Document:

EX-10.5

 Exhibit 10.5 
  

 
  

AMENDED AND RESTATED TRUST AGREEMENT 

by and among 
 BLUEGREEN TIMESHARE
FINANCE CORPORATION I, 
 as Depositor and Residual Interest Owner, 

GSS HOLDINGS, INC. 
 as Trust Owner

 and 
 WILMINGTON TRUST
COMPANY, 
 as Owner Trustee 

Dated as of December 17, 2013 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
		
	ARTICLE I. DEFINITIONS	  	 	2	  
	 Section 1.01.
	 	Capitalized Terms.	  	 	2	  
	 Section 1.02.
	 	Usage of Terms.	  	 	2	  
	 Section 1.03.
	 	Section References.	  	 	2	  
	 Section 1.04.
	 	Accounting Terms.	  	 	2	  
		
	ARTICLE II. ORGANIZATION	  	 	2	  
	 Section 2.01.
	 	Name.	  	 	2	  
	 Section 2.02.
	 	Office.	  	 	3	  
	 Section 2.03.
	 	Purposes and Powers.	  	 	3	  
	 Section 2.04.
	 	Appointment of Owner Trustee.	  	 	4	  
	 Section 2.05.
	 	Capital Contribution of initial Trust Estate.	  	 	4	  
	 Section 2.06.
	 	Declaration of Trust.	  	 	4	  
	 Section 2.07.
	 	Liability of Depositor.	  	 	5	  
	 Section 2.08.
	 	Title to Trust Property.	  	 	5	  
	 Section 2.09.
	 	Situs of Trust.	  	 	6	  
	 Section 2.10.
	 	Representations and Warranties.	  	 	6	  
	 Section 2.11.
	 	Income Tax Treatment.	  	 	8	  
	 Section 2.12.
	 	Covenants of the Depositor and Trust Owner.	  	 	9	  
	 Section 2.13.
	 	Separateness of Trust.	  	 	10	  
		
	ARTICLE III. CERTIFICATES AND TRANSFER OF INTERESTS	  	 	11	  
	 Section 3.01.
	 	Trust Certificate Ownership.	  	 	11	  
	 Section 3.02.
	 	The Trust Certificate.	  	 	12	  
	 Section 3.03.
	 	Authentication and Delivery of Trust Certificate.	  	 	12	  
	 Section 3.04.
	 	Registration of Transfer and Exchange of Trust Certificate.	  	 	13	  
	 Section 3.05.
	 	Residual Interest Certificate Ownership.	  	 	14	  
	 Section 3.06.
	 	The Residual Interest Certificate.	  	 	14	  
	 Section 3.07.
	 	Authentication and Delivery of Residual Interest Certificate.	  	 	15	  
	 Section 3.08.
	 	Registration of Transfer and Exchange of Residual Interest Certificate.	  	 	15	  
	 Section 3.09.
	 	Mutilated, Destroyed, Lost or Stolen Certificates.	  	 	16	  
	 Section 3.10.
	 	Persons Deemed Owners.	  	 	16	  
	 Section 3.11.
	 	Access to List of Certificateholder’s Name and Addresses.	  	 	17	  
	 Section 3.12.
	 	Maintenance of Office or Agency.	  	 	17	  
	 Section 3.13.
	 	Appointment of Trust Paying Agent.	  	 	17	  
		
	ARTICLE IV. ACTIONS BY OWNER TRUSTEE	  	 	18	  
	 Section 4.01.
	 	Prior Notice to Residual Interest Owner with Respect to Certain Matters.	  	 	18	  
	 Section 4.02.
	 	Action by Residual Interest Owner with Respect to Certain Matters.	  	 	18	  

  
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	 Section 4.03.
	 	Action by Residual Interest Owner with Respect to Bankruptcy.	  	 	18	  
	 Section 4.04.
	 	Restrictions on Residual Interest Owner’s Power.	  	 	19	  
		
	ARTICLE V. APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	  	 	19	  
	 Section 5.01.
	 	Establishment of Certificate Distribution Account.	  	 	19	  
	 Section 5.02.
	 	Application of Trust Funds.	  	 	19	  
	 Section 5.03.
	 	Method of Payment.	  	 	20	  
	 Section 5.04.
	 	No Segregation of Moneys; No Interest.	  	 	20	  
	 Section 5.05.
	 	Accounting and Reports to the Certificateholder, the Internal Revenue Service and Others.	  	 	20	  
	 Section 5.06.
	 	Signature on Returns; Tax Matters Partner.	  	 	20	  
		
	ARTICLE VI. AUTHORITY AND DUTIES OF OWNER TRUSTEE	  	 	21	  
	 Section 6.01.
	 	General Authority.	  	 	21	  
	 Section 6.02.
	 	General Duties.	  	 	21	  
	 Section 6.03.
	 	Action Upon Instruction.	  	 	21	  
	 Section 6.04.
	 	No Duties Except as Specified in this Agreement or in Instructions.	  	 	23	  
	 Section 6.05.
	 	No Action Except Under Specified Documents or Instructions.	  	 	23	  
	 Section 6.06.
	 	Restrictions.	  	 	23	  
		
	ARTICLE VII. CONCERNING THE OWNER TRUSTEE	  	 	23	  
	 Section 7.01.
	 	Acceptance of Trusts and Duties.	  	 	23	  
	 Section 7.02.
	 	Furnishing of Documents.	  	 	25	  
	 Section 7.03.
	 	Representations and Warranties of the Trust Company.	  	 	25	  
	 Section 7.04.
	 	Reliance; Advice of Counsel.	  	 	25	  
	 Section 7.05.
	 	Not Acting in Individual Capacity.	  	 	26	  
	 Section 7.06.
	 	Owner Trustee Not Liable for Trust Certificate, Residual Interest Certificate, Notes or Timeshare Loans.	  	 	26	  
	 Section 7.07.
	 	Owner Trustee May Own Certificates and Notes.	  	 	27	  
		
	ARTICLE VIII. COMPENSATION OF OWNER TRUSTEE	  	 	27	  
	 Section 8.01.
	 	Owner Trustee’s Fees and Expenses.	  	 	27	  
	 Section 8.02.
	 	Indemnification.	  	 	27	  
	 Section 8.03.
	 	Payments to the Owner Trustee.	  	 	27	  
		
	ARTICLE IX. TERMINATION OF TRUST AGREEMENT	  	 	28	  
	 Section 9.01.
	 	Termination of Trust Agreement.	  	 	28	  
		
	ARTICLE X. SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES	  	 	29	  
	 Section 10.01.
	 	Eligibility Requirements for Owner Trustee.	  	 	29	  
	 Section 10.02.
	 	Resignation or Removal of Owner Trustee.	  	 	29	  
	 Section 10.03.
	 	Successor Owner Trustee.	  	 	30	  
	 Section 10.04.
	 	Merger or Consolidation of Owner Trustee.	  	 	31	  
	 Section 10.05.
	 	Appointment of Co-Trustee or Separate Trustee.	  	 	31	  

  
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	ARTICLE XI. MISCELLANEOUS	  	 	32	  
	 Section 11.01.
	 	Supplements and Amendments.	  	 	32	  
	 Section 11.02.
	 	No Legal Title to Trust Estate in Trust Owner.	  	 	34	  
	 Section 11.03.
	 	Limitations on Rights of Others.	  	 	34	  
	 Section 11.04.
	 	Notices.	  	 	34	  
	 Section 11.05.
	 	Severability of Provisions.	  	 	36	  
	 Section 11.06.
	 	Counterparts.	  	 	36	  
	 Section 11.07.
	 	Successors and Assigns.	  	 	36	  
	 Section 11.08.
	 	No Petition.	  	 	36	  
	 Section 11.09.
	 	No Recourse.	  	 	36	  
	 Section 11.10.
	 	Headings.	  	 	37	  
	 Section 11.11.
	 	Entire Agreement/Governing Law.	  	 	37	  
	 Section 11.12.
	 	Trust Certificate Transfer Restrictions.	  	 	37	  
	 Section 11.13.
	 	Extraordinary Transactions.	  	 	37	  

  
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 This AMENDED AND RESTATED TRUST AGREEMENT dated as of December 17, 2013 (this
“Agreement”), is entered into by and among BLUEGREEN TIMESHARE FINANCE CORPORATION I, a Delaware corporation, as Depositor (the “Depositor” or the “Residual Interest Owner”), GSS HOLDINGS, INC., as
trust owner (the “Trust Owner”), and WILMINGTON TRUST COMPANY, a Delaware banking corporation (the “Trust Company”), as owner trustee (the “Owner Trustee” and together with the Depositor and the
Trust Owner, the “Original Parties”). 
 WHEREAS, the Original Parties entered into that certain TRUST AGREEMENT
dated May 5, 2006, (the “Original Trust Agreement”) pursuant to which they created the trust known as “BXG Timeshare Trust I” in order to consummate the transactions contemplated by that certain Indenture,
dated as of May 1, 2006 (the “Original Indenture”), by and among BXG Timeshare Trust I, Bluegreen Corporation, as servicer, Vacation Trust, Inc., as club trustee, Concord Servicing Corporation, as backup servicer, Branch
Banking and Trust Company, as agent and U.S. Bank National Association, as indenture trustee, paying agent and custodian; 
 WHEREAS, BXG
Timeshare Trust I issued its five classes of variable funding notes designated as the Timeshare Loan-Backed VFN Notes, Series I pursuant to the Original Indenture (as amended from time to time, the “Amended Indenture”); 

WHEREAS, BXG Timeshare Trust I has from time to time exchanged its five classes of variable funding notes for five classes of amended notes
pursuant to the terms of the Amended Indenture (the “Prior Notes”); 
 WHEREAS, BXG Timeshare Trust I, Bluegreen
Corporation, as servicer, Vacation Trust, Inc., as club trustee, Concord Servicing Corporation, as backup servicer, Branch Banking and Trust Company, as a funding agent, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, as a
funding agent, and U.S. Bank National Association, as indenture trustee, paying agent and custodian are parties to a certain Fifth Amended and Restated Indenture, dated as of December 1, 2013, which amends and restates in its entirety the
Amended Indenture and pursuant to which BXG Timeshare Trust I will issue variable funding notes designated as the Timeshare Loan-Backed VFN Notes, Series I (the “Notes”) and will exchange its most recently issued five classes of
Prior Notes for a portion of the Notes; 
 WHEREAS, the Original Trust Agreement has been amended from time to time (as so amended, the
“Amended Trust Agreement”); and 
 WHEREAS, the Original Parties now desire to amend and restate in its entirety the
Amended Trust Agreement as provided herein, and all actions required to do so under the Amended Trust Agreement have been taken, including, without limitation, obtaining the consent of the Indenture Trustee and all holders of the Prior Notes in
accordance with Article XI of the Amended Trust Agreement. 

  
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 NOW, THEREFORE, the parties hereto hereby agree as follows: 

ARTICLE I. 
 DEFINITIONS 

Section 1.01. Capitalized Terms. 

Except as otherwise provided in this Agreement, capitalized terms used but not defined herein shall have the meanings specified in the
“Sixth Amended and Restated Standard Definitions” attached hereto as Annex A. 
 Section 1.02. Usage of Terms. 

With respect to all terms in this Agreement, the singular includes the plural and the plural the singular; words importing any gender include
the other genders; references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual instruments include all amendments, modifications and
supplements thereto or any changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to Persons include their successors and assigns; and the term “including” means
“including without limitation”. 
 Section 1.03. Section References. 

All section references, unless otherwise indicated, shall be to Sections in this Agreement. 

Section 1.04. Accounting Terms. 

All accounting terms used but not specifically defined herein shall be construed in accordance with generally accepted accounting principles
in the United States. 
 ARTICLE II. 

ORGANIZATION 
 Section 2.01.
Name. 
 The Trust created by the Original Trust Agreement, as amended, is known as “BXG Timeshare Trust I” in which name
the Owner Trustee shall have power and authority and is hereby authorized and empowered to and may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. 

  
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 Section 2.02. Office. 

The office of the Trust shall be in care of the Owner Trustee at the Owner Trustee Corporate Trust Office or at such other address in Delaware
as the Owner Trustee may designate by written notice to the Trust Owner and the Depositor. 
 Section 2.03. Purposes and Powers.

 (a) The purpose of the Trust is to engage exclusively in the activities set forth in this Section 2.03. The Trust shall have the
power and authority and is hereby authorized and empowered, without the need for further action on the part of the Trust, and the Owner Trustee shall have power and authority, and is hereby authorized and empowered, in the name and on behalf of the
Trust, to do or cause to be done all acts and things necessary, appropriate or convenient to cause the Trust, to engage in the activities set forth in this Section 2.03 as follows: 

 

	 	(i)	to issue the Notes pursuant to the Indenture and the Trust Certificate and Residual Interest Certificate pursuant to this Agreement and to sell the Notes; 

 

	 	(ii)	with the proceeds of the Borrowings made pursuant to the Note Funding Agreement, acquire the Timeshare Loans and to pay the organizational, start-up and transactional expenses of the Trust and to pay the balance to the
Depositor pursuant to the Sale Agreement; 

  

	 	(iii)	to assign, grant, transfer, pledge, mortgage and convey the assets constituting the Trust Estate pursuant to the Indenture; 

  

	 	(iv)	to distribute to the Residual Interest Owner any portion of the Trust Estate released from the Lien of the Indenture simultaneously with the release of such property in accordance with the Indenture; 

 

	 	(v)	to enter into and perform the Trust’s obligations under the Transaction Documents to which it is to be a party; 

  

	 	(vi)	to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; 

 

	 	(vii)	subject to compliance with the Transaction Documents, to engage in such other activities as may be required in connection with conservation of the Trust Estate and the making of distributions to the Residual Interest
Owner and the Noteholders; and 

  
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	 	(viii)	to file with the Delaware Secretary of State pursuant to Section 3810 of the Statutory Trust Statute, (a) a certificate of trust, and any amendments thereto or restatements thereof which may become necessary
or advisable, and (b) upon the dissolution and winding up of the affairs of the Trust, a certificate of cancellation. 

(b) The Trust shall not engage in any activities other than in connection with the foregoing. Nothing contained herein shall be deemed to
authorize the Owner Trustee to engage in any business operations or any activities other than those set forth in Section 2.03(a) hereof. Specifically, the Owner Trustee shall have no authority to engage in any business operations, or acquire
any assets other than those specifically included in the Trust Estate, or otherwise vary the assets held by the Trust. Similarly, the Owner Trustee shall have no discretionary duties other than performing those acts set forth above necessary to
accomplish the purpose of the Trust as set forth in Section 2.03(a) hereof. 
 Section 2.04. Appointment of Owner Trustee.

 The Depositor hereby reconfirms the appointment of the Trust Company as trustee of the Trust effective as of May 5, 2006, to have
all the rights, powers and duties set forth herein, and the Trust Company hereby reconfirms the acceptance of such appointment as of such date. 

Section 2.05. Capital Contribution of initial Trust Estate. 

The Depositor previously sold, assigned, transferred, conveyed and set over to the Owner Trustee, as of May 5, 2006, the sum of $1. The
Owner Trustee hereby acknowledges receipt in trust from the Depositor, as of May 5, 2006, of the foregoing contribution, which constituted the initial Trust Estate (prior to giving effect to the conveyances described in the Sale Agreement,
dated as of May 1, 2006, by and between BXG Timeshare Trust I and the Depositor, as amended from time to time) and was deposited in the Certificate Distribution Account. The Depositor paid and shall pay organizational expenses of the Trust as
they arose or may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. 

Section 2.06. Declaration of Trust. 

The Owner Trustee hereby declares that it will hold the Trust Estate in trust upon and subject to the conditions set forth herein for the sole
purpose of conserving the Trust Estate and collecting and disbursing the periodic income therefrom for the use and benefit of the Residual Interest Owner, subject to the obligations of the Trust under the Transaction Documents. It is the intention
of the parties that the Trust Owner, as holder of the Trust Certificate shall have no economic interest in the Trust. It is the intention of the parties hereto that the Residual Interest Owner have only an economic interest in the Trust, and that
the Trust not constitute a Subsidiary or Affiliate of the Residual Interest Owner (or of any of its Affiliates) for any purpose. It is the intention of the parties hereto that the Trust constitutes a statutory trust under the Statutory Trust Statute
and that this Agreement constitutes the governing instrument of such statutory trust. It is 

  
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the intention of the parties hereto that the Trust be disregarded as an entity separate from the sole Residual Interest Owner for federal and applicable state and local income tax purposes
pursuant to Treasury Regulation Section 301.7701-3(b)(1)(ii). The parties agree not to take any action inconsistent with such intended federal and applicable state and local income tax treatment. Effective as of the date hereof, the Owner
Trustee shall have all rights, powers and duties set forth herein and in the Statutory Trust Statute for the sole purpose and to the extent necessary to accomplish the purpose of the Trust as set forth in the introductory sentence of
Section 2.03(a) hereof. 
 Section 2.07. Liability of Depositor. 

(a) Pursuant to Section 3803(a) of the Statutory Trust Statute, the Depositor shall be liable directly to and will indemnify any injured
party or any other creditor of the Trust for all losses, claims, damages, liabilities and expenses of the Trust to the extent that the Depositor would be liable if the Trust were a partnership under the Delaware Revised Uniform Limited Partnership
Act in which the Depositor were a general partner; provided, however, that neither the Depositor nor the Trust Owner shall under any circumstances be liable for any losses incurred by a Noteholder in the capacity of an investor in the
Notes. In addition, any third party creditors of the Trust (other than in connection with the obligations described in the immediately preceding sentence for which the Depositor and the Trust Owner shall not be liable) shall be deemed third party
beneficiaries of the Depositor’s obligations under this paragraph. The obligations of the Depositor under this paragraph shall be evidenced by the Residual Interest Certificate described in Section 3.05 hereof. 

(b) The Trust Owner, solely by virtue of its being the Certificateholder of the Trust Certificate, shall not have any personal liability for
any liability or obligation of the Trust. 
 Section 2.08. Title to Trust Property. 

Legal title to the Trust Estate shall be vested at all times in the Trust as a separate legal entity except where applicable law in any
jurisdiction requires title to any part of the Trust Estate to be vested in an Owner Trustee or Owner Trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be. 

Neither the Trust Owner nor the Residual Interest Owner shall have legal title to any part of the Trust Estate or any interest in specific
property comprising the Trust Estate. No transfer by operation of law or otherwise of any interest of the Trust Owner or the Residual Interest Owner shall operate to terminate this Agreement or the Trust hereunder or entitle any transferee to any
accounting or to the transfer to it of any part of the Trust Estate. No creditor of the Trust Owner or the Residual Interest Owner shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to any
property of the Trust. The Trust Owner’s beneficial non-economic interest in the Trust shall be personal property notwithstanding the nature of any property of the Trust. 

  
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 Section 2.09. Situs of Trust. 

The Trust will be located and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust
shall be located in the State of Florida or the State of Delaware. The Trust shall not have any employees in any state other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having
employees within or without the State of Delaware. Payments will be received by the Trust only in Delaware and payments will be made by the Trust only from Delaware. The only office of the Trust will be at the Owner Trustee Corporate Trust Office.

 Section 2.10. Representations and Warranties. 

(a) Representations and Warranties of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee that: 

 

	 	(i)	The Depositor is duly organized and validly existing as a corporation organized and existing and in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct
its business and had at all relevant times, and has, power, authority and legal right to acquire and own the property to be sold and assigned to and deposited with the Owner Trustee on behalf of the Trust as part of the Trust Estate.

  

	 	(ii)	The Depositor is duly qualified to do business as a foreign corporation in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the
conduct of its business requires such qualifications. 

  

	 	(iii)	The Depositor has the power and authority to execute and deliver this Agreement and to carry out its terms; the Depositor has full power and authority to sell and assign the property to be sold and assigned to and
deposited with the Owner Trustee on behalf of the Trust as part of the Trust Estate and has duly authorized such sale and assignment and deposit with the Owner Trustee on behalf of the Trust by all necessary corporate action; and the execution,
delivery and performance of this Agreement have been duly authorized by the Depositor by all necessary corporate action. 

  

	 	(iv)	 The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach
of any of the terms and provisions of, nor constitute (with or without notice or lapse of time) a default under, the certificate of incorporation or bylaws of the Depositor, or any indenture, agreement or other instrument to which the Depositor is a
party or by which it is bound; 

  
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nor result in the creation or imposition of any Lien upon any of the properties of the Depositor pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to
the Transaction Documents); nor violate any law or any order, role or regulation applicable to the Depositor of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction
over the Depositor or its properties. 

  

	 	(v)	All approvals, authorizations, consents, orders or other actions of any person or any governmental entity required in connection with the execution and delivery of this Agreement and the fulfillment of the terms hereof
have been obtained. 

  

	 	(vi)	There are no proceedings or investigations pending, or to the Depositor’s Knowledge, threatened, before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction
over the Depositor or its properties: (A) asserting the invalidity of this Agreement, any of the other Transaction Documents or the Residual Interest Certificate, (B) seeking to prevent the issuance of the Residual Interest Certificate or
the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (C) seeking any determination or ruling that might materially and adversely affect the performance by the Depositor of its
obligations under, or the validity or enforceability of, this Agreement, any of the other Transaction Documents or the Residual Interest Certificate or (D) involving the Depositor and which might adversely affect the federal income tax or other
federal, state or local tax attributes of the Residual Interest Certificate, or the treatment of the Trust for U.S. federal, state and local income tax purposes. 

