Document:

FINAL (BBCV)

         

        Annex A

         

        STANDARD DEFINITIONS

         

        “ACH Form” shall mean the ACH authorization form executed by Obligors substantially in the form attached as Exhibit O to the Agreement.

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

        “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 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 below) of Bluegreen, nor shall any such shareholder be deemed to be an Affiliate of Bluegreen. The term “control” shall mean the possession, directly or indirectly, of the power to
        direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. For purposes of this definition, only entities included in Bluegreen’s GAAP consolidated financial statements shall be an Affiliate of Bluegreen (a “Direct Affiliate”).

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

        “Aggregate Sale Date Loan Pool” shall mean, on any date of determination, all Timeshare Loans sold to the Buyer on each Sale Date during the Purchase Period.

        “Agreement” shall mean the Loan Sale and Servicing Agreement dated as of December 22, 2010, by and between BBCV Receivables-Q 2010 LLC, a Delaware limited liability company, as the seller, Quorum Federal Credit Union, a federally chartered credit union, as the buyer, Bluegreen Corporation, a Massachusetts corporation, as the
        servicer, Vacation Trust, Inc., a Florida corporation, as the club trustee, Concord Servicing Corporation, an Arizona corporation, as the backup servicer, and U.S. Bank National Association, a national banking association, as the custodian, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof.

        “Agreement Termination Date” shall mean the earlier to occur of (i) the date when all Net Investment Amounts for all Sale Date Loan Pools sold by the Seller to the Buyer have been reduced to zero and there will be no further sales of Timeshare Loans from Seller to the Buyer, and (ii) the Facility Termination Date.
        

         

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        “Approved Financial Institution” shall mean a federal or state-chartered depository institution or trust company having a combined surplus and capital of at least one hundred million dollars ($100,000,000) and further having (a) commercial paper, short-term debt obligations, or other short-term deposits that are rated at
        least “A-1” by S&P or “P-1” by Moody’s , if the deposits are to be held in the account for thirty (30) days or less, or (b) having long-term unsecured debt obligations that are rated at least investment grade by S&P and Moody’s, if the deposits are to be held in the account more than thirty (30) days. Notwithstanding the foregoing, if an account is held by an Approved Financial Institution, following a downgrade, withdrawal, qualification, or
        suspension of such institution’s rating, each account must promptly (and in any case within not more than thirty (30) calendar days) be moved with written notice to the Buyer, to an Approved Financial Institution. 

        “Aruba Club Loans” shall mean all timeshare loans originated by the Aruba Originator on or after January 26, 2004 each secured by Co-op Shares.

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

        “Assets” shall have the meaning set forth in Section 1.8 of the Agreement.

        “Assignment of Mortgage” shall mean, with respect to a Deeded Club Loan, a written assignment of one or more Mortgages from the related Originator to the Buyer, 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 Buyer. 

        “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 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 Agreement on behalf of such corporation, limited liability company or partnership, as the case may be.

        “Available Funds” shall mean for any Distribution Date, (a) all funds on deposit in the Collection Account (including interest paid, if any, on funds in the Collection Account from the prior Distribution Date through and including the day immediately preceding such Distribution Date) after making all transfers and deposits
        required from (i) the Lockbox Account, (ii) the Seller pursuant to the Agreement, and (iii) the Servicer pursuant to the Agreement, less (b) amounts on deposit in the Collection Account related to collections related to any Due Periods subsequent to the Due Period related to such Distribution Date, less (c) any Additional Servicing Compensation on deposit in the Collection Account, less (d) Misdirected Deposits, if any.

         

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

        “Backup Servicing Agreement” shall mean the backup servicing agreement, dated as of December 22, 2010, by and among the Seller, the Servicer, the Backup Servicer and the Buyer, 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 Distribution 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) seven hundred fifty dollars ($750.00) and (ii) the product of (1)(x) $0.10 and (y) the number of Timeshare Loans sold to the Buyer at the end of the related Due Period up to twenty thousand (20,000) and (2)(x) $0.075 and (y) the number of Timeshare Loans sold to the Buyer at the end of the related Due
        Period in excess of twenty thousand (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.

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

        “BBCV” shall mean Bluegreen/Big Cedar Vacations, LLC, a Delaware limited liability company, and its permitted successors and assigns.

        “BBCV Originator” shall mean Bluegreen/Big Cedar Vacations, LLC, a Delaware limited liability company, in its capacity as an Originator. 

        “Beneficiary” shall have the meaning set forth in the Club Trust Agreement.

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

        “Business Day” shall mean any day other than (a) a Saturday, (b) a Sunday, (c) a day on which banking institutions in New York City, the State of Florida, the State of Minnesota or the city in which the Servicer is located, are authorized or obligated by law or executive order to be closed or (d) a day when the Buyer is
        closed as reflected on Exhibit P as updated from time to time.

        “Buyer” shall mean Quorum Federal Credit Union, a federally chartered credit union.

         

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        “Buyer Commitment Purchase Confirmation” shall have the meaning set forth in Section 2.1(b) of the Agreement.

        “Buyer Loan Pool Repayment Amount” shall mean, on any Distribution Date, the amount actually distributed to the Buyer under Section 4.3(a)(v) and (vi) of the Agreement.

        “Buyer Purchase Confirmation” shall have the meaning set forth in Section 2.1(c) of the Agreement.

        "Buyer Purchase Price Percentage" shall mean, as of any date of determination and with respect to any Sale Date Loan Pool, (a) prior to the occurrence of a Timeshare Portfolio Performance Event, the percentage as set forth in, as applicable, the related Buyer Purchase Confirmation or the Buyer Commitment Purchase Confirmation or (b) on
        or after the occurrence of a Timeshare Portfolio Performance Event, the ratio of (i) the Net Investment Amount for the Aggregate Sale Date Loan Pool to (ii) the Aggregate Loan Balance of the Aggregate Sale Date Loan Pool, both amounts in (b)(i) and (b)(ii) as of the earlier to occur of (x) the Distribution Date immediately prior to such date of determination or (y) the most recent Distribution Date, if any, upon which a Timeshare Portfolio Performance Event was cured, such ratio
        expressed as a percentage.

        “Buyer Target Loan Pool Repayment Amount” shall mean, with respect to any Distribution Date, the amount that must be distributed to the Buyer to reduce the Net Investment Amount to the Target Net Investment Amount after giving effect to all distributions on such Distribution Date.

        
            	
                         

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

                    

        

        (a)       if any representation or warranty of the Buyer made in the Agreement 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 thirty (30) days (or, if the Buyer shall have provided evidence satisfactory to the Seller that such representation or warranty
        cannot be cured in the thirty (30) day period and that it is diligently pursuing a cure, sixty (60) days) after the earlier of (x) the Buyer first acquiring Knowledge thereof, and (y) the Seller’s giving written notice thereof to the Buyer; or

        (b)       the entry by a court or other Governmental Authority having jurisdiction over the Buyer of (i) a decree or order for relief in respect of the Buyer 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 Buyer as bankrupt or
        insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment, or composition of or in respect of the Buyer under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator, or other similar official of the Buyer, 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 sixty (60) consecutive days; or

         

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        (c)       the commencement by the Buyer 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 a bankrupt or insolvent, or the consent by either to the entry of a decree or order
        for relief in respect of the Buyer 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 Buyer or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the Buyer’s failure to pay its debts generally as they become due, or the taking of corporate action by the Buyer in furtherance of any such action; or

        (d)       the impairment of the validity of the security interest of the Seller in, or the claim by any Person (other than Seller) of a Lien in respect of, the Deferred Purchase Price or the Deposit Accounts, or the creation of any Lien on or with respect to such assets or any portion thereof not otherwise permitted by the Seller, which is not stayed
        or released within ten (10) days of the Buyer having Knowledge of its creation.

        “Closing Date” shall mean December 22, 2010.

        “Club” shall mean the Bluegreen Vacation Club multi-site timeshare plan, which has been established pursuant to the Club Trust Agreement.

        “Club Association” shall mean Bluegreen Vacation Club, Inc., a Florida not-for-profit corporation, being the owners association for the Club.

        “Club Bylaws” shall mean the Amended and Restated By-laws of Bluegreen Vacation Club, Inc., as amended.

        “Club Loans” shall mean, collectively, and as applicable, 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 Property” shall mean Timeshare Properties, Owner Beneficiary Rights and Vacation Points, and with respect to the definition of Upgrade, may also mean, as applicable, timeshare property unrelated to Timeshare Loans which are sold to the Buyer pursuant to the Agreement.

         

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        “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 Eligible Bank Account established and maintained by the Buyer pursuant to Section 4.2(a) of the Agreement.

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

        “Commitment Period” shall mean the period commencing on the Closing Date and continuing until one (1) year from the Closing Date.

        “Commitment Purchase Period” shall have the meaning set forth in Section 2.1(b) of the Agreement. 

        “Commitment Purchase Period Terms Letter” shall have the meaning set forth in Section 2.1(b) of the Agreement.

        “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.

        “Continued Errors” shall have the meaning specified in Section 7.4(b) of the Agreement. 

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

        “Credit Policy” shall mean the credit and underwriting policies of the Originators in effect on the Closing Date attached as Exhibit D to the Agreement, as may be amended from time to time.

        “Cumulative Default Level” shall mean, for any date of determination, the quotient of (a)(i) the aggregate Loan Balance of all Defaulted Timeshare Loans in the Aggregate Sale Date Loan Pool that became Defaulted Timeshare Loans, minus (ii) the Loan Balances of such Defaulted Timeshare Loans that subsequently became current,
        divided by (b) the sum of the Sale Date Aggregate Loan Balances of each of such Timeshare Loans in the Aggregate Sale Date Loan Pool, expressed as a percentage (%). The Cumulative Default Level shall not commence to be determined until one (1) year from the first Sale Date.

         

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        Custodial Agreement” shall mean the custodial agreement, dated as of December 22, 2010, by and among the Seller, the Servicer, the Backup Servicer, the Buyer and Custodian, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof providing for the custody and maintenance of the Timeshare Loan
        Documents relating to the Timeshare Loans. 

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

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

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

        “Cut-Off Date” shall mean, with respect to a Timeshare Loan, the date specified as the “Cut-Off Date” by the Seller, from time to time, in the Schedule of Timeshare Loans after which, subject to the terms of the Agreement and the other Transaction Documents, all subsequent collections related to such Timeshare
        Loans are for the account of the Buyer.

        “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 (including, as applicable, a Wilderness Loan) originated by the Club Originator or the BBCV 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 Level” shall mean for any Due Period, the aggregate Loan Balance (without regard to recoveries) of Timeshare Loans that became Defaulted Timeshare Loans during such Due Period and not repurchased or substituted by the last day of such Due Period (less the Loan Balances of Defaulted Timeshare Loans that subsequently
        became current during such Due Period which remain owned by the Buyer pursuant to the Agreement at such time) divided by the Aggregate Loan Balance on the first day of such Due Period, expressed as a percentage.

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

        “Defective Timeshare Loan” shall have the meaning specified in Section 6.1 of the Agreement.

         

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        “Deferred Purchase Price” shall mean, with respect to any Sale Date Loan Pool, the sum of (a) all collections distributed to the Seller following the Sale Date and (b) the Loan Balance of any Defaulted Timeshare Loans assigned by the Buyer to or for the benefit of the Seller, all in accordance with, respectively, Section
        4.3(a)(x) or Section 4.3(b) of the Agreement. 

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

        “Deposit Account Control Agreement” shall mean, as applicable, (a) that certain Control Agreement, dated as of December 22, 2010, by and among, the Seller, the Buyer and U.S. Bank National Association, covering the Collection Account and (b) that certain Deposit Account Control Agreement, dated as of December 22, 2010, by
        and among, the Seller, the Buyer and Bank of America, covering the Lockbox Account.

        “Deposit Accounts” shall mean and refer, as applicable, to the Collection Account and the Lockbox Account.

        “Determination Date” shall mean, with respect to any Distribution Date, the day that is five (5) Business Days prior to such Distribution Date.

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

        “Distribution Date” shall mean the second (2nd) day of each month following the end of the preceding Due Period, or, if such date is not a Business Day, then the next succeeding Business Day, commencing on the second (2nd) day of the calendar month following the first Due Period.

        “Due Period” shall mean with respect to any Distribution Date, the period from the sixteenth (16th) day of the second (2nd) preceding calendar month to the fifteenth (15th) day of the preceding calendar month.

        “Eligible Bank Account” shall mean a segregated account held for the benefit of the Buyer which may be an account maintained with Quorum Federal Credit Union or which is either: (a) maintained with an Approved Financial Institution and in the name of the Buyer; or (b) a trust account or similar account maintained at the
        corporate trust department of U.S. Bank National Association and in the name of the Buyer.

