture.

“Related
Security” shall mean with respect to any Timeshare Loan, (i) all of the Issuer’s interest in the Timeshare Property
arising under or in connection with the related Mortgage, if any, Owner Beneficiary Rights, Vacation Points and the related Timeshare
Loan Files, (ii) all other security interests or liens and property subject thereto from time to time purporting to secure payment
of such Timeshare Loan, together with any Mortgages, signed by the Club Trustee on behalf of an Obligor describing any collateral
securing such Timeshare Loan, (iii) all guarantees, insurance and other agreements or arrangements of whatever character from time
to time supporting or securing payment of such Timeshare Loan, (iv) any assignments of Mortgages and any financing statements,
and (v) all other security and books, records and computer tapes relating to the foregoing.

“Remarketing
Agent” shall mean Bluegreen.

“Remarketing
Agreement” shall mean that certain remarketing agreement, dated as of August 15, 2012, by and among, the Servicer, the
Issuer, the Remarketing Agent and the Indenture Trustee, as the same may be amended, modified, or supplemented from time to time
in accordance with the terms thereof.

“Repurchase
Price” shall mean with respect to any Timeshare Loan to be purchased by the Club Originator pursuant to the Transfer
Agreement, the Bluegreen Purchase Agreement or the Sale Agreement, an amount equal to the Loan Balance of such Timeshare Loan as
of the date of such purchase or repurchase, together with all accrued and unpaid interest on such Timeshare Loan at the related
Timeshare Loan Rate to, but not including, the due date for such interest in the then current Due Period.

“Request
for Release” shall be a request for release of Timeshare Loan Documents in the form required by the Custodial Agreement.

“Required
Payments” shall mean each of the items described in (i) through (xii) of Section 3.4 of the Indenture.

“Reservation
System”: The reservation system utilized by the Club and owned by the Club Managing Entity or the services contracted
by the Club Managing Entity with a third party.

“Residual
Interest Certificate” shall mean the certificate issued under the Trust Agreement, which represents the economic residual
interest of the Trust formed thereunder.

“Residual
Interest Owner” shall mean the owner of the Residual Interest Certificate issued by the Issuer pursuant to the Trust
Agreement, which shall initially be the Depositor.

“Resort”
shall mean, as the context shall require, the resort at which the Timeshare Property related to a Timeshare Loan is located.

    	-21-

    	 

    
“Resort Interests”
shall mean as defined in the Club Trust Agreement.

“Responsible
Officer” shall mean (a) when used with respect to the Owner Trustee or the Indenture Trustee, any officer assigned to
the Owner Trustee Corporate Trust Office or the Corporate Trust Office, respectively, including any Managing Director, Senior Vice
President, Vice President, Assistant Vice President, Secretary, Assistant Secretary, Assistant Treasurer, any trust officer or
any other officer such Person customarily performing functions similar to those performed by any of the above designated officers,
and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject; (b) when used with respect to the Servicer, the Chief Financial Officer,
a Senior Vice President, a Vice President, an Assistant Vice President, the Chief Accounting Officer or the Secretary of the Servicer;
and (c) with respect to any other Person, the chairman of the board, chief financial officer, the president, a vice president,
the treasurer, an assistant treasurer, the secretary, an assistant secretary, the controller, general partner, trustee or the manager
of such Person.

“Restricted
Period” shall mean the 40-day period prescribed by Regulation S commencing on the later of (i) the date upon which the
Notes are first offered to persons other than the Initial Purchasers and any other distributor (as such term in defined in Regulation
S) of the Notes and (ii) the Closing Date.

“Rule 144A
Global Note” shall have the meaning set forth in Section 2.2 of the Indenture.

“S&P”
shall mean Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business.

“Sale Agreement”
shall mean that certain sale agreement, dated as of August 15, 2012, between the Depositor and the Issuer pursuant to which the
Depositor sells the Initial Timeshare Loans on the Closing Date, and the Subsequent Timeshare Loans during the Prefunding Period,
to the Issuer.

“Sampler
Loan” shall mean a loan originated by Bluegreen pursuant to the terms of a Sampler Program Agreement.

“Sampler
Conversion” shall mean the process in which, pursuant to the terms of the Sampler Program Agreement, the Obligor has
converted the “Sampler Membership” into full ownership in the Bluegreen Vacation Club multi-site timeshare plan.

“Sampler
Converted Loan” shall mean a Timeshare Loan, the obligor of which, previously had a Sampler Loan and converted the same
to a Timeshare Loan pursuant to the terms of a Sampler Program Agreement.