(b) Representations and Warranties of Trust Owner. The Trust Owner hereby represents and warrants to the Owner Trustee that:

  

	 	(i)	The Trust Owner is duly organized and validly existing as a corporation organized and existing and in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct
its business. 

  

	 	(ii)	The Trust Owner is duly qualified to do business as a foreign corporation in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the
conduct of its business requires such qualifications. 

  

	 	(iii)	The Trust Owner has the power and authority to execute and deliver this Agreement and to carry out its terms; and the execution, delivery and performance of this Agreement have been duly authorized by the Trust Owner by
all necessary corporate action. 

  
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	 	(iv)	The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, nor constitute (with or
without notice or lapse of time) a default under, the certificate of incorporation or bylaws of the Trust Owner, or any indenture, agreement or other instrument to which the Trust Owner is a party or by which it is bound; nor result in the creation
or imposition of any Lien upon any of the properties of the Trust Owner pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the Transaction Documents), nor violate any law or any order, rule or
regulation applicable to the Trust Owner of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Trust Owner or its properties. 

 

	 	(v)	All approvals, authorizations, consents, orders or other actions of any person or any governmental entity required in connection with the execution and delivery of this Agreement and the fulfillment of the terms hereof
have been obtained. 

  

	 	(vi)	There are no proceedings or investigations pending, or to the Trust Owner’s Knowledge threatened, before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction
over the Trust Owner or its properties: (A) asserting the invalidity of this Agreement, any of the other Transaction Documents or the Trust Certificate, (B) seeking to prevent the issuance of the Trust Certificate or the consummation of
any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (C) seeking any determination or ruling that might materially and adversely affect the performance by the Trust Owner of its obligations under, or
the validity or enforceability of, this Agreement, any of the other Transaction Documents or the Trust Certificate or (D) involving the Trust Owner and which might adversely affect the federal income tax or other federal, state or local tax
attributes of the Trust Certificate, or the treatment of the Trust for U.S. federal, state and local income tax purposes. 

Section 2.11. Income Tax Treatment. 

(a) It is the intention of the parties hereto that, for U.S. federal and applicable state and local income tax purposes, the Trust will not be
treated as a taxable mortgage pool or an association or publicly traded partnership taxable as a corporation. It is the intention of the parties hereto that the Trust be disregarded as an entity separate from the sole Residual Interest Owner for
federal income tax purposes pursuant to Treasury Regulation Section 301.7701-3(b)(1)(ii). 

  
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The Trust Certificate must at all times be held by either the Trust Owner or its transferee as sole owner and does not represent an economic interest in the Trust. The Residual Interest
Certificate constitutes the entire residual economic interest in the Trust (after payments to the Noteholders in accordance with the terms of the Transaction Documents) and must at all times be held by the Depositor or its transferee. The parties
hereto agree not to take any action inconsistent with such intended federal and applicable state and local income tax treatment. Because for federal income tax purposes, the Trust will be disregarded as an entity separate from the Residual Interest
Owner, items of income, gain, loss and deduction of the Trust for any month as determined for federal income tax purposes shall be allocated entirely to the Depositor (or, if the Residual Interest Certificate is transferred, the subsequent holder of
the Residual Interest Certificate) as the sole owner of the residual economic interest in the Trust. 
 Section 2.12. Covenants of
the Depositor and Trust Owner. 
 The Depositor and the Trust Owner agree and covenant (severally, as applicable) that during the term
of this Agreement, and to the fullest extent permitted by applicable law, that: 
 (a) in the event that any litigation with claims in
excess of $25,000 to which the Depositor is a party which shall be reasonably likely to result in a material judgment against the Depositor that the Depositor will not be able to satisfy shall be commenced, during the period beginning immediately
following the commencement of such litigation and continuing until such litigation is dismissed or otherwise terminated (and, if such litigation has resulted in a final judgment against the Depositor, such judgment has been satisfied), the Depositor
shall not pay any dividend to its Affiliates, or make any distribution on or in respect of its capital stock to its Affiliates, or repay the principal amount of any indebtedness of the Depositor held by its Affiliates, unless after giving effect to
such payment, distribution or repayment, the Depositor’s liquid assets shall not be less than the amount of actual damages claimed in such litigation; 

(b) neither the Depositor nor the Trust Owner shall, for any reason, institute proceedings for the Trust to be adjudicated as bankrupt or
insolvent, or consent to the institution of bankruptcy or insolvency proceedings against the Trust, or file a petition seeking or consenting to reorganization or relief under any applicable federal or state law relating to the bankruptcy of the
Trust, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Trust or a substantial part of the property of the Trust or cause or permit the Trust to make any assignment for the
benefit of creditors, or admit in writing the inability of the Trust to pay its debts generally as they become due, or declare or effect a moratorium on the debt of the Trust or take any action in furtherance of any such action; 

(c) neither the Depositor nor the Trust Owner shall create, incur or suffer to exist any indebtedness or engage in any business, except, in
each case, as permitted by its certificate of incorporation, by-laws and the Transaction Documents; 
 (d) it shall obtain from each other
party to each Transaction Document to which it or the Trust is a party and each other agreement entered into on or after the date hereof to which it or the Trust is a party, an agreement by each such counterparty that prior to the occurrence of the

  
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event specified in Section 9.01(e) hereof such counterparty shall not institute against, or join any other Person in instituting against, it or the Trust, 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; 

(e) it shall not, for any reason, withdraw or attempt to withdraw from this Agreement, dissolve, institute proceedings for it to be
adjudicated a bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against it, or file a petition seeking or consenting to reorganization or relief under any applicable federal or state law relating to
bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of it or a substantial part of its property, or make any assignment for the benefit of creditors, or admit in writing
its inability to pay its debts generally as they become due, or declare or effect a moratorium on its debt or take any action in furtherance of any such action; and 

(f) it shall not transfer the Trust Certificate (in the case of the Trust Owner) or the Residual Interest Certificate (in the case of the
Depositor) unless the transferee agrees that it shall comply with the provisions of this Agreement, including, but not limited to, paragraph (b) above, and, in the case of the Trust Owner, shall only transfer the Trust Certificate in accordance
with the provisions of Section 3.01, and, in the case of the Depositor, shall only transfer the Residual Interest Certificate in accordance with Section 3.05. 

Section 2.13. Separateness of Trust. 

The Depositor, the Trust Owner and the Owner Trustee agree and covenant (severally, as applicable) that during the term of this Agreement, and
to the fullest extent permitted by applicable law, that: 
 (a) The Trust shall maintain its chief executive office and a telephone number
separate from that of any Controlling Entity (as hereinafter defined) and shall conspicuously identify such office as its office. 
 (b) The
Trust shall maintain its financial statements, accounting records and other organization documents separate from those of any Controlling Entity or any other person or entity. 

(c) The Trust shall prepare unaudited annual financial statements, and the Trust’s financial statements shall comply with generally
accepted accounting principles (except as noted in such financial statements). 
 (d) The Trust shall maintain its own separate bank
accounts and correct, complete and separate books of account. 
 (e) The Trust shall hold itself out to the public (including any
Controlling Entity’s creditors) under the Trust’s own name and as a separate and distinct corporate entity. The 

  
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Trust’s name may not be used by any other Controlling Entity in the conduct of its business, nor may the Trust use the name of any other Controlling Entity in the conduct of its business.
The Trust must have a separate telephone number, stationery and other business forms. 
 (f) All customary formalities regarding the
existence of the Trust shall be observed. 
 (g) All business transactions entered into by the Trust with any Controlling Entity shall be on
such terms and conditions (including terms relating to amounts paid under such transactions) as would be generally available in comparable transactions if such business transactions were with an entity that was not a Controlling Entity and shall be
approved by the Indenture Trustee. 
 (h) Except as provided in Section 2.03 hereof, the Trust shall not guarantee or assume or hold
itself out or permit itself to be held out as having guaranteed or assumed any liabilities or obligations of a Controlling Entity or any other person or entity. 

(i) Other than organizational expenses, the Trust shall pay its own liabilities, indebtedness and obligations of any kind, including all
administrative expenses, from its own separate assets in accordance with the provisions hereunder and in the Indenture. 
 (j) Assets of the
Trust shall be separately identified, maintained and segregated. The Trust’s assets shall at all times be held by or on behalf of the Trust and, if held on behalf of the Trust by another entity (including any Controlling Entity), shall be kept
identifiable (in accordance with customary usages) as assets owned by the Trust. 
 As defined herein, “Controlling Entity”
means any entity (A) which beneficially owns, directly or indirectly, 10% or more of the outstanding Certificates of Trust, (B) of which 10% or more of the outstanding voting securities are beneficially owned, directly or indirectly, by
any entity described in clause (A) above, or (C) which otherwise controls or otherwise is controlled by or otherwise is under common control with any person or entity described in clause (A) above; provided, however, for
purposes of this definition, the terms “control,” “controlled by” and “under common control with” shall have the meanings assigned to them in Rule 405 under the Securities Act. 

ARTICLE III. 
 CERTIFICATES AND
TRANSFER OF INTERESTS 
 Section 3.01. Trust Certificate Ownership. 

(a) Since the formation of the Trust by the contribution by the Depositor as set forth in Section 2.05 hereof and the issuance of
the Trust Certificate (as “Trust Certificate” is defined in the Amended Trust Agreement, the “Original Trust Certificate”) to the Trust Owner, the Trust Owner has been the sole owner of the Trust Certificate. The Trust
Certificate must at all times be held by either the Trust Owner or its transferee as sole owner. 

  
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 (b) No transfer of the Trust Certificate or beneficial interest therein shall be made unless such
transfer is made in a transaction which does not require registration or qualification under the Securities Act or qualification under any state securities or “Blue Sky” laws. Neither the Owner Trustee nor the Certificate Registrar shall
effect the registration of any transfer of the Trust Certificate or beneficial interest therein unless (i) prior to such transfer, the Owner Trustee shall have received a tax opinion, substantially similar to, and covering the same issues as,
the tax opinion rendered on the Closing Date and that there will be no adverse federal income tax consequences to the Trust or the Noteholders as a result of the transfer, and (ii) the transferee, by its acceptance of a Trust Certificate or
beneficial interest in a Trust Certificate, covenants and agrees that such transferee will not at any time institute against the Trust or the Depositor, or join in any institution against the Trust or the Depositor any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Trust Certificate, the Notes, the Trust Agreement or any
of the other Transaction Documents and (iii) following such transfer, there would be no more than one holder of the Trust Certificate or beneficial interest therein and the holder of the Trust Certificate or beneficial interest therein would
not be a Foreign Person, a partnership, S corporation or grantor trust for U.S. federal income tax purposes. 
 Section 3.02. The
Trust Certificate. 
 The Trust Certificate, which shall represent only legal ownership of the Trust and shall not represent any
economic interest in the Trust, shall be substantially in the form of Exhibit B-1 hereto. The Original Trust Certificate was previously executed by the Owner Trustee on behalf of the Trust by manual or facsimile signature of an authorized
officer of the Owner Trustee and was deemed to have been validly issued when so executed. On the Closing Date, the Trust Owner shall exchange the Original Trust Certificate for the Trust Certificate. The Trust Certificate shall be executed by the
Owner Trustee on behalf of the Trust by manual or facsimile signature of an authorized officer of the Owner Trustee and shall be deemed to have been validly issued when so executed. The Trust Certificate bearing the manual or facsimile signature of
individuals who were, at the time when such signatures were affixed, authorized to sign on behalf of the Owner Trustee shall be a valid and binding obligation of the Trust, notwithstanding that such individuals or any of them ceased to be so
authorized prior to the authentication and delivery of such Trust Certificate or did not hold such offices at the date of such Trust Certificate. The Trust Certificate shall be dated the date of its authentication. 

Section 3.03. Authentication and Delivery of Trust Certificate. 

The Owner Trustee previously, on May 26, 2006, caused to be authenticated and delivered upon the order of the Depositor, in exchange for
the assets constituting the Trust Estate, the Original Trust Certificate duly authenticated by the Owner Trustee, evidencing the entire ownership of the Trust. As indicated above in Section 3.02, on the Closing Date, the Trust Owner shall
exchange the Original Trust Certificate for the Trust Certificate. No Trust Certificate shall be entitled to any benefit under this Agreement, or be vacated for any purpose, 

  
 12 

 
unless there appears on such Trust Certificate a certificate of authentication substantially in the form set forth in the form of Trust Certificate attached hereto as Exhibit B-1, executed
by the Owner Trustee or its authenticating agent, by manual signature, and such certificate upon any Trust Certificate shall be conclusive evidence, and the only evidence, that such Trust Certificate has been duly authenticated and delivered
hereunder. Upon (a) the issuance, authorization and delivery of the Trust Certificate as provided herein, and (b) the exchange of the Original Trust Certificate for the Trust Certificate as provided herein, the Trust Certificate will be
entitled to the benefits of this Agreement. 
 Section 3.04. Registration of Transfer and Exchange of Trust Certificate. 

(a) The Certificate Registrar shall keep or cause to be kept, a Certificate Register, subject to such reasonable regulations as it may
prescribe. The Certificate Register shall provide for the registration of Trust Certificate and transfers and exchanges of the Trust Certificate as provided herein. The Owner Trustee is hereby appointed “Certificate Registrar” for the
purpose of registering the Trust Certificate and transfers and exchanges of the Original Trust Certificate and the Trust Certificate as herein provided. In the event that, subsequent to the Closing Date, the Owner Trustee notifies the Servicer that
it is unable to act as Certificate Registrar, the Servicer shall appoint another bank or trust company, having an office or agency located in the State of Delaware, agreeing to act in accordance with the provisions of this Agreement applicable to
it, and otherwise acceptable to the Owner Trustee, to act as successor Certificate Registrar hereunder. 
 (b) Upon surrender for
registration of transfer of any Trust Certificate at the Owner Trustee Corporate Trust Office, the Owner Trustee shall execute, authenticate and deliver (or shall cause its authenticating agent to authenticate and deliver), in the name of the
designated transferee, one new Trust Certificate having the same percentage non-economic interest in the Trust. 
 (c) Every Trust
Certificate presented or surrendered for registration of transfer shall be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder thereof or his
attorney duly authorized in writing. 
 (d) No service charge shall be made for any registration of transfer or exchange of the Original
Trust Certificate or Trust Certificate, but the Owner Trustee may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer of the Trust Certificate. 

(e) The Original Trust Certificate and all Trust Certificates surrendered for registration of transfer or exchange shall be canceled and
subsequently destroyed by the Owner Trustee. 

  
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 Section 3.05. Residual Interest Certificate Ownership. 

(a) Since the formation of the Trust by the contribution by the Depositor as set forth in Section 2.05 hereof, the Residual Interest
Owner has been the sole economic owner of the Trust and the Residual Interest Certificate (as “Residual Interest Certificate” is defined in the Amended Trust Agreement, the “Original Residual Interest Certificate”). The
Residual Interest Certificate must at all times be held by either the Residual Interest Owner or its transferee. 
 (b) No transfer of the
Residual Interest Certificate or beneficial interest therein shall be made unless such transfer is made in a transaction which does not require registration or qualification under the Securities Act, or qualification under any state securities or
“Blue Sky” laws. Neither the Owner Trustee nor the Certificate Registrar shall effect the registration of any transfer of the Residual Interest Certificate or a beneficial interest therein unless (i) prior to such transfer, the Owner
Trustee shall have received a tax opinion, substantially similar to, and covering the same issues as, the tax opinion rendered on the Closing Date and that there will be no adverse federal income tax consequences to the Trust or the Noteholders as a
result of the transfer, (ii) the transferee, by its acceptance of a Residual Interest Certificate or beneficial interest in a Residual Interest Certificate, covenants and agrees that such transferee will not at any time institute against the
Trust or the Depositor, or join in any institution against the Trust or the Depositor any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or
similar law in connection with any obligations relating to the Residual Interest Certificate, the Notes, the Trust Agreement or any of the other Transaction Documents and (iii) following such transfer, there would be no more than one holder or
beneficial owner of the Residual Interest Certificate and the holder or beneficial owner of the Residual Interest Certificate would not be a Foreign Person, a partnership, S corporation or grantor trust for U.S. federal income tax purposes.
Notwithstanding the foregoing, the Residual Interest Certificate shall at no time be pledged, collaterally assigned, or otherwise made available, whether directly or indirectly, by the Residual Interest Owner or its transferee as collateral,
security or the source of payment for a loan or any other obligation under an arrangement in which the terms of such loan or obligation (or the underlying arrangement) provide for the timing and amount of payments on such loan or obligation to be
determined in whole or in part by the timing and amount of payments or projected payments on the Timeshare Loans or other assets of the Trust Estate. 

Section 3.06. The Residual Interest Certificate. 

The Residual Interest Certificate shall be substantially in the form of Exhibit B-2 hereto. The Original Residual Interest Certificate
was previously executed by the Owner Trustee on behalf of the Trust by manual or facsimile signature of an authorized officer of the Owner Trustee and deemed to have been validly issued when so executed. On the Closing Date, the Depositor shall
exchange the Original Residual Interest Certificate for the Residual Interest Certificate. The Residual Interest Certificate shall be executed by the Owner Trustee on behalf of the Trust by manual or facsimile signature of an authorized officer of
the Owner Trustee and 

  
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shall be deemed to have been validly issued when so executed. The Residual Interest Certificate bearing the manual or facsimile signature of individuals who were, at the time when such signatures
were affixed, authorized to sign on behalf of the Owner Trustee shall be a valid and binding obligation of the Trust, notwithstanding that such individuals or any of them ceased to be so authorized prior to the authentication and delivery of such
Residual Interest Certificate or did not hold such offices at the date of such Residual Interest Certificate. The Residual Interest Certificate shall be dated the date of its authentication. 

Section 3.07. Authentication and Delivery of Residual Interest Certificate. 

The Owner Trustee previously, on May 25, 2006, caused to be authenticated and delivered to the Residual Interest Owner upon the order of
the Depositor, in exchange for the assets constituting the Trust Estate, the Original Residual Interest Certificate duly authenticated by the Owner Trustee, evidencing the entire residual economic ownership of the Trust. As indicated above in
Section 3.06, on the Closing Date, the Residual Interest Owner shall exchange the Original Residual Interest Certificate for the Residual Interest Certificate. No Residual Interest Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, unless there appears on such Residual Interest Certificate a certificate of authentication substantially in the form set forth in the form of Residual Interest Certificate attached hereto as Exhibit
B-2, executed by the Owner Trustee or its authenticating agent, by manual signature, and such certificate upon any Residual Interest Certificate shall be conclusive evidence, and the only evidence, that such Residual Interest Certificate has
been duly authenticated and delivered hereunder. Upon (a) the issuance, authorization and delivery of the Residual Interest Certificate as provided herein, and (b) the exchange of the Original Residual Interest Certificate for the Residual
Interest Certificate as provided herein, the Residual Interest Certificate will be entitled to the benefits of this Agreement. 

Section 3.08. Registration of Transfer and Exchange of Residual Interest Certificate. 

(a) The Certificate Registrar shall keep or cause to be kept, a Certificate Register, subject to such reasonable regulations as it may
prescribe. The Certificate Register shall provide for the registration of the Residual Interest Certificate and transfers and exchanges of the Residual Interest Certificate as provided herein. The Owner Trustee is hereby appointed as Certificate
Registrar for the purpose of registering the Residual Interest Certificate and transfers and exchanges of the Original Residual Interest Certificate and Residual Interest Certificate as herein provided. In the event that, subsequent to the Closing
Date, the Owner Trustee notifies the Servicer that it is unable to act as Certificate Registrar, the Servicer shall appoint another bank or trust company, having an office or agency located in the State of Delaware, agreeing to act in accordance
with the provisions of this Agreement applicable to it, and otherwise acceptable to the Owner Trustee, to act as successor Certificate Registrar hereunder. 

(b) Upon surrender for registration of transfer of any Residual Interest Certificate at the Owner Trustee Corporate Trust Office, the Owner
Trustee shall execute, authenticate and deliver (or shall cause its authenticating agent to authenticate and deliver), in the name of the designated transferee, one new Residual Interest Certificate having the same percentage economic residual
interest in the Trust. 

  
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 (c) Every Residual Interest Certificate presented or surrendered for registration of transfer
shall be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder thereof or his attorney duly authorized in writing. 

(d) No service charge shall be made for any registration of transfer or exchange of the Original Residual Interest Certificate or Residual
Interest Certificate, but the Owner Trustee may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer of the Residual Interest Certificate. 

(e) The Original Residual Interest Certificate and all Residual Interest Certificates surrendered for registration of transfer or exchange
shall be canceled and subsequently destroyed by the Owner Trustee. 
 Section 3.09. Mutilated, Destroyed, Lost or Stolen
Certificates. 
 If (i) any mutilated Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar
receives evidence to its satisfaction of the destruction, loss or theft of any Certificate, and (ii) there is delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to save each of
them harmless, then, in the absence of notice that such Certificate has been acquired by a bona fide purchaser, the Owner Trustee shall execute and the Owner Trustee or its authenticating agent shall authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen certificate, a new Certificate of like tenor and fractional undivided interest, in connection with the issuance or any new Certificate under this Section 3.09, the Owner Trustee may require
the payment by the Certificateholder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. Any duplicate Certificate issued pursuant to this Section 3.09 shall constitute complete and
indefeasible evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 

Section 3.10. Persons Deemed Owners. 

