Document:

Exhibit 10.39

 

SECOND COMMITMENT AMENDMENT TO

LOAN SALE AND SERVICING AGREEMENT

 

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

 

RECITALS

 

WHEREAS, the
Buyer, the Seller, the Servicer and the Backup Servicer have previously entered into that certain Loan Sale and Servicing Agreement,
dated as of December 22, 2010, as amended by that certain Omnibus Amendment, dated as of May 3, 2011 and as further amended by
that certain First Commitment Amendment, dated as of March 1, 2012 (as may be amended, supplemented or restated from time to time,
the “Loan Sale and Servicing Agreement”).

 

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

 

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

 

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

 

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

 

1.          Amendment
of Standard Definitions.

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

[Signatures Appear on Next Page]

 

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

 

	THE BUYER:	QUORUM FEDERAL CREDIT UNION
	 	 
	 	By:	/s/ Bruno Sementilli
	 	 	Bruno Sementilli,
	 	 	President and CEO
	 	 
	THE SELLER:	BRFC-Q 2010 LLC
	 	 
	 	By:	/s/ Allan J. Herz
	 	 	Allan J. Herz
	 	 	President and Assistant Treasurer
	 	 
	THE SERVICER:	BLUEGREEN CORPORATION
	 	 
	 	By:	/s/ Anthony M. Puleo
	 	 	Anthony M. Puleo
	 	 	Senior Vice President, CFO & Treasurer
	 	 
	THE BACKUP SERVICER:	CONCORD SERVICING CORPORATION
	 	 
	 	By:	/s/ Mary-Jeanne Fincher
	 	 	Mary-Jeanne Fincher
	 	 	Vice President and General Counsel

 

	THE CUSTODIAN:	U.S. BANK NATIONAL ASSOCIATION, not in

                                                                        its individual capacity but solely as Custodian and

                                                                        Paying Agent hereunder

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

 

	THE CLUB TRUSTEE:	VACATION TRUST, INC.,
	 	as Club Trustee
	 	 
	 	By:	/s/ Tonya Wardak
	 	 	Tonya Wardak
	 	 	Vice President, Treasurer and Secretary

 

    	 	3Exhibit 10.40

 

THIRD COMMITMENT AMENDMENT TO

LOAN SALE AND SERVICING AGREEMENT

 

THIS THIRD
COMMITMENT AMENDMENT TO LOAN SALE AND SERVICING AGREEMENT (this “Third Amendment”), dated as of April 1,
2014, is entered into by and among BRFC-Q 2010 LLC, a Delaware limited liability company,
as seller (the “Seller”), Quorum Federal Credit Union, a federally chartered credit union, as buyer (the “Buyer”),
Vacation Trust, Inc., a Florida Corporation, as Club Trustee (the “Club Trustee”), U.S. Bank National Association,
a national banking association, as custodian and paying agent (the “Custodian”), Bluegreen Corporation, a Florida
corporation (formerly a Massachusetts corporation), as servicer (the “Servicer”), and Concord Servicing Corporation,
an Arizona corporation, as backup servicer (the “Backup Servicer”).

 

RECITALS

 

WHEREAS, the
Buyer, the Seller, the Servicer and the Backup Servicer have previously entered into that certain Loan Sale and Servicing Agreement,
dated as of December 22, 2010, as amended by that certain Omnibus Amendment, dated as of May 3, 2011 and as further amended by
that certain First Commitment Amendment, dated as of March 1, 2012 and that Second Commitment Amendment, dated as of January 31,
2013 (as may be amended, supplemented or restated from time to time, the “Loan Sale and Servicing Agreement”).

 

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

 

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

 

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

 

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

 

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

 

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

 

“Commitment
Period” and “Commitment Purchase Period” shall mean the period commencing on April 1, 2014 and continuing
until October 31, 2014.

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

[Signatures Appear on Next Page]

 

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

 

	THE BUYER:	QUORUM FEDERAL CREDIT UNION
	 	 
	 	By:	/s/ Bruno Sementilli
	 	 	Bruno Sementilli,
	 	 	President and CEO
	 	 
	THE SELLER:	BRFC-Q 2010 LLC
	 	 
	 	By:	/s/ Allan J. Herz
	 	 	Allan J. Herz
	 	 	President and Assistant Treasurer
	 	 
	THE SERVICER:	BLUEGREEN CORPORATION
	 	 
	 	By:	/s/ Anthony M. Puleo
	 	 	Anthony M. Puleo
	 	 	Senior Vice President, CFO & Treasurer
	 	 
	THE BACKUP SERVICER:	CONCORD SERVICING CORPORATION
	 	 
	 	By:	/s/ Mary-Jeanne Fincher
	 	 	Mary-Jeanne Fincher
	 	 	Vice President and General Counsel

 

