Document:

Exhibit 10.184

                                                                  EXECUTION COPY

================================================================================

                         SALE AND CONTRIBUTION AGREEMENT

                                      among

         THE PERSONS IDENTIFIED ON THE SIGNATURE PAGES HERETO AS SELLERS
                                   as Sellers

                                       and

                  BLUEGREEN RECEIVABLES FINANCE CORPORATION XI,
                             as the Trust Depositor

                           Dated as of March 13, 2006

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
ARTICLE I
<S>                                                                                                             <C>
                    DEFINITIONS..................................................................................1

    Section 1.1.    General......................................................................................1
    Section 1.2.    Other Interpretive Provisions................................................................1

ARTICLE II

                    AGREEMENT TO TRANSFER; ASSIGNMENT OF AGREEMENT...............................................2

    Section 2.1.    Closing of Purchases.........................................................................2
    Section 2.2.    Assignment of Rights Under Agreement.........................................................2
    Section 2.3.    Conveyance of Substitute Receivables.........................................................3

ARTICLE III

                    REPRESENTATIONS AND WARRANTIES...............................................................3

    Section 3.1.    Representations and Warranties of Sellers....................................................4
    Section 3.2.    Representations and Warranties of Sellers Relating to the Agreement and the Assets..........11
    Section 3.3.    Survival; Knowledge of Trust Depositor; Notice of Breach....................................13

ARTICLE IV

                    SELLERS' AFFIRMATIVE AND NEGATIVE COVENANTS.................................................14

    Section 4.1.    Records.....................................................................................14
    Section 4.2.    Use of Noteholders' Names...................................................................14
    Section 4.3.    Other Documents.............................................................................14
    Section 4.4.    Sellers' Dues Requirement...................................................................14
    Section 4.5.    Consolidation and Merger....................................................................14
    Section 4.6.    Receivables.................................................................................15
    Section 4.7.    Compliance with Laws; Preservation of Existence; Conduct of Business........................15
    Section 4.8.    Environmental...............................................................................15
    Section 4.9.    Notices to Obligors; Collections............................................................17
    Section 4.10.   Notices.....................................................................................17
    Section 4.11.   Assets......................................................................................18
    Section 4.12.   Compliance with Contracts; Modifications to Contracts, Mortgages and Collection Policy......18
    Section 4.13.   Release and Bonding of Liens................................................................18
    Section 4.14.   Real Estate Taxes...........................................................................18
    Section 4.15.   Accounting for Purchases....................................................................19
    Section 4.16.   Compliance With Collection Policies.........................................................19
    Section 4.17.   Compliance with Agreements and Applicable Laws..............................................19
    Section 4.18.   Security Interests..........................................................................19
    Section 4.19.   Name Changes; Location of Sellers, Records; Instruments.....................................19
    Section 4.20.   ERISA Matters...............................................................................19
    Section 4.21.   Restrictions on Transfers...................................................................20
    Section 4.22.   Maintenance.................................................................................20
</TABLE>

                                       i
<PAGE>

<TABLE>
<S>                                                                                                             <C>
    Section 4.23.   Condemnation................................................................................20
    Section 4.24.   Inspections and Audits......................................................................20
    Section 4.25.   Organizational Status.......................................................................21
    Section 4.26.   Amendment of Time Share Documents...........................................................21
    Section 4.27.   Insurance...................................................................................21
    Section 4.28.   Operating Contracts.........................................................................21
    Section 4.29.   Further Assurances..........................................................................22

ARTICLE V

                    PERFECTION OF TRANSFER AND PROTECTION OF BACK-UP SECURITY INTERESTS.........................22

    Section 5.1.    Custody of Receivables......................................................................22
    Section 5.2.    Filing......................................................................................22
    Section 5.3.    Costs and Expenses..........................................................................23

ARTICLE VI

                    REMEDIES UPON MISREPRESENTATION; RIGHT TO SUBSTITUTE; UPGRADES..............................23

    Section 6.1.    Sellers' Option to Substitute...............................................................23
    Section 6.2.    Repurchases and Substitutions of Receivables for Breach of Representations and Warranties...23
    Section 6.3.    Upgrades....................................................................................24
    Section 6.4.    Reassignment of Repurchased or Substituted Receivables......................................24

ARTICLE VII

                    INDEMNIFICATION.............................................................................24

    Section 7.1.    Sellers Indemnification.....................................................................24
    Section 7.2.    Liabilities to Obligors.....................................................................25

ARTICLE VIII

                    MISCELLANEOUS...............................................................................25

    Section 8.1.    Termination.................................................................................25
    Section 8.2.    Assignment or Delegation by the Sellers.....................................................25
    Section 8.3.    Amendment...................................................................................26
    Section 8.4.    Notices.....................................................................................26
    Section 8.5.    Merger and Integration......................................................................26
    Section 8.6.    Headings....................................................................................26
    Section 8.7.    GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE........................27
    Section 8.8.    WAIVER OF JURY TRIAL........................................................................27
    Section 8.9.    No Bankruptcy Petition......................................................................27
    Section 8.10.   Severability of Provisions..................................................................27
    Section 8.11.   No Waiver; Cumulative Remedies..............................................................27
    Section 8.12.   Counterparts................................................................................27
    Section 8.13.   Intended Characterization...................................................................27
    Section 8.14.   Sellers.....................................................................................28
</TABLE>

                                       ii
<PAGE>

SCHEDULES

           Schedule I.            Location of Offices
           Schedule 3.1(ff)       Insurance
           Schedule 3.1(jj)       Organizational Structure; Intercompany Debt

EXHIBITS

           Exhibit A     Form of Sale Assignment

                                      iii
<PAGE>

                         SALE AND CONTRIBUTION AGREEMENT

      This Sale and Contribution Agreement,  dated as of March 13, 2006, is made
by and among the Persons  identified on the  signature  pages hereto as Sellers,
(together  with their  permitted  successors  and  assigns,  each a "Seller" and
collectively, the "Sellers") and Bluegreen Receivables Finance Corporation XI, a
Delaware  corporation  (together with its permitted  successors and assigns, the
"Trust Depositor").

      WHEREAS,  in the regular course of its business,  the Sellers  originate
Receivables;

      WHEREAS,  the Trust Depositor has been established as a  bankruptcy-remote
entity for the purpose of acquiring  from Sellers from time to time  Receivables
and related  Assets  owned by the Sellers in  accordance  with the terms of this
Agreement;

      WHEREAS,  the Sellers and Trust  Depositor wish to set forth the terms and
conditions  pursuant to which Trust Depositor will acquire such  Receivables and
related Assets (including Substitute Assets); and

      WHEREAS, Trust Depositor intends concurrently with each transfer of Assets
hereunder to sell, transfer and otherwise absolutely convey all right, title and
interest in and to the Assets to the Trust  pursuant  to the Sale and  Servicing
Agreement dated as of the date hereof by and among Trust  Depositor,  the Trust,
Bluegreen  Corporation,  individually  and in its capacity as Servicer,  Concord
Servicing  Corporation,  as Back-up  Servicer,  Vacation  Trust,  Inc.,  as Club
Trustee,  General Electric Capital Corporation,  as Facility Administrator,  the
Noteholders  and U.S.  Bank  National  Association,  as  Indenture  Trustee  and
Custodian (as amended, supplemented or otherwise modified from time to time, the
"Sale and Servicing Agreement"), executed concurrently herewith;

      WHEREAS,  the Sellers and Trust  Depositor wish to set forth the terms and
conditions  pursuant to which (i) the Sellers  will sell,  transfer,  assign and
otherwise  absolutely  convey  the  Assets  to  Trust  Depositor,  and  (ii) the
Receivables Files, deeds and other instruments, certificates, books, records and
information  of any kind  relating to the Assets  referred  to in the  foregoing
clause (i) and from time to time sold and purchased hereunder and under the Sale
and Servicing Agreement and transferred to the Custodian (as custodian and agent
for the Indenture Trustee) under the Custodian Agreement.

      NOW, THEREFORE, in consideration of the premises and the mutual agreements
hereinafter set forth, the Sellers and Trust Depositor agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

      Section  1.1.  General.   Unless  otherwise  defined  in  this  Agreement,
capitalized  terms  used  herein  (including  in the  preamble  above)  have the
meanings  assigned to them in the  Definitions  Annex to the Sale and  Servicing
Agreement.

      Section 1.2. Other Interpretive Provisions. Except to the extent otherwise
specified in the particular term or provision at issue,  this Agreement shall be
interpreted and construed in accordance with the Document Conventions.

                                      -1-
<PAGE>

                                   ARTICLE II
                 AGREEMENT TO TRANSFER; ASSIGNMENT OF AGREEMENT

      Section 2.1. Closing of Purchases.  During the Purchase  Period,  no later
than five (5) days prior to each Transfer Date (or such shorter  period to which
Trust  Depositor  shall agree),  the Sellers shall notify the Trust Depositor of
the intent to effect a Purchase and the proposed  Transfer Date thereof.  During
the Purchase Period,  no later than two (2) Business Days prior to each Transfer
Date (or such shorter period to which Trust Depositor shall agree),  the Sellers
will deliver or cause to be delivered to Trust Depositor a notice specifying all
outstanding  Eligible  Receivables  currently  owned by the  Sellers  which  the
Sellers wish to sell, transfer,  set-over, convey and absolutely assign pursuant
to this Agreement,  together with the items set forth on Schedule IB to the Sale
and Servicing  Agreement with respect thereto. On or prior to the Transfer Date,
Trust  Depositor  will notify the Sellers of the  Eligible  Receivables  it will
purchase (the "Purchased  Receivables") on such date and the cash purchase price
(the "Sale Price") it will pay for such purchase. To the extent that there is no
Sale Price or the cash portion of the Sale Price for the  Purchased  Receivables
is less than the fair market value  thereof,  the  difference  shall be deemed a
capital  contribution  by the Sellers to the Trust  Depositor.  On each Transfer
Date, the applicable Seller shall execute an assignment (the "Sale Assignment"),
dated as of such Transfer Date,  substantially  in the form of Exhibit A hereto,
Allonges (or other assignment in the case of Aruba  Receivables) which have been
stapled  to  the  original  notes,  if  any,  evidencing,  as  applicable,   the
Receivables and Mortgage Assignments with respect to each of the Receivables and
related Assets being purchased on such Transfer Date by the Trust Depositor. The
Sale Price shall be payable by Trust  Depositor in full by wire  transfer on the
Transfer  Date to an  account  designated  by the  applicable  Seller  to  Trust
Depositor on or before the Transfer Date.

      Concurrent  with the  payment of the Sale  Price,  if any,  for  Purchased
Receivables and execution and delivery of the Sale Assignment,  the Allonges and
the Mortgage Assignments,  as applicable,  in respect thereof, the Sellers shall
have, and shall be deemed for all purposes to have sold, transferred,  assigned,
set over and otherwise  conveyed to Trust Depositor,  in consideration  therefor
without recourse, representation or warranty other than as expressly provided in
the Transaction Documents,  all the Sellers' right, title and interest in and to
the  Purchased   Receivables  and  related  Assets  specified  on  the  List  of
Receivables and conveyed to the Trust Depositor pursuant to this Agreement.

      The foregoing sale, transfer, assignment, set-over and conveyance does not
constitute  and is not  intended to result in the creation or an  assumption  by
Trust  Depositor (or any assignee  thereof) of any  obligation of the Sellers in
connection  with  the  Receivables  and  related  Assets,  or any  agreement  or
instrument  relating  thereto,  including  any  obligation to any Obligor or any
other  Person,  or  (i)  any  taxes,  fees,  or  other  charges  imposed  by any
Governmental  Authority and (ii) any insurance  premiums which remain owing with
respect to any Receivable at the time such  Receivable is sold  hereunder.  Upon
the  consummation  of the foregoing  sale,  transfer,  assignment,  set-over and
conveyance  no  Seller  shall  claim any  ownership  interest  in the  Purchased
Receivables  and related Assets or take any action  inconsistent  with the Trust
Depositor's ownership of such Purchased Receivables and related Assets.

      Section 2.2. Assignment of Rights Under Agreement. Trust Depositor has the
right to assign its interest under this  Agreement to the Trust,  which shall in
turn assign its interest under this  Agreement to the Indenture  Trustee for the
benefit of the Noteholders as may be required to effect the purposes of the Sale
and Servicing Agreement and the Indenture, without further notice to, or consent
of, the Sellers,  and the Trust and the Indenture Trustee for the benefit of the
Noteholders shall succeed to all of the rights of Trust Depositor hereunder. The
Sellers  acknowledge that, pursuant to the Sale and Servicing  Agreement,  Trust
Depositor  will  assign  all of its  right,  title  and  interest  in and to the
Receivables  and related Assets  conveyed  hereunder and all other rights of the
Trust Depositor hereunder to the Trust,  including but not

                                      -2-
<PAGE>

limited to, its right to exercise the remedies created by Section 6.2 hereof for
breaches of  representations  and warranties of the Sellers contained in Article
III hereof,  which shall in turn  assign such right,  title and  interest to the
Indenture  Trustee  for the  benefit  of the  Noteholders  as well as any  other
covenants or representations  or warranties made by the Sellers  hereunder.  The
Sellers agree that, upon such assignment to the Trust and the Indenture  Trustee
for  the   benefit   of  the   Noteholders,   such   remedies,   covenants   and
representations, including the repurchase obligations of Sellers with respect to
breaches of such representations set forth herein and in Section 2.7 of the Sale
and Servicing Agreement, will run to and be for the benefit of the Trust and the
Indenture  Trustee  for the  benefit  of the  Noteholders  and their  respective
assignees and the Trust, the Indenture  Trustee or such assignee may enforce the
same directly without joinder of Trust Depositor.