Prior to due presentation of a Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar and any of their
respective agents may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions pursuant to Section 5.02 hereof and for all other purposes whatsoever, and none of
the Owner Trustee, the Certificate Registrar, and Trust Paying Agent or any of their respective agents shall be affected by any notice of the contrary. 

  
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 Section 3.11. Access to List of Certificateholder’s Name and Addresses. 

The Owner Trustee shall furnish or cause to be furnished to the Servicer and the Depositor, within 15 days after receipt by the Certificate
Registrar of a written request therefor from the Servicer or the Depositor, the name and address of the Certificateholder as of the most recent Record Date in such form as the Servicer or the Depositor may reasonably require. Every
Certificateholder, by receiving and holding a Certificate, agrees with the Servicer, the Depositor and the Owner Trustee that none of the Servicer, the Depositor or the Owner Trustee shall be held accountable by reason of the disclosure of any such
information as to the name and address of the Certificateholder hereunder, regardless of the source from which such information was derived. 

Section 3.12. Maintenance of Office or Agency. 

The Owner Trustee shall maintain in Delaware, an office or offices or agency or agencies where the Certificates may be surrendered for
registration of transfer or exchange and where notices and demands to or upon the Owner Trustee in respect of the Certificates and this Agreement may be served. The Owner Trustee hereby designates the Owner Trustee Corporate Trust Office as its
office for such purposes. The Owner Trustee shall give prompt written notice to the Depositor, the Servicer and to the Certificateholder of any change in the location of the Certificate Register or any such office or agency. 

Section 3.13. Appointment of Trust Paying Agent. 

The Trust Paying Agent shall make distributions to the Residual Interest Owner pursuant to Section 5.02(a) hereof and shall report the
amounts of such distributions to the Owner Trustee. The Owner Trustee may revoke such power and remove the Trust Paying Agent if the Owner Trustee determines, in its sole discretion, that the Trust Paying Agent shall have failed to perform its
obligations under this Agreement in any material respect. The “Trust Paying Agent” initially shall be U.S. Bank National Association, and any co-Trust Paying Agent chosen by the Trust Paying Agent that is acceptable to the Owner
Trustee. Each Trust Paying Agent shall be permitted to resign as Trust Paying Agent upon 30 days’ written notice to the Owner Trustee. In the event that U.S. Bank National Association shall no longer be the Trust Paying Agent, the Owner Trustee
shall appoint a successor to act as Trust Paying Agent (which shall be a bank or trust company of similar size and credit rating). The Owner Trustee shall cause such successor Trust Paying Agent or any additional Trust Paying Agent appointed by the
Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor Trust Paying Agent or additional Trust Paying Agent shall agree with the Owner Trustee that, as Trust Paying Agent, such successor Trust Paying Agent or
additional Trust Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Trust Paying
Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Trust Paying Agent, such Trust Paying Agent shall also return all funds in its possession to the Owner Trustee. The provisions of Sections 7.01, 7,03, 7.04 and 8.01
hereof shall apply to the Owner Trustee also in its role as Trust Paying Agent, for so long as the Owner Trustee shall act as Trust Paying Agent and, to the extent applicable, to any other Trust Paying Agent appointed hereunder. Any reference in
this Agreement to the Trust Paying Agent shall include any co-Trust Paying Agent unless the context requires otherwise. 

  
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 ARTICLE IV. 

ACTIONS BY OWNER TRUSTEE 

Section 4.01. Prior Notice to Residual Interest Owner with Respect to Certain Matters. 

Subject to the provisions and limitations contained in the Indenture and other Transaction Documents, with respect to the following matters,
unless otherwise instructed in writing by the Trust Owner, the Trust shall not take action unless at least 30 days before the taking of such action the Owner Trustee shall have notified the Trust Owner that such action will be taken: 

(a) the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the Timeshare
Loans) and the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to claims or lawsuits for collection of the assets comprising the Trust Estate); 

(b) the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the
Statutory Trust Statute); 
 (c) the amendment of the Indenture by a supplemental indenture; or 

(d) the appointment pursuant to the Indenture of a successor Note Registrar, Trust Paying Agent or Indenture Trustee or pursuant to this
Agreement of a successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Trust Paying Agent, Indenture Trustee or Certificate Registrar of its obligations under the Indenture or this Agreement, as applicable. 

Section 4.02. Action by Residual Interest Owner with Respect to Certain Matters. 

Subject to the provisions and limitations of Section 4.04 hereof, the Owner Trustee shall not have the power, except upon the written
direction of the Residual Interest Owner, to (a) initiate any claim, suit or proceeding by the Trust or compromise any claim, suit or proceeding brought by or against the Trust, (b) authorize the merger or consolidation of the Trust with
or into any other business trust or entity (subject to Section 8.4 of the Indenture) or (c) amend the Certificate of Trust. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions
signed by the Residual Interest Owner. 
 Section 4.03. Action by Residual Interest Owner with Respect to Bankruptcy. 

Subject to Sections 2.12(b) and (f) hereof, the Owner Trustee shall not have the power to commence a voluntary proceeding in a bankruptcy
relating to the Trust without the prior 

  
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approval of the Residual Interest Owner and the delivery to the Owner Trustee by such Residual Interest Owner of a certificate certifying that such Residual Interest Owner reasonably believes
that the Trust is insolvent. 
 Section 4.04. Restrictions on Residual Interest Owner’s Power. 

The Residual Interest Owner shall not direct the Owner Trustee to take or to refrain from taking any action if such action or inaction would
be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the Transaction Documents or would be contrary to the purpose of this Trust as set forth in Section 2.03(a) hereof, nor shall the Owner Trustee be
obligated to follow any such direction, if given. 
 ARTICLE V. 

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 

Section 5.01. Establishment of Certificate Distribution Account. 

The Owner Trustee has previously caused the Servicer, for the benefit of the Certificateholders, to establish and maintain with U.S.
Bank National Association for the benefit of the Owner Trustee, a trust account (the “Certificate Distribution Account”) which, while the Trust Paying Agent holds such account, shall be entitled “CERTIFICATE DISTRIBUTION
ACCOUNT, U.S. BANK NATIONAL ASSOCIATION, AS TRUST PAYING AGENT, IN TRUST FOR THE BXG TIMESHARE TRUST I, RESIDUAL INTEREST CERTIFICATE.” Funds shall be deposited in the Certificate Distribution Account as required by the Indenture, or following
satisfaction or release of the Indenture.  
 Section 5.02. Application of Trust Funds. 

(a) On each Payment Date, the Trust Paying Agent shall distribute amounts on deposit in the Certificate Distribution Account to the holder of
the Residual Interest Certificate. 
 (b) On each Payment Date, the Trust Paying Agent shall send to the Residual Interest Owner the
statement or statements provided to the Owner Trustee by the Servicer pursuant to Section 5.5 of the Indenture with respect to such Payment Date. 

(c) In the event that any withholding tax is imposed on the Trust’s payment (or allocation of income) to the Residual Interest Owner,
such tax shall reduce the amount otherwise distributable to the Residual Interest Owner in accordance with this Section. The Trust Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Residual Interest
Owner sufficient funds for the payment of tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by
law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to the Residual Interest Owner shall be treated as cash distributed to such Residual Interest Owner at

  
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the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution, the Trust Paying
Agent may in its sole discretion withhold such amounts in accordance with this paragraph (c). 
 Section 5.03. Method of
Payment. 
 Subject to Section 9.01(c) hereof respecting the final payment upon retirement of the Residual Interest Certificate,
distributions required to be made to the Residual Interest Owner of record on the related Record Date shall be made by check mailed to such Residual Interest Owner at the address of such Residual Interest Owner appearing in the Certificate Register.
Alternatively, the Residual Interest Owner may elect to have such amounts remitted via wire transfer. 
 Section 5.04. No
Segregation of Moneys; No Interest. 
 Subject to Sections 5.01 and 5.02 hereof, moneys received by the Trust Paying Agent hereunder and
deposited into the Certificate Distribution Account will be segregated except to the extent required otherwise by law and shall be invested in Eligible Investments maturing no later than one Business Day prior to the related Payment Date at the
direction of the Depositor. The Trust Paying Agent shall not be liable for payment of any interest or losses in respect of such moneys. Investment gains shall be for the account of and paid to the Residual Interest Owner. 

Section 5.05. Accounting and Reports to the Certificateholder, the Internal Revenue Service and Others. 

The Owner Trustee shall (a) maintain (or cause to be maintained) the books of the Trust on a calendar year basis and the accrual method
of accounting, (b) deliver to the Residual Interest Owner, as may be required by the Code and applicable Treasury Regulations, such information as may be required to enable the Residual Interest Owner to prepare its federal, state and local
income tax returns, (c) file such tax returns, if necessary, relating to the Trust and make such elections as from time to time may be required or appropriate under any applicable federal, state or local statute or any rule or regulation
thereunder so as to maintain the U.S. federal, state and local income tax treatment for the Trust as set forth in Section 2.11 hereof, (d) cause such tax returns to be prepared and signed in the manner required by law and (e) collect
and remit or cause to be collected or remitted any withholding tax as described in and in accordance with Section 5.02(c) hereof with respect to income or distributions to the Residual Interest Owner. 

Section 5.06. Signature on Returns; Tax Matters Partner. 

(a) The Residual Interest Owner shall sign on behalf of the Trust the tax returns of the Trust, if any. 

  
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 (b) If Subchapter K of the Code should be applicable to the Trust, the Residual Interest Owner
shall be designated the “tax matters partner” of the Trust pursuant to Section 6231 (a)(7)(A) of the Code and applicable Treasury Regulations. 

ARTICLE VI. 
 AUTHORITY AND DUTIES
OF OWNER TRUSTEE 
 Section 6.01. General Authority. 

Subject to the provisions and limitations of Sections 2.03 and 2.06 hereof, the Owner Trustee is authorized and directed to execute and
deliver the Transaction Documents to which the Trust is to be a party and each certificate or other Document attached as an exhibit to or contemplated by the Transaction Documents to which the Trust is to be a party and any amendment or other
agreement, as evidenced conclusively by the Owner Trustee’s execution thereof. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to the Transaction
Documents. 
 Section 6.02. General Duties. 

It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this
Agreement and the other Transaction Documents to which the Trust is a party and to administer the Trust in the interest of the Trust Owner and the Residual Interest Owner, subject to the Transaction Documents and in accordance with the provisions of
this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the other Transaction Documents to the extent the Administrator has agreed in the Administration
Agreement or another Transaction Document to perform any act or to discharge any duty of the Owner Trustee or the Trust under any Transaction Document, and the Owner Trustee shall not be personally liable for the default or failure of the
Administrator to carry out its obligations under the Administration Agreement. 
 Section 6.03. Action Upon Instruction. 

(a) Subject to Article IV hereof, in accordance with the terms of the Transaction Documents, the Trust Owner may by written instruction direct
the Owner Trustee in the management of the Trust. 
 (b) Owner Trustee shall not be required to take any action hereunder or under any other
Transaction Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any other
Transaction Documents or is otherwise contrary to law. 

  
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 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action
permitted or required by the terms of this Agreement or under any other Transaction Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Trust Owner and the Residual Interest
Owner requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of the Trust Owner and the Residual Interest Owner received, the Owner Trustee
shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice or
may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement and the other Transaction Documents, as it shall deem to be in the best interests of the
Trust Owner and the Residual Interest Owner, and shall have no liability to any Person for such action or inaction. 
 (d) In the event that
the Owner Trustee is unsure as to the applicability of any provision of this Agreement or any other Transaction Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable
provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner
Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Residual Interest Owner requesting instruction and, to the extent that the Owner Trustee, in good faith, acts or refrains from acting in accordance with
any such instruction received, the Owner Trustee shall not be liable, on account of such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement or the other Transaction
Documents, as it shall deem to be in the best interests of the Trust Owner and the Residual Interest Owner, and shall have no liability to any Person for such action or inaction. 

(e) Notwithstanding anything contained herein to the contrary, the Owner Trustee shall not be required to take any action in any jurisdiction
other than in the State of Delaware if the taking of such action will (i) require the registration with, licensing by or the taking of any other similar action in respect of, any state or other governmental authority or agency of any
jurisdiction other than the State of Delaware by or with respect to the Owner Trustee; (ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction or an political subdivisions thereof in existence on the date
hereof other than the State of Delaware being payable by the Owner Trustee; or (iii) subject the Owner Trustee to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the
consummation of the transactions by the Owner Trustee contemplated in this Agreement. In the event that the Owner Trustee has determined that any action set forth in clauses (i) through (iii) above will result in the consequences stated
therein, the Owner Trustee shall appoint one or more Persons to act as co-trustee pursuant to Section 10.05 hereof. 

  
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 Section 6.04. No Duties Except as Specified in this Agreement or in Instructions.

 The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of
or otherwise deal with the Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee is a party, except as expressly provided by the terms of this
Agreement or any document or written instruction received by the Owner Trustee pursuant to Section 6.03 hereof; and no implied duties or obligations shall be read into this Agreement or any other Transaction Document against the Owner Trustee. The
Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder or to prepare
or file any Commission filing for the Trust or to record this Agreement or any other Transaction Document. The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any
liens on any part of the Trust Estate that result from actions by, or claims against, the Owner Trustee that are not related to the ownership or the administration of the Trust Estate. 

Section 6.05. No Action Except Under Specified Documents or Instructions. 

The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Trust Estate except (i) in
accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the other Transaction Documents and (iii) in accordance with any document or instruction delivered
to the Owner Trustee pursuant to Section 6.03 hereof. 
 Section 6.06. Restrictions. 

The Owner Trustee shall not take any action (i) that is inconsistent with the purposes of the Trust set forth in Section 2.03 hereof
or (ii) that, to the actual Knowledge of a Responsible Officer of the Owner Trustee, would result in the Trust’s becoming taxable as a taxable mortgage pool or an association or publicly traded partnership taxable as a corporation for U.S.
federal, or applicable state or local income tax purposes. Neither the Trust Owner nor the Residual Interest Owner shall direct the Owner Trustee to take actions that would violate the provisions of this Section. 

ARTICLE VII. 
 CONCERNING THE
OWNER TRUSTEE 
 Section 7.01. Acceptance of Trusts and Duties. 

The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the
terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Trust Estate upon the terms of the Transaction Documents and this Agreement. The Owner Trustee

  
 23 

 
shall not be answerable or accountable hereunder or under any other Transaction Document under any circumstances, except (i) for its own willful misconduct or negligence or (ii) in the
case of the inaccuracy of any representation or warranty contained in Section 7.03 hereof expressly made by the Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence); 

(a) the Owner Trustee shall not be liable for any error of judgment made by a responsible officer of the Owner Trustee which did not result
from negligence on the part of such responsible officer; 
 (b) the Owner Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in accordance with the instructions of the Trust Owner and the Residual Interest Owner; 
 (c) no provision of
this Agreement or any other Transaction Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under any Transaction Document if the
Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 

(d) under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Transaction Documents,
including the principal of and interest on the Notes; 
 (e) the Owner Trustee shall not be responsible for or in respect of the validity or
sufficiency of this Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Estate, or for or in respect of the validity or sufficiency of the Transaction
Documents, other than the certificate of authentication on the Trust Certificate and the Residual Interest Certificate, and the Owner Trustee shall in no event assume or incur any liability, duty, or obligation to any Noteholder or to the Trust
Owner or the Residual Interest Owner, other than as expressly provided for herein or expressly agreed to in the Transaction Documents; and 

(f) the Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by the Agreement, or to institute,
conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any other Transaction Document, at the request, order or direction of the Trust Owner or the Residual Interest Owner unless such Trust Owner or
the Residual Interest Owner has offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee to perform
any discretionary act enumerated in this Agreement or in any other Transaction Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of any
such act. 

  
 24 

 Section 7.02. Furnishing of Documents. 

The Owner Trustee shall furnish to the Trust Owner and the Residual Interest Owner promptly upon receipt of a written request therefor,
duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Transaction Documents. 

Section 7.03. Representations and Warranties of the Trust Company. 

The Trust Company hereby represents and warrants to the Depositor and the Trust Owner and the Residual Interest Owner that: 

(a) It is a banking corporation duly organized and validly existing in good standing under the laws of the State of Delaware. It has all
requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 
 (b) It has taken all
corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 

(c) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor
compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Trust Company or any judgment or order binding on it, or constitute
any default under its charter documents or bylaws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound or result in the creation or imposition of any lien, charge or
encumbrance on the Trust Estate resulting from actions by or claims against the Trust Company individually which are unrelated to this Agreement or the other Transaction Documents. 

Section 7.04. Reliance; Advice of Counsel. 

(a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent,
order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors
or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of determination of which is not
specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized officers of the relevant party, as to such fact or matter and
such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

  
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 (b) In the exercise or administration of the trusts hereunder and in the performance of its
duties and obligations under this Agreement or the other Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into by any of them, and the Owner Trustee shall not be
liable for the conduct or misconduct of such agents or attorneys as shall have been selected by the Owner Trustee with reasonable care and (ii) may consult with counsel, accountants and other skilled persons to be selected with reasonable care
and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such persons. 

Section 7.05. Not Acting in Individual Capacity. 

Except as provided in this Article VII, in accepting the trusts hereby created, Wilmington Trust Company acts solely as Owner Trustee
hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Agreement or any other Transaction Document shall look only to the Trust Estate for payment
or satisfaction thereof. 
 Section 7.06. Owner Trustee Not Liable for Trust Certificate, Residual Interest Certificate, Notes or
Timeshare Loans. 
 The recitals contained herein and in the Trust Certificate and the Residual Interest Certificate (other than the
signature and countersignature of the Owner Trustee and the certificate of authentication on such Certificates) shall be taken as the statements of the Depositor, and neither the Owner Trustee nor the Trust Owner assumes responsibility for the
correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, any other Transaction Document or the Certificates (other than the signature and countersignature of the Owner Trustee and the
certificate of authentication on the Certificates) or the Notes, or of any Timeshare Loan or related documents. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability
of any Timeshare Loan, or the perfection and priority of any security interest in any security relating to a Timeshare Loan or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Trust Estate or its
ability to generate the payments to be distributed to the Residual Interest Owner under this Agreement or the Noteholders under the Indenture, including, without limitation, the existence, condition and ownership of any Timeshare Loan; the existence
and enforceability of any insurance thereon; the existence and contents of any Timeshare Loan on any computer or other record thereof; the validity of the assignment of any Timeshare Loan to the Trust or of any intervening assignment; the
completeness of any Timeshare Loan; the performance or enforcement of any Timeshare Loan; the compliance by the Depositor or the Servicer with any warranty or representation made under any Transaction Document or in any related document or the
accuracy of any such warranty or representation; or any action of the Servicer or any subservicer taken in the name of the Owner Trustee. 

  
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 Section 7.07. Owner Trustee May Own Certificates and Notes. 

The Owner Trustee in its individual or any other capacity may become the owner or pledgee of the Certificates or Notes and may deal with the
Depositor, the Trust Owner, the Residual Interest Owner, the Indenture Trustee and the Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee. 

ARTICLE VIII. 
 COMPENSATION OF
OWNER TRUSTEE 
 Section 8.01. Owner Trustee’s Fees and Expenses. 

The Owner Trustee shall receive as compensation for its services hereunder such fees as are provided for and paid pursuant to Section 3.4 of
the Indenture. Additionally, in accordance with Section 3.4 of the Indenture, the Owner Trustee shall be entitled to be reimbursed for its other reasonable out-of-pocket expenses hereunder, including the reasonable compensation, expenses and
disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder. The Owner Trustee’s right to enforce such obligations
shall be subject to the provisions of Section 11.08 hereof. 
 Section 8.02. Indemnification. 

The Depositor shall be liable as primary obligor for, and shall indemnify the Trust Company and its successors, assigns and servants
(collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements (including reasonable
legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by or asserted against the Owner Trustee or any Indemnified Party in any way relating to or arising
out of this Agreement, the other Transaction Documents, the Trust Estate, the administration of the Trust Estate or the action or inaction of the Owner Trustee hereunder, except only that the Depositor shall not be liable for or required to
indemnify an Indemnified Party from and against Expenses arising or resulting from the Owner Trustee’s own willful misconduct or negligence or any inaccuracy of any representation or warranty contained in Section 7.03 hereof expressly made
by the Owner Trustee. The indemnities contained in this Section shall survive the resignation or termination of the Owner Trustee or the termination of this Agreement. In the event of any claim, action or proceeding for which indemnity will be
sought pursuant to this Section 8.02, the Owner Trustee’s choice of legal counsel shall be subject to the approval of the Depositor, which approval shall not be unreasonably withheld. 

Section 8.03. Payments to the Owner Trustee. 

Any amounts paid to the Owner Trustee or the Trust Company pursuant to this Article VIII shall be deemed not to be a part of the Trust Estate
immediately after such payment. 

  
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 ARTICLE IX. 

TERMINATION OF TRUST AGREEMENT 

Section 9.01. Termination of Trust Agreement. 