        “Eligible Borrower” shall mean a natural person who satisfies the debit check for credit union membership and becomes a member of the Buyer. 

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

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

         

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        “Errors” shall have the meaning specified in Section 7.4(b) of the Agreement.

        “Facility Termination Date” shall mean the date which is twenty (20) years from the first Sale Date and on which, if all Net Investment Amounts for all Sale Date Loan Pools sold by the Seller to the Buyer pursuant to the Agreement have not previously been reduced to zero, all Net Investment Amounts for all Sale Date Loan
        Pools sold by the Seller to the Buyer pursuant to the Agreement shall be reduced to zero pursuant to Section 4.3(a) of the Agreement or by sale or otherwise.

        “FICO Score” shall mean a credit risk score determined by the Fair Isaac Corporation for a consumer borrower through the analysis of individual credit files. In the event that such credit risk scoring program ceases to exist, Seller and Buyer shall select a mutually agreeable successor credit risk scoring program.

        For Obligors related to Timeshare Loans to be sold to Buyer under the Agreement and which were originated on and after December 15, 2008, the FICO Score was determined at the point of sale. In the event that an Obligor consists of more than one individual (e.g., husband and wife) (an "Obligor Group"), the FICO Score for such Obligor
        Group shall be based on the highest 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.

        Notwithstanding the foregoing, for Obligors related to Timeshare Loans to be sold to Buyer under the Agreement and which were originated prior to December 15, 2008, the FICO Score was determined by an Experian Quest run subsequent to origination and was based on the primary Obligor in respect of the related Timeshare Loan.

        “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 Agreement, 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 Buyer written notice thereof as soon as practicable after the beginning of such delay.

        “Foreclosure Property” shall have the meaning specified in Section 7.3(a)(xiii) of the Agreement.

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

        “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.

         

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        “Initial Purchase Price Installment” shall mean, for each Sale Date Loan Pool, the cash amount paid to the Seller on the Sale Date for such Sale Date Loan Pool.

         

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

        “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 7.3(a)(xiii) in the Agreement 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 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 Timeshare 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).

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

        “Lockbox Bank” shall mean Bank of America, N.A. or an Approved Financial Institution.

        “Lockbox Fee” shall mean on each Distribution Date, the fee payable by the Buyer to the Lockbox Bank in accordance with Section 4.3(a)(iii) of the Agreement.

         

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        “Lost Note Affidavit” shall mean a lost instrument affidavit substantially in the form of Exhibit B attached to the Agreement.

        “Maximum Program Fee Rate” means, with respect to a given Maximum Program Fee Rate Period, the highest Program Fee Rate applicable during the related Maximum Program Fee Rate Period, and, during the next succeeding Maximum Program Fee Rate Period, if no notice of a change in the Maximum Program Fee Rate is provided by the
        Buyer; provided, however, that the Maximum Program Fee Rate during the first six (6) months of the Commitment Purchase Period shall be equal to eight percent (8%) per annum. 

        “Maximum Program Fee Rate Period” shall mean each consecutive six-month period during the Purchase Period, with the first such period beginning on the commencement of the Commitment Purchase Period.

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

        “Minimum Required Amount” shall mean, during the Commitment Purchase Period, an amount which does not exceed $20,000,000.

        “Monthly Buyer Notice” shall have the meaning set forth in Section 2.1(c) of the Agreement.

        “Monthly Servicer Report” shall have the meaning specified in Section 7.5(a) of the Agreement.

        “Mortgage” shall mean, with respect to a Deeded Club Loan, any purchase money mortgage, deed of trust, purchase money deed of trust or mortgage deed creating a first lien on a Timeshare Property to secure debt granted by the Club Trustee on behalf of an Obligor to the applicable 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.

        “Multiemployer Plan” shall have the meaning specified in Section 12.1(n) of the Agreement.

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

        “Net Investment Amount” means, on any date of determination with respect to a Sale Date Loan Pool, (a) the Initial Purchase Price Installment less (b) the sum of all the Buyer Loan Pool Repayment Amounts paid to the Buyer on prior Distribution Dates.

         

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        “Obligor” shall mean a natural person obligated to make payments under a Timeshare Loan.

        “OFAC” shall mean the Office of Foreign Asset Control of the Department of the Treasury and the statutes, executive orders and regulations promulgated thereby.

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

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

        “Optional Purchase Limit” shall mean, on any date, an amount equal to (x) fifteen percent (15%) of the Loan Balance of the Aggregate Sale Date Loan Pool, less (y) the aggregate Loan Balances (as of the related purchase dates or release dates, as applicable) of all Defaulted Timeshare Loans (i) previously purchased by the
        applicable Originator pursuant to the Purchase Agreement or the Agreement or (ii) previously released pursuant to Section 4.3(b) of the Agreement. 

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

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

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

        “Originator” shall mean, as applicable, the Club Originator or the BBCV Originator.

        “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, as applicable, the Developer or BBCV with respect to the Club Loans.

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

        “Paying Agent” shall have the meaning set forth in the recitals to the Agreement.

         

        12

        

        

        

        “Paying Agent Fees” shall mean, for each Distribution Date, the fee payable by the Buyer to the Paying Agent in accordance with Section 4.3(a) of the Agreement.

        “Performing Loans” shall mean all Eligible Timeshare Loans sold by the Seller to the Buyer pursuant to the Agreement that are not Defaulted Timeshare Loans.

        “Permitted Liens” shall mean (a) with respect to Timeshare Loans sold to the Buyer, (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 as of the effective date upon which any
        such title insurance policy was first issued in favor of the applicable Originator, (ii) Liens in favor of the Seller created pursuant to the Transaction Documents, and (iii) Liens in favor of the Buyer created pursuant to the Agreement; (b) with respect to the related Timeshare Property, (i) materialmen’s, warehousemen’s, mechanic’s and other Liens arising by operation of law in the ordinary course of business for sums not due, (ii) Liens for state, municipal or other
        local taxes if such taxes shall not at the time be due and payable, and (iii) the Obligor’s interest in the Timeshare Property under the Timeshare Loan, whether pursuant to the Club Trust Agreement or otherwise; and (c) with respect to Timeshare Loans and Related Security sold to the Buyer, 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.

        “Predecessor Servicer Work Product” shall have the meaning specified in Section 7.4(b) of the Agreement.

        “Program Fee Amount” means, with respect to a Distribution Date, an amount equal to the sum of (a) the product of: (i) the applicable Program Fee Rate, (ii) the daily Net Investment Amount for the applicable period, and (iii) the actual number of days elapsed from and including the prior Distribution Date to but excluding
        the next Distribution Date divided by either three hundred sixty five (365) or three hundred sixty six (366) (such number, the actual number of days in the year in which such Due Period begins), and (b) the aggregate of all Program Fee Amounts due on prior Distribution Dates that remain unpaid. The Program Fee Amount calculation for the first Distribution Date shall be based upon the period commencing on the first Sale Date to but excluding the first Distribution Date. 

        “Program Fee Rate” shall mean the rate set forth in, as applicable, the Buyer Commitment Purchase Confirmation, or the Buyer Purchase Confirmation corresponding to the related Monthly Buyer Notice. The Program Fee Rate for the first six (6) months of the Commitment Purchase Period shall equal eight percent (8%) per annum. On
        any date of determination, the Program Fee Rate for the Aggregate Sale Date Loan Pool shall be based on the weighted average of the Program Fee Rates of each Sale Date Loan Pool then comprising the Aggregate Sale Date Loan Pool in proportion to the outstanding Loan Balances of each Sale Date Loan Pool to be added to the Aggregate Sale Date Loan Pool. 

         

        13

        

        

        

        “Purchase Agreement” shall mean the purchase and contribution agreement, dated as of December 22, 2010, by and between the BBCV Originator and the Seller pursuant to which the BBCV Originator sells Timeshare Loans, from time to time, to the Seller, as the same may be amended, supplemented or otherwise modified from time to
        time in accordance with the terms thereof.

        “Purchase Period” shall mean the period ending one year from the date either party provides written notice of termination of the Purchase Period to the other party.

         

        “Purchase Termination Event” shall have the meaning specified in Section 8.1 of the Agreement.

        “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, (b) that complies, as of the related Transfer Date, with each of the representations and warranties contained in the Agreement, including that such Qualified Substitute Timeshare Loan is an Eligible Timeshare Loan; provided, however, that there shall be no seasoning requirement if a Qualified Substitute Timeshare Loan is an Upgrade Club Loan replacing an Original Club Loan with the same Obligor,
        (c) that does not cause the weighted average coupon rate of all Qualified Substitute Timeshare Loans being substituted on the related Transfer Date to be more than .25% less than the weighted average coupon rate of the Timeshare Loans being replaced in the Aggregate Sale Date Loan Pool in connection with such substitution on the related Transfer Date, and (d) that shall have a FICO Score equal to or greater than the Timeshare Loan being replaced (unless such Timeshare Loan is an
        Upgrade Club Loan replacing an Original Club Loan with the same Obligor in which case such Timeshare Loan shall comply with the then current Credit Policy in effect at the time of the origination of such Timeshare Loan). 

        “Quorum Membership Application” shall mean the application for membership with Quorum Federal Credit Union furnished by the Buyer, as may be amended from time to time.

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

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

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

         

        14

        

        

        

        “Recovery Ratio” shall mean, for any Determination Date, an amount equal to: (i) if any Timeshare Loans became Defaulted Timeshare Loans during the three immediately preceding Due Periods, the percentage equivalent of a fraction (a) the numerator of which is equal to the sum of (x) the aggregate Loan Balance of all Timeshare
        Loans that became Defaulted Timeshare Loans during the three immediately preceding Due Periods that were repurchased (at the applicable Repurchase Price) by the applicable Originator prior to such Determination Date (with the Loan Balance of each Defaulted Timeshare Loan determined as of the day immediately preceding the date on which such Timeshare Loan became a Defaulted Timeshare Loan) and (y) all Net Liquidation Proceeds received during the three immediately preceding Due Periods in
        respect of Defaulted Timeshare Loans that were not substituted or repurchased by the applicable Originator prior to such Determination Date and (b) the denominator of which is the aggregate Loan Balance of all Timeshare Loans that became Defaulted Timeshare Loans during the three immediately preceding Due Periods; and (ii) if no Timeshare Loans became Defaulted Timeshare Loans during the three immediately preceding Due Periods, 100%.

        “Related Security” shall mean with respect to any Timeshare Loan, (a) all of the Seller’s interest in the Timeshare Property arising under or in connection with the related Mortgage, if any, Owner Beneficiary Rights, Vacation Points and the related Timeshare Loan Files, (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 any Mortgages, 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, (d) any assignments of Mortgages and any financing statements, and (e) all other security and
        books, records and computer tapes relating to the foregoing.

        “Remarketing Agent” shall mean BBCV.

        “Remarketing Agreement” shall mean that certain remarketing agreement, dated as of December 22, 2010 by and among, the Servicer, the Seller, the Remarketing Agent and the Buyer, as the same may be amended, modified, or supplemented from time to time in accordance with the terms thereof.

        “Remarketing Fees” shall mean the amount due the Remarketing Agent under the Remarketing Agreement.

        “Repurchase Price” shall mean with respect to any Timeshare Loan to be repurchased by the Seller pursuant to the Agreement, a cash price equal to the product of (a)(i) if no Timeshare Portfolio Performance Event has occurred and is continuing, the weighted average Buyer Purchase Price Percentage for the Aggregate Sale Date
        Loan Pool or (ii) if a Timeshare Portfolio Performance Event has occurred and is continuing, the weighted average Buyer Purchase Price Percentage for the Aggregate Sale Date Loan Pool as of the Due Period immediately prior to the occurrence of such Timeshare Portfolio Performance Event and (b) 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 coupon rate to and including the due
        date in the current Due Period immediately prior to the Distribution Date on which such repurchase occurs.

         

        15

        

        

        

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

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

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

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

        “Responsible Officer” shall mean (a) 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 (b) 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.

        “Sale” has the meaning set forth in the first recital in the Agreement.

        “Sale Date” has the meaning set forth in Section 2.1(a) of the Agreement.

        “Sale Date Loan Pool” shall mean all Timeshare Loans sold to the Buyer on a given Sale Date.

        “Sale Notice” shall have the meaning set forth in Section 2.1(a) of the Agreement.

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

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

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

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

         

        16

        

        

        

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

        The Schedule of Timeshare Loans shall be provided in electronic format, and it shall be substantially in the form of Exhibit E attached to the Custodial Agreement.

        “Schedules” shall mean those schedules itemized in the Table of Contents to the Agreement.

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

        “Seller” shall mean BBCV Receivables-Q 2010 LLC, a Delaware limited liability company.