      Section  2.3.  Conveyance  of  Substitute  Receivables.   Subject  to  the
satisfaction  of the  conditions  set  forth  in  Section  2.7 of the  Sale  and
Servicing  Agreement  in respect of  Replaced  Assets,  the Sellers may at their
option (but shall not be  obligated  to) sell,  transfer,  assign,  set over and
otherwise  convey  to  Trust  Depositor,  without  recourse,  representation  or
warranty other than as expressly  provided in the Transaction  Documents (and in
consideration of Trust Depositor's  concurrent transfer of property, by exchange
of one  or  more  related  Receivables  re-transferred  by the  Trust  to  Trust
Depositor  on the  Substitute  Asset  Transfer  Date) all the  right,  title and
interest  of such  Seller  in and to the  Substitute  Assets  identified  in the
related  Substitution  Notice and specified on the List of Receivables  and such
Substitute  Assets shall become part of the Assets upon such transfer.  Upon the
consummation of each foregoing  sale,  assignment,  transfer and conveyance,  no
Seller  shall claim any  ownership  interest  in the  relevant  Receivables  and
related Assets or any proceeds thereof or take any action  inconsistent with the
Trust   Depositor's   ownership  of  such   Receivables   and  related   Assets.
Notwithstanding  the  foregoing,  if such option is not  exercised  prior to the
expiration of a respective  Seller's  fiscal  quarter,  during which the related
Receivable became a Defaulted  Receivable,  then such Seller's right to exercise
such option  with  respect to such  Defaulted  Receivable  shall be  irrevocably
waived,  unless,  prior to the expiration of such Seller's fiscal quarter,  such
Seller gives notice to the Trust  Depositor  of its  intention to exercise  such
option  with  respect  to such  Defaulted  Receivable  and  does so prior to the
expiration of such Seller's next succeeding  fiscal quarter.  If, however,  such
Seller fails to exercise such option with respect to such  Defaulted  Receivable
prior to the expiration of such Seller's next succeeding  fiscal  quarter,  then
such  Seller's  right to exercise  such option  with  respect to such  Defaulted
Receivable shall be irrevocably waived. The waiver described in this Section 2.3
shall  have no  effect  on and shall  not  constitute  a waiver of the  Servicer
Purchase Option.

      To the  extent  that the  property  delivered  by Trust  Depositor  to the
Sellers in exchange for the  Substitute  Assets being  conveyed has a value less
than the fair market value of such Substitute Assets,  the difference,  shall be
deemed a capital  contribution  by the Sellers to Trust  Depositor in respect of
such Substitute Assets.

      Any such sale,  transfer,  assignment,  set-over and conveyance  shall not
constitute and is not intended to result in a creation or an assumption by Trust
Depositor  (or  any  assignee  thereof)  of any  obligation  of the  Sellers  in
connection  with such  Receivables  and  related  Assets,  or any  agreement  or
instrument  relating  thereto,  including  any  obligation to any Obligor or any
other  Person,  or  (i)  any  taxes,  fees,  or  other  charges  imposed  by any
Governmental  Authority and (ii) any insurance  premiums which remain owing with
respect  to any  such  Receivable  at  the  time  such  Receivable  is  conveyed
hereunder.

                                   ARTICLE III
                         REPRESENTATIONS AND WARRANTIES

     The Sellers will make, jointly and severally, and upon the transfer of
Substitute Assets will be deemed to remake, the  representations  and warranties
set forth herein for the benefit of Trust Depositor,

                                      -3-
<PAGE>

the Indenture Trustee and the Noteholders;  provided,  however,  with respect to
the   representations   and  warranties   relating  to  the  Receivables,   such
representations  and warranties  shall be made only on their date of purchase or
transfer  hereunder.  It is understood and agreed that the  representations  and
warranties  in this Article III shall  survive the  conveyance  of the Assets to
Trust  Depositor,  any conveyance of the Assets by Trust  Depositor to the Trust
and any  conveyance  of any interest  therein to the  Indenture  Trustee for the
benefit of the  Noteholders and shall continue so long as any Asset shall remain
outstanding. The repurchase (or, in the alternative, substitution) obligation of
the Sellers set forth in Section 6.2 below constitutes the sole remedy available
for a breach of a  representation  or  warranty of the Sellers in respect of the
Assets.  The Sellers are not  responsible  for and shall have no obligation with
respect to the Obligors' payment obligations under the Receivables,  except with
respect to Servicer  Advances as and to the extent  provided in the  Transaction
Documents and  obligations  under Section 6.2 hereof with respect to breaches of
representations  and  warranties,   when  made,  relating  to  the  Receivables;
provided, however, this sentence shall not be construed to limit, in any manner,
any Seller's other obligations under the Transaction Documents.

      Section 3.1.  Representations  and  Warranties of Sellers.  On the Closing
Date, Sellers, jointly and severally,  make, and on each Transfer Date, Sellers,
jointly and severally,  will be deemed to remake, the following  representations
and warranties:

            (a)  Organization  and Good  Standing.  Each Seller is a corporation
duly  organized,  validly  existing and in good  standing  under the laws of its
jurisdiction  of  incorporation,  and has full power  (corporate or  otherwise),
authority and legal right to own its properties and conduct its business as such
properties are presently owned and such business is presently conducted,  and to
execute, deliver and perform its obligations under this Agreement and each other
Transaction Document to which it is a party.

            (b) Due Qualification.  Each Seller is duly qualified to do business
and is in good  standing  as a  foreign  corporation  (or is  exempt  from  such
requirements),  and has obtained all necessary  licenses and approvals,  in each
jurisdiction  in which  failure  to so qualify or to obtain  such  licenses  and
approvals would have a Material Adverse Effect.

            (c) Due Authorization.  The execution and delivery of this Agreement
and each other Transaction Document to which it is a party, and the consummation
of the transactions  provided for herein and therein,  have been duly authorized
by each Seller by all necessary corporate action on the part of such Seller.

            (d) No Conflict.  The execution  and delivery of this  Agreement and
each other Transaction Document to which such Seller is a party, the performance
of the transactions  contemplated  hereby and thereby and the fulfillment of the
terms  hereof and  thereof do not  contravene  or violate  (i) its  articles  or
certificate of  incorporation or by-laws or operating  agreement,  (ii) any law,
rule or regulation applicable to it, (iii) any restrictions under any indenture,
contract, agreement,  mortgage, deed of trust, o other instrument to which it is
a party or by which it or any of its property is bound, or (iv) any order, writ,
judgment,  award,  injunction  or  decree  binding  on or  affecting  it or  its
property,  and do not result in the  creation or  imposition  of any Lien on the
assets of such Seller,  except where any such  contravention  or violation would
not have a Material Adverse Effect.

            (e) No Violation.  The execution and delivery by the Sellers of this
Agreement  and each  other  Transaction  Document  to  which it is a party,  the
performance  of  the  transactions  contemplated  hereby  and  thereby  and  the
fulfillment of the terms hereof and thereof (including the sale of the Assets by
the  Sellers in  accordance  with the  provisions  of this  Agreement)  will not
conflict with or violate any  Requirements of Law applicable to any Seller or to
the Assets  and do not  require  the  consent or  approval

                                      -4-
<PAGE>

of any Governmental  Authority or any other Person, except those which have been
duly  obtained,  made or complied with prior to the Closing Date and are in full
force and effect.

            (f) No  Proceedings.  There  are no  proceedings  or  investigations
pending or, to the best knowledge of the Sellers,  threatened against any Seller
Party,  any of its Affiliates or any Time Share  Association,  before any court,
regulatory  body,  administrative  agency,  or other  tribunal  or  governmental
instrumentality  (i)  asserting the  invalidity  of this  Agreement or any other
Transaction  Document,  (ii) seeking to prevent the  consummation  of any of the
transactions contemplated by this Agreement or any other Transaction Document or
(iii) seeking any  determination  or ruling that could reasonably be expected to
be  adversely  determined,  and if adversely  determined,  would have a Material
Adverse Effect except for the potential  assessment by the Tennessee  Department
of Revenue as disclosed in the  Seller's  Quarterly  Report on Form 10-Q for the
quarterly  period ended September 30, 2005. No Seller nor, to the best knowledge
of Sellers, any Time Share Association has received any notice from any court or
Governmental  Authority alleging that such party or any Affiliate  thereof,  has
violated any  Requirements of Law or that the Eligible Resorts or the Facilities
are in violation of any Requirements of Law except for the potential  assessment
by the Tennessee  Department  of Revenue as disclosed in the Seller's  Quarterly
Report on Form 10-Q for the quarterly period ended September 30, 2005.

            (g) All Consents Required. All approvals, authorizations,  consents,
orders or other actions of any Person or of any Governmental  Authority required
in connection with the Sellers' execution and delivery of this Agreement and the
other  Transaction  Documents  to which it is a party,  the  performance  of the
transactions  contemplated hereby and thereby,  and the fulfillment of the terms
hereof and thereof, have been obtained.

            (h) Bulk Sales.  The  execution,  delivery and  performance  of this
Agreement do not require compliance with any "bulk sales" law by the Sellers.

            (i)   Solvency.   Both  before  and  after  giving   effect  to  the
transactions under this Agreement, each Seller will be Solvent.

            (j) Selection  Procedures.  No selection  procedures believed by the
Sellers to be  adverse to the  interests  of Trust  Depositor,  the Trust or the
Noteholders   were  utilized  by  the  Sellers  in  selecting  the   Receivables
constituting part of the Assets being sold hereunder.

            (k) Taxes.

                  (i) All ad  valorem  taxes  and other  taxes  and  assessments
            against  the  Eligible  Resorts  and the  Assets,  and all sales and
            rental taxes respecting the sale or rental of any  Accommodations or
            Intervals,  have been  paid  when due or  except as may be  reserved
            against in accordance with GAAP and Sellers know of no basis for any
            additional taxes or assessments  against the Eligible Resorts or the
            Assets  other  than to the  extent of  potential  assessment  by the
            Tennessee  Department  of  Revenue  as  disclosed  in  the  Seller's
            Quarterly  Report  on Form  10-Q  for  the  quarterly  period  ended
            September 30, 2005.  Sellers shall cause each Time Share Association
            managed by the Club  Managing  Entity and use their best  efforts to
            cause  each  other Time  Share  Association  to collect  and pay any
            applicable  sales or rental tax respecting the sale or rental of any
            Accommodations or Intervals by such Time Share Association.

                  (ii) The  Sellers  have  filed or  caused  to be filed all tax
            returns which, to their knowledge, are required to be filed and have
            paid all taxes shown to be

                                      -5-
<PAGE>

            due and payable on such returns or on any  assessments  made against
            them or any of their or their  Subsidiaries'  property and all other
            taxes,  fees or  other  charges  imposed  on  them  or any of  their
            property by any Governmental Authority (other than any amount of tax
            due the validity of which is currently being contested in good faith
            by  appropriate  proceedings  and with respect to which  reserves in
            accordance with generally accepted  accounting  principles have been
            provided  on the books of the  Sellers);  no tax lien has been filed
            and, to the Sellers'  knowledge,  no claim is being  asserted,  with
            respect to any such tax, fee or other charge, except for such liens,
            fees or other charges which, individually or in the aggregate, could
            not reasonably be expected to have a Material  Adverse Effect except
            for the potential  assessment by the Tennessee Department of Revenue
            as disclosed in the Seller's  Quarterly  Report on Form 10-Q for the
            quarterly   period  ended   September  30,  2005.   Subject  to  the
            information  provided  by  its  respective  employees,   proper  and
            accurate  amounts  have  been  withheld  by  each  Seller  from  its
            respective employees for all periods in full and complete compliance
            with all applicable federal,  state, local and foreign laws and such
            withholdings have been paid when due to the applicable  Governmental
            Authorities.  Each  Time  Share  Association  managed  by  the  Club
            Managing  Entity  and,  to the best  knowledge  of Sellers  upon due
            inquiry,  each other Time Share Association,  has filed all required
            tax  returns  and has paid all taxes  shown to be due and payable on
            such returns,  including interest and penalties, and all other taxes
            which are  payable by it, to the extent the same have become due and
            payable.

            (l)  Margin  Stock.  No  Seller  is  engaged,  nor  will it  engage,
principally or as one of its important activities,  in the business of extending
credit for the purpose of "purchasing" or "carrying" any Margin Stock. No Seller
owns any Margin  Stock,  and none of the proceeds of any Purchase  will be used,
directly or  indirectly,  for the purpose of  purchasing  or carrying any Margin
Stock,  for the  purpose of  reducing or  retiring  any  Indebtedness  which was
originally  incurred  to  purchase  or carry any  Margin  Stock or for any other
purpose that might cause any portion of such  proceeds to be a "purpose  credit"
within the meaning of  Regulations T, U or X of the Federal  Reserve  Board.  No
Seller  will  take or  permit  to be taken  any  action  which  might  cause any
Transaction  Document to violate any  regulation of the Federal  Reserve  Board.
Notwithstanding  the  foregoing,  this  Agreement  shall not  limit  Bluegreen's
ability to repurchase shares of its common stock so long as it is otherwise done
in compliance with the terms hereof.

            (m) Agreements Enforceable. This Agreement and the other Transaction
Documents  to which  such  Seller is a party  constitute  the  legal,  valid and
binding obligation of such Seller enforceable  against such Seller in accordance
with their respective  terms,  except as such  enforceability  may be limited by
applicable  Insolvency Laws and by general  principles of equity  (regardless of
whether such enforceability is considered in a proceeding in equity or law).

            (n) Title;  Prior liens with  respect to the Resorts and  Additional
Resorts.  Sellers and their  Subsidiaries  have good and marketable title to the
Eligible Resorts  (excluding sold Intervals and any equitable rights of Obligors
under  applicable  state  law to the  Units  under any  conditional  land  sales
contracts which are the subject of any Receivables and related Assets).

            (o) Access.  Subject to applicable state and/or county jurisdiction,
the  Eligible  Resorts  relating to the Assets,  have direct  access to a public
road.

            (p) Utilities.  Electric,  gas,  sewer,  water  facilities and other
necessary utilities are lawfully available in sufficient capacity to service the
Units  relating  to  the  Intervals  in the  Eligible  Resorts

                                      -6-
<PAGE>

relating to the  Receivables  and any easements  necessary to the  furnishing of
such  utility  service  have been  obtained  and duly  recorded.  Sellers or the
applicable  Time Share  Association  managed by the Club  Managing  Entity  have
timely paid water charges and utility taxes relating to the Eligible Resorts.

            (q) Amenities.  All amenities  described in the sales prospectus and
the "Public  Reports" for the Eligible  Resorts  relating to the Receivables are
completed,  or will be completed in all material  respects,  in the time periods
described in the "Public Reports",  or a bond insuring their completion has been
posted.  Each  Obligor  has or will  have in the time  period  described  in the
applicable  "Public  Reports"  access to and the use of all of the amenities and
public  utilities of the Eligible  Resorts relating to the Receivables as and to
the extent provided in the Declaration  and the "Public  Reports".  Each Obligor
has access to and the use of all of the amenities of the Eligible Resorts as and
to the extent  provided in the Club Trust Agreement and the Time Share Documents
in respect of the respective Eligible Resorts.