(a) The Trust shall dissolve upon written notice, which shall be provided by the Trust Owner to the Owner Trustee, only after the
earlier of (i) the day on which the rights of all Notes to receive payments from the Issuer have terminated in accordance with the Indenture and final distribution of payments to the Residual Interest Certificates as required hereunder (the
“Trust Termination Date”) and (ii) dissolution of the Trust in accordance with applicable laws. After satisfaction of liabilities of the Trust as provided by applicable law, any money or other property held as part of the Trust
Estate following such distribution shall be distributed to the Trust Owner. The bankruptcy, liquidation, dissolution, termination, death or incapacity of the Trust Owner shall not (x) operate to terminate this Agreement or annul, dissolve or
terminate the Trust, or (y) entitle the Trust Owner’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Trust Estate or
(z) otherwise affect the rights, obligations and liabilities of the parties hereto. 
 (b) Except as provided in
Section 9.0l(a) hereof, neither the Depositor nor any Certificateholder shall be entitled to revoke or terminate the Trust. 
 (c)
Notice of any dissolution of the Trust, specifying the Payment Date upon which the Residual Interest Owner shall surrender its Residual Interest Certificate to the Trust Paying Agent for payment of the final distribution and cancellation, shall be
given by the Owner Trustee by letter to the Certificateholder mailed within five Business Days of receipt of notice of termination from the Servicer, stating (i) the Payment Date upon or with respect to which final payment of the Residual
Interest Certificate shall be made upon presentation and surrender of the Residual Interest Certificate at the office of the Trust Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date
otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Residual Interest Certificate at the office of the Trust Paying Agent therein specified. The Owner Trustee shall give such
notice to the Certificate Registrar (if other than the Owner Trustee) and the Trust Paying Agent at the time such notice is given to the Residual Interest Owner. Upon presentation and surrender of the Residual Interest Certificates, the Trust Paying
Agent shall cause to be distributed to the Residual Interest Owner amounts distributable on such Payment Date pursuant to Section 5.02 hereof. 

(d) In the event that the Residual Interest Owner shall not surrender its Residual Interest Certificate for cancellation within six months
after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to such Residual Interest Owner to surrender its Residual Interest Certificate for cancellation and receive the final distribution
with respect thereto. If within one year after the second notice the Residual Interest Certificate shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to
contact the Residual 

  
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Interest Owner concerning surrender of its Residual Interest Certificate, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Any
funds remaining in the Trust after exhaustion of such remedies shall be distributed by the Owner Trustee to the Depositor. 
 (e) Upon the
winding up of the Trust and payment of all liabilities in accordance with Section 3808 of the Statutory Trust Statute, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary
of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute at which time the Trust shall terminate. 

ARTICLE X. 
 SUCCESSOR OWNER
TRUSTEES AND ADDITIONAL OWNER TRUSTEES 
 Section 10.01. Eligibility Requirements for Owner Trustee. 

The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute;
authorized to exercise corporate trust powers; and having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least
Baa3 by Moody’s. If such corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.01, the combined
capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. Any Person meeting the requirements for an owner trustee under this Section 10.01
is referred to herein as “Eligible Owner Trustee”. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with
the effect specified in Section 10.02 hereof. 
 Section 10.02. Resignation or Removal of Owner Trustee. 

The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving 30 days prior written notice thereof to
the Depositor and the Servicer and the Indenture Trustee. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Owner Trustee, which successor shall be an Eligible Owner Trustee, by written instrument, in
duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and shall have accepted appointment within 30 days
after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee which shall be an Eligible Owner Trustee. 

  
 29 

 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of
Section 10.01 hereof and shall fail to resign after written request therefor by the Trust Owner, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee
or of its property shall be appointed or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Indenture Trustee, may remove the
Owner Trustee. If the Indenture Trustee shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Owner Trustee which shall be an Eligible Owner Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee, and shall pay all fees owed to the outgoing Owner Trustee. 

Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section
shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.03 hereof and payment of all fees and expenses owed to the outgoing Owner Trustee. 

Section 10.03. Successor Owner Trustee. 

Any successor Owner Trustee appointed pursuant to Section 10.02 hereof shall execute, acknowledge and deliver to the Indenture Trustee
and the Depositor, and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective, and such successor Owner
Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor
Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Depositor, Indenture Trustee and the predecessor Owner Trustee shall
execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 

No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner
Trustee shall be an Eligible Owner Trustee pursuant to Section 10.01 hereof. 
 Upon acceptance of appointment by a successor Owner
Trustee pursuant to this Section, the Depositor shall mail notice thereof to the Certificateholders, the Indenture Trustee, the Funding Agents and the Noteholders. If the Depositor shall fail to mail such notice within ten Business Days after
acceptance of such appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Depositor. 

  
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 Section 10.04. Merger or Consolidation of Owner Trustee. 

Any corporation into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor of the Owner Trustee
hereunder, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, that such corporation shall be eligible pursuant to
Section 10.01 hereof. 
 Section 10.05. Appointment of Co-Trustee or Separate Trustee. 

Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in
which any part of the Trust Estate may at the time be located, the Owner Trustee shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the
Owner Trustee, or as separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Trust or any part thereof and, subject to the other provisions of this Section, such
powers, duties, obligations, rights and trusts as the Owner Trustee may consider necessary or desirable. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor Owner Trustee pursuant
to Section 10.01 hereof and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.03 hereof. 

Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and
conditions: 
 (a) all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and
exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to
the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations
(including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 

(b) no trustee under this Agreement shall be personally liable by reason of any such act or omission of any other trustee under this
Agreement; and 
 (c) the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or
co-trustee. 
 Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then
separate trustees and co-trustees, as effectively as if given to each 

  
 31 

 
of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article X. Each separate trustee and co-trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this
Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof
given to the Depositor, the Indenture Trustee and the Funding Agents. 
 Any separate trustee or co-trustee may at any time appoint the
Owner Trustee as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall
die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts hall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor
co-trustee or separate trustee. 
 ARTICLE XI. 

MISCELLANEOUS 

Section 11.01. Supplements and Amendments. 

This Agreement may be amended from time to time, by a written amendment duly executed and delivered by the Trust Owner, Residual Interest
Owner and the Owner Trustee, with the written consent of the Indenture Trustee, but without the consent of any of the Noteholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Agreement or modifying in any manner the rights of the Noteholders; provided, however, that such amendment will not (i) as evidenced by an
Opinion of Counsel addressed and delivered to the Owner Trustee and the Indenture Trustee, materially and adversely affect the interest of any Noteholder or the Trust Owner or Residual Interest Owner and (ii) as evidenced by an Opinion of
Counsel addressed and delivered to the Owner Trustee and the Indenture Trustee, cause the Trust to be classified as a taxable mortgage pool or an association or publicly traded partnership taxable as a corporation for U.S. federal income tax
purposes; provided, further, that Section 2.03 hereof may be amended only with the consent of the Holders of Notes representing a majority of the then Aggregate Outstanding Note Balance. Additionally, notwithstanding the preceding sentence,
this Agreement may be amended by the Trust Owner, Residual Interest Owner and the Owner Trustee without the consent of the Indenture Trustee or any of the Noteholders to add, modify or eliminate such provisions as may be necessary or advisable in
order to enable all or a portion of the Trust to avoid the imposition of state or local income or franchise taxes imposed on the Trust Estate or its income; provided, however, that (i) the Trust Owner must deliver to the Indenture Trustee and
the Owner Trustee an Officer’s Certificate to the effect that the proposed amendments meet the requirements set forth in this subsection and (ii) such amendment does not affect the rights, benefits, protections, privileges, immunities,
duties or obligations of the Owner Trustee hereunder. 

  
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 This Agreement may also be amended from time to time by a written amendment duly executed and
delivered by the Trust Owner, Residual Interest Owner and the Owner Trustee, with the consent of the Indenture Trustee and Holders representing a majority of the then Aggregate Outstanding Note Balance, for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders; provided, however, that without the consent of all Noteholders, no such amendment shall
(a) increase or reduce in any manner the amount of, or accelerate or delay the timing of distributions that are required to be made for the benefit of the Noteholders or (b) reduce the aforesaid percentage of the Outstanding amount of the
Notes, the Holders of which are required to consent to any such amendment; provided, further, that such amendment will not, as evidenced by an Opinion of Counsel addressed and delivered to the Owner Trustee and the Indenture
Trustee, cause the Trust to be classified as a taxable mortgage pool or an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes. 

Prior to the execution of any such amendment or consent, the Depositor shall furnish written notification of the substance of such amendment
or consent, together with a copy thereof, to the Indenture Trustee, the Depositor and the Funding Agents. 
 Promptly after the execution of
any such amendment or consent, the Trust Owner shall furnish written notification of the substance of such amendment or consent to the Indenture Trustee. 

It shall not be necessary for the consent of the Noteholders pursuant to this Section 11.01 to approve the particular form of any
proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. 
 Promptly after the
execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of State. 

The Owner Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Officer’s Certificate of the Trust Owner
to the effect that the conditions to amendment have been satisfied. 
 The Owner Trustee may, but shall not be obligated to, enter into, and
unless it has consented thereto in writing shall not be bound by, any amendment which affects the Owner Trustee’s own rights, duties, benefits, protections, privileges or immunities (as such or in its individual capacity) under this Agreement
or otherwise. 

  
 33 

 Section 11.02. No Legal Title to Trust Estate in Trust Owner. 

The Trust Owner shall not have legal title to any part of the Trust Estate. The Residual Interest Owner shall be entitled to receive
distributions with respect to its undivided residual economic interest herein only in accordance with Articles V and IX hereof. No transfer, by operation of law or otherwise, of any right, title or interest of the Trust Owner or the Residual
Interest Owner to and in their respective interests in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust
Estate. 
 Section 11.03. Limitations on Rights of Others. 

Except for Section 2.07 hereof, the provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the
Trust Owner, the Residual Interest Owner and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement (other than Section 2.07 hereof), whether express or implied, shall be construed to
give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

Section 11.04. 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 transmitted by legible facsimile transmission with a confirmation of
receipt, in all cases addressed to the recipient as follows: 
  

					
	If to the Servicer:	 	 Bluegreen Corporation
 4960
Conference Way North, Suite 100
 Boca Raton, Florida 33431

		 	Attn:	 	Anthony M. Puleo, Senior Vice President, CFO & Treasurer
		 	Fax:	 	(561) 912-8123
		
	 If to the Depositor
 or Residual Interest
Owner:
	 	 Bluegreen Timeshare Finance Corporation I

4950 Communication Avenue, Suite 900
 Boca Raton, Florida
33431

		 	Attn: Allan J. Herz, President & Assistant Treasurer
		 	Fax: (561) 443-8743

  
 34 

			
	If to the Owner Trustee:	  	 Wilmington Trust Company
 1100 North Market
Street
 Wilmington, Delaware 19890-0001
 Attn: Corporate Trust
Administration
 Fax: (302) 636-4140

		
	If to the Indenture Trustee:	  	 U.S. Bank National Association
 60 Livingston
Avenue
 St. Paul, Minnesota 55107
 Attn: Structured Finance

Fax: (651) 466-7363

		
	If to the Trust Owner:	  	 GSS Holdings, Inc.
 114 West 47th Street
 Suite 1715

New York, New York 10036
 Attn: Kevin P. Burns

Fax: (212) 302-8767

		
	If to the Funding Agents:	  	 BB&T Capital Markets
 1133 Avenue of the
Americas, 27th Floor
 New York, New York 10036

Attn: Paul Richardson
 Fax:  (646) 390-8844

 
 and
  

Branch Banking and Trust Company
 200 West Second Street, 16th Floor
 Winston-Salem, North Carolina 27101

Attn: Cory Boyte
 Fax: (336) 733-2740

 
 DZ Bank AG Deutsche Zentral-

Genossenschaftsbank, Frankfurt am Main
 609 Fifth Avenue

New York, New York 10017
 Attn: Jayan Krishnan

Fax: (212) 745-1651

 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. 

  
 35 

 Section 11.05. Severability of Provisions. 

If any one or more of the covenants, agreements, provisions, or terms of this Agreement shall be for any reason whatsoever held invalid then
such covenants, agreements, 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 or of the Certificates or the rights of the Certificateholders thereof. 
 Section 11.06. Counterparts. 

This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the
same instrument. Delivery of an executed counterpart of this Agreement by facsimile or other electronic transmission (i.e., a “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart hereof. 

Section 11.07. Successors and Assigns. 

All Trust Owner covenants and agreements contained herein shall be binding upon, and inure to the benefit of, each of the Depositor, and the
Owner Trustee and their respective successors and permitted assigns and the Trust Owner and the Residual Interest Owner and their respective successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or
other instrument or action by the Trust Owner or the Residual Interest Owner shall bind the successors and assigns of the Trust Owner or the Residual Interest Owner, as the case may be. 

Section 11.08. No Petition. 

The Owner Trustee, by entering into this Agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each
Noteholder, by accepting the benefits of this Agreement, hereby covenant and agree that they will not at any time institute against the Depositor or the Trust, or join in any institution against the Depositor, or the Trust of, any bankruptcy
proceedings under any United Sates federal or state bankruptcy or similar law in connection with any obligations relating to the Certificates, the Notes, this Agreement or any of the other Transaction Documents. 

Section 11.09. No Recourse. 

Each Certificateholder by accepting a Certificate acknowledges that such Certificateholder’s Certificate represents equity (in the case
of the Trust Certificate) or residual economic (in the case of the Residual Interest Certificate) interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Originators, the Seller, the Owner
Trustee, the Indenture Trustee or any of the respective Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificates or the other Transaction
Documents. The Trust Owner by accepting the Trust Certificate acknowledges that such Trust Certificate represents an equity (but 

  
 36 

 
not economic) interest in the Trust and the Trust Estate only and does not represent an economic interest in the Trust or the Trust Estate or an interest in or an obligation of the Depositor, the
Servicer, the Originators, the Seller, the Owner Trustee or any Affiliate of the foregoing, and no recourse may be had against any such party or their assets, except as may be expressly set forth or contemplated in the Transaction Documents. 

Section 11.10. Headings. 

The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms
or provisions hereof. 
 Section 11.11. Entire Agreement/Governing Law. 

THIS AGREEMENT CONSTITUTES THE ENTIRE AGREEMENT AMONG THE PARTIES AND SUPERSEDES AND REPLACES IN ITS ENTIRETY ANY PRIOR AGREEMENTS REGARDING
THE SUBJECT MATTER HEREOF AMONG THE PARTIES, INCLUDING, WITHOUT LIMITATION, THE AMENDED TRUST AGREEMENT (AS DEFINED IN THE RECITALS TO THIS AGREEMENT). THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 11.12. Trust Certificate Transfer Restrictions. 

The Trust Certificate may not be acquired by or for the account of or with assets of a Benefit Plan. By accepting and holding a Trust
Certificate, the Certificateholder thereof shall be deemed to have represented and warranted that it is not a Benefit Plan and is not acquiring such Trust Certificate for the account of or with assets of a Benefit Plan. 

Section 11.13. Extraordinary Transactions. 

Notwithstanding any other provision of this Agreement and any provision of law that otherwise so empowers the Trust, the Trust shall not
without the affirmative vote of 100% of the Trust Owner and the Owner Trustee: 
 (a) engage in any business or activity other than in
accordance with Article II hereof; 
 (b) incur any indebtedness, or assume or guarantee any indebtedness of any other person or entity,
other than in connection with the activities described in Article II hereof; 
 (c) dissolve or liquidate, in whole or in part; 

(d) consolidate with or merge into any other person or entity or sell, convey or transfer all or substantially all of its properties and
assets to any other person or entity or acquire all or substantially all of the assets or capital stock or other ownership interest of any other person or entity; 

  
 37 

 (e) institute proceedings to be adjudicated bankrupt or insolvent; or consent to the institution
of bankruptcy, insolvency or similar proceedings against it; or file a petition seeking, or consent to, reorganization or relief under any applicable federal or state law relating to bankruptcy, insolvency or readjustment of debts; or consent to the
appointment of a receiver, conservator, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust or a substantial part of its property; or make any assignment for the benefit of creditors; or admit in writing its
inability to pay its debts generally as they become due; or take any corporate action in furtherance of any such action; or 
 (f) authorize
any amendment to this Section 11.13 or Articles II or IV hereof. 
 When voting on whether the Trust will take any action described in
paragraph (e) of this Section 11.13, each controlling person of the Residual Interest Owner shall owe its primary fiduciary duty or other obligation to the Trust (including, without limitation, the Trust’s creditors) and not to its
sole shareholder (except as may be specifically required by applicable law). The Trust shall be deemed to have consented to the foregoing by virtue of such Residual Interest Owner’s consent to this Agreement. 

[signature pages follow] 

  
 38 

 IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Trust Agreement to
be duly executed by their respective officers hereunto duly authorized, as of the day and year first above written. 
  

					
	BLUEGREEN TIMESHARE FINANCE
	CORPORATION I, as Depositor and
	Residual Interest Owner
		
	By:	 	 /s/ Allan J. Herz

		 	Printed Name:	 	Allan J. Herz
		 	Title:	 	President and Assistant Treasurer
	
	WILMINGTON TRUST COMPANY,
	  as Owner Trustee
		
	By:	 	 /s/ Jeanne M. Oller

		 	Printed Name:	 	Jeanne M. Oller
		 	Title:	 	Vice President
	
	GSS HOLDINGS, INC.,
	  as Trust Owner
		
	By:	 	 /s/ Bernard J. Angelo

		 	Printed Name:	 	Bernard J. Angelo
		 	Title:	 	Vice President

  

 The foregoing Amended and Restated Trust Agreement is consented to by: 

 

					
	BRANCH BANKING AND TRUST COMPANY, in its capacity as sole Noteholder of the Prior Notes (as defined in the Recitals to the Agreement)
		
	By:	 	 /s/ Steve W. Whitcomb

		 	Name:	 	Steve W. Whitcomb
		 	Title:	 	Senior Vice President
	
	U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee
		
	By:	 	 /s/ Michelle Moeller

		 	Name:	 	Michelle Moeller
		 	Title:	 	Vice PresidentEX-10.6

 Exhibit 10.6 

SIXTH AMENDED AND RESTATED STANDARD DEFINITIONS 

Rules of Construction. In these Standard Definitions and with respect to the Transaction Documents (as defined below), (a) the meanings of defined
terms are equally applicable to the singular and plural forms of the defined terms, (b) in any Transaction Document, the words “hereof,” “herein,” “hereunder” and similar words refer to such Transaction Document as
a whole and not to any particular provisions of such Transaction Document, (c) any subsection, Section, Article, Annex, Schedule and Exhibit references in any Transaction Document are to such Transaction Document unless otherwise specified,
(c) the term “documents” includes any and all documents, instruments, agreements, certificates, indentures, notices and other writings, however evidenced (including electronically), (d) the term “including” is not
limiting and (except to the extent specifically provided otherwise) shall mean “including (without limitation)”, (e) unless otherwise specified, in the computation of periods of time from a specified date to a later specified date,
the word “from” shall mean “from and including,” the words “to” and “until” each shall mean “to but excluding,” and the word “through” shall mean “to and including” and
(f) the words “may” and “might” and similar terms used with respect to the taking of an action by any Person shall reflect that such action is optional and not required to be taken by such Person. 

“ACH Form” shall mean the ACH authorization form executed by Obligors substantially in the form attached as Exhibit C to each
of the Sale Agreement and the Purchase Agreement. 
 “Act” shall have the meaning specified in Section 1.4 of the
Indenture. 
 “Additional Approved Opinion Resort” shall mean a Resort (a) for which Bluegreen shall have provided
such due diligence materials as the Funding Agents may reasonably request, (b) for which the Funding Agents shall have received a favorable written opinion of local counsel relating to such timeshare and real estate law issues as the Funding
Agents may reasonably request and (c) for which the Funding Agents shall have approved in writing as a Resort for which the Seller and the Depositor may sell Timeshare Loans secured by Timeshare Properties at such Resort pursuant to the
Purchase Agreement and Sale Agreement, respectively. 
 “Additional Approved Non-Opinion Resort” shall mean a Resort
(a) for which Bluegreen shall have provided such due diligence materials as the Funding Agents may reasonably request and (b) for which the Funding Agents shall have approved in writing as a Resort for which the Seller and the Depositor
may sell Timeshare Loans secured by Timeshare Properties at such Resort pursuant to the Purchase Agreement and the Sale Agreement, respectively. 

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

 “Administration Agreement” shall mean the amended and restated administration
agreement, dated as of December 1, 2013, by and among the Administrator, the Owner Trustee, the Issuer and the Indenture Trustee, as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. 

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

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

“Adverse Claim” shall mean any claim of ownership or any lien, security interest, title retention, trust or other charge or
encumbrance, or other type of preferential arrangement having the effect or purpose of creating a lien or security interest, other than the interests created under the Indenture or any other Transaction Document in favor of the Indenture Trustee and
the Noteholders. 
 “Affected Party” shall have the meaning specified in Section 6.1(b) of the Note Funding Agreement.