“Sampler
Program Agreement” shall mean an agreement pursuant to which a purchaser thereunder obtains those certain benefits set
forth therein which comprise the “Sampler Membership” and, subject to the terms and conditions thereof, has the opportunity
to convert such Sampler Membership into full ownership in the Bluegreen Vacation Club multi-site timeshare plan.

    	-22-

    	 

    
“Schedule
of Timeshare Loans” shall mean the list of Timeshare Loans delivered pursuant to the Sale Agreement, as amended from
time to time to reflect repurchases, substitutions, Subsequent Timeshare Loans and Qualified Substitute Timeshare Loans conveyed
pursuant to the terms of the Indenture, which list shall set forth the information with respect to each Timeshare Loan as of the
related Cut-Off Date, as applicable, in numbered columns.

If the Schedule of
Timeshare Loans is provided in electronic format, it shall be substantially in the form of Exhibit E to the Custodial Agreement
(which, in any event, shall contain all the information specified above).

“Securities
Act” shall mean the Securities Act of 1933, as amended.

“Seller”
shall mean with respect to (i) the Transfer Agreement, BXG Timeshare I, (ii) the Bluegreen Purchase Agreement, Bluegreen and (iii) the
Sale Agreement, the Depositor.

“Sequential
Pay Event” shall mean either a Payment Default Event or a Trust Estate Liquidation Event.

“Servicer”
shall mean Bluegreen in its capacity as servicer under the Indenture, the Backup Servicing Agreement, the Remarketing Agreement
and the Custodial Agreement, and its permitted successors and assigns.

“Servicer
Credit Card Processing Cost” shall have the meaning specified in Section 5.3(b) of the Indenture.

“Servicer
Event of Default” shall have the meaning specified in Section 5.4 of the Indenture.

“Servicing
Fee” shall mean for any Payment Date, the product of (i)(A) if Bluegreen or an affiliate thereof is the Servicer, one-twelfth
of 1.500% and (B) if the Indenture Trustee is the successor Servicer, one-twelfth of 1.575%, and (ii) the aggregate Loan Balance
of all Timeshare Loans owned by the Issuer as of the first day of the related Due Period; provided that if the Indenture Trustee
is the successor Servicer, it shall, after payment of the Backup Servicing Fee, be entitled to a minimum monthly payment of $5,500.00.

“Servicing
Officer” shall mean those officers of the Servicer involved in, or responsible for, the administration and servicing
of the Timeshare Loans, as identified on the list of Servicing Officers furnished by the Servicer to the Indenture Trustee and
the Noteholders from time to time.

“Servicing
Standard” shall mean, with respect to the Servicer and the Backup Servicer a servicing standard which complies with applicable
law, the terms of the Transaction Documents, the terms of the respective Timeshare Loans and, to the extent consistent with the
foregoing, in accordance with the customary standard of prudent servicers
of loans secured by timeshare interests similar to the Timeshare Properties, but in no event lower than the standards employed
by it when servicing loans for its own account or other third parties, but, in any case, without regard for (i) any relationship
that it or any of its Affiliates may have with the related Obligor, and (ii) its right to receive compensation for its services
under the Indenture or with respect to any particular transaction.

    	-23-

    	 

    
“Servicer
Termination Costs” shall mean any extraordinary out-of-pocket expenses incurred by the Indenture Trustee associated with
the transfer of servicing.

“Similar
Law” shall mean any provision of federal, state or local law that is substantially similar to the prohibited transaction
rules under ERISA or Section 4975 of the Code.

“Stated Maturity”
shall mean the Payment Date occurring in December 2027.

“Statutory
Trust Statute” shall mean the Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. §
3801, et seq., as the same may be amended from time to time.

“Subsequent
Cut-Off Date” shall mean with respect to any Transfer Date, (i) the close of business on the last day of the Due Period
immediately preceding such Transfer Date or (ii) such other date prior to the Transfer Date as designated by the Servicer.

“Subsequent
Timeshare Loans” shall mean the Timeshare Loans meeting the criteria specified in Section 4.3 of the Indenture, sold
by the Depositor, purchased by the Issuer and pledged to the Indenture Trustee on a Transfer Date during the Prefunding Period.

“Subsequent
Transfer Notice” shall have the meaning specified in Section 4.2(a) of the Indenture.