            (r) Flood  Insurance.  With respect to any  Eligible  Resort that is
managed  by the Club  Managing  Entity  and that is  located  in a flood zone as
defined in the Flood  Disaster  Protection  Act of 1973, as amended,  or located
within wetlands, as defined by any Governmental Authority,  such Eligible Resort
is covered by flood  insurance in form and amounts and with  reputable  insurers
which are customary for the industry.

            (s) Time Share Documents. The Time Share Documents are legal, valid,
binding and enforceable against the Sellers or their Affiliates,  as applicable,
and, to the knowledge of the Sellers, the applicable Time Share Associations, in
each case in accordance with their respective terms.

            (t)  Compliance  with Time Share  Documents.  No Seller nor any Time
Share  Association  managed by the Club Managing  Entity or, to the knowledge of
any Seller,  any other Time Share Association is in default under the Time Share
Documents  and no event has  occurred  which,  with the  passage  of time or the
giving  of  notice  would  become  a  default  by any  Seller,  any  Time  Share
Association  managed by the Club  Managing  Entity or, to the  knowledge  of any
Seller, any other Time Share Association under the Time Share Documents.

            (u) Location of Offices.  The principal  place of business and chief
executive office of each Seller,  and the office where each Seller keeps all the
Records,  are located at the addresses of such Seller  referred to on Schedule I
hereto (or at such other locations as to which the notice and other requirements
specified  herein  shall have been  satisfied).  The state of  incorporation  or
formation and  organizational  identification  number, if any, of each Seller is
set  forth on  Schedule  I  hereto.  Each  Seller's  name,  as set  forth in its
organizational  documents,  is completely and correctly identified in Schedule I
of this Agreement.

            (v)  Reports  Accurate.  No report,  exhibit,  financial  statement,
document,  book,  record or report  furnished  or to be  furnished by any Seller
pursuant to this Agreement or any other Transaction Document is or will be, when
considered as a whole,  inaccurate in any material  respect as of the date it is
or shall be dated or (except as otherwise  disclosed to the  Noteholders at such
time) as of the date so furnished, and no such document contains or will contain
any  material  misstatement  of fact or omits or shall  omit to state a material
fact or any fact  necessary in light of the  circumstances  under which made, to
make the statements  contained therein not misleading;  provided,  however,  the
Trust  Depositor   acknowledges  that  the  Trust   Depositor's   remedy  for  a
misrepresentation  of matters set forth in Section 3.2 or a breach of a warranty
set forth in  Section  3.2 hereof is  provided  by and  limited  to Section  6.2
hereof.

            (w)  Full  Disclosure.  Since  September  30,  2005,  no  event  has
occurred, that alone or together with other events, could reasonably be expected
to have a Material  Adverse  Effect and there is

                                      -7-
<PAGE>

no fact of which Sellers have knowledge after due inquiry that could  reasonably
be expected to have a Material  Adverse Effect,  except the financial  statement
restatement  as disclosed in the Seller's  Current Report on Form 8-K filed with
the SEC on December  19, 2005.  The Sellers  know of no fact or condition  which
could  prevent or  restrict  the  offering or sale of  Intervals  to Obligors in
accordance with applicable Requirements of Law.

            (x)  Tradenames.  No Seller has any trade names,  fictitious  names,
assumed  names or "doing  business  as" names or other  names under which it has
done or is doing business  within the past five (5) years other than  "Bluegreen
Patten Corporation" and "Bluegreen Corporation of Massachusetts".

            (y) Compliance with Collection  Policy.  Each Seller has complied in
all material  respects with the Collection Policy with regard to each Receivable
and the related Contract, has notified or will notify the Facility Administrator
and the  Noteholders,  in  accordance  with Section  6.3(o)(ii)  of the Sale and
Servicing Agreement of any change to the Collection Policy, and has not made any
change to the Collection  Policy that could  materially and adversely  affect or
impair the  collectibility of any Receivable or that is a material change except
for such changes as to which the Facility Administrator and the Noteholders have
been notified and as to which the Noteholders  have  consented.  For purposes of
this  section,  any change  that would  cause the Issuer to not be a  qualifying
special purpose entity, as "qualifying  special purpose entity" is defined under
GAAP, shall be material.

            (z) Value  Given.  Each Seller has  received  reasonably  equivalent
value from the Trust  Depositor in  consideration  for the transfer to the Trust
Depositor of the  Receivables  and related  Assets  hereunder,  no such transfer
shall have been made for or on account of an antecedent  debt owed by any Seller
to the Trust Depositor, and no such transfer is or may be voidable or subject to
avoidance under any section of the Bankruptcy Code.

            (aa)  Accounting.  Each Seller  accounts for the transfer  from such
Seller of  interests  in the  Assets  hereunder  as sales of such  Assets in its
books, records and financial  statements,  in each case consistent with GAAP and
with the requirements set forth herein.

            (bb)  Separate  Entity.  Each  Seller is  operated as an entity with
assets  and  liabilities  distinct  from those of the Trust  Depositor  and each
Seller  hereby   acknowledges   that  the  Noteholders  are  entering  into  the
transactions  contemplated  by the Sale and  Servicing  Agreement  and the other
Transaction  Documents  in reliance  upon such  Seller's  identity as a separate
legal entity from the Trust Depositor.

            (cc)  Investment  Company and Public  Utility  Holding  Company.  No
Seller  is an  "investment  company"  within  the  meaning  of  and  subject  to
regulation under the Investment  Company Act of 1940, as amended,  or a "holding
company" or a "subsidiary company" of a "holding company," within the meaning of
the Public Utility Holding Company Act of 1935, as amended.

            (dd) Accuracy of Representations and Warranties. Each representation
or  warranty  by any  Seller  contained  herein or in any  certificate  or other
document  furnished by any Seller pursuant  hereto or in connection  herewith is
when furnished  true and correct in all material  respects;  provided,  however,
Trust   Depositor   acknowledges   that   Trust   Depositor's   remedy   for   a
misrepresentation  of matters set forth in Section 3.2 or a breach of a warranty
set forth in  Section  3.2 hereof is  provided  by and  limited  to Section  6.2
hereof.

            (ee)  Reservation  System.  Other than with  respect to the services
contracted for by the Club Managing Entity or an Affiliate  thereof with a third
party,  if any,  which  rights  under such  contracts  shall be  licensed  (on a
non-exclusive   basis)  to  the  Indenture   Trustee  for  the  benefit  of  the
Noteholders,  the

                                      -8-
<PAGE>

Reservation  System is owned by the Club  Managing  Entity free and clear of any
Liens,  but subject to the provisions of the Club  Management  Agreement and the
Club Trust  Agreement,  and the Club has the right to utilize  such system under
and pursuant to the Club Management Agreement.  The Club Management Agreement is
in full force and  effect and no default on the part of the Club  Trustee or the
Club  Managing  Entity  exists  thereunder.  Bluegreen  owns 100% of the  equity
capital of the Club Managing Entity.

            (ff) Insurance.  Each Seller and each Time Share Association managed
by the Club Managing  Entity with respect to each Eligible  Resort maintain such
insurance  coverage as may be required by any  applicable  Requirement of Law or
pursuant to the Declarations  for such Eligible  Resort.  Schedule 3.1(ff) lists
all insurance  policies of any nature  maintained,  as of the Closing Date,  for
current occurrences by each Seller Party and each Time Share Association managed
by the Club Managing Entity.

            (gg)  Compliance  with  Law.  Subject  to  specific  representations
regarding  ERISA,  Environmental  Laws,  Consumer Laws, the Patriot Act, tax and
other  laws,  each  Seller  has all  material  licenses,  permits,  consents  or
approvals from or by, and has made all material  filings with, and has given all
material notices to, all Governmental  Authorities having  jurisdiction,  to the
extent  required for the  operation  and conduct of the Sellers'  businesses  in
material compliance with all Requirements of Law.

            (hh) Financial  Statements.  The financial statements of each Seller
Party and of each Time Share Association fairly present the respective financial
conditions  and (if  applicable)  results of  operations of such party as of the
date or dates thereof and for the periods  covered  thereby.  All such financial
statements,  other than those  prepared on behalf of a natural  person,  if any,
were  prepared in  accordance  with GAAP  consistently  applied  throughout  the
periods covered (except, with respect to unaudited financial statements, for the
absence of footnotes and normal year-end audit adjustments). Except for any such
changes  heretofore  expressly  disclosed in writing to Facility  Administrator,
there has been no change in the  respective  financial  condition of Sellers and
each Time Share  Association  which is managed by the Club Managing  Entity from
the financial  condition  shown in their  respective  financial  statements that
could  reasonably be expected to have a Material  Adverse  Effect.  The Facility
Administrator acknowledges that the financial statement restatement as disclosed
in the  Seller's  Current  Report on Form 8-K filed with the SEC on December 19,
2005 will not constitute a violation of this subsection (hh).

            (ii) Employee  Benefit  Plans.  Sellers are in  compliance  with all
applicable  provisions of ERISA, the Code and all other Requirements of Law with
respect to all employee  benefit plans adopted by Sellers for the benefit of its
employees.  No liability has been incurred by Sellers which remains  unsatisfied
for any funding obligation, taxes or penalties with respect to any such employee
benefit plan.

            (jj) Affiliates.

                  (i) Attached hereto as Schedule 3.1(jj) is a true and complete
            organizational  chart  disclosing the ownership and  relationship of
            Sellers and the other Seller Parties,  including any Subsidiaries of
            Sellers and any  Affiliates of Sellers that have any  involvement or
            interest in any Time Share Association and the Eligible Resorts.

                  (ii)  The  intercompany  indebtedness  described  on  Schedule
            3.1(jj) constitutes all Sellers' debts,  liabilities and obligations
            to any  Affiliates  of  Sellers  as of the  date of this  Agreement.
            Sellers have  provided  copies of all  instruments,  agreements  and
            other  writings,  if  any,  evidencing  and/or  securing  any of the
            foregoing  intercompany debt to the Trust Depositor and the Facility
            Administrator.

                                      -9-
<PAGE>

            (kk) Sales, Licenses and Permits.

                  (i) Sales of Intervals  are made in compliance in all material
            respects with all applicable  Requirements of Law. The Sellers,  the
            Accommodations  with respect to which  Intervals are being sold, the
            Eligible  Resorts,  the Time  Share  Documents,  and the  Facilities
            comply  with,  conform to and obey,  in all material  respects,  all
            Requirements   of  Law  (including   the  applicable   Declarations)
            applicable  to  the  Sellers,  such  Accommodations,   the  Eligible
            Resorts,  the Time Share Documents and the  Facilities,  and, to the
            extent applicable, each indenture,  order, instrument,  agreement or
            document  to which  Sellers  are a party  or by  which it is  bound.
            (ii)Each Time Share Association  managed by the Club Managing Entity
            possesses all requisite franchises,  certificates of convenience and
            necessity,    operating   rights,   licenses,   permits,   consents,
            authorizations, exemptions, orders and approvals as are necessary to
            carry on its  business  as now  being  conducted  including  without
            limitation  to manage,  maintain  and operate the  Eligible  Resorts
            related to such Time Share  Association in material  compliance with
            all applicable Requirements of Law.

            (ll) Intellectual Property. As of the Closing Date, each Seller owns
or has rights to use all intellectual  property necessary to continue to conduct
its business as now or heretofore conducted by it or proposed to be conducted by
it. Each Seller  conducts its business and affairs  without  infringement  of or
interference with any intellectual  property of any other Person in any material
respect.  No Seller is aware of any infringement  claim by any other Person with
respect to any Seller's intellectual property.

            (mm) Representations as to the Time Share Association. No Seller nor
any Time Share  Association  which is managed by the Club Managing  Entity is in
default in any material  respect under any of the Time Share  Documents or under
any other  document  evidencing or securing any  indebtedness  which is secured,
wholly or in part, by the  Accommodations,  and no event has occurred which with
the  giving of notice,  the  passage of time or both,  would  constitute  such a
default  under any of the  applicable  Time Share  Documents or under any of the
documents evidencing or securing any such indebtedness.

            (nn)  Brokers.  No  broker or finder  brought  about the  obtaining,
making or closing of this  Agreement  or any other  Transaction  Document or any
transaction  contemplated  thereby, and no Seller Party or Affiliate thereof has
any  obligation  to any Person in respect of any finder's or  brokerage  fees in
connection therewith.

            (oo) Environmental Matters.

                  (i) The  operations  of each  Seller  comply  in all  material
            respects with all applicable Environmental Laws.

                  (ii)   There  are  no  claims,   investigations,   litigation,
            administrative  proceedings,  whether  pending or, to such  Seller's
            best knowledge,  threatened, or judgments or orders, relating to any
            Hazardous  Materials or alleging the violation of any  Environmental
            Laws (collectively  "Environmental  Matters") relating in any way to
            any  operations of such Seller on any real property  leased or owned
            by such  Seller or to the  operations  of such  Seller the result of
            which, if adversely determined, could reasonably be expected to have
            a Material Adverse Effect.

                                      -10-
<PAGE>

                  (iii) No Seller has filed any notice under any  international,
            federal, state, regional, provincial or local law indicating past or
            present  treatment,  storage or disposal of a Hazardous  Material or
            reporting  a spill  or  release  of a  Hazardous  Material  into the
            environment  the result of which,  if  adversely  determined,  could
            reasonably be expected to have a Material Adverse Effect.

                  (iv) No Seller has any known material liability, contingent or
            otherwise,  in connection with any release of any Hazardous Material
            into the environment.

                  (v) (i) No  Hazardous  Material is now or was  formerly  used,
            stored, generated, manufactured, installed, disposed of or otherwise
            present at or about the  Facilities or, to the best knowledge of any
            Seller,  any  property  adjacent to the  Facilities,  including  the
            groundwater  located  thereon  except in  material  compliance  with
            applicable   Environmental  Laws  and  (ii)  all  material  permits,
            licenses,  approvals and filings required by  Environmental  Laws in
            respect of the Facilities have been obtained, and the use, operation
            and  condition  of the  Facilities  does not violate any  applicable
            Environmental Laws in any material respect. All water intended to be
            drinking  water  originating  from any well  located at any Eligible
            Resort is potable.