 “Affiliate” shall mean any Person: (a) which directly or indirectly controls, or is controlled by, or is under
common control with such Person; (b) which directly or indirectly beneficially owns or holds five percent (5%) or more of the voting stock of such Person; or (c) for which five percent (5%) or more of the voting stock of which is
directly or indirectly beneficially owned or held by such Person; provided, however, that under no circumstances shall the (i) Owner Trustee be deemed to be an Affiliate of the Issuer, the Depositor or the Trust Owner, nor shall
any of such parties be deemed to be an Affiliate of the Owner Trustee or (ii) Bluegreen be deemed an Affiliate of any 5% or greater shareholder of Bluegreen or any Affiliate of such shareholder who is not a Direct Affiliate (as defined herein)
of Bluegreen, nor shall any such shareholder be deemed to be an Affiliate of Bluegreen. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by contract or otherwise. For purposes of this definition, only entities included in Bluegreen’s GAAP consolidated financial statements shall be Affiliates of Bluegreen (a
“Direct Affiliate”). 
 “Aggregate Initial Loan Balance” shall mean the sum of all the Cut-Off Date Loan
Balances. 
 “Aggregate Initial Note Balance” shall mean the sum of all Borrowings on each Funding Date. 

“Aggregate Loan Balance” shall mean the sum of the Loan Balances for all Timeshare Loans. 

“Aggregate Outstanding Note Balance” shall mean an amount equal to the sum of the Outstanding Note Balances for all Notes.

  
 - 2 - 

 “Allocated Commercial Paper” shall mean commercial paper issued by or on behalf
of a Conduit Purchaser if the proceeds thereof are used (or, in the case of a Defaulted Borrowing Date, would have been used) to fund or maintain one or more Borrowings. 

“Approved Resort” shall mean as the context shall require, an Opinion Resort and/or a Non-Opinion Resort. 

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

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

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

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

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

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

“Available Commitment” shall mean, on any day for a Bank Purchaser, such Bank Purchaser’s Commitment in effect on such
day minus such Bank Purchaser’s pro rata interest (calculated on the basis of advances made by such Bank Purchaser or its related Conduit Purchaser in respect of Borrowings,) in the Aggregate Outstanding Note Balance on such day. 

“Available Funds” shall mean for any Payment Date, (a) all funds on deposit in the Collection Account after making all
transfers and deposits required from (i) the Lockbox Account pursuant to the Lockbox Agreement, (ii) the General Reserve Account pursuant to Section 3.2(b) of the Indenture, (iii) the Seller or the Depositor, as the case may be,
pursuant to Section 4.6 of the Indenture, (iv) the Servicer pursuant to the Indenture, (v) any payment received in respect of any Hedge Agreement, plus (b) all investment earnings on funds on deposit in the Collection Account
from the immediately preceding Payment Date through such 

  
 - 3 - 

 
Payment Date, less (c) amounts on deposit in the Collection Account related to collections related to any Due Periods subsequent to the Due Period related to such Payment Date, less
(d) any Additional Servicing Compensation on deposit in the Collection Account, less (e) Misdirected Deposits, if any. 

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

 “Backup Servicing Agreement” shall mean the amended and restated backup servicing agreement, dated as of
December 1, 2013, by and among the Issuer, the Depositor, the Servicer, the Backup Servicer and the Indenture Trustee, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. 

“Backup Servicing Fee” shall on each Payment Date (so long as Concord Servicing Corporation is the Backup Servicer), be equal
to: 
 (a) prior to the removal or resignation of Bluegreen, as Servicer, the greater of (i) $1,000.00 and (ii) the product of
(1)(x) $0.10 and (y) the number of Timeshare Loans in the Trust Estate at the end of the related Due Period up to 20,000 and (2)(x) $0.075 and (y) the number of Timeshare Loans in the Trust Estate at the end of the related Due
Period in excess of 20,000, and 
 (b) after the removal or resignation of Bluegreen, as Servicer, an amount equal to the product of
(i) one-twelfth of 1.50% and (ii) the Aggregate Loan Balance as of the first day of the related Due Period. 
 “Bank
Purchaser” shall mean any Cost of Funds Bank Purchaser or LIBOR Bank Purchaser which has a Commitment as set forth in its respective Joinder Supplement and any Assignee of such Purchaser to the extent of the portion of such Commitment
assumed by such Assignee pursuant to its respective Transfer Supplement (so long as the Commitments are in effect). 
 “Bankruptcy
Code” shall mean the federal Bankruptcy Code, as amended (Title 11 of the United States Code). 
 “Beneficiary”
shall have the meaning specified in the Club Trust Agreement. 
 “Benefit Plan” shall mean an “employee benefit
plan” as defined in Section 3(3) of ERISA, or any other “plan” as defined in Section 4975(e)(1) of the Code, that is subject to the prohibited transaction rules of ERISA or of Section 4975 of the Code or any plan that
is subject to any substantially similar provision of federal, state or local law. 
 “Bluegreen” shall mean Bluegreen
Corporation, a Massachusetts corporation, and its permitted successors and assigns. 
 “Borrowing” shall mean a borrowing
made by the Issuer pursuant to the terms and conditions of the Indenture and the Note Funding Agreement. 

  
 - 4 - 

 “Borrowing Base” shall mean, on any Determination Date, an amount equal to the
product of (a) the Borrowing Base Percentage and (b)(i) the Aggregate Loan Balance as of the close of business on the last day of the related Due Period less (ii) without duplication, (A) the Excluded Loan Balance, (B) the
aggregate Loan Balance of all Defaulted Timeshare Loans, (C) the aggregate Loan Balance of Timeshare Loans that are determined to be Defective Timeshare Loans as of the close of business on the last day of the related Due Period and
(D) the aggregate Loan Balance of all Qualified Substitute Timeshare Loans for which a Custodian’s Certification delivered pursuant to the terms of the Custodial Agreement by the Determination Date for the related Due Period has not been
received by the Funding Agents and the Servicer. 
 “Borrowing Base Deficiency” shall mean on any Determination Date, the
excess if any, of the Aggregate Outstanding Note Balance as of the last day of the related Due Period over the Borrowing Base as of such Determination Date. 

“Borrowing Base Percentage” shall mean, on any Determination Date, the lower of (a) 70.0%; (b) the Aggregate
Outstanding Note Balance as of the end of the related Due Period, divided by the sum of (i) (A) the Aggregate Loan Balance as of the close of business on the day prior to the first day of the related Due Period less
(B) without duplication, (1) the Excluded Loan Balance, (2) the aggregate Loan Balance of all Defaulted Timeshare Loans, (3) the aggregate Loan Balance of Timeshare Loans that are determined to be Defective Timeshare Loans as of
the close of business on the last day of the related Due Period and (4) the aggregate Loan Balance of all Qualified Substitute Timeshare Loans for which a Custodian’s Certification delivered pursuant to the terms of the Custodial Agreement
by the Determination Date for the related Due Period has not been received by the Funding Agents and the Servicer and (ii) the Aggregate Loan Balance of Funding Date Timeshare Loans related to all Borrowings that occurred during the
related Due Period; (c) the Borrowing Base Percentage calculated for the immediately prior Determination Date, and (d) 100% less the percentage credit enhancement required by the Rating Agency to achieve a rating of “BBB”
(or the equivalent) with respect to a securitization of timeshare loans similar to the Timeshare Loans in the Trust Estate plus, in the case of clause (d) only, 2.0%. With respect to clause (d) of this definition, the percentage credit
enhancement shall be determined either by special request to the Rating Agency or by reference to recent securitization transactions of timeshare loans originated by Bluegreen and its Affiliates. 

“Borrowing Notice” shall have the meaning specified in Section 2.1(d) of the Note Funding Agreement. 

“Boyne Resort” shall mean the Resort located in Michigan known as Mountain Run at BoyneTM. 

“Breakage Amount” shall mean, with respect to a Conduit Purchaser, for its Allocated Commercial Paper for any Fixed Period
during which Notes are repaid (in whole or in part) prior to the end of such Fixed Period, the amount, if any, by which (i) Fixed Period Yield (calculated without taking into account any Breakage Amount), which would have accrued on the amount
of the payment of such Conduit Purchaser’s Allocated Commercial Paper during such Fixed Period (as so computed) if such payment had not been made, as the case may be, exceeds (ii) the sum of (A) Fixed Period Yield actually received by
such Conduit Purchaser in 

  
 - 5 - 

 
respect of such Allocated Commercial Paper for such Fixed Period and, if applicable, (B) the income, if any, received by the Conduit Purchaser from the Conduit Purchaser’s investing the
proceeds of such payments on such Allocated Commercial Paper. 
 “Business Day” shall mean any day other than (a) a
Saturday, a Sunday, (b) a day on which banking institutions in New York City, Wilmington, Delaware, the State of Florida, the city in which the Servicer is located or the city in which the Corporate Trust Office of the Indenture Trustee is
located are authorized or obligated by law or executive order to be closed or (c) a day on which the Bond Market Association recommends to be closed. 

“Casa del Mar Resort” shall mean the Resort located in Florida known as Casa del Mar Beach ResortTM. 

“Cash Accumulation Event” shall exist on any Determination Date if for the related Cash Accumulation Measurement Period
(a) the average Delinquency Level (Trust Estate) is greater than 8%, or (b) the average Default Level (Trust Estate) is greater than 10%. A Cash Accumulation Event shall be deemed to be continuing until waived by the Funding Agents in
their sole discretion. 
 “Cash Accumulation Measurement Period” shall mean, for any Determination Date, the immediately
preceding six Due Periods; provided, however, if during such immediately preceding six Due Periods, the Aggregate Outstanding Note Balance was equal to $0 at all times during a Due Period (such Due Period, a “Zero Balance Due Period”), the
Cash Accumulation Measurement Period shall be the period commencing on the Due Period following the most recent Zero Balance Due Period and ending on the Due Period immediately preceding such Determination Date. 

“Certificate” shall mean a Trust Certificate or a Residual Interest Certificate, as applicable. 

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

“Certificate of Trust” shall mean the Certificate of Trust in the form attached as Exhibit A to the Trust Agreement.

 “Certificateholders” shall mean the holders of the Certificates. 

“Change in Law” shall mean (a) the adoption or taking effect of any Law after the Closing Date, (b) any change in
Law or in the administration, interpretation, application or implementation thereof by any Official Body after the Closing Date, or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law)
by any Official Body after the Closing Date; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) and (y) Basel III: A global
regulatory framework for more resilient banks and banking systems (“Basel III”), all national implementations of Basel III and all requests, rules, guidelines and directives under either of Dodd-Frank or Basel III or issued in
connection therewith shall be deemed to be a “Change in Law”, regardless of the date implemented, enacted, adopted or issued. 

  
 - 6 - 

 “Clean-up Call Date” shall mean the first date on which the Aggregate
Outstanding Note Balance is less than or equal to 10% of the then Aggregate Initial Note Balance. 
 “Closing Date” shall
mean December 17, 2013. 
 “Club” shall mean Bluegreen Vacation Club Trust, formed pursuant to the Club Trust
Agreement, doing business as Bluegreen Vacation Club. 
 “Club Loans” shall mean, collectively, the Deeded Club Loans and
the Aruba Club Loans. 
 “Club Management Agreement” shall mean that certain Amended and Restated Management Agreement
between the Club Managing Entity and the Club Trustee, dated as of May 18, 1994, as amended from time to time. 
 “Club
Managing Entity” shall mean Bluegreen Resorts Management, Inc., a Delaware corporation, in its capacity as manager of the Club and owner of the Club’s reservation system, and its permitted successors and assigns. 

“Club Originator” shall mean Bluegreen, in its capacity as an Originator. 

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

“Club Trustee” shall mean Vacation Trust, Inc., a Florida corporation, in its capacity as trustee under the Club Trust
Agreement, and its permitted successors and assigns. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended
from time to time and any successor statute, together with the rules and regulations thereunder. 
 “Collection Account”
shall mean the account established and maintained by the Indenture Trustee pursuant to Section 3.2(a) of the Indenture. 

“Collection Policy” shall mean the collection policy of the initial servicer, in effect on the Closing Date, attached to the
Indenture as Exhibit J, as the same may be amended from time to time in accordance with the Indenture. 
 “Collections”
shall mean all amounts received in connection with a Timeshare Loan. 

  
 - 7 - 

 “Commitment” shall mean with respect to a Bank Purchaser, and for any date of
determination, the maximum amount of such Bank Purchaser’s commitment to make advances to the Issuer as set forth in the Joinder Supplement or the Transfer Supplement by which such Bank Purchaser became a party to the Note Funding Agreement.

 “Commitment Expiration Date” shall be December 17, 2014 or such later date as specified in writing to the Issuer by
all Bank Purchasers in their sole discretion (and as mutually agreed by the Issuer) or such earlier date on which all Commitments have been terminated. 

“Completed Unit” shall mean a Unit at a Resort which has been fully constructed and furnished, has received a valid permanent
certificate of occupancy or its equivalent, is ready for occupancy and is subject to a time share declaration. 
 “Conduit Component
Amount” shall mean, with respect to a Note and a Payment Date, an amount equal to, for a Conduit Purchaser and the related Interest Accrual Period, the sum of (a) the aggregate Fixed Period Yield that accrued during such Interest
Accrual Period and was allocable (in the reasonable determination of the applicable Conduit Purchaser) to such Note and (b) the amount of unpaid Conduit Component Amounts from prior Payment Dates for such Note, plus, to the extent permitted by
applicable law, interest on such unpaid amount at the CP Rate in effect for a Fixed Period of 30 days; provided, that the portion of the Conduit Component Amount equal to the Conduit Component Shortfall shall not accrue interest thereon. 

“Conduit Component Shortfall” shall have the meaning specified in Section 2.6(b) of the Note Funding Agreement. 

“Conduit Purchaser” shall mean initially Autobahn Funding Company LLC, and any Purchaser that is either (a) a commercial
paper issuing company or (b) a company which obtains funding from a commercial paper issuing company, identified as a Conduit Purchaser in the Joinder Supplement or Transfer Supplement pursuant to which such Purchaser becomes a party to the
Note Funding Agreement. 
 “Confidential Information” shall mean information obtained by any Noteholder including, without
limitation, related to the Notes and the Transaction Documents, that is proprietary in nature and that was clearly marked or labeled as being confidential information of the Issuer, the Servicer or their Affiliates, provided that such term does not
include information that (a) was publicly known or otherwise known to the Noteholder prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Noteholder or any Person acting on its
behalf, (c) otherwise becomes known to the Noteholder other than through disclosure by the Issuer, the Servicer or their Affiliates or (d) any other public disclosure authorized by the Issuer or the Servicer. 

“Consolidated Net Worth” shall mean on a consolidated basis for Bluegreen and its subsidiaries, at any date, (i) the sum
of (a) capital stock taken at par or stated value plus (b) capital of Bluegreen in excess of par or stated value relating to capital stock plus (c) accumulated other comprehensive income plus (d) retained earnings (or minus any
retained earning deficit) of Bluegreen, determined in accordance with GAAP minus (ii) the sum of treasury stock, capital stock subscribed for and unissued and other contra-equity accounts, determined in accordance with GAAP. 

  
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 “Continued Errors” shall have the meaning specified in Section 5.4 of the
Indenture. 
 “Conversion Loan” shall mean a loan originated to finance the fee related to the conversion of an Oasis Lakes
Loan, a non-Club RDI Loan, an Aruba Non-Club Loan or other non-Club Loan to a Club Loan. 
 “Co-op Shares” shall mean a
share certificate issued by the timeshare cooperative association of La Cabana Resort. 
 “Corporate Trust Office” shall
mean the office of the Indenture Trustee located in the State of Minnesota, which office is at the address set forth in Section 13.3 of the Indenture. 

“Cost of Funds” shall mean the lesser of (a) the Cost of Funds Bank Purchaser’s actual cost of funds and
(b) the greater of (i) Three-month LIBOR and (ii) three-month EURIBOR. 
 “Cost of Funds Bank Component
Amount” shall mean, with respect to a Note and a Payment Date, an amount equal to, for a Cost of Funds Bank Purchaser and the related Interest Accrual Period, the sum of (a) interest accrued during the related Interest Accrual Period
at the Cost of Funds Bank Rate on the weighted average of such Cost of Funds Bank Purchaser’s allocable share of the Outstanding Note Balance of such Note immediately prior to such Payment Date and (b) the amount of unpaid Cost of Funds
Bank Component Amounts from prior Payment Dates for such Note, plus, to the extent permitted by applicable law, interest on such unpaid amount at the Cost of Funds Bank Rate. The Cost of Funds Bank Component Amount shall be calculated on an
actual/360 basis. 
 “Cost of Funds Bank Purchaser” shall mean initially, DZ Bank AG Deutsche Zentral-Genossenschaftsbank,
Frankfurt am Main, and/or such other Purchaser identified as a Cost of Funds Bank Purchaser in the Joinder Supplement or Transfer Supplement pursuant to which such Purchaser becomes a party to the Note Funding Agreement. 

“Cost of Funds Bank Rate” shall mean with respect to any Interest Accrual Period and any Note, the sum of (a) an
interest rate per annum equal to a Cost of Funds Bank Purchaser’s Cost of Funds with respect to such Interest Accrual Period and the funding of such Cost of Funds Bank Purchaser’s allocable share of the Outstanding Note Balance of such
Note immediately prior to the related Payment Date, as certified by the Cost of Funds Bank Purchaser to the Issuer upon the request of the Issuer; provided, however, that such rate shall in no event be less than 0.375% and
(b) (i) prior to the commencement of the Term-Out Period, 3.50%, and (ii) during the Term-Out Period, 5.50%. 
 “CP
Rate” shall mean, with respect to any Fixed Period and any Note, the sum of (a) the per annum rate equivalent to the per annum rate (or if more than one rate, the weighted average of the rates) at which commercial paper notes of a
Conduit Purchaser having a term 

  
 - 9 - 

 
equal to such Fixed Period and to be issued to fund, in whole or in part, the applicable amount of the Outstanding Note Balance of such Note (and, at the election of such Conduit Purchaser, other
loans by such Conduit Purchaser) by such Conduit Purchaser may be sold by any placement agent or commercial paper dealer selected by such Conduit Purchaser, as agreed between each such agent or dealer and such Conduit Purchaser and notified by such
Conduit Purchaser to its Funding Agent and the Servicer; provided, however, if the rate (or rates) as agreed between any such agent or dealer and such Conduit Purchaser with respect to any Fixed Period for such Note is a discount rate
(or rates), the CP Rate for such Fixed Period shall be the rate (or, if more than one rate, the weighted average of the rates) resulting from converting such discount rate (or rates) to an interest bearing equivalent rate per annum; provided,
further, however, that such rate (or rates) shall reflect and give effect to borrowings to fund small or odd dollar amounts that are not easily accommodated in the commercial paper market to the extent that such amounts are allocated, in
whole or in part, to such Note; provided, further, however, that such rate shall in no event be less than 0.375%; provided, further, however, if such rate is equal to or greater than LIBOR plus 2.00% and less than LIBOR
plus 5.50%, then for purposes of determining the CP Rate, such rate shall be deemed to be equal to LIBOR plus 2.00%; provided, further, however, if such rate is equal to or greater than LIBOR plus 5.50%, then for purposes of
determining the CP Rate, such rate shall be equal to the rate as calculated above minus 3.50%; and (b) (i) prior to the commencement of the Term-Out Period, 3.50%, and (ii) during the Term-Out Period, 5.50%. 

“Credit Card Timeshare Loan” shall mean a Timeshare Loan where the Obligor makes its payments due on such Timeshare Loan with
credit card payment arrangements. 
 “Credit Policy” shall mean the credit and underwriting policy of the Originators, in
effect on the Closing Date, attached to the Indenture as Exhibit K, as the same may be amended from time to time in accordance with the Indenture. 

“Custodial Agreement” shall mean the amended and restated custodial agreement, dated as of December 1, 2013 by and among
the Issuer, the Depositor, the Servicer, the Backup Servicer, the Indenture Trustee, the Custodian and the Funding Agents, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof
providing for the custody and maintenance of the Timeshare Loan Documents relating to the Timeshare Loans. 
 “Custodian”
shall mean U.S. Bank National Association, a national banking association, or its permitted successors and assigns. 

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

“Custodian Fees” shall mean for each Payment Date, the fee payable by the Issuer to the Custodian in accordance with the
Custodial Agreement. 
 “Cut-Off Date” shall mean with respect to a Timeshare Loan, the date specified in the Schedule of
Timeshare Loans as the date after which all subsequent Collections related to such Timeshare Loans are sold by the Seller to the Depositor and by the Depositor to the Issuer. 

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

“Default” shall mean an event which, but for the passage of time or the giving of notice or both, would constitute an Event
of Default under the Indenture. 
 “Default Level (Trust Estate)” shall mean for any Due Period, the product of (a) 12
and (b) the sum of the Loan Balances of Timeshare Loans in the Trust Estate that became Defaulted Timeshare Loans during such Due Period less the Loan Balances of Defaulted Timeshare Loans that subsequently became current during such Due Period
which are still subject to the Lien of the Indenture at such time, divided by the Aggregate Loan Balance of all Timeshare Loans in the Trust Estate on the last day of such Due Period (expressed as a percentage). 

“Default Level (Portfolio)” shall mean for any Test Date, the product of (a) 12 and (b) (i) the sum of the
Loan Balances of Portfolio Loans serviced by the Servicer for which all or a part of a scheduled payment became more than 120 days delinquent (other than if such payment relates to the first or second payment (which for the avoidance of doubt shall
not be used in any manner for these calculations)) from the related due date as of the end of the related calendar month less the Loan Balances of such Timeshare Loans that subsequently became current during such calendar month, divided by
(ii) the Aggregate Loan Balance of all Portfolio Loans serviced by the Servicer on the last day of such calendar month (expressed as a percentage). 