“Substitution
Shortfall Amount” shall mean with respect to any Transfer Date, an amount equal to the excess of the aggregate Loan Balances
of the substituted Timeshare Loans over the aggregate Loan Balances of the Qualified Substitute Timeshare Loans.

“Target Amount”
shall mean, for any Payment Date, an amount equal to the product of (i) the Target Amount Percentage and (ii) the sum of the Aggregate
Loan Balance and the Prefunding Loan Balance, each as of the last day of the related Due Period.

“Target Amount
Percentage” shall mean (i) prior to the occurrence and continuance of a Lockout Event, 1.00%, (ii) during the continuance
of a Lockout Event, 5.00%, and (iii) if a Lockout Event has occurred, but is no longer continuing, (A) 4.00% for the first Payment
Date thereafter, (B) 3.00% for the second Payment Date thereafter, (C) 2.00% for the third Payment Date thereafter and (D) 1.00%
thereafter.

“Temporary
Regulation S Global Note” shall have the meaning set forth in Section 2.2 of the Indenture.

    	-24-

    	 

    
“Timeshare
Declaration” shall mean the declaration or other document recorded
in the real estate records of the applicable municipality or government office where a Resort is located for the purpose of creating
and governing the rights of owners of Timeshare Properties related thereto, as it may be in effect from time to time.

“Timeshare
Loan” shall mean a Club Loan, Initial Timeshare Loan, Subsequent Timeshare Loan or a Qualified Substitute Timeshare Loan,
subject to the Lien of the Indenture. As used in the Transaction Documents, the term “Timeshare Loan” shall include
the related Mortgage Note, Mortgage, if any, the Owner Beneficiary Agreement and other Related Security contained in the related
Timeshare Loan Documents.

“Timeshare
Loan Acquisition Price” shall mean with respect to any Timeshare Loan, an amount equal to the Loan Balance of such Timeshare
Loan plus all interest received up to and including the related Cut-Off Date.

“Timeshare
Loan Documents” shall mean with respect to each Timeshare Loan and each Obligor, the related (i) Timeshare Loan Files,
and (ii) Timeshare Loan Servicing Files.

“Timeshare
Loan Files” shall mean, with respect to a Timeshare Loan, all documents related to
such Timeshare Loan, including: 

		1.	with respect to a Club Loan (other than an Aruba Club Loan), the original Mortgage Note executed
by the Obligor, endorsed either as (i) “Pay to the order of ________, without recourse, representation or warranty”
(either directly on the Mortgage Note or on an allonge placed with such Mortgage Note), by an Authorized Officer of the related
Seller (such Authorized Officer’s signature may be computer generated), or (ii) a chain of endorsement substantially as follows:
“Pay to the order of BRFC 2012-A LLC, without recourse, representation or warranty”, “Pay to the order of BXG
Receivables Note Trust 2012-A, without recourse, representation or warranty” and “Pay to the order of U.S. Bank National
Association, as Indenture Trustee, without recourse, representation or warranty except as provided in the Indenture dated as of
August 15, 2012” (either directly on the Mortgage Note or on an allonge placed with such Mortgage Note), by an Authorized
Officer of the related Seller, the Depositor and the Issuer (such Authorized Officer’s signature may be computer generated),
respectively (in the case of both clauses (i) and (ii) above, together with a complete chain of endorsements from the original
payee to the related Seller, if applicable);

		2.	with respect to a Club Loan (other than an Aruba Club Loan), (i) an original Mortgage with evidence
that such Mortgage has been recorded in the appropriate recording office or (ii) if such Mortgage has not yet been returned to
the related Seller by such recording office, a copy of the unrecorded Mortgage that has been delivered to such recording office
(with evidence that such Mortgage has been delivered to the appropriate recording office for recording);

    	-25-

    	 