            (pp) Operating Contracts.  Sellers have delivered to Trust Depositor
and Facility  Administrator  true,  correct and complete copies of the Operating
Contracts,  including  all  exhibits,  schedules  and  attachments.  Each of the
Operating Contracts is in full force and effect.  Sellers are not in any default
in any material respect under any of the Operating  Contracts,  and Sellers know
of no default on the part of any other party to any of the Operating Contracts.

            (qq)   Litigation.   There  are  no  actions,   demands,   lawsuits,
investigations,  proceedings,  orders or injunctions (collectively "Litigation")
pending  or,  to the  best of any  Seller's  knowledge,  threatened  against  or
affecting any Seller or any of its Affiliates, at law or in equity, or before or
by any  Governmental  Authority  which  could  reasonably  be expected to have a
Material  Adverse  Effect.  To the best of any Seller's  knowledge,  there is no
Litigation   pending  or   threatened   against  or  affecting  any  Time  Share
Association,  at law or in equity,  or before or by any  Governmental  Authority
which could reasonably be expected to have a Material Adverse Effect,  except as
disclosed in the  Seller's  periodic  reports  filed with the SEC as of the date
hereof.  No  Seller  nor,  to  the  knowledge  of any  Seller,  any  Time  Share
Association  has  received any notice from any court or  Governmental  Authority
alleging that such party or any Affiliate thereof, has violated any Requirements
of Law or that the Eligible  Resorts or the  Facilities  are in violation of any
Requirements of Law, except as disclosed in the Seller's  periodic reports filed
with the SEC as of the date hereof.

      Section 3.2.  Representations  and  Warranties of Sellers  Relating to the
Agreement and the Assets. Sellers,  jointly and severally,  hereby represent and
warrant to Trust  Depositor  that, as of each Transfer Date, with respect to the
Assets transferred to the Trust Depositor on such date:

            (a) Valid Sale and Transfer of Ownership.  Such Seller: (i) has good
and  marketable  title to each  Asset  free and  clear of any Lien  (other  than
Permitted  Liens) of any  Person;  (ii) is the sole owner  thereof  and has full
right to  transfer  the Assets to Trust  Depositor;  and (iii) has  validly  and
effectively  conveyed to Trust Depositor all of such Seller's  right,  title and
interest in and to the Assets  free and clear of any Lien (other than  Permitted
Liens). There are no facts, circumstances or conditions known to any Seller that
may  result  in  any  Liens  upon  any  Asset  (including  Liens  arising  under
Environmental  Laws) other than Permitted Liens. No financing statement or other
instrument  similar in

                                      -11-
<PAGE>

effect  covering  all or any  part of the  Assets  is on  file in any  recording
office,  except  such as may have  been  filed in favor of  Sellers  (and  being
assigned  to the  Trust  Depositor)  or the  Trust  Depositor,  the Trust or the
Indenture Trustee.

            (b)  Eligibility of Receivables.  Each  Receivable  relating to each
Asset is an Eligible Receivable.

            (c) List of Receivables.  As of the related  Transfer Date, the List
of  Receivables  and other  reports  delivered  in  connection  therewith  is an
accurate and complete listing in all material respects of all the Receivables in
and to become part of the Asset Pool on such date and the information  contained
therein  (including with respect to the identity of such  Receivables,  Obligors
thereon,  and the amounts owing  thereunder) is true and correct in all material
respects.

            (d) No  Liens.  Each  Asset  shall,  immediately  prior  to its sale
hereunder,  be legally and beneficially  owned by the applicable Seller free and
clear of any Lien  (except  Permitted  Liens),  and upon  each  Purchase,  Trust
Depositor  shall  acquire  ownership of each Asset and in the  Collections  with
respect thereto, free and clear of any Lien (except Permitted Liens).

            (e)  Consents.  With respect to each Asset,  all material  consents,
licenses,  approvals or  authorizations of or registrations or declarations with
any  Governmental  Authority  required to be obtained,  effected or given by any
Seller in  connection  with the  transfer of such Assets to the Trust  Depositor
have been duly obtained, effected or given and are in full force and effect.

            (f)  Environmental  Conditions.  To each  Seller's  knowledge,  such
Seller's  operations  and  the  Eligible  Resorts  are in  compliance  with  all
Requirements  of Law and none of the  Eligible  Resorts  are the  subject of any
governmental  investigation  evaluating whether any remedial action is needed to
respond to a release of any toxic or  hazardous  wastes or  substances  into the
environment.

            (g) Servicing.  The servicing and  collection  practices used by the
Sellers and their  Affiliates  have  complied in all material  respects with all
applicable  Requirements of Law and have met customary  industry standards known
to  Sellers  for the  servicing  of  receivables  substantially  similar  to the
Receivables.

            (h) Consumer Law Matters.  The Assets were  originated and have been
serviced in compliance  with, and do not contravene any applicable  Requirements
of Law, including all applicable Consumer Laws and applicable  provisions of the
Patriot Act. All applicable federal, state and local laws and regulations in the
marketing and sales of the related  Intervals,  including the  Securities Act of
1933, the Securities  Exchange Act of 1934,  state securities and blue sky laws,
the Interstate Land Sales Full  Disclosure  Act, the mail fraud  statutes,  land
use, land sales, timeshare sales and zoning laws, have been complied with.

            (i) Patriot Act Matters.  Sellers represent,  warrant,  covenant and
agree,  as of the  Closing  Date  and  continuing  throughout  the  term of this
Agreement, that:

                  (i) it is  and  at  all  times  shall  be in  compliance  with
            applicable OFAC regulations  promulgated under the authority granted
            by the Trading with the Enemy Act ("TWEA"), 50 U.S.C. App. Section 1
            et  seq.,  and  the  International  Emergency  Economic  Powers  Act
            ("IEEPA"), 50 U.S.C. Section 1701 et seq., as the TWEA and the IEEPA
            may apply to Sellers' activities;

                                      -12-
<PAGE>

                  (ii) it is and at all times  shall be in  compliance  with the
            Patriot  Act and all rules  and  regulations  promulgated  under the
            Patriot  Act as such act and the rules and  regulations  promulgated
            thereunder may be applicable to Sellers; and

                  (iii) it (i) is not,  to its actual  current  knowledge,  now,
            nor,  to  its  actual  current   knowledge,   has  ever  been  under
            investigation  by any  governmental  authority  for,  nor  has  been
            charged with or convicted for a crime under, 18 U.S.C. Sections 1956
            or 1957 or any predicate offense  thereunder,  or a violation of the
            Bank Secrecy Act; (ii) has never been assessed a civil penalty under
            any anti money  laundering  laws or predicate  offenses  thereunder;
            (iii) has not had any of its funds  seized,  frozen or  forfeited in
            any action  relating to any anti money  laundering laws or predicate
            offenses  thereunder;  (iv) has taken such steps and is implementing
            such policies as are reasonably necessary to ensure that Sellers are
            not promoting,  facilitating or otherwise intentionally  furthering,
            the transfer,  deposit or withdrawal of criminally derived property,
            or of money or  monetary  instruments  which are (or  which  Sellers
            suspects or has reason to believe  are) the  proceeds of any illegal
            activity or which are  intended to be used to promote or further any
            illegal activity; and (v) is taking such steps and implementing such
            policies as are  reasonably  necessary to ensure that Sellers are in
            compliance with all laws and regulations  applicable to its business
            for the prevention of money  laundering and with anti terrorism laws
            and regulations,  including with respect to the source of funds from
            its  operations  and that such steps  include  the  development  and
            implementation of an anti money laundering compliance program within
            the meaning of Section 352 of the Patriot Act, to the extent Sellers
            are  required  to  develop  such  a  program  under  the  rules  and
            regulations promulgated pursuant to Section 352 of the Patriot Act.

            Nothing in this Section  3.2(i) shall be construed to imply that the
provisions of the laws and regulations set forth herein are, in fact, applicable
to Sellers.

            (j)  FTC  Holder  Rule  Language.  None of the  related  Receivables
include  language  from the Federal Trade  Commission's  trade  regulation  rule
titled  "Preservation of Consumers'  Claims and Defenses" (16 C.F.R.  Part 433),
including any language  similar to the  following:  "Any holder of this consumer
contract is subject to all claims and  defenses  which the debtor  could  assert
against the seller of goods and services obtained  [pursuant hereto or] with the
proceeds hereof.  Recovery hereunder by the debtor shall not exceed amounts paid
by the debtor hereunder."

            (k)  Property.  To any  Seller's  knowledge,  as of the  date of the
origination of any Receivable,  all of the material  improvements on the related
Eligible Resort lay wholly within the boundaries and building  restriction lines
of such Eligible Resort,  except for  encroachments  that are insured against by
the applicable  title policy or that do not materially and adversely  affect the
value or  marketability  of such  Interval,  and no  improvements  on  adjoining
properties  encroached  upon  such  Eligible  Resort  so  as to  materially  and
adversely  affect the value or  marketability  of such  Interval,  except  those
encroachments that are insured against by such title policy.

      Section 3.3. Survival; Knowledge of Trust Depositor; Notice of Breach. The
representations  and  warranties set forth in this Article III shall survive the
transfer  of the Assets to Trust  Depositor  and  termination  of the rights and
obligations  of the  Servicer  under  the  Transaction  Documents.  Neither  the
survival  nor  the  liability  of any  Seller  with  respect  to  such  Seller's
representations and warranties set forth in this Article III shall be reduced by
any due diligence or other investigation made by Trust Depositor,

                                      -13-
<PAGE>

the Trust, the Facility  Administrator,  the Indenture Trustee or any Noteholder
at any  time  or by the  disclosure  of any  facts  or  circumstances  to  Trust
Depositor,  the Trust, the Facility Administrator,  the Indenture Trustee or any
Noteholder  (whether  prior  to or  after  the  date  of this  Agreement).  Upon
discovery  by any  Seller  or the  Trust  Depositor  of a  breach  of any of the
foregoing  representations  and warranties,  the party  discovering  such breach
shall give prompt  written  notice to the other,  the Indenture  Trustee and the
Facility Administrator.

                                   ARTICLE IV
                   SELLERS' AFFIRMATIVE AND NEGATIVE COVENANTS

      Until the date on which this Agreement  terminates in accordance  with its
terms, Sellers,  jointly and severally,  hereby covenant and agree that: Section
4.1.  Records.  Sellers  shall  keep  adequate  records  and  books  of  account
reflecting all financial  transactions of Sellers relating to the Assets and (to
the extent  available  to the Sellers)  the Time Share  Associations,  including
sales of Intervals, all in accordance with GAAP.

      Section 4.2.  Use of  Noteholders'  Names.  Sellers will not, and will not
permit any Affiliate to,  without the prior written  consent of any  Noteholder,
use the name of any  Noteholder or the name of any  Affiliates of any Noteholder
in connection with any of their respective  businesses or activities,  except in
connection with internal  business  matters,  administration  of the Transaction
Documents  and  as  required  in  dealing  with  governmental  agencies  or  any
applicable  stock exchange  including any reports  required to be filed with the
Securities and Exchange Commission.

      Section  4.3.  Other  Documents.  To  the  extent  not  maintained  by the
Custodian  or  Servicer,  Sellers will  maintain  accurate  and  complete  files
relating to the Receivables and the related Assets to the  satisfaction of Trust
Depositor and the Trust,  and such files (to the extent not  computerized)  will
contain  copies of each  Receivable  and the related  assets  together  with the
purchase   agreements,   any   disclosure  or  notice   required  by  applicable
Requirements  of  Law  including  truth-in-lending   statements  and  the  HUD-1
Settlement Statement and the consumer's credit application,  all relevant credit
memoranda and all collection  information  and  correspondence  relating to such
Receivables.

      Section 4.4. Sellers' Dues  Requirement.  Each Seller shall either (i) pay
the Time Share  Association  dues relating to Intervals  which are owned by such
Seller or one of its  Affiliates and do not relate to Receivables or (ii) for as
long as such Seller or one of its  Subsidiaries  controls the Eligible  Resorts,
shall  provide such monies as are  necessary  when  combined with the revenue of
such Time Share  Association,  to maintain services for an Eligible Resort which
are  equal to or  greater  than one  hundred  percent  (100%)  of such  Eligible
Resorts' total operating expenses,  taxes, utilities and associated reserve fund
requirements.

      Section 4.5.  Consolidation and Merger. No Seller will consolidate with or
merge into any other  Person or permit any other Person to  consolidate  with or
merge into them or convey all or substantially all of their respective assets to
any Person,  unless (i) either (x) (a) such Seller shall be the surviving entity
or (b) the  successor  entity or the Person which is the  surviving or successor
entity or which acquires by sale or conveyance  substantially  all the assets of
such Seller shall be an entity  organized under the laws of the United States of
America or any State thereof (including,  if applicable,  BankAtlantic  Bancorp,
Inc., Levitt  Corporation,  BFC Financial Corp. or any successor or Affiliate of
any of the  foregoing)  and (y)  shall  expressly  assume  the due and  punctual
performance  and  observance  of all of the  covenants  and  conditions  of this
Agreement to be performed or observed by such Seller,  by an amendment hereto in
form and substance  reasonably  satisfactory  to the  Indenture  Trustee and the
Facility  Administrator,  and (ii) such Seller or such successor  corporation or
entity,  as the case  may be,  shall  not,

                                      -14-
<PAGE>

immediately after such merger or consolidation,  or such sale or conveyance,  be
in  breach  in the  performance  of any  such  covenant  or  condition  of  this
Agreement.

      Section  4.6.  Receivables.  The  Sellers  shall not take any action  (nor
permit or  consent  to the  taking of any  action)  which  might  reasonably  be
anticipated  to impair the value of the  Receivables or related Assets or any of
the rights of the Trust in the Receivables or related Assets; provided, however,
nothing  contained  in this  Section 4.6 shall be  construed  as  requiring  the
Sellers to guarantee or otherwise become liable for the payment of the Obligors'
payments under the Receivables.