        “Seller Multiemployer Plan” shall have the meaning set forth in Section 12.1(n) of the Agreement.

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

        “Servicing Fee” shall mean for any Distribution Date, and for so long as Bluegreen or an Affiliate thereof is the Servicer, the product of (a) one-twelfth (1/12) of 2.00% and (b) the aggregate Loan Balance of all Timeshare Loans as of the first day of the related Due Period. 

        “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 Buyer from time to time.

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

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

        “Servicer Termination Event” shall have the meaning specified in Section 7.4(a) of the Agreement.

         

        17

        

        

        

        “Start-up Period” shall mean the period beginning on first Sale Date and expiring thirty (30) days thereafter.

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

        “Target Net Investment Amount” shall mean as of any Distribution Date with respect to the Aggregate Sale Date Loan Pool, the product of (a) the weighted average Buyer Purchase Price Percentage and (b) the Aggregate Loan Balance of all Performing Loans.

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

        “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 or a Qualified Substitute Timeshare Loan, sold to the Buyer pursuant to the Agreement and which has not been re-assigned to the Seller. As used in the Transaction Documents, the term “Timeshare Loan” shall include the related Mortgage Note, Mortgage, if any, the Owner
        Beneficiary Agreement and other Related Security contained in the related Timeshare Loan Documents.

        “Timeshare Loan Acquisition Price” shall mean, on any date of determination with respect to any Sale Date Loan Pool, an amount equal to the Initial Purchase Price Installment plus the Deferred Purchase Price.

        “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 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), (i) the original Mortgage Note executed by the Obligor, endorsed as “Pay to the order of _______________, without recourse, representation or warranty” (either directly on the Mortgage Note or on an allonge placed with such Mortgage Note), by an Authorized Officer
                    of the related Seller (such Authorized Officer’s signature may be computer generated), together with a complete chain of endorsements from the original payee to the related Seller, if applicable or (ii) a Lost Note Affidavit;

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    2.

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

                

         

        18

        

        

        

        	
                          

                	
                    3.

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

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    4.

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

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    5.

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

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    6.

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

                
	
                     

                	
                     

                	
                     

                

         

        19

        

        

        

        	
                         

                	
                    7.

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

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    8.

                	
                    the original of any assumption agreement or any refinancing agreement; 

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    9.

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

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    10.

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

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    11.

                	
                    the original truth-in-lending disclosure statement (or a copy) that relates to each Timeshare Loan;

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    12.

                	
                    the Obligor’s truncated credit report;

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    13.

                	
                    any other documents designated by the Buyer and approved by the Seller and the Custodian (such approval not to be unreasonably withheld) in a notice to the Seller and the Custodian; and 

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    14.

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

                
	 	 	 

        “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) a 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.

         

        20

        

        

        

        “Timeshare Portfolio Performance Event” shall have occurred if, as of any date of determination for the Timeshare Loans contained within the Aggregate Sale Date Loan Pool, (a) the average of the Delinquency Levels for the three immediately preceding Due Periods is greater than the weighted average (taking into consideration
        the applicable Sale Date Loan Pool and the Aggregate Sale Date Loan Pool) calculated using the percentages specified as the Delinquency Level in each of the related Buyer Commitment Purchase Confirmations or Buyer Purchase Confirmations and reported on the Monthly Servicer Report, or (b) the sum of the Default Levels for the three immediately preceding Due Periods is greater than the weighted average (taking into consideration the applicable Sale Date Loan Pool and the Aggregate Sale
        Date Loan Pool) calculated using the percentages specified as the Default Level in each of the related Buyer Commitment Purchase Confirmations or Buyer Purchase Confirmations and reported on the Monthly Servicer Report, or (c) the Cumulative Default Level is greater than the weighted average (taking into consideration the applicable Sale Date Loan Pool and the Aggregate Sale Date Loan Pool) calculated using the percentages set forth for the applicable monthly periods in Table 1 attached
        to each of the related Buyer Commitment Purchase Confirmations or Buyer Purchase Confirmations and reported on the Monthly Servicer Report.

        “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, 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 Timeshare Association, the rules and regulations of each Timeshare Association, the Timeshare Program management contract between each Timeshare 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 phase thereof) associated with a Unit and (b) as applicable, with respect to an Aruba Club Loan, Co-op Shares.

        “Transaction Documents” shall mean the Agreement, the Purchase Agreement, the Deposit Account Control Agreement, the Backup Servicing Agreement, the Remarketing Agreement, the Custodial Agreement 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 applicable Originator substitutes one or more Timeshare Loans in accordance with Article VI of the Agreement.

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

         

        21

        

        

        

        “Turbo Trigger Date” shall mean the occurrence of the date which is eight (8) years from the last Sale Date during the Commitment Period. 

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

        “Unit(s)”: shall mean one individual air-space condominium unit, cabin, villa, cottage, townhome, platform tent, cabin, campsite for a recreational vehicle or lot within a resort, together with all furniture, fixtures and furnishings therein, if applicable, and together with any and all interests in common elements
        appurtenant thereto, as provided in the related Timeshare Program Governing Documents.

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

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

        “Wilderness Loan” shall mean, as applicable, a timeshare loan at a Club Wilderness Resort that is secured by a Unit that is a platform tent, cabin or a campsite for a recreational vehicle. 

         

        22EXECUTION COPY

         

        PURCHASE AND CONTRIBUTION AGREEMENT

         

        by and between

         

        Bluegreen/Big Cedar Vacations, LLC, 

        a Delaware limited liability Company

        and

         

        BBCV Receivables-Q 2010 LLC,

        a Delaware limited liability company, 

         

        Dated as of December 22, 2010

         

        
            

        

        PURCHASE AND CONTRIBUTION AGREEMENT

        This PURCHASE AND CONTRIBUTION AGREEMENT (this “Agreement”),dated as of December 22, 2010, is by and between Bluegreen/Big Cedar Vacations, LLC, a Delaware limited liability company (“BBCV”) and BBCV Receivables-Q 2010
        LLC, a Delaware limited liability company (the “Loan Seller”) and their respective permitted successors and assigns.

        W I T N E S S E T H:

        WHEREAS, on the Closing Date, the Loan Seller, as seller, intends to enter into that certain Loan Sale and Servicing Agreement dated as of December 22, 2010 (the “Sale Agreement”), by and among Loan Seller, as seller, Quorum Federal Credit Union, as buyer (“Quorum”), Bluegreen Corporation, as servicer, Vacation
        Trust, Inc., as club trustee, Concord Servicing Corporation, as backup servicer, and U.S. Bank National Association, as custodian, pursuant to which the Loan Seller intends, from time to time, to sell to Quorum the timeshare loans that it may acquire, from time to time, pursuant to the terms of this Agreement; and

        WHEREAS, from time to time (i) BBCV desires to sell, and the Loan Seller desires to purchase, timeshare loans originated by BBCV or an Affiliate thereof (the “Timeshare Loans”) and (ii) BBCV, as the sole member of the Loan Seller, desires to make contributions of capital pursuant to the terms hereof; and

        WHEREAS, pursuant and subject to the terms of the Sale Agreement, the Loan Seller shall, from time to time, sell to Quorum the Timeshare Loans acquired from BBCV; and

        WHEREAS, BBCV may, and in certain circumstances shall be required, to cure, repurchase or substitute and provide one (1) or more Qualified Substitute Timeshare Loans for a Timeshare Loan that is a Defective Timeshare Loan, previously acquired by the Loan Seller hereunder and sold to Quorum pursuant to the Sale Agreement; and

        WHEREAS, the Loan Seller may, at the direction of BBCV, be required to exercise BBCV’s option to purchase or replace Timeshare Loans that become subject to an Upgrade or Defaulted Loans previously sold to Quorum pursuant to the Sale Agreement;

        NOW, THEREFORE, in consideration of the mutual covenants set forth herein, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree as follows:

        SECTION 1. Definitions; Interpretation. Capitalized terms used but not defined herein shall have the meanings specified in the “Standard Definitions” attached as Annex A to the Sale Agreement.

         

         

        PURCHASE AND CONTRIBUTION AGREEMENT, Page 1

         

        

        

        

        SECTION 2. Acquisition of Timeshare Loans and Contribution of Capital to the Loan Seller.

        (a) Timeshare Loans and Contribution of Capital. From time to time after the Closing Date, on each Sale Date, BBCV hereby agrees to (x) sell in part and contribute in part to the Loan Seller in return for the Timeshare Loan Acquisition Price for each Timeshare Loan to be sold on such Sale Date, to be paid in part in cash and in part as
        an increase in its equity ownership of the Loan Seller and (y) transfer, assign, sell and grant to the Loan Seller, without recourse (except as provided in Section 6 and Section 8 hereof), any and all of BBCV’s right, title and interest in and to (but not including the Deferred Purchase Price or any proceeds thereof) (i) the Timeshare Loans, listed from time to time on the Schedule of Timeshare Loans, (ii) the Receivables in respect of such Timeshare Loans due after the related
        Cut-Off Date, (iii) the related Timeshare Loan Documents (excluding any rights as developer or declarant under the Timeshare Declaration, the Timeshare Program Consumer Documents or the Timeshare Program Governing Documents), (iv) all Related Security in respect of each such Timeshare Loan and (v) all income, payments, proceeds and other benefits and rights related to any of the foregoing (the properties in clauses (i)-(v), being the
        “Assets”). Upon such contribution, sale and transfer, the ownership of each Timeshare Loan and all collections allocable to principal and interest thereon after the related Cut-Off Date and all other property interests or rights conveyed pursuant to and referenced in this Section 2(a) shall immediately vest in the Loan Seller, its successors and assigns. BBCV shall not take any action inconsistent with such ownership nor
        claim any ownership interest in any Timeshare Loan for any purpose whatsoever other than for federal and state income and franchise tax reporting, if applicable, and financial reporting in accordance with GAAP. The parties to this Agreement hereby acknowledge that the “credit risk” of the Timeshare Loans conveyed hereunder shall be borne by the Loan Seller and its subsequent assignees.

        (b) Delivery of Timeshare Loan Documents. In connection with the contribution, sale, transfer, assignment and conveyance of any Timeshare Loan hereunder, BBCV hereby agrees to deliver or cause to be delivered, at least five (5) Business Days prior to each Sale Date (with respect to any Timeshare Loan) and on or within five (5) Business
        Days from each Transfer Date (with respect to any Qualified Substitute Timeshare Loan), as applicable, to the Custodian all related Timeshare Loan Files and to the Servicer all related Timeshare Loan Servicing Files.

        (c) Collections. BBCV shall deposit or cause to be deposited all collections in respect of Timeshare Loans received by BBCV or its Affiliates after the related Cut-Off Date in the Lockbox Account.

        (d) Limitation of Liability. Neither the Loan Seller nor any subsequent assignee of the Loan Seller shall have any obligation or liability with respect to any Timeshare Loan nor shall the Loan Seller or any subsequent assignee have any liability to any Obligor in respect of any Timeshare Loan. No such obligation or liability is intended
        to be assumed by the Loan Seller or any subsequent assignee herewith and any such liability is hereby expressly disclaimed. 

         

        PURCHASE AND CONTRIBUTION AGREEMENT, Page 2

         

        

        

        

        
            	
                         

                    	
                        SECTION 3.Intended Characterization; Grant of Security Interest. 

                    

        

        (a) It is the intention of the parties hereto that each transfer of the Timeshare Loans to be made pursuant to the terms hereof shall constitute a sale, in part, and a capital contribution, in part, by BBCV to the Loan Seller and not a loan secured by the Timeshare Loans. In the event, however, that a court of competent jurisdiction were to hold that any such transfer constitutes a loan
        and not a sale and contribution, it is the intention of the parties hereto that BBCV shall be deemed to have granted to the Loan Seller as of the date hereof a first priority perfected security interest in all of BBCV’s right, title and interest in, to and under the Assets and the QSTL Assets (as hereafter defined) specified in Section 2(a) and Section 6(f) hereof, respectively, and the proceeds thereof and that with respect to such transfer, this Agreement shall constitute a
        security agreement under applicable law. In the event of the characterization of any such transfer as a loan, the amount of interest payable or paid with respect to such loan under the terms of this Agreement shall be limited to an amount which shall not exceed the maximum non-usurious rate of interest allowed by the applicable state law or any applicable law of the United States permitting a higher maximum non-usurious rate that preempts such applicable state law,
        which could lawfully be contracted for, charged or received (the “Highest Lawful Rate”).In the event any payment of interest on any such loan exceeds the Highest Lawful Rate, the parties hereto stipulate that (i) to the extent possible given the term of such loan, such excess amount previously paid or to be paid with respect to such loan be applied to reduce the principal balance of such loan, and the
        provisions thereof immediately be deemed reformed and the amounts thereafter collectible thereunder reduced, without the necessity of the execution of any new document, so as to comply with the then applicable law, but so as to permit the recovery of the fullest amount otherwise called for thereunder and (ii) to the extent that the reduction of the principal balance of, and the amounts collectible under, such loan and the reformation of the provisions thereof described in the
        immediately preceding clause (a)(i) is not possible given the term of such loan, such excess amount shall be deemed to have been paid with respect to such loan as a result of an error and upon discovery of such error or upon notice thereof by any party hereto such amount shall be refunded by the recipient thereof.