    
		3.	with respect to a Club Loan (other than an Aruba Club Loan), (i) original recorded Assignment(s)
of Mortgage (which may be a part of a blanket assignment of more than one Club Loan in which case, a copy thereof, with the original
blanket Assignments of Mortgage held by the Custodian in the related master pool header file), showing the assignment of such Club
Loan from the record mortgagee to the Indenture Trustee, or (ii) if such Assignments of Mortgage have not yet been returned by
the related recording office, a copy of the unrecorded Assignments of Mortgage that have been delivered to such recording office
(which may be a part of a blanket assignment of more than one Club Loan), showing the assignment of such Club Loan from the record
mortgagee to the Indenture Trustee (with evidence (a copy of (A) the Federal Express (or similar service) receipt and (B) the check
made payable to the applicable recording office, being sufficient evidence) that such Assignments of Mortgage have been delivered
to the appropriate recording office for recording), or (iii) if the related Mortgage has not yet been returned such that the related
Assignment(s) of Mortgage can not yet be filed, (A) evidence that that such Mortgage has been delivered to the appropriate recording
office for recordation (the evidence in paragraph 2 above being sufficient) and (B) Assignments of Mortgage in recordable form
(other than the Mortgage recording information) duly executed by the last record holder of the Mortgage showing the assignment
of such Club Loan from the record mortgagee to the Indenture Trustee; provided, however, that with respect to clauses (ii) and
(iii) of this paragraph 3, photocopies held by the Custodian in the related investor file shall be sufficient.

		4.	with respect to a Club Loan (other than an Aruba Club Loan), the UCC financing statement, if any,
evidencing that the security interest granted under such Timeshare Loan, if any, has been perfected under applicable state law;

		5.	with respect to a Club Loan (other than an Aruba Club Loan), (i) a copy of any recorded warranty
deed transferring legal title to the related Timeshare Property to the Club Trustee, or (ii) if such recorded warranty deed has
not yet been returned to the related Seller, a copy of a warranty deed sent for recording;

		6.	with respect to a Club Loan (other than an Aruba Club Loan), either (i) a final original lender’s
title insurance policy (which may consist of one master policy referencing one or more Mortgages) showing no exceptions to coverage
(other than Permitted Liens) or (ii) a binding unconditional commitment to issue a title insurance policy showing no exceptions
to coverage (other than Permitted Liens) (which may be a master commitment referencing one or more Mortgages, the original master
commitment to be held by the Custodian in the related master pool header file), in all cases referencing such Timeshare Loan and
insuring Bluegreen Corporation and its successors and/or assigns;

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		7.	the original of any related assignment or guarantee or, if such original is unavailable, a copy
thereof certified by an Authorized Officer of the related Seller to be a true and correct copy, current and historical computerized
data files;

		8.	the original of any assumption agreement or any refinancing agreement;

		9.	all related Owner Beneficiary Agreements, finance applications, sale and escrow documents executed
and delivered by the related Obligor with respect to the purchase of a Timeshare Property;

		10.	all other papers and records of whatever kind or description, whether developed or originated by
an Originator or another Person, required to document, service or enforce a Timeshare Loan; and

		11.	any additional amendments, supplements, extensions, modifications or waiver agreements required
to be added to the Timeshare Loan Files pursuant to the Indenture, the Credit Policy, the Collection Policy or the other Transaction
Documents, if any.

“Timeshare
Loan Rate” shall mean with respect to any Timeshare Loan, the specified coupon rate thereon.

“Timeshare
Loan Servicing Files” shall mean with respect to each Timeshare Loan and each Obligor, the portion of the Timeshare Loan
Files necessary for the Servicer to service such Timeshare Loan including but not limited to (i) a copy of the truth-in-lending
disclosure statement executed by such Obligor, as applicable, (ii) all writings pursuant to which such Timeshare Loan arises or
which evidences such Timeshare Loan and not delivered to the Custodian, (iii) all papers and computerized records customarily maintained
by the Servicer in servicing timeshare loans comparable to the Timeshare Loans in accordance with the Servicing Standard and (iv)
each Timeshare Program Consumer Document (not the original), if applicable, related to the applicable Timeshare Property.

“Timeshare
Program” shall mean the program under which (1) an Obligor has purchased a Timeshare Property and (2) an Obligor shares
in the expenses associated with the operation and management of such program.

“Timeshare
Program Consumer Documents” shall mean, as applicable, the Owner Beneficiary Agreement, Mortgage Note, Mortgage and any
rescission right notices, public offering statements and other documents and disclosures used or to be used by an Originator in
connection with the sale of Timeshare Properties.

    	-27-

    	 

    
“Timeshare
Program Governing Documents” shall mean the articles of organization or articles of incorporation of each Association,
the rules and regulations of each Association, the Timeshare Program management contract between each Association and a management
company, and any subsidy agreement by which an Originator is obligated to subsidize shortfalls in the budget of a Timeshare Program
in lieu of paying assessments, as they may be from time to time in effect and all amendments, modifications and restatements of
any of the foregoing.