      Section 4.7. Compliance with Laws;  Preservation of Existence;  Conduct of
Business.  Sellers  and,  to the extent  within the control of  Bluegreen  or an
Affiliate  thereof,  each of the Units in which Intervals are being sold,  shall
comply with, conform to and obey each and every Requirement of Law applicable to
it and each indenture, order, instrument, agreement or document to which it is a
party or by which it is bound  except where the failure to comply would not have
a Material Adverse Effect. Except as permitted by Section 4.5, each Seller shall
preserve   and   maintain   its   corporate   existence,   rights,   franchises,
qualifications  and  privileges.  Each Seller shall timely  respond to or comply
with  and for so long as any  Time  Share  Association  is  managed  by the Club
Managing Entity shall cause such Time Share  Association to respond to or comply
with, and Sellers shall promptly furnish to the Trust Depositor and the Facility
Administrator  and for so long as any Time Share  Association  is managed by the
Club Managing Entity shall cause such Time Share Association to promptly furnish
to the Trust Depositor and the Facility  Administrator  true and complete copies
of any notice or claim by any Governmental  Authority,  or by any other party to
any indenture, order, instrument,  agreement or Time Share Document,  pertaining
to the Sellers,  the Accommodations,  the Time Share Associations,  the Eligible
Resorts and the  Facilities to the extent any adverse  determination  in respect
thereof could  reasonably be expected to have a Material  Adverse  Effect.  Each
Seller shall at all times  maintain,  preserve and protect all of its assets and
properties  used or useful in the conduct of its business,  and keep the same in
good repair,  working order and condition in all material  respects (taking into
consideration ordinary wear and tear) and from time to time make, or cause to be
made,  all  necessary or  appropriate  repairs,  replacements  and  improvements
thereto consistent with such Seller's past practices.

      Section 4.8. Environmental.

            (a)  Sellers  shall  (A)  comply  in  all  material   respects  with
applicable  Environmental  Laws; (B) notify Trust  Depositor and its assigns and
the  Facility  Administrator,  as the case  may be,  immediately  upon  Sellers'
discovery of any spill, discharge, release or presence of any Hazardous Material
in  violation  of  applicable   Environmental  Laws  at,  upon,  under,  within,
contiguous to or otherwise  affecting the Facilities  which would be material in
respect of any  affected  Eligible  Resort;  (C) promptly  remove all  Hazardous
Materials which violate  Environmental  Laws and remediate the Eligible  Resorts
which are managed by the Club  Managing  Entity  (and use their best  efforts to
cause each other Eligible  Resort to be so remediated) in full  compliance  with
applicable  Environmental  Laws and in accordance with the  recommendations  and
specifications of an independent  environmental consultant reasonably acceptable
to Trust  Depositor  and its  assigns  and the  Facility  Administrator  and (D)
promptly   forward  to  Trust   Depositor  and  its  assigns  and  the  Facility
Administrator,  as the case may be,  copies  of all  Environmental  Claims  made
against or in respect of any Seller or any of its Affiliates and relating to the
Eligible  Resorts or the Sellers,  and copies of all orders,  notices,  permits,
applications or other  communications  and reports in connection with any spill,
discharge,  release  or the  presence  of any  Hazardous  Material  or any other
matters relating to the  Environmental  Laws or any similar laws or regulations,
as they may affect the  Eligible  Resorts  which would be material in respect of
any affected  Eligible  Resort.  Sellers shall not cause, and shall use prudent,
commercially  reasonable efforts to prohibit any other Person within the control
of Sellers from causing any spill,  discharge or release,  or the use,  storage,
generation,  manufacture,  installation, or disposal, of any Hazardous Materials
at, upon, under,

                                      -15-
<PAGE>

within or about the  Eligible  Resorts or the  transportation  of any  Hazardous
Materials to or from the Eligible  Resorts  (except in material  compliance with
Environmental Laws).

            (b) Sellers shall provide to Trust Depositor and its assigns and the
Facility Administrator, as the case may be, promptly upon the written request of
Trust  Depositor or its assigns or the Facility  Administrator,  as the case may
be, from time to time, a Site  Assessment or, if required by Trust  Depositor or
its assigns or the Facility Administrator,  as the case may be, an update to any
existing  Site  Assessment,  to assess the presence or absence of any  Hazardous
Materials  and the  potential  costs in connection  with  abatement,  cleanup or
removal of any Hazardous  Materials  found on, under,  at or within the Eligible
Resorts;  provided,  however,  that Sellers shall not be required to pay for the
cost of any such Site  Assessment or update unless (x) the Trust  Depositor's or
its assigns' or the Facility Administrator's,  as the case may be, request for a
Site Assessment is based on (1) information provided under this Section 4.8, (2)
a reasonable suspicion of Hazardous Materials at (or, to the extent the Facility
Administrator  reasonably  believes Hazardous Materials may migrate or affect an
Eligible Resort,  near) an Eligible Resort, (3) a breach of covenants under this
Section 4.8, or (y) a Termination  Event or an Event of Default has occurred and
is  continuing,  in which case any such Site  Assessment  or update  shall be at
Sellers' expense.

            (c) As between Sellers,  on the one hand, and Trust  Depositor,  the
Trust, the Indenture Trustee, the Custodian,  the Facility Administrator and the
Noteholders,  on the other hand, all risk of loss associated with non-compliance
with  Environmental  Laws,  or with the presence of any  Hazardous  Material at,
upon, within,  contiguous to or otherwise affecting the Eligible Resorts,  shall
lie solely with  Sellers.  Accordingly,  Sellers  shall bear all risks and costs
associated  with any such  loss  (including  any loss in value  attributable  to
Hazardous  Materials),  damage or liability  therefrom,  including  all costs of
removal of  Hazardous  Materials  or other  remediation  required by  applicable
Requirements of Law.

            (d)  Sellers,  jointly  and  severally,  shall  indemnify  the Trust
Depositor  (and its  assignees)  and  agree  to hold  Trust  Depositor  (and its
assignees) harmless from and against any and all losses,  liabilities,  damages,
injuries, costs, expenses and claims of any and every kind whatsoever (including
court costs and reasonable attorneys' fees and legal expenses) arising out of or
associated,  in any way, with the non-compliance  with applicable  Environmental
Laws  with  respect  to any  Eligible  Resort,  or the  existence  of  Hazardous
Materials in, on, or about the  Facilities,  or a breach of any  representation,
warranty or covenant  contained in this Section 4.8,  whether based in contract,
tort, implied or express warranty,  strict liability,  criminal or civil statute
or  common  law,  including  those  arising  from  the  joint,  concurrent,   or
comparative negligence of the Trust Depositor, the Trust, the Indenture Trustee,
the Facility  Administrator  or any  Noteholder;  provided,  further,  that this
Section 4.8 shall not apply with respect to any liability, release, violation or
other matter that arises solely from the Trust  Depositor's  (or its assignees')
gross  negligence or willful  misconduct or after any Seller loses possession of
any  property  due to  foreclosure  or  other  exercises  of  remedies  by Trust
Depositor or its assignees. To the extent that the undertaking to indemnify, pay
and hold harmless set forth in this Section 4.8 may be unenforceable  because it
is violative of any law or public policy,  Sellers shall  contribute the maximum
portion  that it is  permitted to pay and satisfy  under  applicable  law to the
payment and satisfaction of all  indemnifications set forth in this Section 4.8.
Sellers'  obligations  under this Section 4.8 shall arise upon the  discovery of
the presence of any Hazardous Material which violates  applicable  Environmental
Law,  whether or not any  Governmental  Authority  has taken or  threatened  any
action in  connection  with the  presence of any such  Hazardous  Material,  and
whether  or not the  existence  of any  such  Hazardous  Material  or  potential
liability  on account  thereof is  disclosed  in any Site  Assessment  and shall
continue  notwithstanding  the  termination of this Agreement or any transfer or
sale of any right, title and interest in the Trust Assets (by foreclosure,  deed
in lieu of foreclosure or otherwise).

                                      -16-
<PAGE>

            (e)  Notwithstanding  any provision in this Section 4.8 or elsewhere
in  any  Transaction  Document,  or  any  rights  or  remedies  granted  by  any
Transaction  Document,  none of the Trust  Depositor,  the Trust,  the Indenture
Trustee, the Facility Administrator or any Noteholder waives and such parties do
expressly  reserve all rights and  benefits  now or  hereafter  accruing to such
parties  under the "security  interest" or "secured  creditor"  exception  under
applicable  Environmental  Laws, as the same may be amended.  No action taken by
any  such  party  pursuant  to the  Transaction  Documents  shall be  deemed  or
construed to be a waiver or  relinquishment of any such rights or benefits under
the "security interest exception.

      Section 4.9. Notices to Obligors; Collections. Each Seller will direct, or
otherwise cause, its related Obligors,  and shall instruct,  or otherwise cause,
all future Obligors, to remit all payments with respect to such Receivables only
(i) by check, money order, phone payment,  or Western Union Quick Collect mailed
to, or generated by, an office of the Servicer, (ii) by check, money order, wire
transfer  or  moneygram   to  the  Lockbox  or  Lockbox   Account  or  (iii)  by
pre-authorized  checking  or credit card  payment  for deposit  into the Lockbox
Account.  In the  event  such  notice  has not been  made,  each  Seller  hereby
authorizes and instructs the Facility  Administrator  to make the  corresponding
notification to the obligors under each  Receivable.  Electronic  images of each
notification  shall be placed in Sellers'  files  pertaining to the  Receivable.
Each Seller shall send to the Lockbox Bank for deposit into the Lockbox  Account
all Collections it may receive in respect of Purchased Receivables no later than
the next Business Day following the date of receipt thereof.  Any Collections in
respect of  Purchased  Receivables  held by any Seller  pending  transfer to the
Lockbox Account shall be held in trust for the benefit of the Indenture  Trustee
and the Noteholders until such amounts are deposited into the Lockbox Account as
set forth above.

      Section 4.10. Notices. Each Seller will notify the Trust Depositor (or its
assigns)  and the  Facility  Administrator  in writing  of any of the  following
promptly upon learning of the  occurrence  thereof,  describing the same and, if
applicable, the steps being taken with respect thereto:

            (a) Event of Termination. The occurrence of any Termination Event or
Event of Default by a statement of an authorized officer of such Seller.

            (b) Judgment and Proceedings. The entry of any judgment or decree or
the  institution  of any  litigation,  arbitration  proceeding  or  governmental
proceeding  against any Seller that has had, or would  reasonably be expected to
have, a Material Adverse Effect.

            (c)  Material  Adverse  Effect.  The  occurrence  of  any  event  or
condition  that has had, or would  reasonably  be  expected to have,  a Material
Adverse Effect.

            (d) Claims. Any claim,  action or proceeding  adversely affecting in
any  material  respect any Time Share  Association,  any  Eligible  Resort,  the
Facilities or the Assets, or any part thereof,  or any of the interests conveyed
or granted to the Trust Depositor hereunder,  and any action, suit,  proceeding,
order or injunction of which Sellers  become aware after the date hereof pending
or threatened  against or affecting  any Seller Party or any  Affiliate  thereof
which could reasonably be expected to have a Material Adverse Effect.

            (e) Notice of Litigation,  Potential Defaults, Claims, and Financial
Change.  Sellers  shall  promptly  inform the Trust  Depositor  and the Facility
Administrator of (a) any litigation against Sellers or affecting the Facilities,
the Time Share Association or the Sellers' ability to sell Intervals,  which, if
determined  adversely,  could  reasonably be expected to have a Material Adverse
Effect or could otherwise reasonably be expected to cause a Termination Event or
an Event of Default,  (b) any default under any  Indebtedness for borrowed money
which could give rise to a Termination  Event or Servicer

                                      -17-
<PAGE>

Termination Event and (c) any material adverse change in the financial condition
of  Sellers  or any  other  Seller  Party.  The  Trust  Depositor  and  Facility
Administrator  agree that prompt disclosure of such matters in Sellers' periodic
reports filed with the SEC shall constitute notice under this Section 4.10(e).

      Section  4.11.  Assets.  With respect to each Asset,  each Seller will (i)
take all action necessary to perfect,  protect and more fully evidence the Trust
Depositor's (and its assignee's)  ownership of such Asset,  including (A) filing
and maintaining  effective financing statements (Form UCC-1) against each Seller
in  all  necessary  or  appropriate  filing  offices,  and  filing  continuation
statements,  amendments  or  assignments  with  respect  thereto in such  filing
offices,  and (B) executing or causing to be executed such other  instruments or
notices as may be necessary or appropriate,  and (ii) take all additional action
that the Trust  Depositor  (or its assigns) may  reasonably  request to perfect,
protect and more fully evidence the respective  interests of the parties to this
Agreement in the Assets.  Each Seller hereby authorizes the Trust Depositor (and
its assignees) to file  financing  statements  and  continuation  statements and
amendments  thereto with  respect to the Assets  without  authentication  by any
Seller to the extent  permitted by law and each Seller  consents to and ratifies
all  such  filings,  if  any,  made  by the  Trust  Depositor  or  the  Facility
Administrator prior to the date hereof.

      Section  4.12.  Compliance  with  Contracts;  Modifications  to Contracts,
Mortgages and Collection  Policy.  Each Seller will timely and fully perform and
comply  in all  material  respects  with all  provisions,  covenants  and  other
promises  required  to be  observed  by it under the  Contracts  related  to the
Receivables, and (ii) comply in all material respects with the Collection Policy
in regard to each Receivable and the related Contract. Without the prior written
consent of the Servicer and the  Noteholders,  or as otherwise  permitted by the
Transaction Documents,  no Seller will make any change to the Collection Policy.
Except as  expressly  permitted  by the  Transaction  Documents,  no Seller will
extend,  amend or otherwise modify the terms of any Receivable,  any Mortgage or
any  Contract  related  thereto  other than in  accordance  with the  Collection
Policy.  No Seller shall take any action (nor permit or consent to the taking of
any action)  which could  reasonably be  anticipated  to impair the value of any
Asset or any of the rights of the Trust  Depositor in the Receivables or related
Assets.

      Section 4.13.  Release and Bonding of Liens.  In the event any Lien (other
than a Permitted  Lien)  attaches to any  Receivable  or related  Asset from any
Person  claiming from and through  Sellers or their  Affiliates,  Sellers shall,
within  the  earlier  to occur of ten (10) days  after  such  attachment  or the
respective  lienholders  action to foreclose on such Lien, either (a) cause such
Lien to be  released  of record,  or (b)  provide  the Trust  Depositor,  or its
assigns,  as the case may be, with a bond in accordance with the applicable laws
of the state in which the  Receivable or related  Asset is located,  issued by a
corporate surety  acceptable to the Trust Depositor or its assigns,  as the case
may be,  and the  Facility  Administrator  in an amount  and in form  reasonably
acceptable  to the Trust  Depositor or its assigns,  as the case may be, and the
Facility Administrator or (c) provide the Trust Depositor or its assigns, as the
case may be, and the  Facility  Administrator  with such other  security  as the
Trust  Depositor  or  its  assigns,  as  the  case  may  be,  and  the  Facility
Administrator may reasonably require.

