Document:

EX 102

		

			

		

		
			EXHIBIT 10.2
		

		
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			QUORUM FEDERAL CREDIT UNION
		

		
			2500 Westchester Avenue
		

		
			Suite 411
		

		
			Purchase, NY 10577
		

		
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			Dated as of April 6, 2018
		

		
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			Allan J. Herz
		

		
			President and Assistant Treasurer
		

		
			BBCV Receivables-Q 2010 LLC
		

		
			4950 Communication Avenue, Suite 900
		

		
			Boca Raton, Florida 33431
		

		
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			Re: Commitment Purchase Period Terms Letter; Terms Governing Sale of Timeshare Loans by BBCV Receivables-Q 2010 LLC (the "Seller") to Quorum Federal Credit Union (the "Buyer") 
		

		
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			Dear Mr. Herz:
		

		
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			The Buyer agrees to purchase Eligible Timeshare Loans from the Seller during the Commitment Purchase Period on the terms and conditions set forth in the Loan Sale and Servicing Agreement dated as of December 22, 2010, by and among the Seller, the Buyer, Bluegreen Vacations Corporation, as the Servicer, Concord Servicing Corporation, as the Back-Up Servicer and the other parties thereto, as amended (the "Agreement") as supplemented below: 
		

		
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				 A.
			

			
	
			
			Buyer Purchase Price Percentage: No less than 85% during the Commitment Period, subject to adjustment as provided herein.

		
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				 B.
			

			
	
			
			Program Fee Rate: 4.95% per annum for purchases during the period from January 1, 2018, through September 30, 2018. 

		
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				 C.
			

			
	
			
			Minimum Required Amount Underutilization Fee: A fee of $100,000 shall be due to the Buyer if the Seller fails to sell to the Buyer Timeshare Loans having an aggregate outstanding principal balance as of the related Sale Dates of at least $20,000,000 between January 1, 2018, and September 30, 2018 (the "MRA Underutilization Fee") unless capacity is unavailable under the Minimum Required Amount. The MRA Underutilization Fee will be payable within thirty (30) days of September 30, 2018. For the purposes of determining if the MRA Underutilization Fee is due, the Buyer agrees to include the aggregate outstanding principal loan balance as of the related Sale Dates of all timeshare loans sold by BRFC-Q 2010 LLC to the Buyer during the period January 1, 2018, through September 30, 2018, except that the aggregate outstanding principal balance related to the First Aggregate Sale Date Loan Pool 
		

		 

		

			 

		

		

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			transferred into the Fifth Aggregate Sale Date Loan Pool shall be excluded for purposes of calculating the MRA Underutilization Fee.  

		
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				 D.
			

			
	
			
			Loan Purchase Fee: the product of (i) 0.25% and (ii) the outstanding principal loan balance of the related Sale Date Loan Pool.

		
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				 E.
			

			
	
			
			Timeshare Portfolio Performance Event levels:

		
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				 a.
			

			
	
			
			Delinquency Level: 4.00% during the Commitment Purchase Period, subject to adjustment at any time by the Buyer.

		
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				 b.
			

			
	
			
			Default Level: 2.75% during the Commitment Purchase Period, subject to adjustment at any time by the Buyer.

		
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				 c.
			

			
	
			
			Cumulative Default Level: Table 1 attached hereto during the Commitment Purchase Period, subject to adjustment at any time by the Buyer. 

		
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			Notwithstanding anything to the contrary in the Agreement, the Buyer agrees during the period from January 1, 2018 through September 30, 2018, to purchase timeshare loans related to a Unit at a Resort pending installation of furniture, fixtures and equipment ("Pending FF&E Unit") offered for sale by the Seller to the Buyer provided that (i) such timeshare loans in all other respects satisfy the Eligible Timeshare Loan requirements, (ii) a certificate of conformance has been issued in connection with the Pending FF&E Unit, and (iii) the installation of furniture, fixtures and equipment will occur within one hundred twenty (120) days after the Sale Date. 
		