        (b) The characterization of BBCV as “debtor” and the Loan Seller as “secured party” in any such security agreement and any related financing statements required hereunder is solely for protective purposes and shall in no way be construed as being contrary to the intent of the parties that this transaction be treated as a sale and contribution to the Loan Seller
        of BBCV’s entire right, title and interest in and to the Assets and the QSTL Assets.

        (c) Each of BBCV, the Club, the Club Trustee and any of their Affiliates hereby agrees to make the appropriate entries in its applicable records to indicate that the Timeshare Loans have been transferred to the Loan Seller and its subsequent assignees.

        SECTION 4. Conditions Precedent to Acquisition of Timeshare Loans by the Loan Seller. The obligations of the Loan Seller to purchase any Timeshare Loans hereunder shall be subject to the satisfaction of the following conditions:

         

        PURCHASE AND CONTRIBUTION AGREEMENT, Page 3

         

        

        

        

        (a) On each Sale Date, with respect to each Timeshare Loan, and on any Transfer Date, with respect to any Qualified Substitute Timeshare Loan replacing a Timeshare Loan, all representations and warranties of BBCV contained in Section 5(a) hereof shall be true and correct on such date as if made on such date, and all representations and warranties as to the Timeshare Loans contained in
        Section 5(b) hereof and all information provided in the Schedule of Timeshare Loans in respect of each such Timeshare Loan conveyed on such Sale Date or Transfer Date, as applicable, shall be true and correct on such date. 

        (b) On or prior to a Sale Date (or, with respect to Qualified Substitute Timeshare Loans, as provided for in Section 6(g) hereof), as applicable, BBCV shall have delivered or shall have caused the delivery of (i) the related Timeshare Loan Files to the Custodian and the Custodian shall have delivered a Custodian’s Certification therefor pursuant to the Custodial Agreement and (ii)
        the Timeshare Loan Servicing Files to the Servicer. 

        (c) BBCV shall have delivered or caused to be delivered all other information theretofore required or reasonably requested by the Loan Seller to be delivered by BBCV or performed or caused to be performed all other obligations required to be performed as of the related Sale Date, including all filings, recordings and/or registrations as may be necessary in the reasonable opinion of the
        Loan Seller, to establish and preserve the right, title and interest of the Loan Seller in the related Timeshare Loans.

        (d) On or before the related Sale Date and on any Transfer Date, the Sale Agreement shall be in full force and effect.

        (e) With respect to the Timeshare Loans, the Loan Seller shall apply funds received from Quorum to pay to BBCV the Timeshare Loan Acquisition Price for each Timeshare Loan. 

        (f) Each Timeshare Loan conveyed on a Sale Date shall be an Eligible Timeshare Loan and each of the conditions herein and in the Sale Agreement for the purchases of Timeshare Loans shall have been satisfied.

        (g) Each Qualified Substitute Timeshare Loan replacing a Timeshare Loan shall satisfy each of the criteria specified in the definition of “Qualified Substitute Timeshare Loan” and each of the conditions herein and in the Sale Agreement for substitution of Timeshare Loans shall have been satisfied.

        (h) The Loan Seller shall have received such other certificates and opinions as it shall reasonably request.

        
            	
                         

                    	
                        SECTION 5. Representations and Warranties and Certain Covenants of BBCV.

                    

        

        (a) BBCV represents and warrants to the Loan Seller on each applicable Sale Date (with respect to the applicable Timeshare Loans) and on any Transfer Date (with respect to any Qualified Substitute Timeshare Loans transferred on such Transfer Date) as follows:

         

        PURCHASE AND CONTRIBUTION AGREEMENT, Page 4

         

        

        

        

        (i)        Due Incorporation; Valid Existence; Good Standing. It is a limited liability company organized and validly existing in good standing under the laws of the jurisdiction of its organization; and is duly qualified to do business as a foreign limited liability company and in good standing under the laws of each
        jurisdiction where the character of its property, the nature of its business or the performance of its obligations under this Agreement makes such qualification necessary, except where the failure to be so qualified will not have a material adverse effect on its business or its ability to perform its obligations under this Agreement or any other Transaction Document to which it is a party or under the transactions contemplated hereunder or thereunder or the validity or enforceability of
        any Timeshare Loans.

        (ii)        Possession of Licenses, Certificates, Franchises and Permits. It holds, and at all times during the term of this Agreement shall hold, all material licenses, certificates, franchises and permits from all governmental authorities necessary for the conduct of its
        business, and has received no notice of proceedings relating to the revocation of any such license, certificate, franchise or permit, which singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would materially and adversely affect its ability to perform its obligations under this Agreement or any other Transaction Document to which it is a party or under the transactions contemplated hereunder or thereunder or the validity or enforceability of any
        Timeshare Loans.

        (iii)      Authority and Power. It has, and at all times during the term of this Agreement shall have, all requisite company power and authority to own its properties, to conduct its business, to execute and deliver this Agreement and all documents and transactions contemplated hereunder
        and to perform all of its obligations under this Agreement and any other Transaction Document to which it is a party or under the transactions contemplated hereunder or thereunder. It has all requisite company power and authority to acquire, own, transfer and convey Timeshare Loans to the Loan Seller.

        (iv)      Authorization, Execution and Delivery Valid and Binding. This Agreement and all other Transaction Documents and instruments required or contemplated hereby to be executed and delivered by it have been duly authorized, executed and delivered by it and, assuming the due execution
        and delivery by, the other party or parties hereto and thereto, constitute legal, valid and binding agreements enforceable against it in accordance with their respective terms subject, as to enforceability, to bankruptcy, insolvency, reorganization, liquidation, dissolution, moratorium and other similar applicable laws affecting the enforceability of creditors’ rights generally applicable in the event of the bankruptcy, insolvency, reorganization, liquidation
        or dissolution, as applicable, of it and to general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law. This Agreement constitutes a valid transfer of its interest in the Timeshare Loans to the Loan Seller or, in the event of the characterization of any such transfer as a loan, the valid creation of a first priority perfected security interest in such Timeshare Loans in favor of the Loan Seller.

         

        PURCHASE AND CONTRIBUTION AGREEMENT, Page 5

         

        

        

        

        (v)       No Violation of Law, Rule, Regulation, etc. The execution, delivery and performance by it of this Agreement and any other Transaction Document to which it is a party do not and will not (A) violate any of the provisions of its certificate of formation or limited liability company agreement, (B) violate any provision
        of any law, governmental rule or regulation currently in effect applicable to it or its properties or by which BBCV or its properties may be bound or affected, including, without limitation, any bulk transfer laws, where such violation would have a material adverse effect on its ability to perform its obligations under this Agreement or any other Transaction Document to which it is a party or under the transactions contemplated hereunder or thereunder or the validity or enforceability
        of the Timeshare Loans, (C) violate any judgment, decree, writ, injunction, award, determination or order currently in effect applicable to it or its properties or by which it or its properties are bound or affected, where such violation would have a material adverse effect on its ability to perform its obligations under this Agreement or any other Transaction Document to which it is a party or under the transactions contemplated hereunder or thereunder or the validity or enforceability
        of any Timeshare Loans, (D) conflict with, or result in a breach of, or constitute a default under, any of the provisions of any indenture, mortgage, deed of trust, contract or other instrument to which it is a party or by which it is bound where such violation would have a material adverse effect on its ability to perform its obligations under this Agreement or any other Transaction Document to which it is a party or under the transactions contemplated hereunder or thereunder or the
        validity or enforceability of Timeshare Loans or (E) result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, mortgage, deed of trust, contract or other instrument.

        (vi)      Governmental Consent. No consent, approval, order or authorization of, and no filing with or notice to, any court or other Governmental Authority in respect of BBCV is required which has not been obtained in connection with the authorization, execution, delivery or performance
        by it of this Agreement or any of the other Transaction Documents to which it is a party or under the transactions contemplated hereunder or thereunder, including, without limitation, the transfer of Timeshare Loans and the creation of the security interest of the Loan Seller therein pursuant to Section 3 hereof.

        (vii)     Defaults. It is not in default under any material agreement, contract, instrument or indenture to which it is a party or by which it or its properties is or are bound, or with respect to any order of any court, administrative agency, arbitrator or governmental body, in each case,
        which would have a material adverse effect on the transactions contemplated hereunder or on its business, operations, financial condition or assets, and no event has occurred which with notice or lapse of time or both would constitute such a default with respect to any such agreement, contract, instrument or indenture, or with respect to any such order of any court, administrative agency, arbitrator or governmental body.

        (viii)    Insolvency. It is solvent and will not be rendered insolvent by the transfer of any Timeshare Loans hereunder. On and after the Closing Date, it shall not engage in any business or transaction the result of which would cause the property remaining with it to constitute an unreasonably
        small amount of capital.

         

        PURCHASE AND CONTRIBUTION AGREEMENT, Page 6

         

        

        

        

        (ix)      Pending Litigation or Other Proceedings. Other than as described on Schedule II attached hereto, as of the Closing Date, there is no pending or, to its Knowledge, threatened action, suit, proceeding or
        investigation before any court, administrative agency, arbitrator or governmental body against or affecting it which, if decided adversely, would materially and adversely affect (A) its condition (financial or otherwise), business or operations, (B) its ability to perform its obligations under, or the validity or enforceability of, this Agreement or any other documents or transactions contemplated under this Agreement, (C) any Timeshare Loan or title of any Obligor to any related
        Timeshare Property pursuant to the applicable Owner Beneficiary Agreement or (D) the Loan Seller’s or any of its assigns’ ability to foreclose or otherwise enforce the liens of the Mortgage Notes and the rights of the Obligors to use and occupy the related Timeshare Properties pursuant to the applicable Owner Beneficiary Agreement.

        (x)       Information. No document, certificate or report furnished or required to be furnished by or on behalf of it pursuant to this Agreement, in its capacity as the seller, contains or will contain when furnished any untrue statement of a material fact or fails or will fail to
        state a material fact necessary in order to make the statements contained therein not misleading in light of the circumstances in which it was made. There are no facts known to it which, individually or in the aggregate, materially adversely affect, or which (aside from general economic trends) may reasonably be expected to materially adversely affect in the future, the financial condition or assets or its business, or which may impair the ability of it to perform its obligations under
        this Agreement, which have not been disclosed herein or therein or in the certificates and other documents furnished to the Loan Seller by or on behalf of it specifically for use in connection with the transactions contemplated hereby or thereby. 

        (xi)      Foreign Tax Liability. It is not aware of any Obligor under a Timeshare Loan who has withheld any portion of payments due under such Timeshare Loan because of the requirements of a foreign taxing authority, and no foreign taxing authority has contacted it concerning a
        withholding or other foreign tax liability.