      Section 4.14. Real Estate Taxes. Each Seller will pay, or cause to be paid
(to the extent funds are available  from the Time Share  Association),  when due
all of such Seller's and its  Affiliates'  liabilities in respect of real estate
taxes  relating to the  Eligible  Resorts.  Each Seller will pay, or cause to be
paid, when due all of such Seller's and its  Affiliates'  liabilities in respect
of real estate taxes relating to any shortfall pursuant to keepwell arrangements
with the  applicable  Time Share  Association  or otherwise in respect of unsold
Intervals.  Each Seller shall notify the Trust  Depositor  and its assignees and
the  Facility  Administrator  promptly of the  non-payment  of real estate taxes
relating to the Eligible  Resorts  managed by the Club  Managing  Entity or such
other Eligible Resorts as such Seller may have actual knowledge.

                                      -18-
<PAGE>

      Section 4.15.  Accounting for  Purchases.  Each Seller will account for or
treat  (whether  in  financial   statements  or  otherwise)   the   transactions
contemplated  hereby as a sale of the  Receivables  and  related  Assets by such
Seller to the Trust Depositor in accordance with GAAP.

      Section 4.16.  Compliance With Collection Policy. Each Seller shall comply
in all material  respects  with the terms of the Purchased  Receivables  and the
Collection  Policy,  and has notified or will notify the Facility  Administrator
and the  Noteholders,  in  accordance  with Section  6.3(o)(ii)  of the Sale and
Servicing  Agreement of any change to the Collection Policy and has not made any
change to the Collection  Policy that would  materially and adversely  affect or
impair the  collectibility of any Receivable or that is a material change except
for such changes as to which the Facility Administrator and the Noteholders have
been notified and as to which of the Noteholders have consented. For purposes of
this  section,  any change  that would  cause the Issuer to not be a  qualifying
special purpose entity, as "qualifying  special purpose entity" is defined under
GAAP, shall be material.

      Section 4.17.  Compliance with Agreements and Applicable Laws. Each Seller
shall  perform  each of its  obligations  under  this  Agreement  and the  other
Transaction  Documents  and  comply  with all  applicable  Requirements  of Law,
including  those  relating to Consumer  Laws,  time share,  real estate,  retail
installment sales,  privacy,  licensing,  taxation,  ERISA and labor matters and
Environmental  Laws,  except  to the  extent  that  the  failure  to so  comply,
individually  or in the  aggregate,  could not  reasonably be expected to have a
Material Adverse Effect.

      Section 4.18. Security Interests.  Except for the transfers hereunder,  no
Seller will sell,  pledge,  assign or transfer  to any other  Person,  or grant,
create,  incur,  assume or suffer to exist any Lien (other than Permitted Liens)
on any Asset, whether now existing or hereafter  transferred  hereunder,  or any
interest therein, and no Seller will sell, pledge, assign or suffer to exist any
Lien (other than  Permitted  Liens) on its  interest,  if any,  hereunder.  Each
Seller will immediately  notify the Trust Depositor,  the Indenture  Trustee and
the Facility  Administrator  of the existence of any such Lien on any Asset; and
each Seller  shall defend the right,  title and interest of the Trust  Depositor
in, to and under the  Receivables  in the Asset Pool and the  related  Interval,
against all claims of third parties.

      Section 4.19. Name Changes; Location of Sellers, Records;  Instruments. No
Seller  shall  (x)  change  its name or state of  organization  as set  forth on
Schedule III to the Sale and Servicing  Agreement without 30 days' prior written
notice  to  the  Trust  Depositor,   the  Indenture  Trustee  and  the  Facility
Administrator,  or (y)  move or  permit  Servicer  to move the  location  of the
Receivable Files, other than to the Custodian, from the locations thereof on the
Closing Date, in either case without 30 days' prior written  notice to the Trust
Depositor, the Indenture Trustee and the Facility Administrator. No Seller shall
(a) change its corporate name, (b) change its chief executive office,  principal
place of business,  corporate offices or the location of its records  concerning
the  Assets,  or (c) take any other  action  that  might make any  financing  or
continuation  statement filed in connection herewith seriously misleading within
the meaning of Section 9-507 of the UCC or any other then  applicable  provision
of the UCC, in each case  without at least 30 days prior  written  notice to the
Trust  Depositor  and its  assigns,  including  the  Indenture  Trustee  and the
Facility Administrator and after Facility Administrator's written acknowledgment
that any reasonable  action  requested by the Indenture  Trustee or the Facility
Administrator in connection  therewith,  including to continue the perfection of
the ownership  interests  and any Liens,  as  applicable,  in favor of the Trust
Depositor, the Trust and the Indenture Trustee in any Assets, has been completed
or taken,  and provided that any such new location  shall be in the  continental
United  States.  No Seller shall change its fiscal year  without  prior  written
notice to the Trust Depositor and the Facility Administrator.

      Section 4.20.  ERISA Matters.  No Seller will (a) engage in any prohibited
transaction  for which an exemption is not available or has not previously  been
obtained  from the United States  Department  of Labor;  (b) permit to exist any
accumulated  funding  deficiency,  as  defined  in  Section  302(a) of ERISA and

                                      -19-
<PAGE>

Section  412(a) of the Code, or funding  deficiency  with respect to any Benefit
Plan  other  than a  Multiemployer  Plan;  (c)  fail to make any  payments  to a
Multiemployer  Plan that such Seller may be required to make under the agreement
relating to such Multiemployer Plan or any law pertaining thereto; (d) terminate
any Benefit  Plan so as to result in any  liability;  or (e) permit to exist any
occurrence  of any  reportable  event  described  in  Title  IV of  ERISA  which
represents  a material  risk of a liability  of such  Seller  under ERISA or the
Code.

      Section 4.21. Restrictions on Transfers.  Sellers shall not enter into any
agreement or perform any act which may make  difficult or impede the exercise of
the Trust Depositor's,  the Trust's or the Indenture  Trustee's rights under any
Transaction Document.

      Section 4.22.  Maintenance.  To the extent that the applicable  Time Share
Association  controls all or any portion of the Eligible  Resorts and,  further,
such Time Share  Association  is managed by the Club  Managing  Entity,  Sellers
shall cause such Time Share Association to maintain each portion of the Eligible
Resorts under its responsibility in good repair, working order and condition and
shall  make or cause  to be made all  necessary  replacements  to such  Eligible
Resorts. To the extent that any amenities are provided by a third party pursuant
to an agreement  between a Time Share  Association  which is managed by the Club
Managing  Entity  and such  third  party,  Sellers  shall  cause such Time Share
Association  to, and shall use its best efforts to cause such third  parties to,
maintain such agreement in full force and effect.

      Section  4.23.  Condemnation.  Notwithstanding  anything  to the  contrary
contained herein,  for so long as any condemned portion of the Facilities are to
be replaced by the  applicable  Time Share  Association  in accordance  with the
applicable Timeshare  Declaration,  any and all awards and payments arising from
any  condemnation or conveyances in lieu thereof relating to such portion of the
Facilities  shall be distributed  and used in accordance  with the provisions of
the applicable Timeshare Declaration.

      Section 4.24.  Inspections  and Audits.  Sellers,  for so long as any Time
Share  Association is managed by the Club Managing Entity,  shall use their best
efforts to cause such Time Share  Association  to, at  reasonable  times  during
normal  business hours and with  reasonable  prior notice and as often as may be
requested, and subject to any applicable Time Share Documents or Requirements of
Law,  permit  any  agents  or  representatives  of the Trust  Depositor  and its
assigns, and the Facility Administrator, to inspect the Eligible Resorts and the
other  Facilities  and any of Sellers'  (including  in its capacity as Servicer)
assets pertaining to such Eligible Resorts and Facilities  (including  financial
and accounting  books and records),  to examine and make copies of and abstracts
from such books and records of Sellers  (including in its capacity as Servicer),
such  related  Time Share  Association,  and any  servicer  under any  servicing
agreement  pertaining to the Assets,  such Eligible  Resorts and the Facilities,
and to discuss any such party's  affairs,  finances and accounts with any of its
officers, employees or independent public accountants. If a Termination Event or
an Event  Default has  occurred  and is  continuing  or if access is  reasonably
necessary to preserve or protect the Assets as determined by Trust  Depositor or
its assigns or the Facility Administrator, Sellers shall use its best efforts to
provide  such access at all times and  without  advance  notice,  subject to any
applicable Time Share Documents or Requirements of Law. Sellers acknowledge that
Trust  Depositor  and its  assigns,  and the Facility  Administrator,  intend to
conduct  such audits on at least an annual basis and  inspections  on at least a
quarterly  basis.  Sellers  shall  make  available  to Trust  Depositor  and its
assigns,  including  Facility  Administrator all credit  information in Sellers'
possession or under Sellers'  control with respect to Obligors as such party may
request.  All  inspections  and audits shall be at Sellers'  expense;  provided,
however,  that the Sellers shall not be required to pay for such inspections and
audits more than one (1) time per calendar year,  unless a Termination  Event or
Event of Default has occurred and is continuing or unless the Trust Depositor or
its assigns or the Facility  Administrator  reasonably believes that the quality
or maintenance of an Eligible Resort is or could be impaired.

                                      -20-
<PAGE>

      Section 4.25.  Organizational  Status. No Seller shall terminate,  modify,
amend or revoke its  organizational  documents  in a manner  which would have an
adverse  effect on the  Trust  Depositor  and its  assignees  without  the prior
written consent of Facility Administrator.

      Section 4.26. Amendment of Time Share Documents. Without the prior written
consent of the Note Majority,  Sellers shall not amend,  modify or terminate the
Time Share  Documents in a manner that would have a material  adverse  effect on
the Trust Depositor and its assigns.

      Section 4.27. Insurance.

            (a) Generally. The Sellers shall use their best efforts to cause the
respective  Time  Share  Associations  which are  managed  by the Club  Managing
Entity,  at their sole cost and  expense,  to maintain the policies of insurance
described  on Schedule  3.1(ff) as in effect on the date hereof or  otherwise in
substantially  similar  form and  amounts  and with  insurers  having an AM Best
rating of at least A-(IX);  provided that if market  conditions in the insurance
industry  limit the Sellers'  ability to obtain such  insurance on  commercially
reasonably terms, the Facility Administrator and the Sellers shall in good faith
cooperate to select insurers and coverages reasonably acceptable to the Facility
Administrator  and the  Sellers.  All such  policies of  insurance  (or the loss
payable and additional insured endorsements  delivered to the Trust Depositor or
its assigns)  shall contain  provisions  pursuant to which the insurer agrees to
provide (or endeavors to provide) at least 10 days prior written notice to Trust
Depositor  or its assigns  and the  Facility  Administrator  in the event of any
cancellation  of any such insurance  policy;  provided that Sellers agree to use
commercially  reasonable efforts to require the applicable insurer to provide 30
days prior written  notice of  cancellation.  If any Seller fails to cause to be
obtained or maintained,  any of the policies of insurance  required above, Trust
Depositor or its assigns,  including Facility Administrator,  may at any time or
times  thereafter  obtain and maintain  such  policies of insurance and pay such
premiums and take any other  action with  respect  thereto that such party deems
advisable.  Such party shall have no obligation to obtain any such  insurance or
pay any premiums  therefor.  By doing so, no Termination  Event arising from any
Seller's  failure to maintain such insurance or pay any premiums  therefor shall
be deemed to have been waived.  All sums so disbursed,  including  Costs related
thereto, shall be payable on demand by Sellers to Trust Depositor or its assigns
or  the  Facility  Administrator,  as  the  case  may  be.  Notwithstanding  the
foregoing, required insurance may be maintained by the Time Share Association as
required by the Declaration in respect of the applicable Time Share Association,
provided  that in the event any Time Share  Association  fails to  maintain  any
insurance  required  under this Section  4.27 then Sellers  shall be required to
obtain and  maintain  such  insurance  in respect of any Time Share  Association
which is managed by the Club Managing Entity.

            (b) Changes in  Circumstances.  If requested  by Trust  Depositor or
Facility Administrator, Sellers shall deliver to such requesting party from time
to time a report of a reputable  insurance  broker,  satisfactory to such party,
with respect to its insurance  policies.  Such party's  review and acceptance of
the Sellers' and/or Time Share  Associations'  program and policies of insurance
shall in no event be deemed an  approval  or  statement  of the  adequacy of the
same.

            (c) Proofs of Claim  Regarding  Any  Facilities.  In case of loss or
damage or other  casualty  to any of the  Facilities  in  excess of  $1,000,000,
Sellers shall give prompt written notice thereof to the insurance carrier(s) and
to Trust Depositor and its assigns and the Facility Administrator.

      Section 4.28. Operating Contracts. Sellers or their respective Affiliates,
at their sole cost and expense,  shall  perform and discharge  their  respective
obligations,  covenants and agreements  contained in the Operating Contracts and
give prompt  notice to Trust  Depositor  and the Facility  Administrator  of any
notice of default or  termination  (whether  oral or  written)  either  given or
received  by Sellers or their  respective  Affiliates,  as the case may be, with
respect  thereto,  together with a complete copy of all written

                                      -21-
<PAGE>

notices if such default or  termination  could  reasonably be expected to have a
Material Adverse Effect or, in the case of a default, result in a termination of
such  Operating  Contract.  Sellers  will  not (i)  amend or  modify  any of the
Operating  Contracts or surrender or cancel any such contract to the extent such
amendment  or  modification  could  reasonably  be  expected  to have a Material
Adverse Effect,  (ii) further  encumber any Seller's or its  Affiliate's  rights
under such contract without the prior written consent of Facility Administrator;
or (iii) consent to any assignment thereof by the other contract parties.