“Timeshare
Property” shall mean (i) with respect to a Deeded Club Loan, a fractional fee simple timeshare interest in a Unit in
a Resort (or phase thereof) or an undivided interest in a Resort (or phase thereof) associated with a Unit and (ii) with respect
to an Aruba Club Loan, Co-op Shares.

“Transaction
Documents” shall mean the Indenture, the Bluegreen Purchase Agreement, the Transfer Agreement, the Sale Agreement, the
Lockbox Agreement, the Backup Servicing Agreement, the Administration Agreement, the Remarketing Agreement, the Custodial Agreement,
the Note Purchase Agreement and all other agreements, documents or instruments (other than the Timeshare Loan Documents) delivered
in connection with the transactions contemplated thereby.

“Transfer
Agreement” shall mean the transfer agreement, dated as of August 15, 2012, by and among Bluegreen, the Depositor and
BXG Timeshare I pursuant to which certain Initial Timeshare Loans are sold to the Depositor.

“Transfer
Date” shall mean with respect to (i) a Subsequent Timeshare Loan, the date during the Prefunding Period on which the
Issuer purchases such Subsequent Timeshare Loan from a Seller and pledges such Timeshare Loan to the Indenture Trustee to be included
as part of the Trust Estate, and (ii) a Qualified Substitute Timeshare Loan, the date on which the Club Originator substitutes
one or more Timeshare Loans in accordance with Section 4.6 of the Indenture.

“Treasury
Regulations” shall mean the regulations, included proposed or temporary regulations, promulgated under the Code. References
herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations
or other successor Treasury Regulations.

“Trigger
Event” shall occur on any Determination Date if (a) the average of the Delinquency Levels for the last three Due Periods
is greater than 6.00% and shall continue until the Delinquency Level is equal to or less than 6.00% for three consecutive Due Periods,
(b) the average of the Default Levels for the last three Due Periods exceeds 1.50% and shall continue until the Default Level is
equal to or less than 1.50% for three consecutive Due Periods, (c) a Note Balance Write-Down Amount is applied in respect of the
Class B Notes or (d) the Cumulative Net Default Level as of the last day of any Due Period specified below exceeds the corresponding
level specified below and shall continue until the Cumulative Net Default Level is equal to or less than the level specified below
for three consecutive Due Periods:

    	-28-

    	 

    
 

	
         

        Due Period
	Cumulative

Net Default Level
	1 – 12	6.00%
	13 – 24	9.00%
	25 – 36	12.00%
	37 – 47	15.00%
	48 and thereafter	18.00%

 

“Trust”
shall mean the Issuer.

“Trust
Accounts” shall mean collectively, the Lockbox Account, the Collection Account, the General Reserve Account, the Prefunding
Account, the Force Majeure Loan Reserve Account, the Credit Card Account and the Capitalized Interest Account.

“Trust
Agreement” shall mean the amended and restated trust agreement, dated the Closing Date, by and among the Depositor and
the Owner Trustee.

“Trust
Estate” shall have the meaning specified in the Granting Clause of the Indenture.

“Trust
Estate Liquidation Event” shall have the meaning specified in Section 6.6(b) of the Indenture.

“Trust Paying
Agent” shall have the meaning specified in Section 3.09 of the Trust Agreement.

“UCC”
shall mean the Uniform Commercial Code as from time to time in affect in the applicable jurisdiction or jurisdictions.

“Unit(s)”
shall mean one individual air-space condominium unit, cabin, villa, cottage, townhome, platform tent, cabin, campsite for recreational
vehicle or lot within a resort, 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 Timeshare Program Governing Documents.

“Upgrade”
shall mean the process in which (A) an obligor of an Original Club Loan elects to (i)(a) reconvey the existing Club Property for
new Club Property (such new Club Property having a greater dollar value than the existing Club Property) and (b) cancel the Original
Club Loan in exchange for an Upgrade Club Loan secured by such new Club Property or (ii)(a) acquires additional Club Property and
(b) cancels the Original Club Loan in exchange for an Upgrade Club Loan from the Club Originator secured by the existing Club Property
and the additional Club Property or (B) an owner of existing Club Property that is fully paid elects to (i) reconvey such Club
Property for new Club Property (such new Club Property having a greater dollar value than the existing Club Property) or (ii) acquires
additional Club Property.

    	-29-

    	 

    
“Upgrade
Club Loan” shall mean the new timeshare loan originated by an Originator in connection with an Upgrade.

“Vacation
Points” shall have the meaning specified in the Club Trust Agreement.

 

    	-30-

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