         

        PURCHASE AND CONTRIBUTION AGREEMENT, Page 7

         

        

        

        

        (xii)     Employee Benefit Plan Liability. As of each Sale Date and each Transfer Date, as applicable, (A) with respect to plan years beginning before January 1, 2008, neither BBCV nor any of its Commonly Controlled Affiliates incurred any “accumulated funding deficiency” (as such
        term was defined under ERISA and the Code for such years), whether or not waived, with respect to any “Employee Pension Benefit Plan” (as defined below) that either individually or in the aggregate could Cause a Material Adverse Effect (as defined below), and, to BBCV’s Knowledge, for any such year, no event has occurred or circumstance exists that resulted, or may result, in any accumulated
        funding deficiency of any such plan that either individually or in the aggregate could Cause a Material Adverse Effect; (B) with respect to plan years beginning after December 31, 2007, neither BBCV nor any of its Commonly Controlled Affiliates has any unpaid “minimum required contribution” (as such term is defined under ERISA and the Code) with respect to any Employee Pension Benefit Plan, whether or not such unpaid minimum required contribution is waived, that either
        individually or in the aggregate could Cause a Material Adverse Effect, and, to BBCV’s Knowledge, no event has occurred or circumstance exists that may result in any unpaid minimum required contribution as of the last day of the current plan year of any such plan that either individually or in the aggregate could Cause a Material Adverse Effect; (C) BBCV and each of its Commonly Controlled Affiliates have no outstanding liability for any undisputed contribution
        required under any BBCV Multiemployer Plan (as defined below) that either individually or in the aggregate could Cause a Material Adverse Effect; and (D) BBCV and each of its Commonly Controlled Affiliates have no outstanding liability for any disputed contribution required under any BBCV Multiemployer Plan that either individually or in the aggregate could Cause a Material Adverse Effect. As of each Sale Date and Transfer Date, as applicable, to the BBCV’s
        Knowledge (1) neither BBCV nor any of its Commonly Controlled Affiliates has incurred any Withdrawal Liability (as defined below) that either individually or in the aggregate could Cause a Material Adverse Effect, and (2) no event has occurred or circumstance exists that could result in any Withdrawal Liability that either individually or in the aggregate could Cause a Material Adverse Effect. As of each Sale Date and Transfer Date, as
        applicable, to BBCV’s Knowledge, neither BBCV nor any of its Commonly Controlled Affiliates has received notification of the reorganization, termination, partition, or insolvency of any Multiemployer Plan that could either individually or in the aggregate Cause a Material Adverse Effect. For purposes of this clause (a)(xii), “Cause a Material Adverse Effect” means to reasonably be expected to result in a material adverse effect on BBCV and its Commonly
        Controlled Affiliates, in the aggregate; “Commonly Controlled Affiliates” means those direct or indirect Affiliates of BBCV that would be considered a single employer with BBCV under Section 414(b), (c), (m), or (o) of the Code; “Employee Pension Benefit Plan” means an employee pension benefit plan as such term is defined in Section 3(2) of ERISA that is sponsored, maintained or contributed to by BBCV or any of its Commonly Controlled Affiliates
        (other than a BBCV Multiemployer Plan); “Multiemployer Plan” means a multiemployer plan as such term is defined in Section 3(37) of ERISA; “BBCV Multiemployer Plan” means a Multiemployer Plan to which BBCV or any of its Commonly Controlled Affiliates contributes or in which BBCV or any of its Commonly Controlled Affiliates participates; and “Withdrawal Liability” means liability as determined under ERISA for the complete or
        partial withdrawal of BBCV or any of its Commonly Controlled Affiliates from a Multiemployer Plan.

        (xiii)    Taxes. Other than as described on Schedule II attached hereto, as of the Closing Date, it (i) has filed all tax returns (federal, state and local) which it reasonably believes are required to be filed and has paid or made adequate
        provision in its GAAP financial statements for the payment of all taxes, assessments and other governmental charges due from it or is contesting any such tax, assessment or other governmental charge in good faith through appropriate proceedings or except where the failure to file or pay will not have a material adverse effect on the rights and interests of the Loan Seller, (ii) knows of no basis for any material additional tax assessment for any fiscal year for which adequate reserves
        in its GAAP financial statements have not been established and (iii) intends to pay all such taxes, assessments and governmental charges, if any, when due.

        (xiv)    Place of Business. The principal place of business and chief executive office where it keeps its records concerning Timeshare Loans shall be 4960 Conference Way North, Suite 100, Boca Raton, Florida 33431 (or such other place specified by it by written notice to the Loan Seller and
        Quorum). BBCV is a limited liability company formed under the laws of the State of Delaware.

         

        PURCHASE AND CONTRIBUTION AGREEMENT, Page 8

         

        

        

        

        (xv)     Securities Laws. It is not an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended. No portion of the Timeshare Loan Acquisition Price for each of the
        Timeshare Loans shall be used by it to acquire any security in any transaction which is subject to Section 13 or Section 14 of the Securities Exchange Act of 1934, as amended.

        
            	
                         

                    	
                        (xvi)

                    	
                        Bluegreen Vacation Club. With respect to the Deeded Club Loans:

                    

        

        (A)      The Club Trust Agreement, of which a true and correct copy is attached hereto as Exhibit B is in full force and effect; and a certified copy of the Club Trust Agreement has been delivered to Quorum together with all amendments and supplements in respect thereof;

        (B)      The arrangement of contractual rights and obligations (duly established in accordance with the Club Trust Agreement under the laws of the State of Florida) was established for the purpose of holding and preserving certain property for the benefit of the Beneficiaries referred to in the Club Trust Agreement. The Club Trustee has
        all necessary trust and other authorizations and powers required to carry out its obligations under the Club Trust Agreement in the State of Florida and in all other states in which it holds Resort Interests. The Club is not a corporation or business trust under the laws of the State of Florida. The Club is not taxable as an association, corporation or business trust under federal law or the laws of the State of Florida;

        (C)      The Club Trustee is a corporation duly formed, validly existing and in good standing under the laws of the State of Florida. As of the Closing Date, the Club Trustee is qualified to do business as a foreign corporation and is in good standing under the laws of the state of Tennessee. As of each Sale Date and any Transfer Date, the
        Club Trustee shall be duly qualified to do business as a foreign corporation and shall be in good standing under the laws of each jurisdiction it is required by law to be. The Club Trustee is not an affiliate of the Servicer for purposes of Chapter 721, Florida Statutes and is in compliance with the requirements of such Chapter 721 requiring that it be independent of the Servicer; 

        (D)      The Club Trustee has all necessary corporate power to execute and deliver, and has all necessary corporate power to perform its obligations under this Agreement, the other Transaction Documents to which it is a party, the Club Trust Agreement and the Club Management Agreement. The Club Trustee possesses all requisite franchises,
        operating rights, licenses, permits, consents, authorizations, exemptions and orders as are necessary to discharge its obligations under the Club Trust Agreement; 

         

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        (E)       The Club Trustee holds all right, title and interest in and to all of the Timeshare Properties related to the Deeded Club Loans solely for the benefit of the Beneficiaries referred to in, and subject in each case to the provisions of, the Club Trust Agreement and the other documents and agreements related thereto. Except
        with respect to the Mortgages, the Club Trustee has permitted none of such Timeshare Properties related to Deeded Club Loans to be made subject to any lien or encumbrance during the time it has been a part of the trust estate under the Club Trust Agreement;

        (F)       There are no actions, suits, proceedings, orders or injunctions pending against the Club or the Club Trustee, at law or in equity, or before or by any governmental authority which, if adversely determined, could reasonably be expected to have a material adverse effect on the Assets or the Club Trustee’s ability to
        perform its obligations under the Transaction Documents; 

        (G)      Neither the Club nor the Club Trustee has incurred any indebtedness for borrowed money (directly, by guarantee, or otherwise); 

        (H)      All ad valorem taxes and other taxes and assessments against the Club and/or its trust estate have been paid when due and neither BBCV nor the Club Trustee knows of any basis for any additional taxes or assessments against any such property. The Club has filed all required tax returns and has paid all taxes shown to be due and
        payable on such returns, including all taxes in respect of sales of Owner Beneficiary Rights (as defined in the Club Trust Agreement) and Vacation Points, if any; 

        (I)        The Club and the Club Trustee are in compliance in all material respects with all applicable laws, statutes, rules and governmental regulations applicable to it and in compliance with each material instrument, agreement or document to which it is a party or by which it is bound, including, without limitation, the Club
        Trust Agreement; 

        (J)        Except as expressly permitted in the Club Trust Agreement, the Club has maintained the One-to-One Beneficiary to Accommodation Ratio (as such terms are defined in the Club Trust Agreement); 

        (K)      Bluegreen Vacation Club, Inc. is a not-for-profit corporation duly formed, validly existing and in good standing under the laws of the State of Florida; 

        (L)       Upon purchase of the Deeded Club Loans and related Assets hereunder, the Loan Seller is an “Interest Holder Beneficiary” under the Club Trust Agreement and each of the Deeded Club Loans constitutes “Lien Debt”, “Purchase Money Lien Debt” and “Owner Beneficiary Obligations”
        under the Club Trust Agreement; and

         

        PURCHASE AND CONTRIBUTION AGREEMENT, Page 10

         

        

        

        

        (M)      Except as disclosed to Quorum in writing or noted in the Custodian’s Certification, each Mortgage associated with a Deeded Club Loan and granted by the Club Trustee or the Obligor on the related Deeded Club Loan, as applicable, has been duly executed, delivered and recorded by or pursuant to the instructions of the Club
        Trustee under the Club Trust Agreement and such Mortgage is valid and binding and effective to create the lien and security interests in favor of Quorum (upon assignment thereof to Quorum). Each of such Mortgages was granted in connection with the financing of a sale of a Resort Interest. 

        (b) BBCV hereby makes the representations and warranties relating to the Timeshare Loans contained in Schedule I hereto for the benefit of the Loan Seller and Quorum as of each Sale Date (with respect to the Timeshare Loans transferred on such Sale Date) and as of each Transfer Date (only with respect to each Qualified Substitute
        Timeshare Loan transferred on such Transfer Date), as applicable.

        (c) It is understood and agreed that the representations and warranties set forth in this Section 5 shall survive the sale and contribution of each Timeshare Loan to the Loan Seller and any assignment of such Timeshare Loans by the Loan Seller and shall continue so long as any such Timeshare Loans shall remain outstanding or until such time as such Timeshare Loans are repurchased,
        purchased or a Qualified Substitute Timeshare Loan is provided pursuant to Section 6 hereof. BBCV acknowledges that it has been advised that the Loan Seller intends to assign all of its right, title and interest in and to each Timeshare Loan and its rights and remedies under this Agreement to Quorum. BBCV agrees that, upon any such assignment, the Loan Seller and any of its assignees may enforce directly, without joinder of the Loan Seller (but subject to any defense that the BBCV may
        have under this Agreement) all rights and remedies hereunder.

        (d) With respect to any representations and warranties contained in Section 5 which are made to BBCV’s Knowledge, if it is discovered that any representation and warranty is inaccurate and such inaccuracy materially and adversely affects the value of a Timeshare Loan or the interests of the Loan Seller or any subsequent assignee thereof, then notwithstanding such lack of Knowledge
        of the accuracy of such representation and warranty at the time such representation or warranty was made (without regard to any Knowledge qualifiers), such inaccuracy shall be deemed a breach of such representation or warranty for purposes of the repurchase or substitution obligations described in Sections 6(a)(i) or (ii) hereof.

        
            	
                         

                    	
                        SECTION 6. 

                    	
                        Repurchases and Substitutions.

                    

        

        (a) Mandatory Repurchases and Substitutions for Breaches of Representations and Warranties. Upon the receipt of notice by BBCV from the Loan Seller or Quorum, of a breach of any of the representations and warranties in Section 5 hereof (on the date on which such representation or warranty was made) which materially and adversely affects the value of a
        Timeshare Loan or the interests of the Loan Seller or any subsequent assignee of the Loan Seller (including Quorum) therein, BBCV shall, within sixty (60) days of receipt of such notice, cure in all material respects the circumstance or condition which has caused such representation or warranty to be incorrect or if the breach relates to a particular Timeshare Loan and is not cured in all material respects (such Timeshare Loan, a “Defective Timeshare
        Loan”) either, at BBCV’s option, (i) repurchase such Defective Timeshare Loan at the Repurchase Price, or (ii) provide one or more Qualified Substitute Timeshare Loans and pay the related Substitution Shortfall Amounts, if any. BBCV acknowledges that the Loan Seller shall, pursuant to the Sale Agreement sell Timeshare Loans and rights and remedies acquired hereunder to Quorum. BBCV further acknowledges that Quorum shall be appointed attorney-in-fact
        under the Sale Agreement and may enforce BBCV’s repurchase or substitution obligations if BBCV has not complied with its repurchase or substitution obligations under this Agreement within the aforementioned sixty (60)-day period.

         

        PURCHASE AND CONTRIBUTION AGREEMENT, Page 11

         

        

        

        

        (b) Optional Purchases or Substitutions of Club Loans. The Loan Seller hereby irrevocably grants to BBCV an option to repurchase or substitute Original Club Loans as described in the following sentence. With respect to any Original Club Loans for which the related Obligor has elected to effect and BBCV has agreed to effect an Upgrade, BBCV shall (at its
        option) either (i) pay the Repurchase Price for such Original Club Loan or (ii) substitute one (1) or more Qualified Substitute Timeshare Loans for such Original Club Loan and pay the related Substitution Shortfall Amounts, if any; provided, however, that BBCV’s option to substitute one (1) or more Qualified Substitute Timeshare Loans for an Original Club Loan is limited on any
        date to (x) twenty percent (20%) of the Cut-off Date Loan Balances of the then Aggregate Sale Date Loan Pool less (y) the aggregate Loan Balances of all Original Club Loans previously substituted by BBCV on prior Transfer Dates pursuant to this Agreement and/or the Sale Agreement. BBCV shall use its best efforts to exercise its substitution option with respect to Original Club Loans prior to exercise of its repurchase option. To the extent that BBCV shall elect to substitute Qualified
        Substitute Timeshare Loans for an Original Club Loan, BBCV shall use its best efforts to cause each such Qualified Substitute Timeshare Loan to be, in the following order of priority, (i) the Upgrade Club Loan related to such Original Club Loan and (ii) an Upgrade Club Loan unrelated to such Original Club Loan. 