      Section 4.29. Further Assurances.  Sellers agree that they shall and shall
cause each other Seller Party to, at Sellers'  expense and upon request of Trust
Depositor or the Facility  Administrator,  duly execute and deliver, or cause to
be duly executed and delivered,  to such party such further  instruments  and do
and  cause to be done such  further  acts as may be  necessary  or proper in the
reasonable  opinion of such party to carry out more  effectively  the provisions
and purposes of this Agreement or any other Transaction  Document.  From time to
time as may be  reasonably  requested by such party  (which  request will not be
made more  frequently  than once each year absent the occurrence and continuance
of a Termination  Event or an Event of Default),  the Sellers  shall  supplement
each disclosure  schedule hereto, or any  representation  herein or in any other
Transaction  Document,  with respect to any matter  hereafter  arising  that, if
existing or occurring at the date of this Agreement, would have been required to
be set forth or described in such disclosure schedule or as an exception to such
representation  or  that  is  necessary  to  correct  any  information  in  such
disclosure schedule or representation which has been rendered inaccurate thereby
(and, in the case of any supplements to any disclosure schedule, such disclosure
schedule  shall be  appropriately  marked  to show the  changes  made  therein);
provided  that  (i) no  such  supplement  to any  such  disclosure  schedule  or
representation  shall  amend,  supplement  or  otherwise  modify any  disclosure
schedule or  representation,  or be deemed a waiver of any Termination  Event or
Event of  Default  resulting  from the  matters  disclosed  therein,  except  as
consented to by Trust  Depositor  and the  Noteholders  in writing;  and (ii) no
supplement  shall be required as to  representations  and warranties that relate
solely to the Closing Date or the applicable Transfer Date for a Receivable.

                                   ARTICLE V
                      PERFECTION OF TRANSFER AND PROTECTION
                          OF BACK-UP SECURITY INTERESTS

      Section 5.1.  Custody of Receivables.  Subject to the terms and conditions
of this  Section  5.1, and except as provided in the  Custodial  Agreement,  the
contents of each  Receivable  File shall be held in the custody of  Bluegreen in
its capacity as Servicer under the Sale and Servicing  Agreement for the benefit
of the owner  thereof.  The Sellers agree to cooperate  with the Servicer in its
efforts to comply with their obligations under the Sale and Servicing  Agreement
in respect of the Assets,  and  acknowledges  and  consents to the  transactions
contemplated therein.

      Section 5.2. Filing.

            (a) The  Sellers  shall take and cause to be taken such  actions and
execute such  documents as are necessary or desirable or as Trust  Depositor may
reasonably request to perfect and protect the Trust Depositor's, the Trust's and
the  Indenture  Trustee's  interests  in the Assets  against all other  persons,
including   the  filing  of  financing   statements,   amendments   thereto  and
continuation statements, the execution of transfer instruments and the making of
notations on or taking possession of all records or documents of title.

            (b) In accordance with the Sale and Servicing Agreement, the Sellers
will deliver or cause to be  delivered to the  Custodian  the  Receivables  File
relating to the Assets transferred on any Transfer Date.

                                      -22-
<PAGE>

      Section 5.3. Costs and Expenses.  The Sellers  jointly and severally agree
to pay all reasonable costs and  disbursements in connection with the perfection
and the  maintenance  of  perfection,  as against  all third  parties,  of Trust
Depositor's,  the Trust's and the Indenture  Trustee's right, title and interest
in and to the Assets (including the interest in the Interval related thereto).

                                   ARTICLE VI
         REMEDIES UPON MISREPRESENTATION; RIGHT TO SUBSTITUTE; UPGRADES

      Section 6.1. Sellers' Option to Substitute. Subject to the satisfaction of
the terms and  conditions  and the  limitations  set forth in Section 2.7 of the
Sale and Servicing Agreement, any Seller may at its option replace an Asset that
is an  Ineligible  Asset  with a  Substitute  Asset  by  selling,  transferring,
assigning,  setting over and otherwise conveying to the Trust Depositor, without
recourse other than as expressly provided in the Transaction Documents, all such
Seller's right, title and interest in and to the Substitute Assets listed on the
related List of  Substitute  Assets  (including  all  Collections  and rights to
receive  Collections with respect to the related  Receivables  after the related
Cutoff Date, but excluding any  collections or rights to receive  payments which
were collected  pursuant thereto on or prior to such Cutoff Date). In connection
with any  replacement  of  existing  Ineligible  Assets in the  Asset  Pool with
Substitute  Assets  effected  in  accordance  with the terms  hereof,  the Trust
Depositor shall, automatically and without further action, be deemed to transfer
to such Seller,  without  recourse to the Trust  Depositor and free and clear of
any Lien  created  pursuant  to this  Agreement,  all of the  right,  title  and
interest  of the Trust  Depositor  in, to and under the related  replaced  Asset
(including any  Collections  received with respect thereto after the Cutoff Date
for the  related  Receivable(s)),  and the  Trust  Depositor  shall be deemed to
represent  and warrant  that it has the  corporate  authority  and has taken all
necessary corporate action to accomplish such transfer,  but the Trust Depositor
shall not be deemed to make any other  representation  or  warranty,  express or
implied.

      Section 6.2.  Repurchases and  Substitutions  of Receivables for Breach of
Representations and Warranties. In accordance with and subject to Section 2.7 of
the Sale and  Servicing  Agreement,  the Sellers  hereby  jointly and  severally
agree, for the benefit of Trust Depositor and its assignees including the Trust,
the  Indenture  Trustee  and the  Noteholders,  that they shall  repurchase  (or
substitute in accordance  with the next sentence) any Purchased  Receivable that
was an  Ineligible  Asset on the  Transfer  Date thereof or if an exception to a
Receivable  File is not rectified in accordance  with Section 6.3(q) of the Sale
and  Servicing  Agreement  at a repurchase  price equal to the Transfer  Deposit
Amount,  not later than the next Determination Date which is at most thirty (30)
days after the earliest to occur of the  discovery of such breach by such Seller
or receipt by such Seller of written  notice  from the  Indenture  Trustee,  the
Facility Administrator, the Servicer or Trust Depositor of the related breach or
inaccuracy of the representation or warranty.  If any Seller is able to effect a
substitution  for any such Ineligible Asset in compliance with Section 6.1, such
Seller may, in lieu of  repurchasing  such  Receivable and subject to the terms,
conditions  and  limitations  of the  Sale  and  Servicing  Agreement,  effect a
substitution  for such Ineligible  Asset with a Substitute  Asset not later than
the date a  repurchase  of such  Ineligible  Asset would be required  hereunder;
provided  further,  in the event such Seller can or is permitted to cure, and in
fact cures,  the  condition  which created the  "Ineligible  Asset" in the above
described 30 day period,  such Seller shall not be  obligated to  substitute  or
repurchase such  Receivable;  provided that if the Ineligible Asset relates to a
defective  Receivable  File  described  in  clause  (ii)  of the  definition  of
Ineligible  Asset, no cure period shall be permitted unless waived in writing by
the  Noteholders.  It is  understood  and agreed by the parties  hereto that the
payment  obligations  of the Obligors' in respect of the  Receivables  purchased
hereunder  shall not be the  obligation  of the Sellers or the Trust  Depositor,
except with  respect to Servicer  Advances as and to the extent  provided in the
Sale  and  Servicing   Agreement  and  remedies   associated  with  breaches  of
representations  and warranties set forth above.  The Issuer and the Noteholders
shall bear the economic  risk of the  Obligors'  failure to make payments on the
Receivables.

                                      -23-
<PAGE>

      Section 6.3. Upgrades.  In connection with an Upgrade,  each Seller may at
its option,  subject to the provisions of Section 2.13 of the Sale and Servicing
Agreement, transfer to the Trust Depositor an Upgrade Receivable (together with,
if necessary, one or more other Upgrade Receivables) having a Receivable Balance
(or Receivable  Balances)  approximately  equal to the Receivable Balance of the
Pre-Upgrade  Receivable  corresponding to such Upgrade  Receivable(s)  (and upon
such  transfer  the  Pre-Upgrade  Receivable  shall  no  longer  be an  Eligible
Receivable  or included in any report  delivered  by the  Servicer  and shall be
re-transferred to the applicable  Seller).  To the extent the Receivable Balance
(or  Receivable  Balances)  of  the  Upgrade  Receivable(s)  is  less  than  the
Receivable Balance of the Pre-Upgrade Receivable, the Sellers shall deposit cash
into the Collection Account in the amount of such deficiency.  Any excess of the
Receivable  Balance (or Receivable  Balances) of the Upgrade  Receivable(s) over
the Receivable  Balance of the  corresponding  Pre-Upgrade  Receivable,  if any,
shall be  deemed  to be a  capital  contribution  by such  Seller  to the  Trust
Depositor.

      Section 6.4. Reassignment of Repurchased or Substituted Receivables.  Upon
deposit in the Collection  Account of the repurchase  price or  substitution  as
described in Section 6.2, on the  Substitute  Asset  Transfer  Date related to a
Substitute  Asset  described  in Section 6.1, or in  connection  with an Upgrade
described  in Section 6.3, the Trust  Depositor  shall assign to the  applicable
Seller all of Trust Depositor's  right, title and interest in the repurchased or
substituted Ineligible Asset or Pre-Upgrade  Receivable,  as the case may be, in
each case received by release from the Trust in  accordance  with Section 2.7 or
2.13 of the Sale and Servicing  Agreement,  without recourse,  representation or
warranty.

                                   ARTICLE VI
                                 INDEMNIFICATION

      Section 7.1. Sellers Indemnification.

            (a)  Sellers,  jointly  and  severally,  agree to pay all  costs and
out-of-pocket  expenses, if any (including reasonable counsel fees and expenses)
incurred by the Trust Depositor (and its assigns,  including the Noteholders) in
connection  with the  enforcement  by the  Trust  Depositor  (and  its  assigns,
including the  Noteholders)  of its rights and remedies under this Agreement and
the other  Transaction  Documents  to be delivered  hereunder  or in  connection
herewith.

            (b) Sellers, jointly and severally,  agree to indemnify and hold the
Trust Depositor (and its assignees,  including the  Noteholders) and each of its
Affiliates,  officers,  directors,  agents and employees  (each an  "Indemnified
Party") harmless against any and all damages, claims, costs, losses,  penalties,
fines, liabilities,  fees, forfeitures,  amounts paid in settlement,  judgments,
reasonable  attorneys'  fees and related  litigation  costs,  fees and  expenses
(collectively,  "Losses")  which relate to or result from this Agreement and the
other Transaction Documents including,  without limitation: (a) any action taken
by or on behalf of such Seller relating to any Receivable or related Asset which
is not  permitted  by or  pursuant to the terms of this  Agreement  or any other
Transaction  Document or the use,  ownership or operation of any Interval by any
Seller or the Servicer, to the extent the Servicer is Bluegreen or any Affiliate
thereof, or any Affiliates of the foregoing,  (b) any illegal act or omission by
such Seller or any Affiliate,  officer, director, agent or employee thereof, (c)
any act or omission constituting negligence or willful misconduct,  or breach of
fiduciary  duty by such  Seller  or any  officer,  director,  agent or  employee
thereof in connection with such Seller's performance under this Agreement or the
other  Transaction  Documents,  or  any  breach  by  such  Seller  of any of its
obligations  under this Agreement or the other  Transaction  Documents,  (d) any
claim by any Person with respect to the Assets,  (e) sales of Assets having been
made,  suspended or terminated  under this  Agreement and the other  Transaction
Documents,   and  in  connection  with  or  arising  out  of  the   transactions
contemplated  hereunder  and  thereunder  and any  actions or failures to act in
connection therewith,  including any and all Environmental Liabilities and legal
costs

                                      -24-
<PAGE>

and expenses  arising out of or incurred in connection with disputes  between or
among any Indemnified Party and any parties to any of the Transaction Documents,
(f) subject to the preamble to Article III and to Section 6.2 of this Agreement,
any  representation  or warranty made by such Seller under or in connection with
this  Agreement,  any other  Transaction  Document or any other  information  or
report  delivered  by or on behalf of such  Seller  pursuant  hereto or thereto,
which  shall  have been false or  incorrect  when made or deemed  made,  (g) any
failure of any Seller or any  officer,  director,  agent or employee  thereof to
comply with any applicable Requirement of Law (including the Environmental Laws,
Consumer  Laws,  Interstate  Land Sales Act,  the Patriot Act or any  applicable
timeshare  laws and  regulations),  with respect to any  Receivable  or Contract
related thereto or the nonconformity of any Receivable or Contract with any such
Requirement  of Law or any  failure of any such Seller to keep or perform any of
its  obligations  with  respect  to any  Contract,  (h) the  commingling  by the
Servicer or any of its Affiliates of Collections of Receivables at any time with
other funds of the  Servicer or any of its  Affiliates,  (i) any  investigation,
litigation or proceeding arising out of or relating to this Agreement, the other
Transaction  Documents and the transactions  contemplated hereby or thereby, and
(j) any  environmental or products  liability or similar claim arising out of or
in  connection  with  the  rights  or  services  that  are  the  subject  of any
Receivable, the related Assets or any Contract;  provided that such Seller shall
not be  required  to so  indemnify  any such  Indemnified  Person for any Losses
resulting  from the gross  negligence or willful  misconduct  of an  Indemnified
Party  or in  respect  of  Excluded  Claims;  provided,  however,  that  nothing
contained in this Article VII or otherwise  shall be construed to obligate  such
Seller to indemnify an Indemnified  Party with respect to any Losses incurred as
a result of credit  problems of the Obligors or the payment  performance  of the
Receivables  and related  Assets.  Notwithstanding  any other  provision of this
Agreement,  the  obligations  of the  Sellers  under this  Section 7.1 shall not
terminate  upon a  Service  Transfer  pursuant  to  Section  8.2 of the Sale and
Servicing  Agreement and shall survive any termination of the Sale and Servicing
Agreement or this  Agreement.  Upon  receiving  knowledge of any suit,  claim or
demand asserted by a third party that such Indemnified Party believes is covered
by this indemnity,  such  Indemnified  Party shall give Sellers prompt notice of
the matter and an  opportunity  to defend it, at Sellers' sole cost and expense.
Notwithstanding  any defense by Sellers of any such suit, claim or demand,  such
Indemnified  Party shall have the right to participate in any material  decision
affecting  the  conduct or  settlement  of any dispute or  proceeding  for which
indemnification  may be claimed.  NO  INDEMNIFIED  PARTY SHALL BE RESPONSIBLE OR
LIABLE TO ANY OTHER PARTY TO ANY TRANSACTION DOCUMENT,  ANY SUCCESSOR,  ASSIGNEE
OR THIRD PARTY  BENEFICIARY OF SUCH PERSON OR ANY OTHER PERSON  ASSERTING CLAIMS
DERIVATIVELY   THROUGH  SUCH  PARTY,  FOR  INDIRECT,   PUNITIVE,   EXEMPLARY  OR
CONSEQUENTIAL  DAMAGES  WHICH  MAY BE  ALLEGED  AS A RESULT  OF ANY  TRANSACTION
CONTEMPLATED HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT.