		
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			As of the First Optional Reacquisition Date, the First Aggregate Sale Date Loan Pool shall transfer into the Fifth Aggregate Sale Date Loan Pool and cease to exist. The Program Fee Rate and the Timeshare Portfolio Performance Event levels herein shall apply to such transferred First Aggregate Sale Date Loan Pool as of the date of the transfer.  No Loan Purchase Fee shall be due as a result of the transfer of the First Aggregate Sale Date Loan Pool into the Fifth Aggregate Sale Date Loan Pool. Notwithstanding anything to the contrary in the Agreement, the Net Investment Amount of the First Aggregate Sale Date Loan Pool as of the transfer date shall be used in determining the Fifth Optional Reacquisition Date.
		

		
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			The Buyer reserves the right to modify the Buyer Purchase Price Percentage and the Timeshare Portfolio Performance Event levels, at any time during or after the Commitment Period for new fundings. Written notice of any change(s) in the Buyer Purchase Price Percentage and/or the Timeshare Portfolio Performance Event levels will be provided by the Buyer to the Seller at least thirty (30) days in advance of the effective date thereof. Should the Buyer decrease the Buyer Purchase Price Percentage and/or change the Timeshare Portfolio Performance Event levels during the period between January 1, 2018, and September 30, 2018, for a reason other than the occurrence of a Purchase Termination Event or a Timeshare Portfolio Performance Event, the MRA Underutilization Fee shall be waived. Any change in the Delinquency Level, Default Level and/or Cumulative Default Level will be noted in the Buyer Commitment Purchase Confirmation or the Buyer Purchase Confirmation, as applicable. The Buyer and the Seller agree to negotiate prior to 
		

		 

		

			 

		

		

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		September 30, 2018 the minimum volume of Timeshare Loans to be sold to the Seller by the Buyer and the Program Fee Rate applicable after October 1, 2018.
		

		
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			This letter is provided pursuant to the provisions of Section 2.1(b) of the Agreement. Capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Agreement.
		

		
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						QUORUM FEDERAL CREDIT UNION, as Buyer

				
	
					
						By: /s/ Bruno Sementilli

				
	
					
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						Name: Bruno Sementilli

				
	
					
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						Title: President & CEO

				
	
					
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						Address:

					
					
						2500 Westchester Avenue

				
	
					
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						Suite 411

				
	
					
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						Purchase, NY 10577

				
	
					
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						Attention:

					
					
						President/CEO 

				
	
					
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						Telephone:

					
					
						914-641-3739

				
	
					
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						Facsimile:

					
					
						914-641-3777

				
	
					
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						ACKNOWLEDGED AND AGREED TO:

				
	
					
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						BBCV Receivables-Q 2010 LLC, as Seller

				
	
					
						By: /s/ Allan J. Herz

				
	
					
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						Name: Allan J. Herz

				
	
					
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						Title: President & Assistant Treasurer

				
	
					
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						Address:

					
					
						4950 Communication Avenue

				
	
					
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						Suite 900

				
	
					
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						Boca Raton, Florida 33431

				
	
					
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						Attention:

					
					
						Allan J. Herz

				
	
					
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						Telephone:

					
					
						561-912-8210

				
	
					
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						Facsimile:

					
					
						561-912-8123

				

		
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			Table I
		

		
			Cumulative Default
		

		
			Levels
		

		
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						Month

					
					
						Cumulative Defaults

					
					
						Month

					
					
						Cumulative Defaults

					
					
						Month

					
					
						Cumulative Defaults

				
	
					
						1

					
					
						N/A

					
					
						41

					
					
						23.53%

					
					
						81

					
					
						33.69%

				
	
					
						2

					
					
						N/A

					
					
						42

					
					
						24.18%

					
					
						82

					
					
						33.78%

				
	
					
						3

					
					
						N/A

					
					
						43

					
					
						24.51%

					
					
						83

					
					
						33.86%

				
	
					
						4

					
					
						N/A

					
					
						44

					
					
						24.84%

					
					
						84

					
					
						33.94%

				
	
					
						5

					
					
						N/A

					
					
						45

					
					
						25.17%

					
					
						85

					
					
						34.01%

				
	
					
						6

					
					