	THE CUSTODIAN:	U.S. BANK NATIONAL ASSOCIATION, not in

                                                   its individual
capacity but solely as Custodian and

                                                   Paying Agent hereunder

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

 

	THE CLUB TRUSTEE:	VACATION TRUST, INC.,
	 	as Club Trustee
	 	 
	 	By:	/s/ Constance G. Dodd
	 	 	Constance G. Dodd
	 	 	President, Treasurer and Secretary

 

    	 	3Exhibit 10.41

 

FIRST GENERAL AMENDMENT TO

LOAN SALE AND SERVICING AGREEMENT

 

THIS FIRST GENERAL AMENDMENT TO LOAN
SALE AND SERVICING AGREEMENT (this “First General Amendment”), dated as of April 1, 2014, is entered into
by and among BRFC-Q 2010 LLC, a Delaware limited liability company, as seller (the “Seller”), Quorum Federal
Credit Union, a federally chartered credit union, as buyer (the “Buyer”), Vacation Trust, Inc., a Florida Corporation,
as Club Trustee (the “Club Trustee”), U.S. Bank National Association, a national banking association, as custodian
and paying agent (the “Custodian”), Bluegreen Corporation, a Florida corporation (formerly a Massachusetts corporation),
as servicer (the “Servicer”), and Concord Servicing Corporation, an Arizona corporation, as backup servicer
(the “Backup Servicer”).

 

RECITALS

 

WHEREAS, the
Buyer, the Seller, the Servicer and the Backup Servicer have previously entered into that certain Loan Sale and Servicing Agreement,
dated as of December 22, 2010, as amended by that certain Omnibus Amendment, dated as of May 3, 2011 and as further amended by
that certain First Commitment Amendment, dated as of March 1, 2012, that Second Commitment Amendment, dated as of January 31, 2013,
and that Third Commitment Amendment, dated as of April 1, 2014 (as may be amended, supplemented or restated from time to time,
the “Loan Sale and Servicing Agreement”).

 

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

 

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

 

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

 

1.          Section
4.4 (g) of the Loan Sale and Servicing Agreement is hereby deleted in its entirety and replaced with the following:

 

The Seller shall furnish, or cause
to be furnished to the Buyer, no later than one hundred eighty (180) days after the end of each fiscal year of the Club Association,
audited financial statements for the Club Association for each fiscal year from the Closing Date through the Agreement Termination
Date. The Seller shall furnish to the Buyer, promptly upon its receipt, the report, if any, prepared by the independent accounting
firm set forth in Section 8.01(k) of the Club Trust Agreement, until the Agreement Termination Date.

 

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

 

On or before March 31st of each
year commencing in 2015, the Servicer shall deliver to the Buyer a current SSAE16/SOC 1 Report (or equivalent) dated no earlier
than six months prior to the date such report is delivered by the Servicer to the Buyer. In the event the Servicer fails to deliver
such SSAE16/SOC 1 Report, the Buyer shall have the right, at the Servicer’s sole expense, to engage a third party to perform
an audit of the Servicer’s operations and practices relating to Timeshare Loans covered by this Agreement.

 

     

     

    

 

3.          Except
as specifically set forth herein, this First General Amendment shall not modify, alter, change, or affect any of the other terms
or conditions of the Loan Sale and Servicing Agreement. All capitalized terms herein shall have the meaning given to them in the
Loan Sale and Servicing Agreement, unless otherwise provided herein.

 

[Signatures Appear on Next Page]

 

    	 	2	 

     

    

 

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

 

	THE BUYER:	QUORUM FEDERAL CREDIT UNION
	 	 
	 	By:	/s/ Bruno Sementilli
	 	 	Bruno Sementilli,
	 	 	President and CEO
	 	 
	THE SELLER:	BRFC-Q 2010 LLC
	 	 
	 	By:	/s/ Allan J. Herz
	 	 	Allan J. Herz
	 	 	President and Assistant Treasurer
	 	 
	THE SERVICER:	BLUEGREEN CORPORATION
	 	 
	 	By:	/s/ Anthony M. Puleo
	 	 	Anthony M. Puleo
	 	 	Senior Vice President, CFO & Treasurer
	 	 
	THE BACKUP SERVICER:	CONCORD SERVICING CORPORATION
	 	 
	 	By:	/s/ Mary-Jeanne Fincher
	 	 	Mary-Jeanne Fincher
	 	 	Vice President and General Counsel

 

	THE CUSTODIAN:	U.S. BANK NATIONAL ASSOCIATION, not in

                                                   its individual capacity but solely as Custodian and

                                                   Paying Agent hereunder

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

 

	THE CLUB TRUSTEE:	VACATION TRUST, INC.,
	 	as Club Trustee
	 	 
	 	By:	/s/ Constance G. Dodd
	 	 	Constance G. Dodd
	 	 	President, Treasurer and Secretary

 

    	 	3

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