        (c)Optional Purchases or Substitutions of Defaulted Timeshare Loans. The Loan Seller hereby irrevocably grants to BBCV an option to repurchase or substitute Defaulted Timeshare Loans it has under the Sale Agreement as described in the following sentence. With respect to Defaulted Timeshare Loans on any date, BBCV shall have the option,
        but not the obligation, to either (i) purchase such Defaulted Timeshare Loan at the Repurchase Price for such Defaulted Timeshare Loan or (ii) substitute one (1) or more Qualified Substitute Timeshare Loans for such Defaulted Timeshare Loan and pay the related Substitution Shortfall Amount, if any; provided, however, that BBCV’s option to purchase a Defaulted Timeshare Loan or to
        substitute one (1) or more Qualified Substitute Timeshare Loans for a Defaulted Timeshare Loan is limited on any date to the Optional Purchase Limit and the Optional Substitution Limit, respectively. BBCV may irrevocably waive its option to purchase or substitute a Defaulted Timeshare Loan by delivering to Quorum a Waiver Letter in the form of Exhibit A attached hereto.

        (d) Payment of Repurchase Prices and Substitution Shortfall Amounts. BBCV hereby agrees to remit or cause to be remitted all amounts in respect of Repurchase Prices and Substitution Shortfall Amounts payable during the related Due Period in immediately available funds to be deposited in the Collection Account on the Business Day immediately preceding the
        related Distribution Date for such Due Period in accordance with the provisions of the Sale Agreement. In the event that more than one (1) Timeshare Loan is replaced pursuant to Sections 6(a), (b) or (c) hereof on any Transfer Date, the Substitution Shortfall Amounts and the Loan Balances of Qualified Substitute Timeshare Loans shall be calculated on an aggregate basis for all substitutions made on such Transfer Date. 

         

        PURCHASE AND CONTRIBUTION AGREEMENT, Page 12

         

        

        

        

        (e) Schedule of Timeshare Loans. BBCV shall provide, or cause to be provided, a Schedule of Timeshare Loans to the Loan Seller on any date on which a Timeshare Loan is purchased, repurchased or substituted, with an electronic supplement to the Schedule of Timeshare Loans reflecting the removal and/or substitution of Timeshare Loans and subjecting any
        Qualified Substitute Timeshare Loans to the provisions thereof.

        (f)  Qualified Substitute Timeshare Loans. Pursuant to Section 6(g) hereof, on the related Transfer Date, BBCV hereby agrees to deliver or to cause the delivery of the Timeshare Loan Files relating to the Qualified Substitute Timeshare Loans to the Custodian, in accordance with the provisions of the Sale Agreement and the
        Custodial Agreement. As of such related Transfer Date, BBCV does hereby transfer, assign, sell and grant to the Loan Seller, without recourse (except as provided in Section 6 and Section 8 hereof), any and all of BBCV’s right, title and interest in and to (but not including the Deferred Purchase Price or any proceeds thereof) (i) each Qualified Substitute Timeshare Loan conveyed to the Loan Seller on such Transfer Date, (ii) the Receivables in respect of the
        Qualified Substitute Timeshare Loans due after the related Cut-Off Date, (iii) the related Timeshare Loan Documents (excluding any rights as developer or declarant under the Timeshare Declaration, the Timeshare Program Consumer Documents or the Timeshare Program Governing Documents), (iv) all Related Security in respect of such Qualified Substitute Timeshare Loans and (v) all income, payments, proceeds and other benefits and rights related to any of the foregoing (the property in
        clauses (i)-(v), being the “QSTL Assets”). Upon such sale, the ownership of each Qualified Substitute Timeshare Loan and all collections allocable to principal and interest thereon after the related Cut-Off Date and all other property interests or rights conveyed pursuant to and referenced in this Section 6(f) shall immediately vest in the Loan Seller, its successors and assigns. BBCV shall not take any action inconsistent
        with such ownership nor claim any ownership interest in any Qualified Substitute Timeshare Loan for any purpose whatsoever other than consolidated federal and state income and franchise tax reporting, if applicable, and financial reporting in accordance with GAAP. The parties to this Agreement hereby acknowledge that the “credit risk” of the Timeshare Loans (including any Qualified Substitute Timeshare Loan) conveyed hereunder shall be borne by the Loan Seller and its
        subsequent assignees. BBCV agrees that such Qualified Substitute Timeshare Loans shall be subject to the provisions of this Agreement and shall thereafter be deemed a “Timeshare Loan” for the purposes of this Agreement.

        (g) Officer’s Certificate for Qualified Substitute Timeshare Loans. BBCV shall, on each related Transfer Date, certify or cause to be certified in writing to the Loan Seller and Quorum that each new Timeshare Loan meets all the criteria of the definition of “Qualified Substitute Timeshare Loan” and that (i) the
        Timeshare Loan Files for such Qualified Substitute Timeshare Loans have been delivered to the Custodian or shall be delivered within five (5) Business Days from the applicable Transfer Date, and (ii) the Timeshare Loan Servicing Files for such Qualified Substitute Timeshare Loans have been delivered to the Servicer.

        (h) Release. In connection with any repurchase, purchase or substitution of one (1) or more Timeshare Loans contemplated by this Section 6, upon satisfaction of the conditions contained in this Section 6, the Loan Seller and Quorum shall execute and deliver or shall cause the execution and delivery of such releases and instruments of transfer or assignment presented to it by
        BBCV, in each case without recourse, as shall be necessary to vest in BBCV or its designee the legal and beneficial ownership of such Timeshare Loans. The Loan Seller and Quorum shall cause the Custodian to release the related Timeshare Loan Files to BBCV or its designee and the Servicer to release the related Timeshare Loan Servicing Files to BBCV or its designee.

         

        PURCHASE AND CONTRIBUTION AGREEMENT, Page 13

         

        

        

        

        (i) Sole Remedy. It is understood and agreed that the obligations of BBCV contained in Section 6(a) hereof to cure a breach, or to repurchase or substitute Defective Timeshare Loans and the obligation of BBCV to indemnify pursuant to Section 8 hereof, shall constitute the sole remedies available to the Loan Seller or its subsequent assignees for the breaches
        of any representation or warranty contained in Section 5 hereof and such remedies are not intended to and do not constitute “credit recourse” to BBCV.

        SECTION 7. Additional Covenants of BBCV. BBCV hereby covenants and agrees with the Loan Seller as follows:

        (a) It shall comply with all laws, rules, regulations and orders applicable to it and its business and properties except where the failure to comply will not have a material adverse effect on its business or its ability to perform its obligations under this Agreement or any other Transaction Document to which it is a party or under the transactions contemplated hereunder or thereunder
        or the validity or enforceability of the Timeshare Loans.

        (b) It shall preserve and maintain its existence (company or otherwise), rights, franchises and privileges in the jurisdiction of its organization and except where the failure to so preserve and maintain will not have a material adverse effect on its business or its ability to perform its obligations under this Agreement or any other Transaction Document to which it is a party or under
        the transactions contemplated hereunder or thereunder or the validity or enforceability of the Timeshare Loans.

        (c) On each Sale Date or Transfer Date, as applicable, it shall indicate, or cause to be indicated, in its and its Affiliates’ computer files and other records that each Timeshare Loan has been sold to the Loan Seller.

        (d) It shall respond to any inquiries with respect to ownership of a Timeshare Loan by stating that such Timeshare Loan has been sold to the Loan Seller and that the Loan Seller is the owner of such Timeshare Loan.

        (e) On or prior to the initial Sale Date, it shall file or cause to be filed, at its own expense, financing statements in favor of the Loan Seller and Quorum with respect to the Timeshare Loans in the form and manner reasonably requested by the Loan Seller or its assigns. BBCV shall deliver file-stamped copies of such financing statements to the Loan Seller and Quorum.

        (f) It agrees from time to time to, at its expense, promptly execute and deliver all further instruments and documents, and to take all further actions, that may be necessary, or that the Loan Seller may reasonably request, to perfect, protect or more fully evidence the sale and contribution of the Timeshare Loans to the Loan Seller, or to enable the Loan Seller to exercise and enforce
        its rights and remedies hereunder or under any Timeshare Loan including, but not limited to, powers of attorney, UCC financing statements and assignments of mortgage. It hereby appoints the Loan Seller as attorney-in-fact, which appointment is coupled with an interest and is therefore irrevocable, to act on behalf and in the name of BBCV under this Section 7(f).

         

        PURCHASE AND CONTRIBUTION AGREEMENT, Page 14

         

        

        

        

        (g) After the Closing Date, any change in the legal name of BBCV or the use by it of any tradename, fictitious name, assumed name or “doing business as” name shall be promptly (but no later than ten (10) Business Days) disclosed to the Loan Seller and Quorum in writing.

        (h) Upon the discovery or receipt of notice by a Responsible Officer of BBCV of a breach of any of its representations or warranties and covenants contained herein, BBCV shall promptly disclose to the Loan Seller, and Quorum, in reasonable detail, the nature of such breach.

        (i) In the event that BBCV shall receive any payments in respect of a Timeshare Loan after a Sale Date or Transfer Date, as applicable, BBCV shall, within two (2) Business Days of receipt, transfer or cause to be transferred, such payments to the Lockbox Account. 

        (j) BBCV shall keep its principal place of business and chief executive office where it keeps its records concerning the Timeshare Loans at the address listed for it herein in Section 10 and shall promptly notify the parties hereto of any change to the same(but not later than ten (10) Business Days following such change).

        (k) In the event that BBCV or the Loan Seller or any assignee of the Loan Seller receives actual notice of any transfer taxes arising out of the transfer, assignment and conveyance of a Timeshare Loan to the Loan Seller, on written demand by the Loan Seller, or upon BBCV otherwise being given notice thereof, BBCV shall pay, and otherwise indemnify and hold the Loan Seller, or any
        subsequent assignee, harmless, on an after-tax basis, from and against any and all such transfer taxes.

        (l) BBCV authorizes the Loan Seller and Quorum to file continuation statements, and amendments thereto, relating to the Timeshare Loans and (subject to payments of the Deferred Purchase Price) all payments made with regard to the related Timeshare Loans without the signature of the BBCV where permitted by law. A copy or other reproduction of this Agreement shall be sufficient as a
        financing statement where permitted by law. The Loan Seller confirms that it is not its present intention to file a photocopy or other reproduction of this Agreement as a financing statement, but reserves the right to do so if, in its good faith determination, there is at such time no reasonable alternative remaining to it.

        
            	
                         

                    	
                        SECTION 8. Indemnification.

                    

        

         

        PURCHASE AND CONTRIBUTION AGREEMENT, Page 15

         

        

        

        

        (a) BBCV agrees to indemnify the Loan Seller and Quorum (collectively, the “Indemnified Parties”) against any and all claims, losses, liabilities, (including reasonable legal fees and related costs) that the Loan Seller or Quorum may sustain directly related to any breach of the representations and warranties of BBCV under Section 5 hereof (the
        “Indemnified Amounts”) excluding, however (i) Indemnified Amounts to the extent resulting from the gross negligence or willful misconduct on the part of such Indemnified Party; (ii) any recourse for any uncollectible Timeshare Loan not related to a breach of representation or warranty; (iii) recourse to BBCV for a Defective Timeshare Loan so long as the same is cured, substituted or repurchased pursuant to Section 6 hereof, (iv)
        income, franchise or similar taxes by such Indemnified Party arising out of or as a result of this Agreement or the transfer of the Timeshare Loans; (v) Indemnified Amounts attributable to any violation by an Indemnified Party of any Requirement of Law related to an Indemnified Party; or (vi) the operation or administration of the Indemnified Party generally and not related to the enforcement of this Agreement. BBCV shall (A) promptly notify the Loan Seller and Quorum if a claim is made
        by a third party with respect to this Agreement or the Timeshare Loans, and relating to (i) the failure by BBCV to perform its duties in accordance with the terms of this Agreement or (ii) a breach of BBCV’s representations, covenants and warranties contained in this Agreement, (B) assume (with the consent of the Loan Seller or Quorum, as applicable, which consent shall not be unreasonably withheld) the defense of any such claim and (C) pay all expenses in connection therewith,
        including reasonable legal counsel fees and promptly pay, discharge and satisfy any judgment, order or decree which may be entered against it or the Loan Seller or Quorum in respect of such claim. If BBCV shall have made any indemnity payment pursuant to this Section 8 and the recipient thereafter collects from another Person any amount relating to the matters covered by the foregoing indemnity, the recipient shall promptly repay such amount to BBCV.