						N/A

					
					
						46

					
					
						25.67%

					
					
						86

					
					
						34.08%

				
	
					
						7

					
					
						N/A

					
					
						47

					
					
						26.17%

					
					
						87

					
					
						34.15%

				
	
					
						8

					
					
						N/A

					
					
						48

					
					
						26.67%

					
					
						88

					
					
						34.22%

				
	
					
						9

					
					
						N/A

					
					
						49

					
					
						27.02%

					
					
						89

					
					
						34.28%

				
	
					
						10

					
					
						N/A

					
					
						50

					
					
						27.37%

					
					
						90

					
					
						34.34%

				
	
					
						11

					
					
						N/A

					
					
						51

					
					
						27.71%

					
					
						91

					
					
						34.40%

				
	
					
						12

					
					
						N/A

					
					
						52

					
					
						28.01%

					
					
						92

					
					
						34.45%

				
	
					
						13

					
					
						6.07%

					
					
						53

					
					
						28.30%

					
					
						93

					
					
						34.50%

				
	
					
						14

					
					
						6.86%

					
					
						54

					
					
						28.60%

					
					
						94

					
					
						34.55%

				
	
					
						15

					
					
						7.65%

					
					
						55

					
					
						29.22%

					
					
						95

					
					
						34.60%

				
	
					
						16

					
					
						8.55%

					
					
						56

					
					
						29.84%

					
					
						96

					
					
						34.65%

				
	
					
						17

					
					
						9.46%

					
					
						57

					
					
						30.46%

					
					
						97

					
					
						34.69%

				
	
					
						18

					
					
						10.36%

					
					
						58

					
					
						30.55%

					
					
						98

					
					
						34.74%

				
	
					
						19

					
					
						11.18%

					
					
						59

					
					
						30.65%

					
					
						99

					
					
						34.78%

				
	
					
						20

					
					
						12.01%

					
					
						60

					
					
						30.74%

					
					
						100

					
					
						34.82%

				
	
					
						21

					
					
						12.83%

					
					
						61

					
					
						30.89%

					
					
						101

					
					
						34.86%

				
	
					
						22

					
					
						13.43%

					
					
						62

					
					
						31.04%

					
					
						102

					
					
						34.89%

				
	
					
						23

					
					
						14.03%

					
					
						63

					
					
						31.19%

					
					
						103

					
					
						34.93%

				
	
					
						24

					
					
						14.64%

					
					
						64

					
					
						31.45%

					
					
						104

					
					
						34.96%

				
	
					
						25

					
					
						15.29%

					
					
						65

					
					
						31.72%

					
					
						105

					
					
						34.99%

				
	
					
						26

					
					
						15.94%

					
					
						66

					
					
						31.98%

					
					
						106

					
					
						35.02%

				
	
					
						27

					
					
						16.59%

					
					
						67

					
					
						32.11%

					
					
						107

					
					
						35.05%

				
	
					
						28

					
					
						17.26%

					
					
						68

					
					
						32.24%

					
					
						108

					
					
						35.08%

				
	
					
						29

					
					
						17.93%

					
					
						69

					
					
						32.37%

					
					
						109

					
					
						35.10%

				
	
					
						30

					
					
						18.60%

					
					
						70

					
					
						32.49%

					
					
						110

					
					
						35.13%

				
	
					
						31

					
					
						18.60%

					
					
						71

					
					
						32.61%

					
					
						111

					
					
						35.15%

				
	
					
						32

					
					
						18.98%

					
					
						72

					
					
						32.73%

					
					
						112

					
					
						35.18%

				
	
					
						33

					
					
						19.55%

					
					
						73

					
					
						32.86%

					
					
						113

					
					
						35.20%

				
	
					
						34

					
					
						19.98%

					
					
						74

					
					
						32.98%

					
					
						114

					
					
						35.22%

				
	
					
						35

					
					
						20.40%

					
					
						75

					
					
						33.10%

					
					
						115

					
					
						35.24%

				
	
					
						36

					
					
						20.82%

					
					
						76

					
					
						33.22%

					
					
						116

					
					
						35.26%

				
	