“Defaulted Borrowing Date” shall have the meaning specified in Section 6.5 of the Note Funding Agreement. 

“Defaulted Timeshare Loan” shall mean any Timeshare Loan for which any of the following events may have occurred:
(a) the Servicer has commenced cancellation or termination proceedings on the related Timeshare Loan after collection efforts have failed in accordance with its Collection Policy or (b) as of the last day of any Due Period, all or part of
a scheduled payment under the Timeshare Loan is more than 90 days delinquent from the related due date. 
 “Defective Timeshare
Loan” shall have the meaning specified in Section 4.6 of the Indenture. 
 “Delinquency Level (Trust Estate)”
shall mean for any Due Period, an amount equal to the sum of the Loan Balances of Timeshare Loans (other than Defaulted Timeshare Loans) in the Trust Estate that are 31 days or more delinquent on the last day of such Due Period divided by the
Aggregate Loan Balance of all Timeshare Loans in the Trust Estate as of the last day of such Due Period (expressed as a percentage). 

  
 - 11 - 

 “Delinquency Level (Portfolio)” shall mean for any Test Date, an amount equal to
the sum of the Loan Balances of Portfolio Loans (other than the sum of the Loan Balances of Portfolio Loans serviced by the Servicer for which all or a part of a scheduled payment is more than 120 days delinquent from the related due date as of the
end of the related calendar month) at such Test Date serviced by the Servicer that are 31 days or more delinquent as of such Test Date divided by the Aggregate Loan Balance of all Portfolio Loans serviced by the Servicer as of such Test Date
(expressed as a percentage). 
 “Depositor” shall mean Bluegreen Timeshare Finance Corporation I, a Delaware Corporation,
and its permitted successors and assigns. 
 “Determination Date” shall mean with respect to any Payment Date, the day that
is five Business Days prior to such Payment Date. 
 “Developer” shall mean Bluegreen Vacations Unlimited, Inc., a Florida
corporation, and its permitted successors and assigns. 
 “Due Period” shall mean with respect to any Payment Date, the
period from the 16th day of the second preceding calendar month to the 15th day of the preceding calendar month. The initial Due Period for the
Initial Payment Date, shall be the period beginning on the day after the initial Cut-Off Date and ending on, and including, the 15th day of the month immediately succeeding the initial Cut-Off
Date. 
 “DZ Bank” shall mean DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main. 

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

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

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

  
 - 12 - 

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

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

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

and provided, further, that (i) no instrument shall be an Eligible Investment if such instrument evidences a right to receive only interest
payments with respect to the obligations underlying such instrument, and (ii) no Eligible Investment may be purchased at a price in excess of par. Eligible Investments may include those Eligible Investments with respect to which the Indenture
Trustee or an Affiliate thereof provides services. 
 “Eligible Owner Trustee” shall have the meaning specified in
Section 10.01 of the Trust Agreement. 
 “Eligible Timeshare Loan” shall mean a Timeshare Loan which satisfied the
representations and warranties set forth in Schedule I of the Purchase Agreement and the Sale Agreement on the date such Timeshare Loan was transferred by Bluegreen to the Depositor pursuant to the Purchase Agreement and by the Depositor to
the Issuer pursuant to the Sale Agreement; provided, however, that any Timeshare Loan that becomes a Defaulted Timeshare Loan shall cease to be an Eligible Timeshare Loan; provided, further, as of any Determination Date
that any Qualified Substitute Timeshare Loan for which a Custodian’s Certification delivered pursuant to the terms of the Custodial Agreement is not received by the Funding Agents and the Servicer, shall cease to be an Eligible Timeshare Loan.

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

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

  
 - 13 - 

 “Event of Default” shall mean any one of the following events: 

(a) a default in the paying of Interest Distribution Amounts, Principal Distribution Amounts or the making of any other payments in respect of
any Note when such become due and payable, and continuance of such default for three Business Days; 
 (b) a non-monetary default in the
performance, or breach, of any covenant of the Issuer, the Servicer, the Depositor or the Club Trustee in the Indenture or other Transaction Document (other than a covenant dealing with a default in the performance of which, or the breach of which,
is specifically dealt with elsewhere in this definition or as a Servicer Event of Default) and the continuance of such default or breach for a period of 30 days (or, if the defaulting party shall have provided evidence satisfactory to the Funding
Agents at their sole discretion (i) that such breach cannot be cured in the 30-day period, (ii) that such breach can be cured within an additional 30-day period and (iii) that it is diligently pursuing a cure, then 60 days) after the
earlier of (x) the Issuer first acquiring Knowledge thereof, and (y) the Indenture Trustee’s or Funding Agents’ giving written notice thereof to the Issuer; provided, however, that if such default or breach is in
respect of (A) the negative covenants contained in Section 8.6(a)(i) or (ii) of the Indenture or (B) a breach that cannot be cured, there shall be no grace period whatsoever; or 

(c) if any representation or warranty of the Issuer, the Servicer, the Depositor or the Club Trustee made in the Indenture or other
Transaction Document shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such breach is not remedied within 30 days (or, if the defaulting party shall have provided evidence satisfactory to the
Funding Agents at their sole discretion (i) that such representation or warranty cannot be cured in the 30-day period, (ii) that such representation or warranty can be cured within an additional 30-day period and (iii) that it is
diligently pursuing a cure, then 60 days) after the earlier of (x) the Issuer first acquiring Knowledge thereof, and (y) the Indenture Trustee’s or Funding Agents’ giving written notice thereof to the Issuer; provided,
however, if such breach is in respect of a representation or warranty that cannot be cured, there shall be no grace period whatsoever; or 

(d) the entry by a court having jurisdiction over the Issuer of (i) a decree or order for relief in respect of the Issuer in an
involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization, or other similar law or (ii) a decree or order adjudging the Issuer as a bankrupt or insolvent, or approving as properly filed a
petition seeking reorganization, arrangement, adjustment, or composition of or in respect of the Issuer under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator, or other similar
official of the Issuer, or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a
period of 60 consecutive days; or 
 (e) the commencement by the Issuer of a voluntary case or proceeding under any applicable federal or
state bankruptcy, insolvency, reorganization, or other similar law or of any other case or proceeding to be adjudicated as a bankrupt or insolvent, or the consent by 

  
 - 14 - 

 
either to the entry of a decree or order for relief in respect of the Issuer in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization, or
other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal or state law, or the consent
by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator, or similar official of the Issuer or of any substantial part of its property, or the making by
it of an assignment for the benefit of creditors, or the Issuer’s failure to pay its debts generally as they become due, or the taking of corporate action by the Issuer in furtherance of any such action; or 

(f) the Issuer becoming subject to registration as an “investment company” under the Investment Company Act of 1940, as amended; or

 (g) the impairment of the validity of any security interest of the Indenture Trustee in the Trust Estate in any respect, except as
expressly permitted under the Transaction Documents, or the creation of any encumbrance on or with respect to the Trust Estate or any portion thereof not otherwise permitted; or 

(h) the failure by the Club Originator to repurchase any Defective Timeshare Loan or provide a Qualified Substitute Timeshare Loan for a
Defective Timeshare Loan to the extent required under the terms of Purchase Agreement; or 
 (i) the occurrence and continuance of a
Servicer Event of Default. 
 “Exchange Act” shall mean the United Stated Securities Exchange Act of 1934, as amended. 

“Excluded Loan Balance” shall mean on any date of determination, without duplication, the sum of the following: 

(a) the amount by which the aggregate Loan Balance of Eligible Timeshare Loans relating to an Obligor or group of Affiliate Obligors exceeds
the greater of (i) $50,000 and (ii) 0.50% of the Aggregate Loan Balance of all Eligible Timeshare Loans; plus 
 (b) the amount by
which the aggregate Loan Balance of any Eligible Timeshare Loans relating to any Obligor or Affiliate Obligors exceeds $100,000; plus 
 (c)
the amount by which the aggregate Loan Balance of Aruba Club Loans relating to Obligors that are non-United States resident exceeds 40% of the Aggregate Loan Balance of all Aruba Club Loans; plus 

(d) the amount by which the aggregate Loan Balance of Eligible Timeshare Loans relating to Obligors that are non-United States residents
exceeds 5% of the Aggregate Loan Balance of all Eligible Timeshare Loans; plus 

  
 - 15 - 

 (e) the amount by which the aggregate Loan Balance of Eligible Timeshare Loans relating to Aruba
Club Loans exceeds 5% of the Aggregate Loan Balance of all Eligible Timeshare Loans; plus 
 (f) the amount by which the aggregate Loan
Balance of Eligible Timeshare Loans relating to Aruba Club Loans exceeds 5% of the Maximum Facility Balance; plus 
 (g) the amount of the
aggregate Loan Balance of Eligible Timeshare Loans with a Timeshare Loan Rate of less than 14.40% necessary to increase the weighted average Timeshare Loan Rate (weighted on the basis of Loan Balance) of all Eligible Timeshare Loans to at least
14.40%; plus 
 (h) the amount by which the aggregate Loan Balance of Eligible Timeshare Loans relating to any one Resort exceeds 40% of the
Aggregate Loan Balance of all Eligible Timeshare Loans; plus 
 (i) the amount by which the aggregate Loan Balance of Eligible Timeshare
Loans relating to Obligors with billing addresses in any one state exceeds 20% of the Aggregate Loan Balance of all Eligible Timeshare Loans; plus 

(j) the amount by which the aggregate Loan Balance of all Eligible Timeshare Loans for which the related Obligor is an employee or a relative
of an employee of Bluegreen or any Subsidiary thereof exceeds 0.5% of the Aggregate Loan Balance of all Eligible Timeshare Loans; plus 

(k) the aggregate Timeshare Loan File Deficiency Excluded Balance; plus 

(l) the amount by which the aggregate Loan Balance of all Eligible Timeshare Loans which terms thereof have been modified, waived or amended
exceeds the maximum specified in Section 5.3(a)(ix) of the Indenture; plus 
 (m) the amount by which the aggregate Loan Balance of all
Eligible Timeshare Loans relating to an Initial Approved Non-Opinion Resort or an Additional Approved Non-Opinion Resort exceeds 5% of the Aggregate Loan Balance of all Eligible Timeshare Loans; plus 

(n) the amount by which the aggregate Loan Balance of Large Loans exceeds 3% of the Aggregate Loan Balance of all Eligible Timeshare Loans;
plus 
 (o) with respect to each Large Loan, the amount of the Loan Balance of such Large Loan in excess of $85,000; plus 

(p) the amount by which the aggregate Loan Balance of all Wilderness Loans exceeds 25% of the Aggregate Loan Balance of all Eligible Timeshare
Loans; plus 

  
 - 16 - 

 (q) the amount by which the aggregate Loan Balance of all Eligible Timeshare Loans relating to
Credit Card Timeshare Loans exceeds 5% of the Aggregate Loan Balance of all Eligible Timeshare Loans; plus 
 (r) the amount by which the
aggregate Loan Balance of all Eligible Timeshare Loans for which the related Obligor is a United States resident and does not have a FICO Score exceeds 3.5% of the Aggregate Loan Balance of all Eligible Timeshare Loans. 

“Facility Termination Date” shall mean the earliest of (a) the Commitment Expiration Date, (b) the date of any
termination of the Commitments by the Issuer pursuant to Section 2.2(a) of the Note Funding Agreement, (c) the date the Commitments are terminated pursuant to Section 2.5 of the Note Funding Agreement (except if such termination is a
result of a Cash Accumulation Event), (d) the Stated Maturity, and (e) the occurrence of the Servicer Event of Default set forth in clause (o) of the definition thereof for which the indebtedness under the related Material Credit
Facility has been accelerated. 
 “Fee Letter” shall mean that letter agreement designated therein as the Fee Letter and
dated as of December 17, 2013, among the Funding Agents, the Issuer and Bluegreen, as such letter agreement may be amended or otherwise modified from time to time. 

“Fees” shall mean the fees set forth in the Fee Letter. 

“FICO Score” shall mean a credit risk score known as a “FICO® Score” and determined by the Fair Isaac Company
system implemented by Experian or a successor acceptable to the Funding Agents, in their reasonable discretion, for a consumer borrower through the analysis of individual credit files. In the event that such credit risk scoring program ceases to
exist, the Funding Agents and the Seller may select a successor credit risk scoring program as mutually agreed. 
 In the event that an
Obligor consists of more than one individual (e.g., husband and wife) (an “Obligor Group”), with respect to Funding Date Timeshare Loans, the FICO Score for such Obligor Group shall be based on the simple average (if the individuals
in the group are not jointly and severally liable) and the highest (if the individuals in the group are jointly and severally liable) of the FICO Scores for all individuals who have a FICO Score in such Obligor Group. If all individuals in an
Obligor Group have no FICO Score, then the Obligor Group shall be considered to have no FICO Score. In each case listed in this paragraph, such FICO Score is as determined at the point of sale (unless otherwise approved by the Funding Agents, in
writing, in their sole discretion). 
 “Fixed Period” shall mean a period of up to and including 270 days, as determined by
a Conduit Purchaser’s Funding Agent. 
 “Fixed Period Yield” shall mean an amount equal to, with respect to an
Interest Accrual Period, (a) the product of (i) the applicable CP Rate, (ii) the outstanding principal balance of such Conduit Purchaser’s Allocated Commercial Paper during such Interest Accrual Period and (iii) the actual
number of days that such Allocated Commercial Paper was outstanding during such Interest Accrual Period, divided by (b) 360. 

  
 - 17 - 

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

“Foreclosure Properties” shall have the meaning specified in Section 5.3(b) of the Indenture. 

“Funding Agents” shall initially mean Branch Banking and Trust Company and DZ Bank AG Deutsche Zentral-Genossenschaftsbank,
Frankfurt am Main and their successors and assigns under the Note Funding Agreement. 
 “Funding Date” shall mean the date
on which the Issuer shall make a Borrowing pursuant to the Indenture and the Note Funding Agreement. 
 “Funding Date Advance
Rate” shall mean 70.0%. 
 “Funding Date Timeshare Loans” shall mean, with respect to any Borrowing, the Eligible
Timeshare Loans to be acquired by the Issuer on the related Funding Date that have a Cut-Off Date of either (a) if such Funding Date occurs on or before the 15th day of the current calendar
month, then the 15th day of the immediately preceding calendar month or (b) if such Funding Date occurs after the 15th day of the current
calendar month, then the 15th day of the current calendar month. 
 “Funding
Maturity Date” shall have the meaning specified in Section 6.5 of the Note Funding Agreement. 
 “Funding
Percentage” shall mean with respect to (a) a Bank Purchaser, such Bank Purchaser’s Commitment as a percentage of all Commitments, (b) a Conduit Purchaser, the Commitment of the Bank Purchaser in such Conduit Purchaser’s
Purchaser Group as a percentage of all Commitments and (c) a Purchaser Group, the Commitment of the Bank Purchaser of such Purchaser Group as a percentage of all Commitments. 

“Funding Termination Event” shall mean the occurrence of any of the following events: (a) an Event of Default shall have
occurred, or (b) any representation or warranty made or deemed made by the Issuer, the Depositor, the Seller or the Servicer herein or in any other Transaction Document or which is contained in any certificate, document or financial or other
statement furnished by it at any time under or in connection with the Note Funding Agreement or any such other Transaction Document shall prove to have been incorrect in any material and adverse respect on or as of the date made or deemed made
(except where such representation or warranty specifically relates to any earlier date, in which case such representation and warranty shall have been true and correct in all material respects as of such earlier date); provided that a breach of the
Seller’s representation and warranty under Section 6(a) of each of the Sale 

  
 - 18 - 

 
Agreement or the Purchase Agreement shall be deemed to occur only if the Seller is required to and does not repurchase or provide substitute Timeshare Loans for the Timeshare Loans causing such
violation in accordance with the terms of the Purchase Agreement or Sale Agreement within the time frame provided for therein; or (c) the Issuer, the Depositor, the Seller or the Servicer shall fail to observe or perform any material provision
of any other agreement contained in the Note Funding Agreement or any other Transaction Document (other than as provided in paragraphs (a) and (b) of this definition), and such failure shall continue unremedied for a period of five
Business Days after the Issuer, the Depositor, the Seller or the Servicer becomes aware of or is notified of such failure; or (d)(i) the Indenture shall cease, for any reason, to be in full force and effect, or the Issuer shall so assert or
(ii) the Lien created by the Indenture shall cease to be enforceable and of the same effect and priority purported to be created thereby; or (e) a Cash Accumulation Event shall have occurred. 

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

 “General Reserve Account” shall mean the account maintained by the Indenture Trustee pursuant to Section 3.2(b) of
the Indenture. 
 “Governmental Authority” shall mean any nation or government, any state or other political subdivision
thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Grant” shall mean to grant, bargain, convey, assign, transfer, mortgage, pledge, create and grant a security interest in and
right of set-off against, deposit, set over and confirm. 
 “Hedge Agreement” shall mean the interest rate cap agreement(s)
entered into by the Issuer on each Funding Date in accordance with Section 9.16 of the Note Funding Agreement. 
 “Highest
Lawful Rate” shall have the meaning specified in Section 3 of the Sale Agreement. 
 “Holder” or
“Noteholder” shall mean a holder of a Note. 
 “Indebtedness” shall mean with respect to any Person at any
date, (a) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services (other than current liabilities incurred in the ordinary course of business and payable in accordance with customary trade
practices) or which is evidenced by a note, bond, debenture or similar instrument, (b) all obligations of such Person under capital leases, (c) all obligations of such Person in respect of acceptances issued or created for the account of
such Person, (d) all liabilities secured by any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof, and (e) all Indebtedness of other Persons to the extent
guaranteed by such Person. 
 “Indenture” shall mean that certain Fifth Amended and Restated Indenture, dated as of
December 1, 2013, by and among the Issuer, the Club Trustee, the Servicer, the Backup Servicer, the Indenture Trustee and the Funding Agents, as the same may be amended, supplemented or otherwise modified, from time to time in accordance with
the terms thereof. 

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

“Indenture Trustee Fee” shall mean for each Payment Date, the sum of (a) $791.67 and (b) until the Indenture
Trustee shall become the successor Servicer, the greater of (i) the product of one-twelfth of 0.0175% and the Aggregate Loan Balance as of the first day of the related Due Period and (ii) $1,500.00. 

“Initial Approved Opinion Resorts” shall mean the following resorts:
MountainLoftTM I & II, Laurel CrestTM, Shore Crest Vacation Villas I and IITM, Harbour
LightsTM, The Lodge Alley InnTM, The Falls VillageTM, Christmas Mountain VillageTM, Orlando’s Sunshine ResortTM, Solara SurfsideTM, Shenendoah CrossingTM, La Cabana Beach & Racquet Club, Casa del Mar Beach Resort, Grande Villas at World Golf Village®, Mountain Run at BoyneTM, The
Hammocks at MarathonTM, Daytona SeabreezeTM, The Suites at HersheyTM, Carolina
GrandeTM, The FountainsTM, Bluegreen Wilderness Traveler at ShenandoahTM, SeaGlass TowerTM, Bluegreen Odyssey DellsTM, Bluegreen at
Atlantic Palace, Bluegreen Club 36TM, Patrick Henry SquareTM, Bluegreen Club La PensionTM,
The Yachtsman, Lake Eve Resort, The Hotel Blake, The Club at Big Bear Village, and The Innsbruck. 
 “Initial Approved Non-Opinion
Resorts” shall mean the following resorts: Via Roma Beach Resort, Dolphin Beach Club, Fantasy Island Resort II, Gulfstream Manor, Resort Sixty-Six, Outrigger Beach Club, Players Club, Mariner’s Boathouse, Tropical Sands Resort,
Windward Passage Resort, Landmark Holiday Beach Resort, Ocean Towers Beach Club, Panama City Resort & Club, Paradise Isle Resort, Shoreline Towers, Surfrider Beach Club, Pono Kai Resort, and Lake Condominiums at Big Sky. 

“Initial Funding Date” shall mean the initial Funding Date. 

“Initial Payment Date” shall mean the Payment Date occurring after the Initial Funding Date for which there are Available
Funds. 
 “Intangible Assets” shall mean a non-physical, non-current right that gives Bluegreen or any of its subsidiaries
an exclusive or preferred position in the marketplace including but not limited to a copyright, patent, trademark, goodwill, organization costs, capitalized advertising cost, computer programs, licenses for any of the preceding, government licenses
(e.g., broadcasting or the right to sell liquor), leases, franchises, mailing lists, exploration permits, import and export permits, construction permits, and marketing quotas (all as determined in accordance with GAAP). 

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

  
 - 20 - 

 “Interest Accrual Period” shall mean with respect to (a) any Payment Date
other than the Initial Payment Date, the period from and including the immediately preceding Payment Date through and including the day before such Payment Date and (b) the Initial Payment Date, the period from and including the Initial Funding
Date through but excluding the Initial Payment Date. 
 “Interest Distribution Amount” shall equal, with respect to the
Notes and any Payment Date, the sum of (a) the Conduit Component Amount with respect to such Notes and such Payment Date, (b) the LIBOR Bank Component Amount with respect to such Notes and such Payment Date and (c) the Cost of Funds
Bank Component Amount with respect to such Notes and such Payment Date, as applicable. 
 “Introductory Loan” shall mean a
loan originated in connection with an Introductory Product. 
 “Introductory Product” shall mean certain introductory
products with FICO scores and finance terms that are intended to be held in Bluegreen’s portfolio. 
 “Investing
Office” shall mean initially, the office of any Purchaser (if any) designated as such, in the case of any initial Purchaser, in its Joinder Supplement and, in the case of any Assignee, in the related Transfer Supplement, and thereafter,
such other office of such Purchaser or Assignee as may be designated in writing to the Agent, the Issuer, the Servicer and the Indenture Trustee by such Purchaser or Assignee. 