        (b) The obligations of BBCV under this Section 8 to indemnify the Loan Seller and Quorum shall survive the Closing Date of this Agreement and continue until the Agreement Termination Date.

        SECTION 9. No Proceedings. BBCV hereby agrees that it shall not, directly or indirectly, institute, or cause to be instituted, or join any Person in instituting, against the Loan Seller or any Association, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or state bankruptcy or similar
        law so long as there shall not have elapsed one (1) year plus one (1) day since the latest maturing Notes issued by the Issuer.

        SECTION 10.Notices, Etc. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing and mailed or telecommunicated, or delivered as to each party hereto, at its address set forth below or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such
        notices and communications shall not be effective until received by the party to whom such notice or communication is addressed.

         

        
            	
                         

                    	
                        Seller

                    

        

         

        
            	
                         

                    	
                        Bluegreen/Big Cedar Vacations, LLC

                    

        

        4960 Conference Way North, Suite 100

        
            	
                         

                    	
                        Boca Raton, Florida 33431

                    

        

        
            	
                         

                    	
                        Attention: Anthony M. Puleo, Vice President & Treasurer

                    

        

        
            	
                         

                    	
                        Fax: (561) 912-8123

                    

        

         

         

        PURCHASE AND CONTRIBUTION AGREEMENT, Page 16

         

        

        

        

        
            	
                         

                    	
                        Loan Seller

                    

        

         

        
            	
                         

                    	
                        BBCV Receivables-Q 2010 LLC

                    

        

        
            	
                         

                    	
                        4950 Communication Avenue, Suite 900

                    

        

        
            	
                         

                    	
                        Boca Raton, Florida 33431

                    

        

        
            	
                         

                    	
                        Attention: Allan J. Herz, President & Assistant Treasurer

                    

        

        
            	
                         

                    	
                        Fax: (561) 443-8743

                    

        

        SECTION 11. No Waiver; Remedies. No failure on the part of BBCV, the Loan Seller or any assignee thereof to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies
        herein provided are cumulative and not exclusive of any other remedies provided by law.

        SECTION 12.   Binding Effect; Assignability. This Agreement shall be binding upon and inure to the benefit of the Loan Seller and its respective successors and assigns. Any assignee of the Loan Seller shall be an express third party beneficiary of this Agreement, entitled to directly enforce this Agreement. BBCV may not assign any of its
        rights and obligations hereunder or any interest herein without the prior written consent of the Loan Seller and any assignee thereof. The Loan Seller may, and intends to, assign all of its rights hereunder to Quorum and BBCV consents to any such assignment. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect from the Closing Date until the Agreement Termination Date;
        provided, however, that the rights and remedies with respect to any breach of any representation and warranty made by BBCV (as of the date on which such representation or warranty was made) pursuant to Section 5 and the repurchase or substitution and indemnification obligations shall be continuing and shall survive any termination of this Agreement but such rights and remedies may be
        enforced only by the Loan Seller and Quorum.

        SECTION 13, Amendments; Consents and Waivers. No modification, amendment or waiver of, or with respect to, any provision of this Agreement, and all other agreements, instruments and documents delivered pursuant thereto, nor consent to any departure by BBCV from any of the terms or conditions thereof shall be effective unless it shall be in writing and signed
        by each of the parties hereto and the written consent of Quorum is given. BBCV shall provide Quorum with such proposed modifications, amendments or waivers. Any waiver or consent shall be effective only in the specific instance and for the purpose for which given. No consent to or demand by BBCV in any case shall, in itself, entitle it to any other consent or further notice or demand in similar or other circumstances. BBCV acknowledges that in connection with the intended sale by the
        Loan Seller of all of its right, title and interest in and to each Timeshare Loan to Quorum, the proceeds of which shall be used by the Loan Seller to purchase the Timeshare Loans from BBCV. 

         

        PURCHASE AND CONTRIBUTION AGREEMENT, Page 17

         

        

        

        

        SECTION 14.   Severability. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation, shall not in any way be affected or impaired thereby in any other
        jurisdiction. Without limiting the generality of the foregoing, in the event that a Governmental Authority determines that the Loan Seller may not purchase or acquire Timeshare Loans, the transactions evidenced hereby shall constitute a loan and not a purchase and sale and contribution to capital, notwithstanding the otherwise applicable intent of the parties hereto, and BBCV shall be deemed to have granted to the Loan Seller as of the date hereof, a first priority perfected security
        interest in all of BBCV’s right, title and interest in, to and under the Assets and the QSTL Assets.

        
            	
                         

                    	
                        SECTION 15. GOVERNING LAW; CONSENT TO JURISDICTION.

                    

        

        (A)      THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK.

        (B)      THE PARTIES TO THIS AGREEMENT HEREBY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY AND EACH PARTY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS BE MADE
        BY REGISTERED MAIL DIRECTED TO ITS ADDRESS SET FORTH IN SECTION 10 HEREOF AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED FIVE (5) DAYS AFTER THE SAME SHALL HAVE BEEN DEPOSITED IN THE U.S. MAILS, POSTAGE PREPAID. THE PARTIES HERETO EACH WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED
        APPROPRIATE BY THE COURT. NOTHING IN THIS SECTION 15 SHALL AFFECT THE RIGHT OF THE PARTIES TO THIS AGREEMENT TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT OF ANY OF THEM TO BRING ANY ACTION OR PROCEEDING IN THE COURTS OF ANY OTHER JURISDICTION.

        SECTION 16. WAIVERS OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR ANY OTHER DOCUMENT OR INSTRUMENT RELATED HERETO AND FOR ANY COUNTERCLAIM
        THEREIN.

        SECTION 17. Heading. The headings herein are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

         

        PURCHASE AND CONTRIBUTION AGREEMENT, Page 18

         

        

        

        

        SECTION 18, Execution in Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and both of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Agreement by facsimile or other electronic
        transmission (i.e., a “pdf” or “tif” file) shall be as effective a delivery as a manually executed counterpart hereof.

         

        [Signature Pages Follow]

         

        PURCHASE AND CONTRIBUTION AGREEMENT, Page 19

         

        

        

        

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

         

        BBCV RECEIVABLES-Q 2010 LLC, as Loan Seller

         

        By:_______________________________________

        Name: Allan J. Herz

        Title: President and Assistant Treasurer

         

        BLUEGREEN/BIG CEDAR VACATIONS, LLC, 

         

        By:_______________________________________

        Name: Anthony M. Puleo

        Title: Vice President and Treasurer

        Agreed and acknowledged as to 

        Section 3(c) 

        herein only:

        BLUEGREEN VACATION CLUB TRUST

        By: Vacation Trust, Inc., Individually and as Club Trustee

        By:_______________________________________

        Name: Tonya Wardak

        Title: Vice President, Treasurer and Secretary

         

         

        Signature Page to Purchase and Contribution Agreement

        

        

        

        Schedule I  

        Representations and Warranties Regarding the Timeshare Loans

        With respect to each Timeshare Loan in a Sale Date Loan Pool, unless otherwise stated, as of the related Sale Date or Transfer Date applicable to such Timeshare Loan:

         

        
            	 	
                        (a) 

                    	
                        the Obligor is an Eligible Borrower;

                    
	 	
                        (b) 

                    	
                        the Obligor is personally liable on the Timeshare Loan;

                    
	 	
                        (c) 

                    	
                        the Timeshare Loan is not a Sampler Loan;

                    
	 	(d) 	payments due under the Timeshare Loan are fully-amortizing and payable in level monthly installments; 
	
                         

                    	
                        (e)

                    	
                        the payment obligations under the Timeshare Loan bear a fixed rate of interest;

                    

        

        
            	
                         

                    	
                        (f)

                    	
                        the Obligor thereunder has made a down payment by cash, check, credit card or otherwise of at least ten percent (10%) of the original purchase price of the Timeshare Property (which cash down payment may, (i) in the case of an Upgrade, be represented in whole or in part by the down payment made and principal payments paid in respect of the related
                        Original Club Loan, (ii) in the case of a Sampler Converted Loan, be represented in whole or in part by the principal payments and down payment made on the related Sampler Loan since its date of origination and (iii) in the case of an Upgrade or Sampler Conversion, be represented in whole or in part by the amount paid where the Obligor has paid in full at the point of sale for the original Timeshare Property or “Sampler Membership”, as applicable) and no part
                        of such payment has been made or loaned to the Obligor by BBCV or an Affiliate thereof;

                    

        

        
            	
                         

                    	
                        (g)

                    	
                        as of the related Cut-Off Date, no principal or interest due with respect to the Timeshare Loan is more than thirty (30) days delinquent;

                    

        

        
            	
                         

                    	
                        (h)

                    	
                        the Obligor is not a Governmental Authority or an Affiliate of BBCV; provided, that solely for the purposes of this representation, a relative of an employee and employees of BBCV (or any of its Affiliates) shall not be deemed to be an
                        “Affiliate”;

                    

        

        
            	
                         

                    	
                        (i)

                    	
                        immediately prior to the conveyance of the Timeshare Loan from BBCV to the Loan Seller, BBCV will own full legal and equitable title to such Timeshare Loan, and the Timeshare Loan (and the related Timeshare Property) is free and clear of adverse claims, liens and encumbrances and is not subject to claims of rescission, invalidity, unenforceability,
                        illegality, defense, offset, abatement, diminution, recoupment, counterclaim or participation or ownership interest in favor of any other Person, other than Permitted Liens;

                    

        

         

         

        I-1 

         

        

        

        

        
            	
                         

                    	
                        (j)

                    	
                        with respect to each Deeded Club Loan, the Timeshare Property mortgaged by or at the direction of the related Obligor constitutes a fractional fee simple timeshare interest in real property at the related Resort or an undivided interest in a Resort (or a phase thereof) associated with a Unit that entitles the holder of the interest to the use of a
                        specific property for a specified number of days each year or every other year, subject to the rules of the Bluegreen Vacation Club; 

                    

        

        
            	
                         

                    	
                        (k)

                    	
                        with respect to each Deeded Club Loan, the applicable Assignment of Mortgage and each related endorsement of the related Mortgage Note constitutes a duly executed, legal, valid, binding and enforceable assignment or endorsement, as the case may be, of such related Mortgage and related Mortgage Note, and all monies due or to become due thereunder, and all
                        proceeds thereof;

                    

        

        
            	
                         

                    	
                        (l)

                    	
                        the related Mortgage contains customary and enforceable provisions so as to render the rights and remedies of the holder thereof adequate for the realization against the related Timeshare Property of the benefits of the security interests or lender’s contractual rights intended to be provided thereby, including (i) if the Mortgage is a deed of
                        trust, by trustee’s sale, including power of sale, (ii) otherwise by judicial foreclosure or power of sale and/or (iii) termination of the contract, retention of the related Obligor deposits and payments towards the related Timeshare Loan by BBCV or the lender, as the case may be, and expulsion from the Club; in the case of the Deeded Club Loans, there is no exemption available to the related Obligor which would interfere with the mortgagee’s right to sell at
                        a trustee’s sale or power of sale or right to foreclose such related Mortgage, as applicable;

                    

        

        
            	
                         

                    	
                        (m)

                    	
                        the related Mortgage Note is not and has not been secured by any collateral except the Lien of the related Mortgage;

                    

        

        
            	
                         

                    	
                        (n)

                    	
                        if a Mortgage secures a Timeshare Loan, the title to the related Timeshare Property is insured (or a binding commitment, which may be a master commitment referencing one or more Mortgages, for title insurance, not subject to any conditions other than standard conditions applicable to all binding commitments, has been issued) under a mortgagee title
                        insurance policy (which may consist of one master policy referencing one or more such Mortgages) issued by a title insurer qualified to do business in the jurisdiction where the related Timeshare Property is located in a form generally acceptable to prudent originators of similar mortgage loans, insuring BBCV or its predecessor and its successors and assigns, as to the first priority mortgage Lien of the related Mortgage in an amount equal to the original outstanding
                        Loan Balance of such Timeshare Loan; and BBCV and its assignees is a named insured of such mortgagee’s title insurance policy;

                    

        

        
            	
                         

                    	
                        (o)

                    	
                        the proceeds of the Timeshare Loan have been fully disbursed, there is no obligation to make future advances or to lend additional funds under BBCV’s commitment or the documents and instruments evidencing or securing the Timeshare Loan and no such advances or loans have been made since the origination of the Timeshare Loan;

                    

        

         

         

        I-2 

         

        

        

        

        
            	
                         

                    	
                        (p)