      Section 7.2.  Liabilities  to Obligors.  No obligation or liability to any
Obligor  under any of the  Receivables  is  intended  to be assumed by the Trust
Depositor,  the Indenture  Trustee,  the  Noteholders or the Trust under or as a
result of this Agreement and the transactions contemplated hereby.

                                  ARTICLE VIII
                                  MISCELLANEOUS

      Section 8.1.  Termination.  This Agreement  shall terminate on the date on
which the Sale and Servicing Agreement terminates; provided, that the provisions
of Sections 7.1, 8.7, 8.8 and 8.9 hereof shall survive the termination hereof.

      Section  8.2.   Assignment  or  Delegation  by  the  Sellers.   Except  as
specifically  authorized hereunder,  no Seller may convey and assign or delegate
any of its rights or obligations  hereunder  absent

                                      -25-
<PAGE>

the prior written consent of the Trust Depositor, Facility Administrator and the
Noteholders,  and any attempt to do so without such consent  shall be void.  The
Trust  Depositor will assign all of its rights (but not its  obligations)  under
this  Agreement  to the Trust (which will be further  assigned to the  Indenture
Trustee for the benefit of the Noteholders) and each Seller consents thereto and
expressly   acknowledges  that  all  representations,   warranties,   covenants,
indemnities  and other  provisions  hereunder  (including  the right to  enforce
remedies)  are for the  express  benefit of the Trust,  as assignee of the Trust
Depositor, and the Indenture Trustee for the benefit of the Noteholders.

      Section 8.3.  Amendment.  This Agreement may not be amended by the parties
hereto  without  the  prior  written  consent  of the  Note  Majority.  Any such
amendment  shall be in writing and executed by the parties hereto  (including in
counterparts).  Upon the  execution  of any  amendment in  compliance  with this
Section 8.3, this Agreement shall be modified in accordance therewith,  and such
amendment shall form a part of this Agreement for all purposes.

      Section 8.4. Notices.  All notices,  demands,  certificates,  requests and
communications  hereunder ("notices") shall be in writing and shall be effective
(a) upon receipt when sent through the U.S. mails, registered or certified mail,
return receipt requested, postage prepaid, with such receipt to be effective the
date of delivery indicated on the return receipt,  or (b) one Business Day after
delivery to an overnight courier, or (c) on the date personally  delivered to an
Authorized  Officer of the party to which sent,  or (d) on the date (which shall
be  a  Business  Day)  transmitted  by  legible  telefax   transmission  with  a
confirmation of receipt, in all cases addressed to the recipient as follows:

      If to any Seller:            c/o Bluegreen Corporation
                                   4960 Conference Way North, Suite 100
                                   Boca Raton, Florida 33431
                                   Attn: Anthony Puleo
                                   Telephone No.:  (561) 912-8270
                                   Telecopier No.: (561) 912-8123

      If to Trust Depositor:       Bluegreen Receivables Finance Corporation XI
                                   4950 Communication Avenue, Suite 900
                                   Boca Raton, Florida 33431
                                   Attn: Allan Herz
                                   Telephone No.:  (561) 912-8210
                                   Telecopier No.: (561) 443-8743

      If to the Trust, the
      Indenture Trustee or the
      Facility Administrator:      At the address for such Person set forth in
                                   the Sale and Servicing Agreement

Each party  hereto may, by notice  given in  accordance  herewith to each of the
other  parties  hereto,  designate  any  further or  different  address to which
subsequent notices shall be sent.

      Section  8.5.  Merger  and  Integration.  Except  as  specifically  stated
otherwise  herein,  this  Agreement sets forth the entire  understanding  of the
parties  relating to the subject  matter hereof,  and all prior  understandings,
written or oral,  are  superseded by this  Agreement.  This Agreement may not be
modified, amended, waived, or supplemented except as provided herein.

      Section 8.6.  Headings.  The headings herein are for purposes of reference
only and shall  not  otherwise  affect  the  meaning  or  interpretation  of any
provision hereof.

                                      -26-
<PAGE>

      Section 8.7.  GOVERNING LAW; CONSENT TO JURISDICTION;  WAIVER OF OBJECTION
TO VENUE. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE  STATE OF  ILLINOIS.  EACH  PARTY  HERETO  HEREBY  AGREES TO THE
NON-EXCLUSIVE JURISDICTION OF ANY ILLINOIS STATE OR FEDERAL COURT LOCATED IN THE
CITY OF CHICAGO. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON
FORUM  NON  CONVENIENS,  AND ANY  OBJECTION  TO VENUE OF ANY  ACTION  INSTITUTED
HEREUNDER  IN ANY OF THE  AFOREMENTIONED  COURTS AND CONSENTS TO THE GRANTING OF
SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.

      Section 8.8. WAIVER OF JURY TRIAL.  TO THE EXTENT  PERMITTED BY APPLICABLE
LAW, EACH PARTY HERETO WAIVES ANY RIGHT TO HAVE A JURY  PARTICIPATE IN RESOLVING
ANY DISPUTE,  WHETHER  SOUNDING IN  CONTRACT,  TORT,  OR  OTHERWISE  BETWEEN THE
PARTIES HERETO ARISING OUT OF, CONNECTED WITH,  RELATED TO, OR INCIDENTAL TO THE
RELATIONSHIP  BETWEEN  ANY OF THEM IN  CONNECTION  WITH  THIS  AGREEMENT  OR THE
TRANSACTIONS  CONTEMPLATED  HEREBY.  INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT
WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.

      Section 8.9. No  Bankruptcy  Petition.  Each Seller  covenants  and agrees
that,  prior to the date that is one year and one day after the  payment in full
of all Aggregate Outstandings, it will not institute against Trust Depositor, or
join  any  other  Person  in  instituting  against  the  Trust  Depositor,   any
bankruptcy,  reorganization,  arrangement, insolvency or liquidation proceedings
or other similar proceedings under the laws of the United States or any state of
the United States,  or take any action in contemplation or furtherance of any of
the foregoing. This Section 8.9 will survive the termination of this Agreement.

      Section  8.10.  Severability  of  Provisions.  If any  one or  more of the
covenants,  agreements,  provisions  or terms of this  Agreement  shall  for any
reason whatsoever be held invalid, then such covenants, agreement, provisions or
terms  shall be  deemed  severable  from the  remaining  covenants,  agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement.

      Section 8.11. No Waiver;  Cumulative Remedies.  No failure to exercise and
no delay in  exercising,  on the part of the Trust  Depositor  (or any  assignee
thereof) or the Sellers, any right, remedy, power or privilege hereunder,  shall
operate as a waiver  thereof;  nor shall any single or partial  exercise  of any
right,  remedy,  power or  privilege  hereunder  preclude  any other or  further
exercise thereof or the exercise of any other right, remedy, power or privilege.
To the extent  permitted by law,  the rights,  remedies,  powers and  privileges
herein  provided  are  cumulative  and  not  exhaustive  (except  to the  extent
specifically  provided  herein)  of  any  other  rights,  remedies,   powers  or
privileges provided by law.

      Section 8.12. Counterparts.  This Agreement may be executed in two or more
counterparts including by telefax transmission thereof (and by different parties
on separate counterparts),  each of which shall be an original, but all of which
together shall constitute one and the same instrument.

      Section  8.13.  Intended  Characterization.  The  Sellers  and  the  Trust
Depositor  agree that any  conveyance  hereunder or under the Sale and Servicing
Agreement is intended to be a sale and absolute  conveyance  of ownership of the
Assets,  rather  than the mere  granting  of a  security  interest  to  secure a
borrowing.  If,  notwithstanding  such expressed interest,  any such transfer is
deemed to be of a mere  security  interest to secure  indebtedness,  each Seller
shall be deemed to have granted (and hereby  grants to) the Trust  Depositor and
the  Custodian,  as agent for the Trust  Depositor,  a perfected  first priority

                                      -27-
<PAGE>

security  interest in such Assets and this Agreement shall constitute a security
agreement  under  applicable  law,  securing the repayment of the purchase price
paid  hereunder  and  the  obligations  and/or  interests  provided  for in this
Agreement  and in the order and  priorities,  and subject to the other terms and
conditions  of,  the Sale and  Servicing  Agreement,  together  with such  other
obligations  or interests as may arise  hereunder and thereunder in favor of the
parties  hereto and thereto.  If such transfer is deemed to be the mere granting
of a security interest to secure a borrowing, the Trust Depositor may, to secure
Trust Depositor's own obtainment of funds under the Sale and Servicing Agreement
(to the extent that the  conveyance  of the Assets  thereunder is deemed to be a
mere  granting  of a  security  interest  to secure a  borrowing)  repledge  and
reassign (i) all or a portion of the Assets  pledged to Trust  Depositor and not
released from the security interest of this Agreement at the time of such pledge
and assignment,  and (ii) all proceeds  thereof.  Such repledge and reassignment
may be made by Trust  Depositor with or without a repledge and  reassignment  by
Trust Depositor of its rights under this  Agreement,  and without further notice
to or  acknowledgment  from  any  Seller.  Each  Seller  waives,  to the  extent
permitted by applicable law, all claims, causes of action and remedies,  whether
legal or equitable  (including any right of setoff),  against Trust Depositor or
any assignee of Trust  Depositor  relating to such action by Trust  Depositor in
connection  with  the  transactions  contemplated  by  the  Sale  and  Servicing
Agreement.

      Section  8.14.  Sellers.   Notwithstanding   anything  contained  in  this
Agreement or any other Transaction  Document to the contrary,  as of the Closing
Date, Bluegreen Corporation is the only "Seller" hereunder.

                            [signature page follows]

                                      -28-
<PAGE>

      IN WITNESS  WHEREOF,  the parties  hereto have caused this Agreement to be
executed by their respective  officers  thereunto duly authorized as of the date
first written above.

                          BLUEGREEN RECEIVABLES FINANCE
                          CORPORATION XI

                          By: __________________________________
                               Printed Name:  Allan J. Herz
                               Title:  President and Assistant Treasurer

                          BLUEGREEN CORPORATION

                          By: __________________________________
                               Printed Name:  Anthony M. Puleo
                               Title: Senior Vice President, Chief Financial
                                        Officer and Treasurer

              Signature Page to Sale and Contribution Agreement

<PAGE>

                                   SCHEDULE I

Bluegreen Corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

State of Incorporation: Massachusetts

Organizational I.D. #:  030300793

<PAGE>

                                    EXHIBIT A

                             FORM OF SALE ASSIGNMENT

      In accordance with the Sale and Contribution  Agreement (the  "Agreement")
dated as of March 13,  2006 made by and between the  undersigned  and  Bluegreen
Receivables Finance Corporation XI, a Delaware  corporation ("Trust Depositor"),
the  undersigned  does hereby sell,  transfer,  assign,  set over and  otherwise
absolutely  convey to Trust  Depositor all its right,  title and interest in and
to:

      (i) all Receivables  specified on the List of Receivables delivered to the
      Facility Administrator and the Custodian, and all payments of interest and
      principal, other Collections thereon and monies received, due or to become
      due in payment of such Receivables after the related Cutoff Date;

      (ii) the Mortgages,  if applicable,  and any other instruments,  documents
      and rights  securing such  Receivables,  including all "Owner  Beneficiary
      Rights" under the Club Trust Agreement in respect of such Receivables,  if
      applicable,  and all of the undersigned's  rights or interest in all other
      property  (personal or other),  if any, the sale of which gave rise to the
      Receivables;

      (iii)the Receivables Files with respect to such Receivables;

      (iv) all payments made or to be made after the Cutoff Date with respect to
      such Receivables or the Obligor  thereunder under any guarantee or similar
      credit  enhancement  with  respect to such  Receivables,  if any,  whether
      pursuant to the Contract  related to such  Receivable or otherwise made or
      to be made in respect of such Receivables after the related Cutoff Date;

      (v) all  Insurance  Proceeds  with  respect  to any such  Receivables,  if
      applicable;

      (vi) the Trust Accounts and all Trust Account Property; and

      (viii) all income from and proceeds of the foregoing.

      This   Assignment   is  made   pursuant  to  and  in  reliance   upon  the
representations  and  warranties  on the part of the  undersigned  specified  in
Article III of the Agreement without recourse, representation or warranty except
as provided in the Agreement.  Capitalized terms used in this Assignment and not
defined  shall have the same  meanings  as such terms  would have if used in the
Agreement.

<PAGE>

      IN WITNESS  WHEREOF,  the  undersigned  has caused this Assignment to be
duly executed this ____ day of ___________, 2006.

                                     BLUEGREEN CORPORATION

                                     By:___________________________________
                                           Printed Name:___________________
                                           Title:__________________________

                                     Accepted:

                                     BLUEGREEN RECEIVABLES FINANCE
                                     CORPORATION XI

                                     By:___________________________________
                                           Printed Name:___________________
                                           Title:__________________________EXHIBIT 10.1

                                ZONE 4 PLAY, INC.

                                AMENDMENT TO THE
                          2004 GLOBAL SHARE OPTION PLAN

                                   May 4, 2006

     The 2004 Global Share Option Plan (the "Plan") of Zone 4 Play, Inc. is
amended as of this 4th day of May, 2006 as follows. Capitalized terms used but
not defined herein are used as defined in the Plan.

     The number of Shares reserved under Section 5.1 of the Plan for purposes of
the Plan shall be changed from "5,000,000" to "8,000,000", such that the first
sentence of Section 5.1 of the Plan shall read in its entirety as follows:

     "The Company has reserved 8,000,000 authorized but unissued Shares for the
     purposes of the Plan and for the purpose of the Company's other share
     option plans when applicable, subject to adjustment as set forth in Section
     7 below."

The remainder of Section 5.1 and the remainder of the Plan are not amended
hereby and shall remain in full force and effect.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}]]