					
						37

					
					
						21.29%

					
					
						77

					
					
						33.33%

					
					
						117

					
					
						35.28%

				
	
					
						38

					
					
						21.75%

					
					
						78

					
					
						33.43%

					
					
						118

					
					
						35.30%

				
	
					
						39

					
					
						22.22%

					
					
						79

					
					
						33.52%

					
					
						119

					
					
						35.32%

				
	
					
						40

					
					
						22.87%

					
					
						80

					
					
						33.61%

					
					
						120

					
					
						35.33%

				

		
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			5EX 103

		

			

		

		
			EXHIBIT 10.3
		

		
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			EIGHTH COMMITMENT AMENDMENT TO
		

		
			LOAN SALE AND SERVICING AGREEMENT
		

		
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			THIS EIGHTH COMMITMENT AMENDMENT TO LOAN SALE AND SERVICING AGREEMENT (this “Eighth Amendment”), dated as of April 6, 2018, 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 Vacations Corporation, a Florida corporation, as servicer (the “Servicer”), and Concord Servicing Corporation, an Arizona corporation, as backup servicer (the “Backup Servicer”).
		

		
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			RECITALS
		

		
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			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, that certain Omnibus Amendment No. 2, dated as of June 30, 2015, and that certain Omnibus Amendment No. 3, dated as of June 30, 2016, 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 that Third Commitment Amendment dated as of April 1, 2014, that Fourth Commitment Amendment, dated as of November 1, 2014, that Fifth Commitment Amendment, dated as of December 23, 2014, that Sixth Commitment Amendment, dated as of July 1, 2015, that Seventh Commitment Amendment, dated as of September 1, 2016, and that First General Amendment, dated as of April 1, 2014 (as may be amended, supplemented or restated from time to time, the “Loan Sale and Servicing Agreement”). 
		

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

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

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

		
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			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:
		

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

		

		

		 

		

			 

		

		

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			“Commitment Period” shall mean the period commencing on January 1, 2018 and continuing until June 30, 2020.
		

		
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			“Commitment Purchase Period” shall mean the period commencing on January 1, 2018 and continuing until September 30, 2018.
		

		
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			"Facility Termination Date" shall mean the first date following December 31, 2032, 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.
		

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

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

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

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

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

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

		
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						THE BUYER:

					
					
						QUORUM FEDERAL CREDIT UNION

				
	
					
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						By: /s/ Bruno Sementilli

				
	
					
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						Bruno Sementilli,

				
	
					
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						President and CEO

				
	
					
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						THE SELLER:

					
					
						BRFC-Q 2010 LLC

				
	
					
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						By: /s/ Allan J. Herz

				
	
					
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						Allan J. Herz

				
	
					
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						President and Assistant Treasurer

				
	
					
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						THE SERVICER:

					
					
						BLUEGREEN VACATIONS CORPORATION

				
	
					
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						By: /s/ Anthony M. Puleo

				
	
					
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						Anthony M. Puleo

				
	
					
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						Executive Vice President, CFO & Treasurer

				
	
					
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						THE BACKUP SERVICER:

					
					
						CONCORD SERVICING CORPORATION

				
	
					
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						By: /s/ Sonja M. Yurkiw, Esq.

				
	
					
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						Sonja M. Yurkiw, Esq.

				
	
					
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						Vice President & General Counsel

				
	
					
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						THE CUSTODIAN:

					
					
						U.S. BANK NATIONAL ASSOCIATION, 

					
						not in its individual capacity but solely as Custodian 

					
						and Paying Agent hereunder 

				
	
					
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						By: /s/ Timothy Matyi

				
	
					
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						Timothy Matyi

				
	
					
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						Vice President

				
	
					
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						THE CLUB TRUSTEE:

					
					
						VACATION TRUST, INC., 

					
						as Club Trustee

				
	
					
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						By: /s/ Constance G. Dodd

				
	
					
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						Constance G. Dodd

				
	
					
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						President, Treasurer and Secretary

				

		
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						________________________
            Allan J. Herz  
            President and Assistant Treasurer

					
						 

					
						 

				

		
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