                    	
                        the terms of each related Timeshare Loan Document have not been impaired, waived, altered or modified in any respect, except (x) by written instruments which are part of the related Timeshare Loan Documents or (y) in accordance with the Credit Policy applicable at the time of origination, the Collection Policy or the Servicing Standard (provided that no
                        Timeshare Loan has been impaired, waived, altered, or modified in any respect more than once). No other instrument has been executed or agreed to which would effect any such impairment, waiver, alteration or modification; the Obligor has not been released from liability on or with respect to the Timeshare Loan, in whole or in part; if required by law or prudent originators of similar loans in the jurisdiction where the related Timeshare Property is located, all waivers,
                        alterations and modifications have been filed and/or recorded in all places necessary to perfect, maintain and continue a valid first priority Lien of the related Mortgage, subject only to Permitted Liens;

                    

        

        
            	
                         

                    	
                        (q)

                    	
                        the Timeshare Loan was originated by or on behalf of BBCV in the normal course of its business; the Timeshare Loan originated by or on behalf of BBCV was underwritten in accordance with its credit policy in effect at such time (or the credit policy of its Affiliates); and to BBCV’s Knowledge, the origination, servicing and collection practices used
                        by BBCV or its Affiliates with respect to the Timeshare Loan have been in all respects, legal, proper, prudent and customary;

                    

        

        
            	
                         

                    	
                        (r)

                    	
                        to BBCV’s Knowledge, there are no delinquent or unpaid taxes, ground rents (if any), water charges, sewer rents or assessments outstanding with respect to the Timeshare Property relating to the Timeshare Loan, nor any other outstanding Liens or charges affecting such Timeshare Property that would result in the imposition of a Lien on such Timeshare
                        Property affecting the Lien of the related Mortgage or otherwise materially affecting the interests of the Loan Seller in the related Timeshare Loan;

                    

        

        
            	
                         

                    	
                        (s)

                    	
                        the Timeshare Loan has not been satisfied, canceled, rescinded or subordinated, in whole or in part; no portion of the Timeshare Property relating to such Timeshare Loan has been released from the Lien of the related Mortgage, in whole or in part; no instrument has been executed that would effect any such satisfaction, cancellation, rescission,
                        subordination or release; the terms of the related Mortgage do not provide for a release of any portion of the Timeshare Property relating to such Timeshare Loan from the Lien of the related Mortgage except upon the payment of the Timeshare Loan in full;

                    
	 	(t)	each rescission period applicable to the related Timeshare Loan has expired;

        

         

         

        I-3 

         

        

        

        

        
            	
                         

                    	
                        (u)

                    	
                        no selection procedures were intentionally utilized by BBCV in selecting the Timeshare Loan which BBCV knew were materially adverse to the Loan Seller;

                    

        

        
            	
                         

                    	
                        (v)

                    	
                        the Units related to the Timeshare Loan in the related Resort are Completed Units, free of all defects that could give rise to any claims by the related Obligors under home warranties or applicable laws or regulations, whether or not such claims would create valid offset rights under the law of the State in which the Resort is located; BBCV or developer
                        has complied in all material respects with all obligations and duties incumbent upon the developers under the related timeshare declaration, as applicable, or similar applicable documents for the related Resort;

                    

        

        
            	
                         

                    	
                        (w)

                    	
                        the total maximum remaining principal balance of all Timeshare Loans to any one Obligor does not exceed one hundred thousand dollars ($100,000) in the aggregate;

                    

        

        
            	
                         

                    	
                        (x)

                    	
                        payments with respect to the Timeshare Loan are to be in legal tender of the United States;

                    

        

        
            	
                         

                    	
                        (y)

                    	
                        the Timeshare Loan relates to the Resorts commonly known as Bluegreen Wilderness Club at Big Cedar, located in Ridgedale, Missouri or Long Creek Ranch at Big Cedar, located in Ridgedale, Missouri;

                    

        

        
            	
                         

                    	
                        (z)

                    	
                        the Timeshare Loan constitutes either “chattel paper”, a “general intangible” or an “instrument” as defined in the UCC as in effect in all applicable jurisdictions;

                    

        

        
            	
                         

                    	
                        (aa)

                    	
                        the sale, transfer and assignment of the Timeshare Loan does not contravene or conflict with any law, rule or regulation or any contractual or other restriction, limitation or encumbrance, and the sale, transfer and assignment of the Timeshare Loan does not require the consent of the Obligor;

                    

        

        
            	
                         

                    	
                        (bb)

                    	
                        each of the Timeshare Loan, related Assignment of Mortgage, related Mortgage, related Mortgage Note, related Owner Beneficiary Agreement (each as applicable) and each other related Timeshare Loan Document are in full force and effect, constitute the legal, valid and binding obligation of the Obligor thereof enforceable against such Obligor in accordance
                        with its terms subject to the effect of bankruptcy, fraudulent conveyance or transfer, insolvency, reorganization, assignment, liquidation, conservatorship or moratorium, and is not subject to any dispute, offset, counterclaim or defense whatsoever;

                    

        

        
            	
                         

                    	
                        (cc)

                    	
                        the Timeshare Loan does not, and the origination of the Timeshare Loan did not, contravene in any material respect any laws, rules or regulations applicable thereto (including, without limitation, laws, rules and regulations relating to usury, retail installment sales, truth in lending, fair credit reporting, equal credit opportunity, fair debt
                        collection practices and privacy, or as promulgated by OFAC) and with respect to which no party thereto has been or is in violation of any such law, rule or regulation in any material respect if such violation would impair the collectability of such Timeshare Loan; the Timeshare Loan was not originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer, conveyance or assignment of such Timeshare Loan would be unlawful, void or
                        voidable;

                    

        

         

         

        I-4 

         

        

        

        

        
            	
                         

                    	
                        (dd)

                    	
                        the Timeshare Loan does not have an original term to maturity in excess of one hundred twenty (120) months;

                    

        

        
            	
                         

                    	
                        (ee)

                    	
                        for each Deeded Club Loan, the Obligor under the related Timeshare Loan does not have its rights under the Club Trust Agreement suspended;                

                    

        

        
            	
                         

                    	
                        (ff)

                    	
                        all of the related Timeshare Loan Servicing Files for such Timeshare Loan have on or prior to, as applicable, the related Sale Date or the related Transfer Date been obtained by the Servicer; and all of the related Timeshare Loan Files are, in the case of a Timeshare Loan, in the possession of the Custodian on or prior to the related Sale Date, or, in
                        the case of a Qualified Substitute Timeshare Loan, shall be in the possession of the Custodian within five (5) Business Days of the related Transfer Date; provided, however, that, (1) with respect to fifty percent (50%) of the Timeshare Loan Files relating to the Aggregate Sale Date Loan Pool, the related (a) original recorded Mortgage, (ii) original recorded Assignment of Mortgage (which may consist of one master
                        assignment referencing one or more of such assignments with copies provided separately by the Servicer) and (iii) the final original lender’s title insurance policy (which may consist of one master policy referencing one or more such mortgages), if not sooner delivered, shall be delivered to the Custodian not later than four (4) months from the related Sale Date or Transfer Date, (2) with respect to ninety percent
                        (90%) of the Timeshare Loan Files relating to the Aggregate Sale Date Loan Pool, the related (a) original recorded Mortgage, (ii) original recorded Assignment of Mortgage (which may consist of one master assignment referencing one or more of such assignments with copies provided separately by the Servicer) and (iii) the final original lender’s title insurance policy (which may consist of one master policy referencing one or more such mortgages), if not sooner
                        delivered, shall be delivered to the Custodian not later than six (6) months from the related Sale Date or Transfer Date, and (3) with respect to one hundred percent (100%) of the Timeshare Loan Files relating to the Aggregate Sale Date Loan Pool, the related (a) original recorded Mortgage, (ii) original recorded Assignment of Mortgage (which may consist of one master assignment referencing one or more of such
                        assignments with copies provided separately by the Servicer) and (iii) the final original lender’s title insurance policy (which may consist of one master policy referencing one or more such mortgages), if not sooner delivered, shall be delivered to the Custodian not later than twelve (12) months from the related Sale Date or Transfer Date;

                    

        

        
            	
                         

                    	
                        (gg)

                    	
                        the Timeshare Loan is not subject to an annual percentage rate of interest (APR) reflected in the related truth-in-lending disclosure statement or similar disclosure form greater than eighteen percent (18%); 

                    

        

         

         

        I-5 

         

        

        

        

        
            	
                         

                    	
                        (hh)

                    	
                        the percentage of Timeshare Loans where the Obligor is not a resident of the United States, Canada, Puerto Rico, U.S. military bases or U.S. Territories (“Non-United States Obligors”) does not exceed two percent (2%) of the Aggregate Loan Balance of Timeshare Loans in the applicable Sale Date Loan Pool;

                    

        

        
            	
                         

                    	
                        (ii)

                    	
                        the minimum FICO Score for each Obligor with a FICO Score under the related Timeshare Loan must be at least 575;

                    

        

        
            	
                         

                    	
                        (jj)

                    	
                        the Mortgage Note related to the Timeshare Loan may be prepaid in full without penalty; and 

                    

        

        
            	
                         

                    	
                        (kk)

                    	
                        the related Obligor is required pursuant to the related Owner Beneficiary Agreement and the Club Bylaws to pay Common Assessment Fees (as defined in the Club Trust Agreement) to the Club Association.

                    

        

         

         

        I-6 

         

        

        

        

        Schedule II

         

        Pending Litigation and Other Proceedings

         

         

        II-1 

         

        

        

        

        Exhibit A

         

        Form of Waiver Letter

        Date:

        U.S. Bank National Association, as Custodian of Quorum Federal Credit Union

        1133 Rankin Street, Suite 100

        St. Paul, Minnesota 55116

         

        Quorum Federal Credit Union

        2 Manhattanville Road, Suite 104

        Purchase, New York 10577

         

        BBCV RECEIVABLES-Q 2010 LLC,

        4950 Communication Avenue, Suite 900

        Boca Raton, Florida 33431

         

        
            	
                        Attention:

                    	
                        Document Custody Services 

                    

        

        Quorum Federal Credit Union

        In accordance with Section 6(c) of that certain Purchase and Contribution Agreement (the “Purchase Agreement”), dated as of December 22, 2010, by and between Bluegreen/Big Cedar Vacations, LLC and BBCV Receivables-Q 2010 LLC, the undersigned hereby irrevocably waives its option to repurchase and/or substitute any Defaulted Timeshare Loan listed on
        Exhibit A attached hereto.

         

        Capitalized terms used herein but not defined shall have the meanings ascribed to them in the Purchase Agreement.

         

        IN WITNESS WHEREOF, the undersigned has caused its name to be signed hereby by its duly authorized officer, as of the day and year written above.

         

        BLUEGREEN/BIG CEDAR VACATIONS, LLC

        By:_____________________________________

        Name: ___________________________________

        Title: ____________________________________

         

         

        Exhibit A

        

        

        

        Exhibit B

        Club Trust Agreement

         

         

        Exhibit B

        

        

        

        Exhibit C

        ACH Form

         

        BLUEGREEN CORPORATION

        Authorization to Start ACH Payment Processing

         

        NOTE: In the case of an equity trade, pre-authorized withdrawal (PAC) will continue on existing loan until new loan is active. Any payment received on the existing loan after the closing date of the new loan will be applied to the principal of the new loan.

         

        INSTRUCTIONS: 

         

        
            	
                        1. 

                    	
                        Complete authorization. Name and address of bank must be completed below. *

                    

        

        
            	
                        2. 

                    	
                        Attach a payer's blank check marked "VOID" 

                    

        

         

        
            	
                         

                        PLEASE TAPE A VOID CHECK TO THIS AREA

                        (DO NOT USE STAPLES)

                         

                         

                        Bank Routing No. _____/_____/_____/_____/_____/_____/_____/_____/_____

                         

                        Bank Account No. _________________________________________________

                         

                         

                    

        

         

        	CONTRACT NO. 	AUTHORIZATION
	
                    Name of Depositor 

                	
                    (PRlNT AS SHOWN ON BANK RECORDS)

                

         

        	
                     

                

         

        To the Bank Specified Below: I authorize you to pay checks or electronic or other orders ("Withdrawals") drawn or initiated by __________________________________________ or its designee and payable to it or its designee and to charge the same to my account with you which is identified below. This authorization will remain in effect until revoked by me in writing. Until you actually receive notice of such
        revocation, I agree that you shall be fully protected in honoring any such Withdrawal. I agree that your treatment of each Withdrawal, and your rights in respect to it, shall be the same as if it were signed or initiated personally by me. 

         

        	
                    X

                

        Signature of depositor(s) shown on bank records for account to which this authorization is applicable 

         

        	
                    Name and Address of bank (or branch) 

                    where account is maintained. Include 

                    zip code. 

                     

                    

                    

                	 

         

         

        Exhibit C

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