“Issuer” shall mean BXG Timeshare Trust I, a statutory trust formed under the laws of the State of Delaware pursuant to the
Trust Agreement. 
 “Issuer Order” shall mean a written order or request delivered to the Indenture Trustee and signed in
the name of the Issuer by an Authorized Officer of the Issuer or Administrator. 
 “Knowledge” shall mean: 

(a) as to any natural Person (other than the Indenture Trustee), the actual awareness of the fact, event or circumstance at issue or proper
delivery of notification of such fact, event or circumstance; provided, however, that each such Person shall be deemed to have Knowledge of any fact, event or circumstance if such fact, event or circumstance would have been known had
such Person exercised commercially reasonable due diligence; and 
 (b) as to any Person that is not a natural Person (other than the
Indenture Trustee), that (i) the fact, event or circumstance at issue is brought to the attention of a Responsible Officer or (ii) notice has been delivered to such Person in accordance with the provisions of the relevant Transaction
Documents; provided, however, that each such Person that is not a natural person shall be deemed to have Knowledge of any fact, event or circumstance if such fact, event or circumstance would have been brought to the attention
of a Responsible Officer if the Person or Responsible Officers of such Person had exercised commercially reasonable due diligence; and 

  
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 (c) with respect to the Indenture Trustee, the actual awareness of the fact, event or
circumstance at issue or proper delivery of notification of such fact, event or circumstance. 
 “La Cabana Resort” shall
mean the Resort located in Aruba known as the La Cabana Beach and Racquet Club. 
 “Land Receivable” shall mean a loan
which was originated in connection with a sale of property by Bluegreen Communities where Bluegreen provided seller financing for the purchase of such property. 

“Large Loan” shall mean a Timeshare Loan with a Loan Balance in excess of $55,000. 

“Law” shall mean any law, treaty, regulation, rule, ordinance, judicial ruling, order or judgment. 

“Leverage Ratio” shall mean with respect to any Person as of a date of determination, the ratio of (i) the Total
Liabilities (less Subordinated Indebtedness and non-recourse receivables backed notes) of such Person on such date to (ii) the Tangible Net Worth of such Person on such date. 

“LIBOR” will be determined for any Payment Date on the second LIBOR Business Day prior to commencement of the related
Interest Accrual Period (each such date, an “Interest Determination Date”). The applicable Funding Agent will determine LIBOR for such Interest Accrual Period as the average rate quoted on Reuters Screen LIBOR01 Page (or such
replacement page), as of 11:00 a.m. (London time) on such Interest Determination Date. 
 On each Interest Determination Date, LIBOR for the
applicable Interest Accrual Period will be established by the applicable Funding Agent as follows: 
 (a) LIBOR shall be adjusted for any
change in the LIBOR Reserve Percentage so the Noteholders shall receive the same yield. 
 (b) If on such Interest Determination Date no
quotations appears on Reuters Screen LIBOR01 Page (or such replacement page), LIBOR for the related Interest Accrual Period shall be the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 0.0001%) of the one-month U.S.
dollar lending rates offered by first class banking organizations (in such Funding Agent’s sole judgment) in the London interbank market quoted at approximately 11:00 a.m. (New York City time) on the relevant Interest Determination Date. 

(c) In no event shall LIBOR be less than 0.375%. 

The establishment of LIBOR on each Interest Determination Date by the applicable Funding Agent and such Funding Agent’s calculation of
the rate of interest applicable to the Notes for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding. 

  
 - 22 - 

 “LIBOR Bank Component Amount” shall mean, with respect to a Note and a Payment
Date, an amount equal to, for a LIBOR Bank Purchaser and the related Interest Accrual Period, the sum of (a) interest accrued during such Interest Accrual Period at the LIBOR Bank Rate on the weighted average of such LIBOR Bank Purchaser’s
allocable share of the Outstanding Note Balance of such Note immediately prior to such Payment Date and (b) the amount of unpaid LIBOR Bank Component Amounts from prior Payment Dates for such Note, plus, to the extent permitted by applicable
law, interest on such unpaid amount at the LIBOR Bank Rate. The LIBOR Bank Component Amount shall be calculated on an actual/360 basis. 

“LIBOR Bank Purchaser” shall initially mean Branch Banking and Trust Company, and any other Purchaser identified as a LIBOR
Bank Purchaser in the Joinder Supplement or Transfer Supplement pursuant to which such Purchaser becomes a party to the Note Funding Agreement. 

“LIBOR Bank Rate” shall mean (a) prior to the commencement of the Term-Out Period, LIBOR plus 3.50%, and (b) during
the Term-Out Period, LIBOR plus 5.50%. 
 “LIBOR Business Day” shall mean any day (a) other than (i) a Saturday,
Sunday or (ii) other day on which banks are required or authorized to close in London or New York City and (b) on which dealings in foreign currency and exchange are carried on in the London interbank market. 

“LIBOR Reserve Percentage” shall mean the maximum aggregate rate at which reserves (including, without limitation, any
marginal supplemental or emergency reserves) are required to be maintained under Regulation D by member banks of the Federal Reserve System with respect to dollar funding in the London interbank market. Without limiting the effect of the foregoing,
the LIBOR Reserve Percentage shall reflect any other reserves required to be maintained by such member banks by reason of any applicable regulatory change against (a) any category of liability which includes deposits by reference to which LIBOR
or Three-month LIBOR, as applicable, is to be determined or (b) any category of extensions of credit or other assets related to LIBOR or Three-month LIBOR, as applicable. 

“Lien” shall mean any mortgage, pledge, hypothecation, assignment for security, security interest, claim, participation,
encumbrance, levy, lien or charge. 
 “Liquidation” shall mean with respect to any Timeshare Loan, the sale or compulsory
disposition of a Foreclosure Property, following foreclosure, termination or other enforcement action or the taking of a deed-in-lieu of foreclosure, to a Person other than the Servicer or an Affiliate thereof. 

“Liquidation Expenses” shall mean, with respect to the Foreclosure Property related to a Defaulted Timeshare Loan, as of any
date of determination, any reasonable out-of-pocket expenses (exclusive of overhead expenses) incurred by the Servicer or the Remarketing Agent in connection with the performance of its obligations under Section 5.3(a)(xiii) in the Indenture or
the Remarketing Agreement, as applicable, including, but not limited to, (a) any foreclosure, deed in lieu of foreclosure or termination and other repossession expenses incurred with respect to such Foreclosure Property, (b) commissions
and marketing and sales expenses 

  
 - 23 - 

 
incurred by the Servicer or the Remarketing Agent with respect to the remarketing of the related Foreclosure Property (including the Remarketing Fee), and (c) any other fees and expenses
reasonably applied or allocated in the ordinary course of business with respect to the Liquidation of a Foreclosure Property (including any assessed and unpaid Association fees and real estate taxes). 

“Liquidation Proceeds” shall mean with respect to the Liquidation of any Foreclosure Property related to a Defaulted
Timeshare Loan, the amounts actually received by the Servicer or the Remarketing Agent in connection with such Liquidation. 
 “Loan
Balance” shall mean, for any date of determination, the outstanding principal balance due under or in respect of a Timeshare Loan (including a Defaulted Timeshare Loan). For purposes of clause (b) of the definition of Default Level
(Trust Estate) only, Loan Balance shall be net of Net Liquidation Proceeds from disposition of Timeshare Properties to persons other than the Servicer during such Due Period. 

“Lockbox Account” shall mean the deposit account maintained at the Lockbox Bank pursuant to the Lockbox Agreement, which
shall be a non-interest bearing account. 
 “Lockbox Agreement” shall mean the amended and restated deposit account control
agreement, dated as of December 1, 2013, by and among the Issuer, the Indenture Trustee and the Lockbox Bank, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. 

“Lockbox Bank” shall mean Bank of America, a national banking association or such other provider upon agreement of the
Servicer, the Issuer and the Funding Agents. 
 “Lockbox Fee” shall mean on each Payment Date, the fee payable by the
Issuer to the Lockbox Bank in accordance with the Lockbox Agreement. 
 “Lost Note Affidavit” shall mean the affidavit to
be executed in connection with any delivery of a Mortgage Note or with respect to Aruba Club Loans, an Owner Beneficiary Agreement, in lieu of such original in the form of Exhibit D attached to the Sale Agreement. 

“Material Credit Facility” shall mean any credit facility entered into by Bluegreen and/or any of its Affiliates with an
outstanding principal balance or commitment of $10,000,000 or greater; provided, that any credit facility for which the sum of the outstanding principal balance and the remaining availability under the related commitment is less than $10,000,000,
shall not be a Material Credit Facility. 
 “Maximum Borrowing Amount” shall mean, with respect to a Funding Date, an
amount equal to the product of (a) the related Funding Date Advance Rate and (b) the aggregate Loan Balance of all related Funding Date Timeshare Loans. 

“Maximum Commitment” shall mean, with respect to each Bank Purchaser, the maximum amount of such Bank Purchaser’s
commitment to make advances to the Issuer as set forth in the Joinder Supplement or the Transfer Supplement by which such Bank Purchaser became a party to the Note Funding Agreement. 

  
 - 24 - 

 “Maximum Facility Balance” shall have the meaning specified in
Section 2.2(f) of the Note Funding Agreement. 
 “Misdirected Deposits” shall mean such payments that have been
deposited into the Collection Account in error. 
 “Monthly Servicer Report” shall have the meaning specified in
Section 5.5 of the Indenture. 
 “Moody’s” shall mean Moody’s Investors Service, Inc. 

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

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

“Net Liquidation Proceeds” shall mean with respect to a Liquidation, the positive difference between Liquidation Proceeds and
Liquidation Expenses. 
 “New Servicing Fee Proposal” shall have the meaning specified in Section 5.4 of the
Indenture. 
 “Non-Opinion Resorts” shall mean Initial Approved Non-Opinion Resorts and any Additional Approved Non-Opinion
Resorts. 
 “Note Funding Agreement” shall mean that certain Fifth Amended and Restated Note Funding Agreement dated as of
December 1, 2013, by and among the Issuer, Bluegreen, the Depositor, the Funding Agents and the Purchasers named therein, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof.

 “Note Rate” shall mean with respect to a Conduit Purchaser’s interest in a Note, the CP Rate, with respect to a
Cost of Funds Bank Purchaser’s interest in a Note, the Cost of Funds Bank Rate and with respect to a LIBOR Bank Purchaser’s interest in a Note, the LIBOR Bank Rate. 

  
 - 25 - 

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

“Noteholder” shall mean any holder of a Note. 

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

“Oasis Lakes Loan” shall mean a loan which was originated in connection with a sale of timeshare properties at the Oasis
Lakes Resort by Lake Eve Development. 
 “Obligor” shall mean the related obligor under a Timeshare Loan. 

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

“Official Body” shall mean the government of the United States of America or any other nation, or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government (including any supranational bodies such as the European Union or the European Central Bank). 
 “Opinion of
Counsel” shall mean a written opinion of counsel, in each case acceptable to the addressees thereof. 
 “Opinion
Resort” shall mean the Initial Approved Opinion Resorts and any Additional Approved Opinion Resorts. 
 “Optional Purchase
Limit” shall mean, on any date, an amount equal to (a) 15% of the then Aggregate Initial Loan Balance less (b) the aggregate Loan Balances (as of the related purchase dates or release dates, as applicable) of all Defaulted
Timeshare Loans (i) previously purchased by the Seller pursuant to Section 6(c) of the Sale Agreement or Section 6(c) of the Purchase Agreement and (ii) previously released pursuant to Section 4.7(c) of the Indenture. 

“Optional Redemption” shall mean an election by the Issuer to redeem the Notes pursuant to Section 14.1(b) of the
Indenture. 
 “Optional Substitution Limit” shall mean, on any date, an amount equal to (x) 20% of the then Aggregate
Initial Loan Balance less (y) the aggregate Loan Balances (as of the related Transfer Dates) of all Defaulted Timeshare Loans previously substituted by the Club Originator pursuant to Section 6(c) of the Sale Agreement or
Section 6(c) of the Purchase Agreement. 

  
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 “Original Club Loan” shall mean a Timeshare Loan for which the related Obligor
has elected to effect and the Club Originator has agreed to effect an Upgrade. 
 “Originator” shall mean either the Club
Originator or the Aruba Originator. 
 “Outstanding” shall mean, with respect to the Notes and Borrowings evidenced
thereby, as of any date of determination, all Notes theretofore authenticated and delivered under the Indenture except: 
 (a) Notes
theretofore canceled by the Indenture Trustee or delivered to the Indenture Trustee for cancellation; 
 (b) Notes or portions thereof for
whose payment money in the necessary amount has been theretofore irrevocably deposited with the Indenture Trustee in trust for the holders of such Notes or previously paid; and 

(c) Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to the Indenture unless proof
satisfactory to the Indenture Trustee is presented that any such Notes are held by a Person in whose hands the Note is a valid obligation; provided, however, that in determining whether the holders of the requisite percentage of the
Outstanding Note Balance of the Notes have given any request, demand, authorization, direction, notice, consent, or waiver under the Indenture, Notes owned by Bluegreen, the Depositor, the Issuer or any Affiliate of the foregoing shall be
disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, or waiver, only Notes that a Responsible
Officer of the Indenture Trustee actually has notice are so owned shall be so disregarded. 
 “Outstanding Note Balance”
shall mean as of any date of determination and Note, the aggregate amount of Borrowings Outstanding in respect of such Note; provided, however, to the extent that for purposes of consents, approvals, voting or other similar act of the
Noteholders under any of the Transaction Documents, “Outstanding Note Balance” shall exclude Notes which are held by Bluegreen, the Depositor or any Affiliates thereof. 

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

“Owner Beneficiary Agreement” shall mean the purchase agreement entered into by each Obligor and the Developer with respect
to the Club Loans. 
 “Owner Beneficiary Rights” shall have the meaning specified in the Club Trust Agreement. 

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

  
 - 27 - 

 “Owner Trustee Corporate Trust Office” shall mean 1100 North Market Street,
Wilmington, Delaware 19890-1605. 
 “Owner Trustee Fee” shall mean an annual fee equal to (a) prior to the Owner
Trustee becoming successor Administrator, $6,000.00 or (b) upon the Owner Trustee becoming successor Administrator, $5,000.00, which fee shall be due and payable on the first Payment Date of each year during the term hereof occurring after the
Issuer’s receipt of an invoice therefor. 
 “Paying Agent” shall mean any Person authorized under the Indenture to
make the distributions required under Sections 3.4 of the Indenture, which such Person initially shall be the Indenture Trustee. 

“Payment Date” shall mean the fifth day of each month, or, if such date is not a Business Day, then the next succeeding
Business Day, commencing on the Initial Payment Date. 
 “Payment Default Event” shall have occurred if (a) the Notes
shall become due and payable pursuant to paragraph (a) of the definition of Event of Default or (b) the Notes shall otherwise become due and payable following an Event of Default under the Indenture and both of the Funding Agents have, in
their good faith judgment, determined that the value of the assets comprising the Trust Estate is less than the Aggregate Outstanding Note Balance. 

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

“Portfolio Loans” shall mean all assets serviced by the Servicer other than Land Receivables, RDI Loans, Introductory Loans,
Conversion Loans and Oasis Lakes Loans. 
 “Predecessor Servicer Work Product” shall have the meaning specified in
Section 5.4(b) of the Indenture. 

  
 - 28 - 

 “Prime Rate” shall mean the rate of interest per annum publicly announced from
time to time by Branch Banking and Trust Company as its prime rate in effect at its office located in Winston-Salem, North Carolina; each change to the Prime Rate shall be effective from and including the date such change is publicly announced as
being effective. 
 “Principal Distribution Amount” shall mean an amount equal to, with respect to each Payment Date, the
amount of principal that must be repaid on all Notes such that a Borrowing Base Deficiency will not occur, giving effect to distributions made pursuant to Section 3.4(a)(xi) of the Indenture on such Payment Date; provided,
however, after the end of the Term-Out Period, the Principal Distribution Amount shall equal the Aggregate Outstanding Note Balance. 

“Purchase Agreement” shall mean the amended and restated purchase and contribution agreement, dated as of December 1,
2013, between the Seller and the Depositor pursuant to which the Seller sells, from time to time, Timeshare Loans to the Depositor, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms
thereof. 
 “Purchaser” shall mean a Conduit Purchaser or a Bank Purchaser. 

“Purchaser Group” shall mean each of (a) a group consisting of Branch Banking and Trust Company as a LIBOR Bank
Purchaser and the related Funding Agent, (b) a group consisting of Autobahn Funding Company LLC as a Conduit Purchaser and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, as a Cost of Funds Bank Purchaser and as the related
Funding Agent for such Purchaser Group, and (c) each group consisting of one or more Purchasers and a Funding Agent identified in the Joinder Supplement or Transfer Supplement pursuant to which such Persons become party to the Note Funding
Agreement. 
 “Purchaser/Participant Register” shall have the meaning specified in Section 8.2 of the Note Funding
Agreement. 
 “Qualified Hedge Counterparty” shall mean (a) Branch Banking and Trust Company or DZ Bank AG Deutsche
Zentral-Genossenschaftsbank, Frankfurt am Main or any Affiliates thereof or (b) any financial institution with a short term rating of at least “A-1+” from S&P (or “A-1” if such institution has a long term credit rating
of “AA” or higher) and “P-1” from Moody’s. 
 “Qualified Substitute Timeshare Loan” shall mean a
timeshare loan (a) that, when aggregated with other Qualified Substitute Timeshare Loans being substituted on such Transfer Date, has a Loan Balance, after application of all payments of principal due and received during or prior to the month
of substitution, not in excess of the Loan Balance of the Timeshare Loan being substituted on the related Transfer Date, and (b) that complies, as of the related Transfer Date, with each of the representations and warranties contained in the
Sale Agreement and the Purchase Agreement, including that such Qualified Substitute Timeshare Loan is an Eligible Timeshare Loan, (c) the stated maturity of such Qualified Substitute Timeshare Loan is not later than the Payment Date in December
2027 and (d) that complies, as of the related Transfer Date, with the representations and warranties in Section 3.2(h) of the Note Funding Agreement; provided that there will be no age requirement if a Qualified Substitute Timeshare Loan
is an Upgrade Club Loan replacing an Original Club Loan with the same Obligor. 

  
 - 29 - 

 “Rating Agency” shall mean, in the case of the calculation of clause (d) of
the definition of Borrowing Base Percentage, each rating agency for which a special request has been made as to required percentage credit enhancement or each rating agency which shall have provided a rating in a recent securitization of timeshare
loans originated by Bluegreen or one of its Affiliates. 
 “RDI Loan” shall mean a timeshare loan originated by RDI Group,
Inc. or one of its Affiliates (other than Bluegreen). 
 “Receivables” shall mean the payments required to be made pursuant
to a Timeshare Loan. 
 “Record Date” shall mean, with respect to any Payment Date, the close of business on the last
Business Day of the calendar month immediately preceding the month such Payment Date occurs. 
 “Redemption Date” shall
mean the date on which the Notes shall be redeemed pursuant to Section 14.1 of the Indenture. 
 “Redemption Price”
shall mean, with respect to each Note, the sum of the Outstanding Note Balance of such Note, together with interest accrued and unpaid thereon at the applicable Note Rate up to and including the Redemption Date. 

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

“Remarketing Agreement” shall mean that certain amended and restated remarketing agreement, dated as of December 1,
2013, by and among, the Servicer, the Issuer, the Remarketing Agent and the Indenture Trustee, as the same may be amended, modified or supplemented from time to time in accordance with the terms thereof. 

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

  
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 “Request for Release” shall be a request for release of Timeshare Loan Documents
in the form required by the Custodial Agreement. 
 “Required Hedge Amount” shall mean for any Funding Date, an amount
equal to the product of (x) the Funding Date Advance Rate and (y) the aggregate Loan Balance of Timeshare Loans related to the Borrowing on such Funding Date. 

“Required Noteholders” shall mean, (a) so long as Branch Banking and Trust Company and DZ Bank are the only two Funding
Agents and the only two Noteholders, all of the Noteholders, and (b) at all other times, the Noteholders representing at least 66-2/3% of the Aggregate Outstanding Note Balance. 

“Required Payments” shall mean each of the items described in (i) through (xi) of Section 3.4 of the
Indenture. 
 “Required Purchasers” shall mean, (a) so long as Branch Banking and Trust Company and DZ Bank are the
only two Funding Agents and the only two Noteholders, all of the Bank Purchasers, and (b) at all other times, Purchasers representing at least 66-2/3% of the Commitments of the Bank Purchasers. 

“Requirements of Law” shall mean, as to any Person, the certificate of incorporation and by-laws or other organizational or
governing documents of such Person, and any law, treaty, rule or regulation, determination or order of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to
which such Person or any of its property is subject. 
 “Reservation System” shall mean the reservation system utilized by
the Club and owned by the Club Managing Entity or the services contracted by the Club Managing Entity with a third party. 

“Residual Interest Certificate” shall mean the certificate issued under the Trust Agreement, which represents the economic
residual interest of the Trust formed thereunder. 
 “Residual Interest Owner” shall mean the owner of the Residual
Interest Certificate issued by the Issuer pursuant to the Trust Agreement, which shall initially be the Depositor. 

“Resort” shall mean, as the context shall require, the resort at which the Timeshare Property related to a Timeshare Loan is
located. 
 “Resort Interests” shall have the meaning specified in the Club Trust Agreement. 

“Responsible Officer” shall mean (a) when used with respect to the Owner Trustee or the Indenture Trustee, any officer
assigned to the Owner Trustee Corporate Trust 

  
 - 31 - 

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

“S&P” shall mean Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services
LLC business, or its successor. 
 “Sale Agreement” shall mean that certain Amended and Restated Sale Agreement, dated as
of December 1, 2013, between the Depositor and the Issuer pursuant to which the Depositor sells Timeshare Loans, from time to time, to the Issuer, as the same may be amended, modified or supplemented from time to time in accordance with the
terms thereof. 
 “Schedule of Timeshare Loans” shall mean the list of Timeshare Loans delivered pursuant to the Sale
Agreement, as amended from time to time to reflect repurchases, substitutions, and Qualified Substitute Timeshare Loans conveyed pursuant to the terms of the Indenture, which list shall set forth the following information with respect to each
Timeshare Loan as of the related Cut-Off Date, as applicable, in numbered columns: 
  

	 	1	Name of Obligor 

  

	 	2	Condo Ref/Loan Number 

  

	 	3	Interest Rate Per Annum 

  

	 	4	Date of Origin 

  

	 	5	Maturity 

  

	 	6	Monthly Payment 

  

	 	7	Original Loan Balance 

  

	 	8	Original Term 

  

	 	9	Outstanding Loan Balance 

  

	 	10	Down Payment 

  

	 	11	First payment date 

  

	 	12	Loan Term 

  

	 	13	Zip Code 

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

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

  
 - 32 - 

 “Seller” shall mean Bluegreen. 

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

“Servicer” shall mean Bluegreen in its capacity as servicer under the Indenture, the Backup Servicing Agreement and the
Custodial Agreement, and its permitted successors and assigns. 
 “Servicer Event of Default” shall mean the occurrence of
any of the following: 
 (a) any failure by the Servicer to make any required payment, transfer or deposit when due as required by the
Indenture and the continuance of such default for a period of two Business Days; provided, however, that the period within which the Servicer shall make any required payment, transfer or deposit shall be extended to such longer period
as is appropriate in the event of a Force Majeure Delay; provided, further, that such longer period shall not exceed five Business Days; or 

(b) any failure by the Servicer to provide any required report within five Business Days of when such report is required to be delivered
pursuant to the Indenture; provided, however, that the period within which the Servicer shall deliver such reports shall be extended to such longer period as is appropriate in the event of a Force Majeure Delay; provided,
further, that such longer period shall not exceed ten Business Days from when such report is required to be delivered pursuant to the Indenture; or 

(c) any failure by the Servicer to observe or perform any other covenant or agreement which has a material adverse effect on the Noteholders
and such failure is not remedied within 30 days (or, if the Servicer shall have provided evidence satisfactory to the Funding Agents, in their sole discretion, (i) that such breach cannot be cured in the 30-day period, (ii) that such
breach can be cured within an additional 30-day period and (iii) that it is diligently pursuing a cure, then 60 days), after the earlier of (x) the Servicer first acquiring Knowledge thereof and (y) the Indenture Trustee’s or
Funding Agents’ giving written notice thereof to the Servicer; provided, however, that if such default or breach is in respect of a covenant that cannot be cured, there shall be no grace period whatsoever; or 

(d) any representation or warranty made by the Servicer in the Indenture shall prove to be incorrect as of the time when the same shall have
been made, and such breach is not remedied within 30 days (or, if the Servicer shall have provided evidence satisfactory to the Agent, in its sole discretion, (i) that such breach cannot be cured in the 30-day period, (ii) that such breach
can be cured within an additional 30-day period and (iii) that it is diligently pursuing a cure, then 60 days) after the earlier of (x) the Servicer first acquiring Knowledge thereof and (y) the Indenture Trustee’s or
Agent’s giving written notice thereof to the Servicer; provided, however, that if such breach is in respect of a representation or warranty that cannot be cured, there shall be no grace period whatsoever; or 

(e) the entry by a court having competent jurisdiction in respect of the Servicer of (i) a decree or order for relief in respect of the
Servicer in an involuntary case or 

  
 - 33 - 

 
proceeding under any applicable federal or state bankruptcy, insolvency, reorganization, or other similar law or (ii) a decree or order adjudging the Servicer as a bankrupt or insolvent, or
approving as properly filed a petition seeking reorganization, arrangement, adjustment, or composition of or in respect of the Servicer under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee,
sequestrator, or other similar official of the Servicer, or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or
order unstayed and in effect for a period of 60 consecutive days; 
 (f) the commencement by the Servicer of a voluntary case or proceeding
under any applicable federal or state bankruptcy, insolvency, reorganization, or other similar law or of any other case or proceeding to be adjudicated as a bankrupt or insolvent, or the consent by either to the entry of a decree or order for relief
in respect of the Servicer in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization, or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it,
or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal or state law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator, or similar official of the Servicer or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the Servicer’s failure to pay its debts
generally as they become due, or the taking of corporate action by the Servicer in furtherance of any such action; 
 (g) a Cash
Accumulation Event that remains uncured for three consecutive Determination Dates; 
 (h) so long as the Servicer is the Club Originator,
any failure of the Club Originator to comply with its repurchase or substitution obligations specified in the Sale Agreement within the time periods specified therein; 

(i) any default of a payment obligation under any other loan facility, debt instrument or any similar financing arrangement (such facility,
instrument or financing arrangement to be an obligation in excess of five percent (5%) of the Servicer’s Tangible Net Worth) of the Servicer or any “event of default”, “early amortization event” or similar event under
any indenture, facility or agreement (such indenture, facility or agreement to be an obligation in excess of five percent (5%) of the Servicer’s Tangible Net Worth) to which the Servicer is a party and the lapse of all relevant grace
periods thereunder if the effect of the default is to cause, or permit the holders of such obligation to cause, such loan facility, debt instrument or any similar financing arrangement to become due and payable; 

(j) there shall have occurred any material adverse change in the operations of the Servicer since the Closing Date, or any other event shall
have occurred which materially adversely affects the Servicer’s ability to either service the Timeshare Loans or to perform under the Indenture; 

  
 - 34 - 

 (k) a default or breach shall occur under any other agreement, document or instrument to which
the Servicer is a party or by which the Servicer or its property is bound that is not cured within any applicable grace period therefor, and such default or breach (i) involves the failure to make any payment when due in respect of any
Indebtedness of the Servicer in excess of five percent (5%) of the Servicer’s Tangible Net Worth, or (ii) causes, or permits any holder of such Indebtedness or a trustee or agent to cause, Indebtedness or a portion thereof in excess
of five percent (5%) of the Servicer’s Tangible Net Worth to become due prior to its stated maturity or prior to its regularly scheduled dates of payment, regardless of whether such default is waived, or such right is exercised, by such
holder, trustee or agent; 
 (l) the Servicer (so long as the Servicer is the Club Originator) ceases to own at least 100% of the Depositor;
or 
 (m) any failure by the Servicer to satisfy the Servicer Financial Covenants (other than a failure to satisfy item (d) of the
Servicer Financial Covenants); or 
 (n) any failure by the Servicer to satisfy item (d) of the Servicer Financial Covenants and such
failure remains uncured for (i) five Business Days if the failure is a result of the Servicer having consolidated unrestricted cash less than $25,000,000, or (ii) 30 days if the failure is a result of the Servicer having consolidated
unrestricted cash equal to or greater than $25,000,000 but less than $35,000,000; or 
 (o) there occurs an event under any Material Credit
Facility that is an “Event of Default” as defined thereunder, or, if such term is not defined thereunder, an event as defined using a term similar to “Event of Default”; provided, that if such Material Credit Facility by its
original terms and not by way of amendment or waiver following the event that caused the Event of Default, provides for a cure period after an “Event of Default” thereunder, then this clause (o) of the definition of Servicer Event of
Default will be subject to such cure period. 
 “Servicer Financial Covenants” shall be satisfied on any date of
determination if each of the following is true: 
 (a) at the end of the most recent quarter, the Servicer shall have Tangible Net Worth at
least equal to the greater of (i) $250,000,000 and (ii) the sum of: 
 (A) the product of (1) 75% and
(2) its Tangible Net Worth at September 30, 2013 and 
 (B) the product of (1) 50% and (2) the greater of
(x) $0 and (y)(I) its Tangible Net Worth at the end of the such quarter minus (II) its Tangible Net Worth at September 30, 2013; 

(b) at the end of the most recent quarter, the Servicer shall have a Leverage Ratio of no greater than 2:1; 

  
 - 35 - 

 (c) at the most recent Test Date, the average Delinquency Level (Portfolio) for the last six Test
Dates is less than or equal to 9% and the average Default Level (Portfolio) for the last 12 Test Dates is less than or equal to 14%; and 

(d) at the most recent Test Date, the Servicer shall have consolidated unrestricted cash equal to at least $35,000,000. 

“Servicer Termination Costs” shall mean any extraordinary out-of-pocket expenses incurred by the Indenture Trustee associated
with the transfer of servicing. 
 “Servicing Fee” shall mean for any Payment Date, the product of (a)(i) if Bluegreen or
an affiliate thereof is Servicer, one-twelfth of 1.50% and (ii) if the Indenture Trustee is the successor Servicer, one-twelfth of 1.55%, and (b) the Aggregate Loan Balance as of the first day of the related Due Period; provided that if
the Indenture Trustee is the successor Servicer, it shall, after payment of the Backup Servicing Fee, be entitled to a minimum monthly payment of $5,500.00. 

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

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

“Similar Law” shall mean the prohibited transaction rules under ERISA or section 4975 of the Code or any substantially
similar provision of federal, state or local law. 
 “Stated Maturity” shall mean the Payment Date occurring in December
2028. 
 “Statutory Trust Statute” shall mean the Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware
Code, 12 Del. C. § 3801, et seq., as the same may be amended from time to time. 
 “Subordinated Indebtedness” shall
mean as of any date of determination (a) the current outstanding balance of indebtedness of Bluegreen which is denoted in Bluegreen’s audited financial statements in effect on the Closing Date as any junior subordinated debentures that are
outstanding on the Closing Date plus (b) any subordinated indebtedness thereafter approved as such by the Funding Agents for purposes of the calculation of the Servicer Financial Covenants. 

  
 - 36 - 

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

“Subsequent Funding Date” shall mean any Funding Date other than the Initial Funding Date. 

“Subsidiary” shall mean, with respect to any Person, any corporation, partnership or other entity of which at least a
majority of the securities or other ownership interests having by the terms of thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of such corporation, partnership or other entity
(irrespective of whether or not at the time securities or other ownership interests of any other class or classes of such corporation, partnership or other entity shall have or might have voting power by reason of the happening of any contingency)
is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person. 

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

“Takeout Financing” shall mean any securitization or other financing of the assets securing the Notes whereby at least 95% of
the Aggregate Outstanding Note Balance is repaid from the proceeds of such securitization or other financing. 
 “Tangible Net
Worth” shall mean Consolidated Net Worth minus Intangible Assets plus Subordinated Indebtedness. The Tangible Net Worth of the Servicer at September 30, 2013 is $332,531,000. 

“TARGET2 Day” shall mean any day on which TARGET2, the real time gross settlement system owned and operated by the
eurosystem, is open for the settlement of payments in euro. 
 “Term-Out Period” shall mean the period commencing on the
Facility Termination Date and ending on the date which is 36 months after the Facility Termination Date. 
 “Test Date”
shall mean the last Business Day of the second calendar month preceding a Payment Date. 
 “Three-month EURIBOR” will be
determined for any Payment Date on the second TARGET2 Day prior to the commencement of the related Interest Accrual Period (each such date, a “Quotation Day”). The applicable Funding Agent will determine EURIBOR for such
Interest Accrual Period as the percentage rate per annum determined by the Banking Federation of the European Union for three month borrowing periods displayed on the appropriate Reuters Screen on such Quotation Day, provided that if such rate is
not available, then EURIBOR will be determined as the rate at which DZ Bank could borrow funds in the European interbank market on such Quotation Day. 

  
 - 37 - 

 “Three-month LIBOR” will be determined for any Payment Date on the second
Business Day prior to the commencement of the related Interest Accrual Period by the applicable Funding Agent as the interest rate per annum equal to the quotient of (i) the rate of interest per annum (rounded upward, if necessary, to the
nearest 1/16th of 1%) as determined on the basis of the offered rates for deposits in U.S. dollars, for a period of three months, which appears at Reuters Screen LIBOR01 Page as of 11:00 A.M. (London time), divided by (ii) one
minus the LIBOR Reserve Percentage. If the applicable Funding Agent is unable to determine Three-month LIBOR by reference to Reuters Screen LIBOR01 Page, then Three-month LIBOR for that Interest Accrual Period will be determined on the basis
of the offered rate for deposits in U.S. dollars for a period of three months as offered by DZ Bank in the London interbank market at approximately 11:00 A.M. (London time) on the first day of such Interest Accrual Period. 

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

“Timeshare Loan” shall mean a Club Loan, an Aruba Non-Club Loan, a Wilderness Loan or a Qualified Substitute Timeshare Loan,
subject to the Lien of the Indenture. As used in the Transaction Documents, the term “Timeshare Loan” shall include the related Mortgage Note, Mortgage, the Owner Beneficiary Agreement and other Related Security contained in the related
Timeshare Loan Documents. 
 “Timeshare Loan Acquisition Price” shall mean with respect to any Timeshare Loan, an amount
equal to the Loan Balance of such Timeshare Loan plus accrued and unpaid interest thereon up to and including the related Cut-Off Date. 

“Timeshare Loan Documents” shall mean with respect to each Timeshare Loan and each Obligor, the related (a) Timeshare
Loan Files, and (b) Timeshare Loan Servicing Files. 
 “Timeshare Loan File Deficiency” shall mean any Timeshare Loan
for which the related Timeshare Loan File does not contain any of (a) the original recorded Mortgage, (b) the original Assignments of Mortgage in recordable form (which may be a part of a blanket assignment of more than one Club Loan
(other than an Aruba Club Loan)), showing the assignment of such Club Loan (other than an Aruba Club Loan) from the Club Originator to             , or (c) a final original
lender’s title insurance policy showing only exceptions to coverage that would be customarily acceptable to a prudent real estate lender; provided, however, with respect to (a) and (b) above, no Timeshare Loan File Deficiency shall
exist if the reason for such deficiency is not within the control of the Servicer. 
 “Timeshare Loan File Deficiency Excluded
Balance” shall mean for any date of determination and for all Timeshare Loans related to a Custodian’s Certification that is 180 or more days old, the aggregate Loan Balance of all Timeshare Loans related to such Custodian’s
Certification that have a Timeshare Loan File Deficiency, if any. 

  
 - 38 - 

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

	 	1.	with respect to a Club Loan (other than an Aruba Club Loan), the original Mortgage Note, or a Lost Note Affidavit with respect thereto, executed by the Obligor, endorsed either as (i) “Pay to the order of
            , without recourse, representation or warranty” (either directly on the Mortgage Note or on an allonge placed with such Mortgage Note), by an Authorized Officer of the Club
Originator (such Authorized Officer’s signature may be computer generated), or (ii) a chain of endorsement as follows: “Pay to the order of Bluegreen Timeshare Finance Corporation I, without recourse, representation or warranty”,
“Pay to the order of BXG Timeshare Trust I, without recourse, representation or warranty” and “Pay to the order of U.S. Bank National Association, as Indenture Trustee for the holders of the BXG Timeshare Trust I Timeshare Loan-Backed
VFN Notes, Series I, without recourse, representation or warranty except as provided in the related Indenture” (either directly on the Mortgage Note or on an allonge placed with such Mortgage Note), by an Authorized Officer of the Club
Originator, the Depositor and the Issuer (such Authorized Officers’ signature may be computer generated), respectively, (in the case of both clauses (i) and (ii) above, together with a complete chain of endorsements from the original
payee to the Club Originator, if applicable); 

  

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

  

	 	3.	with respect to a Club Loan (other than an Aruba Club Loan), original Assignments of Mortgage in recordable form, but unrecorded, (which may be a part of a blanket assignment, in which case, a copy thereof of more than
one Club Loan, with the original blanket Assignments of Mortgage held by the Custodian in the related master pool header file), showing the assignment of such Club Loan from the Club Originator to
            ; 

  

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

  

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

  
 - 39 - 

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

 

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

  

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

  

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

 

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

 

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

 Where documents are not required to be originals, the copies of the same that are a part of any Timeshare
Loan File may be in electronic or paper format. 
 “Timeshare Loan Rate” shall mean with respect to any Timeshare Loan, the
specified coupon rate thereon. 
 “Timeshare Loan Servicing Files” shall mean with respect to each Timeshare Loan and each
Obligor, the portion of the Timeshare Loan Files necessary for the Servicer to service such Timeshare Loan including but not limited to (a) the copy of the truth-in-lending disclosure statement executed by such Obligor, as applicable,
(b) all writings pursuant to which such Timeshare Loan arises or which evidences such Timeshare Loan and not delivered to the Custodian, (c) all papers and computerized records customarily maintained by the Servicer in servicing timeshare
loans comparable to the Timeshare Loans in accordance with the Servicing Standard and (d) each Timeshare Program Consumer Document (not the original), if applicable, related to the applicable Timeshare Property. 

  
 - 40 - 

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

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

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

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

“Total Liabilities” shall mean the Indebtedness of Bluegreen which is denoted in Bluegreen’s audited (or, to the extent
audited are not available, unaudited) quarterly financial statements as “Total Liabilities” as determined in accordance with GAAP. 

“Transaction Documents” shall mean the Indenture, the Purchase Agreement, the Sale Agreement, the Lockbox Agreement, the
Backup Servicing Agreement, the Administration Agreement, the Remarketing Agreement, the Custodial Agreement, the Note Funding Agreement, the Fee Letter, and all other agreements, documents or instruments (other than the Timeshare Loan Documents)
delivered in connection with the transactions contemplated thereby. 
 “Transfer Date” shall mean with respect to a
Qualified Substitute Timeshare Loan, the date on which the Seller substitutes one or more Timeshare Loan in accordance with Section 4.6 of the Indenture. 

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

“Trust” shall mean the Issuer. 

“Trust Accounts” shall mean collectively, the Lockbox Account, the Collection Account and the General Reserve Account. 

  
 - 41 - 

 “Trust Agreement” shall mean the Amended and Restated Trust Agreement, dated
December 17, 2013, by and among Bluegreen Timeshare Finance Corporation I, GSS Holdings, Inc. and Wilmington Trust Company, as the same may be amended, modified or supplemented from time to time in accordance with the terms thereof. 

“Trust Certificate” shall mean the certificate issued under the Trust Agreement, which represents the sole equity interest in
the Trust formed thereunder. 
 “Trust Estate” shall have the meaning specified in the Granting Clause of the Indenture.

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

“Trust Owner” shall mean the owner of the non-economic Trust Certificate issued by the Issuer pursuant to the Trust
Agreement, which shall be GSS Holdings, Inc. 
 “Trust Owner Fee” shall mean an annual fee equal to $3,500. 

“Trust Paying Agent” shall have the meaning specified in Section 3.13 of the Trust Agreement. 

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

 “Unit(s)”: shall mean one individual air-space condominium unit, cabin, villa, cottage, townhome, platform tent, cabin,
campsite for recreational vehicle or lot within a Resort, together with all furniture, fixtures and furnishings therein, if applicable, and together with any and all interests in common elements appurtenant thereto, as provided in the related
Timeshare Program Governing Documents. 
 “Upgrade” shall mean the process in which (a) an obligor of an Original Club
Loan elects to (i)(A) reconvey the existing Club Property for a new Club Property (such new Club Property having a greater dollar value than the existing Club Property) and (B) cancel the Original Club Loan in exchange for an Upgrade Club Loan
secured by such new Club Property or (ii)(A) acquires additional Club Property and (B) cancels the Original Club Loan in exchange for an Upgrade Club Loan from the Club Originator secured by the existing Club Property and the additional Club
Property or (b) an owner of existing Club Property that is fully paid elects to (i) reconvey such Club Property for new Club Property (such new Club Property having a greater dollar value than the existing Club Property) or
(ii) acquires additional Club Property. 
 “Upgrade Club Loan” shall mean the new timeshare loan originated by the
Club Originator in connection with an Upgrade. 
 “Vacation Points” shall have the meaning specified in the Club Trust
Agreement. 

  
 - 42 - 

 “Wilderness Resort” shall mean a Resort designated by Bluegreen as an outdoor,
wilderness experiential resort. 
 “Wilderness Loan” shall mean a Timeshare Loan at a Wilderness Resort that is secured by
a Unit that is a platform tent, cabin or a campsite for a recreational vehicle. 

  
 - 43 -

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